7 November 2023

Results for the six months to 30 September 2023

The portfolio continues to generate attractive value growth, outperforming 3i Infrastructure's target return of 8-10% per annum. We are on track to deliver the FY24 dividend target of 11.90 pence per share, which is 6.7% higher than the previous year and expected to be fully covered by net income.

Performance highlights

Richard Laing, Chair of 3i Infrastructure plc ('3i Infrastructure', '3iN' or the 'Company')

"The portfolio continues to outperform with strong value growth in real terms, driven by our largest assets. We are on track to deliver our FY24 dividend target, which is a 6.7% increase on last year's dividend."

Performance

The Company generated a total return of 6.3% on opening NAV for the first half of the year, ahead of our target return of 8% to 10% per annum. The NAV per share increased to 351.4 pence. The portfolio overall is performing robustly and ahead of expectations. During the period, we were pleased to agree the sale of Attero at a c.31% uplift to our March 2023 valuation, demonstrating the resilient demand from private market investors for our high-quality infrastructure investments.

Interim dividend

The Board is announcing an interim dividend of 5.95 pence per share, scheduled to be paid on 11 January 2024 to holders of ordinary shares on the register on 24 November 2023. The ex-dividend date will be 23 November 2023. As an investment trust, the Company is permitted to designate dividends wholly or partly as interest distributions for UK tax purposes. The Board is designating 5.65 pence of the 5.95 pence interim dividend as an interest distribution.

Corporate governance

The Company's Annual General Meeting ('AGM') was held on 6 July 2023. All resolutions were approved by shareholders, including the re-election of the existing Directors to the Board. There have been a number of changes to the Board since the AGM. Paul Masterton served on the Board until 20 July 2023 and Martin Magee was appointed as a non-executive Director on the same date. I would like to express my gratitude to Paul for his valuable contribution over the past 10 years as Senior Independent Director and welcome Martin to the Board. Martin, a Jersey resident, brings relevant experience in the infrastructure sector from his previous roles at Jersey Electricity plc and Scottish Power plc. Stephanie Hazell has been appointed as the Senior Independent Director, replacing Paul.

Also on 20 July, Ian Lobley stepped down from the Board after nine years' service. I would also like to thank Ian for his valuable contribution. Ian was replaced by Jennifer Dunstan as the 3i Group plc nominated Director of the Company.

Both Jennifer and Martin will stand for election at the Company's AGM in July 2024.

Richard Laing

Chair

For further information, please contact:

Notes

This report contains Alternative Performance Measures ('APMs'), which are financial measures not defined in International Financial Reporting Standards ('IFRS'). These include Total return on opening NAV, NAV per share, Total income and non-income cash, Investment value including commitments, Total portfolio return percentage and Total liquidity. More information relating to APMs, including why we use them and the relevant definitions, can be found in the Financial review section and in the Company's Annual report and accounts 2023. The Total return for the period is the total comprehensive income for the period under IFRS.

For further information regarding the announcement of the results for 3i Infrastructure plc, please visit www.3i-infrastructure.com. The analyst presentation will be made available on this website.

Notes to editors

3i Infrastructure plc is a Jersey-incorporated, closed-ended investment company, an approved UK Investment Trust, listed on the London Stock Exchange and regulated by the Jersey Financial Services Commission. The Company's purpose is to invest responsibly in infrastructure, delivering long-term sustainable returns to shareholders and having a positive influence on our portfolio companies and their stakeholders.

3i Investments plc, a wholly-owned subsidiary of 3i Group plc, is authorised and regulated in the UK by the Financial Conduct Authority and is the investment manager to 3i Infrastructure plc.

This statement has been prepared solely to provide information to shareholders. It should not be relied on by any other party or for any other purpose. It and the Company's Half-yearly report may contain statements about the future, including certain statements about the future outlook for 3i Infrastructure plc. These are not guarantees of future performance and will not be updated. Although we believe our expectations are based on reasonable assumptions, any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.

This press release is not for distribution (directly or indirectly) in or to the United States, Canada, Australia or Japan and is not an offer of securities for sale in or into the United States, Canada, Australia or Japan. Securities may not be offered or sold in the United States absent registration under the U.S. Securities Act of 1933, as amended (the 'Securities Act'), or an exemption from registration under the Securities Act. Any public offering to be made in the United States will be made by means of a prospectus that may be obtained from the issuer or selling security holder and will contain detailed information about 3i Group plc, 3i Infrastructure plc, and management, as applicable, as well as financial statements. No public offering in the United States is currently contemplated.

3i Infrastructure plc Half-yearly report 2023

Review from the Managing Partners

3i Infrastructure's portfolio once again exceeded its target return during the period, further demonstrating its quality and resilience. The portfolio is structurally positioned to deliver growth in real terms throughout the economic cycle.

The c.31% value uplift achieved by the Attero exit illustrates the robust demand for high-quality, core-plus infrastructure companies amongst private market investors. It also extends our realised investment track record to a weighted average IRR of 21% since 3i Infrastructure's inception in 2007. This is truly exceptional performance.

We are encouraged by the strength in earnings growth across the portfolio, particularly evident in our larger companies, which we expect will continue to benefit from the structural tailwinds underpinning the original investment theses.

We continue to work closely with our portfolio company management teams to maximise value creation throughout our ownership. This includes defining strategy, supporting M&A activity, capital structuring, identifying and executing further growth investments, and ultimately preparing and leading exit processes.

The value of our active management approach is apparent across our portfolio. We see evidence in the strength of the earnings our companies are achieving, in the quality and motivation of our management teams, in the outcomes we have achieved on exits such as Attero and also in our portfolio company debt management activities. Our portfolio has no material near-term refinancing exposure because we proactively secured long duration debt structures whilst interest rates were at historical lows.

The portfolio also continues to demonstrate real return protection through its positive value correlation to inflation.

Fixed interest products are now offering their highest returns for the last 15 years, driving a rebalancing of investors' portfolio weightings. In our view, 3i Infrastructure's core-plus portfolio displays an attractive return premium to fixed income products, which is typically not evident in PPP/PFI concessions or core infrastructure. 3iN's return profile continues to be attractive and relevant, even in a changing market environment.

During the period, we extended the maturity of the Company's £900 million Revolving Credit Facility ('RCF') by an additional 12 months, to November 2026, providing further flexibility for us to manage investment and divestment activity.

Proceeds from the Attero sale will be applied to reduce the outstanding RCF balance.

Portfolio review

TCR delivered another strong performance in the period, delivering impressive earnings growth and further demonstrating the accelerating demand for its full-service rental model globally. A number of new contracts were won in the period across multiple locations throughout Europe, the US and Australia. We expect that TCR is well positioned to grow organically with its existing clients as well as increasing both the number of airports at which it operates as well as the market penetration of its full service rental offering, propelled by the clear need for fleet renewal investment required to decarbonise ground support equipment.

ESVAGT had a good first half, driven by increasing day rates and high levels of vessel utilisation. ESVAGT is the clear market leader in European offshore wind Service Operation Vessel ('SOV') provision, with nine vessels currently in operation. A further three SOVs are under construction, each being built to service long-term charter agreements. All are progressing to plan. Whilst we note recent unit price pressure impacting certain high profile wind farm developments, the near-term pipeline for new SOVs in the North Sea and USA remains strong, driven by government targets and an increasing focus on energy security.

Infinis's landfill gas generation assets continued to perform ahead of expectations, offsetting the lower volatility in power prices which reduced demand for its power response assets. The company continues to make significant progress in developing its 1.6GW solar and battery pipeline.

Tampnet had a very strong first half, exceeding EBITDA targets. The importance of Tampnet's infrastructure to its customers' operations is evident in growing average revenue per customer, as well as increasing interest in its private network solution. The scale of the carbon capture and offshore wind opportunities is also emerging. Tampnet's infrastructure and expertise are likely to be important facilitators of the energy transition offshore. We are working closely with the management team to define and scope the potential opportunity and design the appropriate strategy.

Joulz continues to benefit from the attractive combination of its inflation-linked long-term contracts, as well as fast moving Dutch energy transition ambitions. The new CEO joined in March and is actively focused on further expanding Joulz's product offering. During the period, a highly comparable peer to Joulz was sold at an attractive valuation, providing further evidence of the strong appetite from private infrastructure investors for comparable energy transition platforms.

Ionisos's valuation progressed in line with expectations in the period. Lower Covid-related bio-processing volumes and reduced demand in markets linked to the construction industry were offset by receipt of a one-off insurance payment in settlement of issues previously reported at its discontinued Italian subsidiary. The acquisition of an E-Beam plant in Daniken, Switzerland, completed in June and current trading at that facility is ahead of expectations. During the period, Ionisos received permits to build a new X-ray greenfield facility in North East France. This will enlarge Ionisos's sterilisation offering and support its customers' growth ambitions in the medical and pharmaceutical market. In support of these investments, during the period Ionisos completed a €60 million debt raise, accompanied by a further €5 million equity investment from 3i Infrastructure.

Oystercatcher's financial performance was in line with expectations during the period. Its Singapore storage facilities continued to operate at capacity and with slightly improved rates, despite the continued backwardation market structure for petroleum products. The project to convert gasoline tanks to sustainable aviation fuel completed on time and on budget and now represents 7% of total storage capacity. Management has been exploring the potential to increase the proportion of sustainable fuels. A new contract to store sustainable marine fuel oil in the terminal's fuel oil tanks was signed during the period, with premium rates to those achieved on non-sustainable fuel products. The financing assumptions in our valuation have been updated to reflect increasing debt costs within the oil storage sector.

SRL performed well in the period, with revenues and utilisation levels ahead of expectations. Management is seeking to expand its offering in underserved regions of the UK and is working with contractors on products to improve health and safety performance on large capital projects.

DNS:NET has made progress on the rollout of its fibre-to-the-home ('FTTH') network in the Berlin area. 3iN invested a further €24 million in the period to part-fund the ongoing rollout. The company, like many others rolling out FTTH networks in Germany, is still experiencing delays in connecting and activating customers, which, in turn, has negatively impacted the availability and cost of debt. To reflect the uncertainties in access to capital markets and the rollout delivery, we have increased the discount rate, leading to the valuation reduction reported. The Investment Manager has dedicated material time embedding resources in the company, instigating significant organisational change and improving management capabilities. We have appointed a new CEO, with the requisite experience to deliver the network rollout.

Valorem performed well in the first half of the year, with revenues from electricity generation and growth in installed capacity both ahead of plan. French wind auction tariffs have continued to increase in the last 12 months, reflecting increases in the cost of equipment and interest rates. To help fund its value accretive development pipeline, Valorem successfully raised a €75 million Green Euro bond private placement and is finalising the sale of a minority stake in a subset of its French operational portfolio at attractive terms, despite the current volatile market environment.

GCX is experiencing growing bandwidth capacity demand whilst achieving cost savings, which we anticipate will result in margin improvements. The business is growing its recurring, leased-bandwidth revenue contribution, partially as a result of increasing adoption of Artificial Intelligence applications and multi-billion investments in capacity and route diversification by the hyperscalers. GCX continues to explore a number of attractive growth opportunities which would enhance the value of its existing network.

Future Biogas has performed ahead of our expectations since our acquisition in February 2023, driven by the outperformance of its managed plant portfolio. During the period, the company signed a new gas supply agreement for unsubsidised green gas with AstraZeneca ('AZ'). To deliver this green gas a new plant will be constructed. 3iN invested a further £35 million to fund the construction of the plant which will supply 100 GWh of biomethane to AZ's UK sites and will be the UK's first unsubsidised Anaerobic Digestion ('AD') plant. The AZ contract is an important milestone in delivering the investment thesis of transitioning Future Biogas from a manager of third-party biogas plants into an owner and operator. A growing list of viable sites is being targeted for the construction of new AD plants and interest from high-quality corporate counterparties to partner with Future Biogas is highly encouraging.

On 24 July 2023, the Company signed an agreement to sell Attero to Ardian Infrastructure. Expected net proceeds from the sale are approximately €215 million, representing an uplift of €51 million on the value at 31 March 2023. This results in a 23% gross IRR and a 2.7x gross money multiple for the Company. Completion is expected by

30 November 2023.

The portfolio is analysed below.

Sustainability

We continue to actively engage with our portfolio companies on Environmental, Social and Governance matters, notably on the topics of climate change, occupational health and safety, and diversity, equity and inclusion.

In particular, we are working closely with our portfolio companies to support their efforts in developing carbon emission reduction strategies and roadmaps that are aligned with the ambition of the Science Based Targets initiative ('SBTi'). The Investment Manager wrote to SBTi in April 2023 to commit to set science-based targets and is working to formulate these. It will report using the TCFD framework by the 2024 deadline set by the FCA for asset managers such as 3i.

Outlook

We continue to focus our asset management activities on ensuring we maximise returns from 3iN's existing portfolio. In practice, that means supporting our portfolio companies to continue to deliver earnings growth, combined with occasional, well-managed exits.

This strategy is well-proven.

We expect earnings growth to be underpinned by the structural megatrends we identified as part of our original investment cases, supplemented by capex reinvestment at rates of return that we forecast will be accretive. This growth capex is predominantly funded by the portfolio companies directly, through a combination of internal cash generation and available debt facilities. Material levels of capex reinvestment provide visibility over further earnings and value growth.

At the appropriate moment during our hold period, we will initiate sales processes for our investments. As evidenced by our extensive track record, these sales tend to be well supported by the deep pool of private market capital actively seeking high quality, core-plus infrastructure investments such as those held by 3iN. This is a core component of our portfolio management and value creation strategy.

We are focused on continuing to grow value for 3iN shareholders whilst being responsible custodians of our investments. We are confident we have the portfolio and team to allow us to do so.

Scott Moseley and Bernardo Sottomayor

Managing Partners and Co-Heads of European Infrastructure

3i Investments plc

6 November 2023

Financial review

The portfolio delivered another period of strong income growth and solid capital returns. The Company signed an agreement to sell Attero for expected net proceeds of approximately €215 million, representing an uplift of €51 million on the value at 31 March 2023. Follow-on investments of £35 million into Future Biogas, £20 million into DNS:NET and £5 million into Ionisos were completed in the period. The Company actively manages its liquidity position through its £900 million RCF. During the period, we extended the maturity of this RCF to November 2026, providing liquidity to fund growth in existing portfolio companies and good flexibility over the timing of repayment of drawings.

The portfolio has the income-generating capacity to support the Company's progressive dividend policy and the interim dividend is covered by income and non-income cash in the period. We are on track to deliver the full-year dividend target, which we also expect to be fully covered.

The weighted average discount rate ('WADR') was unchanged from March 2023 at 11.3%, as an increase in the discount rate of DNS:NET was offset by a change in the valuation methodology for Attero from a discounted cash flow basis to a sale basis. The remaining change in portfolio mix had an immaterial impact on the WADR. Given the significant risk premium included in our long-term discount rates and the continued appetite for high-quality infrastructure businesses, rising risk-free rates did not impact the discount rates used to value our portfolio companies at 30 September 2023. The agreement to sell Attero at a significant premium to NAV supports this assessment.

Portfolio and returns

The Company generated a total return for the six-month period of £191 million, representing a 6.3% return on opening NAV (September 2022: £247 million, 9.3%), ahead of the target return of 8% to 10% per annum. The Company's portfolio was valued at £3,892 million at 30 September 2023 (31 March 2023: £3,641 million) and delivered a total portfolio return in the period of £233 million, including income and allocated foreign exchange hedging (September 2022: £285 million).

Table 1 summarises the valuation and movements in the portfolio, as well as the return for each investment, for the period.

Table 1: Portfolio summary (30 September 2023, £m)

Portfolio return by asset

Table 2 below shows the portfolio return in the period for each asset as a percentage of the aggregate of the opening value of the asset and investment in the asset in the period (excluding capitalised interest). Note that this measure does not time-weight for investments in the period.

Table 2: Portfolio return by asset (six months to 30 September 2023, not annualised)

Sensitivities

Our approach to valuation is consistent with previous years.

Our inflation assumptions for the first two years of our projections reflect the current and forecast inflation levels. The longer-term inflation assumptions beyond two years remain consistent with central bank targets, e.g. UK CPI at 2%. A 1% increase in short-term (two-year) inflation assumptions is estimated to increase the portfolio value by £43 million and a 1% decrease is estimated to decrease the portfolio value by £44 million.

The weighted average discount rate is 11.3%. Increasing the discount rate used in the valuation of each asset by 1% would reduce the value of the portfolio by £327 million and decreasing the discount rate used by 1% would increase the value of the portfolio by £376 million.

The portfolio valuations are partially protected against changes in interest rates as long-term fixed rate or hedged debt is in place across the majority of our portfolio. Increasing the cost of borrowing assumption for unhedged borrowings and any future uncommitted borrowing and the cash deposit rates used in the valuation of each asset by 1% would reduce the value of the portfolio by £224 million. A 1% decrease in the interest rate assumption would increase the value of the portfolio by £221 million.

These sensitivities are indicative and are considered in isolation, holding all other assumptions constant. Timing and quantum of price increases will vary across the portfolio and the sensitivity may differ from that modelled. Changing the inflation rate assumption may necessitate consequential changes to other assumptions used in the valuation of each asset. Sensitivities to key inputs to our valuations are described in more detail in Note 4 to the accounts.

Total return

An analysis of the elements of the total return for the period is shown in Table 3 below. The Company generated a total return for the six-month period of £191 million, representing a 6.3% return on opening NAV (September 2022: £247 million, 9.3%), ahead of the target return of 8% to 10% per annum.

Table 3: Summary total return (six months to 30 September, £m)

The capital return is the largest element of the total return. The portfolio generated a value gain of £132 million in the six-month period to 30 September 2023 (September 2022: £210 million), driven principally by outperformance from a number of portfolio companies, particularly Attero, Tampnet, Valorem and TCR, which was offset by a value reduction for DNS:NET.

The value increase in Attero of £45 million reflects the agreed sale of the investment for a price considerably above its opening valuation. Tampnet's value gain of £37 million is driven by higher forecast revenue per customer due to increasing demand for bandwidth and strong interest in its private network solution. The value increase in TCR of £33 million reflects the outperformance and significant earnings growth of the business during the period. The DNS:NET valuation has been reduced by £50 million due to the revision of cashflow forecasts to reflect delays in the projected rollout of its FTTH network and an increase in the discount rate used.

The movement in foreign exchange rates generated a loss of £15 million in the period (September 2022: gain of £86 million). This was offset by a gain on the movement in the value of derivatives and the exchange gain on Euro drawings of £19 million (September 2022: loss of £81 million). The foreign exchange hedging programme supports our objective to deliver steady NAV growth for shareholders by reducing our exposure to fluctuations in the foreign exchange markets.

Total income was £98 million (September 2022: £72 million), comprising portfolio income of £97 million and interest receivable on cash balances of £1 million. The income by portfolio company is shown in Table 1 above. The dividend to shareholders is supported by this income, together with non-income cash receipts of £6 million during the period (September 2022: £26 million). These non-income cash receipts reflect distributions from underlying portfolio companies, which would usually be income to the Company, but that are instead distributed as a repayment of investment for a variety of reasons. While non-income cash does not form part of the total return shown in Table 3, it is included when considering dividend coverage. Total income and non-income cash is shown in Table 4 below.

Table 4: Total income and non-income cash (six months to 30 September, £m)

Costs

Management and performance fees

During the period to 30 September 2023, the Company incurred management fees of £24 million (September 2022: £22 million), including a one-off £1 million transaction fee relating to the additional investments in Future Biogas, Ionisos and DNS:NET (September 2022: £2 million). The year-on-year increase also reflects the higher average value of the portfolio in the period.

The annual performance hurdle of 8% was not exceeded in the first half of the year, as the total return for the period was 6.3%, resulting in no performance fee accrual (September 2022: £9 million).

Other operating and finance costs

Operating expenses, comprising Directors' fees, service provider costs and other professional fees, totalled

£1 million in the period (September 2022: £2 million).

Finance costs of £16 million in the period (September 2022: £5 million) comprised interest, arrangement and commitment fees for the Company's £900 million RCF. Finance costs were higher than in the prior period as more funds were drawn and interest rates increased in the UK and Eurozone. During the period, we extended the maturity of the RCF by one year to November 2026.

Ongoing charges ratio

The ongoing charges ratio measures annual operating costs, as disclosed in Table 5 below, against the average NAV over the reporting period.

The Company's ongoing charges ratio is calculated in accordance with the methodology recommended by the Association of Investment Companies ('AIC') and was 1.61% for the period to 30 September 2023 (September 2022: 1.58%).

The AIC methodology does not include performance fees or finance costs. However, the AIC recommends that the impact of performance fees on the ongoing charges ratio is noted, where performance fees are payable. The cost items that contributed to the ongoing charges ratio are shown below. There was no performance fee accrual in the period to 30 September 2023. The ratio including the performance fee accrual for September 2022 was 1.89%.

Table 5: Ongoing charges (six months to 30 September, annualised £m)

Balance sheet

The NAV at 30 September 2023 was £3,241 million (31 March 2023: £3,101 million). The principal components of the NAV are the portfolio assets, cash holdings, the fair value of derivative financial instruments, borrowings and other net liabilities. A summary balance sheet is shown in Table 6.

Table 6: Summary balance sheet (£m)

Cash is principally held in AAA-rated money market funds. The Company has a £900 million RCF in order to maintain a good level of liquidity for further investment while minimising returns dilution from holding excess cash balances.
At 30 September 2023, £628 million of the facility was drawn, leaving £272 million available in the facility. Following the expected completion of the sale of the investment in Attero for c.€215 million (equivalent to £187 million based on 30 September exchange rates) in November, c.£459 million will be available. In September, the RCF maturity date was extended by a year to November 2026 with no changes to terms.

Derivative financial instruments reflect the foreign exchange hedging programme described previously.

Other net liabilities predominantly comprise a performance fee accrual of £48 million (31 March 2023: £83 million), relating to fees earned in prior years. £35 million of prior year performance fees were paid during the period.

NAV per share

The total NAV per share at 30 September 2023 was 351.4 pence (31 March 2023: 336.2 pence). This will reduce to
345.5 pence (31 March 2023: 330.6 pence) after the payment of the interim dividend of 5.95 pence (31 March 2023: final dividend of 5.575 pence).

Dividend

The Board has announced an interim dividend for the period of 5.95 pence per share or £55 million in aggregate (September 2022: 5.575 pence; £50 million). This is half of the Company's target full-year dividend for FY24 of 11.90 pence per share. The Board is designating 5.65 pence of the 5.95 pence interim dividend payable as an interest distribution.

Alternative Performance Measures ('APMs')

We assess our performance using a variety of measures that are not specifically defined under IFRS and are, therefore, termed APMs. The APMs that we use may not be directly comparable with those used by other companies. The table below defines our APMs and should be read in conjunction with the Annual report and accounts 2023.

Risk Review

Review of principal risks and uncertainties

The Company's approach to risk governance, the risk review process and risk appetite is set out in the Risk report in the Annual report and accounts 2023, which can be found on our website www.3i-infrastructure.com.

The principal risks to the achievement of the Company's objectives are unchanged from those reported on pages 73 to 75 of the Annual report and accounts 2023. Developments in relation to these principal risks during the period are outlined below.

External risks - market and competition

During the period, we have seen a rise in interest rates and risk-free rates as central banks responded to higher inflation. The market for high-quality core-plus infrastructure companies, such as those in our portfolio, remains competitive. The realisation of Attero at a c.31% premium to the March 2023 valuation provides evidence that our approach to valuations remains appropriate. There remains a risk that pricing does change for core-plus infrastructure in the medium term.

Inflation in the UK and Europe has eased in the period, although it remains above central bank targets. The portfolio is positively correlated to inflation as most portfolio companies have revenues at least partially linked to inflation. Sensitivities to macroeconomic assumptions are discussed in the Financial review and in Note 4 to the accounts.

Interest rates continued to rise in the period, although there are now signs that they are near the top of the cycle in the UK and Europe. There are no material refinancing requirements in the portfolio until 2026 and over 93% of long-term debt facilities are either hedged or fixed rate. This mitigates the risk from further near-term interest rate rises.

The Company is exposed to movements in sterling exchange rates against a number of currencies, most significantly the euro. During the period, sterling appreciated c.1% against the euro. The Company operates a hedging programme which substantially offsets any foreign exchange movements.

Current and medium-term power prices remain elevated but have decreased considerably since the prior year. This is broadly in line with forecasts for the period and is reflected in the results of Infinis, Attero and Valorem. These portfolio companies generate electricity and typically sell it on a forward basis in order to avoid spot market volatility.

Strategic risks

The Company actively manages its balance sheet and liquidity position, seeking to maintain adequate liquidity to pursue investment opportunities, without diluting shareholder returns by holding surplus cash. At 30 September 2023, there was £6 million available in cash, with drawings of £628 million under the RCF. During the period, the Company extended the maturity of its facility to November 2026. In July 2023, the Company agreed the realisation of its investment in Attero for c.€215 million, with completion expected in November 2023. Proceeds will be used to repay drawings on the RCF.

Statement of comprehensive income

for the six months to 30 September

Statement of changes in equity

for the six months to 30 September

Balance Sheet

as at 30 September

The Financial statements and related Notes were approved and authorised for issue by the Board of Directors on

6 November 2023 and signed on its behalf by:

Richard Laing

Chair

Cash flow statement

for the six months to 30 September