**Summary of 3i Group PLC FY2026 Q3 Performance Update (January 29, 2026):**
1. **Overall Performance**
3i Group reported strong Q3 performance, with a 20% total return for the nine months ending December 31, 2025, driven by a £766 million foreign exchange gain and robust portfolio performance.
NAV per share increased to 3017 pence (from 2857 pence in September 2025).
2. **Action (Key Investment)**
**Financials** Net sales of €16 billion (+16% YoY) and operating EBITDA of €2.367 billion (+14% YoY) in the 52 weeks to December 28, 2025.
**Store Expansion** Added a record 384 net new stores in 2025, reaching 3,302 stores across 14 countries.
**LFL Growth** 4.9% in 2025 (vs. 10.3% in 2024), impacted by cautious consumer behavior in France. Recovery seen in January 2026 with 6.1% LFL growth.
**Capital Restructuring** Received £944 million from Action’s refinancing, reinvested £755 million to increase stake to 62.3%. Received £246 million dividend from Action.
**Valuation** Action valued at £22.382 billion (3i’s 62.3% stake).
3. **Portfolio Highlights**
**Royal Sanders** Strong performance with further investment of £56 million and acquisition of Vendoleo.
**Audley Travel** Sustained strong year-on-year performance.
**MAIT Disposal** Realized £147 million, a 34% uplift on March 2025 valuation.
**3i Infrastructure (3iN)** Share price increased 3% in Q3
3i recognized £18 million dividend.
4. **Financial Position**
Strong balance sheet with £995 million in gross cash and 1% gearing as of December 31, 2025.
Completed £825 million in investments and £1.112 billion in realizations in Q3.
5. **Future Outlook**
Positive start to Q4 FY2026, with expectations of another strong year of compounding growth.
Agreement with GIC to increase Action stake to 65.3% in exchange for £1 billion in 3i shares.
6. **Audit Update**
Ernst & Young LLP appointed as external auditor from FY2028, subject to shareholder approval.
**Key Takeaways**
3i Group delivered strong Q3 performance, driven by Action’s growth and strategic portfolio management. The company maintains a robust financial position and is poised for continued growth in FY2026.
| Metric | 2024 (FY2025 Q3) | 2025 (FY2026 Q3) | Change |
|---|---|---|---|
| Action Net Sales (€m) | 13,781 | 16,000 | +16% |
| Action Operating EBITDA (€m) | 2,076 | 2,367 | +14% |
| Action LFL Sales Growth | 10.3% | 4.9% | -5.4% |
| Action Net New Stores Added | 352 | 384 | +32 |
| Action Net Debt to EBITDA Ratio | 2.4x | 2.8x | +0.4x |
| 3i Group Cash (£m) | 439 | 995 | +556 |
| 3i Group Gearing | 3% | 1% | -2% |
| 3i Group NAV per Share (pence) | 2,857 | 3,017 | +160 |
| Private Equity Portfolio Leverage (excl. Action) | 3.5x | 3.6x | +0.1x |
| Total Investment (£m) | 732 | 1,557 | +825 |
| Total Realised Proceeds (£m) | 391 | 1,503 | +1,112 |