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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
3i Group
3i Group (III) investor relations material
3i Group H1 2027 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2027 earnings summary12 Nov, 2026
Executive summary
H1 FY2027 total return was £1,618m, or 5% of opening shareholders’ funds; currency-adjusted return was 7%.
NAV per share rose from 3,030p to 3,154p after payment of the 48p second FY2026 dividend.
Private Equity and Infrastructure delivered resilient returns in a challenging market, with Action driving Private Equity growth.
Financial highlights
Portfolio value increased by £1.9bn, with value growth contributing £186m; FX net of derivatives reduced NAV by £47m.
Gross investment return was £1,722m, or 5% of opening portfolio value, versus £3,406m and 13% in H1 FY2026.
Private Equity gross investment return was £1,515m, or 5%; FX including hedging reduced returns by £482m, while currency-adjusted return was 7%.
IFRS profit was £1,619m and diluted EPS was 159.7p; operating cash profit was £259m versus a £12m loss.
Infrastructure generated a 13% gross investment return and a 14% net investment return including fee income.
Outlook and guidance
Action expects at least 400 store openings in 2026, ~4% full-year like-for-like sales growth and a 14.7%-14.8% EBITDA margin, subject to no material trading disruption.
Action expects 2026 operating cash flow of ~€2.25bn; P10 net sales were €14,263m and operating EBITDA €1,962m, with week 45 like-for-like growth of 3.7%.
Entry into Bulgaria and the US is planned for 2027; broader portfolio earnings resilience and balance-sheet flexibility support disciplined investment and capital management.
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Latest events from 3i Group
- NAV per share increased 3% to 3,131p, led by Action’s growth and robust portfolio performance.III
Q1 2027 TU - 22% ROE, 19% NAV growth, Action-led gains, and GBP 750m buyback announced.IIIH2 2026
- Double-digit growth, record expansion, and U.S. entry plans with stable margins and strong cash flow.IIICMD 2026
- NAV per share up 20% to 3,017p, led by Action's growth and increased 3i stake.IIIQ3 2026 TU
- Strong growth, successful exits, and new investments drive value across key markets.IIIStatus Update
- Disciplined buy-and-build and ESG focus drive strong growth in services, software, and travel.IIIInvestor Update
- 10% total return and 2,261p NAV per share, driven by Action and resilient portfolio.IIIH1 2025
- Record sales, margin gains, and expansion in 2024 set the stage for further growth in 2025.IIIStatus Update
- 25% ROE and 22% NAV growth, led by Action and a resilient, growth-focused portfolio.IIIH2 2025
3i Group
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Frequently asked questions
3i Group Plc is an investment company engaged in private equity and infrastructure investments. The company manages a diversified portfolio focused on mid-market businesses across Europe and North America. Its operations include investment sourcing, management, and exit strategies across various sectors. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE.