3i Group (III) H1 2027 earnings summary

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.