3i Group (III) H2 2026 earnings summary

Executive summary

• Achieved a 22% return on equity for FY 2026, with NAV per share rising 19% to GBP 30.30 (3,030p), significantly exceeding the 15% target.

• Private equity delivered a 23% gross investment return, with Action contributing a 25% return.

• Announced a GBP 0.845 (84.5p) per share dividend, a 15% increase, and launched a GBP 750 million share buyback program.

• Strong performance in Private Equity, especially from Action, and robust results in Infrastructure.

Financial highlights

• Generated GBP 1.8 billion in private equity cash and GBP 1.5 billion from realizations and refinancings.

• Portfolio value grew by GBP 4.2 billion, with Action accounting for GBP 3.5 billion of this increase.

• Portfolio ended the year valued at GBP 31.8 billion, with net assets of GBP 30.9 billion.

• Infrastructure portfolio produced GBP 104 million in cash income and a 10% net investment return.

• Gross investment return of GBP 5,303 million in Private Equity, representing 23% of opening portfolio value.

Outlook and guidance

• PE portfolio positioned defensively with decent earnings momentum entering the new year.

• Guidance for Action's like-for-like sales growth remains at 4%-5%, with expectations for a stronger second half due to easier comparables.

• Dividend policy aims to maintain or grow the dividend year-on-year, subject to balance sheet strategy and market conditions.

• Infrastructure portfolio well positioned for growth, with significant exposure to sustainable trends.