3i Group (III) Q3 2025 TU earnings summary

Executive summary

• NAV per share rose to 2,457p (30 Sep 2024: 2,261p), with a 20% total return for the nine months to 31 Dec 2024, despite a £476m FX loss.

• Action delivered strong growth: net sales up 22%, EBITDA up 29% year-over-year, and 352 new stores added.

• Private Equity portfolio showed resilience, with most companies performing well, offsetting weaker consumer and recruitment-exposed assets.

• New investments included WaterWipes (£121m) and OMS Prüfservice; WP was realised at an 18% premium, returning £280m.

• Entering Q4 FY2025 with a strong balance sheet: £792m cash, £900m undrawn RCF, and 2% gearing.

Financial highlights

• Group NAV per share increased to 2,457p; total return of 20% for nine months to 31 Dec 2024.

• Action's net sales reached €13,782m and operating EBITDA €2,076m for 2024, with a 15.1% EBITDA margin.

• Cash position at £792m; net debt at £396m; liquidity of £1,692m including undrawn RCF.

• Dividend income: £215m from Action, £17m from 3iN, £12m from Tato and AES, £7m from Scandlines.

• Realisation of WP delivered £280m proceeds at an 18% premium to March 2024 value.

Outlook and guidance

• Management remains cautious on macroeconomic and geopolitical risks but expects a strong FY2025 close.

• Action started 2025 well; further details and guidance to be provided at March 2025 Capital Markets Seminar.

• Pipeline of high-quality realisations expected over the next 12–18 months.