3i Group (III) Q3 2026 TU earnings summary

Executive summary

• NAV per share rose to 3,017p at 31 Dec 2025, up from 2,857p at 30 Sep 2025, with a total return of 20% for the nine months to 31 Dec 2025, aided by a £766m FX gain.

• Realised proceeds and dividends from the portfolio reached £1.8bn in the first nine months of FY2026, with £1.6bn invested.

• Strong performance from key holdings, notably Action, Royal Sanders, and Audley Travel.

Financial highlights

• Action generated net sales of €16bn and operating EBITDA of €2,367m in the 52 weeks to 28 Dec 2025, up 16% and 14% year-over-year.

• Action's LFL sales growth was 4.9% (2024: 10.3%), with a 14.8% EBITDA margin; normalised margin was 15.0% after a €26m one-off staff payment.

• Q4 2025 net sales for Action were €4,771m and EBITDA €805m, representing 30% and 34% of annual totals.

• 3i Infrastructure plc's share price increased 3% in the quarter, closing at 374p.

• Cash at 31 Dec 2025 was £995m, with net debt at £216m and gearing at 1%.

Outlook and guidance

• Action's 2026 started strongly, with LFL sales growth of 6.1% in the first four weeks of January 2026.

• Further details on Action's 2025 performance and 2026 guidance to be provided at the March 2026 Capital Markets Seminar.

• Management expects another strong year of compounding growth.