3i Group plc (III) has reported a total return of £1,618 million, equivalent to 5% on opening shareholders' funds, for the six months to 30 September 2026, as the FTSE-listed private equity and infrastructure investor published its half-year financial results on 12 November 2026. Net asset value per share rose to 3,154 pence from 3,030 pence at 31 March 2026, while the group's flagship holding, European discount retailer Action, delivered a gross investment return of £1,337 million. Alongside the results, 3i announced a second share buyback programme of up to £750 million, to be completed by the end of May 2027, citing a persistent dislocation between its share price and what it believes to be the fundamental value of its portfolio.

Key Points

  • 3i Group plc (LSE: III) — FTSE-listed private equity and infrastructure investor
  • Total return of £1,618m (5% on opening shareholders' funds) for the six months to 30 September 2026, including a £474m foreign exchange translation loss
  • NAV per share of 3,154p; Action stake increased to 67.5% via £764m non-cash acquisition; first FY2027 dividend of 42.25p per share payable 8 January 2027
  • Investors will be watching Action's Q4 trading performance, full-year store opening targets, and progress of the new £750m buyback programme

Action Delivers €12,761m Net Sales and 286 Net New Stores Across 16 Countries

Action, 3i's most significant portfolio asset and a pan-European non-food discount retailer, generated net sales of €12,761 million and operating EBITDA of €1,730 million in the nine reporting periods to 27 September 2026, representing year-on-year growth of 14% and 11% respectively. Like-for-like sales growth reached 3.7% in the year to week 45, supported by strong trading in Southern Europe and positive performance in the Benelux. Action had opened 286 net new stores by that date and held cash balances of €1,390 million, with 3i retaining high conviction in Action's ability to compound growth, particularly as it enters its seasonally strongest trading quarter.

3i Increases Action Ownership to 67.5% Through £764m Share-Settled Acquisition

During the period, 3i acquired an additional 2.1% equity stake in Action from a third-party investor participating in the 2020 Co-investment programme, increasing its total ownership to 67.5%. The consideration of £764 million was settled entirely through newly issued 3i Group plc shares, priced at the group's NAV per share of 3,131 pence as at 30 June 2026. The announcement states the transaction was concluded on terms consistent with 3i's NAV, meaning no cash left the business. This non-cash structure preserved the group's liquidity, which stood at £1,095 million at the period end, though net debt increased to £1,307 million and gearing rose to 4%.

Infrastructure Portfolio Returns £202m as 3iN Holding Value Rises to £1,061m

3i's Infrastructure segment generated a gross investment return of £202 million, or 13% on opening value, outpacing the prior-year comparable return of £139 million. The group's quoted stake in 3i Infrastructure plc (3iN) increased in value to £1,061 million as 3iN's share price rose to 394 pence at 30 September 2026, up from 333 pence at 31 March 2026. The US infrastructure portfolio returned £148 million of cash in the period following a partial reduction in the North American Infrastructure Fund interest and a partial disposal of the proprietary stake in Smarte Group. The Infrastructure team also completed the previously announced divestment of TCR, returning €1.1 billion to 3iN.

Second £750m Buyback Announced as First Programme Nears Completion at £742m Spent

3i's first share buyback programme, announced in May 2026, reaches its conclusion on 12 November 2026, having repurchased approximately 29.5 million shares at a total cash outflow, including fees, of approximately £742 million. The group immediately announced a successor programme of up to £750 million, targeting completion by the end of May 2027. The company cited a continuing dislocation between its share price and what it regards as the fundamental value of its portfolio as the rationale for further buybacks. A first FY2027 interim dividend of 42.25 pence per share, representing 50% of the total FY2026 dividend, will be paid to shareholders on 8 January 2027.