3i Group (LSE:III), the private equity and infrastructure investor, reported net asset value per share of 3,131p at 30 June, up from 3,030p at the end of March.
The total return for the quarter was 3%, after a £276 million foreign exchange translation loss as sterling strengthened against the euro.
Action, 3i's discount retail chain and largest holding, generated net sales of €8,348 million and operating EBITDA of €1,108 million for the six months to 28 June, up 14% and 13% respectively on the same period last year. Like-for-like sales growth reached 3.6%, driven mainly by rising transaction volumes rather than price.
Action added 121 net new stores in the period, taking its total to 3,423 across 15 countries, and remains on track to open at least 400 new stores this year.
The retailer paid a €450 million dividend in May, of which 3i received £254 million, ending the period with €718 million in cash and net debt to run-rate EBITDA of 2.7 times, down from 2.8 times in March.
Action was valued at £24,249 million for 3i's 65.4% stake, based on an unchanged multiple of 18.5 times run-rate EBITDA.
3i made a new £118 million private equity investment in Nutergia, a French natural food supplements maker, and 3i Infrastructure's share price rose 13% in the quarter to 378p.
The group has bought back c.14.7 million shares for around £344 million under its £750 million buyback programme, launched in May and due to complete by the end of December.
"We are pleased with the progress of the share buyback we launched in May 2026, which demonstrates our commitment to capital discipline," said chief executive Simon Borrows.
3i's next scheduled update to the market is its half-year results in November.
News Intelligence what this means for the company
3i's NAV rose 3% to 3,131p in Q1, driven by Action's 13% EBITDA growth to €1,108m on 14% sales growth, despite a £276m currency headwind from sterling strength. Action's like-for-like sales of 3.6% came from volume rather than price, and the retailer added 121 net stores while reducing leverage to 2.7x net debt/EBITDA after paying a €450m dividend.
Action's operational momentum—volume-driven LFL growth, disciplined store expansion (121 added, 400+ targeted for the year), and deleveraging despite a large dividend—offsets the currency drag and supports the unchanged 18.5x EBITDA valuation on 3i's 65.4% stake. The buyback programme (£344m deployed of £750m authorized) reinforces capital discipline, though near-term NAV upside depends on Action sustaining EBITDA growth and 3i realizing gains on its broader portfolio.
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