3i reports steady performance at Action, shares fall
By Josh White
Date: Thursday 26 Mar 2026
(Sharecast News) - 3i Group shares fell in early trading on Thursday after the private equity firm outlined steady but broadly in-line performance at its largest portfolio company, Action, alongside an update on portfolio trading.
The FTSE 100 company said the Benelux-focussed discount retailer Action generated net sales of €16.0bn in 2025, up 16% year-on-year, while operating EBITDA rose 14% to €2.37bn.
Like-for-like sales increased 4.9% and the chain added 384 stores during the year, taking its estate to more than 3,300 locations.
The operating EBITDA margin was 14.8%, or 15.0% excluding a one-off €26m payment to staff to mark the opening of its 3,000th store.
Trading reportedly remained robust in early 2026, with net sales of €3.7bn in the 12 weeks to late March, up 14.5% on the same period last year.
Like-for-like sales growth was 4.0%, driven mainly by higher transaction volumes, with performance improving versus the fourth quarter of 2025.
Growth excluding France reached 5.8%, while France recorded 0.9% like-for-like growth, recovering from a 2.7% decline in the previous quarter.
The group said trading in Northern Europe was affected by adverse weather during the period.
Action opened 24 stores in the year to date, with expansion weighted towards the second quarter, and reported cash and cash equivalents of €900m as at 22 March.
The company said it planned to pay another dividend to shareholders in the coming weeks.
Looking ahead, Action was targeting like-for-like sales growth of 4% to 5% in 2026, at least 400 net new store openings, and an EBITDA margin maintained at 14.8%.
The group also upgraded its estimate of long-term expansion potential in Europe to around 4,650 additional stores, an increase of about 200 on the prior year, alongside its existing estate.
Action had also completed a market study of the United States, identifying "clear potential" for its format, with plans to open its first store in the south-eastern US by the end of 2027 or early 2028.
3i said its broader portfolio continued to perform well, with its long-term holding Royal Sanders and the majority of its private equity assets trading strongly, while its infrastructure portfolio was said to be delivering a solid performance.
The group added that geopolitical risks linked to the Middle East could present challenges, but said historical performance suggested resilience across its portfolio.
It also highlighted opportunities from artificial intelligence across a number of portfolio companies, with limited downside risk identified.
The group said it would report its full-year results in May.
At 0912 GMT, shares in 3i Group were down 5.47% at 2,640p.
Reporting by Josh White for Sharecast.com.
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