Slide 1: Results for the year to 31 March 2025
Results for the year to 31 March 2025 15 May 2025
Slide 2: Business review
Business review Simon Borrows Chief Executive
Slide 3: An excellent result in a challenging market
An excellent result in a challenging market Year to 31 March 2025 Group Private Equity Infrastructure Total return NAV Gross investment return GIR NIR1 on equity per share 3% 6% 26% 25% 2,542p Cash invested Cash income Gearing Total dividend per share £1,177m £106m Proceeds and dividend AUM income 3
Slide 4: Careful portfolio construction
Careful portfolio construction Our portfolio is positioned to offer consistency and resilience across the economic cycle Portfolio at 31 March 2025 Value-for-money and private label, Infrastructure and Healthcare sectors represent 87% of portfolio 4
Slide 5: Private Equity: strong return driven principally by Action
Private Equity Strong return driven principally by Action; ex-Action portfolio resilient Strong result, driven primarily Disciplined investment, strong Portfolio performing well by Action cash generation • 26% gross investment return for the • £1.2bn of proprietary capital • Defensively positioned,
Slide 6: Private Equity portfolio earnings growth of top 20 PE investments
Private Equity 97% of portfolio companies by value growing earnings Portfolio earnings growth of top 20 PE investments1 ≥ 30% £927m 4 companies 20 - 29% £18,868m 3 companies 10 - 19% £470m 2 companies 0 - 9% £2,230m 9 companies <0% £432m 2 companies 1 Includes top 20 Private Equity companies by valu
Slide 7: Private Equity: portfolio performance much improved year-on-year
Private Equity Portfolio performance much improved year-on-year; value movements principally performance driven Largest value increases (>£20m)1 Largest value declines (>£20m) Portfolio company Value growth Value at Driver of value Portfolio company Value Value at Driver of value (excl FX) 31 Mar mo
Slide 8: Building a core compounding portfolio from our origination engine
Private Equity We are building a core compounding portfolio selected from our ‘origination engine’ Origination engine Longer-term compounders • Investments made with a 2x MM objective • Returns materially in excess • Exit typically after 4-6 year + • 3-4 other assets to be of 3i’s return objective •
Slide 9: Action – strong 2024 performance
Private Equity Action – strong 2024 performance +22% +29% +10.3% 352 2,918 Sales growth EBITDA growth LFL growth Stores added Total stores An unbroken high growth track record Expansion across Europe continues Netherlands Poland EBITDA (€m) Sales (€m) +28% CAGR Number of stores Belgium and Germany L
Slide 10: Action – proceeds from share redemption partially redeployed
Private Equity Action – proceeds from share redemption partially redeployed to increase 3i’s stake to 57.9% Gross proceeds to 3i from pro-rata share redemption £1,164m 3i re-investment of proceeds in purchase of Action shares £768m Net proceeds £396m 3i net interest in Action From 54.8% to 57.9% 10
Slide 11: Action – a good start to 2025
Private Equity Action – a good start to 2025 • Robust trading YTD to P3 (30 March 2025) ‒ Net sales of €3,521m, up 17.2% on PY ‒ Operating EBITDA of €464m, up 16.9% on PY ‒ LFL sales growth of 6.2% ‒ 49 stores added, vs 42 in PY ‒ Cash balance of €347m • Week 19 data (11 May 2025) ‒ year-to-date LFL
Slide 12: Royal Sanders – continued strong performance vs investment case
Private Equity Royal Sanders – continued strong performance vs investment case Strong performance against Excellent progress investment case in FY2025 • Significant organic growth – • Strong organic growth “winning with the winners” • Historic and recent • Eight bolt-on acquisitions acquisitions all
Slide 13: Portfolio performance ex-Action resilient
Private Equity Portfolio performance ex-Action resilient Consumer & private label Industrial • EBG – resilient performance despite rising input and • Tato – good recovery in sales and profitability in wage inflation; return of £22m of cash to 3i challenging markets • Audley & MPM – strong 2024 and e
Slide 14: Three new investments completed in the year
Private Equity Three new investments completed in the year Water Wipes Constellation OMS Prüfservice Global premium natural wet wipe brand IT managed services provider Specialised testing service provider £121m ¦ Ireland ¦ Consumer & Private Label £98m ¦ France ¦ Services and Software £99m ¦ Germany
Slide 15: Platform assets continued to grow through acquisitions
Private Equity Many of our platform assets continued to grow through acquisitions + + + + + + Note: count excludes asset deals. 15
Slide 16: Two full realisations, achieved at good returns
Private Equity Two full realisations, achieved at good returns nexeye WP Value-for-money leader in the in north-west European Provider of innovative packaging solutions optical retail Netherlands ¦ Consumer & Private Label Netherlands ¦ Industrial • Doubled sales and EBITDA during period of ownershi
Slide 17: Infrastructure
Infrastructure Return continues to lag the good performance of the underlying portfolios Portfolios continue to perform Good cash income Well positioned to deliver robustly growth over the cycle • 3% gross investment return, • £106m in fee and portfolio income • Broadly counter-cyclical underpinned
Slide 18: 3i's science-based emissions reduction targets
3i’s science-based emissions reduction targets Good progress on portfolio targets achieved in year 1 Portfolio engagement target 3i commits to 31% of its listed and eligible 23% portfolio by invested capital setting SBTi-validated of listed and eligible portfolio by invested targets by FY2028 and 10
Slide 19: Financial review
Financial review James Hatchley Group Finance Director
Slide 20: Total return on equity of 25% for the financial year
Total return on equity of 25% for the financial year NAV per share (pence) 1 2 NAV per share up 22% to 2,542 pence 1 FX net of derivatives. 2 Other includes portfolio income, third-party fee income and operating costs. 20
Slide 21: Strong value growth against macroeconomic headwinds
Strong value growth against a backdrop of persistent macroeconomic headwinds £4.8bn value increase driven by our long-term hold assets Value movement by basis excluding FX (£ million) Action PE performance increases1 PE performance decreases1 Multiples Quoted Scandlines Other DCF Portfolio value of
Slide 22: Action valuation basis unchanged
Private Equity Action valuation basis unchanged Enterprise value (post discount) • LTM Operating EBITDA to P3 2025 of €2,143m • LTM run-rate EBITDA earnings to P3 2025 of €2,328m • Net debt of €6,290m at P3 2025 • 18.5x (Mar-24: 18.5x) multiple post discount • 3i equity stake increased to 57.9% (Mar
Slide 23: Action – peer group multiples support 18.5x run-rate EBITDA multiple
Private Equity Action – peer group multiples support 18.5x run-rate EBITDA multiple for Action EV / LTM EBITDA EV / NTM EBITDA Costco, Costco, 30.3x 33.6x Dollarama, Dollarama, 24.1x 26.1x Ollie’s, 22.1x Ollie’s, 18.7x Action RR, 18.5x Action achieved NTM, 14.7x Avg, 14.3x Avg, 13.0x Dollar General,
Slide 24: Long-term valuation multiples: Action
Long-term valuation multiples: Action Last five years to 9 May 2025 EV / LTM EBITDA 30x Costco, Dollarama, 25 Five Below 24.2x and Ollie’s Avg. 5Y 21.2x Action net multiple 20 March ‘25 18.5x 15.6x Avg. 5Y 15 16.9x Average all peers1 10 31-Mar-20 31-Mar-25 Source: CapIQ. 1 Peers include B&M, Costco,
Slide 25: Our multiples reflect our long-term, through-the-cycle approach
Private Equity Our multiples reflect our long-term, through-the-cycle approach to valuations Seven companies have valuation marks above their peer set averages as a result of recent market volatility Valuation multiples used for assets valued on an earnings basis compared to a peer group that repres
Slide 26: Good overall portfolio performance including two significant realisations
Private Equity Good overall portfolio performance including two significant realisations Year to 31 March 2025 2024 £ million Gross investment return 5,113 4,059 1 of which foreign exchange (273) (341) GIR % of opening portfolio 26% 25% Realisations 1,827 866 Cash investment 1,177 556 31 March 31 Ma
Slide 27: Portfolio leverage is moderate
Private Equity Portfolio leverage is moderate Ratio of total net debt to earnings Debt maturity (% of portfolio debt) Action Excluding Action Mar-241 Sep-241 Mar-251 2025 2026 2027 2028 >=2029 91% of debt matures between 2028 and 2032 1 This represents 93% (Sep-24: 92%, Mar-24: 91%) of the Private E
Slide 28: Infrastructure and Scandlines
Infrastructure and Scandlines Steady returns in the year Year to 31 March 2025 2024 £ million Infrastructure gross investment return 52 99 Realised profits/(losses) over value 1 (4) Unrealised profit on revaluations1 17 72 Dividend and interest income from the portfolio 49 46 Fees payable (4) (6) Fo
Slide 29: Operating cash position
Operating cash position Objective to at least break even Year to 31 March 2025 2024 £ million Private Equity 470 456 of which Action dividend 433 375 Infrastructure 106 113 Scandlines 22 25 Cash income 598 594 Operating cash expenses1 (129) (127) Operating cash profit 469 467 1 Operating cash expens
Slide 30: Simple balance sheet and conservative capital management
Simple balance sheet and conservative capital management At 31 March 2025 Portfolio value • High quality, well constructed portfolio £25,579m • Held centrally with no material restrictions £423m Gross cash • 93% held in AAA-rated money market funds Gross fixed • Made up of bonds expiring 2029, 2032
Slide 31: Carried interest payable now free from Action accrual
Private Equity Carried interest payable now free from Action accrual Year to 31 March 2025 2024 £ million Income statement Carried interest payable (70) (262) £ million 31 March 2025 31 March 2024 Balance sheet Carried interest receivable 4 5 Carried interest payable (348) (803) Net total payable (3
Slide 32: Net asset exposure by currency
Net asset exposure by currency (in £m) Foreign exchange Hedging impact Total Net assets by currency1 31 March 2025 movements (excl hedging) FY2024 (432) 116 (316) FY2025 (341) 82 (259) Net • Foreign exchange hedging programme in FY2025 assets:£24,611m maintained at €2.6bn (incl. Scandlines) and $1.2
Slide 33: Total FY2025 dividend of 73 pence per share
Total FY2025 dividend of 73 pence per share • Our dividend policy aims to maintain or grow the dividend year on year subject to: ‒ maintaining our conservative balance sheet strategy ‒ careful consideration of the outlook for investments and realisations and market conditions • Second FY2025 dividen
Slide 34: Closing remarks
Closing remarks Simon Borrows Chief Executive
Slide 35: Our approach to portfolio construction underpins consistent and resilient performance
Our approach to portfolio construction underpins consistent and resilient performance over time Portfolio is resilient through the cycle… …and to external shocks • Carefully constructed, with exposure to • Proven track record of resilience through defensive sectors and long-term growth past shocks,
Slide 36: Action has a track record of strong growth through all phases of the cycle
Action has a track record of delivering strong growth through all phases of the economic cycle Action net sales1 vs. economic development Strong economic Global financial crisis and stagnant Steady economic growth Global pandemic and post-pandemic growth market geopolitical uncertainty 35% Period im
Slide 37: Our approach has supported strong returns since restructuring in 2012
Our approach has supported the delivery of strong returns since our restructuring in 2012 Share price and dividend growth Total shareholder return index2 28% 31% CAGR CAGR 432 3,287 4,170 179 100 1 1 29 Jun 12 9 May 25 29 Jun 12 9 May 25 Share price (p) Cumulative dividends (p) Total shareholder ret
Slide 38: 3i has significant long-term potential
3i has significant long-term potential Permanent capital. Long-term, sustainable approach Thematic approach to investment with exposure to long-term secular growth trends Proven model, underpinned by robust processes, patience and price discipline Active management of portfolio companies with signif
Slide 39: Additional information
Additional information
Slide 40: Q4 NAV increased from 2,457 pence to 2,542 pence
Q4 NAV increased from 2,457 pence to 2,542 pence NAV per share (pence) 1 2 1 FX net of derivatives. 2 Other includes portfolio income, third-party fee income and operating costs. 40
Slide 41: 3i Group is delivering consistently strong returns
3i Group is delivering consistently strong returns NAV per share and declared dividend per share, GBPp 35.0p 38.5p 46.5p 53.0p 61.0p 73.0p +22% +19% 2,542 +32% 2,085 +39% 1,745 +18% 1,321 804 947 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 30% average total return1 and 16% DPS CAGR since FY2020 1 Aver
Slide 42: Action carry fully crystallised in the year
Private Equity Action carry fully crystallised in the year - no future dilution to returns March 2019 £2,731m March 2025 £17,831m 3iG stake value 3iG stake value +£15,100m 3iG stake value 44.3% 57.9% gross gross ownership ownership ~33% net ownership1 57.9% net ownership ~+25% net ownership1 ~25% ne
Slide 43: Private Equity portfolio by value at 31 March 2025
Private Equity portfolio by value at 31 March 2025 By office location (%) By sector (%) Portfolio of 36 investments (31 March 2024: 36) 43
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