Slide 1: Results for the six months to 30 September 2025
Results for the six months to 30 September 2025 13 November 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 Six months to 30 September 2025 Group Private Equity Infrastructure Total return on equity NAV GIR Action GIR GIR NIR2 for the six-months per share 14% 16% 9% 10% 13% 2,857p Investment1 Cash income Gearing First dividend £732m £51m per share Proceeds AUM 3
Slide 4: Private Equity: Strong return driven principally by Action; ex-Action portfolio resilient
Private Equity Strong return driven principally by Action; ex-Action portfolio resilient Good returns across the Strong cash generation and Portfolio performing well portfolio, with strong opportunities to reinvest in contribution from Action Action • 14% GIR for the portfolio • £732m of proprietary
Slide 5: 98% of portfolio companies by value growing earnings
Private Equity 98% of portfolio companies by value growing earnings Portfolio earnings growth of top 20 PE investments1 ≥ 30% £531m 2 companies 20 - 29% £21,540m 2 companies 10 - 19% £1,211m 2 companies 0 - 9% £2,604m 10 companies <0% £565m 4 companies 1 Includes top 20 Private Equity companies by v
Slide 6: Good momentum across the portfolio; value movements principally performance driven
Private Equity Good momentum across the portfolio; value movements principally performance driven Largest value increases (>£20m) Largest value declines (>£20m) Portfolio company Value growth Value at Driver of value No value declines >£20m in the period (excl FX) 30 Sep movement 2025 Action £2,118m
Slide 7: Action – good trading in the year to date
Private Equity Action – good trading in the year to date • Robust trading YTD to P9 (28 September 2025) ‒ Net sales of €11,229m, up 17.4% on PY ‒ Operating EBITDA of €1,563m1, up 16.3% on PY (+18.2% before the one-off cost of €26m) ‒ LFL sales growth of 6.3% ‒ 221 stores added, vs 189 in PY ‒ Cash b
Slide 8: Action – focus on France
Private Equity Action – focus on France Net sales growth, YTD P10 2025 % LFL sales growth, YTD P10 2025 % 22.5% 7.9% 16.8% 5.7% 7.7% 2.1% Action total Action ex France France Action total Action ex France France Softening performance in France vs rest of Action impacting overall LFL 8
Slide 9: Action – share settled transaction with GIC to purchase additional 2.2% stake
Private Equity Action – share settled transaction with GIC in September 2025 to purchase an additional 2.2% stake Shares issued in consideration 19.9m Value of the transaction £739m 3i interest in Action From 57.9% to 60.1%1 3i net interest in Action 1 This is the % ownership reflected in the valuat
Slide 10: Action - €1.6bn incremental term debt raise completed in October 2025
Private Equity Action - €1.6bn incremental term debt raise completed in October 2025 Size • €1.6bn achieved vs €1.5bn initial target • €1.6bn split: €490m and US$1,300m Price • € – 275bps margin, issued at par • US$ – 225bps margin, issued at par Pro forma (post transaction) Maturity • 2032 Gross Se
Slide 11: Action - €3.1bn leverage neutral repricing / refinancing completed in October 2025
Private Equity Action - €3.1bn leverage neutral repricing / refinancing completed in October 2025 Size • €2,545m term loan repriced • €580m term loan repricing / refinancing and extension Leverage neutral Price • E+275bps margin (reduced from 325bps), issued at par transaction • E+275bps margin (red
Slide 12: Action – proceeds from €1.74bn capital restructuring redeployed
Private Equity Action – proceeds from €1.74bn capital restructuring redeployed in Oct 2025 to buy additional 2.2% stake Gross proceeds to 3i from pro-rata share redemption £944m 3i re-investment of proceeds in purchase of Action shares £755m Net proceeds to 3i £189m 3i interest in Action (as at the
Slide 13: Action – 2025 trading
Private Equity Action – 2025 trading Action CMD guidance Comment on FY outcome (20 March 2025) Net store opening target c.370 Net new stores likely to exceed target – expecting to open approximately 380 new stores (13% of opening store base) Sales in newly opened stores (not in LFL) ahead of exp
Slide 14: Royal Sanders – continued strong performance
Private Equity Royal Sanders – continued strong performance Good progress in HY2026 • Robust growth across key customer base • Continued organic volume growth • Recent acquisitions growing into full potential £66m Value growth1 in the six months to 30 September 2025 8% Return over opening value1 six
Slide 15: Our portfolio is broadly balanced
Private Equity £4.7bn portfolio ex Action and Royal Sanders Private Equity portfolio, ex Action and Royal Sanders, at 30 September 2025 20% Our portfolio is Services & Software broadly balanced across our sectors 31% 29% 20% Consumer Healthcare Industrials 15
Slide 16: Good momentum overall, despite slow European growth and US volatility
Private Equity Good momentum overall, despite slow European growth and US volatility Consumer & private label Industrial • Audley – strong year-on-year departure revenue • AES – performing in line with expectations. Dividend • Luqom – good step up in top-line growth and of £4m to 3i in the period pr
Slide 17: Two realisations delivered returns significantly above our hurdle
Private Equity Two realisations delivered returns significantly above our hurdle MPM MAIT International leader in branded, premium, natural pet food IT services provider of PLM & ERP software applications and IT infrastructure solutions for large SME clients in DACH region UK ¦ Consumer & Private La
Slide 18: Infrastructure: Good performance across managed portfolios
Infrastructure Good performance across managed portfolios Portfolios continue to perform Good cash income Well positioned to deliver robustly growth over the cycle • 9% gross investment return, • £51m in cash fee and portfolio • Broadly counter-cyclical underpinned by good income • Significant expos
Slide 19: Financial review
Financial review James Hatchley Group Finance Director
Slide 20: NAV per share progression
NAV per share progression Total return on equity of 13% for the half NAV per share (pence) 1 2 NAV per share up 12% to 2,857 pence 1 FX net of derivatives. 2 Other includes portfolio income, third-party fee income, operating costs and other movements. 20
Slide 21: Good value growth against a challenging macroeconomic environment
Good value growth against a challenging macroeconomic environment £2.5bn value increase driven by Action and a number of other leading companies in our portfolio Value movement by basis excluding FX (£ million) Action PE performance increases1 PE performance decreases1 Multiples Quoted DCF Scandline
Slide 22: Action valuation basis unchanged - additional equity acquired in the period
Private Equity Action valuation basis unchanged - additional equity acquired in the period Enterprise value (post discount) • LTM Operating EBITDA to P9 2025 of €2,295m • P9 2025 LTM run-rate EBITDA of €2,537m • Net debt of €6,008m at P9 2025 • 18.5x (March 25: 18.5x) multiple post discount • 3i equ
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 Source: CapIQ. Based on pre IFRS-16/ASC 842 multiples. 23
Slide 24: Valuation multiples continue to compare favourably to peer sets
Private Equity Valuation multiples continue to compare favourably to average multiples for peer sets1 At 30 September 2025, our weighted average post-discount multiple (excluding Action) was 13.1x 1 Valuation multiples for earnings-based assets are compared against the average of the reference peer
Slide 25: Good uplifts on realisations against a challenging transaction market
Private Equity Good uplifts on realisations against a challenging transaction market Realisation premium vs book value • Realisation completed in September 2025 34% • Money multiple - 3.2x • Proceeds1 of £395m 18% • Uplift on March 2025 value of 18% • Realisation completed in November 2025 • Money m
Slide 26: Good trading momentum, supported by favourable foreign exchange movements
Private Equity Good trading momentum, supported by favourable foreign exchange movements Six months to 30 September 2025 2024 £ million Gross investment return 3,234 2,071 of which foreign exchange1 805 (456) GIR % of opening portfolio 14% 11% Realisations 391 1,548 Investment 732 888 £ million 30 S
Slide 27: Portfolio leverage is moderate
Private Equity Portfolio leverage is moderate Ratio of total net debt to earnings Debt maturity (% of portfolio debt, Sep-2025) 73% Action Portfolio excluding Action 18% –% 4% 5% Debt maturity (% of portfolio debt) 83% pro-forma for Action's debt issue 10% –% 3% 4% Sep-241 Mar-251 Sep-251 Action pro
Slide 28: Infrastructure and Scandlines
Infrastructure and Scandlines Strong share price performance for 3iN - resilient trading from the portfolio Six months to 30 September 2025 2024 £ million Infrastructure gross investment return 139 43 Unrealised profits on revaluations1 131 47 Dividend and interest income from the portfolio 26 24 Fo
Slide 29: Operating cash position
Operating cash position Operating cash profit expected by the end of our financial year Six months to September 2025 2024 £ million Private Equity 30 13 Infrastructure 51 56 Scandlines 6 12 Cash income 87 81 Operating cash expenses1 (99) (83) Operating cash loss (12) (2) 1 Operating cash expenses in
Slide 30: Simple balance sheet and conservative capital management
Simple balance sheet and conservative capital management At 30 September 2025 Portfolio value • High quality, well constructed portfolio £29,299m • Held centrally with no material restrictions Gross cash £439m • 89% held in AAA-rated money market funds Gross fixed • Made up of bonds expiring 2029, 2
Slide 31: Net asset exposure by currency
Net asset exposure by currency Net assets by currency1 30 September 2025 1% Six months to Foreign exchange Hedging Total September movements impact (in £m) (excl hedging) 2024 (578) 112 (466) 2025 802 (31) 771 Net assets: £28,225m • Foreign exchange hedging programme maintained at €3.0bn (incl. Scan
Slide 32: First FY2026 dividend of 36.5 pence per share
First FY2026 dividend of 36.5 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 32
Slide 33: Closing remarks
Closing remarks Simon Borrows Chief Executive
Slide 34: Action – compounding store and LFL sales growth
Action – compounding store and LFL sales growth Cumulative LFL sales growth, % Cumulative net store growth, # Cumulative growth over FY 21 store base +92%1 1,5821 Cumulative LFL sales growth 1,202 +62% 61.8% 56.1% 45.8% 850 29.1% 547 11.0% 267 2021 2022 2023 2024 YTD to P10 25 2021 2022 2023 2024 20
Slide 35: 3i Group – compounding returns to shareholders
3i Group – compounding returns to shareholders NAV and cumulative dividend paid (GBp per share) 3,112 + 36.5 just declared 2,754 2,232 1,836 2,857 2,542 2,085 1,361 1,745 1,321 FY 2022 FY 2023 FY 2024 FY 2025 HY 2026 xx Total of NAV and cumulative dividend paid since FY2022 35
Slide 36: 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 37: Additional information
Additional information
Slide 38: Q2 NAV increased from 2,711 pence to 2,857 pence
Q2 NAV increased from 2,711 pence to 2,857 pence NAV per share (pence) 1 2 1 FX net of derivatives. 2 Other includes portfolio income, third-party fee income, operating costs and other movements. 38
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