Slide 1: Results for the year to 31 March 2026
Results for the year to 31 March 2026 14 May 2026
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 2026 Group Private Equity Infrastructure Total return NAV Gross investment return GIR NIR1 on equity per share 7% 10% 23% 22% 3,030p Investment Cash income Gearing Total dividend per share £2,642m £104m Proceeds and dividend AUM income 2%
Slide 4: Private Equity: strong return driven principally by Action
Private Equity Strong return driven principally by Action; good momentum for ex-Action portfolio Good returns across the Strong cash generation with Portfolio performing well portfolio with strong opportunities for further contribution from Action investment in Action • 23% GIR for the portfolio • 7
Slide 5: 96% of portfolio companies by value growing earnings
Private Equity 96%1 of portfolio companies by value growing earnings Portfolio earnings growth of top 20 PE investments2 ≥ 30% £425m 1 company 20 - 29% £591m 2 companies 10 - 19% £25,414m 6 companies 0 - 9% £1,605m 7 companies <0% £1,156m 4 companies 1 LTM adjusted earnings to 31 December 2025. Incl
Slide 6: Value movements reflect portfolio resilience in the year
Private Equity Value movements reflect portfolio resilience in the year and are principally performance driven Largest value increases (>£20m)1 Largest value declines (>£20m) Portfolio company Value growth Value at Driver of value Portfolio company Value decline Value at Driver of value (excl FX) 31
Slide 7: Action – good performance in 2025 continues strong track record
Private Equity Action – good performance in 2025 continues strong track record Year to/as at end of P12 (28 December) 2025 Net sales €16.0bn (2024: €13.8bn) LFL sales growth 4.9% (2024:10.3%) Operating EBITDA €2,367m (2024: €2,076m) Action stores 3,302 (2024: 2,918) Average weekly customer visits 21
Slide 8: Action's growth story in France
Private Equity Action’s growth story in France (as at year-end 2025) • 914 stores France’s favourite retail brand four years in a row • Rapid paybacks • €5.6bn net sales 914 • Contribution margin 859 799 within group range 726 • 5 DCs and 2 Hubs 653 • ~21k employees1 559 517 424 335 Stores (#) 220 1
Slide 9: Action – favourite retail brand in France 2026
Private Equity Action – Enseigne préférée des Français (EY Parthenon) in 2026 for the 4th year in a row 2020 2021 2022 2023 2024 2025 2026 Decathlon Leroy Merlin Leroy Merlin Action Action Action Action Leroy Merlin Decathlon Decathlon Decathlon Decathlon Leroy Merlin Leroy Merlin (DIY) (DIY) IKEA A
Slide 10: Action – YTD trading
Private Equity Action – YTD trading • Robust trading in year to P3 (29 March 2026) ‒ Net sales of €4,010m, up 13.9% on PY ‒ Operating EBITDA of €498m, up 7.5% on PY ‒ LFL sales growth of 3.6% ‒ Cash balance of €751m ‒ 33 stores added • Year to week 19 data (to 10 May 2026) ‒ Net sales of €5,945m, up
Slide 11: Action – comps get easier in the second half
Private Equity Action – comps get easier in the second half Quarterly LFL sales growth 2025 2026 2Y stack 9.8% 7.4% 6.2% 5.3% 3.6% 3.6% 1.9% Q1 Q2 Q3 Q4 Quarterly net sales and operating EBITDA contribution to full-year outturn Net sales contribution, L3Y Op. EBITDA contribution, L3Y ~34% ~30% ~22%
Slide 12: Action – very strong cash generation and cash conversion
Private Equity Action – very strong cash generation and cash conversion 1,974 125 1,685 1,679 93% 100 104% 83% 78% 71% 75 938 81% 69% 770 50 375 432 25 0 2019 2020 2021 2022 2023 2024 2025 As % of 7.3 7.8 11.3 10.6 14.9 12.2 12.3 net sales Operating cash flow (€m) Cash conversion 12
Slide 13: Action – significant debt market activity in 2025
Private Equity Action – significant debt market activity in 2025 1 2 3 €3.5bn leverage neutral €1.6bn incremental new €3.1bn leverage neutral repricing 7-year TLB debt issuance repricing and extension (March 2025) (October 2025) (October 2025) • €33m cumulative interest savings • Maturities pushed o
Slide 14: Action – stake increased from 57.9% to 65.4% in the year
Private Equity Action – stake increased from 57.9% to 65.4% in the year 1 September 2025 – Purchase of an additional 2.2% stake, settled with the issuance of 19.9m shares 2 October 2025 – £755m of £944m gross proceeds from post-refinancing share redemption redeployed to buy an additional 2.2% stake
Slide 15: Royal Sanders – continued strong performance
Private Equity Royal Sanders – continued strong performance Good progress since investment in 2018 • 9 acquisitions, with tangible further buy- and-build opportunity • Footprint grown from 2 to 7 sites today • Brand portfolio grown from 6 to 14 today • Revenues grown 5x since from c.€140m c.€700m to
Slide 16: Our portfolio is broadly balanced
Private Equity £4.7bn portfolio ex Action and Royal Sanders Private Equity portfolio, ex Action and Royal Sanders, at 31 March 2026 Our portfolio is broadly balanced across our sectors 20% Industrials xSuite It is currently resilient 2% to disruption from the Middle East and developments in AI 33% 2
Slide 17: Good momentum overall, despite slow European growth and broader volatility
Private Equity Good momentum overall, despite slow European growth and broader volatility Consumer & private label Industrial • Audley – strong year-on-year bookings performance • AES – resilient demand supporting good order volume • Luqom – record revenues in a largely flat online growth lighting m
Slide 18: Two realisations delivered returns significantly above our hurdle
Private Equity Two realisations delivered returns significantly above our hurdle UK ¦ Consumer & Private Label Germany ¦ Services & Software • £395m1 proceeds received • £147m proceeds received • 3.2x sterling money multiple, 28% IRR • 2.8x sterling money multiple, IRR of 28% • Completed in Septembe
Slide 19: 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 • 7% gross investment return, • £104m in cash fee and portfolio • Broadly counter-cyclical supported by good portfolio income • Signific
Slide 20: Strong return achieved from agreed sale of TCR
Infrastructure Strong return achieved from agreed sale of TCR Largest independent lessor of airport ground support equipment c.50% uplift on realisation €1.6bn expected realised proceeds1 20% gross realised IRR2 3.6x gross realised MM2 1 3iN and 3i managed funds. 2 3iN only. 20
Slide 21: Financial review
Financial review James Hatchley Group Finance Director
Slide 22: NAV per share progression
NAV per share progression Total return on equity of 22% for the financial year NAV per share (pence) 1 2 NAV per share up 19% to 3,030 pence 1 FX net of derivatives. 2 Other includes portfolio income, third-party fee income, operating costs and other movements. 22
Slide 23: Strong value growth amid geopolitical tensions
Strong value growth, amid a backdrop of geopolitical tensions and a lower growth environment £4.2bn value increase driven by our long-term holds and a number of other standout performers in our consumer and private label sector Value movement by basis excluding FX (£ million) Action PE performance i
Slide 24: Action valuation basis unchanged; additional equity acquired
Private Equity Action valuation basis unchanged; additional equity acquired in the year Enterprise value (post discount) • LTM Operating EBITDA to P3 2026 of €2,402m • P3 2026 LTM run-rate EBITDA earnings of €2,653m • Net debt of €7,461m at P3 2026 • 18.5x (Mar-25: 18.5x) multiple post discount • 3i
Slide 25: Action – peer group multiples support 18.5x run-rate EBITDA
Private Equity Action – peer group multiples support 18.5x run-rate EBITDA multiple for Action EV / LTM EBITDA EV / NTM EBITDA 36x 33x 30x Costco, 31.4x Costco, 28.4x 30x 27x 27x 24x Dollarama, 23.4x Dollarama Inc., 25.1x 24x 21x 21x 18x Action RR, 18.5x Action achieved NTM, 16.2x1 18x Five Below, 1
Slide 26: Action – performance over last twelve months
Private Equity Action – performance over last twelve months Store growth LFL sales growth Net sales growth Operating EBITDA growth Last 12 months +6p.p. +4p.p. +2p.p. 16% 13% 14%3 12% +1p.p. 10%2 9%1 5% 4% Peers average Peers average Peers average Peers average Cash conversion ratio4 2Y LFL sales gr
Slide 27: Action valuation multiples, last five years
Private Equity: Action Valuation multiples, last five years to 30 April 2026 EV / LTM EBITDA 35x Costco and Dollarama 30x Avg. 5Y 25.0x Costco, Dollarama, 25x Five Below and Ollie’s Avg. 5Y 21.1x 20x Mar ’26 Action net 18.5x multiple 15x Avg. 5Y 15.8x Average of core peers1 10x Jul-21 Oct-21 Jan-22
Slide 28: Valuation multiples compare favourably to peer sets
Private Equity Valuation multiples continue to compare favourably to average multiples for peer sets1 At 31 March 2026, our weighted average post-discount multiple (excluding Action) was 13.0x 1 Valuation multiples for earnings-based assets are compared against the average of the reference peer grou
Slide 29: Good trading momentum, supported by favourable FX
Private Equity Good trading momentum, supported by favourable foreign exchange movements Year to 31 March 2026 2025 £ million Gross investment return 5,303 5,113 of which foreign exchange1 806 (273) GIR % of opening portfolio 23% 26% Realisations 1,502 1,827 Investment 2,642 1,177 £ million 31 March
Slide 30: 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 80% 10% 4% 5% 1% Mar-251 Sep-251 Mar-261 95% of debt matures from 2028 and beyond 1 This represents 95% (Sep-25: 94%, Mar-25: 93%) of the Private Equity portf
Slide 31: Infrastructure and Scandlines
Infrastructure and Scandlines Resilient trading across the portfolios Year to 31 March 2026 2025 £ million Infrastructure gross investment return 106 52 Unrealised profit on revaluations 65 17 Dividend and interest income from the portfolio 52 49 Foreign exchange (10) (11) Other components of GIR (1
Slide 32: Operating cash position
Operating cash position Objective to at least break even Year to 31 March 2026 2025 £ million Private Equity 296 470 of which Action dividend 246 433 Infrastructure 104 106 Scandlines 21 22 Cash income 421 598 Operating cash expenses1 (145) (129) Operating cash profit 276 469 1 Operating cash expens
Slide 33: Simple balance sheet and conservative capital management
Simple balance sheet and conservative capital management At 31 March 2026 Portfolio value • High quality, well constructed portfolio £31,821m • Held centrally with no material restrictions Gross cash £664m • 95% held in AAA-rated money market funds Gross fixed • Made up of bonds expiring 2029, 2032
Slide 34: Efficient capital allocation
Efficient capital allocation Share buyback We announced a share buyback programme this morning • Amount: up to £750 million • Duration: from 14 May 2026 to 31 December 2026 • Broker: Barclays 34
Slide 35: Total FY2026 dividend of 84.5 pence per share
Total FY2026 dividend of 84.5 pence per share Second FY2026 dividend of 48.0 pence per share brings total dividend for the year to 84.5 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
Slide 36: Closing remarks
Closing remarks Simon Borrows Chief Executive
Slide 37: Action is an exceptional business that continues to compound value
Action is an exceptional business that continues to compound value for the long term The most successful cross-border retailer in Europe… …loved by consumers • Now in 15 countries with one brand, one store • Fly-wheel of improving price and quality with scale experience, one operating model • c.22m
Slide 38: 3i Group – compounding returns to shareholders
3i Group – compounding returns to shareholders NAV and cumulative dividend paid (GBp per share) NAV per share Cumulative dividend paid per share Total of NAV and cumulative dividend paid since FY2012 3,541 2,974 2,452 2,055 1,581 3,030 1,167 2,542 962 989 834 2,085 688 1,745 523 436 1,321 319 368 81
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Slide 40: Additional information
Additional information
Slide 41: Q4 NAV increased from 3,017 pence to 3,030 pence
Q4 NAV increased from 3,017 pence to 3,030 pence NAV per share (pence) 1 2 1 FX net of derivatives. 2 Other includes portfolio income, third-party fee income and operating costs. 41
Slide 42: Net asset exposure by currency
Net asset exposure by currency Net assets by currency1 31 March 2026 (in £m) Foreign exchange Hedging Total 1% movements impact (excl hedging) FY2025 (341) 82 (259) FY2026 800 (14) 786 Net assets: £30,887m • Foreign exchange hedging programme maintained at €3.0bn (incl. Scandlines) and $1.2bn ‒ part
Slide 43: 3i's science-based emissions reduction targets
3i’s science-based emissions reduction targets Good progress across all targets Operational emissions 3i Group plc commits to reduce its absolute 35% Scope 1 and 2 (market-based) GHG emissions Scope 1 and 2 reduction compared to by 42% by FY2030 from a FY2023 base year FY2023 base year achieved to F
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