3i Group plc (III) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good day and thank you for standing by. Welcome to the 3i group PLC half-year results presentation webcast. At this time all participants are in a listen-only mode. After the presentation there will be a question and answer session and instructions will follow at that time. Participants can also submit questions to the webcast page using the ask a question button. Please be advised that today's conference is being recorded. I would now like to hand over to the chief executive of 3i Group PLC, Simon Boras, to open the presentation. Please go ahead. Good morning. Welcome to 3i's interim results presentation. This was another good half for 3i. We delivered a total return of 13%, and that gives us a net asset value per share at the end of September of 28 pounds and 57 pence. compared to £22.61 at the interim last year. That's after the payment of a 42.5 pence per share second dividend and a 78 pence per share gain on foreign exchange translation. We ended the half with a gross investment return of 14% from private equity and 9% from infrastructure. Private equity delivered another good return, with 98% of the portfolio by value, growing earnings in the 12 months to the end of June 2025. Action continued to deliver a very good performance, and we saw good growth from the broader consumer portfolio. We secured two good realizations in the first half, as well as a significant capital restructuring and distribution from Action in October. Our private equity portfolio is defensively positioned and is generally trading resiliently. The challenges we see for a limited number of assets are reflected in their valuations. We remain cautious about the general macro environment and continue to be careful in evaluating new investment opportunities. Earnings growth across our top 20 p...