3i Group PLC: FY26 NAV of 3,030p, £750m buyback; Action LfL slowing

研报英文原文证据摘录

3i Group PLC: FY26 NAV of 3,030p, £750m buyback; Action LfL slowing

Equity Research

European Diversified Financials

14 May 2026

3i Group PLC

FY26 NAV of 3,030p, £750m

buyback; Action LfL slowing

3i reported FY26 NAV at 3,030p, +19% YoY, -0.4% vs III.L/III LN OVERWEIGHT

consensus. Action (3i stake value: £23.7bn) maintained Unchanged

European Diversified

growth, but YTD LfL sales growth slowed to +2.4% with France Financials POSITIVE

Unchanged

and Germany flat YTD. New buyback of up to £750m to be Price Target GBp 4275

Unchangedcompleted by end December. We make <1% changes to NAV

estimates; maintain OW. Price (13-May-26) GBp 2421

Potential Upside/Downside +76.6%

Source: Bloomberg, Barclays Research

Barclays European Leadership Conference 2026: We will be hosting 3i CEO Simon Borrows and

CFO James Hatchley for in-person meetings at the conference in London on 21 May – Market Cap (GBP mn) 24808

REGISTER HERE. Other Diversified Financial attendees at the conference include London Stock Shares Outstanding (mn) 1024.71

Exchange Group, Deutsche Boerse, EQT and Amundi. Free Float (%) 98.32

52 Wk Avg Daily Volume (mn) 1.5

FY26 NAV of 3,030p, broadly in line with consensus estimates: 3i reported FY26 results with a

Dividend Yield (%) 3.26

NAV of 3,030p (company-compiled consensus: 3,041p), 19% higher vs March 2025 and 0.4% vs

Return on Equity TTM (%) 25.05

December 2025. FY26 NAV increase of 488p was predominantly driven by earnings growth in

Current BVPS (GBp) 2861

Action. The total return of £5,304m (FY25: £5,049m) represented 22% of opening NAV with a Source: Bloomberg

group gross investment return of £5,464m (FY25: £5,211m) of which Private Equity (“PE”)

contributed a gross investment return of £5,303m (23% of opening). Asset valuations primarily