3i Group PLC: FY26 conference call takeaways

研报英文原文证据摘录

3i Group PLC: FY26 conference call takeaways

Equity Research

European Diversified Financials

14 May 2026

3i Group PLC

FY26 conference call takeaways

First LookExtra Action LfL detail on call was valuable, giving added

context to weather effects, PY comps and specific country

trends. 3i view LfL softness as not structural with fresh III.L/III LN OVERWEIGHT European Diversified

Financialscustomer growth supporting view; better trading expected to POSITIVE

Price Target GBp 4275

be weighted to H2. Stock now at 0.7x reported NAV. Remain Price (13-May-26) GBp 2421

OW. Potential Upside/Downside +76.6%

Source: Bloomberg, Barclays Research

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

European Diversified Financialsand CFO James Hatchley for in-person meetings at the conference in London on 21 May –

Michael Sanderson

REGISTER HERE. Other Diversified Financial attendees at the conference include London Stock

+44 (0)20 3134 2487

Exchange Group, Deutsche Boerse, EQT and Amundi. michael.sanderson@barclays.com

Barclays, UK

•• Guidance unchanged despite soft start; reliance on H2: Management reiterated 4–5% LfL

guidance (from the CMD) despite 2.4% YTD, highlighting it as too early in the year and less Grace Dargan

+44 (0)20 3555 4065 than c.33% of sales/profits for the year are complete. Delivery is expected to skew to H2,

grace.dargan@barclays.com

supported by easier comps and seasonal sales recovery.

•• LfL weakness is viewed as cyclical (weather + macro backdrop) and not Hafsa Yasir

structural: Softer trading driven by underperformance of seasonal sales (c.20% of mix) vs +44 (0)20 7116 3644

tough comps, while FMCG (c.33% of catalogue) saw volume growth. Key driver for lower LfL hafsa.yasir@barclays.com