3i Group PLC: Action Lfl YTD ahead at 3.3%

研报英文原文证据摘录

3i Group PLC: Action Lfl YTD ahead at 3.3%

Equity Research

European Diversified Financials

25 June 2026

3i Group PLC

Action Lfl YTD ahead at 3.3%

3i's AGM statement reported YTD LfL at Action at 3.3%, which

we estimate implies Q2 LfL to be c.2.7%, a deceleration on Q1

LfL of 3.6% but an acceleration on April. Recent trading III.L/III LN OVERWEIGHT European Diversified

Financialsimplied at >6%. Action has opened 105 stores YTD. This POSITIVE

Price Target GBp 4275

update is ahead of Barc LfL expectations of c.2.5% (no cons.) Price (24-Jun-26) GBp 2273

Potential Upside/Downside +88.1%

Source: Bloomberg, Barclays Research

YTD LfL sales of 3.3%: 3i reported Action LfL at the end of week 25 to be 3.3%, (2025 to week 25:

6.9%). This implies Q2 LfL of 2.7%. This is a small deceleration in comparison to the Q1 rate of

3.6% while improving from the year to week 19 rate of 2.4%. It is an acceleration from the level European Diversified Financials

of 3i's reporting at its FY 26 results in May where LfL trading in April and early May were Michael Sanderson

estimated to be c.-0.2%. We estimate LfL for the period from week 19 to week 25 to be c.6.2%. +44 (0)20 3134 2487

There is no change to the pre-existing FY26 outlook for Action of LfLs of 4-5% (FY25: 4.9%). As michael.sanderson@barclays.com

Barclays, UKhas historically been the case in these updates, there was no detail on EBITDA margin.

Grace Dargan

Store openings of 105: This net new store opening rate was slightly lower than the net new +44 (0)20 3555 4065

store openings at this stage in 2025 of 111. The store opening numbers showed an acceleration grace.dargan@barclays.com

for the Q1 store openings of 33 stores and 69 stores by week 19. The target for store openings in Barclays, UK

2026 is for at least 400 (FY25: 384).