3i Group: 1Q supported by Action EBITDA margin beat

研报英文原文证据摘录

3i Group: 1Q supported by Action EBITDA margin beat

Deutsche Bank Group

Deutsche Numis Research

Rating Company Date

Buy 3i Group 23 July 2026

Company Update

Europe

United Kingdom

Reuters Bloomberg Exchange Ticker Price at 22 Jul 2026 (GBP) 2,552

III.L III LN LSE III

Price Target (GBP) 3,527

Diversified Financials

ADR ISIN 52-week range (GBP) 4,459 - 2,082

Asset Managers

TGOPY US88579N1054

1Q supported by Action EBITDA margin

Valuation & Risks beat

Adam Cochrane

DB View Research Analyst

3i's Q1 performance update showed a total return of +3% with NAV per share +44-20-754-17812

increasing to 3,131p (with a -27p impact from FX) including a +2% increase in the

Nick Johnson

Action valuation since March. Investors will focus on the better than expected Research Analyst

margin recovery at Action (-20bps underlying yoy v DBe -40bp) and the comment +44-20-754-54626

that strong transaction growth was driven by strong seasonal and FMCG. With no

Shwetha Ramachandran

commentary by geography this should placate some of the fears on structural

Research Associate

French and Germany weakness. The implied last week of June is very strong at

c.10% and, although we would not extrapolate this, we would expect further LFL

acceleration in 2H with a rebuild in the margin. The 3I share buyback is progressing Benjamin Yokyong-Zoega

with £344m out of £750m completed to date. A new investment of £118m was Research Analyst

+44-20-754-12338

made in Nutergia highlighting scope for investments and the share buyback. 3I

ended 1Q with gross cash of £724m with net debt of £481m. We expect this print

to be taken well by the market and see the shares up MSD% today.

Action back to business as usual

Action LFL trading was largely pre-reported at the AGM statement; 1H LFL was