Results for the six months to 30 September 2025

13 November 2025

3i Group plc announces results for the six months to 30 September 2025

3i Group delivered strong performance in the first half of FY2026

• Total return of £3,291 million or 13% on opening shareholders' funds (September 2024: £2,046 million, 10%). NAV per share of 2,857 pence (31 March 2025: 2,542 pence), including a 78 pence per share gain on foreign exchange translation (September 2024: 48 pence per share loss), and after the payment of the 42.5 pence per share second FY2025 dividend in July 2025.

• Our Private Equity business delivered a gross investment return of £3,234 million or 14% (September 2024: £2,071 million, 11%). Action continued to trade strongly, and several of our other large portfolio companies are showing good momentum against a challenging macroeconomic and geopolitical backdrop across Europe and the US. 98% of our Private Equity portfolio companies by value grew earnings in the 12 months to 30 June 2025.

• In the nine reporting periods ending on 28 September 2025 ("P9"), Action generated net sales of €11,229 million (nine reporting periods ended P9 2024: €9,567 million), operating EBITDA of €1,563 million (nine reporting periods ended P9 2024: €1,344 million) and like-for-like ("LFL") sales growth of 6.3%. This strong performance supported value growth of £2,118 million for Action in the period.

• In September 2025, 3i acquired 2.2% of Action equity from GIC in exchange for newly issued 3i Group plc shares, with an equivalent consideration value of £739 million. As a result of this transaction, at 30 September 2025, our equity ownership in Action was 60.1%.

• In October 2025, Action successfully completed two financing transactions. The first raised €1.6 billion of total incremental term loan debt. Subsequently, Action completed a capital restructuring with a pro-rata redemption of shares, returning £944 million of gross proceeds to 3i, £755 million of which were redeployed to acquire a further 2.2% stake in Action. As a result of this transaction, we increased our ownership position in Action to 62.3%. The second financing transaction repriced €3.1 billion of Action's existing term loan debt, extending the maturity of a portion of the debt and generating an annual interest cost saving of €14 million.

• In the ten reporting periods ending 26 October 2025 ("P10"), Action's net sales and operating EBITDA were 17% and 15% ahead of the same period last year and LFL sales growth over the same period was 5.7%. At that date, Action's cash balance was €579 million.

• Our Private Equity team completed the realisation of MPM and signed the realisation of MAIT in the period. The total proceeds generated were £542 million, of which £395 million was received in the period. The sales achieved sterling money multiples of 3.2x and 2.8x respectively.

• Our Infrastructure business generated a gross investment return of £139 million, or 9% (September 2024: £43 million, 3%). This was driven primarily by a 14% increase in 3i Infrastructure plc's ("3iN") share price in the six-month period to 30 September 2025. 3iN's underlying portfolio continues to perform well, with a significant valuation uplift in TCR.

• We ended the period with liquidity of £1,639 million, net debt of £772 million and gearing of 3%. The first dividend of 36.5 pence per share for FY2026, set at 50% of the total dividend for FY2025, will be paid in January 2026.

Simon Borrows, 3i's Chief Executive, commented:

"The total return of 13% represents a very good first half for the Group. Our long-term hold assets, Action and Royal Sanders, continued to deliver excellent compounding returns. Action's new store expansion programme is on track for another record year with an excellent reception to the new stores in Switzerland and Romania. Year to date LFL trading remains good despite weakening consumer confidence since the summer.

Against a challenging macroeconomic and geopolitical backdrop, our Private Equity portfolio has maintained good momentum, while the infrastructure asset portfolio within 3iN outperformed its expected returns for the six-month period. The strong realisations of MPM and MAIT further demonstrate the strength of our disciplined investment strategy and active asset management.

We remain cautious in the deployment of capital into new investment, but will continue to allocate selectively, including to lower-risk reinvestments in businesses we know and trust. We are mindful that both the transaction market and the wider environment are likely to remain challenging into the second half of our financial year."

Summary financial highlights under the Investment basis

3i prepares its statutory financial statements in accordance with UK adopted international accounting standards. However, we also report a non-GAAP "Investment basis", which we believe aids users of our report to assess the Group's underlying operating performance. The Investment basis (which is unaudited) is an alternative performance measure ("APM") and is described later in this document. Total return and net assets are the same under the Investment basis and IFRS and we provide a reconciliation of our Investment basis financial statements to the IFRS statements later in this document. The first page of this document until the end of the Financial review are prepared on an Investment basis.

Disclaimer

These Half-year results have been prepared solely to provide information to shareholders. They should not be relied on by any other party or for any other purpose. These Half-year results may contain statements about the future, including certain statements about the future outlook for 3i Group plc and its subsidiaries ("3i" or "the Group"). These are not guarantees of future performance and will not be updated. Although we believe our expectations are based on reasonable assumptions, any statements about the future outlook may be influenced by factors that could cause actual outcomes and results to be materially different.

A PDF copy of this release can be downloaded from www.3i.com/investor-relations

For further information, including a live webcast of the results presentation at 10.00am on 13 November 2025, please visit www.3i.com/investor-relations

3i Group Half-year report 2025

Chief Executive's review

The Group delivered a strong result in the first half of FY2026, generating a total return of £3,291 million in the period, or 13% on opening shareholders' funds (September 2024: £2,046 million, 10%). NAV per share at 30 September 2025 increased to 2,857 pence (31 March 2025: 2,542 pence), after the payment of the 42.5 pence per share second FY2025 dividend in July 2025 and including a foreign exchange translation gain of 78 pence per share (September 2024: 48 pence per share loss).

Action continued to trade strongly. In September 2025, we made a further investment in Action, acquiring 2.2% of Action equity from GIC, in exchange for 3i Group shares, increasing our equity ownership to 60.1%.

Royal Sanders continued to demonstrate its long-term growth characteristics, while several of our other large portfolio companies are showing good momentum against a challenging macroeconomic and geopolitical backdrop across Europe and the US.

The Private Equity market has shown signs of improvement, but remains challenging. In the period, we announced the disposals of MPM and MAIT, both of which were at good premiums to their March 2025 valuations and delivered money multiples materially in excess of our target 2x.

After the period end, in October 2025, Action completed a refinancing and repricing of debt and a capital restructuring with a pro-rata redemption of shares, returning significant proceeds to 3i, which were partially redeployed in a further 2.2% stake in Action.

Private Equity

The Private Equity portfolio delivered a gross investment return ("GIR") of £3,234 million in the period, or 14% on opening value. This included a £805 million gain on foreign exchange translation, after the impact of foreign exchange hedging. Action generated a GIR of £2,847 million in the period, or 16% over its opening value. In the 12 months to the end of 30 June 2025, 98% of our portfolio companies by value grew their earnings.

Long-term hold portfolio companies

Action

In the nine reporting periods ending on 28 September 2025 ("P9"), Action generated net sales of €11,229 million (nine reporting periods ended P9 2024: €9,567 million) and operating EBITDA of €1,563 million (nine reporting periods ended P9 2024: €1,344 million). Over the same period, LFL sales growth was 6.3%, mainly as a result of a higher number of transactions. The attraction of the Action format was evident in trading across all countries in the period, although it was clear that, on a relative basis, consumer demand was weak in France. Action generated an EBITDA margin of 13.9% in the first nine reporting periods of the year (YTD to P9 2024: 14.0%).

Action added 221 net new stores in the first nine reporting periods of the year (nine reporting periods ended P9 2024: 189 stores). At the end of P10, Action had seven stores in Switzerland and four stores in Romania all of which have had an excellent reception.

In September 2025, 3i acquired 2.2% of Action equity from GIC at Action's carrying value at 30 June 2025, in exchange for 19.9 million newly issued ordinary shares of 73 19/22 pence in 3i Group plc. The equivalent

consideration value was £739 million. As a result of this transaction, 3i's equity stake in Action increased from 57.9% to 60.1%.

At 30 September 2025, Action was valued using the last 12 months ("LTM") run-rate earnings to 28 September 2025 of €2,537 million. This includes our normal run-rate adjustment to reflect stores opened in the last 12 months and is normalised for a one-off expense of €26 million, related principally to a payment to eligible Action employees in June 2025 to mark Action's 3,000th store opening. At that date, Action's valuation net debt comprised total senior debt of c.€6.6 billion and cash of €615 million, resulting in a net debt to LTM run-rate EBITDA ratio of 2.4x. Our valuation multiple remains unchanged at 18.5x net of the liquidity discount, resulting in a valuation of £21,464 million for 3i's 60.1% equity stake at 30 September 2025 (31 March 2025: £17,831 million for a 57.9% stake).

Action's performance and KPIs continue to compare favourably with its peer group of North American and European value-for-money retailers. Action's growth meant its valuation at 30 September 2024 of 18.5x LTM run-rate EBITDA translated to 15.1x of the LTM run-rate EBITDA achieved a year later.

In October 2025, Action successfully completed two financing transactions. The first raised €1.6 billion of total incremental term loan debt across the US and European loan markets. Using the net proceeds from this debt raise alongside some of Action's cash, Action subsequently completed a €1.74 billion capital restructuring with a pro-rata redemption of shares, resulting in a distribution of £944 million of gross proceeds to 3i. Alongside a number of existing LPs in the 2020 Co-Investment Programme, 3i took the opportunity to acquire further shares in Action, reinvesting £755 million, increasing 3i's gross equity stake from 60.1% to 62.3%. The second financing transaction repriced €3.1 billion of Action's existing term loan debt and extended the maturity on €580 million of this from 2028 to 2032. The transaction generated €14 million of annual interest cost savings for the business.

In the ten reporting periods ending on 26 October 2025 ("P10"), Action generated net sales of €12,537 million and operating EBITDA of €1,756 million. Over the same period, LFL performance was 5.7%. LFL performance in P10 was softer, reflecting high prior year comparable LFLs and softer seasonal sales this October. Across all Action countries, France stands out as the weak spot for the consumer, although its LFLs remain positive YTD, which we consider a strong performance relative to the rest of the non-food discount sector. The biggest trading weeks of the year are coming up for Action. The business is well stocked with an excellent range of products at exceptional prices which should resonate well with customers.

Action added 34 new stores in P10, bringing the total number of net new stores added YTD to 26 October 2025 to 255, 35 ahead of the equivalent period in the prior year. At the end of P10, cash stood at €579 million. At that date, Action's valuation net debt comprised total senior debt of c.€8.2 billion, resulting in a net debt to LTM run-rate EBITDA ratio (based on September 2025 LTM run-rate earnings) of 3.0x.

In summary, Action continues to generate market-leading store and LFL sales growth. The principal engine of Action's growth, its store opening programme, remains strong, and we expect the business to open approximately 380 stores across Europe this year, ahead of the expectation of c.370 set out at the Action capital markets seminar in March 2025. The outcome for Action's full year will be determined by the performance over the important Christmas season, its biggest trading period. While most countries are trading broadly in line or ahead of plan in terms of LFL sales growth, softening trading conditions in France, which accounts for around one third of sales, could pull Action's LFL sales growth for 2025 below the 6.1% guidance Action gave in March 2025.

Royal Sanders

Royal Sanders saw another period of robust growth across its key customer base, underpinned by continued organic volume growth and its previous acquisitions performing well.

Consumer and Private Label portfolio companies

Audley Travel was a strong contributor to our return in the period, as the business saw strong year-on-year departure revenue performance. We continue to monitor the US travel market, which has seen softer sentiment recently as a result of geopolitical uncertainty. Over the last 24 months, Luqom has delivered on a number of operational and strategic projects and growth initiatives. Whilst the wider online lighting market remains subdued, Luqom generated a step up in top-line growth and profitability in the period and is well positioned to continue this trend.

European Bakery Group ("EBG") continued to deliver resilient performance, despite persistent cost pressures, as the wider sector remains challenged by commodity and wage inflation. BoConcept saw stable order intake in the period, with Japan, its largest market, performing well.

Healthcare portfolio companies

During the period, Cirtec Medical advanced several high-potential customer programmes towards commercial readiness, while also making strong progress on operational initiatives. SaniSure delivered another period of encouraging recovery in line with the broader bioprocessing market, supported by good order momentum, key account expansion and new product introductions. ten23 health saw good growth in bookings across its services offering and manufacturing capability. We continued to support this platform, investing a further £16 million in the period. The remaining business of Q Holding, Q Medical Devices, saw good demand in its vascular division and continued realisation of operating leverage. Industrial portfolio companies AES performed in line with expectations, despite the challenging US market outlook. We received a dividend of £4 million from AES in the period. After a good start to the year, Tato has faced weaker demand and lower sales volumes since the spring. Despite an intensifying competitive environment, Tato has maintained relatively good margin and cash generation performance. We received a £7 million dividend from Tato during the period.

Services and Software portfolio companies Evernex delivered positive sales traction across its data centre maintenance offering during the period. The business recently secured several large projects and continues to build a high-quality commercial pipeline. xSuite's subscription transition is nearing completion and the business delivered strong growth in subscription bookings during the period. OMS Prüfservice is performing above our expectations and returned £31 million of funding in the period. 

The recruitment market has shown no signs of recovery. As a result, Wilson continues to experience challenging trading conditions.

Private Equity realisation activity

We achieved two significant realisations during the period, both materially exceeding our 2x return target.

In September 2025, we completed the sale of MPM. Since 3i's investment in December 2020, MPM's sales and EBITDA more than doubled. The company has significantly expanded its omnichannel and international presence, driven by strong growth in pet specialty, food, drug and mass retail, and online channels. This sale generated proceeds to 3i of £395 million, representing an 18% uplift on MPM's 31 March 2025 valuation, a 3.2x money multiple and a 28% IRR.

In September 2025, we also signed an agreement to sell MAIT. Since 3i's investment in 2021, MAIT has delivered strong organic growth and completed 14 acquisitions. During this period, EBITDA more than doubled and recurring revenues grew significantly. This transaction completed in early November 2025, with proceeds of £147 million, representing a 34% uplift on MAIT's 31 March 2025 valuation, a 2.8x money multiple and a 28% IRR.

Infrastructure

In the six months to 30 September 2025, our Infrastructure portfolio generated a GIR of £139 million, or 9% on opening value.

3iN generated a total return on its opening NAV of 7.4% in the six months to 30 September 2025, resulting in a NAV of 407.9 pence per share, driven by good underlying portfolio performance, particularly from TCR, whose valuation increased materially in the period. Our quoted holding in 3iN increased in value to £972 million, as its share price increased to 361 pence at 30 September 2025 (31 March 2025: 318 pence). We also recognised dividend income of £17 million from 3iN in the period.

We continue to see good buy-and-build momentum in our North American Infrastructure Fund, with both Regional Rail and EC Waste completing bolt-on acquisitions in the period. Smarte Carte saw performance largely in line with expectations.

The performance of Scandlines in the year to date was robust, notwithstanding softer freight volumes resulting from the muted macroeconomic backdrop. Cash generation remains strong and 3i received a dividend of £6 million from Scandlines in the period.

Balance sheet, liquidity, foreign exchange and dividend

In July 2025, the Group successfully refinanced its existing £900 million revolving credit facility ("RCF") with a new five-year £1.2 billion facility at improved pricing. This refinancing increases the Group's available liquidity and provides enhanced financial flexibility at a low cost through to July 2030, with two one-year extension options that could extend maturity to July 2032.

We ended the period with cash of £439 million (31 March 2025: £423 million) and total liquidity of £1,639 million (31 March 2025: £1,323 million), including an undrawn RCF of £1.2 billion. Net debt was £772 million, with gearing of 3% (31 March 2025: £771 million, 3%).

In the period, we recorded a total foreign exchange translation gain of £771 million (September 2024: £466 million loss), net of foreign exchange hedging, as a result of sterling weakening against the euro, partially offset by the strengthening of sterling against the US dollar.

At 11 November 2025, after the October 2025 Action refinancing and reinvestment transaction, and receipt of the MAIT realisation proceeds, our cash balance was c.£777 million.

In line with our dividend policy, we will pay a first FY2026 dividend of 36.5 pence per share, which is half of our FY2025 total dividend. This first FY2026 dividend will be paid to shareholders on 9 January 2026.

Outlook

The total return of 13% represents a very good first half for the Group. Our long-term hold assets, Action and Royal Sanders, continued to deliver excellent compounding returns. Action's new store expansion programme is on track for another record year with an excellent reception to the new stores in Switzerland and Romania. Year to date LFL trading remains good despite weakening consumer confidence since the summer.

Against a challenging macroeconomic and geopolitical backdrop, our Private Equity portfolio has maintained good momentum, while the infrastructure asset portfolio within 3iN outperformed its expected returns for the six-month period. The strong realisations of MPM and MAIT further demonstrate the strength of our disciplined investment strategy and active asset management.

We remain cautious in the deployment of capital into new investment, but will continue to allocate selectively, including to lower-risk reinvestments in businesses we know and trust. We are mindful that both the transaction market and the wider environment are likely to remain challenging into the second half of our financial year.

Simon Borrows

Chief Executive

12 November 2025

Business and Financial review

Private Equity

Our Private Equity portfolio generated a GIR of £3,234 million (September 2024: £2,071 million), or 14% of the opening portfolio value (September 2024: 11%), including a gain on foreign exchange on investments, after the impact of foreign exchange hedging, of £805 million (September 2024: £456 million loss).

Table 1: Gross investment return for the six months to 30 September

Investment and realisation activity

In the period, we deployed a total of £763 million in further investments, with net investment of £732 million (September 2024: £888 million).

Action

In September 2025, 3i acquired 2.2% of Action equity from GIC at Action's carrying value at 30 June 2025, in exchange for 19.9 million newly issued ordinary shares in 3i Group plc. The equivalent consideration value was £739 million. This transaction increased 3i's equity stake in Action from 57.9% to 60.1%.

In October 2025, Action successfully completed two financing transactions. The first raised €1.6 billion of total incremental term loan debt. Using the net proceeds from this debt raise alongside some of Action's cash, Action subsequently completed a €1.74 billion capital restructuring with a pro-rata redemption of shares, resulting in a distribution of £944 million of gross proceeds to 3i. Alongside a number of existing LPs in the 2020 Co-Investment Programme, 3i took the opportunity to acquire further shares in Action, reinvesting £755 million, increasing 3i's gross equity stake from 60.1% to 62.3%. The second financing transaction repriced €3.1 billion of Action's existing term loan debt and extended the maturity on €580 million of this from 2028 to 2032. The transaction generated €14 million of annual interest cost savings for the business.

Portfolio (excluding Action)

We completed a further investment of £16 million in ten23 health, as we continue to develop the platform. OMS Prüfservice returned £31 million of capital invested within 12 months of our original investment.

In the period, we received total Private Equity capital realisation proceeds of £391 million (September 2024: £1,548 million).

We completed the realisation of MPM in September 2025, generating proceeds of £395 million, of which £13 million was interest income. This sale achieved a realised profit of £54 million over the 31 March 2025 valuation, resulting in a sterling money multiple of 3.2x and an IRR of 28%. During the period, we also received £8 million of realised proceeds relating to deferred consideration from the sale of WP in FY2025.

In September 2025, we announced the sale of MAIT. This transaction completed in early November 2025, with proceeds of £147 million, representing a 34% uplift on MAIT's 31 March 2025 valuation, a 2.8x money multiple and a 28% IRR.

Table 2: Private Equity investment in the six months to 30 September 2025

Private Equity performance

Table 4: Unrealised profits/(losses) on the revaluation of Private Equity investments1 in the six months to 30 September

Within the Services and Software sector, Evernex and xSuite maintained positive momentum, the latter nearing completion of its transition to recurring revenues. The recruitment market has shown no signs of recovery. As a result, Wilson continues to experience challenging trading conditions.

Further details of our Private Equity portfolio company performance can be found in the Chief Executive's Review.

Table 6: Portfolio earnings growth of the top 20 Private Equity investments1

1 Includes top 20 Private Equity companies by value excluding ten23 health and MAIT. This represents 98% of the Private Equity portfolio by value (31 March 2025: 97%). LTM adjusted earnings to 30 June 2025 and Action based on LTM run-rate earnings to P9 2025. P9 2025 runs to 28 September 2025.

Leverage

Our Private Equity portfolio is funded with all-senior debt structures, with long-dated maturity profiles. As at 30 September 2025, 91% of portfolio company debt was repayable from 2028 to 2032. Average leverage was 2.6x at 30 September 2025 (31 March 2025: 2.9x). Excluding Action, leverage across the portfolio was 3.5x (31 March 2025: 3.5x). Table 7 shows the ratio of net debt to adjusted earnings by portfolio value at 30 September 2025.

Table 7: Ratio of net debt to adjusted earnings1

1 This represents 94% of the Private Equity portfolio by value (31 March 2025: 93%). Quoted holdings, ten23 health, MAIT (exited in November 2025) and companies with net cash are excluded from the calculation. Net debt and adjusted earnings as at 30 June 2025. Action based on net debt at P9 2025 and LTM run-rate earnings to P9 2025.

Multiple movements

When selecting multiples to value our portfolio companies, we take a long-term, through-the-cycle approach and consider a number of factors including recent performance, outlook and bolt-on activity, comparable recent market transactions and exit plans, and the performance of quoted comparable companies. At each reporting date, our valuation multiples are considered as part of a robust valuation process, which includes independent challenge throughout, including from our external auditor, culminating in the quarterly Valuations Committee of the Board.

Since the start of the period, US and European markets have recovered from tariff-driven volatility. Against this backdrop, we have remained cautious in considering the valuation multiples we use for our portfolio companies. We adjusted four multiples downwards across our portfolio companies reflecting recent trading, market and exit expectations. In total, we recognised a multiple-driven unrealised value loss of £24 million in the period (September 2024: £8 million unrealised value growth).

Action's valuation multiple at 30 September 2025 remained unchanged at 18.5x, net of the liquidity discount. Based on the valuation at that date, a 1.0x movement in Action's post-discount multiple would increase or decrease the valuation of 3i's investment by £1,331 million.

Quoted portfolio Basic-Fit is the only quoted investment in our Private Equity portfolio. Our remaining 5.8% stake in Basic-Fit was valued at £85 million at 30 September 2025 (31 March 2025: £60 million for a 5.7% stake), following a 37% increase in its share price to €25.88 (31 March 2025: €18.86).

Imminent sale

Following the agreement to sell MAIT in September 2025, at the period end we valued the business on an imminent sale basis. The transaction completed in early November 2025, generating a 34% uplift on its 31 March 2025 valuation.

Sum-of-the-parts

At 30 September 2025, ten23 health was valued on a sum-of-the-parts basis, using a discounted cash flow ("DCF") methodology for its operating lines. We continued to invest in the platform during the period.

Assets under management

The assets under management of the Private Equity portfolio, including third-party capital, increased to £36.0 billion (31 March 2025: £31.9 billion) principally due to unrealised value movements, net investment and favourable foreign exchange movements.

Table 8: Private Equity portfolio value by sector

Infrastructure

Our Infrastructure portfolio generated a GIR of £139 million in the period, or 9% on the opening portfolio value (September 2024: £43 million, 3%), including a loss on foreign exchange translation of investments of £18 million (September 2024: £28 million).

Table 9: Gross investment return for the six months to 30 September

Fund management

3iN

In the six months to 30 September 2025, 3iN generated a total return on opening NAV of 7.4% (September 2024: 5.1%) and is on track to meet its dividend target for the year to 31 March 2026 of 13.45 pence per share, up 6.3% year-on-year.

Across 3iN's underlying portfolio, TCR continues to outperform, driven by its continued growth into new markets offsetting underperformance in SRL in the period.

As investment manager to 3iN, the Group recognised a management and support services fee of £26 million in the period (September 2024: £26 million).

North American Infrastructure Fund ("NAIF")

The NAIF performed well in the period, with a good level of bolt-on activity. Regional Rail saw good contributions from its Midwest and Florida regions and also completed the acquisition of Minnesota Commercial Railway. The acquisition further expands Regional Rail's North American network, which now includes 17 railroads across nine US states and two Canadian provinces. EC Waste completed the bolt-on acquisition of ARB waste services, its third acquisition since 3i's investment in 2021. All assets within this Fund were valued on a DCF basis at 30 September 2025.

Assets under management

Infrastructure AUM increased to £6.9 billion at 30 September 2025 (31 March 2025: £6.3 billion), mainly reflecting the increase in 3iN's share price. We generated fee income of £31 million from our fund management activities in the period (September 2024: £31 million).

Table 10: Assets under management as at 30 September 2025

3i's proprietary capital Infrastructure portfolio

The Group's proprietary capital Infrastructure portfolio consists of its 29% quoted stake in 3iN, its investment in Smarte Carte and direct stakes in other managed funds.

Quoted stake in 3iN

At 30 September 2025, our 29% stake in 3iN was valued at £972 million (31 March 2025: £856 million), as 3iN's share price increased by 14% to 361 pence in the period (31 March 2025: 318 pence). As a result, we recognised an unrealised value gain of £116 million (September 2024: £39 million). We also recognised £17 million of dividend income from 3iN (September 2024: £16 million) in the period.

North America Infrastructure proprietary capital

In the period, Smarte Carte saw performance largely in line with expectations amidst US government policy and geopolitical uncertainty. At 30 September 2025, the business was valued on a DCF basis.

Scandlines

Scandlines generated a GIR of £33 million (September 2024: £23 million) or 6% of opening portfolio value in the period (September 2024: 4%).

Table 11: Gross investment return for the six months to 30 September

Performance

Scandlines delivered robust performance in the period. Leisure benefitted from a strong summer period, more than offsetting some weakness in freight, reflective of the macroeconomic environment. The business remained cash generative and 3i received a dividend of £6 million in the period. At 30 September 2025, Scandlines was valued at £571 million (31 March 2025: £529 million) on a DCF basis.

Foreign exchange

We hedge the balance sheet value of our investment in Scandlines. We recognised a gain of £23 million on foreign exchange translation (September 2024: loss of £15 million) offset by a fair value loss of £15 million (September 2024: gain of £13 million) from derivatives in our hedging programme.

Overview of financial performance

We generated a total return of £3,291 million, or a profit on opening shareholders' funds of 13%, in the six months to 30 September 2025 (September 2024: £2,046 million, or 10%). The diluted NAV per share at 30 September 2025 increased to 2,857 pence (31 March 2025: 2,542 pence) including the 78 pence per share gain on foreign exchange translation in the period (September 2024: 48 pence per share loss), and after the payment of the second FY2025 dividend of £408 million, or 42.5 pence per share in July 2025 (September 2024: £332 million, 34.5 pence per share).

Table 12: Gross investment return for the six months to 30 September

The GIR was £3,406 million in the period (September 2024: £2,137 million), and includes a £795 million foreign exchange gain on translation of our investments (September 2024: £486 million loss), net of the impact of foreign exchange hedging in the period. Further information on the drivers of GIR can be found in the Private Equity, Infrastructure and Scandlines business reviews.

Table 13: Operating cash loss for the six months to 30 September

We generated an operating cash loss of £12 million in the period (September 2024: £2 million). Cash income increased to £87 million (September 2024: £81 million), principally due to an increase in dividends and interest received compared to the same period last year. Cash operating expenses incurred during the period increased to £99 million (September 2024: £83 million) driven by higher variable compensation costs. We expect to end our financial year with an operating cash profit based on our expected pipeline of cash income more than offsetting cash operating expenditure in the second half of FY2026.

Net foreign exchange movements

The Group recorded a total foreign exchange translation gain of £771 million (September 2024: £466 million loss), including the impact of foreign exchange hedging in the period, as a result of sterling weakening by 4% against the euro, partially offset by the 4% strengthening of sterling against the US dollar.

In April 2025, we completed a further €400 million of forward foreign exchange contracts to increase the notional value of the Group's euro foreign exchange hedging programme to €3.0 billion, reflecting increases in euro cash flows and capitalising on attractive hedge rates. At 30 September 2025, the notional value of the Group's forward foreign exchange contracts was €3.0 billion and $1.2 billion. The €3.0 billion includes the €600 million notional value of the forward foreign exchange contracts related to the Scandlines hedging programme.

Table 14 sets out the sensitivity of net assets to foreign exchange movements at 30 September 2025 after the hedging programme.

Table 14: Net assets1 and sensitivity by currency at 30 September 2025

1 The Group's foreign exchange hedging is treated as a sterling asset within the above table.

2 The sensitivity impact calculated on the net assets position includes the impact from foreign exchange hedging.

Carried interest and performance fees

We receive carried interest and performance fees from third-party funds and 3iN. We also pay carried interest and performance fees to participants in plans relating to returns from investments. These are received and/or paid subject to meeting certain performance conditions and when cash proceeds have been received following a realisation, refinancing event or other cash distribution, and performance hurdles are passed in cash terms. Due to the passage of time between investment and realisation, the schemes are usually active for a number of years and their participants include both current and former employees of 3i. In Private Equity (excluding the long-term hold assets), we typically accrue net carried interest payable of c.10-12% of the relevant carry vintages' GIR, once the performance hurdle is achieved, based on the assumption that all investments are realised at their balance sheet value. We no longer accrue carried interest payable on Action. Carried interest payable associated with Action was crystallised and paid in previous years.

The overall performance of the Private Equity portfolio resulted in a £20 million increase in the carried interest payable expense.

The carried interest and performance fees cash paid in the period was £11 million (September 2024: £381 million). The total performance fees and carried interest cash received in the period was £31 million (September 2024: £44 million), primarily from Infrastructure.

Overall, the effect of the income statement charge of £19 million (September 2024: £48 million), cash payments of £11 million (September 2024: £381 million), as well as currency translation meant that the balance sheet carried interest and performance fees payable was £384 million (31 March 2025: £360 million).

Table 15: Carried interest and performance fees payable

Table 16: Carried interest and performance fees paid for the six months to 30 September

Balance sheet and liquidity

During the period, we refinanced the Group's existing £900 million RCF with a new five-year £1.2 billion RCF at improved pricing. The new RCF provides the Group with additional financial flexibility at low cost until July 2030, with extension options to July 2032. The RCF continues to have no financial covenants.

At 30 September 2025, the Group had net debt of £772 million (31 March 2025: £771 million) and gearing of 3% (31 March 2025: 3%) following receipt of the £395 million MPM proceeds largely offsetting the payment of the second FY2025 dividend of £408 million.

The Group had liquidity of £1,639 million at 30 September 2025 (31 March 2025: £1,323 million), comprising cash and deposits of £439 million (31 March 2025: £423 million) and an undrawn RCF of £1,200 million (31 March 2025: £900 million).

The investment portfolio value increased to £29,299 million at 30 September 2025 (31 March 2025: £25,579 million), mainly driven by unrealised profits of £2,474 million in the period.

3i Group plc share issuance

As detailed in the Chief Executive's Review and Private Equity Business review, the Action transaction, which completed in September 2025, resulted in the issue of 19.9 million new ordinary shares of 73 19/22 pence in 3i Group plc, taking our total ordinary shares in issue at 30 September 2025 to 993 million (31 March 2025: 973 million), or 988 million on a diluted basis (31 March 2025: 968 million).

Table 17: Simplified consolidated balance sheet

1 Gearing is net debt as a percentage of net assets.

Going concern

The Half-year consolidated financial statements are prepared on a going concern basis following the assessment by the Directors, taking into account the Group's current performance and outlook.

Audit tender

In the period, we initiated an audit tender process. We expect to announce our audit tender decision in January 2026 for the 3i Group audit beginning 1 April 2027.

Alternative Performance Measures ("APMs")

We assess our performance using a variety of measures that are not specifically defined under IFRS and are therefore termed APMs. The APMs that we use may not be directly comparable with those used by other companies.

Our Investment basis is itself an APM.

The explanation of and rationale for the Investment basis and its reconciliation to IFRS is provided later in this document. The table below defines our additional APMs and should be read in conjunction with our Annual report and accounts 2025.

Principal risks and uncertainties

Effective risk management underpins the successful delivery of our strategy and longer-term sustainability of the business.

3i's risk appetite, risk management approach and governance framework are detailed in the Annual report and accounts 2025, available at www.3i.com.

The Half-year report provides an update on strategy, business performance and market conditions, which are relevant to the Group's overall risk profile. The principal risks to the achievement of the Group's strategic objectives, as set out on pages 88 to 93 of the Annual report and accounts 2025, remain materially unchanged.

The Group continues to enhance its risk management framework and supporting processes, including refinements to its risk taxonomy. Principal risks are grouped into four categories: external, investment, operational and financial. At the Half-year, the main risk areas within these categories were economic and other global uncertainty (market volatility), the performance of Action and the performance of the portfolio (excluding Action), lower investment or realisation rates, and the ability to attract and retain key people. These, together with the other principal risks such as cyber and the portfolio's sustainability risk profile, continue to be key areas of focus for the Group Risk Committee which receives regular updates from the relevant risk owners.

The Group's principal risks, new and emerging risks, together with related risk mitigation plans, are reviewed quarterly by the Group Risk Committee. They are expected to remain broadly unchanged for the second half of the financial year, but continue to be closely monitored and may be subject to change.

Reconciliation of the Investment basis to IFRS

Background to Investment basis used in the Half-year report

The Group makes investments in portfolio companies directly, held by 3i Group plc, and indirectly, held through intermediate holding company and partnership structures ("investment entity subsidiaries"). It also has other operational subsidiaries which provide services and other activities such as employment, regulatory activities, management and advice ("Trading subsidiaries"). The application of IFRS 10 requires us to fair value a number of investment entity subsidiaries that were previously consolidated line by line. This fair value approach, applied at the investment entity subsidiary level, effectively obscures the performance of our proprietary capital investments and associated transactions occurring in the investment entity subsidiaries.

The financial effect of the underlying portfolio companies and fee income, operating expenses and carried interest transactions occurring in investment entity subsidiaries are aggregated into a single value. Other items which were previously eliminated on consolidation are now included separately.

To maintain transparency in our report and aid understanding, we include a separate non-GAAP "Investment basis" consolidated statement of comprehensive income, financial position and cash flow. The Investment basis is an APM and the Chief Executive's review and the Business and Financial review are prepared using the Investment basis, as we believe it provides a more understandable view of our performance. Total return and net assets are equal under the Investment basis and IFRS; the Investment basis is simply a "look through" of IFRS 10 to present the underlying performance.

A more detailed explanation of the effect of IFRS 10 is provided in the Annual report and accounts 2025 on page 75.

Reconciliation between Investment basis and IFRS

A detailed reconciliation from the Investment basis to IFRS basis of the Consolidated statement of comprehensive income, Consolidated statement of financial position and Consolidated cash flow statement is shown later in this document.

Reconciliation of consolidated statement of comprehensive income

Reconciliation of consolidated statement of financial position

Statement of consolidated statement of financial position continued

Reconciliation of consolidated cash flow statement