London, July 3, 2026, 19:01 BST
- 3i Group ended the day 1.01% higher at 2,611p, beating the FTSE 100’s 0.25% rise. Trading volume came in below the 50-day average.
- The shares closed 13.8% under 3i’s March 31 NAV of 3,030p. The ongoing buyback has taken out 11.33 million shares at an average price of 2,238p so far.
- Action’s sales are the main variable here, with like-for-like growth year-to-date at 3.3% by June 21, up from 2.4% as of May 10.
3i Group plc (LON:III) picked up for a second day on Friday, finishing 26p higher at 2,611p as the blue-chip FTSE 100 Index (INDEXFTSE:UKX) also pushed up. The FTSE 100 closed at 10,679.03, adding 0.25% for the day, with gains from financials and miners driving a weekly rise.
Investors are less focused on Friday’s 1% shift. The main question now is if shares are finally narrowing the gap with 3i’s latest reported asset value, after a May dip blamed on slower growth at Action, the Dutch discounter that is a big piece of 3i’s portfolio.
3i shares ended Friday 13.8% below their March 31 diluted NAV of 3,030p. The NAV figure came out before the 48p second FY2026 dividend, which went ex-dividend on June 18. The payout is set for July 24.
| 3i valuation screen | Latest figure | Why it matters |
|---|---|---|
| Friday close | 2,611p | Gained 1.01% for the session |
| March 31 NAV per share | 3,030p | Trading at a 13.8% discount before factoring in the 48p final dividend |
| 2027 NAV consensus, median | 3,486p | Latest close sits 25.1% under the forecast |
| 52-week high | 4,497p | Share price is 41.9% off its high |
3i said June 29 it has bought back 11.33 million shares for cancellation under the current program, spending £253.6 million in total, or an average 2,238p per share. That’s 26.1% below March NAV and 14.3% lower than Friday’s close. The buyback is taking up some of the slack.
| Buyback progress | Figure |
|---|---|
| Programme size | Up to £750 million |
| Spent to June 29 | £253.6 million |
| Programme used | 33.8% |
| Shares bought for cancellation | 11.33 million |
| Average price paid | 2,238p |
| Latest voting shares after June 30 admission | 1.013 billion |
The math behind share count is important because buying back shares below NAV can push NAV per share up, assuming asset values don’t change. But that doesn’t settle the Action issue. James Carthew, QuotedData’s head of investment company research, said at the launch, “a £750m share buyback sounds large,” but at less than 5% of 3i’s market cap, “may not move the dial.” QuotedData
Action is still the main driver. In May, 3i reported a £4.51 billion gross investment return from Action for FY2026, with 2025 net sales up 16%. But it also noted that like-for-like sales growth had slowed to 2.4% year-to-date by May 10 versus 6.8% the year before. In the June 25 AGM update, 3i said Action’s like-for-like sales growth had picked up to 3.3% by June 21, helped by 105 new store openings and €699 million of cash, after a €450 million shareholder dividend paid in May.
Simon Borrows, chief executive, called FY2026 “another good year for 3i,” but warned the market is tricky, citing Middle East geopolitical risk and saying inflation could pick up in the months ahead. 3i
Analyst estimates remain spread out. 3i’s consensus page, which uses 12 estimates posted from March 12 to June 29, pegs the NAV for March 2027 anywhere from 3,150p to 3,726p. The median is 3,486p. Shares closed Friday 17.1% under the lowest estimate and 29.9% below the highest.
3i has its Q1 performance update set for July 23. The group’s second FY2026 dividend should go out the next day for shareholders on the register as of June 19.
