LONDON, July 7, 2026, 20:02 BST
- 3i traded at 2,624p, off 0.23%, as of 16:49 in London. FTSE 100 ended the session 0.1% higher.
- The newest RNS puts buyback spending at £283.6 million since launch. That’s 37.8% of the £750 million program.
- Tuesday’s quote is 12.0% under March NAV, taking into account the 48p final dividend, and 24.7% below the consensus median 2027 NAV estimate from 3i’s own page.
- Action’s like-for-like sales growth reached 3.3% year-to-date as of June 21, up from 2.4% as of May 10.
3i Group plc LON:III has repurchased almost 40% of its £750 million buyback after shares slid in May following weaker Action sales, leaving its share discount the key number ahead of the July 23 update. 3i shares traded at 2,624p, down 0.23%, as of 16:49 London time Tuesday. The FTSE 100 (INDEXFTSE:UKX) closed 0.1% higher at 10,655.88.
The price matters with 3i trading under reported net asset value. As of March 31, the company showed diluted NAV per share at 3,030p. It’s also paying a 48p final dividend on July 24. After adjusting for the dividend, Tuesday’s share price is 12.0% below the March NAV.
| NAV yardstick | Pence per share | Discount at 2,624p |
|---|---|---|
| M arch 2026 NAV (reported) | 3,030 | 13.4% |
| March NAV minus 48p final dividend | 2,982 | 12.0% |
| 2027 cons low | 3,150 | 16.7% |
| 2027 cons median | 3,486 | 24.7% |
| 2027 cons high | 3,726 | 29.6% |
The consensus page for the company shows 12 analyst estimates from March 12 through June 29, putting the median 2027 NAV at 3,486p. 3i said these numbers are from analysts, not the company.
3i bought 1.188 million shares over five trading days from June 29 to July 3, according to the July 6 filing. Prices ranged from £24.61 to £26.12. The daily VWAPs put the weekly average at £25.27. Since starting the buyback, 3i has bought 12.518 million shares for cancellation, spending £283.6 million before fees and taxes.
| Buyback measure | Latest disclosed week | Since start |
|---|---|---|
| Shares repurchased | 1.188 million | 12.518 million |
| Money used | £30.0 million | £283.6 million |
| Avg. price paid | £25.27 | £22.66 |
| Plan completed | 4.0% | 37.8% |
| Funds left in plan | — | £466.4 million |
At Tuesday’s price, 3i could still buy around 17.8 million shares under the authorisation, before fees and taxes. The company said in May it was targeting a reduction in share capital with the buyback, aiming to complete the program by Dec. 31.
Action’s sales test hasn’t gone away. 3i said in May that the discount chain’s year-to-date like-for-like sales growth slowed to 2.4% by May 10, down from 6.8% the year before, blaming cooler weather, more careful French customers and falling traffic in Germany. By June 21, growth picked up a bit to 3.3%. Action added 105 stores in 2026, according to .
| Action measure | May 10 / week 19 | June 21 / week 25 |
|---|---|---|
| YTD LFL sales growth | 2.4% | 3.3% |
| New stores opened YTD | 69 | 105 |
| Cash balance | €925 million | €699 million after €450 million dividend |
Action accounted for £4.51 billion of 3i’s £5.46 billion gross investment return in FY2026, or 82.5% of the total. That’s why even a 0.9 percentage-point move in Action’s LFL rate has a bigger impact on 3i’s share price than updates from most of its other, smaller holdings.
Simon Borrows, chief executive of 3i, called FY2026 “another good year” in May and pointed to Action’s “quality at the lowest price” as a strength. Borrows also said the buyback was about “optimising value creation”. 3i
The soft spot is also in the numbers. Action is running at 3.3% LFL, under the 4.9% from 2025 and well off the 6.8% figure from early 2025. 3i will give a Q1 update on July 23.
