3i Group has reported a total return of £1.6 billion for the first half of its financial year, driven by its largest investment, Dutch discount retailer Action, and announced a second share buyback worth up to £750 million.

The FTSE 100 investment group published its half-year results for the six months to 30 September 2026 on Thursday 12 November. The total return of £1,618 million was equal to 5% of opening shareholders' funds, down from £3,291 million, or 13%, in the same period last year, after a £474 million foreign exchange translation loss. Net asset value per share rose to 3,154p from 3,030p at 31 March 2026, after the payment of a 48.0p second dividend for the 2026 financial year in July.

Action powers the return

Action, the non-food discount chain in which 3i holds its biggest stake, generated a gross investment return of £1,337 million in the half year, or 6% of its opening value. In the nine reporting periods to 27 September 2026, Action's net sales reached €12,761 million, up 14% on the same period last year, while operating earnings before interest, tax, depreciation and amortisation rose 11% to €1,730 million.

The momentum continued into the autumn. In the ten reporting periods to 25 October 2026, Action's net sales were €14,263 million, again 14% ahead of last year, with operating earnings of €1,962 million, up 12%. Like-for-like sales grew 3.7% in the year to the end of week 45, and the chain opened 286 net new stores, holding cash of €1,390 million at that date.

3i said Action remained on track to open at least 400 stores in 2026. Subject to no material disruption for the rest of the year, it expects full-year like-for-like sales growth of around 4%, with the operating earnings margin likely to be 14.7% or 14.8%.

Second £750 million buyback

3i's private equity business as a whole delivered a gross investment return of £1,515 million, or 5%, with what the company described as good contributions from Royal Sanders and a number of other portfolio companies.

The group also confirmed it is returning more cash to shareholders. A buyback programme of up to £750 million that began in May 2026 comes to an end on Thursday, having bought back about 29.5 million shares for around £742 million including fees. A second programme of up to £750 million was announced alongside the results, to be completed by the end of May 2027.

Shares in 3i rose in early trading in London on Thursday, up 3.82% to lead the FTSE 100 gainers in the opening minutes, as investors welcomed the Action trading figures and the new buyback. The FTSE 100 itself opened 0.21% higher.

3i will present the results to investors and analysts in a webcast at 9.00am on Thursday. The figures underline how far the group's fortunes now rest on a single asset: Action's sales growth and store openings continue to do the heavy lifting, even as currency movements took £474 million off the half-year return.