3i Group back in the Action as retailer’s recovery pays dividends

By the Editorial Team · Friday, July 24, 2026

3i Group reported a strong recovery at its Dutch discount retailer Action, with a 14 percent rise in net sales to €8.3 billion and an expansion of 121 new stores, driving a 4.8 percent increase in 3i's share price. Action's performance, comprising more than three-quarters of 3i’s private equity value, significantly bolstered the firm's overall financial results and led to a substantial dividend payout to shareholders.

Britain’s oldest private equity firm, 3i Group, reported a strong recovery at its Dutch discount retailer investment, Action, boosting its overall financial performance and share price. For the six months ending June 28, Action’s net sales increased by 14 percent to €8.3 billion, while earnings before deductibles rose 13 percent to €1.1 billion. The retailer also expanded its footprint with a net addition of 121 stores, raising its total to 3,423 locations.

Action distributed a dividend of €450 million (£384 million) to shareholders during the period, with 3i receiving £254 million from this payout. The robust results helped lift 3i’s shares by 122 pence, or 4.8 percent, to £26.74, reversing losses experienced earlier this year. In May, 3i’s share price had tumbled 309 pence, or nearly 13 percent, to £21.12 following a sales slowdown at Action, attributed to weaker consumer demand and cooler weather affecting seasonal product sales in Germany and France, two of Action’s largest markets.

Action represents a significant portion of 3i’s portfolio, accounting for more than three-quarters of the firm’s private equity value, making its performance a key driver of 3i’s overall results. Simon Borrows, 3i’s chief executive, commented on Action’s continued growth, highlighting strong sales transactions driven by seasonal products alongside steady demand in fast-moving consumer goods categories. He also noted that other companies in 3i’s private equity portfolio remain resilient, showing operational improvements and solid cash generation.

Founded in 1945 to provide capital to small businesses, 3i shifted its focus to management buyouts in 1983 and has been listed on the London Stock Exchange since 1994. Besides Action, valued at £24.2 billion as of June, the group’s largest investments include Royal Sanders, a European personal care and cosmetics manufacturer and distributor, recently valued at £1.2 billion.

In addition to these holdings, 3i expanded its portfolio in May with the acquisition of Laboratoire Nutergia, a French natural nutrition brand, for £118 million.

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