London, February 2, 2026, 09:34 GMT — Regular session
3i Group shares dipped Monday morning, losing steam after last week’s sharp rally fueled by Action’s moves.
3i slipped 0.9% to 3,321 pence by 0934 GMT, with the private equity firm still feeling the weight of its biggest asset. (3i)
This is significant as 3i has come to be seen as a proxy for Action, the discount retailer that dominates its portfolio and heavily influences the group’s net asset value swings. Investors have been searching for clues that the retailer’s growth is stabilizing after a slowdown in late 2025.
A second pressure point is structure: 3i has increased its stake in Action while issuing new shares. This can boost long-term earnings potential but may appear dilutive if investors feel the price paid is too high.
In its fiscal Q3 update released Jan. 29, the company said net asset value (NAV) climbed to 3,017 pence per share as of Dec. 31. Its majority-owned Action reported net sales of 16.0 billion euros and operating EBITDA of 2.367 billion euros for the 52 weeks ending Dec. 28, marking increases of 16% and 14% year on year, respectively. The firm added that the new year “has started well,” with like-for-like sales — which exclude new stores by focusing on locations open at least a year — up 6.1% in the first four weeks of January. It cautioned, however, that some figures remain provisional and subject to audit. (3i)
Investor attention remains fixed on France, representing roughly a third of Action’s revenue and the region that had been dragging. “The positive news is that January started well,” Bernstein retail analyst William Woods noted, highlighting a rebound after a late-year slump. (Financial Times)
Insider buying caught some eyes in the latest update. According to a regulatory filing, Simon Borrows snapped up 30,000 shares on Jan. 29, paying around £34.90 each. That stake came to about £1.05 million. (Investegate)
In a separate filing dated Jan. 30, 3i confirmed it allotted and admitted 31,353,859 new ordinary shares for trading, bringing its total issued share capital to 1,024,699,476 shares. (Investegate)
The stock surged 8.8% on Thursday following the Q3 update, but trading grew more volatile toward the end of last week. (Reuters)
3i holders face a straightforward risk: concentration. Should Action’s rebound in France falter once more, or if discount retail margins tighten further, the market might reevaluate the valuation assumptions underpinning 3i’s premium, making its shares reactive to every fresh trading update. Currency fluctuations also remain a key variable affecting NAV.
Investors have marked their calendars: 3i’s financial calendar lists an Action Capital Markets Seminar webcast on March 26. The event will be closely watched to gauge the strength of the sales rebound and its implications for 2026 forecasts. (3i)
