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3i Group (TGOPY) Q2 2027 Earnings Report

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TGOPY Q2 2027 EPS Results

Actual EPS
$0.53
Consensus EPS
$0.58
Beat/Miss
Missed by -$0.05
One Year Ago EPS
$1.12

TGOPY Q2 2027 Revenue Results

Actual Revenue
$365.36M
Expected Revenue
$2.46B
Beat/Miss
Missed by -$2.10B
YoY Revenue Growth
+41.83%

Earnings Announcement Details

Quarter
Q2 2027
Date
11/12/2026
Time
Before Open
Conference Call
Thursday, November 12, 2026
TGOPY Upcoming Earnings

3i Group's next earnings date is estimated for May 13, 2027, based on past reporting schedules.

Q2 2027 Earnings Call Audio

TGOPY Q2 2027 Earnings Call
0:00 / 0:00

Q2 2027 Earnings Slide Deck

Q2 2027 Earnings Call Summary

Q2 2027
Earnings Call Date:Nov 12, 2026|% Change Since:2.64%|
Earnings Call Sentiment|Positive

The call was strongly positive overall. 3i reported a 5% total return, broad earnings growth across the private equity portfolio, strong Action sales, EBITDA, cash generation, store expansion, and market-share momentum, alongside resilient infrastructure performance and an expanded buyback. The main challenges were foreign exchange losses, macroeconomic and input-cost pressures, temporary Action margin pressure from shrink and absenteeism, fuel-related trading disruption, and a thin European investment market. Management remained confident in the second-half outlook and maintained Action's full-year guidance.

Company Guidance

Subject to no further material disruption to trading in the remainder of the year, Action is on track to open at least 400 new stores, with like-for-likes likely to be around 4% and the likely outcome for the EBITDA margin 14.7% or 14.8%; Action is anticipated to generate approximately EUR 2.25 billion of operating cash this year, with Q4 this year expected to have a higher-than-normal impact on Action's result for the year. 3i announced a second buyback program of up to GBP 750 million to be executed in the period to the end of May 2027 and will pay its first FY '27 dividend of GBP 42.25 per share in early January; it expects good performance from its consumer and health care sector companies and expects its portfolios in Action to demonstrate solid resilience in 2027 from a larger base.

  • Positive Total Return and NAV Growth3i delivered a 5% total return for the half, ending September with NAV per share of GBP 31.54 after paying the GBP 0.48 per share second dividend. Value growth contributed GBP 1.86 per share, or GBP 1.9 billion, while other movements added GBP 0.36 per share.
  • Broad Private Equity Portfolio Earnings GrowthThe private equity portfolio delivered a 5% gross investment return, including a 6% contribution from Action and after the foreign exchange loss. 96% of the portfolio by value grew earnings, with only five, mainly smaller, companies declining. There were no material write-downs and no material detractors in the half.
  • Action Continued Strong GrowthAction net sales increased 13.6% in the first nine months, operating EBITDA rose 10.7% to EUR 1.73 billion, and LTM operating EBITDA reached EUR 2.54 billion. By the end of October, net sales stood at EUR 14.3 billion and operating EBITDA had accelerated to EUR 1.96 billion, a EUR 232 million increase, with further very strong trading in the first two weeks of period 11.
  • Action Cash Generation and DeleveragingAction had EUR 1.39 billion of cash after paying a EUR 450 million dividend in May and is expected to generate approximately EUR 2.25 billion of operating cash this year. Its leverage was reduced following strong cash generation, and management said Action is deleveraging extremely quickly.
  • Action Store Expansion and New-Market PerformanceAction had opened 286 new stores through the latest week and is on track to open at least 400 new stores for the year, approximately 12% of its base. Early trading in Croatia and Slovenia was strong, with Slovenia approaching a new record for opening weeks, and the company made good progress toward planned entries into Bulgaria and the U.S. next year.
  • Action Like-for-Like Sales and Customer TrafficAction like-for-like sales were up 3.4% after a very warm summer, with transaction volumes the overriding driver across the estate. Management said transactions were running ahead of the like-for-like number, weekly visits had increased to more than 23 million, and Action was capturing more new households. Benelux like-for-likes were described as tracking closer to mid-single-digit levels.
  • Action Pricing Investment Supported Competitive PositionOver the prior nine months, Action reduced prices on more than 1,000 fixed-assortment items, covering about half of the fixed assortment. Most reductions were in the 5% to 10% range. Management said the reductions were supported by increasing buying power and higher volumes, with the measures expected to enhance Action's competitive position over the medium and long term.
  • Action Guidance MaintainedSubject to no further material disruption to trading, Action remained on track to open at least 400 new stores, deliver like-for-likes of around 4%, and achieve an EBITDA margin of 14.7% or 14.8%. Management said period 10 EBITDA margin moved above 15%, and expected periods 11 and 12 to be higher-sales and higher-profit-margin months.
  • Strong Geographic Performance at ActionBenelux and Southern Europe were performing ahead of like-for-like expectations, with particularly strong performance in Spain. France and Germany were both positive with single-digit like-for-likes and strong transaction growth. France's market share continued to increase, and Poland delivered positive like-for-likes, expected double-digit sales growth, and one of the group's highest EBITDA margins.
  • Action Maintained Strong Store EconomicsAction's new stores were trading comfortably ahead of expectations, with paybacks of well under one year. Average store contribution margins were above 20% across the network, and management said Action had no unprofitable stores, with sales and profit densities among the highest in global retail.
  • Action's Market Position and Customer ReachAction now competes in 16 European countries and won Retailer of the Year awards in France, Germany, the Netherlands, and Italy during the year. Management said customers across all income levels, ages, and sexes visit its stores, and that Action continued to gain market share in Poland and significant further share in France.
  • Private Equity Value Creation Beyond ActionPrivate equity performance increases of GBP 205 million significantly outweighed performance decreases of GBP 24 million. Royal Sanders, SaniSure, AES, and Luqom were the main contributors. The private equity portfolio ended the period at GBP 31.7 billion, while the weighted-average valuation multiple excluding Action remained 13x, in line with March.
  • Additional Investments and Portfolio M&A3i made an attractive consumer investment and purchased an additional 2.1% of Action during the period, increasing its Action shareholding to 67.5% at the end of September. 3i also invested in Nutergia, a leading natural food supplements brand with a strong position in French and Spanish pharmacies. Royal Sanders agreed to acquire Zwitsal, its tenth acquisition under 3i ownership.
  • Infrastructure Portfolio Delivered Strong ReturnInfrastructure delivered a 13% gross investment return to the group, or 14% including fee income. The European and U.S. portfolios were resilient, and the period included completion of the sale of TCR and acquisition of the Lefdal Mine Datacenter. The infrastructure portfolio, including Scandlines, was valued at GBP 2.1 billion.
  • Quoted Portfolio and 3iN ContributionThe quoted investment portfolio delivered a positive GBP 164 million contribution, driven by an increase in the 3iN share price. The 3iN share price increased by more than 18% during the period, and the quoted portfolio ended the period with a value of GBP 33.8 billion.
  • Conservative Balance Sheet and Strong Liquidity3i reported net debt of GBP 1.3 billion, gearing of 4%, and liquidity of more than GBP 1 billion at the end of the period. More than 80% of the portfolio book was hedged, and management said the maturity profile remained well managed and the hedging was insulating the portfolio against rising interest rates.
  • Buyback Program Expanded3i completed its first GBP 750 million buyback, acquiring approximately 29.5 million shares for cancellation at an average price of GBP 24.95 per share. The company announced a second buyback of up to GBP 750 million through the end of May 2027 to continue deploying capital while the share price remained below what management viewed as the portfolio's fundamental value.
  • Dividend and Cash Operating ProfitCash income totaled GBP 271 million, contributing to a GBP 259 million cash operating profit. 3i announced a first FY2027 dividend of GBP 42.25 per share payable in early January, equal to half of the prior year's total dividend, in line with its dividend policy.
  • Positive Second-Half OutlookManagement said Action was well positioned for a strong close based on its product range, pricing, and availability. 3i expected good performance from its consumer and health care companies and said its portfolios had demonstrated solid resilience in 2026 and were expected to do the same from a larger base in 2027.

TGOPY Earnings History

TGOPY earnings history
Report DateFiscal QuarterForecast / EPSLast Year's EPSEPS YoY ChangePress Release
May 13, 20272027 (Q4)0.90-0.67――
Nov 12, 20262027 (Q2)0.580.531.12-52.81% (-0.59)
May 14, 20262026 (Q4)―0.670.98-32.32% (-0.32)
Nov 13, 20252026 (Q2)―1.120.6766.82% (+0.45)
May 15, 20252025 (Q4)―0.980.739.97% (+0.28)
Nov 14, 20242025 (Q2)―0.670.5326.55% (+0.14)
May 09, 20242024 (Q4)―0.700.87-19.38% (-0.17)
Nov 09, 20232024 (Q2)―0.530.53-0.38% (-0.00)
May 11, 20232023 (Q4)―0.870.6337.97% (+0.24)
Nov 10, 20222023 (Q2)0.400.530.76-29.87% (-0.23)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat Missed