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3i delivered an excellent result in FY2022

• Total return of £4,014 million or 44% on opening shareholders’ funds (March 2021: £1,726 million, 22%) and NAV per share of 1,321 pence (31 March 2021: 947 pence).
• Our Private Equity business delivered a gross investment return of £4,172 million or 47% (March 2021: £1,936 million, 30%). This excellent result was driven by strong earnings growth and realisation profits with valuation multiple increases contributing just 6% of Private Equity GIR in the year.
• Action delivered annual revenue growth of 23% and EBITDA growth of 36% in 2021 and has started 2022 well. Action’s LTM EBITDA to P3 2022, which ended on 3 April 2022, was €932 million (31 March 2021: €602 million) showing the strength in recovery of the group’s trading since the severe Covid-19 restrictions in the first three months of 2021.This strong performance underpinned value growth of £2,655 million in the year, in addition to £284 million of dividends received.
• In competitive markets the Private Equity team deployed £529 million including six new investments and two transformational bolt-on acquisitions. In addition our portfolio companies completed a further 13 self-funded bolt-on acquisitions.
• Across the Group, we received over £1.2 billion of cash primarily via portfolio company realisations, refinancings and dividends in the year.
• Our Infrastructure business generated a gross investment return of £241 million, or 21% (March 2021:
  £178 million, 16%). This return was driven by the increase in share price of 3i Infrastructure plc (“3iN”) and dividend income.
• Scandlines generated a gross investment return of £112 million, or 26% (March 2021: £25 million, 6%). Freight volumes have been consistently strong, finishing ahead of 2019 levels, whilst leisure volumes showed some signs of recovery but remained below 2019 levels due to varying degrees of travel restrictions throughout 2021.
• Total dividend of 46.5 pence per share for FY2022, with a second FY2022 dividend of 27.25 pence per share to be paid in July 2022 subject to shareholder approval.

Simon Borrows, 3i''s Chief Executive, commented:

“We have entered our new financial year acutely aware of the political and macro-economic challenges the world
is facing, but we do this from a position of strength. Our teams are experienced and well-embedded in their local markets across northern Europe and North America. Our processes are carefully designed and disciplined which allows us to react fast to sudden or sharp changes in markets or the broader environment and our portfolio is well constructed from a thematic, geographic and sector perspective and has demonstrated clear resilience over the last few years. We asset manage in the knowledge that we have assembled today’s portfolio with real price discipline and we have not over-bought recent highly-priced vintages. In Action we have a formidable retail company that will continue to grow and thrive in today’s challenging environment. We also have a number of healthcare and consumer assets which have the potential to deliver significant longer-term compounding returns for the Group.”

Financial highlights

¹ _{Gearing is net debt as a percentage of net assets.}

-ENDS-

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For further information regarding the announcement of 3i’s annual results to 31 March 2022, including a live webcast of the results presentation at 10.00am, please visit www.3i.com.