3i Group (III) Status Update summary

Portfolio performance and trading update

• Private equity and infrastructure portfolios remain resilient despite subdued macroeconomic conditions, with Action and Royal Sanders delivering strong sales and EBITDA growth; Action's year-to-date sales reached €10.9 billion, up 18% year-on-year, and like-for-like sales grew 6.5%.

• Action added 207 net new stores year-to-date, is on track to deliver or exceed 370 net new stores in 2025, and opened its first stores in Romania and Switzerland.

• Action's operating EBITDA for the 12 months to end of P9 2025 is expected to reach €2.295 billion, a 21% increase from the previous year, after a €26 million one-off expense.

• Cash generation remains strong, with Action's cash balances at €758 million as of September 2025.

• Sale of MAIT generated gross proceeds of €143 million (2.7x MOIC, 27% IRR) and MPM for €400 million (3.2x MOIC, 29% IRR), both exceeding prior valuations.

Private equity investment and exit highlights

• MPM, a premium natural pet food company, was scaled significantly, especially in the U.S. and online channels, leading to a successful exit at €400 million, a 3.2x money multiple, and 29% IRR.

• WaterWipes, acquired for €145 million, is a leading premium natural wet wipe brand with strong international diversification, omnichannel presence, and consistent top-line growth above 20% CAGR since 2017.

• WaterWipes is differentiated by proprietary water technology, is accredited for sensitive skin, and has high brand loyalty among consumers and healthcare professionals.

• MAIT, a German IT services provider, was sold after significant value creation through 14 add-on acquisitions and geographic expansion, achieving a 2.7x MOIC and 27% IRR.

• Both MPM and WaterWipes benefit from global trends toward premium, natural, and clean-label products, and have strong consumer advocacy.

New investments and growth strategies

• OMS, a leading DACH-region testing business for electrical safety equipment, was acquired in a proprietary process for £99 million, with significant seller and founder reinvestment.

• OMS operates in a regulated, growing market with strong recurring revenues, over 40 branches, and a proprietary software platform, Inspektra, driving efficiency and customer lock-in.

• OMS has achieved revenue and site count growth at over 40% CAGR since 2016, with high revenue retention and mid-teens EBITDA margin.

• Growth strategy for OMS includes further operational efficiency, selective M&A, and expansion into adjacent segments and geographies.

• WaterWipes and OMS both have founders or sellers retaining significant stakes, aligning interests for future growth.