3i Group

Website: 3i Group
Index: FTSE 100
EPIC: III
Supersector: Financial Services
Sector: Financial Services
Subsector: Specialty Finance
Market Cap: £22.33B
Payout Frequency: Semi-Annual

Next 3i Group Dividend

3i Group next goes ex-dividend on 18/06/2026. This will be the Final dividend for 2026.

The dividend per share amount is 48.0000p (GBP) and the payment date is 24/07/2026.

Key Dividend Details

Declared: Second (final) FY2026 dividend of 48.0p per share, subject to shareholder approval.
Ex-dividend date: Thursday, 18/06/2026
Record date: Friday, 19/06/2026
Payment date: Friday, 24/07/2026
Total FY2026 dividend: 84.5p per share (up from 73.0p in FY2025; +15.8%).
Policy: Maintain or grow the dividend year-on-year; the first dividend is set at 50% of the prior year’s total dividend.
Distributable reserves: £11.2bn (capacity to fund distributions).

Sustainability and Growth Assessment

Cash coverage and balance sheet: FY2026 cash inflows from the portfolio were ~£1.9bn; operating cash income was £421m versus cash dividends paid to shareholders of £765m in the year (79p). Liquidity stands at £1.86bn with low net gearing of 2% and net debt of £547m. This supports ongoing distributions even if portfolio income timing is lumpy.
Underlying performance: Total return of £5.3bn (22% on opening funds) and NAV per share up to 3,030p. The portfolio generated a strong GIR of £5.46bn, anchored by Action and resilient Infrastructure/Scandlines cash yields.
Recurring portfolio cash generation: 3i received £1.19bn from Action in FY2026 and expects a further c.£255m in May 2026. Additional dividends from 3iN (£35m) and Scandlines (£21m) bolster income.
Dividend growth trajectory: The recommended total of 84.5p extends a long track record of increases under the “maintain or grow” policy. Growth remains reliant on continued distributions/realisations from key assets, primarily Action.
Conclusion: The final dividend and progressive policy are well supported by portfolio cash distributions, strong NAV growth, and a conservative balance sheet. Coverage depends more on portfolio proceeds than on operating cash income alone, consistent with 3i’s investment company model.

Capital Allocation and Structural Factors

Buyback: New share buyback programme of up to £750m (to complete by 31 Dec 2026) aimed at reducing share count; this can lower the future cash cost of dividends per share.
Share issuance: 51m new shares issued in FY2026 as non-cash consideration to increase 3i’s stake in Action; this raised the dividend base but is partly offset by the announced buyback.
Portfolio concentration: Equity stake in Action increased to 65.4% of the asset’s equity and Action now represents the majority of 3i’s portfolio value. The Board will seek shareholder approval at the 2026 AGM to increase the single-asset exposure limit, enabling continued capital allocation to Action.
Funding flexibility: RCF refinanced and upsized to £1.2bn (to July 2030, extendable), enhancing liquidity to support both distributions and investment.

Risks and Flags

Concentration risk: Heavy reliance on Action for returns and cash distributions. A change in Action’s trading, store roll-out economics, or valuation multiple (currently 18.5x run-rate EBITDA) would materially affect NAV and potentially dividend capacity; a 1.0x multiple move equates to ~£1.5bn valuation swing.
FX exposure: Approximately 82% of net assets are in EUR/USD; a 1% move in EUR impacts total return by ~£242m. FX can affect distributable capacity and reported NAV.
Income timing: Portfolio income fell year-on-year due to timing (e.g., Action’s second dividend shifted into May 2026). Sustained dividend growth depends on ongoing realisations/refinancings and portfolio distributions.
Macro/geopolitical: Management highlights heightened geopolitical risk (notably the Middle East), potential inflation uptick, and consumer caution in key Action markets (France, Germany), which could soften LFL and cash generation.
Share count dynamics: The FY2026 share issuance increased the dividend base; the announced buyback mitigates this but execution/timing will determine net impact on dividend cash outflow.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
27/11/2025	09/01/2026	Interim	36.5000p	GBX
18/06/2026	24/07/2026	Final	48.0000p	GBX

Total (Annual Dividends Per Share): 84.50p

Dividend Yield = Annual Dividends Per Share (84.50p) ÷ Share Price (2179p) = 3.88%

Ex Dividend Date	Payment Date	Type	Amount	Currency
18/06/2026	24/07/2026	Final	48.0000p	GBX
27/11/2025	09/01/2026	Interim	36.5000p	GBX
19/06/2025	25/07/2025	Final	42.50p	GBX
28/11/2024	10/01/2025	Interim	30.50p	GBX
20/06/2024	26/07/2024	Final	34.50p	GBX
30/11/2023	12/01/2024	Interim	26.50p	GBX
22/06/2023	28/07/2023	Final	29.75p	GBX
01/12/2022	11/01/2023	Interim	23.25p	GBX
16/06/2022	22/07/2022	2nd Interim	27.25p	GBX
02/12/2021	12/01/2022	Interim	19.25p	GBX
17/06/2021	23/07/2021	2nd Interim	21.00p	GBX
03/12/2020	13/01/2021	Interim	17.50p	GBX
11/06/2020	17/07/2020	2nd Interim	17.50p	GBX
12/12/2019	08/01/2020	Interim	17.50p	GBX
13/06/2019	19/07/2019	Final	20.0p	GBX
13/12/2018	09/01/2019	Interim	15.00p	GBX
14/06/2018	20/07/2018	Final	22.00p	GBX
14/12/2017	10/01/2018	Interim	8.00p	GBX
15/06/2017	21/07/2017	Final	18.50p	GBX
08/12/2016	04/01/2017	Interim	8.00p	GBX
16/06/2016	22/07/2016	Final	16.00p	GBX
10/12/2015	06/01/2016	Interim	6.00p	GBX
18/06/2015	24/07/2015	Final	14.00p	GBX
11/12/2014	07/01/2015	Interim	6.00p	GBX
18/06/2014	25/07/2014	Final	13.30p	GBX
11/12/2013	08/01/2014	Interim	2.70p	GBX
11/12/2013	08/01/2014	Special	4.00p	GBX
19/06/2013	26/07/2013	Final	5.40p	GBX
12/12/2012	09/01/2013	Interim	2.70p	GBX
20/06/2012	20/07/2012	Final	5.40p	GBX
07/12/2011	11/01/2012	Interim	2.70p	GBX
15/06/2011	15/07/2011	Final	2.40p	GBX
08/12/2010	12/01/2011	Interim	1.20p	GBX
16/06/2010	16/07/2010	Final	2.00p	GBX
09/12/2009	13/01/2010	Interim	1.00p	GBX
03/12/2008	07/01/2009	Interim	6.30p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024	30.500	34.500		GBX	65.000	15.550
2023	26.500	29.750		GBX	56.250	11.380
2022	23.250			GBX	50.500	25.460
2021	19.250			GBX	40.250	15.000
2020	17.500			GBX	35.000	-6.660
2019	17.500	20.000		GBX	37.500	1.350
2018	15.000	22.000		GBX	37.000	39.620
2017	8.000	18.500		GBX	26.500	10.410
2016	8.000	16.000		GBX	24.000	20.000
2015	6.000	14.000		GBX	20.000	3.620
2014	6.000	13.300		GBX	19.300	59.500
2013	2.700	5.400	4.000	GBX	12.100	49.380
2012	2.700	5.400		GBX	8.100	58.820
2011	2.700	2.400		GBX	5.100	59.370
2010	1.200	2.000		GBX	3.200	220.000
2009	1.000			GBX	1.000	-84.120
2008	6.300			GBX	6.300

Number of Shares:

Payment	Paid	Amount
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