3i Group PLC on Thursday outlined guidance for 2026 and said its investee Action plans to open its first store in the US by 2028.
Action, a non-food discounter operating in 13 European countries in which 3i first invested in 2011, is targeting at least 400 new stores in the coming year from the existing 3,302 at the end of 2025.
The firm also sees potential for about 4,650 stores in Europe, adding about 200 from its estimate given last year. In the US, it plans to open its first store in the south-east of the country in late 2027 or early 2028.
The London-based private equity firm investing in companies in Europe and North America said its portfolio company is targeting like-for-like sales growth between 4% and 5% in 2026. It is also targeting an earnings before interest, tax, depreciation, and amortisation margin of 14.8%, unchanged from 2025.
3i reported in late January that Action like-for-like sales grew by 4.9% in 2025. Additionally, the company generated net sales of €16.0 billion in 2025, a 16% increase from €13.8 billion in 2024.
3i added that in the first 12 weeks of 2026, Action reported €3.7 billion of net sales, a result it says is 15% ahead of the same period in 2025. Like-for-like sales grew by 4.0% in the same period, with transactions growing in all markets, despite France lagging behind, and store traffic in Northern Europe having been impacted by snow and cold weather.
‘Both sales growth and [like-for-like sales] in the period to the end of week 12 showed a positive trajectory compared to [the fourth quarter of] 2025’, 3i said of Action.
It also disclosed that the business added 24 new stores in the first three months of 2026, in line with expectations but below 2025 rates due to phasing which 3i says is more weighted towards the second quarter.
Action plans to make another dividend payment in the coming weeks.
3i, which will release its full-year results in May, said that the repercussions from the situation in the Middle East have the potential to present further challenges despite the broader portfolio showing resilience. The company added that it sees no downside impact from artificial intelligence in its portfolio.
3i shares were down 5.9% to 2,628.00 pence each on Thursday morning in London.
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