Accounting policy: The following items from the Consolidated statement of comprehensive income fall within the scope of IFRS 15: Fees receivable are earned for providing services to 3i\u2019s portfolio companies, which predominantly fall into one of two categories: 1. Negotiation and other transaction fees are earned for providing services relating to a specific transaction, such as when a portfolio company is bought, sold or refinanced. These fees are generally of a fixed nature and the revenue is recognised in full at the point of\u00a0transaction completion. 2. Monitoring and other ongoing service fees are earned for providing a range of services to a portfolio company over a period of time. These fees are generally of a\u00a0fixed nature and the revenue is recognised evenly over the period, in line with the services provided. Fees receivable from external funds are earned for providing management and advisory services to a variety of fund partnerships and other entities. Fees are typically calculated as a\u00a0percentage of the cost or value of the assets managed during the year and are paid quarterly, based on the assets under management at that date. The revenue is recognised evenly over the period, in line with the\u00a0services provided. Carried interest and performance fees receivable are earned from funds which the Group manages on behalf of third parties. These profits are earned when the funds meet certain performance conditions and are paid by the fund when these conditions have been met on a\u00a0cash basis. | ||
Accounting policy: Tax represents the sum of the tax currently payable, withholding taxes suffered and deferred tax. Tax is charged or credited in the Consolidated statement of comprehensive income, except where it relates to items charged or credited directly to equity, in which case\u00a0the tax is also dealt with in equity. The tax currently payable is based on the taxable profit for the year. This may differ from the profit included in the Consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The affairs of the Group\u2019s parent company are directed so as to allow it to meet the requisite conditions to continue to operate as an approved investment trust company for UK tax purposes. An approved investment trust company is a UK investment company which is\u00a0required to meet certain conditions set out in the UK tax rules to obtain and maintain its tax status. This approval allows certain investment\u00a0profits of the Company, broadly its capital profits, to be exempt from tax. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The deferred tax assets and liabilities have been calculated using the corporation tax rate in the UK of 25% (2025: 25%). IFRIC 23 has been applied to the recognition and measurement of uncertain tax provisions held at the year end. There were no material uncertain tax positions arising during the year or at the year end. The Group is within the scope of the OECD Pillar 2 model rules. Under the Pillar 2 legislation, the Group is liable to pay a top-up tax in the UK for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. The Group\u2019s key business operations are not based in low tax jurisdictions and the application of the Pillar 2 rules is not anticipated to have a material impact on the Group. | ||
Accounting policy: Investments are recognised and derecognised on the date when their purchase or sale\u00a0is subject to a relevant contract and the associated risks and rewards have been transferred. The Group manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of\u00a0investments. All investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in\u00a0accordance with the Group\u2019s valuation policies. Quoted investments are accounted for at fair value through profit and loss. Fair value is\u00a0measured using the closing bid price at\u00a0the\u00a0reporting date, where the investment is quoted on an active stock market. Unquoted investments, including both equity and loans, are accounted for at fair value through profit and loss. Fair value is determined in\u00a0line with 3i\u2019s valuation policy, which is compliant with the fair value guidelines under IFRS and the International Private Equity and\u00a0Venture Capital (\u201cIPEV\u201d) Valuation Guidelines, details of which are available Quoted investments are classified as Level 1 and unquoted investments are classified as Level 3 in the fair value hierarchy. See Note 12 for details. Interest bearing loans accrue interest which is either settled in cash or capitalised on a\u00a0regular basis and included as part of the principal loan balance. The capitalisation of\u00a0accrued interest is treated as part of investment additions during the year. If the fair value of an investment is assessed to be below the principal value of the loan the Group recognises a fair value reduction against any interest income accrued from the date of the assessment going forward. \u201cCapitalisation at nil value\u201d is the term used to describe the capitalisation of accrued interest which has been fully provided for. These transactions are disclosed as additions to portfolio cost with an equal reduction made where loan notes have nil value. In accordance with IFRS 10, the proportion of the investment portfolio held by the Group\u2019s unconsolidated subsidiaries is presented as\u00a0part\u00a0of the fair value of investment entity subsidiaries, along with the fair value of their other assets and liabilities. A reconciliation of the fair value of Investments in investment entities is included in\u00a0Note 11. 3i\u2019s investment portfolio is made up of longer-term investments, with average holding periods greater than one year, and thus is classified as\u00a0non-current. | ||
Accounting policy: Investments in investment entity subsidiaries are accounted for as financial instruments at fair value through profit and loss in accordance with IFRS 9. These entities are typically limited partnerships and other intermediate investment holding structures which hold the Group\u2019s interests in\u00a0investments in portfolio companies. The fair value can increase or decrease from either amounts paid to or received from the investment entity subsidiaries or valuation movements in line with the Group\u2019s valuation policy. Substantially all of these entities meet the definition of a Fund under the IPEV guidelines and the fair value of these entities is their net asset value. We consider the net asset value of investment entity subsidiaries to be the most appropriate to determine fair value. At each reporting period, we consider whether any additional fair value adjustments need to be made to the net asset value of the investment entity subsidiaries. These adjustments may be required to reflect market participants\u2019 considerations about fair value that may include, but are not limited to, liquidity and the portfolio effect of holding multiple investments within the investment entity subsidiary. There was no particular circumstance to indicate that a fair value adjustment was required (31\u00a0March 2025: no adjustment required) and, after due consideration, we concluded that the net asset values were the most appropriate reflection of\u00a0fair value at 31\u00a0March 2026. Transfer of portfolio investments from investment entity subsidiaries includes the transfer of investment portfolio between investment entity subsidiaries and the Company at fair value. The consideration for these transfers can either be cash or intra-group receivables. | |
Accounting policy: Financial instruments are initially classified at either amortised cost or fair value through profit or loss. Financial instruments classified at fair value through profit or loss are subsequently measured at fair value with gains and losses arising from changes in fair value recognised in\u00a0profit or loss in the Statement of comprehensive income. Financial instruments classified at amortised cost are subsequently measured at\u00a0amortised cost using the effective interest method with interest income or expense and foreign exchange gains and losses recognised in\u00a0profit or loss in the Statement of comprehensive income. | ||
Accounting policy: The Group offers investment executives the opportunity to participate in the returns from investments subject to certain performance conditions. \u201cCarried interest and performance fees payable\u201d is the term used for amounts payable to executives on\u00a0these investment-related transactions. A variety of asset pooling arrangements are in place so that participants may have an interest in one or more carried interest plans and participants include current and former investment employees. Carried interest payable is accrued if its performance conditions, measured at the balance sheet date, would be achieved if the remaining assets in that plan were realised at fair value. An accrual is made equal to the participants\u2019 share of profits in excess of the performance conditions in place in the carried interest plan, discounted to reflect the likely actual cash payment date, which may be materially later than the time of the accrual. Under IFRS 10, where carried interest payable reduces the fair value of an investment entity subsidiary, that movement is recorded through \u201cFair value movements on investment entity subsidiaries\u201d. At 31\u00a0March 2026, \u00a3373 million of carried interest payable was recognised in the Consolidated statement of financial position of these investment entity subsidiaries (31\u00a0March 2025: \u00a3319 million). | ||
Accounting policy: All loans and borrowings are initially recognised at the fair value of the consideration received. After initial recognition, these are subsequently measured at amortised cost using the effective interest method, which is the rate that exactly discounts the estimated future\u00a0cash flows through the expected life of the liabilities. Financial liabilities are derecognised when they are extinguished. | ||
Accounting policy: Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when their fair value is positive and as a financial liability when their fair value is negative. Derivative contracts are disclosed in the Consolidated statement of financial position as either current or non-current according to their maturity profile. The Group\u2019s derivative financial instruments are not designated as hedging instruments. | ||
Accounting policy: Liabilities, other than those specifically accounted for under a separate policy, are stated based on the amounts which are considered to\u00a0be\u00a0payable in respect of goods or services received up to the balance sheet date. Financial liabilities are recognised at amortised cost in\u00a0accordance with IFRS 9. | ||
Accounting policy: Ordinary shares issued by the Group are recognised at the proceeds or fair value received with the excess of the amount received over nominal value being credited to the share premium account. Direct issue costs net of tax are deducted from equity. Capital reserve recognises all profits and losses that are capital in nature or have been allocated to capital, which include the accumulation of investment gains and losses as well as changes to the value of financial instruments measured at fair value through profit and loss. Revenue reserve recognises all profits and losses that are revenue in nature or have been allocated to revenue and is the accumulation of\u00a0revenue profits and losses. | ||
Accounting policy: Own shares are recorded by the Group when ordinary shares are acquired by the Company or by The 3i Group Employee Benefit Trust (\u201cTrust\u201d). Own shares are deducted from shareholders\u2019 equity. A transfer is made to retained earnings at their weighted average cost in line with the vesting of own shares held for the purposes of share-based payments. The number of own shares held by the Trust and the schemes are described in Note 24. | ||
Accounting policy: Commitments represent amounts the Group has contractually committed to pay third parties but do not yet represent a charge or asset. This gives an indication of committed future cash flows. Commitments are recognised in the balance sheet at the point of settlement subject to associated risks and rewards being transferred. Commitments at the year-end do not impact the Group\u2019s financial results for\u00a0the\u00a0year. | ||
Accounting policy: Contingent liabilities are potential liabilities where there is even greater uncertainty, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed and not included within the Consolidated statement of financial position. | ||
Accounting policy: The Company has controlling equity interests in, and makes loans to, both consolidated and fair valued Group entities. Equity investments in, and loans to, investment entities are held at fair value in the Company\u2019s accounts, as this reflects the Group\u2019s business model to hold assets to seek returns on capital and not contractual cash flow. The net assets of these entities represent fair value. Equity investments in other subsidiaries are held at cost less impairment and any loans to these subsidiaries are held at amortised cost in\u00a0accordance with IFRS 9, which includes the requirement to calculate expected credit losses on initial recognition. Equity investments and loans are deemed longer-term in nature, with average holding periods greater than one year, and thus is classified as\u00a0non-current. | ||
Accounting policy: Payments to defined contribution retirement benefit plans are charged to profit and loss as they fall due. For defined benefit retirement plans, the cost of providing benefits is determined using the projected unit method with actuarial valuations being carried out at each balance sheet date. Interest on the net defined benefit asset/liability, calculated using the discount rate used to measure the defined benefit obligation, is recognised in profit and loss. Re-measurement gains or losses are\u00a0recognised in full as they arise in other comprehensive income. A retirement benefit deficit is recognised in the Consolidated statement of financial position to the extent that the present value of\u00a0the defined benefit obligations exceeds the fair value of plan assets. A retirement benefit surplus is recognised in the Consolidated statement of financial position where the fair value of plan assets exceeds the present value of the defined benefit obligations limited to the extent that the Group can benefit from that surplus. Where the retirement benefit scheme is in surplus, this is recognised net, being the lower of any surplus in the fund and the asset ceiling. | ||
Accounting policy: The Group has equity-settled and cash-settled share-based payment transactions with certain employees. Equity-settled schemes are measured at fair value at the date of grant, which is then recognised in profit or loss over the period that employees provide services, generally the period between the start of the performance period and the vesting date of the shares. The number of share awards expected to vest takes into account the likelihood that performance and service conditions included in the terms of the award will be met. Fair value is measured by use of an appropriate model which takes into account the current share price, the risk-free interest rate, the\u00a0expected volatility of the share price over the life of the award and any other relevant factors. In valuing equity-settled transactions, no\u00a0account is taken of any vesting conditions, other than conditions linked to the price of the shares of 3i Group plc. The charge is adjusted at\u00a0each balance sheet date to reflect the actual number of forfeitures, cancellations and leavers during the year. The movement in\u00a0cumulative charges since the previous balance sheet is recognised in profit and loss, with a corresponding entry in equity. Liabilities arising from cash-settled share-based payment transactions are recognised in\u00a0profit or loss over the vesting period. They are fair valued at each reporting date. The\u00a0cost of cash-settled share-based payment transactions is adjusted for the forfeitures of the participants\u2019 rights that no longer meet the plan requirements as well\u00a0as for early vesting. The cost of the share-based payments is allocated either to operating expenses or carried interest depending on the original driver of\u00a0the\u00a0award. Executive Director Long- term Incentive Plans are allocated to operating expenses. | ||
Accounting policy: The following items from the Consolidated statement of comprehensive income fall within the scope of IFRS 15: Fees receivable are earned for providing services to 3i\u2019s portfolio companies, which predominantly fall into one of two categories: 1. Negotiation and other transaction fees are earned for providing services relating to a specific transaction, such as when a portfolio company is bought, sold or refinanced. These fees are generally of a fixed nature and the revenue is recognised in full at the point of\u00a0transaction completion. 2. Monitoring and other ongoing service fees are earned for providing a range of services to a portfolio company over a period of time. These fees are generally of a\u00a0fixed nature and the revenue is recognised evenly over the period, in line with the services provided. Fees receivable from external funds are earned for providing management and advisory services to a variety of fund partnerships and other entities. Fees are typically calculated as a\u00a0percentage of the cost or value of the assets managed during the year and are paid quarterly, based on the assets under management at that date. The revenue is recognised evenly over the period, in line with the\u00a0services provided. Carried interest and performance fees receivable are earned from funds which the Group manages on behalf of third parties. These profits are earned when the funds meet certain performance conditions and are paid by the fund when these conditions have been met on a\u00a0cash basis. | ||
Accounting policy: Investments are recognised and derecognised on the date when their purchase or sale\u00a0is subject to a relevant contract and the associated risks and rewards have been transferred. The Group manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of\u00a0investments. All investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in\u00a0accordance with the Group\u2019s valuation policies. Quoted investments are accounted for at fair value through profit and loss. Fair value is\u00a0measured using the closing bid price at\u00a0the\u00a0reporting date, where the investment is quoted on an active stock market. Unquoted investments, including both equity and loans, are accounted for at fair value through profit and loss. Fair value is determined in\u00a0line with 3i\u2019s valuation policy, which is compliant with the fair value guidelines under IFRS and the International Private Equity and\u00a0Venture Capital (\u201cIPEV\u201d) Valuation Guidelines, details of which are available Quoted investments are classified as Level 1 and unquoted investments are classified as Level 3 in the fair value hierarchy. See Note 12 for details. Interest bearing loans accrue interest which is either settled in cash or capitalised on a\u00a0regular basis and included as part of the principal loan balance. The capitalisation of\u00a0accrued interest is treated as part of investment additions during the year. If the fair value of an investment is assessed to be below the principal value of the loan the Group recognises a fair value reduction against any interest income accrued from the date of the assessment going forward. \u201cCapitalisation at nil value\u201d is the term used to describe the capitalisation of accrued interest which has been fully provided for. These transactions are disclosed as additions to portfolio cost with an equal reduction made where loan notes have nil value. In accordance with IFRS 10, the proportion of the investment portfolio held by the Group\u2019s unconsolidated subsidiaries is presented as\u00a0part\u00a0of the fair value of investment entity subsidiaries, along with the fair value of their other assets and liabilities. A reconciliation of the fair value of Investments in investment entities is included in\u00a0Note 11. 3i\u2019s investment portfolio is made up of longer-term investments, with average holding periods greater than one year, and thus is classified as\u00a0non-current. | ||
Accounting policy: Investments in investment entity subsidiaries are accounted for as financial instruments at fair value through profit and loss in accordance with IFRS 9. These entities are typically limited partnerships and other intermediate investment holding structures which hold the Group\u2019s interests in\u00a0investments in portfolio companies. The fair value can increase or decrease from either amounts paid to or received from the investment entity subsidiaries or valuation movements in line with the Group\u2019s valuation policy. Substantially all of these entities meet the definition of a Fund under the IPEV guidelines and the fair value of these entities is their net asset value. We consider the net asset value of investment entity subsidiaries to be the most appropriate to determine fair value. At each reporting period, we consider whether any additional fair value adjustments need to be made to the net asset value of the investment entity subsidiaries. These adjustments may be required to reflect market participants\u2019 considerations about fair value that may include, but are not limited to, liquidity and the portfolio effect of holding multiple investments within the investment entity subsidiary. There was no particular circumstance to indicate that a fair value adjustment was required (31\u00a0March 2025: no adjustment required) and, after due consideration, we concluded that the net asset values were the most appropriate reflection of\u00a0fair value at 31\u00a0March 2026. Transfer of portfolio investments from investment entity subsidiaries includes the transfer of investment portfolio between investment entity subsidiaries and the Company at fair value. The consideration for these transfers can either be cash or intra-group receivables. | |
2026 Private Equity \u00a3m | 2026 Of which Action \u00a3m | 2026 Infrastructure \u00a3m | 2026 Scandlines \u00a3m | 2026 Total3 \u00a3m | 2025 Private Equity \u00a3m | 2025 Of which Action \u00a3m | 2025 Infrastructure \u00a3m | 2025 Scandlines \u00a3m | 2025 Total3 \u00a3m | ||
89 | \u2013 | \u2013 | \u2013 | 89 | 50 | \u2013 | 1 | \u2013 | 51 | ||
4,080 | 3,544 | 65 | 21 | 4,166 | 4,803 | 4,324 | 17 | 19 | 4,839 | ||
Dividends | 281 | 246 | 40 | 21 | 342 | 450 | 433 | 37 | 22 | 509 | |
Interest income from investment portfolio | 43 | \u2013 | 12 | \u2013 | 55 | 69 | \u2013 | 12 | \u2013 | 81 | |
Fees receivable | 4 | 1 | (1) | \u2013 | 3 | 14 | 5 | (4) | \u2013 | 10 | |
811 | 745 | (10) | 22 | 823 | (340) | (255) | (11) | (10) | (361) | ||
(5) | (26) | \u2013 | (9) | (14) | 67 | 44 | \u2013 | 15 | 82 | ||
5,303 | 4,510 | 106 | 55 | 5,464 | 5,113 | 4,551 | 52 | 46 | 5,211 |
2026 Private Equity \u00a3m | 2026 Of which Action \u00a3m | 2026 Infrastructure \u00a3m | 2026 Scandlines \u00a3m | 2026 Total3 \u00a3m | 2025 Private Equity \u00a3m | 2025 Of which Action \u00a3m | 2025 Infrastructure \u00a3m | 2025 Scandlines \u00a3m | 2025 Total3 \u00a3m | ||
3 | 65 | \u2013 | 68 | 3 | 61 | \u2013 | 64 | ||||
(87) | (45) | (3) | (135) | (98) | (49) | (3) | (150) | ||||
16 | 18 | ||||||||||
(65) | (65) | ||||||||||
(23) | 20 | ||||||||||
(1) | \u2013 | ||||||||||
5,324 | 5,098 | ||||||||||
Carried interest and performance fees receivable | 1 | \u2013 | 22 | \u2013 | 23 | \u2013 | \u2013 | 29 | \u2013 | 29 | |
Carried interest and performance fees payable | (47) | \u2013 | 1 | \u2013 | (46) | (70) | \u2013 | (11) | \u2013 | (81) | |
5,301 | 5,046 | ||||||||||
1 | (1) | ||||||||||
5,302 | 5,045 | ||||||||||
Re-measurements of defined benefit plans | 2 | 4 | |||||||||
5,304 | 5,049 | ||||||||||
1,502 | 944 | 15 | \u2013 | 1,517 | 1,827 | 1,164 | 10 | \u2013 | 1,837 | ||
Cash investment | (903) | (827) | (4) | \u2013 | (907) | (1,177) | (768) | (4) | (1) | (1,182) | |
Non-cash investment | (1,739) | (1,739) | \u2013 | \u2013 | (1,739) | \u2013 | \u2013 | \u2013 | \u2013 | \u2013 | |
(2,642) | (2,566) | (4) | \u2013 | (2,646) | (1,177) | (768) | (4) | (1) | (1,182) | ||
(1,140) | (1,622) | 11 | \u2013 | (1,129) | 650 | 396 | 6 | (1) | 655 | ||
23,558 | 17,831 | 1,492 | 529 | 25,579 | 19,629 | 14,158 | 1,488 | 519 | 21,636 | ||
2,751 | 2,566 | 4 | \u2013 | 2,755 | 1,318 | 768 | 4 | 1 | 1,323 | ||
(1,414) | (944) | (15) | \u2013 | (1,429) | (1,777) | (1,164) | (9) | \u2013 | (1,786) | ||
4,080 | 3,544 | 65 | 21 | 4,166 | 4,803 | 4,324 | 17 | 19 | 4,839 | ||
732 | 746 | (3) | 21 | 750 | (415) | (255) | (8) | (10) | (433) | ||
29,707 | 23,743 | 1,543 | 571 | 31,821 | 23,558 | 17,831 | 1,492 | 529 | 25,579 |
2026 Unquoted investments \u00a3m | Total \u00a3m | |
853 | 853 | |
(832) | (832) | |
21 | 21 | |
\u2013 profits recognised on realisations | 22 | 22 |
\u2013 losses recognised on realisations | (1) | (1) |
21 | 21 | |
2025 Unquoted investments \u00a3m | Total \u00a3m | |
1,107 | 1,107 | |
(1,102) | (1,102) | |
5 | 5 | |
\u2013 profits recognised on realisations | 6 | 6 |
\u2013 losses recognised on realisations | (1) | (1) |
5 | 5 |
2026 Unquoted investments \u00a3m | 2026 Quoted investments \u00a3m | Total \u00a3m | |
2,955 | 41 | 2,996 | |
\u2013 unrealised profits | 2,997 | 41 | 3,038 |
\u2013 unrealised losses | (42) | \u2013 | (42) |
2,955 | 41 | 2,996 | |
2025 Unquoted investments \u00a3m | 2025 Quoted investments \u00a3m | Total \u00a3m | |
3,835 | (23) | 3,812 | |
\u2013 unrealised profits | 3,881 | \u2013 | 3,881 |
\u2013 unrealised losses | (46) | (23) | (69) |
3,835 | (23) | 3,812 |
Accounting policy: Investments are recognised and derecognised on the date when their purchase or sale\u00a0is subject to a relevant contract and the associated risks and rewards have been transferred. The Group manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of\u00a0investments. All investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in\u00a0accordance with the Group\u2019s valuation policies. Quoted investments are accounted for at fair value through profit and loss. Fair value is\u00a0measured using the closing bid price at\u00a0the\u00a0reporting date, where the investment is quoted on an active stock market. Unquoted investments, including both equity and loans, are accounted for at fair value through profit and loss. Fair value is determined in\u00a0line with 3i\u2019s valuation policy, which is compliant with the fair value guidelines under IFRS and the International Private Equity and\u00a0Venture Capital (\u201cIPEV\u201d) Valuation Guidelines, details of which are available Quoted investments are classified as Level 1 and unquoted investments are classified as Level 3 in the fair value hierarchy. See Note 12 for details. Interest bearing loans accrue interest which is either settled in cash or capitalised on a\u00a0regular basis and included as part of the principal loan balance. The capitalisation of\u00a0accrued interest is treated as part of investment additions during the year. If the fair value of an investment is assessed to be below the principal value of the loan the Group recognises a fair value reduction against any interest income accrued from the date of the assessment going forward. \u201cCapitalisation at nil value\u201d is the term used to describe the capitalisation of accrued interest which has been fully provided for. These transactions are disclosed as additions to portfolio cost with an equal reduction made where loan notes have nil value. In accordance with IFRS 10, the proportion of the investment portfolio held by the Group\u2019s unconsolidated subsidiaries is presented as\u00a0part\u00a0of the fair value of investment entity subsidiaries, along with the fair value of their other assets and liabilities. A reconciliation of the fair value of Investments in investment entities is included in\u00a0Note 11. 3i\u2019s investment portfolio is made up of longer-term investments, with average holding periods greater than one year, and thus is classified as\u00a0non-current. | ||
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
18,356 | 15,072 | 18,356 | 15,072 | |
92 | 819 | 92 | 819 | |
\u2013 of which loan notes with nil value | (14) | (9) | (14) | (9) |
(1,136) | (1,102) | (1,136) | (1,102) | |
2,996 | 3,812 | 2,996 | 3,812 | |
656 | (236) | 656 | (236) | |
20,950 | 18,356 | 20,950 | 18,356 | |
897 | 856 | 897 | 856 | |
20,053 | 17,500 | 20,053 | 17,500 | |
20,950 | 18,356 | 20,950 | 18,356 |
2026 \u00a3m | 2025 \u00a3m | |
68 | 150 | |
\u2013 | 1,371 | |
\u2013 | (730) | |
68 | 791 | |
24 | 28 | |
92 | 819 |
Accounting policy: Investments in investment entity subsidiaries are accounted for as financial instruments at fair value through profit and loss in accordance with IFRS 9. These entities are typically limited partnerships and other intermediate investment holding structures which hold the Group\u2019s interests in\u00a0investments in portfolio companies. The fair value can increase or decrease from either amounts paid to or received from the investment entity subsidiaries or valuation movements in line with the Group\u2019s valuation policy. Substantially all of these entities meet the definition of a Fund under the IPEV guidelines and the fair value of these entities is their net asset value. We consider the net asset value of investment entity subsidiaries to be the most appropriate to determine fair value. At each reporting period, we consider whether any additional fair value adjustments need to be made to the net asset value of the investment entity subsidiaries. These adjustments may be required to reflect market participants\u2019 considerations about fair value that may include, but are not limited to, liquidity and the portfolio effect of holding multiple investments within the investment entity subsidiary. There was no particular circumstance to indicate that a fair value adjustment was required (31\u00a0March 2025: no adjustment required) and, after due consideration, we concluded that the net asset values were the most appropriate reflection of\u00a0fair value at 31\u00a0March 2026. Transfer of portfolio investments from investment entity subsidiaries includes the transfer of investment portfolio between investment entity subsidiaries and the Company at fair value. The consideration for these transfers can either be cash or intra-group receivables. | |
Group 2026 \u00a3m | Group 2025 \u00a3m | |
6,916 | 5,804 | |
1,072 | 1,537 | |
(972) | (865) | |
1,565 | 953 | |
\u2013 | (1,371) | |
304 | 730 | |
1,759 | 59 | |
(109) | 69 | |
10,535 | 6,916 |
Accounting policy: The following items from the Consolidated statement of comprehensive income fall within the scope of IFRS 15: Fees receivable are earned for providing services to 3i\u2019s portfolio companies, which predominantly fall into one of two categories: 1. Negotiation and other transaction fees are earned for providing services relating to a specific transaction, such as when a portfolio company is bought, sold or refinanced. These fees are generally of a fixed nature and the revenue is recognised in full at the point of\u00a0transaction completion. 2. Monitoring and other ongoing service fees are earned for providing a range of services to a portfolio company over a period of time. These fees are generally of a\u00a0fixed nature and the revenue is recognised evenly over the period, in line with the services provided. Fees receivable from external funds are earned for providing management and advisory services to a variety of fund partnerships and other entities. Fees are typically calculated as a\u00a0percentage of the cost or value of the assets managed during the year and are paid quarterly, based on the assets under management at that date. The revenue is recognised evenly over the period, in line with the\u00a0services provided. Carried interest and performance fees receivable are earned from funds which the Group manages on behalf of third parties. These profits are earned when the funds meet certain performance conditions and are paid by the fund when these conditions have been met on a\u00a0cash basis. | ||
Private Equity \u00a3m | Infrastructure \u00a3m | Total \u00a3m | |
6 | \u2013 | 6 | |
3 | 65 | 68 | |
1 | 22 | 23 | |
10 | 87 | 97 |
Private Equity \u00a3m | Infrastructure \u00a3m | Total \u00a3m | |
16 | (3) | 13 | |
3 | 61 | 64 | |
\u2013 | 29 | 29 | |
19 | 87 | 106 |
2026 \u00a3m | 2025 \u00a3m | |
58 | 71 | |
13 | 17 | |
14 | 12 | |
4 | 4 | |
89 | 104 |
Accounting policy: Payments to defined contribution retirement benefit plans are charged to profit and loss as they fall due. For defined benefit retirement plans, the cost of providing benefits is determined using the projected unit method with actuarial valuations being carried out at each balance sheet date. Interest on the net defined benefit asset/liability, calculated using the discount rate used to measure the defined benefit obligation, is recognised in profit and loss. Re-measurement gains or losses are\u00a0recognised in full as they arise in other comprehensive income. A retirement benefit deficit is recognised in the Consolidated statement of financial position to the extent that the present value of\u00a0the defined benefit obligations exceeds the fair value of plan assets. A retirement benefit surplus is recognised in the Consolidated statement of financial position where the fair value of plan assets exceeds the present value of the defined benefit obligations limited to the extent that the Group can benefit from that surplus. Where the retirement benefit scheme is in surplus, this is recognised net, being the lower of any surplus in the fund and the asset ceiling. | ||
2026 \u00a3m | 2025 \u00a3m | |
\u2013 | 85 | |
\u2013 | (22) | |
\u2013 | 63 | |
(17) | (17) |
2026 \u00a3m | 2025 \u00a3m | |
58 | 71 | |
13 | 17 | |
14 | 12 | |
4 | 4 | |
89 | 104 |
2026 \u00a3m | 2025 \u00a3m | |
1.8 | 1.8 | |
\u2013 UK subsidiaries | 0.7 | 0.7 |
\u2013 Overseas subsidiaries | 0.4 | 0.4 |
2.9 | 2.9 | |
0.4 | 0.4 | |
3.3 | 3.3 |
Accounting policy: Tax represents the sum of the tax currently payable, withholding taxes suffered and deferred tax. Tax is charged or credited in the Consolidated statement of comprehensive income, except where it relates to items charged or credited directly to equity, in which case\u00a0the tax is also dealt with in equity. The tax currently payable is based on the taxable profit for the year. This may differ from the profit included in the Consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The affairs of the Group\u2019s parent company are directed so as to allow it to meet the requisite conditions to continue to operate as an approved investment trust company for UK tax purposes. An approved investment trust company is a UK investment company which is\u00a0required to meet certain conditions set out in the UK tax rules to obtain and maintain its tax status. This approval allows certain investment\u00a0profits of the Company, broadly its capital profits, to be exempt from tax. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The deferred tax assets and liabilities have been calculated using the corporation tax rate in the UK of 25% (2025: 25%). IFRIC 23 has been applied to the recognition and measurement of uncertain tax provisions held at the year end. There were no material uncertain tax positions arising during the year or at the year end. The Group is within the scope of the OECD Pillar 2 model rules. Under the Pillar 2 legislation, the Group is liable to pay a top-up tax in the UK for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. The Group\u2019s key business operations are not based in low tax jurisdictions and the application of the Pillar 2 rules is not anticipated to have a material impact on the Group. | ||
2026 \u00a3m | 2025 \u00a3m | |
\u2013 | 1 | |
1 | 1 | |
(2) | (1) | |
\u2013 | \u2013 | |
(1) | 1 |
2026 \u00a3m | 2025 \u00a3m | |
5,293 | 5,039 | |
1,323 | 1,260 | |
(1,250) | (1,139) | |
(77) | (122) | |
(4) | (1) | |
7 | 2 | |
(19) | (6) | |
1 | 1 | |
16 | 6 | |
(2) | (1) | |
(1) | 1 |
Accounting policy: Tax represents the sum of the tax currently payable, withholding taxes suffered and deferred tax. Tax is charged or credited in the Consolidated statement of comprehensive income, except where it relates to items charged or credited directly to equity, in which case\u00a0the tax is also dealt with in equity. The tax currently payable is based on the taxable profit for the year. This may differ from the profit included in the Consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The affairs of the Group\u2019s parent company are directed so as to allow it to meet the requisite conditions to continue to operate as an approved investment trust company for UK tax purposes. An approved investment trust company is a UK investment company which is\u00a0required to meet certain conditions set out in the UK tax rules to obtain and maintain its tax status. This approval allows certain investment\u00a0profits of the Company, broadly its capital profits, to be exempt from tax. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The deferred tax assets and liabilities have been calculated using the corporation tax rate in the UK of 25% (2025: 25%). IFRIC 23 has been applied to the recognition and measurement of uncertain tax provisions held at the year end. There were no material uncertain tax positions arising during the year or at the year end. The Group is within the scope of the OECD Pillar 2 model rules. Under the Pillar 2 legislation, the Group is liable to pay a top-up tax in the UK for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. The Group\u2019s key business operations are not based in low tax jurisdictions and the application of the Pillar 2 rules is not anticipated to have a material impact on the Group. | ||
2026 \u00a3m | 2025 \u00a3m | |
\u2013 | 1 | |
1 | 1 | |
(2) | (1) | |
\u2013 | \u2013 | |
(1) | 1 |
2026 \u00a3m | 2025 \u00a3m | |
5,293 | 5,039 | |
1,323 | 1,260 | |
(1,250) | (1,139) | |
(77) | (122) | |
(4) | (1) | |
7 | 2 | |
(19) | (6) | |
1 | 1 | |
16 | 6 | |
(2) | (1) | |
(1) | 1 |
Accounting policy: Tax represents the sum of the tax currently payable, withholding taxes suffered and deferred tax. Tax is charged or credited in the Consolidated statement of comprehensive income, except where it relates to items charged or credited directly to equity, in which case\u00a0the tax is also dealt with in equity. The tax currently payable is based on the taxable profit for the year. This may differ from the profit included in the Consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The affairs of the Group\u2019s parent company are directed so as to allow it to meet the requisite conditions to continue to operate as an approved investment trust company for UK tax purposes. An approved investment trust company is a UK investment company which is\u00a0required to meet certain conditions set out in the UK tax rules to obtain and maintain its tax status. This approval allows certain investment\u00a0profits of the Company, broadly its capital profits, to be exempt from tax. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The deferred tax assets and liabilities have been calculated using the corporation tax rate in the UK of 25% (2025: 25%). IFRIC 23 has been applied to the recognition and measurement of uncertain tax provisions held at the year end. There were no material uncertain tax positions arising during the year or at the year end. The Group is within the scope of the OECD Pillar 2 model rules. Under the Pillar 2 legislation, the Group is liable to pay a top-up tax in the UK for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. The Group\u2019s key business operations are not based in low tax jurisdictions and the application of the Pillar 2 rules is not anticipated to have a material impact on the Group. | ||
Accounting policy: Tax represents the sum of the tax currently payable, withholding taxes suffered and deferred tax. Tax is charged or credited in the Consolidated statement of comprehensive income, except where it relates to items charged or credited directly to equity, in which case\u00a0the tax is also dealt with in equity. The tax currently payable is based on the taxable profit for the year. This may differ from the profit included in the Consolidated statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The affairs of the Group\u2019s parent company are directed so as to allow it to meet the requisite conditions to continue to operate as an approved investment trust company for UK tax purposes. An approved investment trust company is a UK investment company which is\u00a0required to meet certain conditions set out in the UK tax rules to obtain and maintain its tax status. This approval allows certain investment\u00a0profits of the Company, broadly its capital profits, to be exempt from tax. The carrying amount of deferred tax assets is reviewed at each balance sheet date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. The deferred tax assets and liabilities have been calculated using the corporation tax rate in the UK of 25% (2025: 25%). IFRIC 23 has been applied to the recognition and measurement of uncertain tax provisions held at the year end. There were no material uncertain tax positions arising during the year or at the year end. The Group is within the scope of the OECD Pillar 2 model rules. Under the Pillar 2 legislation, the Group is liable to pay a top-up tax in the UK for the difference between its GloBE effective tax rate per jurisdiction and the 15% minimum rate. The Group\u2019s key business operations are not based in low tax jurisdictions and the application of the Pillar 2 rules is not anticipated to have a material impact on the Group. | ||
2026 | 2025 | |
30.34 | 25.49 | |
30.30 | 25.42 | |
30,887 | 24,611 | |
2026 | 2025 | |
1,024,702,777 | 973,398,978 | |
(6,813,218) | (7,979,305) | |
1,017,889,559 | 965,419,673 | |
1,475,671 | 2,665,677 | |
1,019,365,230 | 968,085,350 |
2026 | 2025 | |
539.4 | 522.0 | |
538.6 | 520.6 | |
5,294 | 5,038 |
2026 pence per share | 2026 \u00a3m | 2025 pence per share | 2025 \u00a3m | |
42.50 | 408 | 34.50 | 332 | |
36.50 | 357 | 30.50 | 293 | |
79.00 | 765 | 65.00 | 625 | |
48.00 | 484 | 42.50 | 408 |
Accounting policy: Investments are recognised and derecognised on the date when their purchase or sale\u00a0is subject to a relevant contract and the associated risks and rewards have been transferred. The Group manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of\u00a0investments. All investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in\u00a0accordance with the Group\u2019s valuation policies. Quoted investments are accounted for at fair value through profit and loss. Fair value is\u00a0measured using the closing bid price at\u00a0the\u00a0reporting date, where the investment is quoted on an active stock market. Unquoted investments, including both equity and loans, are accounted for at fair value through profit and loss. Fair value is determined in\u00a0line with 3i\u2019s valuation policy, which is compliant with the fair value guidelines under IFRS and the International Private Equity and\u00a0Venture Capital (\u201cIPEV\u201d) Valuation Guidelines, details of which are available Quoted investments are classified as Level 1 and unquoted investments are classified as Level 3 in the fair value hierarchy. See Note 12 for details. Interest bearing loans accrue interest which is either settled in cash or capitalised on a\u00a0regular basis and included as part of the principal loan balance. The capitalisation of\u00a0accrued interest is treated as part of investment additions during the year. If the fair value of an investment is assessed to be below the principal value of the loan the Group recognises a fair value reduction against any interest income accrued from the date of the assessment going forward. \u201cCapitalisation at nil value\u201d is the term used to describe the capitalisation of accrued interest which has been fully provided for. These transactions are disclosed as additions to portfolio cost with an equal reduction made where loan notes have nil value. In accordance with IFRS 10, the proportion of the investment portfolio held by the Group\u2019s unconsolidated subsidiaries is presented as\u00a0part\u00a0of the fair value of investment entity subsidiaries, along with the fair value of their other assets and liabilities. A reconciliation of the fair value of Investments in investment entities is included in\u00a0Note 11. 3i\u2019s investment portfolio is made up of longer-term investments, with average holding periods greater than one year, and thus is classified as\u00a0non-current. | ||
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
18,356 | 15,072 | 18,356 | 15,072 | |
92 | 819 | 92 | 819 | |
\u2013 of which loan notes with nil value | (14) | (9) | (14) | (9) |
(1,136) | (1,102) | (1,136) | (1,102) | |
2,996 | 3,812 | 2,996 | 3,812 | |
656 | (236) | 656 | (236) | |
20,950 | 18,356 | 20,950 | 18,356 | |
897 | 856 | 897 | 856 | |
20,053 | 17,500 | 20,053 | 17,500 | |
20,950 | 18,356 | 20,950 | 18,356 |
2026 \u00a3m | 2025 \u00a3m | |
68 | 150 | |
\u2013 | 1,371 | |
\u2013 | (730) | |
68 | 791 | |
24 | 28 | |
92 | 819 |
Accounting policy: Investments in investment entity subsidiaries are accounted for as financial instruments at fair value through profit and loss in accordance with IFRS 9. These entities are typically limited partnerships and other intermediate investment holding structures which hold the Group\u2019s interests in\u00a0investments in portfolio companies. The fair value can increase or decrease from either amounts paid to or received from the investment entity subsidiaries or valuation movements in line with the Group\u2019s valuation policy. Substantially all of these entities meet the definition of a Fund under the IPEV guidelines and the fair value of these entities is their net asset value. We consider the net asset value of investment entity subsidiaries to be the most appropriate to determine fair value. At each reporting period, we consider whether any additional fair value adjustments need to be made to the net asset value of the investment entity subsidiaries. These adjustments may be required to reflect market participants\u2019 considerations about fair value that may include, but are not limited to, liquidity and the portfolio effect of holding multiple investments within the investment entity subsidiary. There was no particular circumstance to indicate that a fair value adjustment was required (31\u00a0March 2025: no adjustment required) and, after due consideration, we concluded that the net asset values were the most appropriate reflection of\u00a0fair value at 31\u00a0March 2026. Transfer of portfolio investments from investment entity subsidiaries includes the transfer of investment portfolio between investment entity subsidiaries and the Company at fair value. The consideration for these transfers can either be cash or intra-group receivables. | |
Group 2026 \u00a3m | Group 2025 \u00a3m | |
6,916 | 5,804 | |
1,072 | 1,537 | |
(972) | (865) | |
1,565 | 953 | |
\u2013 | (1,371) | |
304 | 730 | |
1,759 | 59 | |
(109) | 69 | |
10,535 | 6,916 |
Accounting policy: Financial instruments are initially classified at either amortised cost or fair value through profit or loss. Financial instruments classified at fair value through profit or loss are subsequently measured at fair value with gains and losses arising from changes in fair value recognised in\u00a0profit or loss in the Statement of comprehensive income. Financial instruments classified at amortised cost are subsequently measured at\u00a0amortised cost using the effective interest method with interest income or expense and foreign exchange gains and losses recognised in\u00a0profit or loss in the Statement of comprehensive income. | ||
Group 2026 Classified at fair value through profit and loss | Group 2026 Other financial instruments at amortised cost | Group 2026 Total \u00a3m | Group 2025 Classified at fair value through profit and loss | Group 2025 Total \u00a3m | ||
897 | \u2013 | 897 | 856 | \u2013 | 856 | |
20,053 | \u2013 | 20,053 | 17,500 | \u2013 | 17,500 | |
10,535 | \u2013 | 10,535 | 6,916 | \u2013 | 6,916 | |
65 | 93 | 158 | 155 | 91 | 246 | |
31,550 | 93 | 31,643 | 25,427 | 91 | 25,518 | |
\u2013 | 1,211 | 1,211 | \u2013 | 1,194 | 1,194 | |
22 | 201 | 223 | 4 | 225 | 229 | |
22 | 1,412 | 1,434 | 4 | 1,419 | 1,423 |
Company 2026 Classified at fair value through profit and loss | Company 2026 Other financial instruments at amortised cost | Company 2026 Total \u00a3m | Company 2025 Classified at fair value through profit and loss | Company 2025 Total \u00a3m | ||
897 | \u2013 | 897 | 856 | \u2013 | 856 | |
20,053 | \u2013 | 20,053 | 17,500 | \u2013 | 17,500 | |
53 | 28 | 81 | 143 | 18 | 161 | |
21,003 | 28 | 21,031 | 18,499 | 18 | 18,517 | |
\u2013 | 1,211 | 1,211 | \u2013 | 1,194 | 1,194 | |
22 | 62 | 84 | 4 | 75 | 79 | |
22 | 1,273 | 1,295 | 4 | 1,269 | 1,273 |
Group 2026 Level 1 \u00a3m | Group 2026 Level 2 \u00a3m | Group 2026 Level 3 \u00a3m | Group 2026 Total \u00a3m | Group 2025 Level 1 \u00a3m | Group 2025 Level 2 \u00a3m | Group 2025 Level 3 \u00a3m | Group 2025 Total \u00a3m | |
897 | \u2013 | \u2013 | 897 | 856 | \u2013 | \u2013 | 856 | |
\u2013 | \u2013 | 20,053 | 20,053 | \u2013 | \u2013 | 17,500 | 17,500 | |
\u2013 | \u2013 | 10,535 | 10,535 | \u2013 | \u2013 | 6,916 | 6,916 | |
\u2013 | 52 | 13 | 65 | \u2013 | 137 | 18 | 155 | |
\u2013 | (22) | \u2013 | (22) | \u2013 | (4) | \u2013 | (4) | |
897 | 30 | 30,601 | 31,528 | 856 | 133 | 24,434 | 25,423 |
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
17,500 | 14,193 | 17,500 | 14,193 | |
92 | 819 | 92 | 819 | |
(14) | (9) | (14) | (9) | |
(1,136) | (1,102) | (1,136) | (1,102) | |
2,955 | 3,835 | 2,955 | 3,835 | |
656 | (236) | 656 | (236) | |
20,053 | 17,500 | 20,053 | 17,500 |
Fair value at 31 March 2026 \u00a3m | Sensitivity on key unobservable input | Fair value impact of sensitivities \u00a3m | |||||
29,261 (2025: 22,978 ) | A 5% increase to the earnings multiple (sensitivity includes Action) | 1,731 (2025: 1,361 ) | |||||
A 1.0x increase to the net valuation multiple of 18.5x | 1,513 (2025: 1,129) | ||||||
1,082 (2025: 1,044) | A 5% increase to the discount rate | (42) (2025 : (44)) | |||||
135 (2025: 121) | A 5% increase on closing NAV | 7 (2025: 6) | |||||
\u2014 (2025: 216) | n/a | n/a | |||||
350 (2025: 304) | A 5% increase in the closing value | 17 (2025: 15 ) | |||||
Accounting policy: Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when their fair value is positive and as a financial liability when their fair value is negative. Derivative contracts are disclosed in the Consolidated statement of financial position as either current or non-current according to their maturity profile. The Group\u2019s derivative financial instruments are not designated as hedging instruments. | ||
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
(14) | 82 | (14) | 82 |
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
10 | 46 | 10 | 46 | |
42 | 91 | 42 | 91 | |
(22) | (4) | (22) | (4) |
Accounting policy: Investments are recognised and derecognised on the date when their purchase or sale\u00a0is subject to a relevant contract and the associated risks and rewards have been transferred. The Group manages its investments with a view to profiting from the receipt of investment income and capital appreciation from changes in the fair value of\u00a0investments. All investments are initially recognised at the fair value of the consideration given and are subsequently measured at fair value, in\u00a0accordance with the Group\u2019s valuation policies. Quoted investments are accounted for at fair value through profit and loss. Fair value is\u00a0measured using the closing bid price at\u00a0the\u00a0reporting date, where the investment is quoted on an active stock market. Unquoted investments, including both equity and loans, are accounted for at fair value through profit and loss. Fair value is determined in\u00a0line with 3i\u2019s valuation policy, which is compliant with the fair value guidelines under IFRS and the International Private Equity and\u00a0Venture Capital (\u201cIPEV\u201d) Valuation Guidelines, details of which are available Quoted investments are classified as Level 1 and unquoted investments are classified as Level 3 in the fair value hierarchy. See Note 12 for details. Interest bearing loans accrue interest which is either settled in cash or capitalised on a\u00a0regular basis and included as part of the principal loan balance. The capitalisation of\u00a0accrued interest is treated as part of investment additions during the year. If the fair value of an investment is assessed to be below the principal value of the loan the Group recognises a fair value reduction against any interest income accrued from the date of the assessment going forward. \u201cCapitalisation at nil value\u201d is the term used to describe the capitalisation of accrued interest which has been fully provided for. These transactions are disclosed as additions to portfolio cost with an equal reduction made where loan notes have nil value. In accordance with IFRS 10, the proportion of the investment portfolio held by the Group\u2019s unconsolidated subsidiaries is presented as\u00a0part\u00a0of the fair value of investment entity subsidiaries, along with the fair value of their other assets and liabilities. A reconciliation of the fair value of Investments in investment entities is included in\u00a0Note 11. 3i\u2019s investment portfolio is made up of longer-term investments, with average holding periods greater than one year, and thus is classified as\u00a0non-current. | ||
Accounting policy: Investments in investment entity subsidiaries are accounted for as financial instruments at fair value through profit and loss in accordance with IFRS 9. These entities are typically limited partnerships and other intermediate investment holding structures which hold the Group\u2019s interests in\u00a0investments in portfolio companies. The fair value can increase or decrease from either amounts paid to or received from the investment entity subsidiaries or valuation movements in line with the Group\u2019s valuation policy. Substantially all of these entities meet the definition of a Fund under the IPEV guidelines and the fair value of these entities is their net asset value. We consider the net asset value of investment entity subsidiaries to be the most appropriate to determine fair value. At each reporting period, we consider whether any additional fair value adjustments need to be made to the net asset value of the investment entity subsidiaries. These adjustments may be required to reflect market participants\u2019 considerations about fair value that may include, but are not limited to, liquidity and the portfolio effect of holding multiple investments within the investment entity subsidiary. There was no particular circumstance to indicate that a fair value adjustment was required (31\u00a0March 2025: no adjustment required) and, after due consideration, we concluded that the net asset values were the most appropriate reflection of\u00a0fair value at 31\u00a0March 2026. Transfer of portfolio investments from investment entity subsidiaries includes the transfer of investment portfolio between investment entity subsidiaries and the Company at fair value. The consideration for these transfers can either be cash or intra-group receivables. | |
Accounting policy: Financial instruments are initially classified at either amortised cost or fair value through profit or loss. Financial instruments classified at fair value through profit or loss are subsequently measured at fair value with gains and losses arising from changes in fair value recognised in\u00a0profit or loss in the Statement of comprehensive income. Financial instruments classified at amortised cost are subsequently measured at\u00a0amortised cost using the effective interest method with interest income or expense and foreign exchange gains and losses recognised in\u00a0profit or loss in the Statement of comprehensive income. | ||
Group 2026 Classified at fair value through profit and loss | Group 2026 Other financial instruments at amortised cost | Group 2026 Total \u00a3m | Group 2025 Classified at fair value through profit and loss | Group 2025 Total \u00a3m | ||
897 | \u2013 | 897 | 856 | \u2013 | 856 | |
20,053 | \u2013 | 20,053 | 17,500 | \u2013 | 17,500 | |
10,535 | \u2013 | 10,535 | 6,916 | \u2013 | 6,916 | |
65 | 93 | 158 | 155 | 91 | 246 | |
31,550 | 93 | 31,643 | 25,427 | 91 | 25,518 | |
\u2013 | 1,211 | 1,211 | \u2013 | 1,194 | 1,194 | |
22 | 201 | 223 | 4 | 225 | 229 | |
22 | 1,412 | 1,434 | 4 | 1,419 | 1,423 |
Company 2026 Classified at fair value through profit and loss | Company 2026 Other financial instruments at amortised cost | Company 2026 Total \u00a3m | Company 2025 Classified at fair value through profit and loss | Company 2025 Total \u00a3m | ||
897 | \u2013 | 897 | 856 | \u2013 | 856 | |
20,053 | \u2013 | 20,053 | 17,500 | \u2013 | 17,500 | |
53 | 28 | 81 | 143 | 18 | 161 | |
21,003 | 28 | 21,031 | 18,499 | 18 | 18,517 | |
\u2013 | 1,211 | 1,211 | \u2013 | 1,194 | 1,194 | |
22 | 62 | 84 | 4 | 75 | 79 | |
22 | 1,273 | 1,295 | 4 | 1,269 | 1,273 |
Group 2026 Level 1 \u00a3m | Group 2026 Level 2 \u00a3m | Group 2026 Level 3 \u00a3m | Group 2026 Total \u00a3m | Group 2025 Level 1 \u00a3m | Group 2025 Level 2 \u00a3m | Group 2025 Level 3 \u00a3m | Group 2025 Total \u00a3m | |
897 | \u2013 | \u2013 | 897 | 856 | \u2013 | \u2013 | 856 | |
\u2013 | \u2013 | 20,053 | 20,053 | \u2013 | \u2013 | 17,500 | 17,500 | |
\u2013 | \u2013 | 10,535 | 10,535 | \u2013 | \u2013 | 6,916 | 6,916 | |
\u2013 | 52 | 13 | 65 | \u2013 | 137 | 18 | 155 | |
\u2013 | (22) | \u2013 | (22) | \u2013 | (4) | \u2013 | (4) | |
897 | 30 | 30,601 | 31,528 | 856 | 133 | 24,434 | 25,423 |
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
17,500 | 14,193 | 17,500 | 14,193 | |
92 | 819 | 92 | 819 | |
(14) | (9) | (14) | (9) | |
(1,136) | (1,102) | (1,136) | (1,102) | |
2,955 | 3,835 | 2,955 | 3,835 | |
656 | (236) | 656 | (236) | |
20,053 | 17,500 | 20,053 | 17,500 |
Fair value at 31 March 2026 \u00a3m | Sensitivity on key unobservable input | Fair value impact of sensitivities \u00a3m | |||||
29,261 (2025: 22,978 ) | A 5% increase to the earnings multiple (sensitivity includes Action) | 1,731 (2025: 1,361 ) | |||||
A 1.0x increase to the net valuation multiple of 18.5x | 1,513 (2025: 1,129) | ||||||
1,082 (2025: 1,044) | A 5% increase to the discount rate | (42) (2025 : (44)) | |||||
135 (2025: 121) | A 5% increase on closing NAV | 7 (2025: 6) | |||||
\u2014 (2025: 216) | n/a | n/a | |||||
350 (2025: 304) | A 5% increase in the closing value | 17 (2025: 15 ) | |||||
Accounting policy: Financial instruments are initially classified at either amortised cost or fair value through profit or loss. Financial instruments classified at fair value through profit or loss are subsequently measured at fair value with gains and losses arising from changes in fair value recognised in\u00a0profit or loss in the Statement of comprehensive income. Financial instruments classified at amortised cost are subsequently measured at\u00a0amortised cost using the effective interest method with interest income or expense and foreign exchange gains and losses recognised in\u00a0profit or loss in the Statement of comprehensive income. | ||
Accounting policy: The Group offers investment executives the opportunity to participate in the returns from investments subject to certain performance conditions. \u201cCarried interest and performance fees payable\u201d is the term used for amounts payable to executives on\u00a0these investment-related transactions. A variety of asset pooling arrangements are in place so that participants may have an interest in one or more carried interest plans and participants include current and former investment employees. Carried interest payable is accrued if its performance conditions, measured at the balance sheet date, would be achieved if the remaining assets in that plan were realised at fair value. An accrual is made equal to the participants\u2019 share of profits in excess of the performance conditions in place in the carried interest plan, discounted to reflect the likely actual cash payment date, which may be materially later than the time of the accrual. Under IFRS 10, where carried interest payable reduces the fair value of an investment entity subsidiary, that movement is recorded through \u201cFair value movements on investment entity subsidiaries\u201d. At 31\u00a0March 2026, \u00a3373 million of carried interest payable was recognised in the Consolidated statement of financial position of these investment entity subsidiaries (31\u00a0March 2025: \u00a3319 million). | ||
Group 2026 \u00a3m | Group 2025 \u00a3m | |
41 | 54 | |
5 | 14 | |
(14) | (23) | |
3 | (4) | |
35 | 41 | |
31 | 29 |
Accounting policy: Liabilities, other than those specifically accounted for under a separate policy, are stated based on the amounts which are considered to\u00a0be\u00a0payable in respect of goods or services received up to the balance sheet date. Financial liabilities are recognised at amortised cost in\u00a0accordance with IFRS 9. | ||
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
116 | 144 | 30 | 29 | |
\u2013 | \u2013 | 32 | 46 | |
116 | 144 | 62 | 75 | |
9 | 9 | \u2013 | \u2013 |
Accounting policy: The Group offers investment executives the opportunity to participate in the returns from investments subject to certain performance conditions. \u201cCarried interest and performance fees payable\u201d is the term used for amounts payable to executives on\u00a0these investment-related transactions. A variety of asset pooling arrangements are in place so that participants may have an interest in one or more carried interest plans and participants include current and former investment employees. Carried interest payable is accrued if its performance conditions, measured at the balance sheet date, would be achieved if the remaining assets in that plan were realised at fair value. An accrual is made equal to the participants\u2019 share of profits in excess of the performance conditions in place in the carried interest plan, discounted to reflect the likely actual cash payment date, which may be materially later than the time of the accrual. Under IFRS 10, where carried interest payable reduces the fair value of an investment entity subsidiary, that movement is recorded through \u201cFair value movements on investment entity subsidiaries\u201d. At 31\u00a0March 2026, \u00a3373 million of carried interest payable was recognised in the Consolidated statement of financial position of these investment entity subsidiaries (31\u00a0March 2025: \u00a3319 million). | ||
Accounting policy: Liabilities, other than those specifically accounted for under a separate policy, are stated based on the amounts which are considered to\u00a0be\u00a0payable in respect of goods or services received up to the balance sheet date. Financial liabilities are recognised at amortised cost in\u00a0accordance with IFRS 9. | ||
Accounting policy: All loans and borrowings are initially recognised at the fair value of the consideration received. After initial recognition, these are subsequently measured at amortised cost using the effective interest method, which is the rate that exactly discounts the estimated future\u00a0cash flows through the expected life of the liabilities. Financial liabilities are derecognised when they are extinguished. | ||
Group 2026 \u00a3m | Group 2025 \u00a3m | |
\u2013 | \u2013 | |
436 | 419 | |
775 | 775 | |
1,211 | 1,194 |
Loans and borrowings 2026 \u00a3m | Lease liability 2026 \u00a3m | Loans and borrowings 2025 \u00a3m | Lease liability 2025 \u00a3m | |
1,194 | 45 | 1,202 | 49 | |
\u2013 | 8 | \u2013 | \u2013 | |
\u2013 | 2 | \u2013 | 2 | |
\u2013 | (5) | \u2013 | (6) | |
17 | \u2013 | (8) | \u2013 | |
1,211 | 50 | 1,194 | 45 |
Rate | Maturity | Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
4.875% | 2029 | 436 | 419 | 436 | 419 | |
5.750% | 2032 | 375 | 375 | 375 | 375 | |
3.750% | 2040 | 400 | 400 | 400 | 400 | |
1,211 | 1,194 | 1,211 | 1,194 | |||
Euribor/SONIA/SOFR + 0.5% | 2030 | \u2013 | \u2013 | \u2013 | \u2013 | |
1,211 | 1,194 | 1,211 | 1,194 |
Accounting policy: All loans and borrowings are initially recognised at the fair value of the consideration received. After initial recognition, these are subsequently measured at amortised cost using the effective interest method, which is the rate that exactly discounts the estimated future\u00a0cash flows through the expected life of the liabilities. Financial liabilities are derecognised when they are extinguished. | ||
Accounting policy: Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when their fair value is positive and as a financial liability when their fair value is negative. Derivative contracts are disclosed in the Consolidated statement of financial position as either current or non-current according to their maturity profile. The Group\u2019s derivative financial instruments are not designated as hedging instruments. | ||
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
(14) | 82 | (14) | 82 |
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
10 | 46 | 10 | 46 | |
42 | 91 | 42 | 91 | |
(22) | (4) | (22) | (4) |
Accounting policy: Derivative financial instruments are accounted for at fair value through profit and loss in accordance with IFRS 9. They are revalued at the balance sheet date based on market prices, with any change in fair value being recorded in profit and loss. Derivatives are recognised in the Consolidated statement of financial position as a financial asset when their fair value is positive and as a financial liability when their fair value is negative. Derivative contracts are disclosed in the Consolidated statement of financial position as either current or non-current according to their maturity profile. The Group\u2019s derivative financial instruments are not designated as hedging instruments. | ||
Accounting policy: Ordinary shares issued by the Group are recognised at the proceeds or fair value received with the excess of the amount received over nominal value being credited to the share premium account. Direct issue costs net of tax are deducted from equity. Capital reserve recognises all profits and losses that are capital in nature or have been allocated to capital, which include the accumulation of investment gains and losses as well as changes to the value of financial instruments measured at fair value through profit and loss. Revenue reserve recognises all profits and losses that are revenue in nature or have been allocated to revenue and is the accumulation of\u00a0revenue profits and losses. | ||
2026 Number | 2026 \u00a3m | 2025 Number | 2025 \u00a3m | |
973,398,978 | 719 | 973,366,445 | 719 | |
33,715 | \u2013 | 32,533 | \u2013 | |
51,270,084 | 38 | \u2013 | \u2013 | |
1,024,702,777 | 757 | 973,398,978 | 719 |
Accounting policy: Ordinary shares issued by the Group are recognised at the proceeds or fair value received with the excess of the amount received over nominal value being credited to the share premium account. Direct issue costs net of tax are deducted from equity. Capital reserve recognises all profits and losses that are capital in nature or have been allocated to capital, which include the accumulation of investment gains and losses as well as changes to the value of financial instruments measured at fair value through profit and loss. Revenue reserve recognises all profits and losses that are revenue in nature or have been allocated to revenue and is the accumulation of\u00a0revenue profits and losses. | ||
Accounting policy: Own shares are recorded by the Group when ordinary shares are acquired by the Company or by The 3i Group Employee Benefit Trust (\u201cTrust\u201d). Own shares are deducted from shareholders\u2019 equity. A transfer is made to retained earnings at their weighted average cost in line with the vesting of own shares held for the purposes of share-based payments. The number of own shares held by the Trust and the schemes are described in Note 24. | ||
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
81 | 92 | 81 | 92 | |
15 | \u2013 | 15 | \u2013 | |
(18) | (11) | (18) | (11) | |
78 | 81 | 78 | 81 |
Accounting policy: Own shares are recorded by the Group when ordinary shares are acquired by the Company or by The 3i Group Employee Benefit Trust (\u201cTrust\u201d). Own shares are deducted from shareholders\u2019 equity. A transfer is made to retained earnings at their weighted average cost in line with the vesting of own shares held for the purposes of share-based payments. The number of own shares held by the Trust and the schemes are described in Note 24. | ||
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
635 | 412 | 602 | 381 | |
(1,233) | (1,198) | (1,233) | (1,198) | |
(598) | (786) | (631) | (817) | |
30,887 | 24,611 | 30,569 | 24,267 | |
2% | 3% | 2% | 3% |
Accounting policy: Commitments represent amounts the Group has contractually committed to pay third parties but do not yet represent a charge or asset. This gives an indication of committed future cash flows. Commitments are recognised in the balance sheet at the point of settlement subject to associated risks and rewards being transferred. Commitments at the year-end do not impact the Group\u2019s financial results for\u00a0the\u00a0year. | ||
Accounting policy: Contingent liabilities are potential liabilities where there is even greater uncertainty, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed and not included within the Consolidated statement of financial position. | ||
Accounting policy: Contingent liabilities are potential liabilities where there is even greater uncertainty, which could include a dependency on events not within the Group\u2019s control, but where there is a possible obligation. Contingent liabilities are only disclosed and not included within the Consolidated statement of financial position. | ||
Accounting policy: The Company has controlling equity interests in, and makes loans to, both consolidated and fair valued Group entities. Equity investments in, and loans to, investment entities are held at fair value in the Company\u2019s accounts, as this reflects the Group\u2019s business model to hold assets to seek returns on capital and not contractual cash flow. The net assets of these entities represent fair value. Equity investments in other subsidiaries are held at cost less impairment and any loans to these subsidiaries are held at amortised cost in\u00a0accordance with IFRS 9, which includes the requirement to calculate expected credit losses on initial recognition. Equity investments and loans are deemed longer-term in nature, with average holding periods greater than one year, and thus is classified as\u00a0non-current. | ||
Company 2026 Equity investments \u00a3m | Company 2026 Loans \u00a3m | Company 2026 Total \u00a3m | Company 2025 Equity investments \u00a3m | Company 2025 Loans \u00a3m | Company 2025 Total \u00a3m | |
2,994 | 3,648 | 6,642 | 3,139 | 2,738 | 5,877 | |
13 | 3,104 | 3,117 | 73 | 1,899 | 1,972 | |
\u2013 | 174 | 174 | \u2013 | 956 | 956 | |
\u2013 | (878) | (878) | (536) | (1,882) | (2,418) | |
1,076 | 199 | 1,275 | 318 | (122) | 196 | |
\u2013 | (99) | (99) | \u2013 | 59 | 59 | |
4,083 | 6,148 | 10,231 | 2,994 | 3,648 | 6,642 |
Accounting policy: The Company has controlling equity interests in, and makes loans to, both consolidated and fair valued Group entities. Equity investments in, and loans to, investment entities are held at fair value in the Company\u2019s accounts, as this reflects the Group\u2019s business model to hold assets to seek returns on capital and not contractual cash flow. The net assets of these entities represent fair value. Equity investments in other subsidiaries are held at cost less impairment and any loans to these subsidiaries are held at amortised cost in\u00a0accordance with IFRS 9, which includes the requirement to calculate expected credit losses on initial recognition. Equity investments and loans are deemed longer-term in nature, with average holding periods greater than one year, and thus is classified as\u00a0non-current. | ||
Company 2026 Equity investments \u00a3m | Company 2026 Loans \u00a3m | Company 2026 Total \u00a3m | Company 2025 Equity investments \u00a3m | Company 2025 Loans \u00a3m | Company 2025 Total \u00a3m | |
2,994 | 3,648 | 6,642 | 3,139 | 2,738 | 5,877 | |
13 | 3,104 | 3,117 | 73 | 1,899 | 1,972 | |
\u2013 | 174 | 174 | \u2013 | 956 | 956 | |
\u2013 | (878) | (878) | (536) | (1,882) | (2,418) | |
1,076 | 199 | 1,275 | 318 | (122) | 196 | |
\u2013 | (99) | (99) | \u2013 | 59 | 59 | |
4,083 | 6,148 | 10,231 | 2,994 | 3,648 | 6,642 |
Accounting policy: Payments to defined contribution retirement benefit plans are charged to profit and loss as they fall due. For defined benefit retirement plans, the cost of providing benefits is determined using the projected unit method with actuarial valuations being carried out at each balance sheet date. Interest on the net defined benefit asset/liability, calculated using the discount rate used to measure the defined benefit obligation, is recognised in profit and loss. Re-measurement gains or losses are\u00a0recognised in full as they arise in other comprehensive income. A retirement benefit deficit is recognised in the Consolidated statement of financial position to the extent that the present value of\u00a0the defined benefit obligations exceeds the fair value of plan assets. A retirement benefit surplus is recognised in the Consolidated statement of financial position where the fair value of plan assets exceeds the present value of the defined benefit obligations limited to the extent that the Group can benefit from that surplus. Where the retirement benefit scheme is in surplus, this is recognised net, being the lower of any surplus in the fund and the asset ceiling. | ||
Accounting policy: The Group has equity-settled and cash-settled share-based payment transactions with certain employees. Equity-settled schemes are measured at fair value at the date of grant, which is then recognised in profit or loss over the period that employees provide services, generally the period between the start of the performance period and the vesting date of the shares. The number of share awards expected to vest takes into account the likelihood that performance and service conditions included in the terms of the award will be met. Fair value is measured by use of an appropriate model which takes into account the current share price, the risk-free interest rate, the\u00a0expected volatility of the share price over the life of the award and any other relevant factors. In valuing equity-settled transactions, no\u00a0account is taken of any vesting conditions, other than conditions linked to the price of the shares of 3i Group plc. The charge is adjusted at\u00a0each balance sheet date to reflect the actual number of forfeitures, cancellations and leavers during the year. The movement in\u00a0cumulative charges since the previous balance sheet is recognised in profit and loss, with a corresponding entry in equity. Liabilities arising from cash-settled share-based payment transactions are recognised in\u00a0profit or loss over the vesting period. They are fair valued at each reporting date. The\u00a0cost of cash-settled share-based payment transactions is adjusted for the forfeitures of the participants\u2019 rights that no longer meet the plan requirements as well\u00a0as for early vesting. The cost of the share-based payments is allocated either to operating expenses or carried interest depending on the original driver of\u00a0the\u00a0award. Executive Director Long- term Incentive Plans are allocated to operating expenses. | ||
2026 Number | 2025 Number | |
4,634,486 | 6,210,978 | |
524,340 | 791,022 | |
(2,495,231) | (2,308,170) | |
(208,262) | (59,344) | |
\u2013 | \u2013 | |
2,455,333 | 4,634,486 | |
1.6 | 1.4 | |
2,610 | 2,272 | |
4,090 | 2,924 |
Monte Carlo model | Black Scholes | |||
2026 | 2025 | 2026 | 2025 | |
4,112 | 2,996 | 4,062 | 2,926 | |
1,840 | 1,753 | 3,815 | 2,749 | |
\u2013 | \u2013 | \u2013 | \u2013 | |
24.1% | 27.1% | 27.3% | 27.7% | |
4 years | 4 years | 4 years | 3 years | |
\u2013 | \u2013 | 1.8% | 2.1% | |
3.80% | 4.25% | 4.06% | 4.08% |
Accounting policy: The Group has equity-settled and cash-settled share-based payment transactions with certain employees. Equity-settled schemes are measured at fair value at the date of grant, which is then recognised in profit or loss over the period that employees provide services, generally the period between the start of the performance period and the vesting date of the shares. The number of share awards expected to vest takes into account the likelihood that performance and service conditions included in the terms of the award will be met. Fair value is measured by use of an appropriate model which takes into account the current share price, the risk-free interest rate, the\u00a0expected volatility of the share price over the life of the award and any other relevant factors. In valuing equity-settled transactions, no\u00a0account is taken of any vesting conditions, other than conditions linked to the price of the shares of 3i Group plc. The charge is adjusted at\u00a0each balance sheet date to reflect the actual number of forfeitures, cancellations and leavers during the year. The movement in\u00a0cumulative charges since the previous balance sheet is recognised in profit and loss, with a corresponding entry in equity. Liabilities arising from cash-settled share-based payment transactions are recognised in\u00a0profit or loss over the vesting period. They are fair valued at each reporting date. The\u00a0cost of cash-settled share-based payment transactions is adjusted for the forfeitures of the participants\u2019 rights that no longer meet the plan requirements as well\u00a0as for early vesting. The cost of the share-based payments is allocated either to operating expenses or carried interest depending on the original driver of\u00a0the\u00a0award. Executive Director Long- term Incentive Plans are allocated to operating expenses. | ||
Group 2026 Due within 1 year \u00a3m | Group 2026 Due between 1 and 2 years \u00a3m | Group 2026 Due between 2 and 5 years \u00a3m | Group 2026 Due more than 5 years \u00a3m | \u00a3m Total \u00a3m | Group 2025 Due within 1 year \u00a3m | Group 2025 Due between 1 and 2 years \u00a3m | Group 2025 Due between 2 and 5 years \u00a3m | Group 2025 Due more than 5 years \u00a3m | \u00a3m Total \u00a3m | |
58 | 58 | 588 | 960 | 1,664 | 56 | 56 | 591 | 998 | 1,701 | |
58 | 58 | 588 | 960 | 1,664 | 56 | 56 | 591 | 998 | 1,701 |
Sterling \u00a3m | Euro \u00a3m | US dollar \u00a3m | Danish krone \u00a3m | Other \u00a3m | Total \u00a3m | |
5,267 | 24,180 | 1,223 | 182 | 35 | 30,887 | |
n/a | 2,417 | 121 | 18 | 4 | 2,560 |
Sterling \u00a3m | Euro \u00a3m | US dollar \u00a3m | Danish krone \u00a3m | Other \u00a3m | Total \u00a3m | |
4,942 | 18,257 | 1,211 | 177 | 24 | 24,611 | |
n/a | 1,825 | 120 | 18 | 2 | 1,965 |
Quoted investment \u00a3m | Unquoted investment \u00a3m | Total \u00a3m | ||
45 | 1,003 | 527 | 1,575 | |
43 | 875 | 346 | 1,264 |
Quoted investment \u00a3m | Unquoted investment \u00a3m | Total \u00a3m | ||
45 | 1,003 | 1,048 | ||
43 | 875 | 918 |
Group 2026 Due within 1 year \u00a3m | Group 2026 Due between 1 and 2 years \u00a3m | Group 2026 Due between 2 and 5 years \u00a3m | Group 2026 Due more than 5 years \u00a3m | \u00a3m Total \u00a3m | Group 2025 Due within 1 year \u00a3m | Group 2025 Due between 1 and 2 years \u00a3m | Group 2025 Due between 2 and 5 years \u00a3m | Group 2025 Due more than 5 years \u00a3m | \u00a3m Total \u00a3m | |
58 | 58 | 588 | 960 | 1,664 | 56 | 56 | 591 | 998 | 1,701 | |
58 | 58 | 588 | 960 | 1,664 | 56 | 56 | 591 | 998 | 1,701 |
Sterling \u00a3m | Euro \u00a3m | US dollar \u00a3m | Danish krone \u00a3m | Other \u00a3m | Total \u00a3m | |
5,267 | 24,180 | 1,223 | 182 | 35 | 30,887 | |
n/a | 2,417 | 121 | 18 | 4 | 2,560 |
Sterling \u00a3m | Euro \u00a3m | US dollar \u00a3m | Danish krone \u00a3m | Other \u00a3m | Total \u00a3m | |
4,942 | 18,257 | 1,211 | 177 | 24 | 24,611 | |
n/a | 1,825 | 120 | 18 | 2 | 1,965 |
Quoted investment \u00a3m | Unquoted investment \u00a3m | Total \u00a3m | ||
45 | 1,003 | 527 | 1,575 | |
43 | 875 | 346 | 1,264 |
Quoted investment \u00a3m | Unquoted investment \u00a3m | Total \u00a3m | ||
45 | 1,003 | 1,048 | ||
43 | 875 | 918 |
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
41 | (23) | 41 | (23) | |
54 | 51 | \u2013 | \u2013 | |
16 | 29 | \u2013 | \u2013 | |
35 | 33 | 35 | 33 |
Group 2026 \u00a3m | Group 2025 \u00a3m | |
6 | 6 | |
5 | 3 | |
2 | 4 | |
10 | 9 | |
\u2013 | \u2013 |
Group 2026 \u00a3m | Group 2025 \u00a3m | |
24 | 22 | |
1 | 5 | |
15 | 13 |
Group 2026 \u00a3m | Group 2025 \u00a3m | Company 2026 \u00a3m | Company 2025 \u00a3m | |
41 | (23) | 41 | (23) | |
54 | 51 | \u2013 | \u2013 | |
16 | 29 | \u2013 | \u2013 | |
35 | 33 | 35 | 33 |
Group 2026 \u00a3m | Group 2025 \u00a3m | |
6 | 6 | |
5 | 3 | |
2 | 4 | |
10 | 9 | |
\u2013 | \u2013 |
Group 2026 \u00a3m | Group 2025 \u00a3m | |
24 | 22 | |
1 | 5 | |
15 | 13 |
Footnote | ||
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