Shares in 3i Group surged 14% after the private equity firm reported a recovery in trading at Action, the discount retailer that has become the dominant driver of its valuation, according to the Financial Times.

3i said Action’s like-for-like sales rose 6.1% in the first four weeks of 2026 compared with the same period last year, signalling a rebound after an autumn slowdown. The update eased investor concerns over performance in France, which accounts for about one-third of Action’s business.

For 2025, Action delivered net sales of €16bn, or roughly $17.3bn, up 16% year on year. Earnings before interest, tax, depreciation, and amortisation rose 14% to €2.4bn, or about $2.6bn. Like-for-like sales growth outside France reached 7.2%, driven by strong performance in the Netherlands, Poland, Austria, and southern Europe.

France remained the outlier, with like-for-like sales growth of 2.1% in the opening weeks of 2026, compared with 1.3% for the full year. Sales had been flat in December after declines in October and November.

Action now accounts for around four-fifths of 3i’s private equity portfolio and is valued by the firm at just over £35bn, or about $44bn. The retailer’s scale has turned it into a proxy for 3i’s share price.

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