3i : Action Capital Markets Seminar

3i Action Capital Markets Seminar

Action's exceptional track record of strong sales and operating EBITDA

growth continued in 2022

Net sales1 (€m)

8,859

						Buyout											6,834
										+24%
															5,637
									CAGR					5,114
														4,216
													3,418
												2,675
											2,034
								1,155	1,506
					607	718	873
231	284	341	426	515
2005	2006	2007	2008	2009	2010	2011	2012	2013		2014	2015	2016	2017	2018	2019	2020	2021	2022

Operating EBITDA1 (€m)

1,205

							Buyout		+27%							828
									CAGR
														616
															541
														450
													387
												310
											232
								99	128	166
			32	39	49	71	86
	20	27
	2005	2006	2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Margin	8.7%	9.5%	9.4%	9.2%	9.5%	11.7%	12.0%	11.3%	11.1%	11.0%	11.4%	11.6%	11.3%	10.7%	10.6%	10.9%	12.1%	13.6%

Strong and consistent growth in sales and EBITDA, with scale benefits manifesting

1 Including impact of 53rd week.

2

Action's growth has been exceptional and consistent through different

periods of the economic cycle

Action net sales1 vs. economic development

Strong economic	Global financial crisis and	Steady economic growth	Global pandemic and post-
growth	stagnant market		recession recovery

35%

							32%			32%			Period impacted by forced store
							30%				closures as a result of Covid-19
											30%
											28%
23%		25%										23%
		21%			22%						21%		21%
	20%
			18%	18%
														10%
3%	3%														5%
		2%	2%			1%	2%	2%	3%	2%	2%
		0%
						(1%)	(0%)
			(5%)											(6%)
06	07	08	09	10	11	12	13	14	15	16	17	18	19	20	21	22

Action net sales YoY growth (%) Euro area GDP YoY growth (%)

1 Including impact of 53rd week.

3

Action continues to outperform its peers

Performance over last five years

LfL growth average

+3p.p.

7%

4%

Peers average

Revenue CAGR

+61%

21%

13%

Peers average

EBITDA CAGR

+99%

26%

13%

Peers average

Action has outperformed its peers despite being disrupted by Covid-19

Source: CapIQ. Peers include B&M, Costco, Dollarama, Dollar General, Five Below, Grocery Outlet, Ollie's Bargain Outlet, PEPCO.
Action refers to 5Y growth and average to 2022, peers refer to 5Y to latest available LTM.	4

Exceptional performance drives value for 3i shareholders

Action - 3i carrying value, £m1

10,276

										7,165
									4,566
								3,536
						2,064	2,731
					1,708
	280	501	592	902
143
FY12 2	FY13	FY14	FY15	FY16	FY17	FY18	FY19	FY20	FY21	FY22	Q3

FY23

Exceptional value growth and ~£1.7bn cumulative distributions to 3i over the ownership period

Power of compound growth beginning to manifest

1	3i financial years.
2	3i invested £106m in Action alongside EFV and other co-investors in 2011.	5