Operator

Good day, and thank you for standing by. Welcome to the 3i Group plc Results Presentation Webcast for the year to 31st March 2026. [Operator Instructions]. Please be advised that today's conference is being recorded. I will now hand the conference to the CEO of 3i Group plc, Simon Borrows, to open the presentation. Please go ahead.

Simon Borrows
CEO & Member of Board of Directors

Good morning. Welcome to 3i's FY '26 Annual Results Presentation. I'm Simon Borrows, CEO of 3i Group. On the call with me today are James Hatchley, our Group Finance Director; Silvia Santoro, our Group Investor Relations Director. The slides supporting our remarks have been put on our website this morning. In spite of the challenging market backdrop, we delivered another good result with a return on equity of 22%. Once again, we significantly exceeded our return target of 15%. Our NAV per share finished at GBP 30.30p. Private equity produced a 23% gross investment return and also generated cash of some GBP 1.8 billion. We ended the year at 2% gearing, and we announced a dividend for the year of 84.5p per share. That's a 15% increase on last year and represented an aggregate of some GBP 5.4 billion of dividends since our restructuring in 2012.