I believe this will do it, using on duplicate key + ifnull():
create table tmp like yourtable;
alter table tmp add unique (text1, text2);
insert into tmp select * from yourtable
on duplicate key update text3=ifnull(text3, values(text3));
rename table yourtable to deleteme, tmp to yourtable;
drop table deleteme;
Should be much faster than anything that requires group by or distinct or a subquery, or even order by. This doesn’t even require a filesort, which is going to kill performance on a large temporary table. Will still require a full scan over the original table, but there’s no avoiding that.