Icg Enterprise Trust Plc Gbp · LSE:ICGT
Icg Enterprise Trust Plc Gbp — ICG Enterprise Trust — FY2026 Earnings Presentation
26 slides from Icg Enterprise Trust Plc Gbp's earnings presentation, May 7, 2026
Slide 1: Results for the 12 months to 31 January 2026
Results for the 12 months to 31 January 2026 THURSDAY 7 MAY 2026 For existing investors only Not for further distribution All data as at 31 January 2026 unless specified ICG ENTERPRISE TRUST PLC | PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS | PRIVATE AND CONFIDENTIAL
Slide 2: Our investment approach
Our investment approach ALL DEVELOPED MID-MARKET TOP-TIER PRIVATE BUYOUTS MARKETS & LARGER MANAGERS EQUITY More consistent Primarily in North More likely to be Track records of RESILIENT returns profile, with America and Europe; resilient and attract investing well COMPANIES Dedicated team of less r
Slide 3: Clear value proposition for shareholders
Clear value proposition for shareholders ICGT PORTFOLIO OFFERS ACCESS TO RESILIENT PRIVATE COMPANIES Established market position “The Portfolio is positioned to benefit from a number of growth trends, with broad Provider of mission-critical services diversification and low leverage. This provides re
Slide 4: Multi-year track record of initiatives to deliver further shareholder value
Multi-year track record of initiatives to deliver further shareholder value O utc om es I N V E S TME N T • 2023: Target 50%-50% split between North America and Europe 11.8% S TR A TE G Y • 2025: Evolve towards more secondary and direct investments 5-year annualised Portfolio Return on a Local Curre
Slide 5: FY26 results at a glance
FY26 results at a glance P E R F O R M AN C E O F O U R I N V E S T M E N T S T R AT E G Y R E T U R N S T O S H AR E H O L D E R S • Portfolio Return on a Local Currency Basis of 4.8% Share buybacks Dividends £28m 39p • Negative FX impact of (3.6)% due to one of the largest 12- month appreciations
Slide 6: Portfolio Manager perspectives
Portfolio Manager perspectives 1 Portfolio companies growing EBITDA 2 Active management 3 Increased market volatility 4 Portfolio gives exposure to multiple long-term growth trends G O ING INT O FY 27 IN ST RO NG FINANC I AL PO SIT IO N AND W IT H FLEXIBILIT Y T O CO NT INUE T O INVEST IN HIG H Q UA
Slide 7: Portfolio company growth stronger than public markets
1 Portfolio company growth stronger than public markets PORTFOLIO COMPANIES GROWING EARNINGS LTM EBITDA growth through time 60% ICGT Portfolio EBITDA Growth Private Company EBITDA Growth FTSE All Share EBITDA Growth 50% 40% 30% 30% 22% 20% 16% 17% 15% 14% 13% 14% 14% 13% 12% 10% 8% 10% 0% (10)% (20)
Slide 8: Balancing new investments, buybacks and dividends in the year
2 Balancing new investments, ACTIVE MANAGEMENT buybacks and dividends in the year INVEST ING SELECT IVELY + RET URNING CAS H T O SHAR E HO L DE R S 11 new primary fund commitments; 3 re-ups declined £51m Total shareholder distributions in FY26 6 new co-investments executed (below); 25 declined Share
Slide 9: Events in FY26
Events in FY26 3 MARKET VOLATILITY 12% SO FT W AR E FX IM PACT NEG LIG IBLE EXPO SURE O VER LO NG T ERM O UR VIEW S 21.6x Mission-critical companies in accounting, payroll, -3.6% FY26 FX impact Short- compliance – more resilient term EV/EBITDA multiple of ICGT software companies Many software compan
Slide 10: Portfolio benefits from a number of long-term growth trends
4 Portfolio benefits from a number of LONG-TERM GROWTH TRENDS growth trends Example themes Experience-led / Technology and Shifting demographics / Regulation, risk and convenience-driven productivity healthcare financial infrastructure consumer spending SHIFTING TECHNOLOGY AND DEMOGRAPHICS / PRODUCT
Slide 11: FY26 activity
FY26 activity ICG ENTERPRISE TRUST PLC | PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS | PRIVATE AND CONFIDENTIAL 10
Slide 12: Executing our investment strategy
Executing our investment strategy NEW FUND CO MMIT MENT S £201m FY25: £83m T O T AL PRO CEEDS T O T AL NEW INVEST MENT S £382m FY25: £151m £194m FY25: £181m G RO W TH 1 £73mFY25: £138m Source: ICG Enterprise Trust, as at 31 January 2026. 1 Portfolio Return on a Local Currency Basis ICG ENTERPRISE TR
Slide 13: Accessing high-performing managers
CO MMIT MENT S Accessing high-performing managers CAPIT ALI SI NG O N O PPO RT UNIT IES T O ACC ES S T O P- T IER M AN AG E R S North America-based managers Europe-based managers NB: All company names & logos are trademarks owned by their respective holders. Use of such names or logos herein does no
Slide 14: Deploying capital through the cycle to support long-term growth
T O T AL NEW INVEST MENT S Deploying capital through the cycle to support long-term growth NEW INVEST M ENT S LARG E ST NEW INVEST M ENT S BY SIZE NEW INVESTMENTS / OPENING PORTFOLIO: D i ve r s i f i e d 13% 18% Project Domino secondaries £221m FY26 5Y AVERAGE portfolio £19m £194m P r o vi d e r o
Slide 15: Global Market Foods co-investment
T O T AL NEW INVEST MENT S Global Market Foods co-investment CASE STUDY $15m TOTAL CO-INVESTMENT Co-investment made alongside Audax Private Equity ATTRACTIVE PROFILE Very strong financial profile; displayed positive revenue growth through multiple economic downturns; multiple exit routes provide an
Slide 16: Underlying portfolio companies performing well
G RO W TH Underlying portfolio companies performing well LTM REVENUE GROWTH LTM EBITDA GROWTH 10% FY25: 11% 13% FY25: 15% ENLARG ED PERIM ET ER 70% OF PORTFOLIO VALUE EV / EBITDA NET DEBT / EBITDA 15.7x FY25: 15.2x 4.8x FY25: 4.4x Based on Enlarged Perimeter covering 70% of the Portfolio as at 31 Ja
Slide 17: Strong year of realisation activity
T O T AL PRO CEEDS Strong year of realisation activity T O T AL PRO CEEDS T O P 5 RE ALI S AT IO NS BY SIZE TOTAL PROCEEDS / OPENING PORTFOLIO: Supplier of fire 25% 22% p r o t e c t i o n s ys t e m s FY26 5Y AVERAGE a n d s e r vi c e s £49m £382m secondary sale Ma n u f a c t u r e r a n d distri
Slide 18: Track record of strong exit multiples and uplifts
T O T AL PRO CEEDS Track record of strong exit multiples and uplifts 51% 49% 36% 35% 22% 24% 40% 35% 37% 31% 36% 24% 30% 19% 11% 49 3.5x Full Exits 2.9x 3.0x 2.7x 2.7x 2.6x 2.7x 2.5x 2.4x 2.4x 2.4x 2.1x 2.1x 1.9x 1.9x FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 1 MOIC
Slide 19: Robust balance sheet
Robust balance sheet HIGH LIQUIDITY LOW NET DEBT O V E R C O M M I T M E N T R AT I O 1 £227m £33m 32% £1,353m Portfolio Value G O ING INT O FY 27 IN ST RO NG FINANC I AL PO SIT IO N AND W IT H FLEXIBILIT Y T O CO NT INUE T O INVEST IN HIG H Q UALIT Y NEW INVEST M ENT S Source: ICG Enterprise Trust,
Slide 20: Our priorities
Our priorities 1 High bar for new investments Originating new top-tier managers; selectivity with co-investments 2 Refreshing Portfolio concentration Strong 2025 realisation activity was concentrated in larger exposures 3 Optimising for short-term and long-term Long-term growth from new investments;
Slide 21: Q&A
Q&A For follow-up questions after the event, please email: icg-enterprise@icgam.com To receive regular updates and insights from our Portfolio Managers, sign up to our newsletter at www.icg-enterprise.co.uk A recording of the 2026 ICGT Shareholder Seminar is available at www.icg-enterprise.co.uk/cmd
Slide 22: Appendix
Appendix ICG ENTERPRISE TRUST PLC | PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS | PRIVATE AND CONFIDENTIAL 21
Slide 23: Top 10 companies at 31 January 2026
Top 10 companies at 31 January 2026 % Portfolio 1 Provider of analytics to consumer goods manufacturers 2.1% 2 Provider of business management software and outsourcing services 2.0% 3 Provider of home maintenance services 1.8% 4 Supplier of nuclear medicine diagnostic pharmaceuticals 1.8% 5 Provider
Slide 24: Performance figures
Performance figures Performance for 12 months to: 31 January 2026 31 January 2025 31 January 2024 31 January 2023 31 January 2022 NAV per Share Total Return 0.5% 10.5% 2.1% 14.5% 24.4% Share Price Total Return 17.3% 12.5% 9.6% (2.3)% 27.1% FTSE All-Share Index Total Return 21.1% 17.1% 1.9% 5.2% 18.9
Slide 25: Notes
Notes 1. Case studies: 2. Awards: The selected examples and case studies presented in or referred to herein may not be representative of Any published rankings, awards or similar groupings have inherent limitations and qualifications, such all transactions of a given type or of investments generally
Slide 26: Important information
COD00004497 Important information What this document is for Forward-Looking Statements This document has been prepared by ICG Alternative Investment Limited (“ICG AIL”) as manager of This document may contain certain forward-looking statements that are not purely historical in nature. ICG Enterprise