Icg Enterprise Trust Plc Gbp · LSE:ICGT
Icg Enterprise Trust Plc Gbp — ICG Enterprise Trust — FY2025 Earnings Presentation
27 slides from Icg Enterprise Trust Plc Gbp's earnings presentation, May 8, 2025
Slide 1: Results for the 12 months to 31 January 2025
Results for the 12 months to 31 January 2025 THURSDAY 8 MAY 2025 For professional investors only. Not for onward distribution Note: All data as at 31 January 2025 unless specified PRIVATE AND CONFIDENTIAL
Slide 2: ICG Enterprise Trust delivers long-term growth
ICG Enterprise Trust delivers long-term growth FY25 LAST FIVE YEARS £197 NAV per Share Total Return 31 Jan 2025 10.5% NAV per Share Total Return £159 Share Price Total Return 31 Jan 2025 £160 £100 £100 Share Price 31 Jan 2020 Total Return 31 Jan 2020 31 Jan 2025 12.5% Share Price Total Return Source
Slide 3: How we do it: our investment approach
How we do it: our investment approach All private Buyouts Developed Mid-market and Top-tier equity markets larger deals managers Resilient More consistent Primarily in North More likely to be Track records of companies returns profile, with America and resilient and attract investing well less risk
Slide 4: Actively constructed and diversified portfolio
Actively constructed and diversified portfolio Globally diversified Attractive sector positioning Multiple routes to market Leisure Other 4% 4% TMT (incl. Education Software) Target 5% Target 6% weighting 30% weighting Financials North ~50% 8% Primary ~40-50% America 33% 46% 52% Industrials Europe ~
Slide 5: Articulating our proposition
Articulating our proposition INVESTING IN RESILIENT PRIVATE COMPANIES Established market position Provider of mission-critical services Pricing power High margin business model Past performance is not a reliable indicator of future results PRIVATE AND CONFIDENTIAL 5
Slide 6: FY25 results
FY25 results PRIVATE AND CONFIDENTIAL
Slide 7: Looking back: Takeaways from FY25
Looking back: Takeaways from FY25 Attractive portfolio • Earnings growth 15.3% LTM; leverage of 4.4x1 companies • 40 Full Exits at weighted average Uplift to Carrying Value of 19% • 10.2% Portfolio Return on a Local Currency Basis Delivering growth • 10.5% NAV per Share Total Return • Evolved medium
Slide 8: FY25 in review
FY25 in review PERFORMANCE OF OUR INVESTMENT STRATEGY RETURNS TO SHAREHOLDERS Portfolio Total Return Capital Return • Portfolio Return of 10.2% on a Local Currency Basis Share Price Total Return £59m1 • NAV per Share Total Return of 10.5% 12.5% ~2/3 from buyback • Closing NAV per Share of 2,073p Equ
Slide 9: Our portfolio companies are growing
Our portfolio companies are growing LTM REVENUE GROWTH LTM EBITDA GROWTH EV / EBITDA NET DEBT / EBITDA Enlarged perimeter 11.2% 15.3% 15.2x 4.4x (67% of FY24: 11.6% FY24: 14.2% FY24: 14.6x FY24: 4.6x Portfolio Value) Based on Enlarged Perimeter covering 67% of the Portfolio, at 31 January 2025. The
Slide 10: FY25 activity
FY25 activity PRIVATE AND CONFIDENTIAL
Slide 11: Executing our investment strategy
Executing our investment strategy FY25 A Commitments £83m Commitments (FY24: £153m) B Total New £181m Investments Total Total New (FY24: £137m) Proceeds Investments C Growth £138m (FY24: £83m) Growth D Total Proceeds £151m (FY24: £239m*) * Includes £68m secondary sale proceeds executed in December 2
Slide 12: New fund commitments in FY25
A New fund commitments in FY25 CAPITALISING ON OPPORTUNITIES TO ACCESS TOP-TIER MANAGERS North America-based Europe-based FY25 Primary £83m Secondary • Commitments made to seven funds • One commitment to ICG-managed funds, totalling $25m Committing to trusted partners who offer co-investments Note:
Slide 13: Investments in FY25
B Investments in FY25 NEW INVESTMENTS TOP 5 NEW INVESTMENTS BY SIZE New Investments / Opening Portfolio FY25: 13% TMT 5Y Avg: 19% United Kingdom £210m £181m TMT United States Q4 £137m TMT Q3 Q3 Norway Q4 Q3 Q2 Education Italy Q2 Q1 Q1 Healthcare 5 year average FY24 FY25 United States Note: All compa
Slide 14: Growing portfolio; benefits of active asset selection
C Growing portfolio; benefits of active asset selection PORTFOLIO VALUATION BRIDGE (£M) Portfolio Return on a Local Currency Basis: +10.2% Portfolio Return on a Sterling Basis: +10.6% +16.3%1 31 1,523 64 5 1 +6.4% +8.2%1 15 58 1,349 £138m growth in Portfolio Portfolio value Primary Secondary Direct
Slide 15: Realisation activity
D Realisation activity REALISATION PROCEEDS TOP 5 REALISATIONS BY SIZE Realisation Proceeds / Opening Portfolio FY25: 11% Financials 5Y Avg: 19% United States £210m £196m £171m Minimax TMT post Norway period-end Q4 Q4 Q3 TMT Q3 United States Q2 £151m Q2 Healthcare Q1 United Kingdom Q1 5 year average
Slide 16: Case study: Minimax realisation
D Case study: Minimax realisation ~€53M Leading market position High quality business with a number of defensive growth attributes; high barriers for new entrants CASH PROCEEDS (APRIL 2025) (of which €10m reinvested in Q1 FY26) ICGT originally invested in Minimax in July 2018 Structural growth Resil
Slide 17: Long track record of uplifts on exit
D Long track record of uplifts on exit TRACK RECORD OF FULL EXITS 2.5x 2.7x 2.1x 2.1x 1.9x 1.9x 2.7x 2.4x 2.9x 40 Full Exits 40% £74m proceeds 37% 36% 35% 31% 30% 24% 24% 19% FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 2 3 Weighted-average Uplift to Carrying Value MOIC 1 Excludes fund disposals 2 U
Slide 18: Actively managing our portfolio through secondaries
D Actively managing our portfolio through secondaries The transaction Rationale Outcome Eight mature primary fund Strong historical investments 5.5% discount performance; other uses offer better returns going forward Significant buyer interest £62m net cash proceeds Ability to redeploy capital into
Slide 19: Shareholder-focused capital allocation
Shareholder-focused capital allocation TOTAL SHAREHOLDER DISTRIBUTIONS £59m1 £35m Dividends 2 £21m £22m Long-term buyback £18m £17m Opportunistic buyback FY20 FY21 FY22 FY23 FY24 FY25 Of opening 2.5% 2.1% 2.2% 1.9% 2.7% 4.6%1 NAV Progressive dividend policy Share buybacks since 2017 £51m 7% +9% exec
Slide 20: Our buyback approach is achieving its aims
Our buyback approach is achieving its aims Enhanced NAV per Increased trading Reduced volatility Share liquidity • Daily closing price • Average daily volatility trading volume +54p added • Intraday price • Average daily volatility to NAV per Share1 trading volume as % of market cap • Closing bid-of
Slide 21: Robust balance sheet
Robust balance sheet As at 31 January 2025, pro-forma for secondary sale and Minimax realisation announced in April 2025 (transactions signed inside FY25) TOTAL AVAILABLE LIQUIDITY OVERCOMMITMENT RATIO1 NET GEARING2 £232m 23% 2% 5 year average: £179m 5 year average: 25% 5 year average: 1% Strengthen
Slide 22: Looking ahead
Looking ahead Wide range of ICGT Proven track potential outcomes well-positioned record 1 Secondaries market could present compelling opportunities 2 Sector positioning, strong origination network, robust balance sheet 3 ICGT’s Investment Committee has 60+ years of industry experience between them P
Slide 23: 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 on www.icg-enterprise.co.uk PRIVATE AND CONFIDENTIAL
Slide 24: Appendix
Appendix PRIVATE AND CONFIDENTIAL
Slide 25: Portfolio Dashboard
Portfolio Dashboard Enlarged perimeter: 67% of Portfolio value 2 2 COMPOSITION OPERATING PERFORMANCE FINANCIAL MULTIPLE SECTOR EXPOSURE LTM REVENUE GROWTH Average: +11.2% EV / EBITDA Average: 15.2x Other 30% Financials Industrials 9% 3% 50% 47% 5% 22% TMT (incl. 40% Leisure Software) 20% 18% 16% 5%
Slide 26: Performance figures
Performance figures Performance for 12 months ending: 31 January 2025 31 January 2024 31 January 2023 31 January 2022 31 January 2021 NAV per Share Total Return 10.5% 2.1% 14.5% 24.4% 22.5% Share Price Total Return 12.5% 9.6% (2.3)% 27.1% 2.8% FTSE All-Share Index Total Return 17.1% 1.9% 5.2% 18.9%
Slide 27: Legal notice
Legal notice What this document is for This document has been prepared by ICG Alternative Investment Limited (“ICG AIL”) as manager of ICG Enterprise Trust plc (“ICG Enterprise”). The information and any views contained in this document are provided for general information only. It is not intended t