Investcorp Capital Plc · ADX:ICAP
Investcorp Capital — Q3 FY2026 Earnings Presentation
21 slides from Investcorp Capital's earnings presentation, May 1, 2026
Slide 1: Investcorp Capital PLC Results Presentation Q3 FY2026
Investcorp Capital PLC (ADX: ICAP) RESULTS PRESENTATION Q3 FY2026 1 May 2026
Slide 2: On the call today
ICAP | Listed on ADX | (ADX:ICAP) On the call today Sana Khater Rohit Nanda Jonathan Dracos Chief Executive Officer Chief Financial Officer Chief Investment Officer Strictly Private and Confidential | 2
Slide 3: Investcorp Capital at a glance
Investcorp Capital at a glance
Slide 4: Who we are
ICAP | Listed on ADX | (ADX:ICAP) Who we are ICAP was founded and established by Investcorp Group (“Investcorp”), a leading global alternatives investment firm Investcorp Capital (“ICAP”) is an ADX-listed investment holding company that provides investors access to a $60+ bn 40+ year diversified por
Slide 5: Our business model
ICAP | Listed on ADX | (ADX:ICAP) Our business model Two complementary business activities Underwriting activity Co-investment activity Funds private market investments between origination Co-invests in private market investments and syndication • Generates underwriting fee income • Drives NAV accre
Slide 6: Our execution framework
ICAP | Listed on ADX | (ADX:ICAP) Our execution framework Consistent Underwriting Velocity Maintain origination & syndication cadence Disciplined Co-investment Deployment Focus on current attractive investment themes Drive ongoing cash yield and long-term capital Proactive Realization Focus gains th
Slide 7: Macro & business performance
Macro & business performance
Slide 8: Themes for 2026
Themes for 2026 High geopolitical Global growth revised Inflationary pressures Technology & AI: Fiscal Policy: Support risk downwards due to oil and potential for Growth Engine with Now, Constraints price shock stagflation Valuation Risk Later •Geoeconomic •Baseline: Global GDP •Core inflation conti
Slide 9: Risk themes by asset class
Risk themes by asset class Private equity Real assets Credit Current State Current State Current State •Deal activity remains selective, supported by •Repricing is largely complete, with cap rates •Credit performed strongly in 2025; significant dry powder. now better reflecting structurally higher r
Slide 10: Markets stable but increasingly cautious across asset classes
Markets stable but increasingly cautious across asset classes Private Equity Real Assets Global Credit PE Emerging Markets: Performance RA North America: Capital values remain Markets remain resilient, with tight mixed, with resilience in parts of the broadly stable but transaction volumes spreads a
Slide 11: Current portfolio at a glance Q3 FY26
ICAP | Listed on ADX | (ADX:ICAP) Current portfolio at a glance Q3 FY26 • Thoughtful portfolio construction and robust portfolio monitoring • Overweight allocation to North America and Europe Europe Portfolio by Strategy North America $376m Global credit $598m $228m $126m 21% Private Global Equity C
Slide 12: Q3 FY26 Financial performance
Q3 FY26 Financial performance
Slide 13: Financial summary YTD FY2026
Financial summary YTD FY2026 (Jul 1, 2025 to Mar 31, 2026) $35 million $72 million $6 million 56% Net profit Gross operating Operating Yield generating income expenses assets (Q3 FY25: $41m) (Q3 FY25: $69m) (Q3 FY25: $7m) 10% 6% $899 million $912 million Return generated Return on core Capital inves
Slide 14: Income statement breakdown (in $m)
Income statement breakdown (in $m) • In nine months ending March 31, 2026, ICAP generated $35 million in net profit, 15% lower than last year. • Interest expenses increased due to higher utilization of the RCF to support ongoing operations. • Underwriting contributed $34 million, driven by good perf
Slide 15: Financial performance – balance sheet analysis
Financial performance – balance sheet analysis Robust balance sheet with ample liquidity Assets Liabilities and Equity ▪ In Q3 FY26, total assets grew by $139m reaching $2bn ▪ Liabilities increased by $142m reflecting revolver drawdown ▪ Due from related party increased by $68m due to increase in ca
Slide 16: Underwriting activity in Q3 FY26 YTD
Underwriting activity in Q3 FY26 YTD Origination Syndication Private Equity Kanawha Scales & Systems, Guardian Fire Epipoli, Shearer, Guardian Fire Services, Kanawha Services Scales & Systems Real Assets Coastal Infill Industrial, Gateway Living Portfolio, Baltimore & Minneapolis, Student Housing V,
Slide 17: Co-investment activity in Q3 FY26 YTD
Co-investment activity in Q3 FY26 YTD Co-investments Exits and distributions Private Equity Kanawha Scales & Systems, Guardian Fire NAPE Continuation Fund, BCTS, Miebach, IVC Tech Services Partners V, UTA JV, Golden Horizon Fund, IVC Tech Continuation Vehicle, Outcomes First Group, Jianuo, Saudi Pre
Slide 18: Outlook
@° VESTCORP CAPITAL Outlook
Slide 19: Closing remarks
ICAP | Listed on ADX | (ADX:ICAP) Closing remarks ICAP remains focused on compounding earnings through disciplined deployment, resilient income streams, and a steadfast commitment to shareholder returns. ✓ Operations remained uninterrupted through recent geopolitical developments, supported by Inves
Slide 20: Disclaimer
ICAP | Listed on ADX | (ADX:ICAP) Disclaimer For the purposes of this notice, “Presentation” means this document, its contents or any part of it, any oral presentation, any question or answer session, and any written or oral material discussed or distributed before, during, or after the Presentation
Slide 21: Disclaimer (contd.)
ICAP | Listed on ADX | (ADX:ICAP) Disclaimer (contd.) Investcorp Capital does not undertake any obligation to update or revise any of the information contained herein to reflect events or circumstances occurring after the date of this Presentation or to reflect the occurrence of any unanticipated ev