Slide 1: Results for six months to 30 September 2025
Results for six months to 30 September 2025 18 November 2025 All data as at 30 September 2025 and on an APM basis unless otherwise stated; see RNS for more details This material is for discussion purposes only and does not constitute an offer or solicitation to invest in any ICG product or strategy.
Slide 2: CEO perspectives
CEO perspectives ▪ Growing breadth and scale, with a strong focus on growing higher-return strategies having visible strategic and financial benefits ▪ Clear bifurcation in the market between performance-driven managers and assets gatherers; ICG is clearly performance-focussed ▪ Substantial opportun
Slide 3: H1 FY26 highlights
H1 FY26 highlights BUSINESS ACTIVITY ASSETS UNDER MANAGEMENT Dry powder • Fundraising ahead of plan: of $9.0bn, including $2.8bn AUM FEAUM $35bn for Europe IX and $1.9bn for European Infrastructure II $124bn $84bn AUM not yet earning fees $19bn • Launched subsequent vintage of LP Secondaries, 6% L6M
Slide 4: Building on track record of long-term profitable growth
Building on track record of long-term profitable growth Differentiated investment strategies in Mix-effect expanding Organically growing fee-earning AUM large and growing asset classes management fee margin L5Y GROWTH1 1.8x Structured Capital +3.5x $84bn 0.98% Private Equity Secondaries +5.3x 0.85%
Slide 5: Deliberately growing proportion of higher-return strategies
Deliberately growing proportion of higher-return strategies FEAUM OF HIGHER-RETURN STRATEGIES Greater opportunity to 57% generate 3.2x outperformance $47bn for clients Structured Capital and Secondaries Debt Harder to commoditise $84bn FEAUM 33% Higher $15bn1 management fees on committed capital Rea
Slide 6: European heritage, globally relevant
European heritage, globally relevant Leading player in European Structured Capital Largest GP-led secondaries specialist investor globally1 #2 largest 3% European 22% 47% fundraise in 73% Direct Lending2 24% Deployed AUM3 capital EMEA Growing Real 31% Americas Assets platform APAC Past performance i
Slide 7: Conviction in what it takes to succeed
Conviction in what it takes to succeed 1 Investment returns, always Why clients invest, and invest again 2 Differentiated investment strategies Clients pay for performance 3 Breadth at scale Relevant to the world’s largest clients Past performance is not a reliable indicator of future results. There
Slide 8: Fundraising and client franchise
Fundraising and client franchise
Slide 9: LPs are increasingly more selective
LPs are increasingly more selective GLOBAL PRIVATE CAPITAL RAISED WHAT LPs ARE FOCUSING ON Q1 Q2 Q3 Q4 Diversifying away from the US Annualised “There’s about $3 of demand out there for every $1 of supply” Bain1 Interest in less commoditised strategies and Real Assets More scrutiny in private debt d
Slide 10: ICG's long-standing focus on DPI is a competitive advantage
ICG’s long-standing focus on DPI is a competitive advantage Past performance is not a reliable indicator of future results. There is no guarantee that fund will achieve its objectives or avoid substantial losses. Source: ICG, data as at 30 June 2025 unless otherwise stated. Please refer to the notes
Slide 11: Supporting our fundraising momentum in a structurally lower point of our fundraising cycle
Supporting our fundraising momentum in a structurally lower point of our fundraising cycle Over the last 15 months, we have closed five funds at or above hard cap DEEP DIVE: €3.15bn INFRASTRUCTURE EUROPE II Client base2 $14bn $14bn 10% 5% 7% 29% Geography Type 26% 35% $10bn 64% 24% $9bn $9bn Pension
Slide 12: Driving continued growth in our client franchise
Driving continued growth in our client franchise GROWING CLIENT NUMBERS BROADENING REACH Launching two Evergreen European evergreens 812 partnership with Amundi 793 Product innovation 681 Multi-strategy $7bn mandates of multi-strategy mandates 331 $5bn raised from wealth channel over Wealth the past
Slide 13: Partnering with Amundi: accelerating ICG's access to the Wealth market
Partnering with Amundi: accelerating ICG’s access to the Wealth market Strategic partnership to enable Wealth investors to access differentiated private markets strategies Global1 distribution capabilities Investment expertise >600 distributors Track record of product innovation Structuring expertis
Slide 14: Amundi: an ideal partner for ICG's wealth strategy
Amundi: an ideal partner for ICG’s wealth strategy “Global, European, sustainable and tech-savvy asset manager” 8th largest asset manager globally1 Global access to Structuring expertise Only European player in wealth clients Top 101 Evergreen funds 600 distributors €2.3tn AUM Closed-end funds >200m
Slide 15: Overview of strategic partnership and Amundi shareholding
Overview of strategic partnership and Amundi shareholding • Initial term of 10 years • Amundi will be the exclusive global1 distributor in the wealth channel for ICG’s evergreen and certain other Commercial products, with ICG being Amundi’s exclusive provider for those products to Amundi’s distribut
Slide 16: Looking ahead
Looking ahead Structured Capital and Investment returns, Positive on Europe Secondaries are always particularly attractive 15
Slide 17: Financial results
iCG Financial results
Slide 18: Fee-earning AUM of $84bn
Fee-earning AUM of $84bn FEE-EARNING AUM AUM NOT YET EARNING FEES Structured Capital and Secondaries Debt Real Assets $5.5bn $4.9bn $3.5bn $84bn $19bn 5-year CAGR: 14% $75bn $(5.2)bn AUM not yet earning fees +6%1 $47bn ~£130m Potential annual management fees2 FY21 FY22 FY23 FY24 FY25 Fundraising Dep
Slide 19: Revenue growth driven by management fees
Revenue growth driven by management fees MANAGEMENT FEES PERFORMANCE FEES1 Performance fee Realised (cash) Long-duration, visible and recurring management fees revenue: performance fees: £98m £62m 5-year CAGR: 19% £149m £108m Accured One-off Passage of time Accured Realised +16% performance implemen
Slide 20: Delivering operating leverage
Delivering operating leverage GROUP OPEX Growing management fees faster than costs 5-year CAGR: 11% Compounding management fees as we raise subsequent vintages 67% +1% £198m £197m 51% Increasingly visible across flagship and scaling strategies £122m Limited incremental cost as we scale up FY21 FY22
Slide 21: Focussing on the value of our management fees
Focussing on the value of our management fees FEE RELATED EARNINGS 5-year CAGR1: 26% Catch up fees Visibility on recurring earnings from management fees (assuming 100% flow through to FRE) +14% £331m £290m Underlines operating leverage as we scale Enhanced alignment with global peers £98m Cash proxy
Slide 22: Significant cash generation, robust balance sheet
Significant cash generation, robust balance sheet CASH GENERATION VALUABLE AND ROBUST BALANCE SHEET Balance sheet investment portfolio £450m £2.8bn Group operating cashflow +143% YoY £383m Total available liquidity £1.3bn £62m Net financial debt £338m £(333)m £401m +202% +26% +54% YoY YoY Net gearin
Slide 23: Looking ahead: allocating capital to maximise long-term shareholder value
Looking ahead: allocating capital to maximise long-term shareholder value LAST 5 YEARS CAPITAL ALLOCATION TOOLKIT Distributed to shareholders Maintain a robust and appropriately capitalised balance sheet Retained in the business Progressive dividend Enabling £2.3bn Capital generated Support current
Slide 24: Q&A
Q&A
Slide 25: Appendix
iCG Appendix
Slide 26: Amundi's acquisition of a non-dilutive 9.9% economic interest in ICG
Amundi’s acquisition of a non-dilutive 9.9% economic interest in ICG 1 Amundi acquires 4.64% of ICG ordinary shares in the secondary market 2 ICG repurchases 5.26% of ordinary shares to be cancelled and held in Treasury Executed in tranches 3 To be completed by Amundi subscribes for non-voting ordin
Slide 27: Attractive waterfront of strategies with multiple levers of growth
Attractive waterfront of strategies with multiple levers of growth Structured Capital and Secondaries Debt Private Equity Secondaries Structured Capital 46% 39% Private Debt Credit +3.5x +1.8x $33bn $30bn +5.3x $24bn $124bn +1.1x $19bn AUM FY21 H1 FY26 FY21 H1 FY26 14% FY21 H1 FY26 FY21 H1 FY26 Real
Slide 28: Large, blue-chip client franchise
Large, blue-chip client franchise 1 DIVERSIFICATION 3% 9% 26% 17% 29% 9% 52% Geography Type Diversification 4% 11% 68% 12% 15% 31% 14% Top 1 Client AUM Top 2-5 Client AUM Pension Insurance Family office EMEA Americas APAC Top 6-10 Client AUM Top 11-20 Client AUM Asset managers Wealth Others Rest Pas
Slide 29: Fee related earnings calculation methodology
Fee related earnings calculation methodology H1 FY26 FEE RELATED EARNINGS ‘FRE’ CALCULATION GUIDING COMMENTARY LTM H1 FY21 FY22 FY23 FY24 FY25 FY26 Management fees £281m £393m £481m £505m £604m £651m Management fees as reported including catch- up fees Group Opex2 (£243m) (£343m) (£330m) (£376m) (£3
Slide 30: ICG's performance fee model
ICG’s performance fee model ILLUSTRATIVE PERFORMANCE FEE POTENTIAL OF A FUND ▪ All funds accounted for based on European waterfall Fund size $8bn1 ▪ Three components of financial model: A❑ P&L: recognition of performance fees Gross MOIC 2.0x B❑ Cash: cash received Proceeds $16bn C❑ Balance sheet: re
Slide 31: Evolving our performance fee recognition to give more visibility
Evolving our performance fee recognition to give more visibility CURRENT APPROACH NEW APPROACH ▪ Initial recognition when i) subsequent vintage ▪ Based on two-year look-forward of when the Timing of recognition holds its first close; and ii) the investment fund will reach its hurdle period of the cu
Slide 32: Modelling: illustrative performance fees recognition
Modelling: illustrative performance fees recognition Initial Recognition: activation of successor vintage and end of investment period of current vintage assumed in Year 4 Life of the fund Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Invested Cost1 (c
Slide 33: Modelling: illustrative performance fees recognition
Modelling: illustrative performance fees recognition Initial Recognition: activation of successor vintage and end of investment period of current vintage assumed in Year 5 Life of the fund Year 0 Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7 Year 8 Year 9 Year 10 Year 11 Year 12 Invested Cost1 (c
Slide 34: End notes
End notes Basis of Calculation DPI rankings reflect net performance for active, fully invested ICG funds, pro forma for assumed exits in advanced stages of disposition. Benchmarking uses the latest available Preqin data as atAugust 2025 unless otherwise stated, across relevant vintages in Private De
Slide 35: Key Risk Factors
Key Risk Factors The following information describes certain key risks of investing in the Fund. The complete summary of the risks of investing in the Fund is set out in the Offering Documents. The Fund cannot provide assurance that it will be able to choose, make and realize investments in any part
Slide 36: Important Notice
Important Notice For institutional/professional/accredited investors only. This document is being provided to you by the subsidiaries or affiliates of ICG Plc, "ICG”, and together with their respective directors, officers, employees, partners, members, shareholders, advisers and agents, as the conte