Icg Enterprise Trust Plc Gbp · LSE:ICGT
Icg Enterprise Trust Plc Gbp — ICG Enterprise Trust — H1 FY26 Earnings Presentation
24 slides from Icg Enterprise Trust Plc Gbp's earnings presentation, Oct 7, 2025
Slide 1: Results for the six months to 31 July 2025
Results for the six months to 31 July 2025 7 OCTOBER 2025 For existing investors only. Not for further distribution Note: All data as at 31 July 2025 unless specified PRIVATE AND CONFIDENTIAL
Slide 2: Focused investment strategy
Focused investment strategy 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 than other
Slide 3: Delivering long-term growth
Delivering long-term growth 1 year 5 years (ann.) 10 years (ann.) 16.5% (0.7)% 14.5% 14.1% 13.3% 12.5% 12.5% 12.1% H1 NAV per Share Total Return 6.7% 6.9% (2.6)% 1.9% Q1 NAV per Share Q2 NAV per Share Total Return Total Return NAV per Share Total Return Share Price Total Return FTSE All-Share Total
Slide 4: Dedicated ICG Enterprise Trust team
Dedicated ICG Enterprise Trust team Specialist LP ICGT operational support Investment Committee Secondaries support Andrew Wolfe CFO, ICG Enterprise Trust Oliver Gardey Colm Walsh Liza Lee Marchal Ryan Levitt Portfolio Manager Portfolio Manager Managing Director Managing Director 25+ years’ experien
Slide 5: H1 results
H1 results Oliver Gardey Portfolio Manager, ICG Enterprise Trust PRIVATE AND CONFIDENTIAL
Slide 6: Portfolio Manager perspectives
Portfolio Manager perspectives 1 Portfolio companies reporting double-digit earnings growth1 2 Strong cash generation during H1, with Total Proceeds of £222m 3 Increasing our exposure to secondaries Source: ICG Enterprise Trust, as at 31 July 2025. 1 EBITDA, based on Enlarged Perimeter covering 61%
Slide 7: Well-positioned portfolio
Well-positioned portfolio BALANCED EXPOSURE RESILIENT SECTORS TOP COMPANY HOLDINGS Investment category (Actuals vs target) Manufacturer and 1 UK distributor of ice cream Target 2.7% products weighting Primary ~40-50% 33% 50% Leisure Other Provider of analytics to Secondary ~25-30% 3% 4% 2 US consume
Slide 8: H1 activity
H1 activity Colm Walsh Portfolio Manager, ICG Enterprise Trust PRIVATE AND CONFIDENTIAL
Slide 9: Executing our investment strategy
Executing our investment strategy A Commitments £108m Commitments (H1 FY25: £72m) B Total New £113m Investments (H1 FY25: £104m) Total Total New Proceeds Investments C Growth £32m (H1 FY25: £51m) Growth D Total Proceeds £222m (H1 FY25: £86m) Source: ICG Enterprise Trust, as at 31 July 2025 Past perf
Slide 10: New commitments
A New commitments CAPITALISING ON OPPORTUNITIES TO ACCESS TOP-TIER MANAGERS North America-based manager Europe-based manager TH Lee X – $20m ICG Europe IX – €25m Advent GPE XI – €20m Integrum II – $15m Hg Saturn IV – $20m New Mountain Strategic Equity II – $15m GHO Capital IV – €15m Stone Point Trid
Slide 11: Manager relationship case study €25M
A Manager relationship case study ICG Europe IX €25M Strategy alignment Targeting mid- / upper mid-market European companies in non-cyclical industries COMMITMENT TO FUND IX Focus on bespoke and highly structured subordinated Attractive risk- debt and equity instruments, providing both embedded rewa
Slide 12: New investments
B New investments NEW INVESTMENTS LARGEST NEW INVESTMENTS BY SIZE New Investments / Opening Portfolio H1 FY26: 7% (14% annualised) Project Domino Diversified secondaries L5Y Avg: 19% portfolio £18m £304m £287m Supplier of fire protection systems and £8m services Q4 £181m Provider of analytics to con
Slide 13: Double-digit earnings growth
C Double-digit earnings growth LTM REVENUE GROWTH LTM EBITDA GROWTH EV / EBITDA NET DEBT / EBITDA Enlarged perimeter 10.2% 15.2% 15.3x 4.7x (61% of FY25: 11.2% FY25: 15.3% FY25: 15.2x FY25: 4.4x Portfolio Value) Based on Enlarged Perimeter covering 61% of the Portfolio, at 31 July 2025. The ‘enlarge
Slide 14: Portfolio growth
C Portfolio growth PORTFOLIO VALUATION BRIDGE (£M) Portfolio Return on a Local Currency Basis: +2.1% Portfolio Return on a Sterling Basis: +0.1% Q1 FX impact: -3.0% Q2 FX impact: +1.0% +3.9%1 +2.0%1 -1.5%1 20 15 1,523 -3 (30) £32m growth in Portfolio 1,416 (109) Portfolio value Primary Secondary Dir
Slide 15: Realisation activity
D Realisation activity TOTAL PROCEEDS LARGEST REALISATIONS BY SIZE Realisation Proceeds Realisation Proceeds / Opening Portfolio H1 FY26: 10% (20% annualised) Supplier of fire Secondary sale L5Y Avg: 19% protection systems £49m and services Total Proceeds / Opening Portfolio H1 FY26: 15% (30% annual
Slide 16: Strong cash generation
D Strong cash generation H1 realisations of top 30 companies Post period-end exits (publicly-known) Fourth secondary sale in last five years £49m £62m Net cash proceeds (#1) Crystallised strong £23m 1.6x return (15% net IRR) (#4) 5.5% Discount £19m £8m (received (#8) (#30) August) Source: ICG Enterp
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 2.4x 2.4x 2.6x 2.7x 3.5x 2.9x 3.0x 40 Full Exits 51% 49% 40% 36% 37% 36% 35% 35% 31% 30% 24% 24% 22% 19% 15% FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 LTM Weighted-av
Slide 18: Shareholder distributions
Shareholder distributions TOTAL SHAREHOLDER DISTRIBUTIONS (DIVIDENDS + BUYBACKS) £59m £39m1 Dividends £35m Intended FY26 dividend £21m £22m 2 Long-term buyback Opportunistic buyback FY22 FY23 FY24 FY25 FY26 (to date) Of opening 2.2% 1.9% 2.7% 4.6% NAV Share buybacks Progressive dividend policy since
Slide 19: Robust balance sheet
Robust balance sheet Low overcommitment Total available liquidity Low gearing ratio ratio £187m 5% 31% Source: ICG Enterprise Trust, as at 31 July 2025. Gearing ratio is net debt/NAV. Overcommitment ratio is (Total Undrawn Commitments – Total Available Liquidity)/NAV Past performance is not a reliab
Slide 20: Looking ahead
Looking ahead Visibility of ICGT Attractive further exits well-positioned investment pipeline 1 Our Portfolio continues to generate liquidity 2 Robust balance sheet; sector and geographical positioning; resilient 3 Flexible investment approach; opportunities in secondaries and direct companies coinv
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 on www.icg-enterprise.co.uk PRIVATE AND CONFIDENTIAL
Slide 22: Appendix
Appendix PRIVATE AND CONFIDENTIAL
Slide 23: Performance figures
Performance figures Performance for 12 months ending: 31 July 2025 31 July 2024 31 July 2023 31 July 2022 31 July 2021 NAV per Share Total Return 6.7% 4.0% 4.1% 24.2% 37.5% Share Price Total Return 14.1% 17.3% 2.8% 10.7% 40.7% FTSE All-Share Index Total Return 12.1% 13.5% 6.1% 5.5% 26.6% Sources: Mo
Slide 24: Important information
Important information This communication 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 to be a compr