Icg Enterprise Trust Plc Gbp · LSE:ICGT
Icg Enterprise Trust Plc Gbp — ICG Enterprise Trust — Q3 FY26 Earnings Presentation
17 slides from Icg Enterprise Trust Plc Gbp's earnings presentation, Jan 30, 2026
Slide 1: Q3 Trading Update
Q3 TRADING UPDATE FOR THE THREE MONTHS TO 31 OCTOBER 2025 30 JANUARY 2026 For professional investors only Not for onward distribution Private & confidential All data as at 31 October 2025 unless specified
Slide 2: Portfolio Manager perspectives
Portfolio Manager perspectives 1 Private company fundamentals remain robust 2 Strong year-to-date for realisations 3 Manager selection and balance sheet discipline critical in this environment 4 $90m commitment to ICG LP Secondaries II post period-end Source: ICG Enterprise Trust, as at 31 October 2
Slide 3: Focused investment strategy
Focused investment strategy ALL PRIVATE EQUITY DEVELOPED MID-MARKET TOP-TIER BUYOUTS MARKETS & LARGER MANAGERS 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 less risk than other
Slide 4: Q3 in review
Q3 in review 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 Total Return Capital Return • Closing NAV per Share of 2,080p • NAV per Share Total Return of 2.4% 17.3% SHARE PRICE TOTAL RETURN £51m OVER HALF FROM BUYBACKS • Portfolio
Slide 5: Strong year-to-date for realisations
Strong year-to-date for realisations YTD Total Proceeds as % of Opening Portfolio: 20% £160m HIGH QUALITY COMPANIES Realisation Proceeds £140m Secondary sale £120m £100m Average*: £80m EXIT ROUTES NOT £80m 2x DEPENDENT ON IPO £60m MARKET Average*: £40m £40m £20m ADDITIONAL £75M £0m Q1 Q2 Q3 Q4 Q1 Q2
Slide 6: Froneri realisation
T O T AL PR O C E ED S Froneri realisation CASE STUDY HIGH QU ALITY PAI Partners has built Froneri (originally R&R) MANAGER into a leading global ice cream manufacturer REALISATION PROCEEDS (Q3) ICG Enterprise Trust initially invested alongside PAI Partners in 2013 and reinvested in 2019 STRATEGY Hi
Slide 7: Robust balance sheet
Robust balance sheet T O T AL AV AI L AB L E L I Q U I D I T Y G E AR I N G R AT I O 1 O V E R C O M M I T M E N T R AT I O 2 £230m 3% 27% ST R O N G AN D R ESIL IEN T B AL A N C E SH EET 1. Gearing ratio is net debt/NAV 2. Overcommitment ratio is defined as (Outstanding commitments – Liquidity)/NAV
Slide 8: Top-tier manager selection
Top-tier manager selection P AR T N E R I N G W I T H T O P - T I E R M AN A G E R S E N H A N C I N G M AN AG E R S E L E C T I O N D I S C I P L I N E Example North America-based managers Regular market-mapping exercises identifying new target managers Strong origination network and peer referrals
Slide 9: Increasing secondaries exposure post period-end
Increasing secondaries exposure post period-end L AST Y EAR , W E AN N O U N C ED AN IN C R E ASE IN O U R SEC O N D AR I E S T AR G ET W EIG H T IN G T O 25- 3 0% O F T H E PO R T F O L IO C U R R E N T AN D T AR G E T P O R T F O L I O W E I G H T I N G AT 3 1 O C T 2 0 2 5 $90m COMMITMENT TO ICG
Slide 10: Shareholder distributions
Shareholder distributions T O T AL S H AR E H O L D E R D I S T R I B U T I O N S ( D I V I D E N D S AN D B U Y B AC K S ) £59m £42m1 Dividends £35m Intended FY26 dividend £21m £22m Long-term buyback2 Opportunistic buyback FY22 FY23 FY24 FY25 FY26 (to date) Of opening 2.2% 1.9% 2.7% 4.6% NAV Share
Slide 11: Early mover on buybacks; yielding benefits
Early mover on buybacks; yielding benefits Long-term buyback (October 2022); opportunistic buyback (May 2024) E N H AN C E D N AV I N C R E AS E D T R AD I N G REDUCED P E R S H AR E LIQUIDITY V O L AT I L I T Y Average daily trading Daily closing price volatility +71p ADDED TO NAV PER SHARE1 volume
Slide 12: Long-term track record
Long-term track record L AS T 5 Y E AR S ( AN N U AL I S E D ) L AS T 1 0 Y E AR S ( A N N U AL I S E D ) NAV PER SHARE TOTAL RETURN +12.8% +13.6% SHARE PRICE TOTAL RETURN +16.4% +12.4% Source: ICG Enterprise Trust, as at 31 October 2025 ICG ENTERPRISE TRUST PLC | PAST PERFORMANCE IS NOT A RELIABLE
Slide 13: Looking ahead
Looking ahead Momentum in Q4 1 £75m Total Proceeds 1; 3 new co-investments; $90m LP Secondaries II commitment Supportive market dynamics 2 Rates stabilised; weaker fundraising environment benefits ICGT; managers offering high-quality co-investments 3 ICGT well-positioned Robust balance sheet; strong
Slide 14: 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 ICG ENTERPRISE TRUST PLC | PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS | P
Slide 15: Appendix
APPENDIX ICG ENTERPRISE TRUST PLC | PAST PERFORMANCE IS NOT A RELIABLE INDICATOR OF FUTURE RESULTS | PRIVATE AND CONFIDENTIAL 14
Slide 16: Performance figures
Performance figures Performance for 12 months ending: 31 October 2025 31 October 2024 31 October 2023 31 October 2022 31 October 2021 NAV per Share Total Return 6.1% 3.6% 3.8% 19.9% 33.2% Share Price Total Return 28.1% 16.1% 11.6% (18.1)% 56.3% FTSE All-Share Index Total Return 22.5% 16.3% 5.9% (2.8
Slide 17: Important information
COD00004203 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