Investcorp Capital Plc · ADX:ICAP
Investcorp Capital — FY2026 Earnings Presentation
24 slides from Investcorp Capital's earnings presentation, July 2026
Slide 1: Investcorp Capital PLC Investor Presentation FY2026
Investcorp Capital PLC (ADX: ICAP) Investor Presentation FY2026 July 2026
Slide 2: Introduction
@° VESTCORP CAPITAL Introduction
Slide 3: Who We Are
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 with access to a $64+ bn 40+ year diversified portfolio of investments in glob
Slide 4: A Leadership Team Shaped by Long-Term Private Markets Experience
A Leadership Team Shaped by Long-Term Private Markets Experience Proven track record of navigating market cycles Investcorp Capital Board of Directors Investcorp Capital Management Mohammed Rishi Yusef Sana Khater Alardhi Kapoor Al Yusef Chief Executive Officer Chairman Vice Non- Chairman Executive
Slide 5: …and Broader Investcorp Infrastructure
…and Broader Investcorp Infrastructure Investcorp organization supporting Investcorp Capital Richard Kramer Fortune Chigwende Mark Horncastle Brian Murphy Craig Sinfield-Hain Firas El Amine Chief Operating Officer Global Head of Assurance General Counsel Global Chief Financial Lead for Global Head o
Slide 6: Why Investcorp Capital
Why Investcorp Capital ICAP provides public market access to private investment assets Private market opportunity ICAP advantage Strategic and operational excellence under Leverages global private market expertise private ownership across 14 offices Higher expected returns Delivers consistent return
Slide 7: Our Business Model
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 accretion via capital appreciation and
Slide 8: Our Investment Process
Our Investment Process 1 2 3 4 5 Global Detailed Committee Co-investment / Active screening evaluation review underwriting management and exit Pipeline of Opportunities are Multi-layer Approved Actively managed to worldwide analyzed through committee process, opportunities are enhance opportunities
Slide 9: Our Execution Framework
Our Execution Framework Consistent Underwriting Velocity Maintain origination and syndication cadence Disciplined Co-investment Deployment Focus on attractive current investment themes Drive ongoing cash yield and long-term capital Proactive Realization Focus gains through exits Optimized Leverage &
Slide 10: Net Asset Value Underpinning the Equity Story
Net Asset Value Underpinning the Equity Story Diversified and cash-yielding nature of the assets delivering attractive dividend payout $m as of Jun 30, 2026 $ % NAV per share (AED) Cash and receivables 300 16% At cost NAV per share as of Jun 30, 2026 2.18 Dividends per share paid to date 0.57 Underw
Slide 11: Co-investment assets portfolio review
Co-investment assets portfolio review Co-investment assets PE exposure $532 million in FY26 RA exposure $211 million in FY26 (FY25: $629 million) (FY25: $188 million) Structured Product Private 19% Equity 42% Global ($m) ($m) FY26 FY25 FY26 FY25 FY26 Credit $200 $192 $200 $1.3bn 18% $181 $185 $169 $
Slide 12: Co-investment portfolio is relatively well diversified, with significant exposure to PE
Investcorp Capital – Co-investment portfolio is relatively well diversified, with significant exposure to PE A global private markets portfolio across asset classes, sectors, and geographies Private Equity Portfolio Real Assets Portfolio Credit Portfolio Breakdown by Sector Breakdown by Sector Break
Slide 13: Performance and Outlook
@° VESTCORP CAPITAL Performance and Outlook
Slide 14: Key Highlights – FY26
Key Highlights – FY26 $44m $94m AED 0.184 11% Net profit Gross operating Full year dividend Annualized dividend income per share yield1 (FY25: $81m) (FY25: $124m) (FY25: AED 0.188) (H1 FY25: 11%)2 10% $90m $1.1bn $1.3bn Return generated from Distributable Earnings Capital invested across Distributio
Slide 15: Income statement breakdown (in $m)
Income statement breakdown (in $m) • In the fiscal year ending June 30, 2026, ICAP generated $44 million in net profit, 46% lower than last year. • Interest expenses increased due to higher utilization of the RCF to support ongoing operations and maintain surplus liquidity in the crisis • Underwriti
Slide 16: Financial performance – balance sheet analysis
Financial performance – balance sheet analysis Robust balance sheet with ample liquidity Assets Liabilities and Equity ▪ In FY26, total assets decreased by $35m reaching $1.87bn from $1.91bn in ▪ Liabilities increased by $43m to $525m, reflecting revolver drawdown June 2025 ▪ Equity decreased by a n
Slide 17: Underwriting activity in FY26
Underwriting activity in FY26 Origination Syndication Private Equity Kanawha Scales & Systems, Guardian Fire Epipoli, Shearer, Guardian Fire Services, Kanawha Services, Smart Managed Solutions Scales & Systems, Smart Managed Solutions, PKF O’Connor Davies Real Assets Coastal Infill Industrial, Gatew
Slide 18: Co-investment activity in FY26
Co-investment activity in FY26 Co-investments Exits and distributions Private Equity Kanawha Scales & Systems, Guardian Fire NAPE Continuation Fund, BCTS, Miebach, IVC Tech Services, Smart Managed Solutions, Revature Partners V, UTA JV, Golden Horizon Fund, Outcomes First Group, Jianuo, Saudi Pre-IP
Slide 19: Macro Context – Themes for 2026
Macro Context – Themes for 2026 • Investcorp Capital’s investment exposure is global, with an overweight allocation in the North American and European markets, providing diversification AI’s economic impact China: low growth & Trade and geopolitical Central banks: Geopolitical risks & market bubble
Slide 20: Portfolio and Business Outlook
Portfolio and Business Outlook Base case (FY26) Proforma (3-year view) Investments ($m) % Yield (%) Investments ($m)2 Yield (%)3 Underwriting (CFS)1 440 n/a 10% 350 – 600 8 - 11% Co-investment (CD) 1,268 100% 4% 1,150 - 1,600 7% - 12% Private Equity 532 48% 3% 460 - 835 11% - 14% Real Assets 211 14%
Slide 21: Why Invest in Investcorp Capital
Why Invest in Investcorp Capital Unique Access to Premium Returns Diversified Portfolio Global Private Markets and Attractive Cash Yield for NAV Growth A unique publicly listed access point to Approximately 8% cash Net Asset Value (NAV) growth driven by a global private markets, combining yield, sup
Slide 22: Contact
Contact For further information on Investcorp Capital PLC, please visit our website: www.investcorp-capital.com Or contact our Investor Relations team at ir@investcorp-capital.com www.investcorp-capital.com @InvestcorpCapital
Slide 23: Disclaimer
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 meeting. This Presentation is int
Slide 24: Disclaimer (contd.)
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 events. This Presentation does not c