Icg Enterprise Trust Plc Gbp · LSE:ICGT
Icg Enterprise Trust Plc Gbp — ICG Enterprise Trust — H1 FY27 Earnings Presentation
25 slides from Icg Enterprise Trust Plc Gbp's earnings presentation, Oct 7, 2026
Slide 1: Investing in resilience, delivering growth
Investing in resilience, delivering growth RESULTS FOR THE SIX MONTHS TO 31 JULY 2026 Wednesday 7 October 2026 For Professional and Qualified Investors only Not for further distribution All data as at 31 July 2026 unless specified ICG ENTERPRISE TRUST PLC
Slide 2: Our investment approach
Our investment approach ALL DEVELOPED MID-MARKET TOP-TIER PRIVATE BUYOUTS MARKETS & LARGER MANAGERS EQUITY 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 Dedicated team of less r
Slide 3: Sector-leading returns per unit of risk
Sector-leading returns per unit of risk ICG T ’S CO M BIN AT IO N O F RET URN AND RISK CO M PARE S W ELL AG AI NST PEERS, CO NSIST ENT W IT H O UR RESILIENT G RO W T H ST RAT EG Y Since January 2020: Lower risk, Higher risk, higher return higher return 14% 3rd: Directs 6th: FoF 7th: FoF 2nd: FoF 12%
Slide 4: Diversified vintage exposure supporting performance
Diversified vintage exposure supporting performance 23% OF PORTFOLIO 41% OF PORTFOLIO 31% OF PORTFOLIO 2017 2018 2019 2020 2021 2022 2023 2024 2025 3.0x 2.6x 2.6x 2.5x 2.2x 2.1x 2.0x 2.0x 1.8x 1.8x 1.8x 1.7x 1.4x 1.5x 1.5x 1.4x 1.0x 0.9x 0.5x 0.5x 0.2x 0.2x 0.1x 0.0x 0.0x MOIC DPI Non software Softw
Slide 5: Period in review
Period in review ICG ENTERPRISE TRUST PLC 4
Slide 6: Q2 Portfolio Manager perspectives
Q2 Portfolio Manager perspectives 1 Portfolio performance strengthened in Q2, with growth across range of companies 2 Exits continue to anchor strong returns – 24 Full Exits in the period on investments that have generated a 3.0x return 3 Macro events post period-end likely extend period of slower s
Slide 7: Growth across range of companies
Growth across range of companies 1 PORTFOLIO PERFORMANCE Key contributors to Q2 portfolio growth 3.6% TMT TMT (theatre operator) (semiconductor manufacturing) HY Portfolio Return on a Sterling Basis Financials Industrials (accounting) (defence) 3.3% Consumer Business Services (pest control) (managem
Slide 8: Exits of large portfolio companies
Exits of large portfolio companies 2 EXITS IN PORTFOLIO H1 REALIS AT IO N S O F T O P 30 CO M PAN IE S + FURT HER LARG E EXIT S SIG NED £23m ~£47m proceeds to ICGT proceeds to ICGT (expected 2027) (#4) (#1) ~£23m £9m proceeds to ICGT proceeds to ICGT (expected 2027) (additional ~£6m expected in mid-
Slide 9: Robust balance sheet
Robust balance sheet 3 SELECTIVITY AND BALANCE SHEET DISCIPLINE HIGH LIQUIDITY LOW NET DEBT £190m £66m £1,383m Portfolio Value CO NT INUED FLEXIBILIT Y T O INVEST IN HIG H Q UALIT Y NEW INVEST M ENT S Source: ICG Enterprise Trust, as at 31 July 2026 ICG ENTERPRISE TRUST PLC 8
Slide 10: Half-year activity
Half-year activity ICG ENTERPRISE TRUST PLC 9
Slide 11: Executing our investment strategy in slower transaction environment
Executing our investment strategy in slower transaction environment NEW FUND CO MMIT MENT S £104m H1 FY26: £108m T O T AL PRO CEEDS T O T AL NEW INVEST MENT S £84m H1 FY26: £222m £65m H1 FY26: £113m G RO W TH 1 £43m H1 FY26: £32m Source: ICG Enterprise Trust, as at 31 July 2026. 1 Portfolio Return o
Slide 12: Accessing high-quality managers
CO MMIT MENT S Accessing high-quality managers CAPIT ALI SI NG O N O PPO RT UNIT IES T O ACC ES S T O P- T IER M AN AG E R S North America-based managers Europe-based managers NB: All company names & logos are trademarks owned by their respective holders. Use of such names or logos herein does not i
Slide 13: Deploying capital selectively
T O T AL NEW INVEST MENT S Deploying capital selectively NEW INVEST M ENT S LARG E ST NEW INVEST M ENT S BY SIZE NEW INVESTMENTS / OPENING PORTFOLIO: Operator of an 5% 18% online pharmacy H1 FY27 5Y AVERAGE business £304m £13m £287m £194m £181m Q4 £137m Q3 No other underlying company investments Q2
Slide 14: Portfolio growth
G RO W TH Portfolio growth DURING T HE PERIO D LO NG ER T ERM PORTFOLIO RETURN ON A LOCAL CURRENCY BASIS +3.2% PORTFOLIO RETURN ON A LOCAL CURRENCY BASIS £m 6 31 1,353 19 (19) 1,383 +10.2% (6) ( 5 - ye a r a n n u a l i s e d ) NAV PER SHARE TOTAL RETURN +8.4% ( 5 - ye a r a n n u a l i s e d ) PORT
Slide 15: Underlying portfolio companies performing well
G RO W TH Underlying portfolio companies performing well LTM REVENUE GROWTH LTM EBITDA GROWTH 11% FY26: 10% 16% FY26: 13% ENLARG ED PERIM ET ER 69% OF PORTFOLIO VALUE EV / EBITDA NET DEBT / EBITDA 15.8x FY26: 15.7x 4.8x FY26: 4.8x Past performance is not a reliable indicator of future results. Based
Slide 16: Realisation activity
T O T AL PRO CEEDS Realisation activity T O T AL PRO CEEDS T O P 5 RE ALI S AT IO NS BY SIZE TOTAL PROCEEDS / OPENING PORTFOLIO: Supplier of nuclear 6% 22% medicine diagnostic H1 FY27 5Y AVERAGE pharmaceuticals £23m £382m £343m Ma n u f a c t u r e r o f h o t secondary sale secondary sale r u n n e
Slide 17: Ambassador Theatre Group realisation
T O T AL PRO CEEDS Ambassador Theatre Group realisation CASE STUDY ~£23m TOTAL PROCEEDS ESTABLISHED MARKET POSITION World leader in live entertainment, operating a portfolio of 70 venues across the UK, US, Germany and Spain, welcoming 19 million theatregoers each year (post period-end, expected in 2
Slide 18: Track record of strong exit multiples and uplifts
T O T AL PRO CEEDS Track record of strong exit multiples and uplifts 51% 49% 36% 35% 22% 24% 40% 35% 37% 31% 36% 24% 30% 19% 11% 10% 60 3.5x Full Exits 3.0x 3.1x 2.9x 2.7x 2.7x 2.6x 2.7x 2.5x 2.4x 2.4x 2.4x 2.1x 2.1x 1.9x 1.9x FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY2
Slide 19: Our priorities
Our priorities 1 High bar for new investments Originating new top-tier managers; selectivity with co-investments 2 Refreshing Portfolio concentration Realisation activity concentrated in larger exposures 3 Optimising for short-term and long-term Long-term growth from new investments; immediate NAV p
Slide 20: 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 at www.icg-enterprise.co.uk ICG ENTERPRISE TRUST PLC 19
Slide 21: Appendix
Appendix ICG ENTERPRISE TRUST PLC 20
Slide 22: Top companies at July 2026
Top 10 companies at 31 July 2026 % Portfolio 1 Provider of autonomous systems for the aerospace and maritime sectors 3.4% 2 Provider of analytics to consumer goods manufacturers 2.2% 3 Provider of business management software and outsourcing services 2.0% 4 Operator of theatres and ticketing platfor
Slide 23: Performance figures
Performance figures Performance for 12 months to: 31 July 2026 31 July 2025 31 July 2024 31 July 2023 31 July 2022 NAV per Share Total Return 4.4% 6.7% 4.0% 4.1% 24.2% Share Price Total Return (0.6)% 14.1% 17.3% 2.8% 10.7% FTSE All-Share Index Total Return 21.6% 12.1% 13.5% 6.1% 5.5% Past performanc
Slide 24: Notes
Notes 1. Case studies: The selected examples and case studies presented in or referred to herein may not be representative of all transactions of a given type or of investments generally and are merely intended to be illustrative of some of the types of investment techniques or transaction types tha
Slide 25: Important information
COD00004955 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