Slide 1: Delivering multiple levers of growth
Delivering multiple levers of growth Results for twelve months to 31 March 2024 28 May 2024 All data as at 31 March 2024 and on an APM basis unless otherwise stated; see RNS for more details PRIVATE AND CONFIDENTIAL
Slide 2: Key messages
Key messages Delivering growth across our platform 2nd highest ever year of fundraising Management fees reach half a billion pounds, FMC PBT up 21% y-o-y Reiterating long-term confidence; expect to raise least $55bn over four years1 1 See RNS for full details. FY25 – FY28 inclusive. PRIVATE AND CONF
Slide 3: Challenging environment for the industry with diverging fortunes
Challenging environment for the industry with diverging fortunes Second consecutive year of declining Drop in capital Fundraising has concentrated2 buyout activity1 returns to LPs1 GLOBAL BUYOUT DEAL VALUE Private Credit Top 20 market share as % total fundraising Buyout distributions are '13 - '21 3
Slide 4: Benefitting top tier managers such as ICG
Benefitting top tier managers such as ICG Not all business models are created equal: benefits of strong investment discipline, broad waterfront of products, and a strategically valuable balance sheet are all becoming apparent GP consolidation among clients: DPI, DPI, DPI you need to be a manager of
Slide 5: Building ICG for the long-term
Building ICG for the long-term Investment Financial Breadth at scale Distribution Platform excellence resources Deep client Track record Substantial, resilient fee Relevance to clients relationships Scalability and efficiency stream Focus on returns Investment origination Broadening routes to Knowle
Slide 6: Business performance
Business performance PRIVATE AND CONFIDENTIAL
Slide 7: FY24 in review
FY24 in review ASSETS UNDER MANAGEMENT FINANCIAL OUTCOME AUM Fee-earning AUM Dry power and AUM not yet earning fees Fee income FMC PBT NAV per share Dry powder: Management £505m $98bn $70bn $26bn fees 5% YoY £375m 801p 11%1 YoY AUM not yet earning fees: Performance 21% YoY 15% YoY £74m $16bn fees BU
Slide 8: $46bn raised in the last three years, exceeding our accelerated target
$46bn raised in the last three years, exceeding our accelerated target FY24 BREAKING DOWN OUR FY21-24 FUNDRAISING OF $46BN $0.6bn $0.5bn 14% 19% $0.7bn $3.7bn 32% 35% 42% $1.8bn New vs existing $13bn Asset Class Geography clients1 11% 25% $1.0bn $3.5bn 65% $1.2bn 28% 29% Structured and Private Equit
Slide 9: Scaling out in practice: LP Secondaries
Scaling out in practice: LP Secondaries DEMONSTRATING STRENGTH OF OUR CLIENT FRANCHISE1 Final close at hard-cap of $1.0bn, balance sheet commitment of $50m (reduced from $100m) 8% 16% 36% 12% 50% of client base new to ICG2 4% 44% Type Geography 12% 36% Wealth 32% Family office EMEA (excl. UK and Ire
Slide 10: Unique waterfront of differentiated strategies; multiple levers of growth
Unique waterfront of differentiated strategies; multiple levers of growth OUR WATERFRONT OF PRODUCTS TODAY Seeding strategies Scaling strategies Flagship strategies £394m 30% of AUM 70% of AUM Fair value of warehousing investments 28% of management fees 72% of management fees European Corporate Stru
Slide 11: Looking ahead
Looking ahead Investment People and Fundraising: Client Flagships, scaling, excellence platform and seeding franchise PRIVATE AND CONFIDENTIAL Past performance is not a reliable indicator of future results 10
Slide 12: Financial results
Financial results PRIVATE AND CONFIDENTIAL
Slide 13: Delivering growth across all key financial metrics
Delivering growth across all key financial metrics Fee-earning AUM of $70bn, up 11% YoY (5-year annualised growth of 17%1) Management fees exceed half a billion pounds for first time; 5-year annualised growth of 21%1 FMC PBT of £375m, up 21% YoY, 10th consecutive year of growth Balance sheet demonst
Slide 14: Fee-earning AUM of $70bn
Fee-earning AUM of $70bn FEE-EARNING AUM $7.7bn 5-year CAGR: 17%1 $5.9bn $70bn $(6.0)bn $(0.8)bn $63bn $32bn FY19 FY20 FY21 FY22 FY23 Fundraising Deployment Realisations FX and other FY24 1 Constant currency basis. PRIVATE AND CONFIDENTIAL Past performance is not a reliable indicator of future resul
Slide 15: Management fee income: growth and visibility
Management fee income: growth and visibility MANAGEMENT FEE INCOME AUM NOT YET EARNING FEES 5-year CAGR: 21%1 £481m £1m £11m £7m £5m £505m $16bn AUM not-yet-earning fees +5% Y-o-Y +11% excluding catch-up2 £197m FY19 FY20 FY21 FY22 FY23 Structured Private Real Credit FY24 and Debt Assets ~£117m Priva
Slide 16: Performance fees
Performance fees PERFORMANCE FEES OVER TIME 9% 16% 12% 4% 13% Average: c. 11% of total fee income £74m Performance fees remain a notable but relatively small portion of our fee income £56m £53m £24m £19m YoY increase in FY24 largely due to inaugural recognition of Europe VII and Alternative Credit F
Slide 17: Balance sheet: long-term earnings power
Balance sheet: long-term earnings power NET INVESTMENT RETURN ACTIVITY DURING THE PERIOD £379m 13% • NIR of £379m (13%) IC 11% earnings • PBT of £223m • £323m deployed alongside client2 Cash • £312m invested in seed investments generation1 • £774m received from realisations Five year average FY24 1
Slide 18: Generating operating leverage in our platform
Generating operating leverage in our platform FMC REVENUE FMC PBT 5-year CAGR: 19% £652m 5-year CAGR: 21% 57.4% £513m £540m +21% £375m £389m £341m £275m £311m £286m FY19 FY20 FY21 FY22 FY23 FY24 £202m 52.3% £183m FMC OPERATING EXPENSES £144m £278m 5-year CAGR: 12% £227m £229m £186m £158m £131m FY19
Slide 19: ICG today: a global firm with 19 locations
ICG today: a global firm with 19 locations Amsterdam Stockholm Copenhagen London Warsaw Toronto Paris Frankfurt San Francisco New York Madrid Milan Luxemburg Tokyo Dubai Pune Hong Kong FEE INCOME AUM BY CURRENCY1 Singapore Sydney EUR USD GBP Other Note: this slide includes locations of outsourced se
Slide 20: Valuable balance sheet
Valuable balance sheet BALANCE SHEET £4.2bn £4.2bn Substantial shareholder equity: £1.1bn available liquidity £0.6bn NAV per share of 801p Cash Shareholder equity £2.3bn Seed investments TERM DEBT PROFILE Credit 3.07% 3.3 years Balance sheet £3.1bn Structured and Private Equity investment Weighted-a
Slide 21: Using our capital to grow fee-earning AUM: seeding LP Secondaries
Using our capital to grow fee-earning AUM: seeding LP Secondaries CASH MOVEMENT £144m £5m Initial balance sheet Syndicated to LPs Transferred to fund Net ICG plc investment at cost seed commitments Remaining plc commitment to fund1 • Incentivise clients with co- • Develop track record investment opp
Slide 22: Extending our track record of profitable growth
Extending our track record of profitable growth SCALE TODAY Y-O-Y GROWTH FIVE-YEAR GROWTH1 $70bn 11% 2.2x Fee-earning AUM £505m 5% 2.6x Management fees £375m 21% 2.6x FMC PBT 801p 15% 1.6x NAV / SHARE 1 Compounded growth, FY19-FY24. PRIVATE AND CONFIDENTIAL Past performance is not a reliable indicat
Slide 23: Looking ahead: medium-term financial guidance
Looking ahead: medium-term financial guidance Fundraising • At least $55bn fundraising in aggregate between 1 April 2024 and 31 March 2028 1 FMC Operating • In excess of 52% margin Investment • Performance fees: to represent c. 10 – 15% of total fee income performance • Balance sheet investment port
Slide 24: Q&A
Q&A PRIVATE AND CONFIDENTIAL
Slide 25: Disclaimer
Disclaimer The materials made available to you by Intermediate Capital Group plc (“ICG plc") are intended only for informational purposes and convenient reference and may not be relied upon for any purpose. For the purposes of this notice, ‘materials' shall mean and include this document and, if rel