Slide 1: Results for twelve months to 31 March 2026
Results for twelve months to 31 March 2026 21 May 2026 All data as at 31 March 2026 and on an APM basis unless otherwise stated; see RNS for more details This material is for discussion purposes only and does not constitute an offer or solicitation to invest in any ICG product or strategy. FOR INSTI
Slide 2: CEO perspectives
CEO perspectives ▪ Investment performance drives long-term growth Focus on returns and cash realisations (DPI) aligned with client priorities ▪ Gaining market share Fund sizes growing quicker than market; six funds in last 24 months closed at or above target ▪ Broadening our platform Real Estate, LP
Slide 3: Executing on our strategy
Executing on our strategy We aim to be a leader in alternative asset management by scaling up existing strategies and products; by scaling out into new areas where we see meaningful client demand and attractive investment opportunities; and by investing in our platform to meet the needs of our inves
Slide 4: FY26 highlights
FY26 highlights STRATEGIC ASSETS UNDER MANAGEMENT FEAUM Dry powder Fundraising • Two final closes above target for European $87bn $36bn $17bn Infrastructure II and Metropolitan II (Real Estate +11% YoY1 Equity) $126bn AUM • Europe IX already larger than Europe VIII; launched LPS II FINANCIAL PERFORM
Slide 5: Fundraising of $17bn exceeded our expectations
Fundraising of $17bn exceeded our expectations FY26 FUNDRAISING BY STRATEGY Best Real Assets 34% fundraising on record from North America Other scaling strategies Europe IX Best Scaling 30% fundraising on record cross-selling2 LPS II $17bn Six funds in last 24 months have closed at or above target M
Slide 6: Disciplined investment cadence across the firm
Disciplined investment cadence across the firm DEPLOYMENT4 REALISATIONS4 Structured Capital and Secondaries Structured Capital and Secondaries Real Assets Real Assets $17.5bn Debt Debt $15.0bn $14.1bn $8.9bn L5Y average: $11.6bn $6.8bn $10.5bn $6.4bn L5Y average: $5.7bn $7.7bn $5.3bn $7.2bn $4.6bn $
Slide 7: Higher-return strategies extending track record of market-leading DPI
Higher-return strategies extending track record of market-leading DPI SIGNIFICANT DISTRIBUTION IN-YEAR DPI OF SELECTED STRATEGIES Structured Capital EUROPE VI (2015) EUROPE VII (2018) EUROPE MID-MARKET I (2019) 205% 73% 171% 133% 130% 83% 42% 7% 24% FY23 FY26 Market 6 FY23 FY26 Market 6 FY23 7 FY26
Slide 8: Debt strategies performing strongly
Debt strategies performing strongly Direct Lending (Senior Debt Partners) CLOs • 100% senior secured lending supporting profitable through cashflow-based loans (no ARR-type lending) • CLO dividends continue to be received in line with historical experience • Average leverage ~5.2x, average interest
Slide 9: Gaining market share across flagship and scaling strategies
Gaining market share across flagship and scaling strategies Europe VIII Strategic Equity V SDP 5 1.8x 2.1x 1.7x 1.5x Flagship9 1.3x 1.3x Upsize vs. previous Market AUM growth Upsize vs. previous Market AUM growth Upsize vs. previous Market AUM growth vintage vintage vintage Europe Mid-Market II Infr
Slide 10: Institutional investors want to grow allocations with the right managers
Institutional investors want to grow allocations with the right managers “Private markets continue to play an expanding role in institutional portfolios. Most institutions plan to increase exposure meaningfully, with larger allocations becoming more common across investor types.”10 WHAT MATTERS Perf
Slide 11: Conviction in what it takes for us to succeed
Conviction in what it takes for us to succeed 1 LOOKING AHEAD Investment Why clients invest, returns, always and invest again Reinforce positioning with institutional clients 2 Differentiated Clients pay for investment Continue to make scaling strategies increasingly meaningful performance strategie
Slide 12: Financial results
iCG Financial results
Slide 13: Organically growing, diversifying FEAUM, expanding management fee rate
Organically growing, diversifying FEAUM, expanding management fee rate Differentiated investment strategies in Mix-effect expanding Organically growing fee-earning AUM large and growing asset classes management fee margin L5Y GROWTH11 1.9x +13bps Structured Capital +2.7x $87bn 0.98% Private Equity S
Slide 14: Evolving our financial presentation
Evolving our financial presentation See page 82 of the RNS for reconciliation to previous reporting Three distinct, related attributes of value FRE • Management fees less Group cash operating expenses Earnings Performance fee income • Performance fees, no costs associated Earnings Balance sheet port
Slide 15: Updating our medium-term financial guidance
Updating our medium-term financial guidance Growth Profitability Performance fee income • Fundraising of at least • Performance fee income to $55bn in aggregate • FRE margin expansion represent c. 10-20% of between 1 April 2024 and (excluding catch-up fees) total fee income12 31 March 2028 $40bn +14
Slide 16: FY26 financial performance
FY26 financial performance Earnings Asset value Per share14 Fee-related Performance Balance sheet earnings (“FRE”) fee income portfolio FRE 120p Earnings £350m £127m £2.6bn Performance 44p fee income +23% YoY13 Balance sheet 883p portfolio Asset value Group operating cashflow: £861m FY25: £533m Net
Slide 17: Fee-earning AUM growing through multiple macro shocks
Fee-earning AUM growing through multiple macro shocks FEE-EARNING AUM IN THE LAST 10 YEARS AUM NOT YET EARNING FEES US / China trade Russia invades “Liberation Middle Brexit COVID East war wars Ukraine Day” Rate rises $19bn AUM not yet 10-year CAGR: 17%15 Inflation / deflation earning fees $87bn fea
Slide 18: Management fees and FRE
Management fees and FRE GROWING AND DIVERSIFYING MANAGEMENT FEES FEE-RELATED EARNINGS (“FRE”) 5-year CAGR: 20% 5-year CAGR: 30% +13% £685m FRE per share Structured Capital FRE margin (excl. catch-up) PE Secondaries Catch-up fees Real Assets (assuming 100% flow through to FRE) +23% Private debt £350m
Slide 19: Performance fees
Performance fees PERFORMANCE FEE INCOME PERFORMANCE FEE BALANCE SHEET ACCRUAL £55m £127m L5Y average of performance fee income as % total fee income17: 10% £74m £86m £53m £56m £72m £20m £5m £145m FY21 FY22 FY23 FY24 FY25 FY26 £(96)m £108m REALISED PERFORMANCE FEES £96m £75m £60m £32m £26m £6m FY25 T
Slide 20: Balance sheet portfolio
Balance sheet portfolio BALANCE SHEET PORTFOLIO Net balance sheet return OPTIMISING CO-INVESTMENT ACROSS VINTAGES FY26: 5% 5Y average: 10% Structured Capital £2.8bn £2.9bn £2.9bn [ ]% of total fund £2.5bn £2.7bn £2.6bn €500m €415m €100m 11% €57m 5% 10% 2% Europe VII Europe VIII Mid-Market I Mid-Mark
Slide 21: Strong group operating cashflow
Strong group operating cashflow GROUP OPERATING CASHFLOW FY25 FY26 £861m FRE-related £299m £325m cashflow £533m Performance £60m £96m fees £424m £393m £367m Net cash flows from £240m £533m balance sheet portfolio £86m Tax and other £(66)m £(93)m FY21 FY22 FY23 FY24 FY25 FY26 Past performance is not
Slide 22: Robust capital structure provides strategic flexibility
Robust capital structure provides strategic flexibility Total available liquidity £1.5bn Net financial debt £113m Uncalled commitments to funds in their investment period18 £832m Credit ratings BBB+ Stable (Fitch) Upgraded during FY26 BBB+ Stable (S&P) Stock-based compensation neutralized through on
Slide 23: Looking ahead: allocating capital to maximise long-term shareholder value
Looking ahead: allocating capital to maximise long-term shareholder value CAPITAL ALLOCATION PRIORITIES ORDINARY DIVIDEND PER SHARE 1 Progressive dividend 2 Reach zero net debt CAGR: 11% +5% 87p 3 Further opportunities to: Optimise co- investments Return Long-term Seed and capital to growth in scale
Slide 24: Q&A
Q&A
Slide 25: Appendix
iCG Appendix
Slide 26: Large, blue-chip client franchise
Large, blue-chip client franchise 19 DIVERSIFICATION 3% 7% 9% 3% 22% 4% 8% 46% 40% 4% Geography Type Diversification 9% 11% 69% 16% 17% 32% Pension Insurance Top 1 Client AUM Top 2-5 Client AUM SWF Asset managers Top 6-10 Client AUM Top 11-20 Client AUM EMEA Americas APAC Wealth Endowment / Foundati
Slide 27: Historical financials under evolved disclosure
Historical financials under evolved disclosure £m FY21 FY22 FY23 FY24 FY25 FY26 Management fees 280.5 392.7 481.4 505.4 603.8 684.8 of which catch-up 1.5 14.3 30.6 4.6 61.8 51.4 FRE operating expenses (187.3) (230.6) (245.0) (281.6) (320.2) (335.3) FRE 93.2 162.1 236.4 223.8 283.6 349.5 FRE margin 3
Slide 28: End notes (1/2)
End notes (1/2) Page Footnote Reference 3 1 On a constant currency basis. Defined as an investor that made a commitment to a fund series that they have not previously invested in, but that was already ICG 4 2 client. Refers to FY26 fundraising. 4 3 By investor count. Source: ICG as of 31 March 2026.
Slide 29: End notes (2/2)
End notes (2/2) Page Footnote Reference 18 17 Excluding FY26 transition gain of £72m. Uncalled financials commitments to its investment funds and other vehicles as of FY26. Additional £634m uncalled commitments to 21 18 funds outside of their investment period. 25 19 Shown by % of third-party AUM, e
Slide 30: Notes
Notes Note 1 - Gross and Net performance Gross internal rates of returns (IRRs) are from date sold or valued using the actual investment cash flows, and excludes deductions for management fees and carried interest, each payable to ICG in respect of the aggregate performance of the Fund, and organiza
Slide 31: Important Notice
Important Notice For institutional/professional/accredited investors only. This document is being provided to you by the subsidiaries or affiliates of ICG Plc, "ICG”, and together with their respective directors, officers, employees, partners, members, shareholders, advisers and agents, as the conte
Slide 32: Important Notice
Important Notice For funds managed by US advisors. This document has been issued and approved for distribution where relevant by ICG LP Secondaries Associates I LLC, which is registered as an investment adviser under the US Investment Advisers Act 1940 and relies on the Form ADV of its affiliate, IC