ICG plc · LSE:ICG
ICG — H1 FY27 Earnings Presentation
27 slides from ICG's earnings presentation, Nov 11, 2026
Slide 1: Results for six months to 30 September 2026
Results for six months to 30 September 2026 11 November 2026 All data as at 30 September 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.
Slide 2: CEO perspectives
CEO perspectives ICG’s focus on long-term investment performance is recognised by institutional clients Institutional capital is ever more selective, we are clearly a net beneficiary as a partner of choice We see substantial growth potential across our strategies and will continue to innovate where
Slide 3: Ten-year view: growing our business organically
Ten-year view: growing our business organically SCALE FEAUM1 Clients Countries $90bn >880 21 11 >250 $19bn H1 FY17 H1 FY27 H1 FY17 H1 FY27 H1 FY17 H1 FY27 QUALITY OF EARNINGS Blended management fee rate Management fees Fees from largest fund2 0.99% £725m 24% 0.88% 19% £110m H1 FY17 H1 FY27 LTM H1 FY
Slide 4: Fee-earning AUM growth through multiple macro events, underpinned by diversified fundraising
Fee-earning AUM growth through multiple macro events, underpinned by diversified fundraising Brexit US / China trade wars COVID Russia invades Ukraine “Liberation Day” Middle East war Rate rises Rate rises Inflation / deflation fears AI sell-off 10-year CAGR1: 17% $90bn 5-year CAGR1: 11% $19bn H1 FY
Slide 5: Today: broad, scaled, multiple drivers of growth
Today: broad, scaled, multiple drivers of growth L5Y FEAUM LTM Management Seeding Scaling Flagship CAGR1 fees 31% of FE AUM 69% of FE AUM Structured • Europe Mid-Market Capital 13% £329m • Life Sciences • APAC • Europe Private Equity Secondaries 25% £149m • LP Secondaries • Strategic Equity • Real E
Slide 6: Investment performance continues to be our north star
Investment performance continues to be our north star HOW WE DO THAT Investment committee culture Incentives Fund structures See Datapack for details on fund performance Past performance is not a reliable indicator of future results. 5
Slide 7: Seven funds raised at or above their target in the last 24 months
Seven funds raised at or above their target in the last 24 months Fund Final close1 vs. prior vintage EUROPE IX Structured Capital & Secondaries Largest ever c. 90 €13bn+ dedicated structured new LPs, and 77% of demand Europe IX €12.1bn +€4.0bn re-up rate capital fund globally2 Strategic Equity V $1
Slide 8: Investment landscape today favours diversified managers with a patient, disciplined approach
Investment landscape today favours diversified managers with a patient, disciplined approach MAINTAINING INVESTMENT DISCIPLINE Macro Corporates Deployment1 Significant uncertainty, wide Companies growing, capital H1 range of possible outcomes structures generally intact H2 L5Y average: $6.1bn $8.4
Slide 9: H1 FY27 continues our strategic progress and financial growth
H1 FY27 continues our strategic progress and financial growth STRATEGIC ASSETS UNDER MANAGEMENT FEAUM Dry powder Fundraising • Hired European Infrastructure Debt team, a fund launch expected FY281 $90bn $37bn $8bn +9% YoY2 $145bn AUM • Raising 2nd vintage of CLO equity vehicle, opens path H1 FY27 FI
Slide 10: ICG is in an exciting period of inflexion
ICG is in an exciting period of inflexion + + Investment Client franchise Financial position performance 9
Slide 11: Looking ahead
Looking ahead Fundraising over Focus on institutional Capital allocation next 12 months clients Actively fundraising Deepening LP relationships Cash-generative business and Flagship: robust capital structure • Senior Debt Partners 6 Expanding product offering to • Strategic Equity VI meet evolving c
Slide 12: Financial results
iCG Financial results
Slide 13: Financial performance over the last twelve months
Financial performance over the last twelve months LTM EARNINGS ASSET VALUE PER SHARE Fee-related Performance fee Balance sheet earnings (“FRE”) income portfolio FRE 131p LTM EARNINGS Performance fee 18p income £380m £53m £2.6bn ASSET VALUE +15% YoY Balance sheet 892p portfolio LTM group operating ca
Slide 14: Management fees and FRE
Management fees and FRE GROWING AND DIVERSIFYING MANAGEMENT FEES FEE-RELATED EARNINGS (“FRE”) LTM 5-year CAGR1: 18% LTM 5-year FRE per share CAGR1: 28% £380m £725m £350m H1 £685m LTM FRE per share H2 FRE margin (excl. catch-up) H1 H2 +12% +18% £374m £199m £334m £168m 47% 35% £181m £69m FY22 FY23 FY2
Slide 15: Performance fees and balance sheet return
Performance fees and balance sheet return PERFORMANCE FEES BALANCE SHEET RETURN PERFORMANCE FEE INCOME LTM H1 FY27 5Y average L5Y average of performance fee income as % total fee income: 12% H1 H2 £127m £72m one-off Net balance sheet transition gain P&L return 5.0% / £132m 8.6% / £241m LTM £53m Co-i
Slide 16: Balance sheet portfolio grows management fees while reducing capital intensity
Balance sheet portfolio grows management fees while reducing capital intensity Value at Expected future Net cash generation H1 FY27 capital intensity In or alongside funds £478m Anchors fundraising to demonstrate alignment with £2.0bn LPs and grow management fees £279m £291m Co-investment portfolio
Slide 17: In practice: growing management fees, reducing capital intensity
In practice: growing management fees, reducing capital intensity Fund Final close vs. prior vintage Annualised total management fee potential1 Structured Capital & Secondaries £463m Europe IX €12.1bn +€4.0bn Strategic Equity V $11.0bn +$5.7bn £238m Mid-Market II €3.0bn +€2.0bn Real Assets Prior vint
Slide 18: The business generates significant cash
The business generates significant cash GROUP OPERATING CASHFLOW NET (DEBT) REDUCED TO £93M DURING H1 FY27 H1 Operating cashflow H2 £219m £861m LTM £613m £467m £(93)m £(113)m £219m Opening FRE-related PRE Balance sheet Tax & Other Dividends EBT Others Closing £111m portfolio operating FY22 FY23 FY24
Slide 19: Robust capitalisation to invest and grow through cycles
Robust capitalisation to invest and grow through cycles Target capital structure: zero net financial debt over the medium term Net financial debt Total available liquidity £93m £1,431m Credit ratings Uncalled commitments to funds in their investment period BBB+ Stable (Fitch) £995m BBB+ Stable (S&P)
Slide 20: Five-year view: transformational financial progress
Five-year view: transformational financial progress Growing FRE Generating cash Strengthening balance sheet £380m £1,097m £3bn cumulative operating cash flow £112m since H1 FY22 £93m LTM H1 FY22 LTM H1 FY27 H1 FY22 H1 FY27 Balance sheet portfolio has remained constant size over the period H1 FY22: £
Slide 21: Progressive dividend, investing for growth, returning excess capital to shareholders
Progressive dividend, investing for growth, returning excess capital to shareholders MAINTAINING PROGRESSIVE DIVIDEND POLICY ALLOCATING EXCESS CAPITAL £1.3bn dividends paid since FY22 Long-term growth in FRE per share Further organic or Return capital to inorganic growth shareholders +5% 29.0p Reduc
Slide 22: Clear framework for generating shareholder value
Clear framework for generating shareholder value Deepen and broaden Invest well Execute efficiently client relationships Grow FEAUM Grow management fees Grow FRE per share Opportunity to further 5Y CAGR 5Y CAGR 5Y CAGR enhance through capital allocation decisions 11% 18% 28% Performance fees Balance
Slide 23: Q&A
Q&A
Slide 24: Appendix
iCG Appendix
Slide 25: Our medium-term financial guidance
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 total between 1 April 2024 and (excluding catch-up fees) fee income 31 March 2028 $48bn +12pp 12% rais
Slide 26: Our client franchise counts almost 900 clients worldwide
Our client franchise counts almost 900 clients worldwide DIVERSIFICATION 3% 5% 4% 9% 4% 20% 5% 7% 47% 39% Geography Type Diversification 11% 11% 70% 16% 16% 33% 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
Slide 27: Important Notice
Important Notice The materials made available to you by 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 relevant, any oral presentation,