Slide 1: Results for six months to 30 September 2024
Results for six months to 30 September 2024 13 November 2024 All data as at 30 September 2024 and on an APM basis unless otherwise stated; see RNS for more details
Slide 2: Benefiting from our differentiated client offering
Benefiting from our differentiated client offering Scaling up: reinforcing leading positions in flagship strategies $106bn AUM Scaling out: significantly progressing scaling strategies 743 clients Maintaining top quartile performance and DPI in a number of strategies1 +23% YoY management fee growth
Slide 3: Building the leading European senior direct lending platform
Building the leading European senior direct lending platform Building a track record Delivering returns STABLE PRICING AND RISK METRICS IN BIGGER, FOR CLIENTS FOR SHAREHOLDERS BETTER BUSINESSES 100% 10x 10% 90% 9x 80% 8x €419m 8% 185 13% £78m 14% 7x 70% transactions2 €342m 6x 60% 6% 5x 50% 4x 40% 3x
Slide 4: ICG investment activity in stark contrast to the broader market
ICG investment activity in stark contrast to the broader market Deployment Realisations Global PE deal value Global PE exit value +26% (26%) (8%) $1,647bn $12.4bn $1,010bn $1,511bn +9% $9.9bn $5.1bn $4.7bn $751bn 2020-2023 LTM 2020-2023 LTM 2020-2023 LTM 2020-2023 LTM Annual avg. Annual avg. Annual
Slide 5: Investment excellence underpins our client offering
Investment excellence underpins our client offering Flagship strategies Scaling strategies European Strategic Europe North American European Corporate Equity Mid-Market Credit Partners Infrastructure IRR Top decile1 Top quartile2 Top decile1 Top decile3 Top decile4 DPI Top decile1 Top quartile2 Top
Slide 6: Business performance
iCG Business performance
Slide 7: H1 FY25 in review
H1 FY25 in review ASSETS UNDER MANAGEMENT FINANCIAL OUTCOME AUM Fee-earning AUM Dry powder and AUM not yet earning fees Fee income FMC PBT NAV per share3 Dry powder: Management £287m $29bn fees 23% YoY $73bn £196m 788p $106bn AUM not yet earning 4% L6M fees: Performance 21% YoY 12% YoY £32m $19bn fe
Slide 8: Increasing transaction activity supported by our broad waterfront of products
Increasing transaction activity supported by our broad waterfront of products DEPLOYMENT REALISATIONS Structured and Private Equity Private Debt $7.9bn Real Assets $5.5bn $5.0bn L24M average $4.6bn $4.5bn $3.5bn $2.9bn $3.2bn $2.4bn L24M average $2.2bn $1.9bn $1.6bn Six months to Six months to Six m
Slide 9: Strong client demand
Strong client demand H1 FY25 FUNDRAISING $10.0bn 6% 34% Other 24% Geography1 NACP ($0.3bn) Infra Europe ($0.7bn) Number of clients +9% in the period (743 compared to 681 at FY24) Europe Mid-Market ($0.8bn) 36% EMEA (excl. UK and Ireland) Americas APAC UK and Ireland Strategic Equity ($2.1bn) Strateg
Slide 10: Looking ahead
Looking ahead Investment Pressure for DPI Client offering an performance benefits a relatively increasingly-clear underpins ability to small group of differentiator for all scale up and scale out managers ICG’s stakeholders 9
Slide 11: Financial results
iCG Financial results
Slide 12: Delivering growth across all key financial metrics
Delivering growth across all key financial metrics $73bn Fee-earning AUM up 4% compared to FY24 (5-year annualised growth of 15%1) £287m Management fees up 23% YoY, +10% LTM compared to FY24 LTM: £558m £196m FMC PBT up 21% YoY, +9% LTM compared to FY24 LTM: £408m 788p2 Balance sheet delivering long-
Slide 13: Fee-earning AUM of $73bn, up 4% over the period
Fee-earning AUM of $73bn, up 4% over the period FEE-EARNING AUM AUM NOT YET EARNING FEES 5-year CAGR: 15%1 Structured and Private Equity Private Debt Real Assets $4.1bn $19bn Credit $2.9bn $1.0bn AUM not yet earning fees $73bn $70bn $(5.0)bn $40bn ~£129m Potential annual management fees2 FY20 FY21 F
Slide 14: Growing fee income
Growing fee income MANAGEMENT FEE INCOME PERFORMANCE FEE INCOME 5-year CAGR: 20%1 LTM Average: c. 11% of total fee income £558m £505m +11% excluding catch-up fees LTM +23% £74m £76m H1 £287m H1 £234m +9% H1 H1 £32m £29m FY20 FY21 FY22 FY23 FY24 H1 FY25 FY20 FY21 FY22 FY23 FY24 H1 FY25 H1 H2 H1 H2 Dr
Slide 15: Balance sheet generates long-term earnings and cash
Balance sheet generates long-term earnings and cash NET INVESTMENT RETURN ACTIVITY DURING THE PERIOD 11% • NIR of £48m (3% annualised); LTM NIR of 9% Earnings 9% • IC PBT of £2m • Generated net cash of £66m 3% • Realisations: £436m Cash generation1 • Deployed alongside clients: £266m2 • Deployed in
Slide 16: Group operating expenses +8% year-on-year
Group operating expenses +8% year-on-year GROUP OPERATING EXPENSES FMC PBT + 21% YEAR-ON-YEAR, LTM + 9% COMPARED TO FY24 5-year CAGR: 13%1 5-year CAGR: 20%1 H1 FY25 FMC PBT margin: 55.3% LTM £393m LTM £378m £375m £408m £163m £196m FY20 FY21 FY22 FY23 FY24 H1 FY25 H1 H2 GROUP PBT 5-year CAGR: 17%1 LT
Slide 17: Capitalisation and liquidity
Capitalisation and liquidity BALANCE SHEET £0.9bn available liquidity £3.8bn £3.8bn NAV per share of 788p1 Cash £0.4bn Shareholder Seed investments £2.3bn equity TERM DEBT PROFILE Credit 2.89% 3.3 years Balance sheet Structured and investment £3.0bn Weighted-average Weighted-average Private Equity p
Slide 18: Extending our track record of profitable growth
Extending our track record of profitable growth SCALE TODAY Y-O-Y GROWTH1 FIVE-YEAR GROWTH2 $73bn 9%3 2.0x Fee-earning AUM £558m 23% 2.5x LTM management fees £408m 21% 2.5x LTM FMC PBT 788p4 12% 1.6x NAV / SHARE 1 YoY growth based on H1 FY25 vs. H1 FY24 figures. 2 Compounded growth, LTM data H1 FY20
Slide 19: Looking ahead: re-confirming medium-term guidance
Looking ahead: re-confirming medium-term guidance Fundraising • At least $55bn fundraising in aggregate between 1 April 2024 and 31 March 2028 1 FMC operating • In excess of 52% margin Long-term • Performance fees: to represent c. 10 – 15% of total fee income investment performance • Balance sheet i
Slide 20: Q&A
Q&A
Slide 21: Appendix
iCG Appendix
Slide 22: Large, blue-chip client franchise
Large, blue-chip client franchise 1 CLIENT NUMBER GROWTH DIVERSIFICATION 14% 25% 36% 30% 743 681 Geography Type 21% 4% 647 13% 15% 29% 13% EMEA (excl. UK and Ireland) Pension Insurance Americas Asset managers Family office APAC UK and Ireland Wealth Others 331 3% 9% 8% Diversification 12% 68% FY18 F
Slide 23: Notes
Notes Note 1 – Gross Performance SDP Gross internal rates of returns (IRRs) and other performance metrics are from date sold or valued using the actual investment cash flows, excluding deductions for the management fee, carried interest (where applicable), commissions and other charges, each payable
Slide 24: Important Notice
Important Notice 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,