Slide 1: Results for twelve months to 31 March 2025
Results for twelve months to 31 March 2025 21 May 2025 All data as at 31 March 2025 and on an APM basis unless otherwise stated; see RNS for more details
Slide 2: Key messages today
Key messages today ▪ Milestone year for ICG, delivering on our ambition of breadth at scale and enhancing competitive position ▪ $24bn of capital raised, securing fundraising cycle and underpinning near-term financial performance ▪ Reinforced leading positions in GP-led secondaries and European Dire
Slide 3: FY25 in summary
FY25 in summary BUSINESS ACTIVITY ASSETS UNDER MANAGEMENT AUM Fee-earning AUM Dry powder and • Scaling up: four final closes above size of prior vintage1 AUM not yet earning fees • Scaling out: Infra II already exceeds size of previous vintage; launched Infra Asia and evergreen LP secondaries2 Dry p
Slide 4: Offering clients and shareholders breadth at scale
Offering clients and shareholders breadth at scale POSITIONED FOR FURTHER FUTURE GROWTH FY15 FY20 TODAY +5.5x $112bn Scale AUM Large addressable $49bn $20bn market for future growth +3.9x 793 TODAY # institutional 439 clients 202 Breadth 2020 +8.7x £604m 2014 Management fees £254m 1 £69m Past perfor
Slide 5: Attractive waterfront of strategies with multiple levers of growth
Attractive waterfront of strategies with multiple levers of growth Structured Capital and Secondaries Debt Private Equity Secondaries Structured Capital 46% 42% Private Debt Credit +2.7x +2.2x $30bn $28bn +6.1x $23bn $112bn +1.2x $18bn AUM FY20 FY25 FY20 FY25 12% FY20 FY25 FY20 FY25 Real Assets +2.3
Slide 6: Enabling us to raise more capital from more clients into larger funds
Enabling us to raise more capital from more clients into larger funds Structured Capital and Secondaries Real Assets Debt PE Secondaries Structured Capital Private Debt +1.9x +2.1x €15.3bn $11.0bn Still +3.0x fundraising €3.0bn €2.0bn +1.4x $1.9bn €1.5bn €8.1bn $1.4bn $5.3bn €1.0bn SE IV SE V Mid-Ma
Slide 7: $24bn raised secures fundraising cycle and underpins near-term financial performance
$24bn raised secures fundraising cycle and underpins near-term financial performance $24bn Structured Capital and Secondaries $23bn FY25 FUNDRAISING2 Debt £604m 16% Real Assets 31% Americas Management fees single largest Geography2 contributor 18% $13bn 35% $11bn EMEA (excl. UK and Ireland) $11bn $1
Slide 8: Structured Capital and Secondaries drove deployment
Structured Capital and Secondaries drove deployment DEPLOYMENT REALISATIONS Structured Capital and Secondaries Structured Capital and Secondaries Debt $17.5bn Debt Real Assets Real Assets $15.0bn Supporting focus on DPI $10.5bn L4Y average $10.1bn $8.9bn $7.7bn $7.2bn $6.4bn $4.6bn $5.3bn L4Y averag
Slide 9: Looking ahead: continuing to deliver
Looking ahead: continuing to deliver Investment Strategies and products Clients performance US, Insurance, IRR and DPI Secondaries, Real Assets Evergreens, Multi-strategy client experience across the board, always mandates “In future years, when we look back on today’s environment, I am confident we
Slide 10: Financial results
iCG Financial results
Slide 11: Strong financial performance
Strong financial performance $75bn £690m Fee-earning AUM +8%1 YoY Fee income +19% YoY £518m £461m Operating cashflow +44% YoY FMC PBT +23% YoY Past performance is not a reliable indicator of future results 10 1 Constant currency.
Slide 12: Re-confirming medium-term guidance
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 investment portf
Slide 13: Fee-earning AUM of $75bn
Fee-earning AUM of $75bn FEE-EARNING AUM AUM NOT YET EARNING FEES Structured Capital and Secondaries Debt Real Assets $9bn $20bn 5-year CAGR: 14% AUM not yet earning fees $11bn $75bn $(12)bn $70bn $(2)bn $(1)bn +8%1 $39bn ~£140m Potential annual management fees2 FY20 FY21 FY22 FY23 FY24 Fundraising
Slide 14: Revenue growth driven by management fees
Revenue growth driven by management fees MANAGEMENT FEES PERFORMANCE FEES Long-duration, visible and recurring management fees £86m £74m 0.97% +19% £604m 5-year CAGR: 19% £505m £24m FY20 FY21 FY22 FY23 FY24 FY25 Recognised Realised TOTAL BALANCE SHEET RETURN1 £254m £426m Average: £362m £241m £91m FY
Slide 15: Profitably scaling our business
Profitably scaling our business GROUP OPERATING EXPENSES FTE +15% +12% +11% +9% +8% 5-year CAGR: 12% +4% 686 £391m 637 £378m CSG1 582 525 470 CBS1 408 £226m CSG1 CBS1 Staff costs Inv. teams Inv. teams FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 Past performance is not a reliable indi
Slide 16: Delivering profitable growth
Delivering profitable growth FMC PBT GROUP PBT 60.2% FMC IC +23% £461m 5-year CAGR: 20% 5-year CAGR: 37% £598m £375m £532m 53.6% £183m £111m FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 FMC op. margin Past performance is not a reliable indicator of future results 15
Slide 17: Generating significant cash and a robust balance sheet
Generating significant cash and a robust balance sheet CASH GENERATION VALUABLE AND ROBUST BALANCE SHEET Balance sheet investment portfolio £518m £3,028m Group operating cashflow +44% YoY £253m Total available liquidity £60m £1,098m £596m £(391)m Net financial debt £629m Net gearing £(311)m 0.25x £6
Slide 18: Using our balance sheet efficiently as we grow
Using our balance sheet efficiently as we grow Scaling client offering Optimising ICG plc co-investments SE IV SE V LP Secondaries $200m $100m New strategies 1% 4% of total fund of total fund Asia-Pacific Infrastructure Mid-Market I Mid-Market II €100m €57m 10% 2% of total fund of total fund New pro
Slide 19: Looking ahead: allocating capital to maximise long-term shareholder value
Looking ahead: allocating capital to maximise long-term shareholder value LAST 5 YEARS CAPITAL ALLOCATION TOOLKIT Distributed to shareholders Maintain a robust and appropriately capitalised balance sheet Retained in the business Progressive dividend £2.2bn Enabling Capital generated since March 2020
Slide 20: Q&A
Q&A
Slide 21: 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,