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Final results for the financial year ended 31...
Final results for the financial year ended 31....
About this update from Icg Plc
[{"type":"text","content":"\n\n \n \n\n Final results for the financial year ended 31 March 2025 \n\n Delivering a milestone year for ICG Highlights AUM of $112bn; fee-earning AUM of $75bn, up 8% 1 compared to FY24 and five-year annualised growth of 14% 1 $24bn of fundraising, securing cycle and underpinning near-term financial performance Management fees of £604m, up 19% 2 compared to FY24 Performance fee income of £86m (FY24: £74m) Total Balance Sheet Return of £241m 3 Fund Management Company profit before tax of £461m, up 23% compared to FY24 Group profit before tax of £532m; NAV per share of 859p Operating cashflow of £518m, up 44% compared to FY24 (£359m) Total ordinary dividend per share for FY25 of 83p, 15 th consecutive annual increase Reiterating medium-term guidance Will seek shareholder approval at 2025 Annual General Meeting to change name to “ICG plc\" Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) - see page 3 . 1 On a constant currency basis. 2 +8% excluding catch-up fees. 3 Sum of NIR and CLO dividend received. Benoît Durteste CEO and CIO “ FY25 was a milestone year for ICG during which we made significant progress in delivering on our ambition to offer our clients and shareholders breadth at scale. We raised $24bn from our global client base. Fundraising highlights for the year include closing the world’s largest fund dedicated to GP-led secondaries (Strategic Equity V) and Europe's largest direct lending fundraising (SDP V), as well as having our largest ever vintage-to-vintage upsize (Europe Mid-Market II, 3x larger than the prior vintage). We have therefore secured this fundraising cycle and have anchored management fees and dry powder, materially underpinning our near-term financial performance. Today we have leading positions in structured capital, secondaries and debt, and have a real assets platform that is positioned for growth. Longer-term, ICG has clearly emerged as one of the few global alternative asset managers who are seeing their competitive position strengthened by today’s challenging market conditions. Strategically our track record, product offering, culture and people drive our relevance to clients and our ability to originate differentiated investment opportunities. Financially we are generating substantial earnings. These qualities position us well to deliver further long-term value for our clients and shareholders.\" PERFORMANCE OVERVIEW Unless stated otherwise, the financial results discussed herein are on the basis of alternative performance measures (APM), which the Board believes assists shareholders in assessing the financial performance of the Group. See page 3 for further information. AUM and fee-earning AUM The presentation of our AUM has evolved compared to FY24. We are now showing three verticals (Structured Capital and Secondaries, Real Assets, and Debt) and within that, five asset classes (Structured Capital, Private Equity Secondaries, Real Assets, Private Debt, and Credit). The composition of Structured Capital and Secondaries is the same as what was previously called Structured and Private Equity; Real Assets remains unchanged; and Debt combines what was previously called Private Debt and Credit. Year ended 31 March 2024 Year ended 31 March 2025 Year-on-year growth 1 Last five years CAGR 1,2 AUM $98.4bn $112.4bn 14% 18% Fee-earning AUM $69.7bn $75.1bn 8% 14% Structured Capital Private Equity Secondaries Structured Capital and Secondaries Real Assets Private Debt Credit Debt AUM $28.4bn $23.1bn $51.5bn $12.9bn $29.7bn $17.9bn $47.6bn Fee-earning AUM $19.6bn $16.5bn $36.1bn $7.7bn $13.5bn $17.8bn $31.3bn AUM not yet earning fees $2.3bn $1.6bn $3.9bn $1.2bn $14.7bn $0.3bn $15.0bn Note: AUM reported includes $0.4bn of seed investments that are not allocated to asset classes within this table. The bridge between Fee-earning AUM and AUM can be seen on page 6. Financial performance Year ended 31 March 2024 Year ended 31 March 2025 Year-on-year growth 1 Last five years CAGR 1,2,4 Management fee income £505.4m £603.8m 19% 19% Performance fee income £73.7m £86.2m 17% 30% Total Balance Sheet Return 3 £426.3m £240.8m (44) % 14% Fund Management Company profit before tax £374.5m £461.4m 23% 20% Group profit before tax £597.8m £532.2m (11) % 37% Dividend per share 79.0p 83.0p 5% 10% NAV per share 790p 859p 9% 14% 1 AUM on constant currency basis; 2 AUM and per share calculations based on 31 March 2020 to 31 March 2025. Dividend includes FY25 declared dividend; 3 Sum of NIR and CLO dividend received, see page 12. 4 Five year average for Net Investment Return and Total Balance Sheet Return. Business activity Year ended 31 March 2025 Fundraising Deployment 1 Realisations 1,2 Structured Capital and Secondaries $13.2bn $11.6bn $2.3bn Real Assets $2.3bn $2.4bn $1.4bn Debt 3 $8.2bn $3.5bn $5.2bn Total $23.7bn $17.5bn $8.9bn 1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only. Medium-term financial guidance reiterated Fundraising FMC Operating margin Investment performance Fundraising of at least $55bn in aggregate between 1 April 2024 and 31 March 2028 In excess of 52% Performance fees to represent c. 10 - 15% of total fee income Balance sheet investment portfolio to generate low double digit % returns COMPANY PRESENTATION A presentation for shareholders, debtholders and analysts will be held at 09:00 BST today: join via the link on our website . Alternatively, you can dial in using the following numbers and ask to be connected to the ICG meeting: All callers: +44 333 300 1418 United Kingdom (Toll-Free): 0808 143 3720 A recording and transcript of the presentation will be available on demand from the same location in the coming days. COMPANY TIMETABLE Ex-dividend date 12 June 2025 Record date 13 June 2025 Last date to elect for dividend reinvestment 11 July 2025 AGM and Q1 trading statement 16 July 2025 Payment of ordinary dividend 1 August 2025 Half year results announcement 13 November 2025 ENQUIRIES Shareholders & Debtholders / Analysts: Chris Hunt, Head of Corporate Development & Shareholder Relations, ICG +44(0)20 3545 2020 Media: Fiona Laffan, Global Head of Corporate Affairs, ICG +44(0)20 3545 1510 This results statement may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information. ABOUT ICG ICG (LSE: ICG) is a global alternative asset manager with $112bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn . *As at 31 March 2025. USE OF ALTERNATIVE PERFORMANCE MEASURES The Board and management monitor the financial performance of the Group on the basis of Alternative Performance Measures (APM), which are non-UK-adopted IAS measures. The APM form the basis of the financial results discussed in this review, which the Board believes assist shareholders in assessing their investment and the delivery of the Group’s strategy through its financial performance. The substantive difference between APM and UK-adopted IAS is the consolidation of funds, including seeded strategies, and related entities deemed to be controlled by the Group, which are included in the UK-adopted IAS consolidated financial statements at fair value but excluded for the APM in which the Group’s economic exposure to the assets is reported. Under IFRS 10, the Group is deemed to control (and therefore consolidate) entities where it can make significant decisions that can substantially affect the variable returns of investors. This has the impact of including the assets and liabilities of these entities in the consolidated statement of financial position and recognising the related income and expenses of these entities in the consolidated income statement. The Group’s profit before tax on a UK-adopted IAS basis was in-line with prior period at £530.5m (FY24: £530.8m). On the APM basis it was below the prior period at £532.2m (FY24: £597.8m). CHIEF EXECUTIVE OFFICER’S REVIEW ICG has accomplished a lot in the twelve months covered in this report. FY25 was a milestone year for us, both in terms of the results achieved and in securing visibility on future growth. We are delivering on our ambition of having breadth at scale, which is underpinned by our belief that clients are concentrating their resources on GPs with whom they can deploy significant amounts of capital into a range of private markets strategies, with top-tier investment performance. Managers such as ICG who are able to meet those demands are clearly benefiting and are seeing an increasing proportion of client business. As I reflect on the year, a number of highlights stand out: We attracted $24bn of client capital; We launched our first US evergreen strategy (Core Private Equity) and our first Asian Infrastructure fund; We opened offices in three new locations; and We made a number of important hires across our platform, in particular into our Client Solutions Group and key investment strategies. Our waterfront of products today enables our clients to access a number of attractive, large and growing private markets asset classes. We have organically built leading positions in structured capital, secondaries and debt, and have a real assets platform that is positioned for growth. This is reflected in our AUM, with Structured Capital and Secondaries accounting for ~46% , Real Assets for ~12% and Debt strategies account for ~42%. We are proud of the platform that this has created: Our flagship strategies (European Corporate, Strategic Equity and Senior Debt Partners) have leading positions in their markets Our scaling strategies (Mid-Market, Infrastructure, Real Assets, LP Secondaries and North America Credit Partners) are successfully attracting capital from clients and originating attractive investment opportunities As a result, in a challenging market environment we are raising more capital from more clients into more strategies. This is visible in our fundraising for FY25, where we attracted 122 new institutional clients and raised 35% of the capital from the Americas. We had a number of final closes during the year including: SDP V ($17bn 1 fund size, $4.9bn raised in FY25): the largest ever direct lending fund in Europe 2 SE V ($11bn 1 fund size, $5.8bn raised in FY25): the world’s largest GP-led secondaries fund focused on single asset continuation vehicles Europe Mid-Market II (€3bn 1 fund size, €1.3bn raised in FY25): ICG’s largest ever vintage-to-vintage upsize, 3x larger than Europe Mid-Market I NACP III ($1.9bn 1 fund size, $0.3bn raised in FY25): 50% increase in client capital compared to predecessor fund From a shareholder perspective, this breadth at scale results in increasingly large and diverse management fees, and significant operating leverage. Management fees have grown at an annualised rate of 19% in the last five years, and were £604m in FY25. Over the same time period, our group operating expenses grew at an annualised rate of 12%. Transaction levels in the buyout market remained subdued in the year. Against that backdrop, we saw deployment and realisations notably higher than our average over the prior four years. In part this is a reflection of our size, and in part due to the nature of our investment strategies. Structured Capital and Secondaries drove deployment 3 , accounting for $11.6bn out the total $17.5bn, while Real Assets enjoyed its largest ever year of deployment at $2.4bn. Realisations 3 were driven by Private Debt, which accounted for $5.2bn of the total $8.9bn. Competitive leveraged loan markets over the last 12 months along with subdued buyout levels have impacted the private debt landscape. We view this as a natural ebb-and-flow of the credit cycle, and it follows a very attractive period for direct lending in recent years. Looking ahead, FY26 has started with notably higher levels of volatility and uncertainty. In the face of this we can remain measured and thoughtful, but never complacent, as we reflect on our positioning as a firm. Our fundraising over the last twelve months has anchored our management fees and dry powder for this fundraising cycle; FY26 and potentially FY27 were always going to be low points in our fundraising cycle irrespective of the market environment. The current geopolitical environment may result in a meaningful long-term shift in economic policy and capital flows. In the short-term, transaction activity is likely to remain relatively low by historical standards, although debt strategies, structured capital and secondaries may be relative bright spots. We will remain very disciplined in our investment process, and are in the fortunate position that none of our strategies are under pressure to deploy capital. Taking a longer perspective, the range of possible outcomes is wide and I believe the best-positioned private markets managers are those who prioritise investment performance, have strong origination capabilities, and have a range of strategies across asset classes and geographies. We are proud of our European heritage and of our global presence. We manage capital on behalf of clients from Asia, America and Europe, and today approximately 25% of our capital is deployed in North America and 70% in Europe. Our global footprint combined with our focus on services-centric businesses and our breadth of differentiated investment strategies combine to make ICG an attractive proposition for clients seeking exposure to private markets and for portfolio companies seeking private capital. I therefore see significant opportunity to grow all our investment strategies in the coming years while maintaining strong investment performance. We are also actively exploring product innovations and other strategic opportunities to enhance our client offering and to generate attractive returns for our shareholders. Periods of volatility during our 36-year history have always served to prove our ability to raise, invest and deploy capital successfully. In future years, when we look back on today’s environment, I am confident we will be able to say that ICG emerged with its reputation enhanced, its client franchise strengthened, and its competitive positioning reinforced. Thank you for your continued support, Benoît Durteste 1 Refers to the total programme, including co-mingled fund, other associated vehicles such as SMAs and annex sidecar vehicles, and the GP and ICG plc commitments. 2 At time of closing. 3 See page 2. FINANCIAL REVIEW AUM and FY26 fundraising Refer to the Datapack for further detail on AUM (including fundraising, realisations and deployment). At 31 March 2025, AUM stood at $112bn and fee-earning AUM at $75bn. The bridge between AUM and fee-earning AUM is as follows: $m Structured Capital and Secondaries Real Assets Debt Seed investments Total Fee-earning AUM 36,086 7,711 31,330 — 75,127 AUM not yet earning fees 3,882 1,222 14,970 — 20,074 Fee-exempt AUM 9,073 3,487 1,314 — 13,874 Balance sheet investment portfolio 1 2,458 502 (57) 379 3,282 AUM 51,499 12,922 47,557 379 112,357 AUM is presented across three asset classes (previously four) with no change in measurement. 1 Includes elimination of CLO equity $630m (£488m) held by ICG already included within fee-earning AUM. At 31 March 2025 we had $32bn of AUM available to deploy in new investments (\"dry powder\"), of which $20bn was not yet earning fees. AUM of $112bn AUM ($m) Structured Capital and Secondaries Real Assets Debt Seed investments Total At 1 April 2024 40,872 10,815 46,246 499 98,432 Fundraising 13,247 2,256 8,149 — 23,652 Other additions 939 1,088 349 — 2,376 Realisations (2,836) (831) (6,715) — (10,382) Market and other movements (899) (401) (456) — (1,756) Balance sheet movement 176 (5) (16) (120) 35 At 31 March 2025 51,499 12,922 47,557 379 112,357 Change $m 10,627 2,107 1,311 (120) 13,925 Change % 26% 19% 3% n/m 14% Change % (constant exchange rate) 26% 18% 3% n/m 14% Fee-earning AUM of $75bn Fee-earning AUM ($m) Structured Capital and Secondaries Real Assets Debt Total At 1 April 2024 28,334 7,733 33,591 69,658 Funds raised: fees on committed capital 9,868 1,336 — 11,204 Deployment of funds: fees on invested capital 2,114 581 6,432 9,127 Total additions 11,982 1,917 6,432 20,331 Realisations (2,276) (1,407) (8,540) (12,223) Net additions / (realisations) 9,706 510 (2,108) 8,108 Stepdowns (1,795) (218) — (2,013) FX and other (159) (314) (153) (626) At 31 March 2025 36,086 7,711 31,330 75,127 Change $m 7,752 (22) (2,261) 5,469 Change % 27% —% (7) % 8% Change % (constant exchange rate) 27% (2%) (7) % 8% See page 17 for FX exposure of fee-earning AUM, fee income, FMC expenses and Balance sheet investment portfolio. FY26 fundraising At 31 March 2025, closed-end funds and associated SMAs that were actively fundraising included Europe IX; European Infrastructure II; and various other strategies. We expect to hold the final close for European Infrastructure II by June 2025. We anticipate launching LP Secondaries II during FY26. The timings of launches and closes depend on a number of factors, including the prevailing market conditions. Group financial performance £m unless stated Year ended 31 March 2024 Year ended 31 March 2025 Change % Management fees 505.4 603.8 19% of which catch-up fees 4.6 61.8 n/m Performance fees 73.7 86.2 17% Third-party fee income 579.1 690.0 19% Other Fund Management Company income 72.9 76.0 4% Fund Management Company revenue 652.0 766.0 17% Fund Management Company operating expenses (277.5) (304.6) 10% Fund Management Company profit before tax 374.5 461.4 23% Fund Management Company operating margin 57.4% 60.2% 3% Net investment return 379.3 192.5 (49) % Other Investment Company Income (31.3) (14.6) (53) % Investment Company operating expenses (100.4) (86.7) (14) % Interest income 21.5 19.2 (11) % Interest expense (45.8) (39.6) (14) % Investment Company profit before tax 223.3 70.8 (68) % Group profit before tax 597.8 532.2 (11) % Tax (78.5) (79.8) 2% Group profit after tax 519.3 452.4 (13) % Earnings per share 181.5p 157.5p (13) % Dividend per share 79.0p 83.0p 5% Group operating cash flow 359.0 518.0 44% Total available liquidity £1.1bn £1.1bn (2) % Balance sheet investment portfolio £3.1bn £3.0bn (1) % Total Balance Sheet Return £426.3m £240.8m (44) % Net gearing 0.38x 0.25x (0.13)x Net asset value per share 1 790p 859p 9% 1 The number of shares used to calculate NAV per share has been adjusted to include shares held in the EBT, to reflect how the Group uses the EBT to neutralise the impact of share-based payments (a different basis to Group earnings per share). See page 15 for details. Prior period NAV per share figures have been adjusted to reflect this methodology. Structured Capital and Secondaries Overview Seeding strategies Scaling strategies Flagship strategies Life Sciences European Mid-Market Asia Pacific Corporate LP Secondaries Core Private Equity European Corporate Strategic Equity Year ended 31 March 2024 Year ended 31 March 2025 Year-on-year growth 1 Last five years CAGR 1,2,5 AUM $40.9bn $51.5bn 26% 29% Structured Capital $22.7bn $28.4bn 25% 22% Private Equity Secondaries $18.2bn $23.1bn 27% 43% Fee-earning AUM $28.3bn $36.1bn 27% 24% Structured Capital $16.2bn $19.6bn 20% 17% Private Equity Secondaries $12.1bn $16.5bn 36% 36% Fundraising $5.4bn $13.2bn n/m Deployment $1.7bn $11.6bn n/m Realisations 3 $0.8bn $2.3bn n/m Effective management fee rate 1.24% 1.25% +1bps Management fees £284m £366m 29% 22% Performance fees £53m £84m 59% 28% Balance sheet investment portfolio £1.8bn £1.9bn Total Balance Sheet Return 4 £232.5m £151.8m 16% 1 AUM on constant currency basis. 2 AUM calculation based on 31 March 2020 to 31 March 2025. 3. Realisations of Fee-earning AUM. 4. NIR, including CLO dividends for Debt. 5. Five year average for Total Balance Sheet Return. Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements. Performance of key funds Refer to the Datapack issued with this announcement for further detail on fund performance Vintage Total fund size 1 Status % deployed Gross MOIC Gross IRR DPI Structured Capital Europe VI 2015 €3.0bn Realising 2.2x 23% 191% Europe VII 2018 €4.5bn Realising 2.0x 18% 67% Europe VIII 2021 €8.1bn Realising 1.3x 16% 11% Europe IX Fundraising Europe Mid-Market I 2019 €1.0bn Realising 1.7x 25% 47% Europe Mid-Market II 2023 €2.6bn Investing 35% 1.1x 25% — Asia Pacific III 2014 $0.7bn Realising 2.2x 18% 102% Asia Pacific IV 2020 $1.1bn Investing 76% 1.3x 13% 1% Private Equity Secondaries Strategic Secondaries II 2016 $1.1bn Realising 3.0x 46% 200% Strategic Equity III 2018 $1.8bn Realising 2.7x 34% 76% Strategic Equity IV 2021 $4.3bn Realising 1.5x 22% 3% Strategic Equity V 2023 $7.7bn Investing 39% 2.9x >100% — LP Secondaries I 2022 $0.8bn Investing 91% 2.3x 60% 31% 1 Refers to commingled fund size Key drivers Business activity Fundraising : European Corporate ($6.0bn), Strategic Equity ($5.8bn), Mid Market II ($1.4bn) Deployment : Mostly driven by European Corporate ($6.4bn) and Strategic Equity ($3.7bn) Realisations : European Corporate ($1.4bn), Strategic Equity ($0.7bn) Fee income Management fees : Increase largely driven by strong fundraising in Strategic Equity and Mid-Market. Catch-up fees of £49m (FY24: £3.7m), driven by Strategic Equity and Mid-Market Performance fees : Additional revenue accrued for Europe VII as it moved closer to its hurdle date Balance sheet investment portfolio Return largely driven by European Corporate Fund performance Year-on-year growth across key funds Real Assets Overview Seeding strategies Scaling strategies Flagship strategies - European Infrastructure Asia-Pacific Infrastructure Real Estate Equity Europe Real Estate Debt - Year ended 31 March 2024 Year ended 31 March 2025 Year-on-year growth 1 Last five years CAGR 1, 2, 5 AUM $10.8bn $12.9bn 18% 18% Fee-earning AUM $7.7bn $7.7bn (2) % 14% Fundraising $1.0bn $2.3bn n/m Deployment $2.2bn $2.4bn 9% Realisations 3 $0.9bn $1.4bn 56% Effective management fee rate 0.94% 0.97% +3bps Management fees £56m £77m 36% 25% Performance fees — — Balance sheet investment portfolio £0.4bn £0.4bn Total Balance Sheet Return 4 £44.2m £30.0m 8% 1 AUM on constant currency basis. 2 AUM calculation based on 31 March 2020 to 31 March 2025. 3. Realisations of Fee-earning AUM. 4. NIR, including CLO dividends for Debt. 5. Five year average for Total Balance Sheet Return. Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements. Performance of key funds Refer to the Datapack issued with this announcement for further detail on fund performance Vintage Total fund size 1 Status % deployed Gross MOIC Gross IRR DPI Real Estate Partnership Capital IV 2015 £1.0bn Realising 1.1x 4% 98% Real Estate Partnership Capital V 2018 £0.9bn Realising 1.2x 7% 50% Real Estate Partnership Capital VI 2021 £0.6bn Investing 83% 1.2x 10% 10% Real Estate Debt Fund VII Fundraising European Infra I 2020 €1.5bn Realising 1.5x 21% 57% European Infra II Fundraising Infrastructure Asia Fundraising Metropolitan II Fundraising Strategic Real Estate I 2019 €1.2bn Realising 1.2x 7% 6% Strategic Real Estate II 2022 €0.7bn Investing 70% 1.1x 9% — 1 Refers to commingled fund size. Key drivers Business activity Fundraising : Real Estate equity and debt strategies ($0.7bn) and Infrastructure Europe ($1.4bn) Deployment : Real Estate equity and debt strategies ($1.9bn), Infrastructure Europe ($0.5bn) Realisations : Real Estate equity and debt strategies ($1.1bn), Infrastructure Europe ($0.3bn) Fee income Management fees : Increase largely driven by strong fundraising in European Infrastructure including catch-up fees of £9m (FY24: £0m) Performance fees : No performance fees due to early stage of key carry-eligible funds Balance sheet investment portfolio Return mainly driven by Infrastructure Equity, positive NIR in Real Estate Equity as well while Real Estate Debt is flat YoY Fund performance European Infrastructure saw strong value creation in the year, other strategies broadly flat Debt Overview Seeding strategies Scaling strategies Flagship strategies - North American Credit Partners (\"NACP\") Australian Loans Liquid Credit Senior Debt Partners (\"SDP\") CLOs Year ended 31 March 2024 Year ended 31 March 2025 Year-on-year growth 1 Last five years CAGR 1,2,5 AUM $46.2bn $47.6bn 3% 10% Private Debt $28.3bn $29.7bn 5% 17% Credit $17.9bn $17.9bn (1) % 3% Fee-earning AUM $33.6bn $31.3bn (7) % 7% Private Debt $15.9bn $13.5bn (15) % 11% Credit $17.7bn $17.8bn —% 5% Fundraising $6.6bn $8.2bn 23% Deployment $3.8bn $3.5bn (8) % Realisations 3 $4.3bn $8.5bn n/m Effective management fee rate 0.65% 0.64% (1)bps Management fees £165m £161m (3) % 12% Performance fees £21m £2m n/m 28% Balance sheet investment portfolio £0.4bn £0.4bn Total Balance Sheet Return 4 £57.9m £27.7m 9% 1 AUM on constant currency basis. 2 AUM calculation based on 31 March 2020 to 31 March 2025. 3. Realisations of Fee-earning AUM. 4. NIR, including CLO dividends for Debt. 5. Five year average for Total Balance Sheet Return. Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements. Performance of key funds Refer to the Datapack issued with this announcement for further detail on fund performance Vintage Total fund size 1 Status % deployed Gross MOIC Gross IRR DPI Private Debt Senior Debt Partners II 2015 €1.5bn Realising 1.3x 8% 100% Senior Debt Partners III 2017 €2.6bn Realising 1.2x 6% 66% Senior Debt Partners IV 2020 €5.0bn Realising 1.2x 11% 44% Senior Debt Partners V 2022 €7.3bn Investing 49% 1.1x 17% 5% North American Private Debt I 2014 $0.8bn Realising 1.5x 16% 136% North American Private Debt II 2019 $1.4bn Realising 1.4x 12% 73% North America Credit Partners III 2023 $1.9bn Investing 30% 1.1x 19% — 1 Refers to commingled fund size. Key drivers Business activity Fundraising : SDP ($4.9bn) and NACP ($0.3bn); CLOs ($1.8bn) and Liquid Credit ($1.0bn) Deployment : SDP ($2.7bn) and NACP ($0.4bn) Realisations : SDP($4.7bn) and NACP ($0.3bn); CLOs ($2.8bn) and Liquid Credit ($ 0.5bn) Net realisations of $2.1bn within Debt drove a reduction in FEAUM for the asset class Fee income Management fees : Lower than prior year owing to a reduction in FEAUM due to net realisation activity in SDP Performance fees : FY24 benefited from performance fees in Alternative Credit (£13m), which are earned every three years Balance sheet investment portfolio Includes the impact of the Group moving to a third-party valuer for its CLO equity during Q3, bringing the approach in line with wider market practice. Net effect of the assumptions applied by the third-party valuer increased the value of the CLO equity held on the balance sheet by £20m compared to the assumptions applied by the Company at 31 March 2024 1 Fund performance Year-on-year growth across key funds 1 Further details of assumptions applied and sensitivities of the CLO equity valuation to these assumptions can be found in note 5 (IFRS) and in the Datapack (APM). Fund Management Company The Fund Management Company (FMC) is the Group’s principal driver of long-term profit growth. It manages our third-party AUM, which it invests on behalf of the Group’s clients. Management fees Management fees for the period totalled £603.8m (FY24: £505.4m), a year-on-year increase of 19% (8% excluding the impact of catch-up fees of £61.8m in FY25 and £4.6m in FY24). On a constant currency basis management fees increased 22% year-on-year. The effective management fee rate on our fee-earning AUM at the period end was 0.97% (FY24: 0.92%). Performance fees Performance fees recognised for the year totalled £86.2m (FY24: £73.7m). The year-on-year increase was largely due to additional revenue accrued for Europe VII as it moved closer to its hurdle date. During the period the Group received realised performance fees of £60.3m and at 31 March 2025 had accrued performance fees receivable on its balance sheet of £108.4m (31 March 2024: £83.7m): £m Accrued performance fees at 31 March 2024 83.7 Accruals during period 86.2 Received during period (60.3) FX and other movements (1.2) Accrued performance fees at 31 March 2025 108.4 Other income Other income comprises dividend receipts of £48.3m (FY24: £47.0m) from investments on the balance sheet in CLO equity; an intercompany fee of £24.6m for managing the IC balance sheet investment portfolio (FY24: £25.0m); and other income of £2.8m (FY24: £0.9m). Operating expenses and margin FMC operating expenses totalled £304.6m, an increase of 10% compared to FY24 (£277.5m) £m Year ended 31 March 2024 Year ended 31 March 2025 Change % Salaries 101.0 109.2 8% Incentive scheme costs 113.3 128.8 14% Administrative costs 56.8 58.5 3% Depreciation and amortisation 6.4 8.1 27% FMC operating expenses 277.5 304.6 10% FMC operating margin 57.4% 60.2% 2.8% Within FMC operating expenses (incentive scheme costs), an expense of £43.0m was recorded for stock-based compensation (FY24: £41.0m). The FMC recorded a profit before tax of £461.4m (FY24: £374.5m), a year-on-year increase of 23% and an increase of 28% on a constant currency basis. Investment Company The Investment Company (IC) invests the Group’s balance sheet to seed new strategies, and invests alongside the Group’s scaling and established strategies to align interests between our shareholders, clients and employees. It also supports a number of costs, including teams that have not yet had a first close on a first third-party fund, certain central functions, a part of the Executive Directors’ compensation, and the portion of the investment teams’ compensation linked to the returns of the balance sheet investment portfolio (Deal Vintage Bonus, or DVB). Balance sheet investment portfolio The balance sheet investment portfolio was valued at £3.0bn at 31 March 2025 (31 March 2024: £3.1bn). During the period, it generated net realisations and interest income of £172m (FY24: £139m), being net realisations of £69m (FY24: £88m) and cash interest receipts of £103m (FY24: £51m). We made seed investments totalling £166m. £m As at 31 March 2024 New investments Realisations Gains/ (losses) in valuation FX & other As at 31 March 2025 Structured Capital and Secondaries 1,807 373 (390) 152 (36) 1,906 Real Assets 402 79 (118) 30 (6) 387 Debt 1 467 97 (90) (20) (11) 443 Seed Investments 394 166 (289) 31 (10) 292 Total Balance Sheet Investment Portfolio 3,070 715 (887) 193 (63) 3,028 1. Of which £228m is in CLO equity. Net Investment Returns For the five years to 31 March 2025, Net Investment Returns (NIR) have been in line with our medium-term guidance, averaging 12%. For the twelve months to 31 March 2025, NIR were 6% (FY24: 13%). NIR of £192.5m were comprised of interest of £140.6m from interest-bearing investments (FY24: £124.9m) and capital gains of £51.9m (FY24: £252.4m). NIR were split between asset classes as follows: Year ended 31 March 2024 Year ended 31 March 2025 NIR (£m) Annualised NIR (%) NIR (£m) Annualised NIR (%) Structured Capital and Secondaries 232.5 13% 151.8 8% Real Assets 44.2 9% 30.0 8% Debt 10.9 2% (20.5) (5) % Seed Investments 91.7 25% 31.2 9% Total net investment returns 379.3 13% 192.5 6% Total balance sheet return including CLO dividends (which are recognised in the FMC), was £240.8m (FY24: £426.3). For further discussion on balance sheet investment performance by asset class, refer to pages 8 to 10 of this announcement . In addition to the NIR, the other adjustments to IC revenue were as follows: £m Year ended 31 March 2024 Year ended 31 March 2025 Change Changes in fair value of derivatives 1 (7.3) 8.3 n/m Inter-segmental fee (25.0) (24.6) (2) % Other 1.0 1.7 70% Other IC revenue (31.3) (14.6) (53) % See page 17 for FX exposure of fee-earning AUM, fee income, FMC expenses and Balance sheet investment portfolio. As a result, the IC recorded total revenues of £177.9m (FY24: £348m). Investment Company expenses Operating expenses in the IC of £86.7m decreased by 14% compared to FY24 (£100.4m), with increases in salaries and administrative costs being more than offset by a decrease in incentive scheme costs: £m Year ended 31 March 2024 Year ended 31 March 2025 Change % Salaries 21.4 30.0 40% Incentive scheme costs 58.6 29.5 (50) % Administrative costs 18.1 26.8 48% Depreciation and amortisation 2.3 0.4 (83) % IC operating expenses 100.4 86.7 (14) % Incentive scheme costs included DVB accrual of £9.4m (FY24: £35.1m). The reduction compared to FY24 was predominantly due to a change in the anticipated timing of when DVB is likely to be realised, which led the DVB accrual in H1 FY25 of £0.2m (H2 FY25: £9.2m). The directly-attributable costs within the IC for teams that have not had a first close of a third-party fund during the period were £13.9m (FY24: £21.1m). During the period no costs have been transferred to the FMC. Interest expense was £39.6m (FY24: £45.8m) and interest earned on cash balances was £19.2m (FY24: £21.5m). The IC recorded a profit before tax of £70.8m (FY24: £223.3m). Group Operating expenses The Group's operating expenses in aggregate were £391.3m, compared to FY24 these increased by 4%. For more detailed commentary on the changes in the operating expenses, see pages 11 and 13 of this announcement. £m Year ended 31 March 2024 Year ended 31 March 2025 Change % Salaries 122.4 139.2 14% Incentive scheme costs 171.9 158.3 (8) % Administrative costs 74.9 85.3 14% Depreciation and amortisation 8.7 8.5 (2) % Group operating expenses 377.9 391.3 4% Within the Group operating expenses (incentive scheme costs), an expense of £52.3m was recorded for stock-based compensation (FY24: £53.6m). Tax The Group recognised a tax charge of £(79.8)m (FY24: £(78.5)m), resulting in an effective tax rate for the period of 14.9% (FY24: 13.2%). As detailed in note 13, the Group has a structurally lower effective tax rate than the statutory UK rate. This is largely driven by the Investment Company, where certain forms of income benefit from tax exemptions. The effective tax rate will vary depending on the income mix. Dividend and share count ICG has a progressive dividend policy. Over the long term the Board intends to increase the dividend per share by at least mid-single digit percentage points on an annualised basis. The Board has proposed a final dividend of 56.7p per share which, combined with the interim dividend of 26.3p per share, results in total dividends for the year of 83.0p (FY24: 79.0p). This marks the 15th consecutive year of increases in our ordinary dividend per share, which over the last five years has grown at an annualised rate of 10%. We continue to make the dividend reinvestment plan available. At 31 March 2025 the Group had 290,636,892 shares outstanding (31 March 2024: 290,631,993). During the year the Group recognised £52.3m in stock-based compensation. The Group has a policy of neutralising the dilutive impact of stock-based compensation through the purchase of shares by an Employee Benefit Trust ('EBT'). Balance sheet and cash flow Our growing earnings and cash generation are resulting in an increasingly valuable asset base, which we use to enhance our client offering and shareholder value while maintaining an appropriately capitalised balance sheet. We do this through: investing alongside clients in our existing strategies to align interests; making investments to grow the strategies and products we offer our clients; and returning appropriate capital to our shareholders. During the year we made gross investments of £549m alongside existing strategies and £166m in seed investments, and maintained our progressive dividend policy. See page 12 for more information on the performance of our balance sheet investment portfolio during the period and page 14 for information on our dividend. To support this use of our balance sheet, we maintain a robust capitalisation and a strong liquidity position: £m 31 March 2024 31 March 2025 Balance sheet investment portfolio 3,070 3,028 Cash and cash equivalents 627 605 Other assets 476 447 Total assets 4,173 4,080 Financial debt (1,448) (1,177) Other liabilities (430) (407) Total liabilities (1,878) (1,584) Net asset value 2,295 2,496 Net asset value per share 1 790p 859p 1 The number of shares used to calculate NAV per share include shares held in the EBT (a different basis to Group earnings per share), The Group uses the EBT to purchase and hold shares to offset the impact of share-based payments. Prior period NAV per share figures have been adjusted to reflect this methodology. Liquidity and net debt For FY25 we are reporting operating cashflow of £518m (FY24: £359m). This increase is due both to higher cashflow from fee income and higher cash generation from our balance sheet. At 31 March 2025 the Group had total available liquidity of £1,098m (FY24: £1,124m), net financial debt of £629m (FY24: £874m) and net gearing of 0.25x (FY24: 0.38x). During the period, available cash decreased by £26m from £574m to £548m, including the repayment of £241m of borrowings that matured. The table below sets out movements in cash: £m FY24 FY25 Opening cash 550 627 Operating activities Fee and other operating income 492 656 Net cash flows from investment activities and investment income 1 180 253 Expenses and working capital (272) (323) Tax paid (41) (68) Group cash flows from operating activities - APM 2,3 359 518 Financing activities Interest paid (49) (41) Interest received on cash balances 29 20 Purchase of shares by EBT — (43) Dividends paid (223) (229) Net repayment of borrowings (51) (241) Group cash flows from financing activities - APM 2 (294) (534) Other cash flow 4 14 4 FX and other movement (2) (10) Closing cash 627 605 Regulatory liquidity requirement (53) (57) Available cash 574 548 Available undrawn RCF 550 550 Cash and undrawn debt facilities (total available liquidity) 1,124 1,098 1 The aggregate cash (used)/received from balance sheet investment portfolio (additions), realisations, and cash proceeds received from assets within the balance sheet investment portfolio. 2 Interest paid, which is classified as an Operating cash flow under UK-adopted IAS, is reported within Group cash flows from financing activities - APM. 3 Per note 30 of the Financial Statements, Operating cash flows under UK-adopted IAS of £136.1m (FY24: £255.9m) include consolidated credit funds. This difference to the APM measure is driven by cash consumption within consolidated credit funds as a result of their investing activities during the period. 4 Cash flows in respect of purchase of intangible assets, purchase of property, plant and equipment and net cash flow from derivative financial instruments. At 31 March 2025, the Group had drawn debt of £1,177m (FY24: £1,448m). The change is due to the repayment of certain facilities as they matured, along with changes in FX rates impacting the translation value: £m Drawn debt at 31 March 2024 1,448 Debt (repayment) / issuance (241) Impact of foreign exchange rates (30) Drawn debt at 31 March 2025 1,177 Net financial debt therefore reduced by £245m to £629m (FY24: £874m): £m 31 March 2024 31 March 2025 Drawn debt 1,448 1,177 Available cash 574 548 Net financial debt 874 629 During the period, S&P upgraded ICG plc to BBB+. At 31 March 2025 the Group had credit ratings of BBB (positive outlook) and BBB+ (stable outlook) from Fitch and S&P, respectively. The Group’s debt is provided through a range of facilities. All facilities except the RCF are fixed-rate instruments. The weighted-average pre-tax cost of drawn debt at 31 March 2025 was 2.84% (FY24: 3.07%). The weighted-average life of drawn debt at 31 March 2025 was 2.9 years (FY24: 3.3 years). The maturity profile of our term debt is set out below: £m FY26 FY27 FY28 FY29 FY30 Term debt maturing 176 486 — 97 419 During FY25, the Group entered into a new Revolving Credit Facility (RCF), replacing the previous facility. The RCF, which matures in October 2027, remains at £550m and has more favourable economic terms compared to the previous facility. For further details of our debt facilities see Other Information (page 82 ). Net gearing The movements in the Group’s balance sheet investment portfolio, cash balance, debt facilities and shareholder equity resulted in net gearing decreasing to 0.25x at 31 March 2025 (FY24: 0.38x). £m 31 March 2024 31 March 2025 Change % Net financial debt (A) 874 629 (28) % Net asset value (B) 2,295 2,496 9% Net gearing (A/B) 0.38x 0.25x (0.13)x Board evolution Sonia Baxendale joined the Board as a Non Executive Director in January 2025 and will join the Audit Committee and Risk Committee. The Board has also announced that Robin Lawther has been appointed as a Non-Executive Director of the Company, joining on 1 November 2025. Name change Intermediate Capital Group plc will seek shareholder approval at its 2025 Annual General Meeting to change its name to “ICG plc”. The change is to reflect our brand and how we are known in the market. A subsequent announcement will be made when the Company's name change becomes effective, which is expected to be shortly after the Annual General Meeting. Foreign exchange rates The following foreign exchange rates have been used throughout this review: Average rate for FY24 Average rate for FY25 Year ended 31 March 2024 Year ended 31 March 2025 GBP:EUR 1.1609 1.1919 1.1697 1.1944 GBP:USD 1.2572 1.2773 1.2623 1.2918 EUR:USD 1.0829 1.0751 1.0792 1.0815 The table below sets out the currency exposure for certain reported items: USD EUR GBP Other Fee-earning AUM 35% 55% 9% 1% Fee income 34% 58% 7% 1% FMC expenses 18% 14% 59% 9% Balance sheet investment portfolio 29% 49% 14% 8% The table below sets out the indicative impact on our reported management fees, FMC PBT and NAV per share had sterling been 5% weaker or stronger against the euro and the dollar in the period (excluding the impact of any hedges): Impact on FY25 management fees 1 Impact on FY25 FMC PBT 1 NAV per share at 31 March 2025 2 Sterling 5% weaker against euro and dollar +£29.0m +£30.9m +14p Sterling 5% stronger against euro and dollar -£(26.3)m -£(28.0)m -(13)p 1 Impact assessed by sensitising the average FY25 FX rates. 2 NAV / NAV per share reflects the total indicative impact as a result of a change in FMC PBT and net currency assets. Where noted, this review presents changes in AUM, fee income and FMC PBT on a constant currency exchange rate basis. For the purposes of these calculations, prior period numbers have been translated from their underlying fund currencies to the reporting currencies at the respective FY25 period end exchange rates. This has then been compared to the FY25 numbers to arrive at the change on a constant currency exchange rate basis. The Group does not hedge its net currency income as a matter of course, although this is kept under review. The Group does hedge its net balance sheet currency exposure, with the intention of broadly insulating the NAV from FX movements. Changes in the fair value of the balance sheet hedges are reported within the IC. MANAGING RISK Our approach The Board is accountable for the overall stewardship of the Group’s Risk Management Framework (RMF), internal control assurance, and for determining the nature and extent of the risks it is willing to take in achieving the Group’s strategic objectives. In doing so the Board sets a preference for risk within a strong control environment to generate a return for investors and shareholders and protect their interests. The Risk Committee is provided with management information regularly and monitors performance against set thresholds and limits. The Board also promotes a strong risk management culture by encouraging acceptable behaviours, decisions, and attitudes toward taking and managing risk throughout the Group. Managing risk Risk management is embedded across the Group through the RMF, to ensure current and emerging risks are identified, assessed, monitored, controlled, and appropriately governed based on a common risk taxonomy and methodology. The Group’s RMF operates under the principles of the ‘three lines of defence’ model. The RMF is designed to protect the interests of stakeholders and meet our responsibilities as a UK-listed company, and the parent company of a number of regulated entities. The Board’s oversight of risk management is proactive, ongoing and integrated into the Group’s governance processes. The Board receives regular reports on the Group’s risk management and internal control systems. These reports set out any significant risks facing the Group. The evaluation of risk events and corrective actions assists the Board in its assessment of the Group’s risk profile. The Board also meets regularly with the internal and external auditors to discuss their findings and recommendations, which enables it to gain insight into areas that may require improvement. The Board reviews the RMF regularly, and it forms the basis on which the Board reaches its conclusions on the effectiveness of the Group’s system of internal controls. Taking controlled risk opens up opportunities to innovate and further enhance our business, for example new investment strategies or new approaches to managing our client relationships. Therefore, the Group maintains a risk culture that provides entrepreneurial leadership within a framework of prudent and effective controls to enable effective risk management. Risk appetite Risk appetite is defined as the level of risk which the Group is prepared to accept in the conduct of our activities. The risk appetite strategy is implemented through the Group’s operational policies and procedures and internal controls and supported by limits to control exposures and activities that have material risk implications. The current risk profile is within our risk appetite and tolerance range. Principal and emerging risks The Group’s principal risks are individual risks, or a combination of risks, materialisation of which could result in events or circumstances that might threaten our business model, future performance, solvency, or liquidity and reputation. Reputational risk is not in itself a principal risk; however, it is an important consideration and is actively managed and mitigated as part of the wider RMF. Similarly, sustainability risk is not defined as a principal risk but is considered across the Group’s activities as an embedded value. The Group has determined that the most significant impact from climate change relates to the underlying portfolio investments. Climate-related risk for both the Group’s own operations and ICG’s fund management activity are addressed in greater detail in note 1 of the financial statements (see page 33). The Group uses a principal and emerging risks process to provide a forward-looking view of the potential risks that can threaten the execution of the Group’s strategy or operations over the medium to long term. The Group’s RMF identifies nine principal risks which are accompanied by associated responsibilities and expectations around risk management and control. Each of the principal risks is overseen by an accountable Executive Director, who is responsible for the framework, policies and standards that detail the related requirements. Emerging risks are identified through regular interactions with stakeholders throughout the business, attendance at industry events, review of external publications, and horizon scanning performed by the relevant functions, including Group Risk and Compliance. Emerging risks are continuously monitored to ensure that they are appropriately managed and mitigated by the Group. Directors’ Confirmation The Directors confirm that they have reviewed the effectiveness of the Group’s risk management and internal control system and confirm that no significant failings or weaknesses have been identified. This is supported by an annual Material Controls assessment and Fraud Risk Assessment, facilitated by the Group Risk Function, which provides the Directors with a detailed assessment of related internal controls. The Directors confirm that they have undertaken a robust assessment of the principal and emerging risks facing the business, in line with the requirements of the UK Corporate Governance Code. External environment risk Risk appetite: High Executive Director Responsible: Benoît Durteste Risk Description Geopolitical, macroeconomic concerns, and global events (e.g. pandemics, natural disasters) beyond our control may impact our profitability, operating environment and our fund portfolio companies. These events can lead to financial market volatility, affecting fundraising, investment performance, exit opportunities, and the ability to deploy capital. Key Controls and Mitigation Our business model is primarily based on long-term illiquid funds, providing stability during market downturns. Additionally, given the nature of closed-end funds, they are not subject to redemptions. A range of complementary approaches are used to inform strategic planning and risk mitigation, including active management of the Group’s fund portfolios, profitability and balance sheet scenario planning and stress testing to ensure resilience across a range of outcomes. The Board, the Risk Committee and the Risk function monitor emerging risks, trends, and changes in the likelihood of impact. This assessment informs the universe of principal risks faced by the Group. Trend and Outlook The investing environment remains uncertain and potentially volatile, with geopolitical shifts, high interest rates, and weak economic growth. As noted in the Finance review on page 6, we have substantial dry powder across a range of strategies, stable management fee income, are not under pressure to deploy or realise, and can capitalise on opportunities that emerge across our asset classes. We monitor the macroeconomic and geopolitical landscape, but do not anticipate increased risk to our operations, strategy, performance, or client demand. Fundraising risk Risk appetite: Medium Executive Director Responsible: Benoît Durteste Risk Description The Group's long-term growth and profitability rely on successfully raising third-party funds. Failure to attract new investors, grow existing investments, and launch new strategies could impact future management fee income and restrict expansion into new markets and asset classes, limiting economies of scale. This risk has significant strategic and financial implications, including reduced profitability, loss of market share, and challenges in attracting and retaining top talent. Key Controls and Mitigation The Group’s Client Solutions Group function is dedicated to continually growing and diversifying our client base and supporting the Group’s fundraising efforts. The diverse product offerings provide a range of solutions to match client requirements. Monitoring of possible new fund structures and client bases is conducted on a regular basis to assess new opportunities. Trend and Outlook Despite a challenging fundraising environment, we have continued to exceed our fundraising targets. The Group’s track record and reputation remain strong with sustained momentum across the investment platform, for both flagship and scaling strategies. We saw final closes for Senior Debt Partners V, Strategic Equity V and Europe Mid-Market II, as well as North American Capital Partners III. Our diverse product offering and client base, coupled with continued strong performance and strategic hires to support the growth of our Client Solutions Group, positions ICG for successful fundraising to continue scaling AUM. Fund performance risk Risk appetite: Medium Executive Director Responsible: Benoît Durteste Risk Description Current and potential clients continually assess our investment fund performance. There is a risk that our funds may not deliver consistent performance and erode our track record. Poor fund performance may hinder our ability to raise subsequent vintages or new strategies, impacting competitiveness, profitability and growth plans. Key Controls and Mitigation A robust and disciplined investment process is in place where investments are selected and regularly monitored by the Investment Committees for fund performance, delivery of investment objectives, and asset performance. All proposed investments are subject to a thorough due diligence and approval process during which all key aspects of the transaction are discussed and assessed. Regular monitoring of investment and divestment pipelines is undertaken on an ongoing basis. Monitoring of all portfolio investments is undertaken on a quarterly basis focusing on the operating performance and liquidity of the portfolio. Material sustainability and climate-related risks are assessed for each potential investment opportunity and presented to, and considered by, the Investment Committees of all investment strategies. Trend and Outlook Amidst a rapidly changing global economy, we have effectively managed our clients’ assets. Our focus on downside protection has resulted in attractive performance, particularly in our debt strategies. During this period, fund valuations have remained stable, supported by the strong performance of our portfolio companies and income from interest-bearing investments. Our disciplined approach to realisations has helped maintain the performance of key vintages, despite the market's reduced transaction activity. While the market environment is challenging, the outlook remains positive. We have a powerful local sourcing network and a diversified product offering of successful investment strategies that enable us to navigate dynamic market conditions, which helps to mitigate this risk. Market and liquidity risk Risk appetite: Medium Executive Director Responsible: David Bicarregui Risk Description The Group is exposed to market and liquidity risks. Adverse market conditions could negatively impact the carrying value of the Group's investments, resulting in financial losses and constraining the Group's ability to launch new funds or meet co-investment obligations. This risk stems from the Group's strategy of co-investing alongside clients in its funds, seeding assets in preparation for fund launches, and holding investments in Collateralised Loan Obligations to meet regulatory requirements. Liquidity risk refers to the possibility that the Group may not have sufficient financial resources to meet its obligations, including debt maturities and co-investment commitments, as they fall due. Key Controls and Mitigation Debt funding for the Group is obtained from diversified sources and the repayment profile is managed to minimise material repayment events. The profile of the debt facilities available to the Group is reviewed frequently by the Treasury Committee. Market and liquidity exposures are reported monthly and reviewed by the Group’s Treasury Committee. Liquidity projections and stress tests are prepared to assess the Group’s future liquidity as well as compliance with the regulatory capital requirements. Investment Company commitments are reviewed and approved by the CEO and the CFO on a case-by-case basis assessing the risks and return on capital. Valuation of the balance sheet investment portfolio is reviewed quarterly by the Group Valuation Committee, which includes assessing the assumptions used in valuations of underlying investments. Trend and Outlook Global markets remain susceptible to volatility from a number of macroeconomic factors, specifically related to global interest rates, and geopolitical factors. We continue to implement measures to mitigate the impact of market volatility and interest rate fluctuations in line with Group policy, and respond to the prevailing market environment where appropriate. Our balance sheet remains strong and well capitalised, with net gearing of 0.25x, and with £1,098bn of available liquidity as of 31 March 2025. In addition, the Group has significant headroom to its debt covenants. All of the Group’s drawn debt is fixed rate, with the only floating rate debt being the Group’s committed £550m revolving credit facility, which was undrawn as of 31 March 2025. This facility is only intended to provide short-term working capital for the Group. The Group’s liquidity, gearing and headroom are detailed in the Finance Review on page 15. Key Personnel Risk Risk appetite: Low Executive Director Responsible: Antje Hensel-Roth Risk Description The Group depends upon the experience, skill and reputation of our senior executives and investment professionals, and their continued service is vital to our success. Breaching the governing agreements of our funds in relation to ‘Key Person’ provisions could disrupt investment activities or hinder our ability to raise new funds, if not resolved promptly. As such, the departure of key personnel may have a significant adverse impact on our long-term prospects, revenues, profitability, and cash flows. It could also impede our ability to maintain or grow assets under management in existing funds and hinder our ability to raise new funds. Key Controls and Mitigation We employ an active and comprehensive approach to attract, retain, and develop talent. This includes a well-defined recruitment process, succession planning, competitive long-term compensation and incentives, and advancement opportunities through performance appraisals and dedicated development programmes. Regular reviews of resourcing and key person exposures are undertaken as part of business line reviews and the fund and portfolio company review processes. We maintain a focus on our organisational culture, implementing initiatives to promote appropriate behaviours that lead to optimal long-term outcomes for our employees, clients, and shareholders. The Remuneration Committee oversees the Directors’ Remuneration Policy and its application to senior employees, and reviews and approves incentive arrangements to ensure they are appropriate and in line with market practice. Trend and Outlook Attracting, developing and retaining key personnel remains a significant priority for the Group. We continue to invest in emerging and high potential talent through focused and individual tailored development plans. After a successful pilot, we are launching a firm-wide mentoring programme during FY26 to foster connections across our business and support innovation. Additionally, having developed and piloted a new Manager-focused programme in FY25, we are now deploying the programme globally to inspire team vision, drive performance, ensure effective communication, and promote career development. We remain committed to strategic and considered hiring and have welcomed senior professionals to the firm across client-facing, investment and operational roles. Notably, we onboarded a new Global Head of Client Solutions Group, who will continue to build upon our strong relationships with our sophisticated clients and our markets. Additionally, as part of our ongoing investment in our platform, Warsaw and India remain key strategic growth locations. Legal, Regulatory and Tax Risk Risk appetite: Low Executive Director Responsible: David Bicarregui Risk Description Regulations establish the framework for the marketing distribution and investment management of our strategies, along with supporting our business operations. Non-compliance with professional conduct rules and legal requirements could result in censure, penalties, or legal action. Additionally, the increase in demand for tax-related transparency means that tax rules are continuing to evolve. This raises a complex mix of tax implications for the Group, in particular for transfer pricing, permanent establishment and fund structuring processes. The tax authorities could challenge the Group’s interpretation of tax rules, resulting in additional tax liabilities. Changes in the legal, regulatory, and tax framework can disrupt the markets we operate in and impact our business operations. This may result in increased costs, reduced competitiveness, lower future revenues and profitability, or require the Group to hold more regulatory capital. Key Controls and Mitigation The Compliance and Legal functions are responsible for understanding and meeting regulatory and legal requirements on behalf of the Group. They provide guidance to, and oversight of, the business in relation to regulatory and legal obligations. Compliance conducts routine monitoring and in-depth assessments to evaluate adherence to relevant regulations and legislation. The Tax function has close involvement with significant Group transactions, fund structuring and business activities, both to proactively plan the most tax efficient strategy and to manage the impact of business transactions on previously taken tax positions. Trend and Outlook ICG operates within a continually evolving and complex global regulatory environment. Against this backdrop the Group consistently adapts to meet its regulatory obligations. Throughout FY25, ICG has focused on internal initiatives, including further establishing the EU branch structure and development of the global regulatory footprint, to maintain a stable regulatory risk profile. Legal risk continues to be impacted by the regulatory focus on the sector, which may lead to an evolution of the existing applicable legal framework for the business. It also remains the case that the Group is subject to litigation risk, which may increase as the Group’s business expands and becomes more complex. The Pillar One and Two Model rules apply to the Group from 1 April 2024. The Group’s trading activities within FMC are subject to tax at the relevant statutory rates in the jurisdictions in which income is earned. As expected, Pillar One did not apply to the Group for FY25 and we do not anticipate it will apply for the foreseeable future. The implementation of Pillar Two was closely modelled by the Group and we do not expect material impact for FY25 or beyond, but we continue to monitor closely. The Group remains responsive to increasing scrutiny around private markets and continues to invest in its Compliance, Legal, and Tax teams to ensure appropriate and relevant coverage. External reporting risk Risk appetite: Low Executive Director Responsible: David Bicarregui Risk Description External reporting risk refers to the potential adverse consequences arising from inaccurate, incomplete, or untimely reporting of the Group’s financial and non-financial information to external stakeholders, including investors, regulators, and the public. This risk encompasses the possibility of misstatements, omissions, or misleading disclosures in the Group’s financial statements, regulatory filings, and other communications. Ineffective management of external reporting risk can lead to reputational damage, loss of investor confidence, regulatory scrutiny, and potential legal liabilities. Key Controls and Mitigation The Group’s financial reporting practices are aligned to external reporting and industry standards. Financial reporting controls are in place and are subject to rigorous internal reviews. Developments in accounting standards are continually monitored to ensure the impact of new or changed standards are properly assessed. Sustainability disclosures are benchmarked against relevant standards from the Sustainability Accounting Standards Board and the Global Reporting Initiative. Trend and Outlook ICG continues to rigorously review changes to regulatory and legislative requirements and client expectations in respect to external reporting, to ensure the Group meets stakeholder expectations and provides confidence to investors. Sustainability has seen particular focus from regulators, with the EU Sustainable Finance Framework and the UK Sustainable Disclosure Requirements both increasing the rigour of ICG’s reporting requirements related to sustainability-related information. Updates to the UK Corporate Governance Code have enhanced ICG’s reporting requirements in relation to our internal controls framework. The Group has conducted an assessment of the updated Code to ensure continued compliance with reporting standards. The Group remains alert to developments in reporting requirements and standards, across an increasingly complex global business, and continues to ensure appropriate resource are in place to keep up with stakeholder expectations. Information technology and security risk Risk appetite: Medium Executive Director Responsible: David Bicarregui Risk Description The Group relies on information technology systems to conduct its operations and serve its clients. A failure to maintain a secure, reliable, and resilient IT environment could expose the Group to unauthorised access, breaches of data confidentiality, and disruptions to system availability. Cyberattacks, system failures, or other technology-related incidents could compromise sensitive information, hinder the Group's ability to make investment decisions, disrupt operations, and damage the Group's reputation. Key Controls and Mitigation Operational resilience, in particular cyber security, is a key focus of the Group’s Board and Leadership agenda, and the adequacy of the Group’s response is reviewed on an ongoing basis. Business Continuity and Disaster Recovery plans are reviewed and approved on at least an annual basis by designated plan owners, and preparedness exercises are complemented by an automated Business Continuity Planning tool. The Group’s technology environment is continually maintained and subject to regular testing, such as penetration testing, vulnerability scans and patch management. Technology processes and controls are also upgraded where appropriate to ensure ongoing technology performance and resilience. An externally managed security operations centre supplies the Group with skilled security experts and technology to proactively detect and prevent potential threats and to recover from security incidents, including cyber attacks. Trend and Outlook To maintain pace with the ever-evolving threat landscape, the Group continues to invest in our platform and systems to support the increasing breadth and scale of our business and to position ICG for future growth. As part of the Group’s commitment to cyber and information security, ICG certifies against the ISO27001 framework. Up-to-date and maintained cyber hygiene, vulnerability scanning, technical surveillance countermeasures alongside user education make up the core components of the Group’s cyber security with external threat intelligence used to inform investments in solutions to ensure our data is protected and secure. ICG is responsive to technological enhancements, including the growing presence of Artificial Intelligence, to ensure that we are properly equipped to mitigate evolving cyber security risks, as well as positioning the Group to utilise new tools to support our continued growth. Third Party Provider Risk Risk appetite: Medium Executive Director Responsible: David Bicarregui Risk Description The Group relies on third-party providers for certain functions as part of our business model, including managing service provider arrangements for our funds. The most significant relationships are with Third Party Administrators (TPAs). There is a risk that TPAs may not fulfil their contractual obligations, which could impact our operations and hinder our ability to meet client and stakeholder expectations. Additionally, failure of the Group to maintain sufficient knowledge, understanding and oversight of the controls and processes in place to proactively manage our TPAs could damage the quality and reliability of these TPA relationships. Key Controls and Mitigation The TPA oversight framework consists of policies, procedures, and tools to govern the oversight of key suppliers, including our approach to selection, contracting and on-boarding, management and monitoring, and termination and exit. Ongoing monitoring of the services delivered by our TPAs is undertaken through regular oversight interactions where service levels are compared to the expected standards documented in service agreements and agreed-upon standards. Trend and Outlook The Group has continued to embed the TPA Governance and Oversight Framework, gathering consistent evidence of the ongoing performance of our TPAs. This has allowed the operational oversight teams to identify trends and themes that impact service levels and provides a guide to where additional oversight activities are required. The teams work in partnership with our TPAs to ensure consistent performance levels are maintained and issues are remediated on a timely basis. The KPI reporting allows the Group to benchmark the performance of our TPAs against each other, thereby providing information to support a decision around potential rationalisation of the portfolio. The Group has assessed the potential for improved operational efficiency and streamlined investor experience in reaching a decision on the appropriate number of TPAs to utilise. As a result, the Group is currently undertaking a programme to reduce the number of key TPA relationships. RESPONSIBILITY STATEMENT The responsibility statement below has been prepared in connection with the Company's full annual report for the year ending 31 March 2025. Certain parts thereof are not included within this announcement. We confirm to the best of our knowledge: the financial statements, prepared in accordance with UK-adopted international accounting standards, give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings included in the consolidation taken as a whole; and the management report, which is incorporated into the directors' report, includes a fair review of the development and performance of the business and the position of the Company and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties they face. This responsibility statement was approved by the Board of Directors on 20 May 2025 and is signed on its behalf by: Benoît Durteste David Bicarregui CEO CFO CONSOLIDATED INCOME STATEMENT for the year ended 31 March 2025 Year ended 31 March 2025 Year ended 31 March 2024 Notes £m £m Fee and other operating income 3 676.0 554.8 Finance income/(loss) 5 10.2 (10.5) Net gains on investments 9 284.7 405.3 Total Revenue 970.9 949.6 Other income 8 19.5 21.6 Finance costs 10 (43.7) (49.5) Administrative expenses 11 (416.2) (390.5) Share of results of joint ventures accounted for using the equity method 28 — (0.4) Profit before tax from continuing operations 530.5 530.8 Tax charge 13 (79.3) (62.4) Profit after tax from continuing operations 451.2 468.4 Profit after tax on discontinued operations — 6.0 Profit for the year 451.2 474.4 Attributable to: Equity holders of the parent 451.2 473.4 Non-controlling interests 0.0 1.0 451.2 474.4 Earnings per share attributable to ordinary equity holders of the parent Basic (pence) 15 157.1p 165.5p Diluted (pence) 15 153.8p 162.1p Earnings per share for profit from continuing operations attributable to ordinary equity holders of the parent Basic (pence) 15 157.1p 163.4p Diluted (pence) 15 153.8p 160.1p The accompanying notes 1 to 32 are an integral part of these financial statements. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME For the year ended 31 March 2025 Year ended 31 March 2025 Year ended 31 March 2024 Group £m £m Profit after tax 451.2 474.4 Items that may be subsequently reclassified to profit or loss if specific conditions are met Exchange differences on translation of foreign operations (11.6) (4.6) Deferred tax on equity investments translation 1.5 (0.2) Total comprehensive income for the year 441.1 469.6 Attributable to: Equity holders of the parent 441.1 468.6 Non-controlling interests 0.0 1.0 441.1 469.6 The accompanying notes 1 to 32 are an integral part of these financial statements. CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 31 March 2025 31 March 2025 Group 31 March 2024 Group Notes £m £m Non-current assets Intangible assets 16 15.6 15.0 Property, plant and equipment 17 70.7 79.2 Investment property 18 122.3 82.7 Trade and other receivables 19 29.3 36.1 Financial assets at fair value 5 7,679.9 7,391.5 Derivative financial assets 5 — 4.9 Deferred tax asset 13 35.6 36.4 7,953.4 7,645.8 Current assets Trade and other receivables 19 442.8 389.6 Current tax debtor 10.1 19.1 Financial assets at fair value 5 49.8 73.2 Derivative financial assets 5 26.3 4.4 Cash and cash equivalents 6 860.2 990.0 1,389.2 1,476.3 Total assets 9,342.6 9,122.1 Non-current liabilities Trade and other payables 20 50.3 66.0 Financial liabilities at fair value 5, 7 4,858.2 4,602.3 Financial liabilities at amortised cost 7 1,074.0 1,197.0 Other financial liabilities 7 131.1 99.2 Deferred tax liabilities 13 6.7 22.4 6,120.3 5,986.9 Current liabilities Trade and other payables 20 559.3 529.2 Current tax creditor 52.1 37.8 Financial liabilities at amortised cost 7 101.9 250.4 Other financial liabilities 7 9.8 8.9 Derivative financial liabilities 5, 7 8.3 9.2 731.4 835.5 Total liabilities 6,851.7 6,822.4 Equity and reserves Called up share capital 22 77.3 77.3 Share premium account 22 181.3 181.3 Other reserves 29.4 55.8 Retained earnings 2,203.0 1,987.5 Equity attributable to owners of the Company 2,491.0 2,301.9 Non-controlling interest (0.1) (2.2) Total equity 2,490.9 2,299.7 Total equity and liabilities 9,342.6 9,122.1 The accompanying notes 1 to 32 are an integral part of these financial statements. CONSOLIDATED STATEMENTS OF CASH FLOWS For the year ended 31 March 2025 31 March 2025 Group 31 March 2024 Group £m £m Cash flows generated from operations 204.5 297.1 Taxes paid (68.4) (41.2) Net cash flows from operating activities 30 136.1 255.9 Investing activities Purchase of intangible assets 16 (5.9) (6.3) Purchase of property, plant and equipment 17 (0.7) (3.2) Net cash flow from derivative financial instruments 22.4 31.5 Cash flow as a result of change in control of subsidiary 260.3 49.5 Net cash flows from investing activities 276.1 71.5 Financing activities Purchase of own shares 23 (42.4) — Payment of principal portion of lease liabilities 7 (12.2) (8.4) Repayment of long-term borrowings (241.1) (50.7) Dividends paid to equity holders of the parent 14 (228.9) (223.4) Net cash flows used in financing activities (524.6) (282.5) Net (decrease)/increase in cash and cash equivalents (112.4) 44.9 Effects of exchange rate differences on cash and cash equivalents (17.4) (12.4) Cash and cash equivalents at 1 April 6 990.0 957.5 Cash and cash equivalents at 31 March 6 860.2 990.0 The Group’s cash and cash equivalents include £255.4m (2024: £362.6m) of restricted cash held principally by structured entities controlled by the Group (see note 6). The accompanying notes 1 to 32 are an integral part of these financial statements. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the year ended 31 March 2025 Other reserves Share capital (note 22) Share premium (note 22) Capital redemption reserve Share-based payments reserve (note 24) Own shares 2 (note 23) Foreign currency translation reserve 1 Retained earnings Total Non-controlling interests Total equity Group £m £m £m £m £m £m £m £m £m £m Balance at 1 April 2024 77.3 181.3 5.0 90.7 (79.2) 39.3 1,987.5 2,301.9 (2.2) 2,299.7 Profit after tax — — — — — — 451.2 451.2 0.0 451.2 Exchange differences on translation of foreign operations — — — — — (11.6) — (11.6) — (11.6) Deferred tax on equity investments translation — — — — — 1.5 — 1.5 — 1.5 Total comprehensive income/(expense) for the year — — — — — (10.1) 451.2 441.1 0.0 441.1 Adjustment of non-controlling interest on disposal of subsidiary — — — — — — (2.1) (2.1) 2.1 — Issue of share capital 0.0 — — — — — — 0.0 — 0.0 Own shares acquired in the year — — — — (42.4) — — (42.4) —...