Final results for the financial year ended 31 March 2026

About this update from Icg Plc

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For information on closing number of shares and weighted average number of shares used for per-share calculations see Share count within the Finance review. 1 On a constant currency basis. 2 +17% excluding catch-up fees. 3 FRE growth on a per share basis. 4 Includes £72m of one-off transition impact due to change in estimate announced in October 2025. 5 Balance sheet portfolio is presented net of the DVB liability, see Glossary. 6 Dividends are payable both to Ordinary Shares and to Non-Voting Shares. 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We reinforced our scaled competitive position, established a strategic relationship with Amundi, and built on our track record of strategic and financial resilience. In an environment where liquidity and selectivity matter more than ever, we have maintained a disciplined approach to investments, with particular focus on cash realisations (DPI). Strong performance is driving increasing client demand. Europe IX is expected to be ICG's first-ever commingled fund to reach €10bn in size and is continuing to raise. And the successful final closes for Infrastructure II and Metropolitan II mean we have now had six funds close at or above their target in the last 24 months. This approach has translated into strong financial results, including fee-related earnings (“FRE”) of £350m (120p per share), up 23% in the year, and Group operating cashflow of £861m. 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","length":146,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"3","style":"width:663px;border-top:solid black 1pt;border-left:solid black 1pt;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":" Updated medium-term financial guidance Financial guidance has been updated to reflect the evolution in presentation of our financial results. FMC margin guidance has been replaced with FRE margin guidance, and guidance on NIR has been removed. Guidance on fundraising and performance fees remains unchanged.","length":307,"tagName":"p","attribs":{}}]},{"style":"width:12px;border-top:solid black 1pt;border-right:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:227px;border-left:solid black 1pt;vertical-align:top;","val":[{"type":"text","content":" Growth ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:218px;border-bottom:solid black 1pt;vertical-align:top;","val":[{"type":"text","content":" Profitability ","length":13,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"width:230px;border-right:solid black 1pt;border-bottom:solid black 1pt;vertical-align:top;","val":[{"type":"text","content":" Performance fee income ","length":22,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:227px;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 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","length":20,"tagName":"p"},{"type":"text","content":"A presentation for shareholders, debtholders and analysts will be held at 09:00 BST today: join via the link on our website .","length":124,"tagName":"p"},{"type":"text","content":"A recording and transcript of the presentation will be available on demand from the same location in the coming days.","length":117,"tagName":"p"},{"type":"text","content":" COMPANY TIMETABLE ","length":17,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:304px;vertical-align:bottom;","val":[{"type":"text","content":"Ex-dividend date","length":16,"tagName":"p","attribs":{}}]},{"style":"width:139px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11 June 2026","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:304px;vertical-align:bottom;","val":[{"type":"text","content":"Record 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2026","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:304px;vertical-align:bottom;","val":[{"type":"text","content":"Payment of ordinary dividend","length":28,"tagName":"p","attribs":{}}]},{"style":"width:139px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"31 July 2026","length":12,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:304px;vertical-align:bottom;","val":[{"type":"text","content":"Half year results announcement","length":30,"tagName":"p","attribs":{}}]},{"style":"width:139px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11 November 2026","length":16,"tagName":"p","attribs":{}}]}]}],"length":233},{"type":"text","content":" ENQUIRIES ","length":9,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:523px;vertical-align:top;","val":[{"type":"text","content":"Shareholders & Debtholders / Analysts:","length":42,"tagName":"p","attribs":{}}]},{"style":"width:149px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:523px;vertical-align:bottom;","val":[{"type":"text","content":"Chris Hunt, Head of Corporate Development & Shareholder Relations, ICG","length":74,"tagName":"p","attribs":{}}]},{"style":"width:149px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"+44(0)20 3545 2020","length":18,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:523px;vertical-align:top;","val":[{"type":"text","content":"Media:","length":6,"tagName":"p","attribs":{}}]},{"style":"width:149px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:523px;vertical-align:bottom;","val":[{"type":"text","content":"Fiona Laffan, Global Head of Corporate Affairs, ICG","length":51,"tagName":"p","attribs":{}}]},{"style":"width:149px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"+44(0)20 3545 1510","length":18,"tagName":"p","attribs":{}}]}]}],"length":221},{"type":"text","content":"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.","length":382,"tagName":"p"},{"type":"text","content":" ABOUT ICG ","length":9,"tagName":"p"},{"type":"text","content":"ICG (LSE: ICG) is a global alternative asset manager with $126bn* 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.","length":314,"tagName":"p"},{"type":"text","content":"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 2026.","length":366,"tagName":"p"},{"type":"text","content":" USE OF ALTERNATIVE PERFORMANCE MEASURES ","length":39,"tagName":"p"},{"type":"text","content":"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 the Finance review, which the Board believes assist shareholders in assessing their investment and the delivery of the Group’s strategy through its financial performance. The APM reported in respect of the year ended 31 March 2026 introduces Fee‑Related Earnings (FRE) as an additional profitability metric for the Group. Full details of all new APM, including Balance Sheet Portfolio and Net Balance Sheet Returns, are presented in the Glossary.","length":674,"tagName":"p"},{"type":"text","content":"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.","length":356,"tagName":"p"},{"type":"text","content":"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.","length":421,"tagName":"p"},{"type":"text","content":"The Group’s profit before tax on a UK-adopted IAS basis was ahead of prior period at £588.2 (FY25: £530.5m). On the APM basis it was also above prior period at £586.2m (FY25: £532.2m).","length":184,"tagName":"p"},{"type":"text","content":" CHIEF EXECUTIVE OFFICER’S REVIEW ","length":32,"tagName":"p"},{"type":"text","content":"Dear fellow shareholders,","length":25,"tagName":"p"},{"type":"text","content":"FY26 was a strong year for ICG. We reinforced our scaled competitive position, established a strategic relationship with Amundi, and built on our track record of strategic and financial growth. We surpassed our fundraising expectations by some margin, putting us on track to deliver our four-year fundraising target potentially a year early. At a time when areas of the alternative asset management industry are under pressure, the consistency of our investment discipline and performance stands out, and is increasingly recognised by our institutional clients.","length":561,"tagName":"p"},{"type":"text","content":"Periods of heightened uncertainty and volatility seem increasingly structural rather than episodic. Importantly, two of the challenges facing the industry today - liquidity strains within evergreen structures and exposure to businesses at direct risk of Al disruption - have limited direct impact on ICG. Our software exposure across the Group portfolio is approximately 10%, and even then only in highly cash generative businesses; while in private debt specifically, we do not have evergreen funds.","length":500,"tagName":"p"},{"type":"text","content":"Against this backdrop, I believe the managers who will succeed and gain market share are those with a long track record of proven investment discipline; who offer clients access to a breadth of asset classes; and who have built multiple levers of growth, while being flexible and suitably resourced to execute on new opportunities as they arise.","length":345,"tagName":"p"},{"type":"text","content":"ICG possesses these characteristics.","length":36,"tagName":"p"},{"type":"text","content":" Our culture is unequivocally focused on investment performance: this will drive long-term shareholder value Steadfast investment discipline and consistency of investment performance through cycles will drive long-term growth and shareholder value, rather than AUM gathering at the inevitable expense of returns. The current challenges in parts of the alternative asset management industry are making this very clear.","length":417,"tagName":"p"},{"type":"text","content":"Investment performance starts with deployment and realisation discipline. The industry’s overall poor track record for returning capital, as measured by DPI metrics, in particular in recent years, has investors justifiably placing a high value on realised performance rather than potentially-optimistic NAVs. ICG’s industry-leading DPI performance across multiple strategies underpins our successful fundraising campaigns throughout this period.","length":445,"tagName":"p"},{"type":"text","content":"Our investment committees drive this culture, and during the year these discussions have been some of the hardest in my memory. I continue to think pockets of equity valuations have more downside than upside risk, and credit terms remain very borrower friendly in most cases. Second- and third-order AI risk for many companies is likely to remain challenging to value for some time, and ongoing geopolitical conflicts add to the uncertainty of the economic outlook. Our downside-focused structuring expertise and our strong local origination capabilities ensure we can continue to deploy adequately while never compromising on risk.","length":632,"tagName":"p"},{"type":"text","content":" Focus on long-term quality growth We have deliberately built ICG as an engine for organic growth. This is only possible with a strong balance sheet and a long-term strategic vision.","length":181,"tagName":"p"},{"type":"text","content":"Well executed, it is a powerful source of long-term per-share value creation. SDP (European direct lending) and Strategic Equity (GP-led secondaries) were both launched over a decade ago. Today they are large and highly profitable strategies, and we are looking forward to launching the sixth vintage of both in the coming months.","length":330,"tagName":"p"},{"type":"text","content":"Today, Real Estate, Infrastructure and LP Secondaries represent emerging drivers of future growth for our firm, building on our flagship strategies within Structured Capital, GP-led Secondaries and European Direct Lending. Our scaling strategies are increasingly visible in our financial results, accounting for 19% of our management fees in FY26 compared to 13% in FY21. This year we have launched the second vintage of LP Secondaries, which has a strong fundraising pipeline, and we closed Infrastructure Europe II and Metropolitan II above their targets. This was no small feat in the current environment, and is a critical milestone: the success of second vintages is vital to cementing the reputation and position of a strategy and as a result, we can look confidently to meaningful growth in both strategies in the coming decade.","length":835,"tagName":"p"},{"type":"text","content":"The opportunities for growth within ICG have never been as large or as diverse.","length":79,"tagName":"p"},{"type":"text","content":" Address large investable markets to be relevant to all asset allocators globally Strong and sustained institutional demand continues to underpin ICG's growth. With $126bn AUM, we are large enough to be meaningful to all asset allocators while being nowhere near at capacity from the institutional market.","length":308,"tagName":"p"},{"type":"text","content":"In the last 24 months, we have closed six funds at or above target against a sector-wide backdrop in which the total AUM raised in private markets globally is down 21% compared to 2021 and the number of funds raised has halved over the same time period 1 . Europe IX is on track to surpass its €10bn target which, would make it ICG’s largest ever commingled fund and the largest European structured capital fund ever raised globally at final close 2 . This underlines how ICG is gaining share in a sector that is continuing to consolidate inorganically and organically.","length":565,"tagName":"p"},{"type":"text","content":"Today we serve over 870 institutional clients globally, up 11% over the course of the year. Among these we are proud to count six of the largest ten US pension funds and seven of the ten largest sovereign wealth funds, as well as hundreds more institutions who invest on behalf of their clients, customers, pensioners and employees to build wealth and financial security.","length":371,"tagName":"p"},{"type":"text","content":"The wealth market represents a large potential source of capital for private markets, but events in real estate in 2022 and in credit in recent months have made clear the challenges involved in designing and selling products that are intrinsically illiquid. I remain convinced that, adequately structured to preserve investment performance, alternative strategies can and should form an integral part of long-term wealth allocation. For ICG, wealth capital accounts for 4% of our AUM today 3 . The partnership we signed with Amundi and our relationships with global private banks constitute an incremental source of long-term upside potential where investment strategies and product structures are aligned with our investment approach.","length":733,"tagName":"p"},{"type":"text","content":" Ensure you have the necessary resources to withstand any market headwind and execute on value-creating opportunities The financial results we are reporting today reflect the consistency of our approach. A clear focus on investment performance and a commitment to building scaled and relevant strategies have enabled us to grow organically in a profitable and cash generative fashion.","length":384,"tagName":"p"},{"type":"text","content":"For the year ended 31 March 2026 we generated fee-related earnings (FRE) of £350m, equivalent to 120p per share and up 23% in the year. Over the last five years our FRE has grown at an annualised rate of 30%. We also recognised £127m of performance fee income in the year and generated £861m of operating cash flow.","length":315,"tagName":"p"},{"type":"text","content":"With £1.5bn of available liquidity and net debt of £113m, our balance sheet has never been stronger, and it puts ICG in an excellent position to weather market uncertainties and to take advantage of opportunities that will inevitably arise.","length":240,"tagName":"p"},{"type":"text","content":"This combination of performance, scale and financial strength positions ICG to continue to compound FRE per share by expanding the breadth and scale of the solutions we provide to our clients.","length":192,"tagName":"p"},{"type":"text","content":"Even more important than financial resources, however, are our people and culture. Volatility and uncertainty are never comfortable in the moment, but history shows us that it is in these conditions that ICG's teams do their best work: having the discipline to step back when risk is poorly rewarded, and the confidence to lean in where long-term value can be created.","length":372,"tagName":"p"},{"type":"text","content":"I would like to thank all our colleagues for their commitment and judgement during the year. We continue to build ICG with a long-term perspective, focused on serving our clients and delivering sustainable value for shareholders. I am excited about the opportunities ahead and confident in our ability to execute on them.","length":321,"tagName":"p"},{"type":"text","content":" Benoît Durteste ","length":15,"tagName":"p"},{"type":"text","content":"1 Source: Bain Global Private Equity Report 2026. 2 Source: WithIntelligence as of 7 th May 2026. 3 By % of third-party AUM, excluding CLOs and listed vehicles.","length":159,"tagName":"p"},{"type":"text","content":" FINANCIAL REVIEW ","length":16,"tagName":"p"},{"type":"text","content":" AUM and FY27 fundraising Refer to the Datapack for further detail on AUM (including fundraising, realisations and deployment). ","length":127,"tagName":"p"},{"type":"text","content":"At 31 March 2026, AUM stood at $126bn and fee-earning AUM at $87bn.","length":67,"tagName":"p"},{"type":"text","content":"At 31 March 2026, we had $36.1bn of AUM available to deploy in new investments ("dry powder"), of which $18.7bn was not yet earning fees.","length":147,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:369px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Fee-earning AUM ($m) ","length":20,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Structured Capital and Secondaries ","length":34,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Real Assets 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fundraising included Europe IX, LP Secondaries II, Infrastructure Asia I, various Real Estate strategies. We expect to hold the final close for Europe IX during 2026. We anticipate launching Senior Debt Partners 6, Asia Corporate V and Strategic Equity VI towards the end of FY27. The timings of launches and closes depend on a number of factors, including the prevailing market conditions. Given our fundraising cycle and what is likely to be marketed in FY27, we expect fundraising in FY27 to be below that of FY26.","length":610,"tagName":"p"},{"type":"text","content":" Group financial performance ","length":27,"tagName":"p"},{"type":"text","content":"Following discussions with its shareholders, advisers and other market participants, the Group has decided to evolve its financial presentation to be more in line with its global alternative asset management peers. From FY26 onwards, ICG's financial results will focus on:","length":276,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"Fee-related earnings (FRE): the profit generated from management fees less Group cash operating expenses;","length":105,"tagName":"p"}]},{"val":[{"type":"text","content":"Performance fee income: the income from the Group's share of performance fees as recognised by our performance fee recognition policy (see note 3); and","length":155,"tagName":"p"}]},{"val":[{"type":"text","content":"Balance sheet portfolio 1 : the asset value of our co-investment portfolio and seed portfolio. ","length":92,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":352,"olType":false},{"type":"text","content":"In addition, we will continue to focus on Group operating cash flow and the Company's net debt / (cash) position.","length":117,"tagName":"p"},{"type":"text","content":"To underline the value to shareholders, a number of these metrics will also be presented on a per share basis.","length":110,"tagName":"p"},{"type":"text","content":"See the Glossary and Notes to the financial statements for detailed definitions as well as reconciliations to our operating segments and IFRS results. 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