Interim Results for the six months ended 30 September 2025

About this update from Icg Plc

[{"type":"image","alt":"ICG PLC","displaySize":"","headline":null,"caption":"ICG PLC","className":"","disableSlideshowImg":false,"size":{"original":{"width":300,"height":157,"url":"https://media.zenfs.com/en/globenewswire.com/ced0ec9dd9609301c84d9a82abb0074a"},"resized":{"url":"https://s.yimg.com/ny/api/res/1.2/FmepbsdcuzblY1fDM_HSHA--/YXBwaWQ9aGlnaGxhbmRlcjt3PTQyMDtoPTIyMDtjZj13ZWJw/https://media.zenfs.com/en/globenewswire.com/ced0ec9dd9609301c84d9a82abb0074a","width":300,"height":157}},"lazy":false},{"type":"text","content":"18 November 2025","length":16,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:33px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:699px;vertical-align:middle;","val":[{"type":"text","content":" Strong client demand underpinned by investment excellence ","length":57,"tagName":"p","attribs":{}}]},{"style":"width:59px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:33px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:699px;vertical-align:top;","val":[{"type":"text","content":" Highlights ","length":10,"tagName":"p","attribs":{}},{"type":"list","items":[{"val":[{"type":"text","content":"AUM of $124bn, fee-earning AUM of $84bn, up 6% 1 in the half-year and five-year annualised growth of 14% 1 ","length":104,"tagName":"p"}]},{"val":[{"type":"text","content":"Fundraising of $9bn, driven by European IX ($2.8bn) and European Infrastructure II ($1.9bn)","length":91,"tagName":"p"}]},{"val":[{"type":"text","content":"Management fees of £334m, +16% 2 compared to H1 FY25","length":51,"tagName":"p"}]},{"val":[{"type":"text","content":"Performance fee income of £98m, including £72m one-off transition impact due to the change in approach announced in October 2025, realised performance fees of £62m","length":163,"tagName":"p"}]},{"val":[{"type":"text","content":"Total Balance Sheet Return of £112m 3 , positive in all asset classes, NAV per share of 900p","length":90,"tagName":"p"}]},{"val":[{"type":"text","content":"Group operating expenses of £198m, +1% compared to H1 FY25","length":58,"tagName":"p"}]},{"val":[{"type":"text","content":"Group PBT of £352m (H1 FY25: £198m), Group EPS of 102.8p (H1 FY25: 57.6p)","length":73,"tagName":"p"}]},{"val":[{"type":"text","content":"Group operating cashflow of £450m, up by £265m from H1 FY25 (£185m)","length":67,"tagName":"p"}]},{"val":[{"type":"text","content":"Interim dividend of 27.7p per share, in line with policy (H1 FY25: 26.3p per share)","length":83,"tagName":"p"}]},{"val":[{"type":"text","content":"Entered into a long-term strategic partnership with Amundi to accelerate the development and distribution of private markets products targeted at wealth investors; announced separately today","length":190,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":970,"olType":false},{"type":"text","content":" Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) - see page 6 . Group metrics, where applicable, reflect the change in approach for performance fees - see Note 2 on page 25. 1 On a constant currency basis. 2 +14% excluding catch-up fees. 3 Sum of NIR and CLO dividend received. ","length":357,"tagName":"p","attribs":{}}]},{"style":"width:59px;text-align:justify;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":1416},{"type":"text","content":" ","length":0,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:32px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"width:692px;vertical-align:bottom;","val":[{"type":"text","content":"Benoît Durteste","length":15,"tagName":"p","attribs":{}}]},{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:32px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:32px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"width:692px;vertical-align:bottom;","val":[{"type":"text","content":"CIO and CEO","length":11,"tagName":"p","attribs":{}}]},{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:32px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:32px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:36px;text-align:right;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:656px;text-align:justify;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":""Our performance this period underlines ICG’s continued success in meeting our institutional clients’ demands for attractive investment returns across a range of differentiated strategies. In recent years we have deliberately focused on scaling higher-return strategies. This approach continues to have a positive impact on our client franchise, our market positioning, and the fee income we generate for our shareholders: in the last five years our management fee revenue has grown at an annualised rate of 19% 1 . Our focus on long-term investment performance and cash return to clients is particularly relevant today. It has been a key driver behind our having had five final fund closes at or above the hard cap in the last 15 months, and fundraises currently in the market are showing strong momentum. The partnership we have separately announced today with Amundi is a meaningful step forward in the development of our strategy to access the wealth channel in a way that is clearly additive and complementary to our strong existing institutional offering, and which builds on our reputation for focusing on investment performance. Looking ahead, transaction pipelines appear to be encouraging for many of our investment teams, and discipline remains crucial in the face of a very uncertain environment. It is clear to me that a long-term focus balancing investment performance with growing AUM is key to generating sustainable value as we navigate this fast-moving environment." 1 LTM 30 September 2020 to LTM 30 September 2025.","length":1559,"tagName":"p","attribs":{}}]},{"style":"width:36px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:32px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":1627},{"type":"text","content":" PERFORMANCE OVERVIEW ","length":20,"tagName":"p"},{"type":"text","content":"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 6 for further information.","length":258,"tagName":"p"},{"type":"readMore"},{"type":"text","content":" AUM and fee-earning AUM ","length":23,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:182px;border-bottom:solid black 1pt;vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Six months to 30 September 2024 ","length":31,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Six months to 30 September 2025 ","length":31,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Year-on-year growth 1 ","length":20,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Twelve months to 30 September 2025 ","length":34,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-right:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Last five years CAGR 1,2 ","length":24,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:182px;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"AUM","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$106.3bn","length":8,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$124.3bn","length":8,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"14%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-right:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"18%","length":3,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:182px;vertical-align:middle;","val":[{"type":"text","content":"Fee-earning AUM","length":15,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$72.6bn","length":7,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$83.8bn","length":7,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"12%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;vertical-align:middle;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"14%","length":3,"tagName":"p","attribs":{}}]}]}],"length":212},{"type":"text","content":" 1 AUM on constant currency basis; 2 CAGR from 30 September 2020 to 30 September 2025","length":84,"tagName":"p"},{"type":"text","content":" Financial performance ","length":21,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:231px;border-bottom:solid black 1pt;vertical-align:top;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:98px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Six months to 30 September 2024 ","length":31,"tagName":"p","attribs":{}}]},{"style":"width:98px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Six months to 30 September 2025 ","length":31,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Year-on-year growth ","length":19,"tagName":"p","attribs":{}}]},{"style":"width:98px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Twelve months to 30 September 2025 ","length":34,"tagName":"p","attribs":{}}]},{"style":"width:75px;border-top:solid black 1pt;border-right:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Last five years CAGR 2 ","length":22,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Management fee income","length":21,"tagName":"p","attribs":{}}]},{"style":"width:98px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£286.6m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:98px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£333.6m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"16%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:98px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£650.8m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:75px;border-right:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"19%","length":3,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;vertical-align:middle;","val":[{"type":"text","content":"Performance fee income 5 ","length":23,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£31.8m","length":6,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£97.6m","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"n/m","length":3,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£152.0m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:75px;border-right:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"45%","length":3,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;vertical-align:middle;","val":[{"type":"text","content":"Total Balance Sheet Return 1,3 ","length":29,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£70.8m","length":6,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£111.8m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:77px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£281.8m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:75px;border-right:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11%","length":3,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;vertical-align:middle;","val":[{"type":"text","content":"Fund Management Company profit before tax 5 ","length":42,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£196.4m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£324.6m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"65%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£589.5m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:75px;border-right:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"26%","length":3,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;vertical-align:middle;","val":[{"type":"text","content":"Group operating expenses","length":24,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£196.6m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£198.1m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"1%","length":2,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£392.8m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:75px;border-right:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11%","length":3,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;vertical-align:middle;","val":[{"type":"text","content":"Group profit before tax 5 ","length":24,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£198.4m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£351.6m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"77%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"£685.4m","length":7,"tagName":"p","attribs":{}}]},{"style":"width:75px;border-right:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"35%","length":3,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;vertical-align:middle;","val":[{"type":"text","content":"Group earnings per share","length":24,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"57.6p","length":5,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"102.8p","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"78%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"202.7p","length":6,"tagName":"p","attribs":{}}]},{"style":"width:75px;border-right:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"10%","length":3,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;vertical-align:middle;","val":[{"type":"text","content":"NAV per share","length":13,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"788p","length":4,"tagName":"p","attribs":{}}]},{"style":"width:98px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"900p","length":4,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"14%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:98px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:75px;border-right:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"14%","length":3,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Dividend per share 4 ","length":19,"tagName":"p","attribs":{}}]},{"style":"width:98px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"26.3p","length":5,"tagName":"p","attribs":{}}]},{"style":"width:98px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"27.7p","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"5%","length":2,"tagName":"p","attribs":{}}]},{"style":"width:98px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:75px;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":"10%","length":3,"tagName":"p","attribs":{}}]}]}],"length":581},{"type":"text","content":" 1 Sum of NIR and CLO dividend received, see page 10; 2 Per Share CAGR from 30 September 2020 to 30 September 2025, all other metrics LTM 30 September 2020 to LTM 30 September 2025; 3 Five year average for Total Balance Sheet Return; 4 Dividend per share includes H1 FY26 declared dividend; 5 H1 FY26 includes one-time transition accrual in performance fees (£71.6m) due to the change in approach announced in October 2025.","length":422,"tagName":"p"},{"type":"text","content":" Business activity ","length":17,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:231px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Period ended 30 September 2025 ","length":30,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Fundraising ","length":11,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Deployment 1 ","length":11,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Realisations 1,2 ","length":15,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Structured Capital and Secondaries","length":34,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$4.0bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$1.7bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$0.7bn","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;vertical-align:middle;","val":[{"type":"text","content":"Real Assets","length":11,"tagName":"p","attribs":{}}]},{"style":"width:148px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$3.3bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$1.3bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$1.2bn","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Debt 3 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$1.7bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$3.1bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"$2.0bn","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:231px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Total ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" $9.0bn ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" $6.1bn ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:148px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" $3.9bn ","length":6,"tagName":"p","attribs":{}}]}]}],"length":194},{"type":"text","content":" 1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only.","length":123,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"colspan":"5","style":"width:664px;border-top:solid black 1pt;border-left:solid black 1pt;text-align:justify;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Medium-term financial guidance Our medium-term financial guidance for FMC operating margin and performance fees has increased following the announcement on 2 October 2025. Our medium term guidance is set out below:","length":216,"tagName":"p","attribs":{}}]},{"style":"width:13px;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:12px;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:163px;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Fundraising ","length":11,"tagName":"p","attribs":{}}]},{"style":"width:163px;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" FMC Operating margin ","length":20,"tagName":"p","attribs":{}}]},{"colspan":"2","style":"width:326px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Investment performance ","length":22,"tagName":"p","attribs":{}}]},{"style":"width:13px;border-right:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:12px;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:163px;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"Fundraising of at least $55bn in aggregate between 1 April 2024 and 31 March 2028","length":81,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":81,"olType":false}]},{"style":"width:163px;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"In excess of 54%","length":16,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":16,"olType":false}]},{"style":"width:163px;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"Performance fees to represent c. 10-20% of total fee income","length":59,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":59,"olType":false}]},{"style":"width:163px;border-top:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:top;","val":[{"type":"list","items":[{"val":[{"type":"text","content":"Balance sheet investment portfolio to generate low double digit % returns","length":73,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":73,"olType":false}]},{"style":"width:13px;border-right:solid black 1pt;border-bottom:solid black 1pt;border-left:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":530},{"type":"text","content":" COMPANY PRESENTATION ","length":20,"tagName":"p"},{"type":"text","content":"A presentation for shareholders, debtholders and analysts will be held at 09:00 GMT 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:","length":227,"tagName":"p"},{"type":"list","items":[{"val":[{"type":"text","content":"All callers: +44 121 281 8004","length":29,"tagName":"p"}]},{"val":[{"type":"text","content":"United Kingdom (Toll-Free): 0 800 015 6371","length":42,"tagName":"p"}]}],"tagName":"ul","bulletedList":true,"length":71,"olType":false},{"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:298.125px;vertical-align:bottom;","val":[{"type":"text","content":"Ex-dividend date","length":16,"tagName":"p","attribs":{}}]},{"style":"width:143.094px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"4 December 2025","length":15,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:298.125px;vertical-align:bottom;","val":[{"type":"text","content":"Record date","length":11,"tagName":"p","attribs":{}}]},{"style":"width:143.094px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"5 December 2025","length":15,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:298.125px;vertical-align:bottom;","val":[{"type":"text","content":"Last date to elect for dividend reinvestment","length":44,"tagName":"p","attribs":{}}]},{"style":"width:143.094px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"16 December 2025","length":16,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:298.125px;vertical-align:bottom;","val":[{"type":"text","content":"Payment of ordinary dividend","length":28,"tagName":"p","attribs":{}}]},{"style":"width:143.094px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"9 January 2026","length":14,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:298.125px;vertical-align:bottom;","val":[{"type":"text","content":"Q3 trading statement","length":20,"tagName":"p","attribs":{}}]},{"style":"width:143.094px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"21 January 2026","length":15,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:298.125px;vertical-align:bottom;","val":[{"type":"text","content":"Seminar (topic to be confirmed closer to the time)","length":50,"tagName":"p","attribs":{}}]},{"style":"width:143.094px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"March 2026","length":10,"tagName":"p","attribs":{}}]}]}],"length":254},{"type":"text","content":" ENQUIRIES ","length":9,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:565.094px;vertical-align:top;","val":[{"type":"text","content":"Shareholders & Debtholders / analysts:","length":42,"tagName":"p","attribs":{}}]},{"style":"width:157.344px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:565.094px;vertical-align:bottom;","val":[{"type":"text","content":"Chris Hunt, Head of Corporate Development & Shareholder Relations, ICG","length":74,"tagName":"p","attribs":{}}]},{"style":"width:157.344px;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:565.094px;vertical-align:top;","val":[{"type":"text","content":"Media:","length":6,"tagName":"p","attribs":{}}]},{"style":"width:157.344px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:565.094px;vertical-align:bottom;","val":[{"type":"text","content":"Fiona Laffan, Global Head of Corporate Affairs, ICG","length":51,"tagName":"p","attribs":{}}]},{"style":"width:157.344px;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 $124bn* 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 30 September 2025.","length":370,"tagName":"p"},{"type":"text","content":" FINANCIAL REVIEW ","length":16,"tagName":"p"},{"type":"text","content":" AUM and H1 FY26 fundraising Refer to the Datapack issued with this announcement for further detail on AUM. ","length":107,"tagName":"p"},{"type":"text","content":"At 30 September 2025, AUM stood at $124bn and fee-earning AUM at $84bn. The bridge between AUM and fee-earning AUM is as follows:","length":129,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:292px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" $m ","length":2,"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 ","length":11,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Debt ","length":4,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Seed investments ","length":16,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Total ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Fee-earning AUM ","length":15,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 40,285 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 9,491 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 34,013 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" — ","length":1,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 83,789 ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"AUM not yet earning fees","length":24,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"3,572","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"1,716","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"13,691","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"18,979","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;vertical-align:bottom;","val":[{"type":"text","content":"Fee-exempt AUM","length":14,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11,211","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"5,978","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"1,270","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"18,459","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Balance sheet investment portfolio 1 ","length":35,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"2,308","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"520","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(73)","length":4,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"292","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"3,047","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" AUM ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 57,376 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 17,705 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 48,901 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 292 ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 124,274 ","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"colspan":"6","style":"width:677px;text-align:justify;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 1 Includes elimination of $719m (£535m) within Credit due to how the balance sheet investment portfolio accounts for and invests into CLOs managed by ICG and its affiliates.","length":173,"tagName":"p","attribs":{}}]}]}],"length":464},{"type":"text","content":"At 30 September 2025 we had $35bn of AUM available to deploy in new investments ("dry powder"), of which $19bn was not yet earning fees (FY25: $32bn and $20bn respectively).","length":183,"tagName":"p"},{"type":"text","content":" Fee-earning AUM ","length":15,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:369px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" Fee-earning AUM ($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 ","length":11,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Debt ","length":4,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Total ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" At 1 April 2025 ","length":15,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 36,086 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 7,711 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 31,330 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 75,127 ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;vertical-align:middle;text-align:left;padding-left:20.0px;vertical-align:bottom;","val":[{"type":"text","content":" Funds raised: fees on committed capital ","length":39,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2,828 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2,056 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" — ","length":1,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 4,884 ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;vertical-align:middle;text-align:left;padding-left:20.0px;vertical-align:bottom;","val":[{"type":"text","content":" Deployment of funds: fees on invested capital ","length":45,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 362 ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 681 ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 4,465 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 5,508 ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;vertical-align:middle;text-align:left;padding-left:10.0px;vertical-align:bottom;","val":[{"type":"text","content":"Total additions","length":15,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"3,190","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"2,737","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"4,465","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"10,392","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;vertical-align:middle;text-align:left;padding-left:10.0px;vertical-align:bottom;","val":[{"type":"text","content":"Realisations","length":12,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(729)","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(1,206)","length":7,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(3,282)","length":7,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(5,217)","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;vertical-align:bottom;","val":[{"type":"text","content":" Net additions/ (realisations) ","length":29,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2,461 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 1,531 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 1,183 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 5,175 ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;vertical-align:bottom;","val":[{"type":"text","content":"Stepdowns","length":9,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"—","length":1,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" — ","length":1,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"—","length":1,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"—","length":1,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"FX and other","length":12,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"1,738","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"249","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"1,500","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"3,487","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" At 30 September 2025 ","length":20,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 40,285 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 9,491 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 34,013 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 83,789 ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Change $m","length":9,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"4,199","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"1,780","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"2,683","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"8,662","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;vertical-align:bottom;","val":[{"type":"text","content":"Change %","length":8,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"12%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"23%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"9%","length":2,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"12%","length":3,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:369px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Change % (constant exchange rate)","length":33,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"7%","length":2,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"16%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"3%","length":2,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"6%","length":2,"tagName":"p","attribs":{}}]}]}],"length":527},{"type":"text","content":"See page 16 for FX exposure of fee-earning AUM, fee income, FMC expenses and Balance sheet investment portfolio.","length":112,"tagName":"p"},{"type":"text","content":" AUM ","length":3,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:292px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" AUM ($m) ","length":8,"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 ","length":11,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Debt ","length":4,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Seed investments ","length":16,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Total ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" At 1 April 2025 ","length":15,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 51,499 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 12,922 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 47,557 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 379 ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 112,357 ","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;vertical-align:bottom;","val":[{"type":"text","content":"Fundraising","length":11,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 4,025 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 3,265 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 1,744 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 9,034 ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;vertical-align:bottom;","val":[{"type":"text","content":"Other additions","length":15,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 293 ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2,326 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 102 ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 2,721 ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;vertical-align:bottom;","val":[{"type":"text","content":"Realisations","length":12,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(964)","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(1,395)","length":7,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(2,418)","length":7,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(4,777)","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;vertical-align:bottom;","val":[{"type":"text","content":"Market and other movements","length":26,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"2,673","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"569","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"1,844","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"5,086","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Balance sheet movement","length":22,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(150)","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"18","length":2,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"72","length":2,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(87)","length":4,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(147)","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" At 30 September 2025 ","length":20,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 57,376 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 17,705 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 48,901 ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 292 ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 124,274 ","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Change $m","length":9,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"5,877","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"4,783","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"1,344","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(87)","length":4,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11,917","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;vertical-align:bottom;","val":[{"type":"text","content":"Change %","length":8,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"37%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"3%","length":2,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(23)%","length":5,"tagName":"p","attribs":{}}]},{"style":"width:77px;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"11%","length":3,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:292px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":"Change % (constant exchange rate)","length":33,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"6%","length":2,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"26%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"(2)%","length":4,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:77px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":"5%","length":2,"tagName":"p","attribs":{}}]}]}],"length":485},{"type":"text","content":" FY26 fundraising At 30 September 2025, closed-end funds and associated SMAs that were actively fundraising included Europe IX; Infrastructure Asia I; and various other strategies. The timings of launches and closes depend on a number of factors, including the prevailing market conditions. ","length":289,"tagName":"p"},{"type":"text","content":" Group financial performance  ","length":27,"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 this review, which the Board believes assist shareholders in assessing their investment and the delivery of the Group’s strategy through its financial performance.","length":391,"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, the assets of 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":371,"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 above prior period at £354.1m (H1 FY25: £182.8m). On the APM basis it was above the prior period at £351.6m (H1 FY25: £198.4m).","length":187,"tagName":"p"},{"type":"text","content":"Detail of these adjustments can be found in note 3 to the UK-adopted IAS condensed consolidated financial statements on pages 27 to 28 .","length":135,"tagName":"p"},{"type":"table","headerItems":[],"items":[{"val":[{"style":"width:281px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" £m unless stated ","length":16,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 30 September 2024 (Unaudited) ","length":30,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" 30 September 2025 (Unaudited) ","length":30,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:bottom;","val":[{"type":"text","content":" Change % ","length":8,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:top;","val":[{"type":"text","content":" Twelve months to 30 September 2025 (Unaudited) ","length":46,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;text-align:left;padding-left:10.0px;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Management fees","length":15,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"286.6","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"333.6","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"16%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"650.8","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;text-align:left;padding-left:20.0px;vertical-align:middle;","val":[{"type":"text","content":" o/w catch-up fees ","length":17,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 27.2 ","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 37.7 ","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 39% ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 72.1 ","length":4,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;text-align:left;padding-left:10.0px;vertical-align:middle;","val":[{"type":"text","content":"Performance fees","length":16,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"31.8","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"97.6","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"n/m","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"152.0","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;","val":[{"type":"text","content":" Third-party fee income ","length":22,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"318.4","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 431.2 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"35%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 802.8 ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Other Fund Management Company income","length":36,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"36.6","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"52.7","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"44%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"92.1","length":4,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Fund Management Company revenue ","length":31,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"355.0","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 483.9 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 36% ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 894.9 ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Fund Management Company operating expenses","length":42,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(158.6)","length":7,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(159.3)","length":7,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"—","length":1,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(305.3)","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Fund Management Company profit before tax ","length":41,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"196.4","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 324.6 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 65% ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 589.6 ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Fund Management Company operating margin ","length":40,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 55.3% ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 67.1% ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 11.8% ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 65.9% ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Net investment return","length":21,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"47.8","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"71.7","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"50%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"216.4","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;","val":[{"type":"text","content":"Other Investment Company Income","length":31,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"2.4","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(0.9)","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"n/m","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(17.9)","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;","val":[{"type":"text","content":"Investment Company operating expenses","length":37,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(38.0)","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(38.8)","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"2%","length":2,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(87.5)","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;","val":[{"type":"text","content":"Interest income","length":15,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"10.3","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"11.8","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"15%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"20.7","length":4,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Interest expense","length":16,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(20.5)","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(16.8)","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(18)%","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(36.0)","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Investment Company profit before tax ","length":36,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"2.0","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 27.0 ","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" n/m ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 95.8 ","length":4,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Group operating expenses","length":24,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(196.6)","length":7,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(198.1)","length":7,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"1%","length":2,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(392.8)","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Group profit before tax ","length":23,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"198.4","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 351.6 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 77% ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 685.4 ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Tax","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(32.8)","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(56.7)","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"73%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"(103.8)","length":7,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Group profit after tax ","length":22,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"165.6","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 294.9 ","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 78% ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 581.6 ","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":"Earnings per share","length":18,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"57.6p","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"102.8p","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"78%","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"202.7p","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;","val":[{"type":"text","content":"Dividend per share","length":18,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"26.3p","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"27.7p","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"5%","length":2,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"84.4p","length":5,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-bottom:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" Group operating cash flow ","length":25,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"185","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" 450 ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-bottom:solid black 1pt;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":" n/m ","length":3,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;border-right:solid black 1pt;border-bottom:solid black 1pt;vertical-align:middle;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;border-top:solid black 1pt;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;","val":[{"type":"text","content":"Total available liquidity","length":25,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"£0.9bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"£1.3bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;","val":[{"type":"text","content":"Balance sheet investment portfolio","length":34,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"£3.0bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"£2.8bn","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;","val":[{"type":"text","content":"Net financial debt","length":18,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"£799m","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"£401m","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;","val":[{"type":"text","content":"Net gearing","length":11,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"0.35x","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"0.15x","length":5,"tagName":"p","attribs":{}}]},{"style":"width:99px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]},{"val":[{"style":"width:281px;vertical-align:middle;","val":[{"type":"text","content":"Net asset value per share 1 ","length":26,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"788p","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;text-align:right;vertical-align:middle;vertical-align:middle;","val":[{"type":"text","content":"900p","length":4,"tagName":"p","attribs":{}}]},{"style":"width:99px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]},{"style":"width:99px;vertical-align:bottom;","val":[{"type":"text","content":" ","length":6,"tagName":"p","attribs":{}}]}]}],"length":1381},{"type":"text","content":" 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 payment...

View stock analysis, news, and events for Icg Plc