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ICG Enterprise Trust (ICGT) investor relations material

ICG Enterprise Trust Q2 2026 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2026 earnings summary7 Oct, 2025

Executive summary

  • Focused on mature private equity buyouts in developed markets (North America, Europe), targeting mid-market companies with enterprise values of GBP 250 million–GBP 2 billion, and partnering with top-tier managers for resilience and consistent returns.

  • Portfolio companies delivered double-digit earnings growth, with 15% LTM EBITDA growth and strong cash generation.

  • Active portfolio construction emphasizes resilient, non-cyclical sectors such as technology, consumer healthcare, and business services.

  • Dedicated investment team with over 60 years of combined experience, leveraging the broader ICG network and specialist expertise in LP secondaries.

  • Share price total return for H1 was 12.6%, with the discount to NAV narrowing from 35% to 27%.

Financial highlights

  • H1 NAV per share total return was -0.7%, impacted by a -2% negative FX effect in Q1; Q2 NAV per share total return rebounded to 1.9%.

  • 1-year NAV per share total return was 6.7%, and share price total return was 14.1% for the period ending 31 July 2025.

  • Total proceeds in H1 reached GBP 222 million, surpassing the full-year total for FY2025.

  • Portfolio value at period end was approximately GBP 1.4 billion.

  • Portfolio growth on a local currency basis was 2.1% for H1, but only 0.1% in sterling due to FX movements.

Outlook and guidance

  • Visibility on further exits in the near term, with imminent realizations expected and optimism about the investment environment.

  • Well-positioned balance sheet and diversified portfolio by geography, sector, and vintage support continued investment and progressive dividend policy.

  • Board intends to pay at least 38p per share in dividends for FY26, a 6% increase over FY25.

  • Strong pipeline for secondary and co-investment opportunities, including Project Domino.

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Frequently asked questions

ICG Enterprise Trust PLC is a UK-based closed-ended investment company focusing on private equity investments. It operates by investing in private equity funds as well as directly into private companies, with a strategic aim to provide long-term growth. The investment portfolio is diversified across various sectors, including technology, media and telecommunications, consumer goods and services, healthcare, business services, industrials, education, and leisure. A significant part of its investments are in cash-generating companies primarily located in the United States and Europe. ICG Enterprise Trust PLC is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.

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