ICG Enterprise Trust (ICGT) investor relations material

Executive summary

• H1 FY27 NAV per Share Total Return was 3.3%; portfolio return was 3.2% in local currency and 3.6% in sterling.

• Portfolio value was £1,382.9m at 31 July 2026, with growth across multiple investment areas despite subdued transaction activity.

• Twenty-four full exits generated a weighted-average 3.0x return on cost; signed exits are expected to generate ~£70m in 2027.

Financial highlights

• IFRS profit was £32.3m versus a loss of £18.1m in H1 FY26; EPS was 52.67p versus (28.47p).

• Portfolio value increased from £1,353m at 31 January 2026 to £1,382.9m at 31 July 2026; sterling portfolio growth included a positive £5.7m FX impact.

• Total proceeds were £83.8m, down from £222.2m in H1 FY26; new investments were £65.0m versus £113.1m.

• Enlarged Perimeter companies reported LTM revenue growth of 11.3% and EBITDA growth of 16.2%.

• Share Price Total Return was (4.8%) over six months, compared with 7.9% for the FTSE All-Share Index Total Return.

Outlook and guidance

• Priorities include a high bar for new investments, refreshing portfolio concentration through realisations, and balancing growth with buybacks and quarterly dividends.

• The Board intends to pay at least 42p per share in FY27 dividends, up 8% from FY26’s 39p; the Q2 dividend was 9.5p per share.

• Signed Exail and Ambassador Theatre Group exits are expected to generate ~£70m in proceeds in 2027, subject to closing.

• Management fee cap reductions are planned to 1.125% of NAV from 1 February 2027 and 1.00% from 1 February 2028.