ICG Enterprise Trust (ICGT) investor relations material

Executive summary

• Q1 2026 saw high economic volatility and uncertainty, but the portfolio demonstrated resilience and robust fundamentals, driven by mature, cash-generative buyouts and selective investments with top-tier managers.

• Growth sources included AI integration and partnerships with established and new managers, supporting operational improvements and efficiency.

Financial highlights

• NAV per share at 30 April 2026 was GBP 20.36 (2,036p), with a Q1 total return of 0.1% and a portfolio return of 0.2% in Sterling terms.

• Q1 dividend per share was GBP 0.095 (9.5p), with a target of at least GBP 0.42 (42p) for FY 2027.

• GBP 14 million in share buybacks executed in Q1, totaling 11% of the opening share count since October 2022.

• GBP 34 million in new fund commitments and GBP 22 million in new investments; GBP 51 million in proceeds from exits.

• 54 full exits in the last 12 months generated a 3.1x cost return, with a 10% average uplift to carrying value.

Outlook and guidance

• Expectation for realization rates to reach high teens to near 20% for the year, depending on market conditions.

• Confident in deploying the full co-investment program in 2026, with a highly selective approach.

• AI is expected to drive future growth and operational improvements, especially in mid-market companies.

• Management fee cap to be reduced by 20% over the next two years, reaching 1.00% of NAV from Feb 2028.

• Market conditions are viewed as supportive for a recovery in transaction activity as confidence and interest rates stabilize.