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ICG (ICG) investor relations material
ICG H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary18 Nov, 2025
Executive summary
Assets under management (AUM) reached $124bn, with fee-earning AUM at $84bn, up 6% in the half-year and a five-year annualized growth of 14%.
Management fees rose 16% year-over-year to £334m, and performance fees surged to £98m, including a £72m one-off transition impact from a change in performance fee recognition.
Operating cash flow was £450m, up 143% year-over-year, and total available liquidity reached £1.3bn.
Strategic partnership with Amundi established, including a 9.9% economic interest and a 10-year commercial agreement to accelerate private wealth expansion and product distribution.
Focused on scaling higher-return strategies, now representing 57% of fee-earning AUM, and maintaining discipline in private debt deployment.
Financial highlights
AUM grew 14% year-over-year and 18% over the last twelve months, with fee-earning AUM up 12%.
Management fee income for the half-year was £333.6m, up 16% year-over-year; performance fee income was £97.6m, up from £31.8m.
Group profit before tax was £351.6m, up 77% year-over-year; group EPS was 102.8p, up 78%.
NAV per share increased to 900p from 788p, and the interim dividend rose 5% to 27.7p.
Total balance sheet return for the period was £112m, positive across all asset classes.
Outlook and guidance
Medium-term guidance raised: fundraising target of at least $55bn between April 2024 and March 2028.
FMC operating margin expected to exceed 54%, with performance fees representing 10-20% of total fee income.
Real estate equity and real assets are seen as significant growth areas over the next five to ten years.
Continued focus on long-term returns for clients and attractive financial returns to shareholders.
Positive outlook on Europe, with Structured Capital and Secondaries seen as particularly attractive.
Future performance fee predictability post-change
Amundi partnership's expected wealth channel AUM
Balance sheet investment portfolio deployment outlook
Rationale for Amundi's mutual exclusivity?
How to protect higher-return strategy fees?
Market consolidation: new investment opportunities?
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Q3 2026 TU21 Jan, 2026
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Frequently asked questions
Intermediate Capital Group plc (ICG) is a global alternative asset manager specializing in private debt, credit, and equity investments. The company provides flexible capital solutions, including mezzanine financing, private equity, and real assets, to businesses across various industries. The company is headquartered in London, United Kingdom, and its shares are listed on the LSE (London Stock Exchange).
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