ICG Enterprise Trust (ICGT) CMD 2026 summary

Key messages and 2025 performance

• Achieved double-digit EBITDA growth and strong realisation activity in 2025, with a robust portfolio performance and proactive management through selective co-investments, secondary sales, buybacks, and dividends.

• Maintained a strong balance sheet with low debt and high liquidity, supporting future growth through geographical, sectoral, and vintage diversification.

Portfolio strategy and investment approach

• Focused on buyouts in developed markets, primarily North America and Europe, targeting mid-market and larger companies for resilience and management quality.

• Access to 15-20 top-tier private equity managers in both North America and Europe, emphasizing resilient strategies and co-investment opportunities.

• Invests in companies benefiting from structural growth trends in technology, healthcare, consumer spending, and financial infrastructure.

Capital allocation and shareholder returns

• Over the last three years, £499m was deployed in new investments, with £77m in buybacks and £67m in dividends.

• Progressive dividend policy with 13 consecutive years of increases and a 10% CAGR from FY21 to FY26; largest buyback programme in the sector, buying back 9% of opening shares since 2022.