ICG Enterprise Trust (ICGT) Q1 2026 earnings summary

Executive summary

• Focuses on buyouts of mature companies in North America and Europe, targeting resilient sectors and long-term compounding growth, with a balanced portfolio between the two regions.

• Portfolio return was 0.6% in local currency for Q1 2025, but FX headwinds led to a -2.4% return in sterling and a -2.6% NAV per share total return.

• Share price total return was -12.5% for the last 12 months, underperforming the FTSE All-Share Index.

• Maintains partnerships with top-tier managers, disciplined capital allocation, and active portfolio management.

• NAV per share at 2,011p as of 30 April 2025.

Financial highlights

• Portfolio valued at £1,386m as of 30 April 2025.

• Q1 FY2026 dividend of 9p per share announced, with intention to pay at least 38p for the year, a 6% increase over FY2025.

• Total new fund commitments of £76m and new investments of £48m in the quarter.

• Exit proceeds totaled £149m, including £62m from a secondary sale and £48m from the realization of Minimax, with 45 full exits at a 15% uplift and 3x cost.

• Shareholder distributions (dividends and buybacks) totaled £59m in FY25, with £60m returned since October 2022.

Outlook and guidance

• Board intends to pay total dividends of at least 38p per share for FY26, up from 36p in FY25.

• Sees a buyer's market with attractive opportunities, especially in secondaries and co-investments.

• Maintains a progressive dividend policy and expects continued strong performance from a diversified, resilient portfolio.

• Fundraising environment remains challenging, especially for first-time funds, but credit availability is not hindering buyout activity.