ICG Enterprise Trust (ICGT) Q2 2025 earnings summary

Executive summary

• Portfolio companies delivered 14% LTM earnings growth, with strong momentum and a third consecutive period of higher new investment levels.

• Focused on buyouts in developed markets, mainly North America and Europe, with diversified sector exposure in TMT, consumer, business services, and healthcare.

• Portfolio construction emphasizes a 50/50 split between fund and direct investments, with growing technology allocation.

• NAV per share rose to 1,946p at 31 July 2024, with a 2.8% total return for H1 FY25 and a five-year annualised return of 12.5%.

• Nine full exits achieved a weighted average uplift to carrying value of 26% and a 3.1x money multiple, with reduced share price volatility and increased liquidity over five years.

Financial highlights

• NAV per share total return was 2.8% and share price total return was 10.3% for H1 FY25.

• Portfolio grew 3.8% on a local currency basis and 2.6% in sterling, with most growth in Q2.

• £104m invested in new opportunities, £86m realized, and nine exits generated £48.7m in proceeds.

• Total shareholder distributions reached £33m (2.5% of opening NAV), including £17m in dividends and £21m in buybacks.

• Profit for the period was £23.0m, up from £6.9m in H1 FY24; basic and diluted EPS was 34.67p.

Outlook and guidance

• Transaction activity is normalizing, with increased activity expected, especially in the U.S. due to rate cuts.

• Confident in achieving mid to high teens realization rate for the full year, with more activity anticipated in H2.

• Intention to pay at least 35p per share in dividends for FY25, a 6% increase over FY24.

• Board maintains a positive outlook for private equity as a growth engine despite ongoing headwinds.

• Manager is reviewing cost disclosures in response to new FCA requirements.