ICG Enterprise Trust (ICGT) Q2 2026 earnings summary

Executive summary

• Focused on mature private equity buyouts in developed markets (North America, Europe), targeting mid-market companies with enterprise values of GBP 250 million–GBP 2 billion, and partnering with top-tier managers for resilience and consistent returns.

• Portfolio companies delivered double-digit earnings growth, with 15% LTM EBITDA growth and strong cash generation.

• Active portfolio construction emphasizes resilient, non-cyclical sectors such as technology, consumer healthcare, and business services.

• Dedicated investment team with over 60 years of combined experience, leveraging the broader ICG network and specialist expertise in LP secondaries.

• Share price total return for H1 was 12.6%, with the discount to NAV narrowing from 35% to 27%.

Financial highlights

• H1 NAV per share total return was -0.7%, impacted by a -2% negative FX effect in Q1; Q2 NAV per share total return rebounded to 1.9%.

• 1-year NAV per share total return was 6.7%, and share price total return was 14.1% for the period ending 31 July 2025.

• Total proceeds in H1 reached GBP 222 million, surpassing the full-year total for FY2025.

• Portfolio value at period end was approximately GBP 1.4 billion.

• Portfolio growth on a local currency basis was 2.1% for H1, but only 0.1% in sterling due to FX movements.

Outlook and guidance

• Visibility on further exits in the near term, with imminent realizations expected and optimism about the investment environment.

• Well-positioned balance sheet and diversified portfolio by geography, sector, and vintage support continued investment and progressive dividend policy.

• Board intends to pay at least 38p per share in dividends for FY26, a 6% increase over FY25.

• Strong pipeline for secondary and co-investment opportunities, including Project Domino.