ICG Enterprise Trust (ICGT) Q3 2025 earnings summary

Executive summary

• NAV per share total return was 3.0% for Q3, marking the second consecutive quarter at or above 3%, with NAV per share rising to 1,997p as of 31 October 2024.

• Portfolio strategy is shifting toward more secondary and direct investments, focusing on mature, cash-generative companies in developed markets, especially North America and Europe.

• Shareholder returns enhanced by £53 million returned over the last 12 months via dividends and buybacks, with £50 million in buybacks since October 2022, reducing share count by 6% and adding 2.3% to NAV per share.

• Dividend per share increased to 8.5p for Q3, with the Board targeting at least 35p for FY25, a 6% increase over FY24.

• Portfolio is 100% buyouts, with a strategic tilt toward North America (44%) and a target allocation of 40%-50% primaries, 25%-30% secondaries, and 30%-35% co-investments.

Financial highlights

• Portfolio value reached £1,445m at 31 October 2024, with a 3.1% local currency return and 3.0% return in Sterling for Q3.

• 12 full exits in Q3 delivered an 18% weighted average uplift to carrying value, with £34m in realisation proceeds.

• Total new investments of £35m and new fund commitments of £7m during the quarter.

• Net debt was £95m at 31 October 2024, with total available liquidity of £107m, increasing to £158m pro forma for the expanded credit facility.

• Weighted average discount to last reported NAV for buybacks was 37.6%.

Outlook and guidance

• Cautious optimism for 2025, with expectations of increased deal activity and realizations, especially in the US.

• Board intends to pay total dividends of at least 35p per share for FY25, maintaining a progressive dividend policy.

• Opportunistic share buyback programme renewed for FY26, up to £25m, to run alongside the long-term buyback.

• Inflation appears under control and interest rates are expected to remain stable or fall, supporting private equity activity.

• Credit markets are more robust, aiding refinancings and IPOs.