ICG Enterprise Trust (ICGT) Q3 2026 earnings summary

Executive summary

• NAV per share at 31 October 2025 was 2,080p, with a Q3 total return of 2.4% and a 12-month share price total return of 17.3%.

• Realizations surged, with £82m proceeds in Q3 and £75m post-period, doubling the quarterly average to £80m for the year.

• Portfolio focus remains on mature, cash-generative mid-market buyouts in developed markets, emphasizing manager selection and balance sheet discipline.

• Increased allocation to secondaries, with a $90m commitment to ICG LP Secondaries II post-period end.

• Private company fundamentals remain robust, with disciplined manager selection and balance sheet management.

Financial highlights

• Q3 NAV per share total return was 2.4%; portfolio return was 2.3% in sterling.

• £25m invested and £82m realized in Q3, resulting in a net positive cash flow of £57m.

• 45 full exits in the last 12 months generated a 3.1x multiple of cost and an 11% uplift over book value.

• Year-to-date proceeds represent 20% of the opening portfolio, ahead of peer averages.

• Froneri realization delivered €41m in Q3, representing 2.7% of portfolio value at 31 July 2025.

Outlook and guidance

• Strong momentum expected to continue into Q4, with robust M&A activity and no signs of a one-off catch-up in realizations.

• Dividend guidance for FY26 increased to 39p per share; progressive dividend policy with 10% CAGR since FY21.

• Board reconfirms commitment to long-term share buyback programme at any discount to NAV.

• Supportive market dynamics with stabilized rates and a weaker fundraising environment benefiting high-quality co-investment opportunities.

• Anticipated NAV growth to normalize at mid-teens net, not returning to the extraordinary 2021-2022 levels.