ICG Enterprise Trust (ICGT) Q4 2025 earnings summary

Executive summary

• NAV per Share Total Return was 10.5% and Share Price Total Return was 12.5% for the year to 31 January 2025, with NAV per Share rising to 2,073p and a five-year annualized return of 14.5%.

• Portfolio companies delivered 15.3% LTM EBITDA growth and 11.2% LTM revenue growth, with 40 full exits at a 19% uplift to carrying value and a weighted average MOIC of 2.9x.

• £59m (5% of opening NAV) was returned to shareholders via buybacks and dividends, marking the twelfth consecutive year of dividend increases.

• The investment strategy focuses on profitable, cash-generative private companies in North America and Europe, with a bias toward buyouts and mature markets.

• Post period-end, over £100m in proceeds were realized from a secondary sale and the Minimax exit, with a portion reinvested for future growth.

Financial highlights

• Portfolio grew 10.2% in local currency and 10.6% in sterling; closing NAV per share at 2,073p.

• Net assets at 31 January 2025 were £1,332m, with net debt of £128m and total available liquidity of £232m.

• Profit for the year was £107.5m, up from £17.4m in the prior year; basic EPS was 163.95p.

• Realisation proceeds totaled £151m, with additional proceeds received after period-end.

• Ongoing charges were 1.38% of NAV, with £2.0m in cost savings realized.

Outlook and guidance

• The portfolio is well positioned for continued resilience and long-term returns, supported by sector positioning, origination network, and a robust balance sheet.

• The secondaries market is expected to offer compelling opportunities over the next 24–36 months, with a target allocation increase to 25–30%.

• Uplifts on exits are expected to remain in the 20–30% range over the medium term.

• The Board remains confident in the long-term value creation strategy and continues to seek opportunities in the secondaries market.