REG-Q3 Trading Statement for the period to 31 December 2025

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21 January 2026

ICG plc

Q3 Trading Statement for the period to 31 December 2025

                                                                                                                                                                                                                                                                
   Highlights  * AUM of $127bn; fee-earning AUM of $85bn, up 1% (1)in the quarter, up 11% (1)year-on-year                                                                                                                                                       
   * Dry powder of $36bn, of which $19bn is not yet earning fees                                                                                                                                                                                                
   * Fundraising of $4.4bn, including Europe IX ($1.6bn), Metropolitan II ($0.6bn) and LP Secondaries II ($0.3bn). LP Secondaries II expected to be activated and fee-earning in the coming quarters. Remaining fundraising largely due to Credit ($0.8bn)      
   * Closed-end funds and associated SMAs that were actively fundraising included Europe IX, LP Secondaries II, Asia-Pacific Infrastructure I and Real Estate equity (2)                                                                                        
   * Transaction activity continuing to show modest recovery with some variability between asset classes                                                                                                                                                        
   * Positive Total Balance Sheet Return at a Group level in the quarter and YTD                                                                                                                                                                                
   * Total available liquidity of £1.4bn (H1 FY26: £1.3bn) and net financial debt of £239m (H1 FY26: £401m)                                                                                                                                                     
   1 On a constant currency basis; 2 At 31 December 2025. The timings of launches and closes depend on a number of factors, including the prevailing market conditions.                                                                                         

           

 Fee-earning AUM                                                                                                   
 $m                                             Structured Capital and Secondaries  Real Assets  Debt     Total    
 At 30 September 2025                           40,285                              9,491        34,013   83,789   
 Funds raised: fees on committed capital        1,552                               245          —        1,797    
 Deployment of funds: fees on invested capital  120                                 322          1,986    2,428    
 Total additions                                1,672                               567          1,986    4,225    
 Realisations                                   (134)                               (165)        (2,598)  (2,897)  
 Net additions / (realisations)                 1,538                               402          (612)    1,328    
 Stepdowns                                      —                                   (153)        —        (153)    
 FX and other                                   32                                  (192)        52       (108)    
 At 31 December 2025                            41,855                              9,548        33,453   84,856   
 Q-o-Q change $m                                1,570                               57           (560)    1,067    
 Q-o-Q change %                                 4%                                  1%           (2%)     1%       
 Constant currency growth:                                                                                         
 Q-o-Q change %                                 4%                                  –            (2%)     1%       
 Y-o-Y change %                                 22%                                 17%          (3%)     11%      
 Last five years change %                       26%                                 14%          6%       15%      



   Business activity                                                                                                                                                   
                                                                                                                                                                       
   $bn                                 Fundraising                                     Deployment (1)                                  Realisations (1,2)              
                                       Q3 FY26         LTM                             Q3 FY26         LTM                             Q3 FY26         LTM             
   Structured Capital and Secondaries  2.5             11.4                            2.8             9.4                             0.1             2.2             
   Real Assets                         0.6             4.5                             0.6             3.0                             0.2             1.7             
   Debt (3)                            1.3             3.7                             1.6             5.2                             1.7             5.0             
   Total                               4.4             19.6                            5.0             17.6                            2.0             8.9             
                                                                                                                                                                       
   1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only.                                         

FOREIGN EXCHANGE RATES

          Average rate      Period end                           
          Q2 FY26  Q3 FY26  30 September 2025  31 December 2025  
 GBP:EUR  1.1528   1.1428   1.1459             1.1473            
 GBP:USD  1.3386   1.3287   1.3446             1.3475            
 EUR:USD  1.1612   1.1626   1.1734             1.1745            

This results statement may contain forward looking statements. These
statements have been made by the Directors in good faith based on the
information available to them up to the time of their approval of this report
and should be treated with caution due to the inherent uncertainties,
including both economic and business risk factors, underlying such forward
looking information.

Unless otherwise stated the financial results discussed herein are on the
basis of alternative performance measures (APM) basis; see full year results.

COMPANY TIMETABLE

 Shareholder seminar (online): ICG Real Estate  24 March 2026, 3pm GMT Register here (https://meetings.100.lumiconnect.com/r/participant/live-meeting/100-890-374-642)  
 Full year results announcement                 21 May 2026                                                                                                             

ENQUIRIES

 Shareholders and debtholders / analysts:                                                      
 Chris Hunt, Head of Corporate Development and Shareholder Relations, ICG  +44(0)20 3545 2020  
 Media:                                                                                        
 Clare Glynn, Head of Corporate Communications, ICG                        +44(0)79 3435 7794  

ABOUT ICG

ICG (LSE: ICG) is a global alternative asset manager with $127bn* in AUM and
more than three decades of experience generating attractive returns. We
operate from over 20 locations globally and invest our clients’ capital
across Structured Capital; Private Equity Secondaries; Private Debt; Credit;
and Real Assets.

Our exceptional people originate differentiated opportunities, invest
responsibly, and deliver long-term value. We partner with management teams,
founders, and business owners in a creative and solutions-focused approach,
supporting them with our expertise and flexible capital. For more information
visit our website
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and follow us on LinkedIn
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*As at 31 December 2025