REG-Q1 update for the three months ended 30 April 2025
24/06/2025 14:00
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ICG Enterprise Trust plc
24 June 2025
Q1 update for the three months ended 30 April 2025
Highlights * NAV per Share of 2,011p; LTM NAV per Share Total Return of 6.3% (5 year annualised: 14.8%)
* Q1 Portfolio Return on a Local Currency Basis of 0.6%, offset by FX, resulting in Portfolio Return on a Sterling Basis of (2.4)% and NAV per Share Total Return of (2.6)%
* Total Proceeds of £149m, including £62m net proceeds from the sale of a portion of our Portfolio at a 5.5% discount and £48m from sale of Minimax (previously our largest portfolio company holding) (1); Total New Investments of £48m
* £9m of buybacks during the quarter, adding 0.4% (8.4p) to NAV per Share Total Return
* Robust balance sheet: low gearing ratio (3%); €300m revolving credit facility extended to May 2029
* Q1 dividend of 9p per share; Board intends to pay total dividends of at least 38p per share for FY26 (FY25: 36p)
* Secondaries are offering some compelling investment opportunities
(1)As announced in April 2025, and includes £3m of further Minimax proceeds received in late April 2025
PERFORMANCE OVERVIEW
Annualised
Performance to 30 April 2025 3 months 1 year 3 years 5 years 10 years
Portfolio Return on a Local Currency Basis 0.6% 10.3% 8.4% 17.8% 15.1%
NAV per Share Total Return (2.6)% 6.3% 6.3% 14.8% 13.4%
Share Price Total Return (12.5)% (0.9)% 4.4% 12.6% 10.3%
FTSE All-Share Index Total Return (1.2)% 7.5% 7.0% 10.9% 5.8%
Portfolio activity overview for Q1 FY26 Primary Direct Secondary Total ICG-managed
Portfolio Return on a Local Currency Basis 0.3% 1.5% (0.2)% 0.6% 1.4%
Portfolio Return in Sterling (2.1)% (2.0)% (4.3)% (2.4)% (1.6)%
New Investments £25m £14m £8m £48m £28m
Proceeds £98m £36m £15m £149m £66m
New fund Commitments £76m £—m £—m £76m £21m
Closing Portfolio value £699m £475m £211m £1,386m £389m
% Total Portfolio 50% 34% 15% 100% 28%
ENQUIRIES
Institutional investors and analysts: Martin Li, Shareholder
Relations +44 (0) 20 3545 1816
Nathan Brown, Deutsche
Numis +44 (0) 20 7260 1426
David Harris, Cadarn
Capital +44 (0) 20 7019 9042
Media: Clare
Glynn, Corporate Communications, ICG +44 (0) 20 3545 1850
COMPANY TIMETABLE
A presentation for investors and analysts will be held at 10:30 BST tomorrow
(Wednesday 25 June 2025). A link for the presentation can be found on the
Results & Reports page
(https://www.globenewswire.com/Tracker?data=qGWiV0CLfJDmnGPyhW8rbYytpWF2N9nLQwZnJjzPSR_j_8AGVoDGCULKszGOAj0SjCvD1c6BSAuZQUL0o8xahoNKUcVTkvOqUfNw0fiDFBP2PEAK-Ytnh7Tb5rwSHLsKlY5C4LP7pnIbX7H0qwUwtxYYi_6FSS0pGobq-HWd0zg=)
of the Company website. A recording of the presentation will be made available
on the Company website after the event.
FY26 First Interim Dividend
Ex-dividend date 14 August 2025
Record date 15 August 2025
Dividend payment date 29 August 2025
ABOUT ICG ENTERPRISE TRUST
ICG Enterprise Trust is a leading listed private equity investor focused on
creating long-term growth by delivering consistently strong returns through
selectively investing in profitable, cash-generative private companies,
primarily in Europe and the US.
We invest in companies directly as well as through funds managed by
Intermediate Capital Group plc ("ICG") and other leading managers who focus on
creating long-term value and building sustainable growth through active
management and strategic change.
ICG Alternative Investment Limited, a regulated subsidiary of ICG, acts as the
Manager of the Company.
NOTES
Included in this document are Alternative Performance Measures (“APMs”).
APMs have been used if considered by the Board and the Manager to be the most
relevant basis for shareholders in assessing the overall performance of the
Company, and for comparing the performance of the Company to its peers and its
previously reported results.
All performance figures are stated on a Total Return basis (i.e. including the
effect of re-invested dividends).
DISCLAIMER
The information contained herein and on the pages that follow does not
constitute an offer to sell, or the solicitation of an offer to acquire or
subscribe for, any securities in any jurisdiction where such an offer or
solicitation is unlawful or would impose any unfulfilled registration,
qualification, publication or approval requirements on ICG Enterprise Trust
PLC (the "Company") or its affiliates or agents. Equity securities in the
Company have not been and will not be registered under the applicable
securities laws of the United States, Australia, Canada, Japan or South Africa
(each an “Excluded Jurisdiction”). The equity securities in the Company
referred to herein and on the pages that follow may not be offered or sold
within an Excluded Jurisdiction, or to any U.S. person ("U.S. Person") as
defined in Regulation S under the U.S. Securities Act of 1933, as amended (the
"U.S. Securities Act"), or to any national, resident or citizen of an Excluded
Jurisdiction.
The information on the pages that follow may contain forward looking
statements. Any statement other than a statement of historical fact is a
forward looking statement. Actual results may differ materially from those
expressed or implied by any forward looking statement. The Company does not
undertake any obligation to update or revise any forward looking statements.
You should not place undue reliance on any forward looking statement, which
speaks only as of the date of its issuance.
MANAGER’S REVIEW
Our investment strategy
Within developed markets, we focus on investing in buyouts of profitable,
cash-generative businesses that exhibit resilient growth characteristics,
which we believe will generate long-term compounding returns across economic
cycles.
We take an active approach to portfolio construction, with a flexible mandate
that enables us to deploy capital in Primary, Direct and Secondary
investments. Geographically we focus on the developed markets of North America
and Europe, including the UK, which have deep and mature private equity
markets supported by a robust corporate governance framework.
Investments managed by ICG accounted for 28% of the Portfolio.
Medium-term target Five-year average Q1 FY26
1. Target Portfolio composition (1)
Investment category
Primary ~50% 56% 51%
Direct ~25% 29% 34%
Secondary ~25% 15% 15%
Geography
North America ~50% 43% 45%
Europe (inc. UK) ~50% 50% 49%
Other — 7% 7%
1 As percentage of Portfolio
Performance overview
* At 30 April 2025, the Portfolio was valued at £1,386m. The Portfolio Return
on a Local Currency Basis for the quarter was 0.6%, and in Sterling terms was
(2.4)%
* ICG Enterprise Trust generated a NAV per Share Total Return of (2.6)% during
the quarter, ending the period with a NAV per Share of 2,011p
* Over the last five years ICG Enterprise Trust has generated an annualised
NAV per Share Total Return of 14.8%
Movement in the Portfolio £m 3 months to 30 April 2025
Opening Portfolio (1) £1,523m
Total New Investments £48m
Total Proceeds £(149)m
Portfolio net cashflow £(101)m
Valuation movement (2) £9m
Currency movement £(45)m
Closing Portfolio £1,386m
1 Refer to the Glossary 2 86% of the Portfolio is valued using 31 March 2025 (or later) valuations.
NAV per Share Total Return 3 months to 30 April 2025
% Portfolio growth (local currency) 0.6%
% currency movement (3.0)%
% Portfolio growth (Sterling) (2.4)%
Impact of gearing 0.1%
Finance costs and other expenses (0.4)%
Management fee (0.3)%
Co-investment Incentive Scheme Accrual movement 0.1%
Impact of share buybacks 0.4%
NAV per Share Total Return (2.6)%
Quoted company exposure
* We do not actively invest in publicly quoted companies but gain listed
investment exposure when IPOs are used as a route to exit an investment. In
these cases, exit timing typically lies with the manager with whom we have
invested
* At 30 April 2025, ICG Enterprise Trust’s exposure to quoted companies was
valued at £62.9m, equivalent to 4.5% of the Portfolio value (31 January 2025:
4.8%). There was one quoted investment that individually accounted for 0.5% or
more of the Portfolio value:
Company Ticker 30 April 2025 % of Portfolio value
Chewy CHWY-US 1.8%
Other companies 2.7%
Total 4.5%
Realisation activity
* Total Proceeds of £149m during the quarter, including £62m net proceeds
from a sale of a portion of our Portfolio (see RNS here
(https://www.icg-enterprise.co.uk/2025/04/02/icg-enterprise-trust-executes-secondary-sale/)).
The sale was executed at a discount of 5.5% to 30 September 2024 valuation and
realised a 1.6x return on invested cost (15% IRR)
* £48m (€57m) cash proceeds from realisation of Minimax, our largest
portfolio company. ICG Enterprise Trust is reinvesting €10m alongside
Management and other investors including certain ICG funds
* 45 Full Exits completed LTM, at a weighted average Uplift to Carrying Value
of 15% and a 3.0x Multiple to Cost
New investment activity
* Total New Investments of £48m during the quarter, of which 58% (£28m) was
alongside funds managed by ICG
* The split of Total New Investments was split by category as follows:
Investment Category Cost (£m) % of New Investments
Primary £25m 52%
Direct £15m 30%
Secondary £8m 18%
Total £48m 100%
Commitments
* We made five new fund Commitments totalling £76.0m during the quarter:
Fund Manager Commitment during the period
Local currency £m
Integrum II Integrum $15.0m £11.6m
GHO Capital IV GHO €15.0m £12.4m
Hg Saturn IV Hg $20.0m £15.4m
TH Lee X THL $20.0m £15.9m
ICG Europe IX ICG €25.0m £20.7m
* At 30 April 2025 we had total Undrawn Commitments of £375m to funds in
their investment period and a further £163m to funds outside their investment
period
Balance sheet and liquidity
* Total available liquidity at 30 April 2025 was £201.5m (31 January 2025:
£124.6m)
£m
Cash at 31 January 2025 3.9
Total Proceeds 148.7
New investments (47.7)
Debt drawn down (79.6)
Shareholder returns (14.5)
Management fees (4.2)
Co-investment Incentive Scheme distribution (0.5)
FX and other income/(expenses) 1.4
Cash at 30 April 2025 7.5
Available undrawn debt facilities 193.9
Total available liquidity 201.5
* The cash balance was £7.5m (31 January 2025: £3.9m) and drawn debt was
£52.3m (31 January 2025: £131.9m). As a result, we had net debt of £44.8m
(31 January 2025: £128.0m)
* Maturity of our €300m revolving credit facility extended to 29 May 2029.
All other key terms remain the same as per December 2024 RNS (available here
(https://www.icg-enterprise.co.uk/2024/12/23/icg-enterprise-trust-announces-increased-credit-facility/))
* At 30 April 2025, the Portfolio represented 104.2% of net assets (31 January
2025: 114.3%)
£m % of net assets
Portfolio 1,385.9 104.2%
Cash 7.5 0.6%
Drawn debt (52.3) (3.9)%
Co-investment Incentive Scheme Accrual (52.1) 0.2%
Other net current liabilities (10.9) (1.0)%
Net assets 1,278.0 100.0%
Dividend and share buyback
* Progressive dividend policy maintained: first quarter dividend of 9p per
share (Q1 FY25: 8.5p)
* It is the Board’s current intention to declare total dividends of at least
38p per share for FY26 (FY25: 36p)
* The following purchases have been made under the Company's share buyback
programme:
Long-term Opportunistic Total
Q1 FY26 (3) Since inception (1) Q1 FY26 (3) Since inception (2) Q1 FY26 (3) Since inception
Number of shares purchased 245,000 2,997,688 473,000 1,965,175 718,000 4,962,863
% of opening shares since buyback started 7.2%
Capital returned to shareholders £3.1m £35.7m £5.8m £24.1m £8.9m £59.8m
Number of days shares have been acquired 21 204 7 18 28 222
Weighted average discount to last reported NAV 36.3% 38.3% 38.7% 36.8% 37.9% 37.6%
NAV per Share accretion (p) 8.4 57.8
NAV per Share accretion (% of NAV) 0.4% 3.0%
1.Since October 2022 (which was when the long-term share buyback programme was
launched) up to and including 30 April 2025.
2. Since May 2024 (which was when the opportunistic buyback programme was
launched) up to and including 30 April 2025.
3. Based on company-issued announcements / date of purchase, rather than date
of settlement.
Note: aggregate consideration excludes commission, PTM and SDRT.
Activity since the period end
Notable activity between 1 May 2025 and 31 May 2025 includes Realisation
Proceeds of £1.5m and Total New Investments of £10.9m.
ICG Private Equity Fund Investments Team
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