REG-Q3 update for the three months ended 31 October 2025
30/01/2026 07:00
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ICG Enterprise Trust plc
30 January 2026
Q3 update for the three months ended 31 October 2025
Highlights * NAV per Share of 2,080p (31 Jul 2025: 2,040p)
* Q3 NAV per Share Total Return of 2.4%
* Continuing strong realisation activity: £82m Total Proceeds in Q3
* Q3 Total New Investments of £25m, bringing YTD Total New Investments to £138m
* Robust balance sheet: 3% gearing ratio, £230m total available liquidity
* Q3 dividend of 9p per share; Board increases FY26 dividend guidance to 39p per share (FY25: 36p)
* In the three years since the launch of the long-term buyback programme in October 2022, ICGT has bought back 8.4% of its opening shares, adding 71p (3.5%) to NAV per Share Total Return (1)
* The Board reconfirms the long-term share buyback programme is intended to operate at any discount to NAV
* Strong momentum post period-end into Q4 (2): £75m Total Proceeds; £43m Total New Investments; and £76m New Fund Commitments (including $90m/£67m to ICG LP Secondaries II)
(1)Figures include both long-term and opportunistic buyback programmes, see page 5 for details; (2)Post period-end reflects 1 November 2025 to 29 January 2026
PERFORMANCE OVERVIEW
Annualised
Performance to 31 October 2025 3 months 1 year 3 years 5 years 10 years
Portfolio Return on a Local Currency Basis 1.6% 6.7% 6.7% 14.9% 14.7%
NAV per Share Total Return 2.4% 6.1% 4.5% 12.8% 13.6%
Share Price Total Return 3.9% 28.1% 18.4% 16.4% 12.4%
FTSE All-Share Index Total Return 6.6% 22.5% 14.7% 14.7% 8.0%
Portfolio activity overview for Q3 FY26 Primary Direct Secondary Total ICG-managed
Local Currency return 1.6% 1.2% 2.6% 1.6% 3.2%
Sterling return 2.4% 1.8% 3.2% 2.3% 4.0%
New Investments (1) £20m £7m £(2)m £25m £(2)m
Total Proceeds £46m £2m £35m £82m £6m
New Fund Commitments £—m £—m £—m £—m £—m
Closing Portfolio value £701m £480m £210m £1,391m £435m
% Total Portfolio 50% 35% 15% 100% 31%
(1)Secondaries (£(2)m) reflect a recallable capital contribution as opposed to an income distribution
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 GMT today. A
link for the presentation can be found on the Results & Reports page
(https://www.globenewswire.com/Tracker?data=sCANjhVHEx9YsF2h5d2Y2o1sVZP-52yqIKh801agM-cJMr6G7ZyqBIG_l38A8LsJHllU_4BAae4mTd7cDjvQipkU8VSNDFbhCHQKNqVz1d8t7r27UKibZ-2abwlv4_LRmdWsAk6XmG5UlYe4sJIy5NjAGC06pQOAz-_Zm3F6qeQ=)
of the Company website. A recording of the presentation will be made available
on the Company website after the event.
FY26 Third Interim Dividend
Ex-dividend date 12 February 2026
Record date 13 February 2026
Dividend payment date 27 February 2026
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 ICG plc
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 31% of the Portfolio.
Medium-term target Five-year average Q3 FY26
1. Target Portfolio composition (1)
Investment category
Primary ~40-50% 56% 50%
Direct ~30-35% 29% 35%
Secondary ~25-30% 15% 15%
Geography
North America ~50% 44% 47%
Europe (inc. UK) ~50% 49% 47%
Other — 7% 6%
1 As percentage of Portfolio
Performance overview
* At 31 October 2025, the Portfolio was valued at £1,391m. The Portfolio
Return on a Local Currency Basis for the quarter was 1.6%, and in Sterling
terms was 2.3%
* ICG Enterprise Trust generated a NAV per Share Total Return of 2.4% during
the quarter, ending the period with a NAV per Share of 2,080p
* Over the last five years ICG Enterprise Trust has generated an annualised
NAV per Share Total Return of 12.8%
Movement in the Portfolio £m 3 months to 31 October 2025
Opening Portfolio (1) 1,415.6
Total New Investments 24.9
Total Proceeds (82.2)
Portfolio net cashflow (57.3)
Valuation movement (2) 23.1
Currency movement 9.9
Closing Portfolio 1,391.3
(1)Refer to the Glossary (2)95% of the Portfolio valuations are dated 30 September 2025 or later (2024: 92%)
NAV per Share Total Return 3 months to 31 October 2025
% Portfolio growth (local currency) 1.6%
% currency movement 0.7%
% Portfolio growth (Sterling) 2.3%
Impact of gearing 0.2%
Management fee (0.3)%
Finance costs and other items 0.1%
Co-investment Incentive Scheme Accrual 0.0%
Impact of share buybacks 0.1%
NAV per Share Total Return 2.4%
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 31 October 2025, ICG Enterprise Trust’s exposure to quoted companies
was valued at £53m, equivalent to 3.8% of the Portfolio value (31 July 2025:
3.8%). There was one quoted investment that individually accounted for 0.5% or
more of the Portfolio value:
Company Ticker 31 Oct 2025 % of Portfolio value
Chewy CHWY-US 1.5%
Other companies 2.3%
Total 3.8%
Realisation activity
* Total Proceeds of £82m during the quarter
* 45 Full Exits completed LTM, at a weighted average Uplift to Carrying Value
of 11.1% and a 3.1x Multiple to Cost
New investment activity
* Total New Investments of £25m during the quarter
* The split of Total New Investments was split by category as follows:
Investment Category Cost £m % of New Investments
Primary 20.0 80.5%
Direct 7.2 28.9%
Secondary (1) (2.3) (9.4)%
Total 24.9 100.0%
(1) Secondaries (£(2)m) reflect a recallable capital contribution as opposed
to an income distribution
Commitments
* No new fund Commitments during the quarter
* At 31 October 2025, total Undrawn Commitments of £416m to funds in their
investment period and a further £165m to funds outside their investment
period
Balance sheet and liquidity
* Total available liquidity at 31 October 2025 was £230.0m (31 July 2025:
£187.4m)
£m
Cash at 31 July 2025 20.9
Total Proceeds 82.2
New investments (24.9)
Debt drawn down / (repaid) (41.4)
Dividends and buybacks (9.7)
Management fees (4.1)
Co-investment Incentive Scheme payment (2.4)
FX and other expenses (2.2)
Cash at 31 October 2025 18.4
Available undrawn debt facilities 211.6
Total available liquidity 230.0
* The cash balance was £18.4m (31 July 2025: £20.9m) and drawn debt was
£51.5m (31 July 2025: £89.8m). As a result, net debt was £33.1m (31 July
2025: £68.9m)
* At 31 October 2025, the Portfolio represented 106.5% of net assets (31 July
2025: 110.1%)
£m % of net assets
Portfolio 1,391.2 106.5%
Cash 18.4 1.4%
Drawn debt (51.5) (3.9)%
Co-investment Incentive Scheme Accrual (48.7) (3.7)%
Other net current liabilities (3.2) (0.2)%
Net assets 1,306.2 100.0%
Dividend and share buyback
* Third quarter dividend of 9p per share (Q3 FY25: 8.5p). The Board increases
FY26 dividend guidance to 39p per share (FY25: 36p)
* The following purchases have been made under the Company's share buyback
programme:
Long-term Opportunistic Total
Q3 FY26 (3) Since inception (1) Q3 FY26 (3) Since inception (2) Q3 FY26 (3) Since inception
Number of shares purchased 254,001 3,629,189 - 2,098,396 254,001 5,727,585
% of opening shares since buyback started 8.4%
Capital returned to shareholders £3.8m £44.5m - £25.8m £3.8m £70.4m
Number of days shares have been acquired 20 252 - 20 20 272
Weighted average discount to last reported NAV 25.9% 36.9% - 36.7% 25.9% 36.9%
NAV per Share accretion (p) 2.4 70.7
NAV per Share accretion (% of NAV) 0.1% 3.5%
1. Since October 2022 (which was when the long-term share buyback programme
was launched) up to and including 31 October 2025.
2. Since May 2024 (which was when the opportunistic buyback programme was
launched) up to and including 31 October 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 November 2025 and 29 January 2026 include: New Fund
Commitments of £76m (including $90m (£67m) commitment to ICG LP Secondaries
II); Total New Investments of £43m; and Total Proceeds of £75m.
ICG Private Equity Fund Investments Team
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