Unaudited Interim Results for the six months ended 31 July 2026
ICG Enterprise Trust plc
Unaudited Interim Results for the six months ended 31 July 2026
7 October 2026
PERFORMANCE OVERVIEW
COMPANY TIMETABLE
A presentation for investors and analysts will be held at 11:30 BST today. A link for the presentation can be found on the Results & Reports page of the Company website. A recording of the presentation will be made available on the Company website after the event.
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 +44 (0) 20 3545 1850
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, while offering the added benefit to shareholders of daily liquidity.
We invest in companies directly as well as through funds managed by ICG plc and other leading private equity managers who focus on creating long-term value and building sustainable growth through active management and strategic change.
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. The Glossary includes further details of APMs and reconciliations to UK-adopted International Accounting Standards ("IFRS") measures, where appropriate.
In the Manager’s Review and Supplementary Information, all performance figures are stated on a Total Return basis (i.e. including the effect of re-invested dividends). ICG Alternative Investment Limited, a regulated subsidiary of Intermediate Capital Group plc, acts as the Manager of the Company.
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.
CHAIR’S FOREWORD
Dear fellow shareholders,
ICG Enterprise Trust's NAV per Share Total Return was 3.3% for the six months to 31 July 2026. The growth was driven by a number of co-investments spread across multiple investment areas as well as by the £20m of accretive buybacks we executed during the period. The performance is discussed in more detail in the Investment Manager's Review.
I believe our portfolio composition remains one of the key attractions of ICGT. We are not a sector-specific or theme-specific investor; instead we focus on company characteristics, such as profitability and strong cash generation. This should offer more resilience in the face of market headwinds.
As a Board we are focused on ensuring ICGT is positioned to deliver attractive long-term growth, with disciplined capital allocation across new investments, buybacks and dividends. During the period we made £65m Total New Investments, and returned £33m to shareholders: £13m through our progressive dividend policy and £20m through our two buyback programmes.
Over the last five years, ICGT has generated a cumulative 49% NAV per Share Total Return and a 52% Share Price Total Return, representing 8.4% and 8.7% respectively on an annualised basis.
In June 2026, the Company announced a 20% reduction in the management fee cap, to be implemented over the next two financial years. From 1 February 2027 the management fee cap will be reduced to 1.125% of NAV and from 1 February 2028 the cap will be reduced to 1.00% of NAV.
There has been significant attention recently on structures that give individual investors access to alternative investments, including private equity. While much of the debate has focused on newer fund structures, investment trusts have provided access to private markets for many years and continue to offer a differentiated proposition for long-term investors. As a Board and Manager, we continue to work hard to increase demand for our shares and welcome efforts across the industry to improve awareness, understanding and accessibility of investment trusts.
On behalf of the Board, thank you for your continued support.
Jane Tufnell
Chair
6 October 2026
MANAGER’S REVIEW
Alternative Performance Measures
The Board and the Manager monitor the financial performance of the Company on the basis of Alternative Performance Measures (APM), which are non-IFRS measures. The APM predominantly form the basis of the financial measures discussed in this review, which the Board believes assists shareholders in assessing their investment and the delivery of the investment strategy.
The Company holds certain investments in subsidiary entities. The substantive difference between APM and IFRS is the treatment of the assets and liabilities of these subsidiaries. The APM basis “looks through” these subsidiaries to the underlying assets and liabilities they hold, and it reports the investments as the Portfolio APM, gross of the liability in respect of the Co-investment Incentive Scheme. Under IFRS, the Company and its subsidiaries are reported separately. The assets and liabilities of the subsidiaries, which include the liability in respect of the Co-investment Incentive Scheme, are presented on the face of the IFRS balance sheet as a single carrying value. The same is true for the IFRS and APM basis of the Cash flow statement.
The following table sets out IFRS metrics and the APM equivalents:
The Glossary includes definitions for all APM and, where appropriate, a reconciliation between APM and IFRS.
Why private equity
Every day the lives of those living and working in the US and Western Europe are touched by companies owned by private equity: retailers, payments processors, home security, pet food, health services – the list is long. What typically unites these businesses is that they are profitable and cash generative. These businesses are actively managed by their shareholders, with management teams heavily incentivised to generate returns. Increasingly companies with these characteristics are choosing to grow under private equity ownership and to stay private for longer. Within that, ICGT focuses on a subset of those companies that we expect will generate resilient growth. As more businesses are owned by private equity, we believe it is a structurally attractive allocation within an investment portfolio, with a track record of attractive returns, and significant opportunity to continue that trajectory.
A share in ICGT gives you access to a unique portfolio of private companies.
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 strong 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, Secondary and Direct Investments. Geographically, we focus on the developed markets of North America and Europe which have deep and mature private equity markets.
ICG Enterprise Trust benefits from access to ICG-managed funds and Direct investments, which represented 29.4% of the Portfolio value at period end and generated a 6.2% return on a local currency basis.
Performance overview
At 31 July 2026, our Portfolio was valued at £1,383m, and the Portfolio Return on a Local Currency Basis for the first half of the financial year was 3.2% (H1 FY26: 2.1%).
Due to the geographic diversification of our Portfolio, the reported value is impacted by changes in foreign exchange rates. During the period, FX movements affected the Portfolio positively by £5.7m, driven primarily by appreciation of the US Dollar. In Sterling terms, Portfolio growth during the period was 3.6%.
The net result for shareholders was that ICG Enterprise Trust generated a NAV per Share Total Return of 3.3% during H1 FY27, ending the period with a NAV per Share of 2,091p.
For Q2 the Portfolio Return on a Local Currency Basis was 3.3% and the NAV per Share Total Return was 3.3%.
Executing our investment strategy
Commitments
Our structure and flexible investment mandate enables us to commit through the cycle, maintaining vintage diversification for our Portfolio and sowing the seeds for future growth.
During the period we made nine new fund Commitments totalling £104m, including £22m to funds managed by ICG plc, as detailed below:
At 31 July 2026, ICG Enterprise Trust had outstanding Undrawn Commitments of £701m, of which £522m were to funds within their Investment Periods and £179m to funds outside their Investment Periods:
ICGT's overcommitment ratio at 31 July 2026 was 40.2% (31 July 2025: 30.6%), with the increase driven by maintaining commitments to our managers against a backdrop of continued lower investment activity:
Commitments are made in the funds' underlying currencies. The currency split of the undrawn commitments at 31 July 2026 was as follows:
Investments
Total New Investments of £65m were made during the period, of which £21m (32%) were into ICG managed investments. New investment by category detailed in the table below:
The largest underlying company new investment is listed below. No other new underlying company investments in the period were above £1.0m:
1 Represents ICG Enterprise Trust's indirect investment (share of fund cost) plus any direct investments in the period.
Growth
The portfolio grew by £43 million (+3.2%) on a Local Currency Basis in the six months to 31 July 2026.
Growth across the Portfolio was split as follows:
Key contributors to portfolio growth in the period include Exail and Ambassador Theatre Group, where valuations were marked up to the expected sale price.
The growth in the Portfolio is underpinned by the performance of our Portfolio companies, which delivered robust financial performance during the period:
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 July 2026, ICG Enterprise Trust’s exposure to quoted companies was valued at £31.3m, equivalent to 2.3% of the Portfolio value (31 January 2026: 3.9%). Exposure to Chewy, our largest listed exposure, decreased from 1.2% of Portfolio Value at 31 January 2026 to 0.8% at 31 July 2026, driven predominantly by a 23% decline in its share price in the period.
At 31 July 2026 Chewy was the only quoted investment that individually accounted for 0.5% or more of the Portfolio value:
Realisations
During the first half of FY27, the ICG Enterprise Trust Portfolio generated Total Proceeds of £84m. The biggest contributor was the exit of Curium Pharma, a Direct investment alongside ICG Strategic Equity III, which generated proceeds of £23m in the period.
Realisation activity during the period included 24 Full Exits generating proceeds of £55m. These were completed at a weighted average Uplift to Carrying Value of 9.4% and represent a weighted average Multiple to Cost of 3.0x for those investments. Realisation activity over the last twelve months included 60 Full Exits, which were completed at a weighted average Uplift to Carrying Value of 10% and represented a weighted average Multiple to Cost of 3.1x.
The five largest underlying realisations in the period were as follows:
1 Represents the total direct and indirect proceeds received from each investment by ICG Enterprise Trust
Balance sheet and liquidity
Net assets at 31 July 2026 were £1,271.9m, equal to 2,091p NAV per share.
At 31 July 2026, the drawn debt was £85.8m (31 January 2026: £66.6m), resulting in a net debt position of £66.4m (31 January 2026: £32.8m). At 31 July 2026, the Portfolio represented 109% of net assets (31 January 2026: 106%).
Our objective is to be fully invested through the cycle, while ensuring that we have sufficient financial resources to be able to take advantage of attractive investment opportunities as they arise.
ICG Enterprise Trust has access to a €300m credit facility. During the period the maturity was extended by a year to May 2030. The drawn margin has decreased to 290bps (from 300-320bps). The fee on undrawn amounts remains 115bps.
At 31 July 2026, ICG Enterprise Trust had a cash balance of £19.4m (31 January 2026: £33.8m) and total available liquidity of £190.2m (31 January 2026: £227.1m).
Dividend and share buyback
ICG Enterprise Trust has a progressive dividend policy alongside two share buyback programmes to return capital to shareholders.
Dividends
The Board has declared a dividend of 9.5p per share in respect of the second quarter, taking total dividends for the period to 19p (H1 FY26: 18p). It remains the Board's intention to declare total dividends of at least 42p per share for the financial year, which would be an increase of 8% on the previous financial year (FY26: 39p).
Share buybacks
The following purchases have been made under the Company's share buyback programme:
1. Since October 2022 (which was when the long-term share buyback programme was launched) up to and including 31 July 2026.
2. Since May 2024 (which was when the opportunistic buyback programme was launched) up to and including 31 July 2026.
3. Based on date of settlement.
Note: aggregate consideration excludes commission, PTM and SDRT.
Voting of shares held in CT Savings Plans
In line with the majority of other investment trusts with substantial CT Savings Plan shareholdings, the Board has accepted the application of proportional voting by the plan administrator of the various CT Savings Plans. This will be applied in accordance with the terms of such plans.
Foreign exchange rates
The details of relevant FX rates applied in this report are provided in the table below:
Activity since the period end
Notable activity between 1 August 2026 and 31 August 2026 included: One new fund commitment of £45m; Total New Investments of £2.5m; and Total Proceeds of £6.7m.
ICG Private Equity Fund Investments Team
6 October 2026
SUPPLEMENTARY INFORMATION
This section presents supplementary information regarding the Portfolio (see Manager’s Review and the Glossary for further details and definitions).
Portfolio composition
Portfolio Dashboard
The tables below provide disclosure on the composition and dispersion of financial and operational performance for the Top 30 and the Enlarged Perimeter. At 31 July 2026, the Top 30 Companies represented 38% of the Portfolio by value and the Enlarged Perimeter represented 69% of total Portfolio value. This information is prepared on a value-weighted basis, based on contribution to Portfolio value at 31 July 2026.
Top 30 companies
The table below presents the 30 companies in which ICG Enterprise Trust had the largest investments by value at 31 July 2026. The valuations are gross of underlying managers fees and carried interest.
The 30 largest fund investments by value
The table below presents the 30 largest fund investments by value at 31 July 2026. The valuations are net of underlying managers’ fees and carried interest.
* Includes the associated top up funds
** All or part of interest acquired through a secondary purchase
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the Company are substantially the same as those disclosed in the Strategic Report and in the notes to the Financial Statements in the Company’s latest Annual Report for the year ended 31 January 2026 which was approved by the Board on 6 May 2026.
The Company considers its principal risks (as well as several underlying risks comprising each principal risk) in four categories:
Investment risks: the risk to performance resulting from ineffective or inappropriate investment selection, execution or monitoring.
External risks: the risk of failing to deliver the Company’s investment objective and strategic goals due to external factors beyond the Company’s control.
Operational risks: the risk of loss resulting from inadequate or failed internal processes, people or systems and external event, including regulatory risk.
Financial risks: the risks of adverse impact on the Company due to having insufficient resources to meet its obligations or counterparty failure and the impact any material movement in foreign exchange rates may have on underlying valuations.
A comprehensive risk assessment process is undertaken regularly to re-evaluate the impact and probability of each risk materialising and the strategic, financial and operational impact of the risk. Where the residual risk is determined to be outside of appetite, appropriate action is taken.
In addition to these, emerging risks are regularly considered to assess any potential impact on the Company and to
determine whether any actions are required. The Board also regularly considers the evolution of requirements and standards
relating to ESG and responsible investing.
Related Party Transactions
There have been no material changes in the related party transactions described in the 31 January 2026 Annual Report.
Directors’ Responsibility Statement
The Directors are responsible for preparing the Interim Report, in accordance with applicable laws and regulations. The Directors confirm that, to the best of their knowledge:
The Interim Report was approved by the Board and the above Directors’ Responsibility Statement was signed on its behalf by the Chair.
Jane Tufnell
Chair
7 October 2026
Unaudited Interim Financial Statements for the period ended 31 July 2026
INTERIM CONDENSED FINANCIAL STATEMENTS
Income statement
The columns headed ‘Total’ represent the income statement for the relevant financial periods and the columns headed ‘Revenue return’ and ‘Capital return’ are supplementary information in line with guidance published by the AIC. There is no Other Comprehensive Income.
All profits are from continuing operations.
The notes on pages 26 to 29 form an integral part of the interim financial statements.
Balance sheet
The notes on pages 26 to 29 form an integral part of the interim financial statements.
The financial statements on pages 22 to 29 were approved by the Board of Directors on 06 October 2026 and signed on its behalf by:
Jane Tufnell Alastair Bruce
Director Director
Cash flow statement
The notes on pages 26 to 29 form an integral part of the interim financial statements.
Statement of changes in equity
The notes on pages 26 to 29 form an integral part of the interim financial statements.
NOTES TO THE FINANCIAL STATEMENTS
For the period ended 31 July 2026
1 GENERAL INFORMATION
These interim condensed financial statements relate to ICG Enterprise Trust plc (‘the Company’). ICG Enterprise Trust plc is registered in England and Wales and is incorporated in the United Kingdom. The Company is domiciled in the United Kingdom and its registered office is Procession House, 55 Ludgate Hill, London EC4M 7JW. The Company’s objective is to provide long-term growth by investing in private companies managed by leading private equity managers.
2 FINANCIAL INFORMATION
The interim condensed financial statements are unaudited and do not comprise statutory accounts within the meaning of section 434 of the Companies Act 2006. Within the notes to the interim condensed financial statements, all current and comparative data covering the period to (or as at) 31 July 2026 is unaudited. Data given in respect of the year to 31 January 2026
is audited. The statutory accounts for the year to 31 January 2026 have been reported on by Ernst & Young LLP and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not contain an emphasis of matter paragraph, and (iii) did not contain any statements under section 498(2) or (3) of the Companies Act 2006.
3 BASIS OF PREPARATION
The interim financial statements have been prepared in accordance with UK-adopted IAS 34 Interim Financial Reporting ("IAS 34") and on the basis of the accounting policies and methods of computation set out in the financial statements of the Company for the year to 31 January 2026.
The financial information for the year ended 31 January 2026 was prepared in accordance with UK-adopted International Accounting Standards (‘IFRS’) and the Statement of Recommended Practice ('SORP') for investment trusts issued by the Association of Investment Companies in July 2022.
The Company comprises one operating segment which is also a reporting segment.
Going concern
These financial statements have been prepared on a going concern basis. In making their going concern assessment, the Directors have considered the potential impact of principal risks on the Company’s business activities; the Company’s net cash position; the availability of the Company’s credit facility and compliance with its covenants; and the Company’s cash flow projections, in particular those arising from committed but undrawn commitments.
The Directors have concluded based on the above assessment that the preparation of the interim condensed financial statements on a going concern basis, to 31 October 2027, a period of more than 12 months from the signing of the interim condensed financial statements, continues to be appropriate.
4 DIVIDENDS
The interim dividend for the quarter to 30 April 2026 was 9.5p per share (totalling £5.77m), paid on 28 August 2026 to shareholders on the register on 14 August 2026. The Board has approved a second interim dividend of 9.5p per share in respect of the year ended 31 January 2027 which will be paid on 27 November 2026 to shareholders on the register at the close of business on 13 November 2026.
5 EARNINGS PER SHARE
Revenue return per ordinary share is calculated by dividing the revenue return attributable to equity shareholders of £(2.1)m (2025: £(2.0)m) by the weighted average number of ordinary shares outstanding during the period.
Capital return per ordinary share is calculated by dividing the capital return attributable to equity shareholders of £34.3m (2025: £(16.1)m) by the weighted average number of ordinary shares outstanding during the period.
Basic and diluted earnings per ordinary share are calculated by dividing the earnings attributable to equity shareholders of £32.2m (2025: £(18.1)m) by the weighted average number of ordinary shares outstanding during the period.
The weighted average number of ordinary shares outstanding (excluding those held in treasury) during the year was 61,232,982 (2025: 63,601,224). There were no potentially dilutive shares, such as options or warrants, in either period.
6 NET ASSET VALUE PER SHARE
The net asset value per share is calculated on equity attributable to equity holders of £1,271.9m (31 January 2026: £1,272.6m) and on 60,840,314 (31 January 2026: 62,239,470) ordinary shares in issue at the period end. There were no potentially dilutive shares, such as options or warrants, at either period end. Calculated on both the basic and diluted basis the net asset value per share was 2,090.6p (31 January 2026: 2,044.6p).
7 FAIR VALUE ESTIMATION
IFRS 13 requires disclosure of fair value measurements of financial instruments categorised according to the following fair value measurement hierarchy:
The valuation techniques applied to level 3 assets are described in note 1(c) of the annual financial statements. No investments were categorised as level 1 or level 2.
The Company’s policy is to recognise transfers into and transfers out of fair value hierarchy levels at the end of the reporting year when they are deemed to occur.
The following table presents the assets that are measured at fair value at 31 July 2026 and 31 January 2026:
Investments in level 3 securities are in respect of private equity fund investments and co-investments and are held at fair value. The primary basis for determining the fair value of an investment is the valuation estimate provided by the underlying manager of that investment. Adjustments are then made to that valuation for cash flow events occurring after the date of the manager’s valuation, such as realisations or liquidity-related adjustments.
The tables below analyse the movement in the carrying value of the Company’s investments in the year. In accordance with accounting standards, subsidiary undertakings of the Company are reported at fair value rather than on a ‘look-through’ basis.
An investee fund is considered to generate realised gains or losses if it is more than 85% drawn and has returned at least the amount invested by the Company. All gains and losses arising from the underlying investments of such funds are presented as realised. All gains and losses in respect of fund investments that have not satisfied the above criteria are presented as unrealised.
Direct Investments are considered to generate realised gains or losses when they are sold. Investments are held by both the Company and through its subsidiaries.
Gains on investments includes the ‘Realised loss based on carrying values at previous balance sheet date’, which meet the criteria set out on the previous page, together with the net fair value movement on the balance of the investee funds.
8 POST BALANCE SHEET EVENTS
There have been no material events since the balance sheet date.
GLOSSARY