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ICG Enterprise Trust
ICG Enterprise Trust (ICGT) investor relations material
ICG Enterprise Trust Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary30 Jan, 2026
Executive summary
NAV per share at 31 October 2025 was 2,080p, with a Q3 total return of 2.4% and a 12-month share price total return of 17.3%.
Realizations surged, with £82m proceeds in Q3 and £75m post-period, doubling the quarterly average to £80m for the year.
Portfolio focus remains on mature, cash-generative mid-market buyouts in developed markets, emphasizing manager selection and balance sheet discipline.
Increased allocation to secondaries, with a $90m commitment to ICG LP Secondaries II post-period end.
Private company fundamentals remain robust, with disciplined manager selection and balance sheet management.
Financial highlights
Q3 NAV per share total return was 2.4%; portfolio return was 2.3% in sterling.
£25m invested and £82m realized in Q3, resulting in a net positive cash flow of £57m.
45 full exits in the last 12 months generated a 3.1x multiple of cost and an 11% uplift over book value.
Year-to-date proceeds represent 20% of the opening portfolio, ahead of peer averages.
Froneri realization delivered €41m in Q3, representing 2.7% of portfolio value at 31 July 2025.
Outlook and guidance
Strong momentum expected to continue into Q4, with robust M&A activity and no signs of a one-off catch-up in realizations.
Dividend guidance for FY26 increased to 39p per share; progressive dividend policy with 10% CAGR since FY21.
Board reconfirms commitment to long-term share buyback programme at any discount to NAV.
Supportive market dynamics with stabilized rates and a weaker fundraising environment benefiting high-quality co-investment opportunities.
Anticipated NAV growth to normalize at mid-teens net, not returning to the extraordinary 2021-2022 levels.
Explain Secondary portfolio allocation strategy
Quantify future NAV accretion from buybacks
Impact of ICG LP Secondaries II commitment
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Next ICG Enterprise Trust earnings date
Q4 202613 Mar, 2026
ICG Enterprise Trust
Next ICG Enterprise Trust earnings date
Q4 202613 Mar, 2026
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Frequently asked questions
ICG Enterprise Trust PLC is a UK-based closed-ended investment company focusing on private equity investments. It operates by investing in private equity funds as well as directly into private companies, with a strategic aim to provide long-term growth. The investment portfolio is diversified across various sectors, including technology, media and telecommunications, consumer goods and services, healthcare, business services, industrials, education, and leisure. A significant part of its investments are in cash-generating companies primarily located in the United States and Europe. ICG Enterprise Trust PLC is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.
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