ICG (ICG) H1 2026 earnings summary

Executive summary

• Assets under management (AUM) reached $124bn, with fee-earning AUM at $84bn, up 6% in the half-year and a five-year annualized growth of 14%.

• Management fees rose 16% year-over-year to £334m, and performance fees surged to £98m, including a £72m one-off transition impact from a change in performance fee recognition.

• Operating cash flow was £450m, up 143% year-over-year, and total available liquidity reached £1.3bn.

• Strategic partnership with Amundi established, including a 9.9% economic interest and a 10-year commercial agreement to accelerate private wealth expansion and product distribution.

• Focused on scaling higher-return strategies, now representing 57% of fee-earning AUM, and maintaining discipline in private debt deployment.

Financial highlights

• AUM grew 14% year-over-year and 18% over the last twelve months, with fee-earning AUM up 12%.

• Management fee income for the half-year was £333.6m, up 16% year-over-year; performance fee income was £97.6m, up from £31.8m.

• Group profit before tax was £351.6m, up 77% year-over-year; group EPS was 102.8p, up 78%.

• NAV per share increased to 900p from 788p, and the interim dividend rose 5% to 27.7p.

• Total balance sheet return for the period was £112m, positive across all asset classes.

Outlook and guidance

• Medium-term guidance raised: fundraising target of at least $55bn between April 2024 and March 2028.

• FMC operating margin expected to exceed 54%, with performance fees representing 10-20% of total fee income.

• Real estate equity and real assets are seen as significant growth areas over the next five to ten years.

• Continued focus on long-term returns for clients and attractive financial returns to shareholders.

• Positive outlook on Europe, with Structured Capital and Secondaries seen as particularly attractive.