ICG Enterprise Trust plc (LON:ICGT) has announced its preliminary results for the twelve months ended 31 January 2026
Highlights
- Portfolio Return on a Local Currency Basis of 4.8% (5-year annualised: 11.8%)
- Negative FX impact of (3.6)% due to one of the largest 12-month appreciations of GBP vs USD in a decade. Over last 5 and 10 years, FX impact broadly neutral
- NAV per Share Total Return of 0.5% and Share Price Total Return of 17.3%. NAV per Share of 2,045p at 31 Jan 2026
- Portfolio net cashflow of £188m, with 25% of Opening Portfolio Value realised during the year
- 49 Full Exits during the year at a weighted-average Multiple of Cost of 3.0x and Uplift to Carrying Value of 11.2%
- Robust balance sheet: £227m total available liquidity; £33m net debt (£1,353m Portfolio Value)
- Buybacks of £28m during year added 22p to NAV per Share. Total dividends of 39p per share for FY26 (+8% YoY; 13th consecutive year of ordinary dividend per share increases). Board renews both buyback programmes and reaffirms progressive dividend policy
Jane Tufnell, Chair of ICG Enterprise Trust plc
“ICGT’s Portfolio of mature, profitable private companies has remained resilient during FY26.
In recent years the Board and Manager have taken a number of steps to enhance ICGT’s offering to shareholders, including through a differentiated capital allocation policy. This year, we have returned £51m to shareholders through buybacks and dividends, equivalent to 4% of opening NAV. The Board is renewing the long-term and opportunistic buyback programmes for FY27, and is reaffirming its commitment to the progressive dividend policy. Over the last five years, dividends per share have grown at an annualised rate of 10%.
As an investment trust, ICGT does not need to accommodate subscriptions or redemptions. This enables us to manage the Portfolio actively to achieve long-term compounding growth for our shareholders. With our low net debt and high liquidity, we are well positioned to continue executing our strategy into FY27 and beyond.”
Oliver Gardey, Portfolio Manager for ICG Enterprise Trust plc
“Our actively-managed Portfolio is performing well across a number of important metrics. EBITDA growth of our portfolio companies was approximately 13% over the last twelve months1, and 25% of the opening Portfolio value was realised during the year.
ICGT’s low net debt and high liquidity gives us the flexibility to continue to deploy capital into high quality new investments, maintaining vintage diversification to support long-term growth.
Macroeconomic uncertainty has risen post year-end; transaction activity in the near-term may slow. However, the Portfolio is positioned to benefit from a number of growth trends, with broad diversification and low leverage. This provides resilience and flexibility in the face of market turbulence.”
1 Based on Enlarged Perimeter covering 70% of the Portfolio
