# ICG Enterprise Trust reports resilient FY26 portfolio performance

- Link: https://www.directorstalkinterviews.com/icg-enterprise-trust-reports-resilient-fy26-portfolio-performance/4121250707
- Published: 2026-05-07T07:50:58+01:00
- Author: Amilia Stone

**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_

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