ICG Enterprise Trust reports strong cash generation in H1 FY26 interim results

ICG Enterprise Trust plc (LON:ICGT) has announced its unaudited Interim Results for the six months ended 31 July 2025.

Highlights

NAV per Share of 2,040p, Q2 NAV per Share Total Return of 1.9% (5 year annualised: 14.5%)
H1 NAV per Share Total Return of (0.7)% includes a negative FX impact of (2.0)% due to the strengthening of Sterling, largely in Q1
Strong cash generation during H1, with Total Proceeds of £222m (H1 FY25: £86m). Realisations during the period included three of our top 10 portfolio companies, and we executed a sale of a portion of our Portfolio at a 5.5% discount
New Investments of £113m, including £42m into secondaries in line with our intention to increase our exposure to this part of the market
£16m buybacks executed in H1 FY26, increasing NAV per Share by 14p (~0.7%)
Q2 dividend of 9p per share. Board intention remains to pay total FY26 dividends of at least 38p per share (FY25: 36p)
Share Price Total Return during the half-year of 12.6%

Oliver Gardey, Portfolio Manager, ICG Enterprise Trust: “During the six months covered in this report, ICG Enterprise Trust’s Portfolio delivered a Return on a Local Currency Basis of 2.1%. The strengthening of Sterling, in particular during the first three months of the period, resulted in a negative FX impact of (2.0)% and was a notable drag on the NAV per Share Total Return, which was (0.7)% for the six months. The final three months of the period were more positive, with a NAV per Share Total Return of 1.9%.

From a fundamental perspective, the Portfolio is performing strongly and delivered earnings growth1 of 15% over the last twelve months despite a complex and shifting macroeconomic landscape.

Cash generation was a highlight of the half-year, with Total Proceeds of £222m already greater than FY25’s total of £151m, and Portfolio net cash generation of £109m (H1 FY25: £(18)m net cash outflow). Realisations included three of our top 10 portfolio companies (Minimax, Datasite and European Camping Group), and we sold a portion of our Portfolio at a 5.5% discount.

At Q1 we noted that secondaries were offering some compelling opportunities, and I am pleased to say that during Q2 we invested £18m in a secondaries portfolio alongside ICG LPS I. During the half-year as a whole we invested £42m into secondary investments, 37% of our New Investments, and secondaries now represent 17% of the Portfolio (FY25: 15%).

We are well positioned to continue to invest in the Portfolio, maintain the progressive dividend policy, and execute our share buyback programmes. While the volume of investments this period is broadly in line with H1 FY25, the number and quality of opportunities we are seeing is growing, and we are optimistic about the current investment environment.”

1 EBITDA, based on Enlarged Perimeter covering 61% of the Portfolio

PERFORMANCE OVERVIEW

				Annualised
Performance to 31 July 2025	3 months	6 months	1 year	3 years	5 years	10 years
Portfolio Return on a Local Currency Basis	1.6%	2.1%	8.4%	7.2%	17.4%	14.6%
NAV per Share Total Return	1.9%	(0.7)%	6.7%	4.9%	14.5%	13.3%
Share Price Total Return	27.9%	12.6%	14.1%	11.2%	16.5%	12.5%
FTSE All-Share Index Total Return	9.2%	7.9%	12.1%	10.5%	12.5%	6.9%

Half-year ended:		Jul 2021	Jul 2022	Jul 2023	Jul 2024	Jul 2025
Fund performance	Portfolio return (local currency)	14.9%	7.4%	4.6%	3.8%	2.1%
	Portfolio return (sterling)	12.8%	12.4%	1.6%	2.6%	0.1%
	NAV	£1,044m	£1,269m	£1,290m	£1,274m	£1,286m
	NAV per Share Total Return (%)	11.1%	10.9%	0.8%	2.8%	(0.7)%

Investment activity	New Investments	£133m	£144m	£64m	£104m	£113m
	As % opening Portfolio	14%	12%	5%	8%	7%
	Total Proceeds	£185m	£107m	£94m	£86m	£222m
	As % opening Portfolio	19%	9%	7%	6%	15%

Shareholder returns	Closing share price	1,084p	1,166p	1,174p	1,340p	1,488p
	Total dividends per share for HY	12p	14p	16p	17p	18p
	Share Price Total Return	13.7%	(1.6)%	2.9%	10.3%	12.6%
	Total shareholder distributions	£12m	£15m	£17m	£33m	£28m
	As % Total Proceeds	7%	14%	18%	38%	13%
	– o/w distributions dividends (%)	78%	100%	63%	34%	43%
	– o/w distributions buybacks (%)	22%	—%	37%	66%	57%

	Primary	Direct	Secondary	Total	*ICG-managed*
Local Currency return	2.0%	3.9%	(1.5)%	2.1%	2.9%
Sterling return	0.6%	1.3%	(4.1)%	0.1%	1.3%
New Investments	£41m	£30m	£42m	£113m	£62m
Total Proceeds	£125m	£78m	£20m	£222m	£75m
New Fund Commitments	£108m	–	–	£108m	£21m
Closing Portfolio value	£710m	£466m	£240m	£1,416m	£427m
% Total Portfolio	50.2%	32.8%	17.0%	100.0%	30.1%

COMPANY TIMETABLE

You might also enjoy reading ICG Enterprise Trust Investor Seminar 2025: Resilience and Growth

A presentation for investors and analysts will be held at 12:30 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.