ICG plc (LON:ICG) has announced its Final Results for the financial year ended 31 March 2026
Highlights
Strategic and AUM
- Delivering significant growth from flagship and scaling strategies, maintaining disciplined approach to investment performance and a focus on cash realisations (DPI)
- AUM of $126bn; fee-earning AUM of $87bn, up 11%1 y-o-y, five-year annualised growth of 14%1
- Fundraising of $17bn, exceeding our expectations
Financial
- Financial presentation evolved to be in line with global alternative asset management peers, in particular a focus on FRE
- Management fees of £685m, up 13%2 y-o-y; FRE of £350m / 120p per share up 23%3 y-o-y, five-year annualised growth of 30%3
- Performance fee income of £127m4 (FY25: £86m)
- Balance sheet investment portfolio5 of £2,568m
- Group operating cashflow of £861m (FY25: £533m)
- Net debt of £113m (FY25: £629m), Total Available Liquidity of £1,461m (FY25: £1,098m)
Shareholder returns
Total ordinary dividend per share for FY26 of 87p6 (FY25: 83p), 16th consecutive annual increase
Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM). For information on closing number of shares and weighted average number of shares used for per-share calculations see Share count within the Finance review.
1 On a constant currency basis. 2 +17% excluding catch-up fees. 3 FRE growth on a per share basis. 4 Includes £72m of one-off transition impact due to change in estimate announced in October 2025. 5 Balance sheet portfolio is presented net of the DVB liability, see Glossary. 6 Dividends are payable both to Ordinary Shares and to Non-Voting Shares. See announcement on 18 November 2025 for details.
Benoît Durteste, CIO and CEO
“FY26 was a strong year for ICG. We reinforced our scaled competitive position, established a strategic relationship with Amundi, and built on our track record of strategic and financial resilience.
In an environment where liquidity and selectivity matter more than ever, we have maintained a disciplined approach to investments, with particular focus on cash realisations (DPI).
Strong performance is driving increasing client demand. Europe IX is expected to be ICG’s first-ever commingled fund to reach €10bn in size and is continuing to raise. And the successful final closes for Infrastructure II and Metropolitan II mean we have now had six funds close at or above their target in the last 24 months.
This approach has translated into strong financial results, including fee-related earnings (“FRE”) of £350m (120p per share), up 23% in the year, and Group operating cashflow of £861m.
We are experiencing clear demand from institutional allocators globally for our strategies, and are unaffected by challenges being faced by certain evergreen vehicles in the US. I believe ICG is well positioned to continue generating compounding long-term shareholder value.”
