ICG Enterprise Trust PLC

Latest Results (16.10.2025):

ICG Enterprise Trust PLC has announced its financial results for the first half of fiscal year 2026, showcasing a blend of challenges and strategic achievements. Despite adverse currency movements impacting returns, the trust demonstrated strong cash generation, active portfolio management, and continued commitment to shareholder value through dividends and share buybacks.

NAV per Share Performance

The NAV per Share reached 2,040p, with a Q2 NAV per Share Total Return of 1.9%, contributing to an annualized five-year Total Return of 14.5%. For the first half of FY26, the NAV per Share Total Return stood at (0.7)%, primarily due to a negative foreign exchange impact of (2.0)% from the strengthening of Sterling in Q1.

Robust Cash Generation

ICG Enterprise Trust PLC generated significant cash during H1 FY26, with Total Proceeds amounting to £222 million, surpassing the H1 FY25 total of £86 million. Realisations included exits from three of the top 10 portfolio companies and the sale of a portion of the portfolio at a 5.5% discount.

Strategic Investments and Secondaries

The trust made new investments totaling £113 million, including £42 million allocated to secondary investments. This aligns with the strategic intent to increase exposure to the secondary market, now representing 17% of the portfolio compared to 15% in FY25.

Share Buybacks and Dividend Distribution

In H1 FY26, £16 million was spent on share buybacks, enhancing the NAV per Share by approximately 0.7%. Additionally, a Q2 dividend of 9p per share was declared, with the board maintaining its objective to distribute at least 38p per share in total dividends for FY26, up from 36p in FY25.

Share Price Performance

The Share Price Total Return for the half-year was 12.6%, reflecting positive market dynamics and the trust’s effective investment strategies. Over the past five years, the annualized Share Price Total Return has been 16.5%.

Portfolio Performance

The portfolio delivered a Return on a Local Currency Basis of 2.1% for the six months, despite the Sterling’s strengthening. Earnings growth remained robust with a 15% increase over the last twelve months, underscoring the portfolio’s resilience in a complex macroeconomic environment.

Outlook and Strategic Positioning

ICG Enterprise Trust PLC remains well-positioned to continue its investment activities, sustain its progressive dividend policy, and execute share buyback programs. The trust is optimistic about the current investment environment, supported by increasing quality and quantity of investment opportunities.