London · Delayed Price · Currency is GBP · Price in GBX ICG Enterprise Trust Earnings Call Transcripts
Fiscal Year 2027
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H1 portfolio return was 3.2% in local currency, with 11% LTM revenue growth and 16% EBITDA growth. Selective investing, strong exit multiples and £190m available liquidity support flexibility amid subdued transaction activity.
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Q1 2026 delivered stable NAV and strong long-term returns amid high volatility, with robust exits and continued capital returns. The portfolio remains diversified, with selective new investments and a positive outlook for realization rates and AI-driven growth.
Fiscal Year 2026
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Portfolio delivered 4.8% local currency return and 13% EBITDA growth, with strong exits at a 3x cost multiple and 11% uplift. Capital returned to shareholders via dividends and buybacks, supported by a robust balance sheet and diversified, resilient holdings.
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NAV per share rose to £20.80 with a 2.4% quarterly return, driven by strong realizations and broad sector exits. Increased allocation to secondaries and robust balance sheet support continued momentum, with FY 2026 dividend guidance raised to 39p per share.
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H1 saw strong portfolio company earnings growth (15% EBITDA), robust realizations (GBP 222m), and increased secondaries exposure, despite FX headwinds. The balance sheet remains strong, supporting continued dividends, buybacks, and new investments.
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Q1 2025 saw a 0.6% local currency portfolio gain offset by FX headwinds, resulting in a -2.6% NAV per share total return. Strong exit activity, disciplined capital allocation, and a progressive dividend policy support long-term performance.
Fiscal Year 2025
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NAV per Share Total Return was 10.5% and Share Price Total Return 12.5% for the year, with strong portfolio growth, robust capital returns to shareholders, and outperformance from direct investments. The portfolio remains well positioned for resilience and long-term value creation.
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Q3 saw a 3% NAV per share total return and strong portfolio growth, with £53 million returned to shareholders via dividends and buybacks. The portfolio remains focused on buyouts, with increased exposure to secondaries and directs, and a renewed £25 million buyback for FY2026.
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H1 2024 saw strong portfolio growth, with a 2.8% NAV per share return and 10.3% share price return. Realizations and investments are rising, technology exposure is increasing, and the outlook is positive with normalization of activity expected, especially in the U.S.
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Portfolio grew 1.3% in sterling for Q1 2024, with NAV per share up 1.2% and a 3% dividend yield. Shareholder distributions remain strong through dividends and buybacks, and management expects increased transaction volumes as market conditions improve.
Fiscal Year 2024
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The portfolio is positioned for compounding growth through a diversified strategy across primaries, secondaries, and co-investments, with a focus on defensive growth sectors and strong risk management. Debt markets are improving, buybacks enhance shareholder value, and recent performance remains robust.