Preliminary results for the 12 months ended 31 January 2026

Scales with green and yellow balls on green background.
NAV per Share of 2,045p

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

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 months, 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.

Oliver Gardey
Oliver GardeyPortfolio Manager for ICG Enterprise Trust

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