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In our note, Portfolio: 14% EBITDA growth + widening margins, we noted the key message from ICGT’s 1HFY’25 results was continued strength of the operating companies, which delivered an average 14% LTM EBITDA growth. Margins have widened by ca.5%, allaying some concerns over the impact of the higher-rate environment. New investment is accelerating, and realisation activity continued with an average 26% uplift to carrying values on exit. The five- and 10-year total annualised NAV per share returns (12.5% and 13.2%, respectively) are a good reflection of what investors are getting from ICGT’s defensive growth strategy. ICGT has a balanced capital return policy.
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