In this discussion, analyst Mark Thomas talks about ICGT’s 1HFY’26 results (to July 2025), highlighting the ongoing strength of its operating companies, which achieved an average of 15% LTM EBITDA growth and margin expansion of around 5%, supported by 10% revenue growth. Despite some short-term volatility and returns below long-term averages, the outlook remains positive, with visibility on exits and an attractive investment pipeline. Realisation proceeds of £222m already exceed FY’25 levels, averaging a 14% uplift on exit values. The report, intended only for professional investors in the UK, notes that ICGT’s constant-currency portfolio return was 2.1%, NAV per share total return -0.7%, and share price return 12.6%.
ICG Enterprise Trust is a listed private equity investor focused on delivering long-term value by investing selectively in private companies, primarily across the US and Europe.
