ICG Enterprise Trust plc

24 June 2025

Q1 update for the three months ended 30 April 2025

Highlights

• NAV per Share of 2,011p; LTM NAV per Share Total Return of 6.3% (5 year annualised: 14.8%)
• Q1 Portfolio Return on a Local Currency Basis of 0.6%, offset by FX, resulting in Portfolio Return on a Sterling Basis of (2.4)% and NAV per Share Total Return of (2.6)%
• Total Proceeds of £149m, including £62m net proceeds from the sale of a portion of our Portfolio at a 5.5% discount and £48m from sale of Minimax (previously our largest portfolio company holding)¹; Total New Investments of £48m
• £9m of buybacks during the quarter, adding 0.4% (8.4p) to NAV per Share Total Return
• Robust balance sheet: low gearing ratio (3%); €300m revolving credit facility extended to May 2029
• Q1 dividend of 9p per share; Board intends to pay total dividends of at least 38p per share for FY26 (FY25: 36p)
• Secondaries are offering some compelling investment opportunities

¹ As announced in April 2025, and includes £3m of further Minimax proceeds received in late April 2025

	PERFORMANCE OVERVIEW
				Annualised
	Performance to 30 April 2025	3 months	1 year	3 years	5 years	10 years
	Portfolio Return on a Local Currency Basis	0.6%	10.3%	8.4%	17.8%	15.1%
	NAV per Share Total Return	(2.6)%	6.3%	6.3%	14.8%	13.4%
	Share Price Total Return	(12.5)%	(0.9)%	4.4%	12.6%	10.3%
	FTSE All-Share Index Total Return	(1.2)%	7.5%	7.0%	10.9%	5.8%

	Portfolio activity overview for Q1 FY26	Primary	Direct	Secondary	Total	ICG-managed
	Portfolio Return on a Local Currency Basis	0.3%	1.5%	(0.2)%	0.6%	1.4%
	Portfolio Return in Sterling	(2.1)%	(2.0)%	(4.3)%	(2.4)%	(1.6)%
	New Investments	£25m	£14m	£8m	£48m	£28m
	Proceeds	£98m	£36m	£15m	£149m	£66m
	New fund Commitments	£76m	£—m	£—m	£76m	£21m
	Closing Portfolio value	£699m	£475m	£211m	£1,386m	£389m
	% Total Portfolio	50%	34%	15%	100%	28%

ENQUIRIES

Institutional investors and analysts:         Martin Li, Shareholder Relations                        +44 (0) 20 3545 1816
Nathan Brown, Deutsche Numis                        +44 (0) 20 7260 1426
David Harris, Cadarn Capital                        +44 (0) 20 7019 9042
Media:                                        Clare Glynn, Corporate Communications, ICG        +44 (0) 20 3545 1850

COMPANY TIMETABLE

A presentation for investors and analysts will be held at 10:30 BST tomorrow (Wednesday 25 June 2025). A link for the presentation can be found on the Results & Reports page of the Company website. A recording of the presentation will be made available on the Company website after the event.

	FY26 First Interim Dividend
Ex-dividend date	14 August 2025
Record date	15 August 2025
Dividend payment date	29 August 2025

ABOUT ICG ENTERPRISE TRUST

ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term growth by delivering consistently strong returns through selectively investing in profitable, cash-generative private companies, primarily in Europe and the US.

We invest in companies directly as well as through funds managed by Intermediate Capital Group plc ("ICG") and other leading managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

ICG Alternative Investment Limited, a regulated subsidiary of ICG, acts as the Manager of the Company.

NOTES
Included in this document are Alternative Performance Measures (“APMs”). APMs have been used if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company, and for comparing the performance of the Company to its peers and its previously reported results.

All performance figures are stated on a Total Return basis (i.e. including the effect of re-invested dividends).

DISCLAIMER
The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the "Company") or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person ("U.S. Person") as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or to any national, resident or citizen of an Excluded Jurisdiction.

The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

MANAGER’S REVIEW

Our investment strategy

Within developed markets, we focus on investing in buyouts of profitable, cash-generative businesses that exhibit resilient growth characteristics, which we believe will generate long-term compounding returns across economic cycles.

We take an active approach to portfolio construction, with a flexible mandate that enables us to deploy capital in Primary, Direct and Secondary investments. Geographically we focus on the developed markets of North America and Europe, including the UK, which have deep and mature private equity markets supported by a robust corporate governance framework.

Investments managed by ICG accounted for 28% of the Portfolio.

	Medium-term target	Five-year average	Q1 FY26
1. Target Portfolio composition 1
Investment category
Primary	~50%	56%	51%
Direct	~25%	29%	34%
Secondary	~25%	15%	15%
Geography
North America	~50%	43%	45%
Europe (inc. UK)	~50%	50%	49%
Other	—	7%	7%
1 As percentage of Portfolio

Performance overview

• At 30 April 2025, the Portfolio was valued at £1,386m. The Portfolio Return on a Local Currency Basis for the quarter was 0.6%, and in Sterling terms was (2.4)%
• ICG Enterprise Trust generated a NAV per Share Total Return of (2.6)% during the quarter, ending the period with a NAV per Share of 2,011p
• Over the last five years ICG Enterprise Trust has generated an annualised NAV per Share Total Return of 14.8%
  
  

Movement in the Portfolio £m	3 months to 30 April 2025
Opening Portfolio1	£1,523m
Total New Investments	£48m
Total Proceeds	£(149)m
Portfolio net cashflow	£(101)m
Valuation movement2	£9m
Currency movement	£(45)m
Closing Portfolio	£1,386m
1 Refer to the Glossary 2 86% of the Portfolio is valued using 31 March 2025 (or later) valuations.

NAV per Share Total Return	3 months to 30 April 2025
% Portfolio growth (local currency)	0.6%
% currency movement	(3.0)%
% Portfolio growth (Sterling)	(2.4)%
Impact of gearing	0.1%
Finance costs and other expenses	(0.4)%
Management fee	(0.3)%
Co-investment Incentive Scheme Accrual movement	0.1%
Impact of share buybacks	0.4%
NAV per Share Total Return	(2.6)%

Quoted company exposure

• We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the manager with whom we have invested
• At 30 April 2025, ICG Enterprise Trust’s exposure to quoted companies was valued at £62.9m, equivalent to 4.5% of the Portfolio value (31 January 2025: 4.8%). There was one quoted investment that individually accounted for 0.5% or more of the Portfolio value:

Company	Ticker	30 April 2025 % of Portfolio value
Chewy	CHWY-US	1.8%
Other companies		2.7%
Total		4.5%

Realisation activity

• Total Proceeds of £149m during the quarter, including £62m net proceeds from a sale of a portion of our Portfolio (see RNS here). The sale was executed at a discount of 5.5% to 30 September 2024 valuation and realised a 1.6x return on invested cost (15% IRR)
• £48m (€57m) cash proceeds from realisation of Minimax, our largest portfolio company. ICG Enterprise Trust is reinvesting €10m alongside Management and other investors including certain ICG funds
• 45 Full Exits completed LTM, at a weighted average Uplift to Carrying Value of 15% and a 3.0x Multiple to Cost
  
  

New investment activity

• Total New Investments of £48m during the quarter, of which 58% (£28m) was alongside funds managed by ICG
• The split of Total New Investments was split by category as follows:

Investment Category	Cost (£m)	% of New Investments
Primary	£25m	52%
Direct	£15m	30%
Secondary	£8m	18%
Total	£48m	100%

Commitments

• We made five new fund Commitments totalling £76.0m during the quarter:
  
  

Fund	Manager	Commitment during the period
		Local currency	£m
Integrum II	Integrum	$15.0m	£11.6m
GHO Capital IV	GHO	€15.0m	£12.4m
Hg Saturn IV	Hg	$20.0m	£15.4m
TH Lee X	THL	$20.0m	£15.9m
ICG Europe IX	ICG	€25.0m	£20.7m

• At 30 April 2025 we had total Undrawn Commitments of £375m to funds in their investment period and a further £163m to funds outside their investment period

Balance sheet and liquidity

• Total available liquidity at 30 April 2025 was £201.5m (31 January 2025: £124.6m)

	£m
Cash at 31 January 2025	3.9
Total Proceeds	148.7
New investments	(47.7)
Debt drawn down	(79.6)
Shareholder returns	(14.5)
Management fees	(4.2)
Co-investment Incentive Scheme distribution	(0.5)
FX and other income/(expenses)	1.4
Cash at 30 April 2025	7.5
Available undrawn debt facilities	193.9
Total available liquidity	201.5

• The cash balance was £7.5m (31 January 2025: £3.9m) and drawn debt was £52.3m (31 January 2025: £131.9m). As a result, we had net debt of £44.8m (31 January 2025: £128.0m)
• Maturity of our €300m revolving credit facility extended to 29 May 2029. All other key terms remain the same as per December 2024 RNS (available here)
• At 30 April 2025, the Portfolio represented 104.2% of net assets (31 January 2025: 114.3%)

	£m	% of net assets
Portfolio	1,385.9	104.2%
Cash	7.5	0.6%
Drawn debt	(52.3)	(3.9)%
Co-investment Incentive Scheme Accrual	(52.1)	0.2%
Other net current liabilities	(10.9)	(1.0)%
Net assets	1,278.0	100.0%

Dividend and share buyback

• Progressive dividend policy maintained: first quarter dividend of 9p per share (Q1 FY25: 8.5p)
• It is the Board’s current intention to declare total dividends of at least 38p per share for FY26 (FY25: 36p)
• The following purchases have been made under the Company's share buyback programme:
  
  

	Long-term		Opportunistic		Total
	Q1 FY263	Since inception1	Q1 FY263	Since inception2	Q1 FY263	Since inception
Number of shares purchased	245,000	2,997,688	473,000	1,965,175	718,000	4,962,863
% of opening shares since buyback started						7.2%
Capital returned to shareholders	£3.1m	£35.7m	£5.8m	£24.1m	£8.9m	£59.8m
Number of days shares have been acquired	21	204	7	18	28	222
Weighted average discount to last reported NAV	36.3%	38.3%	38.7%	36.8%	37.9%	37.6%
NAV per Share accretion (p)					8.4	57.8
NAV per Share accretion (% of NAV)					0.4%	3.0%

1.Since October 2022 (which was when the long-term share buyback programme was launched) up to and including 30 April 2025.
2. Since May 2024 (which was when the opportunistic buyback programme was launched) up to and including 30 April 2025.
3. Based on company-issued announcements / date of purchase, rather than date of settlement.
Note: aggregate consideration excludes commission, PTM and SDRT.

Activity since the period end

Notable activity between 1 May 2025 and 31 May 2025 includes Realisation Proceeds of £1.5m and Total New Investments of £10.9m.

ICG Private Equity Fund Investments Team
24 June 2025