Q1 Trading Statement for the three months ended 30 June 2025

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AUM
		Growth¹
	30 June 2025	Last three months	Year-on-year	Last five years (CAGR)
AUM	$123bn	3%	15%	18%
Fee-earning AUM	$82bn	4%	11%	14%

1 On a constant currency basis

Business activity

$bn	Fundraising		Deployment¹		Realisations^1,2
$bn	Q1 FY26	LTM	Q1 FY26	LTM	Q1 FY26	LTM
Structured Capital and Secondaries	1.9	13.3	1.0	9.8	0.4	2.0
Real Assets	1.3	3.2	0.5	2.7	0.3	1.6
Debt³	0.2	5.8	1.3	3.8	0.4	3.9
Total	3.4	22.3	2.8	16.3	1.1	7.5

1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only.

$m	Structured Capital and Secondaries	Real Assets	Debt	Seed investments	Total
Fee-earning AUM	39,347	9,375	33,472		82,194
AUM not yet earning fees	3,278	1,187	14,639	—	19,104
Fee-exempt AUM	10,686	5,918	1,393	—	17,997
Balance sheet investment portfolio¹	2,412	563	(53)	360	3,282
AUM	55,723	17,043	49,451	360	122,577
1 Includes elimination of $657m (£479m) within Credit due to how the balance sheet investment portfolio accounts for and invests into CLO's managed by ICG and its affiliates

AUM ($m)	Structured Capital and Secondaries	Real Assets	Debt	Seed investments	Total
At 1 April 2025	51,499	12,922	47,557	379	112,357
Fundraising	1,933	1,355	154	—	3,442
Other additions¹	202	2,050	75	—	2,327
Realisations	(471)	(233)	(585)	—	(1,289)
Market and other movements	2,607	889	2,218	—	5,714
Balance sheet movement	(47)	60	32	(19)	26
At 30 June 2025	55,723	17,043	49,451	360	122,577
Change $m	4,224	4,121	1,894	(19)	10,220
Change %	8%	32%	4%	(5) %	9%
Change % (constant exchange rate)	3%	21%	(1) %	—	3%
1 Other additions within Real Assets includes $1.9bn non fee-eligible leverage capacity within certain Real Estate strategies

Fee-earning AUM ($m)	Structured Capital and Secondaries	Real Assets	Debt	Total
At 1 April 2025	36,086	7,711	31,330	75,127
Funds raised: fees on committed capital	1,470	1,242	—	2,712
Deployment of funds: fees on invested capital	281	162	1,235	1,678
Total additions	1,751	1,404	1,235	4,390
Realisations	(456)	(279)	(774)	(1,509)
Net additions / (realisations)	1,295	1,125	461	2,881
Stepdowns	—	—	—	—
FX and other	1,966	539	1,681	4,186
At 30 June 2025	39,347	9,375	33,472	82,194
Change $m	3,261	1,664	2,142	7,067
Change %	9%	22%	7%	9%
Change % (constant exchange rate)	4%	13%	1%	4%

Companies

UK 100

Latest directors dealings



	Intermediate Capital Group plc 16 July 2025 Q1 Trading Statement for the three months ended 30 June 2025 Highlights AUM of $123bn; fee-earning AUM of $82bn; AUM not yet earning fees of $19bn Fee-earning AUM up 4%¹ in the quarter, up 11%¹ year-on-year Fundraising in the quarter of $3.4bn, driven by Europe IX ($1.5bn / €1.3bn) and Infrastructure Europe II ($1.2bn / €1.0bn). Focus from LPs on liquidity and investment performance is continuing to drive manager selection Infrastructure Europe has shown strong momentum into its final close, with Fund II receiving substantially more client capital than the prior vintage: at 30 June 2025 Infrastructure Europe II had a Total Fund Size of €2.5bn (Fund I: €1.5bn), and we expect to close a further €0.6bn before the end of the current quarter, reaching the hard cap for the strategy Europe IX has had an impressive start to the fundraise, with global demand from current and new clients attracted by the strategy's track record of private equity-like returns with downside protection and high DPI. At 30 June 2025 the Total Fund Size was €5.8bn (Europe VIII: €8.1bn) Investment landscape remains very attractive for a number of strategies, including structured capital, secondaries and real assets equity FY25 Sustainability and People Report published in June 2025, available here Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis; see full year results 1 On a constant currency basis

	Average rate		Period end
	Q1 FY25	Q1 FY26	31 March 2025	30 June 2025
GBP:EUR	1.1753	1.1759	1.1944	1.1652
GBP:USD	1.2626	1.3507	1.2918	1.3732
EUR:USD	1.0743	1.1488	1.0815	1.1785

Shareholders and debtholders / analysts:
Chris Hunt, Head of Corporate Development and Shareholder Relations, ICG	+44(0)20 3545 2020
Media:
Clare Glynn, Head of Corporate Communications, ICG	+44(0)79 3435 7794