Hardman & Co Research on ICG Enterprise Trust plc (ICGT) Doubling realisations: sustainability and impact
The key message from ICGT’s 3QFY’26 update (to October 2025) is strong realisations, with the 9MFY’26 run-rate double that seen through FY’24-25. In this report, we explore why realisations have increased, noting diverse buyer and seller drivers and ICGT-specific factors. The breadth of these drivers indicates a continued positive outlook. Uplifts on exit are expected to continue, potentially at a slightly higher rate than the recent past, although not at the FY’20-21 peaks. Continued good operating company EBITDA growth and uplifts on exits should drive NAV growth closer to historical levels. The realisations allow new investment, capital returns to shareholders (buybacks and dividends) and support a strong balance sheet.
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