Interim results statement for the six months ended 30 September 2026
Summary by AI BETAClose X
| 11 November 2026 Highlights Strategic and AUM
Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) 1 Source: Preqin as of 7 September 2026. 2 See page 4 on methodology update. 3 On a constant currency basis. 4 +12% excluding catch-up fees. 5 FRE growth on a per share basis. 6 Dividends are payable both to Ordinary Voting Shares and to Non-Voting Shares. See announcement on 18 November 2025 for details. |
| Benoît Durteste | ||||
| CIO and CEO | ||||
| "ICG is in an exciting period of inflexion. We are seeing our focus on long-term investment performance rather than short-term asset gathering increasingly recognised by institutional clients. Over the last two years we have had seven funds close at or above their target, including most recently Europe IX at €12bn, the largest structured capital fund ever raised globally. In a year that could see the fifth consecutive year-on-year decline in private capital fundraising globally7, ICG's track record reflects the reach and power of our institutional client franchise. Our financial results reflect our growing breadth and scale. In the last twelve months we have generated £380m of FRE, and over the last five years our FRE per share has compounded at an annualised rate of 28%. We continue to invest in enhancing our client offering, and have the financial strength to do so through market cycles. We prioritise profitable organic growth and the bar to M&A remains very high. Our partnership with Amundi is complementary to our institutional focus and opens up long-term opportunities in the wealth market. Looking ahead, we have high conviction in our ability to continue gaining market share in the institutional client segment across a number of strategies. Our increasing scale and cash generation mean we expect to generate significant capital in the coming years. We will invest that capital to maximise long-term growth in FRE per share and will return excess capital to shareholders." 7 Source: Preqin as of September 2026. | ||||
PERFORMANCE OVERVIEW
Unless stated otherwise, the financial results discussed herein are on the basis of alternative performance measures (APM), which the Board believes assists shareholders in assessing the financial performance of the Group. See page 5 for further information.
Fee-earning AUM and AUM not yet earning fees
| $bn | Structured Capital | Private Equity Secondaries | Structured Capital and Secondaries | Real Assets | Private Debt | Liquid Credit | Debt | Period ended 30 September 2026 | Year-on-year growth1 | Last five years CAGR1 |
| Fee-earning AUM | 28.2 | 17.1 | 45.3 | 9.7 | 14.6 | 20.0 | 34.6 | 89.6 | 9% | 11% |
| AUM not yet earning fees | 2.1 | 1.6 | 3.7 | 1.8 | 11.7 | 0.3 | 12.0 | 17.6 |
Business activity
| Fundraising | Deployment2 | Realisations2,3 | |
| $bn | |||
| Structured Capital and Secondaries | 4.0 | 1.1 | 0.2 |
| Real Assets | 1.4 | 1.3 | 0.4 |
| Debt4 | 2.1 | 1.7 | 1.0 |
| Total | 7.6 | 4.1 | 1.6 |
Financial performance
Refer to the Glossary on page 40 for detailed definitions.
| Six months to 30 September 2025 | Six months to 30 September 2026 | Year-on-year growth | Twelve months to 30 September 2026 | Last five years CAGR | |
| Management fees | £334m | £374m | 12% | £725m | 18% |
| Fee-related earnings (FRE) | £168m | £199m | 18% | £380m | 28% |
| Performance fee income | £98m | £24m | n/m5 | £53m | |
| Group operating cashflow | £467m | £219m | |||
| FRE per share | 58p | 68p | 18% | 131p | 28% |
| Performance fee income per share | 34p | 8p | n/m5 | 18p | n/m5 |
| 31 March 2026 (Audited) | 30 September 2026 (Unaudited) | ||||
| Balance sheet portfolio | £2,568m | £2,591m | — | ||
| Net debt | £113m | £93m | (39)% | ||
| Balance sheet portfolio per share | 883p | 892p | |||
| Net debt per share | 39p | 32p | |||
| Dividend per share | 27.7p | 29.0p | 5% | 88p | 9% |
| Medium term financial guidance is unchanged Financial guidance has been updated to reflect the evolution in presentation of our financial results. | |||
| Growth | Profitability | Performance fee income | |
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| $48bn raised since 1 April 2024 | +12 pp in L5Y | 12% average in L5Y | |
1 On constant currency basis.
2 Direct investment funds.
3 Realisations of fee-earning AUM.
4 Includes Deployment and Realisations for Private Debt only.
5 H1 FY26 PRE included £72m of one-off transition impact due to change in approach announced in October 2025.
Note: some totals may differ from the sum due to roundings.
COMPANY PRESENTATION
A presentation for shareholders, debtholders and analysts will be held at 09:00 GMT today: join via the link on our website.
A recording and transcript of the presentation will be available on demand from the same location in the coming days.
COMPANY TIMETABLE
| Ex-dividend date | 3 December 2026 |
| Record date | 4 December 2026 |
| Last date to elect for dividend reinvestment | 15 December 2026 |
| Payment of ordinary dividend | 8 January 2027 |
| Q3 trading statement | 20 January 2027 |
ENQUIRIES
| Shareholders & Debtholders / Analysts: | |
| Chris Hunt, Head of Corporate Development & Shareholder Relations, ICG | +44(0)20 3545 2020 |
| Media: | |
| Fiona Laffan, Global Head of Corporate Affairs, ICG | +44(0)20 3545 1510 |
This results statement may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information.
ABOUT ICG
ICG (LSE: ICG) is a global alternative asset manager with $145bn6 in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Liquid Credit; and Real Assets.
Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
6 As at 30 September 2026.
USE OF ALTERNATIVE PERFORMANCE MEASURES
The Board and management monitor the financial performance of the Group on the basis of Alternative Performance Measures (APM), which are non-UK-adopted IAS measures. The APM form the basis of the financial results discussed in the Finance review, which the Board believes assist shareholders in assessing their investment and the delivery of the Group’s strategy through its financial performance. Full details of all APM are presented in the Glossary (see page 40).
The substantive difference between APM and UK-adopted IAS is the consolidation of funds, including seeded strategies, and related entities deemed to be controlled by the Group, which are consolidated in the UK-adopted IAS financial statements. These are not consolidated in APM in which the Group’s economic exposure to the assets is reported.
Under IFRS 10, the Group is deemed to control (and therefore consolidate) entities where it can make significant decisions that can substantially affect the variable returns of investors. This has the impact of including the assets and liabilities of these entities in the consolidated statement of financial position and recognising the related income and expenses of these entities in the consolidated income statement.
The Group’s profit before tax on a UK-adopted IAS basis was below prior period at £291.2m (H1 FY26: £354.1m). On the APM basis it was also below prior period at £287.3m (H1 FY26: £351.6m).
FINANCIAL REVIEW
AUM and fundraising
Refer to the Datapack issued with this announcement for further detail on AUM.
Note: effective 30 September 2026, in order to better align to market practice, the Group updated its AUM methodology to include unrealised gains and losses on deployed assets within reported AUM ($16bn). Prior-period AUM figures have not been restated. There is no impact to fee-earning AUM as a result of this change.
At 30 September 2026 AUM stood at $145bn and fee-earning AUM at $90bn. We had $37bn of AUM available to deploy in new investments ("dry powder"), of which $18bn was not yet earning fees (FY26: $36bn and $19bn respectively).
Fee-earning AUM
| Fee-earning AUM ($m) | Structured Capital and Secondaries | Real Assets | Debt | Total |
| At 1 April 2026 | 43,134 | 9,793 | 33,589 | 86,516 |
| Funds raised: fees on committed capital | 3,362 | — | — | 3,362 |
| Deployment of funds: fees on invested capital | 84 | 512 | 3,534 | 4,130 |
| Total additions | 3,446 | 512 | 3,534 | 7,492 |
| Realisations | (164) | (429) | (2,229) | (2,822) |
| Net additions/(realisations) | 3,282 | 83 | 1,305 | 4,670 |
| Stepdowns | (391) | — | — | (391) |
| FX and other | (710) | (156) | (260) | (1,126) |
| At 30 September 2026 | 45,315 | 9,720 | 34,634 | 89,669 |
| Change $m | 2,181 | (73) | 1,045 | 3,153 |
| Change % | 5% | (1%) | 3% | 4% |
| Change % (constant exchange rate) | 6% | 1% | 4% | 5% |
Current fundraising and twelve-month fundraising expectations
At 30 September 2026, closed-ended funds and associated SMAs that were actively fundraising included Senior Debt Partners 6, Strategic Equity VI, LP Secondaries II, Infrastructure Asia I, Real Estate Debt VII and Strategic Real Estate III. In addition, we continue to raise for open-ended funds in LP Secondaries and Liquid Credit.
In the coming twelve months we expect to launch Asia Corporate V, Europe Mid-Market III and European Infrastructure Debt I.
Group financial performance
Group Financial results for the period ended 30 September 2026 are set out in the table below.
| £m unless stated | 30 September 2025 (Unaudited) | 30 September 2026 (Unaudited) | Change % | Twelve months to 30 September 2026 (Unaudited) |
| Management fees ex. catch-up fees | 295.9 | 332.7 | 12% | 670.2 |
| Catch-up fees | 37.7 | 41.0 | 9% | 54.7 |
| Total management fees | 333.6 | 373.7 | 12% | 724.9 |
| FRE operating expenses | (165.6) | (175.1) | 6% | (344.8) |
| Fee-related earnings (FRE) | 168.0 | 198.6 | 18% | 380.1 |
| FRE margin | 50.4% | 53.1% | +3 pp | 52.4% |
| FRE margin ex catch-up fees | 44.0% | 47.4% | +3 pp | 48.6% |
| Performance fee income1 | 97.6 | 23.6 | n/m | 53.0 |
| Stock-based compensation | (27.2) | (28.2) | 4% | (51.0) |
| Asset management earnings | 238.4 | 194.0 | (19)% | 382.1 |
| Net balance sheet return | 110.1 | 93.3 | (15)% | 132.0 |
| Other income and expenses | 12.0 | 3.3 | (73)% | 15.4 |
| Depreciation and amortisation | (3.9) | (3.9) | — | (7.6) |
| Net interest | (5.0) | 0.6 | n/m | — |
| Group profit before tax | 351.6 | 287.3 | (18)% | 521.9 |
| Tax | (56.7) | (56.1) | (1)% | (107.6) |
| Group profit after tax | 294.9 | 231.2 | (22)% | 414.3 |
| Earnings per share2 | 102p | 80p | (22)% | 143p |
| Dividend per share | 27.7p | 29.0p | 5% | 88.0p |
| Group operating cash flow | £467m | £219m | (53)% | £613m |
| 31 March 2026 (Audited) | 30 September 2026 (Unaudited) | |||
| Balance sheet portfolio | £2,568m | £2,591m | 1% | |
| Net debt | £113m | £93m | (18)% | |
| FRE per share | 58p | 68p | 18% | 131p |
| Performance fee income per share | 34p | 8p | n/m3 | 18p |
| Balance sheet portfolio per share | 883p | 892p | 1% | |
| Net debt per share | 39p | 32p | (18)% | |
1 Included within performance fee income is £0.3m relating to fee-related performance revenue from evergreen products.
2 The number of shares used for per share calculations includes shares held in the EBT, which are on a different basis to Note 11.
3 H1 FY26 PRE included £72m of one-off transition impact due to change in approach announced in October 2025.
Structured Capital and Secondaries
Overview
| Seeding strategies | Scaling strategies | Flagship strategies |
| Life Sciences | Structured Capital: Europe Mid-Market Structured Capital: APAC LP Secondaries | Structured Capital: Europe Strategic Equity |
| Six months to 30 September 2025 | Six months to 30 September 2026 | Year-on-year growth1 | Twelve months to 30 September 2026 | Last five years CAGR1,2 | ||
| AUM | AUM3 | $57.4bn | $75.3bn | n/m | n/m | |
| Structured Capital | $33.4bn | $44.9bn | n/m | n/m | ||
| Private Equity Secondaries | $24.0bn | $30.4bn | n/m | n/m | ||
| Fee-earning AUM | $40.3bn | $45.3bn | 15% | 17% | ||
| Structured Capital | $23.5bn | $28.2bn | 24% | 13% | ||
| Private Equity Secondaries | $16.7bn | $17.1bn | 2% | 25% | ||
| Business activity | Fundraising | $4.0bn | $4.0bn | — | $7.0bn | |
| Deployment | $1.7bn | $1.1bn | (36)% | $5.5bn | ||
| Realisations4 | $0.7bn | $0.2bn | (78)% | $0.6bn | ||
| Financial outcomes | Effective management fee rate | 1.26% | 1.27% | +1bps | ||
| Management fees | £186m | £259m | 39% | £478m | 25% | |
| Management fees (ex catch-up) | £182m | £218m | 20% | £432m | 22% | |
| Performance fee income | £69m | £14m | n/m5 | £40m | n/m |
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.
Performance of key funds
Refer to the Datapack issued with this announcement for further detail on fund performance
| Vintage | Total fund size6 | Status | % deployed | Gross MOIC | Gross IRR | DPI | |
| Structured Capital | |||||||
| Europe VI | 2015 | €3.0bn | Realising | 2.2x | 23% | 205% | |
| Europe VII | 2018 | €4.5bn | Realising | 2.0x | 17% | 133% | |
| Europe VIII | 2021 | €8.1bn | Realising | 1.5x | 15% | 15% | |
| Europe IX | 2025 | €12.1bn | Investing | 14% | 1.2x | 28% | — |
| Europe Mid-Market I | 2019 | €1.0bn | Realising | 2.0x | 24% | 79% | |
| Europe Mid-Market II | 2023 | €2.6bn | Investing | 56% | 1.3x | 25% | 33% |
| Asia Pacific III | 2014 | $0.7bn | Realising | 2.3x | 17% | 165% | |
| Asia Pacific IV | 2020 | $1.1bn | Investing | 73% | 1.5x | 13% | 27% |
| Private Equity Secondaries | |||||||
| Strategic Secondaries II | 2016 | $1.1bn | Realising | 2.9x | 45% | 200% | |
| Strategic Equity III | 2018 | $1.8bn | Realising | 2.6x | 27% | 138% | |
| Strategic Equity IV | 2021 | $4.3bn | Realising | 1.6x | 15% | 32% | |
| Strategic Equity V | 2023 | $7.7bn | Investing | 57% | 2.0x | 72% | 18% |
| LP Secondaries I | 2022 | $0.8bn | Realising | 1.5x | 26% | 26% | |
| LP Secondaries II | Fundraising |
Note: fund performance is based on the latest practically available information, and may not relate to the same period as the financial statements within this report.
Key drivers
| Business activity | Fundraising: Europe IX ($3.3bn); LP Secondaries ($0.2bn) Deployment: Strategic Equity ($0.4bn), LP Secondaries ($0.4bn) and European Mid-Market ($0.2bn) Realisations: Strategic Equity ($0.1bn) |
| Fee income | Management fees: Driven by Europe IX fundraising into final close, including £41m of catch-up fees (FY26: £9m) Performance fees: Prior period included £49m of one-off transition change due to the change in approach announced in October 2025. Recognition for this period was predominantly driven by passage of time |
1 AUM on constant currency basis.
2 AUM CAGR based on 30 September 2021 to 30 September 2026, all other metrics LTM 30 September 2021 to LTM 30 September 2026.
3 Current period AUM includes the impact of the methodology change introduced during the period. As prior year comparatives have not been restated, the year-on-year variance is materially higher as a result of this change.
4 Realisations of Fee-earning AUM.
5 H1 FY26 PRE included £49m of one-off transition impact due to change in approach announced in October 2025.
6 Refers to commingled fund size.
Real Assets
Overview
| Seeding strategies | Scaling strategies | Flagship strategies |
| European Infrastructure Debt | Real Estate Equity Real Estate Debt European Infrastructure Asia Infrastructure | — |
| Six months to 30 September 2025 | Six months to 30 September 2026 | Year-on-year growth1 | Twelve months to 30 September 2026 | Last five years CAGR1,2 | ||
| AUM | AUM3 | $17.7bn | $19.8bn | n/m | n/m | |
| Fee-earning AUM | $9.5bn | $9.7bn | 5% | 10% | ||
| Business activity | Fundraising | $3.3bn | $1.4bn | (57)% | $3.6bn | |
| Deployment | $1.3bn | $1.3bn | (2)% | $2.5bn | ||
| Realisations4 | $1.2bn | $0.4bn | (64)% | $0.8bn | ||
| Financial outcomes | Effective management fee | 1.00% | 1.01% | +1bps | ||
| Management fees | £70m | £37m | (47)% | £89m | 14% | |
| Management fees (ex catch-up) | £36m | £37m | 3% | £79m | 16% | |
| Performance fee income | £7m | £1m | n/m5 | £2m | n/m |
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.
Performance of key funds
Refer to the Datapack issued with this announcement for further detail on fund performance
| Vintage | Total fund size6 | Status | % deployed | Gross MOIC | Gross IRR | DPI | |
| Strategic Real Estate I | 2019 | €1.2bn | Realising | 1.3x | 8% | 32% | |
| Strategic Real Estate II | 2022 | €0.7bn | Realising | 1.3x | 11% | 20% | |
| Metropolitan I | 2022 | €0.2bn | Realising | 1.2x | 9% | 24% | |
| Metropolitan II | 2024 | €0.7bn | Investing | 41% | 1.2x | 18% | 6% |
| Real Estate Partnership Capital IV | 2015 | £1.0bn | Realising | 1.2x | 3% | 106% | |
| Real Estate Partnership Capital V | 2018 | £0.9bn | Realising | 1.2x | 6% | 99% | |
| Real Estate Partnership Capital VI | 2021 | £0.6bn | Realising | 1.3x | 9% | 51% | |
| Real Estate Debt Fund VII | Fundraising | ||||||
| European Infra I | 2020 | €1.5bn | Realising | 1.5x | 17% | 61% | |
| European Infra II | 2023 | €3.1bn | Investing | 40% | 1.3x | 22% | 55% |
| Infrastructure Asia I | Fundraising |
Note: fund performance is based on the latest practically available information, and may not relate to the same period as the financial statements within this report.
Key drivers
| Business activity | Fundraising: SMA commitments ($1.2bn) Deployment: Real Estate Equity ($0.6bn), Infrastructure Europe ($0.4bn) and Real Estate Debt ($0.2bn) Realisations: Real Estate Debt ($0.4bn) |
| Fee income | Management fees: Year-on-year decline driven by £34m of catch-up fees in the prior year, primarily due to European Infra II Performance fees: Prior period included £6m due to the one-off transition change due to the approach change announced in October 2025. Recognition for this period was driven by passage of time |
1 AUM on constant currency basis.
2 AUM CAGR based on 30 September 2021 to 30 September 2026, all other metrics LTM 30 September 2021 to LTM 30 September 2026.
3 Current period AUM includes the impact of the methodology change introduced during the period. As prior year comparatives have not been restated, the year-on-year variance is materially higher as a result of this change.
4 Realisations of Fee-earning AUM.
5 H1 FY26 PRE included £6m of one-off transition impact due to change in approach announced in October 2025.
6 Refers to commingled fund size.
Debt
Overview
| Seeding strategies | Scaling strategies | Flagship strategies |
| — | North American Credit Partners ("NACP") Australian Loans Loans & Multi-asset Credit | Senior Debt Partners ("SDP") CLOs |
| Six months to 30 September 2025 | Six months to 30 September 2026 | Year-on-year growth1 | Twelve months to 30 September 2026 | Last five years CAGR1,2 | ||
| AUM | AUM3 | $48.9bn | $49.1bn | n/m | n/m | |
| Private Debt | $29.7bn | $28.7bn | n/m | n/m | ||
| Liquid Credit | $19.2bn | $20.4bn | n/m | n/m | ||
| Fee-earning AUM | $34.0bn | $34.6bn | 4% | 5% | ||
| Private Debt | $14.9bn | $14.6bn | — | 6% | ||
| Liquid Credit | $19.1bn | $20.0bn | 7% | 4% | ||
| Business activity | Fundraising | $1.7bn | $2.1bn | 22% | $4.5bn | |
| Deployment4 | $3.1bn | $1.7bn | (47)% | $4.0bn | ||
| Realisations5 | $2.0bn | $1.0bn | (47)% | $3.1bn | ||
| Financial outcomes | Effective management fee | 0.64% | 0.63% | -1bps | ||
| Management fees | £78m | £78m | — | £159m | 6% | |
| Management fees (ex catch-up) | £78m | £78m | — | £159m | 6% | |
| Performance fee income | £21m | £8m | n/m6 | £10m | n/m |
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.
Performance of key funds
Refer to the Datapack issued with this announcement for further detail on fund performance
| Vintage | Total fund size7 | Status | % deployed | Gross MOIC | Gross IRR | DPI | |
| Senior Debt Partners 2 | 2015 | €1.5bn | Realising | 1.3x | 7% | 116% | |
| Senior Debt Partners 3 | 2017 | €2.5bn | Realising | 1.2x | 5% | 93% | |
| Senior Debt Partners 4 | 2020 | €4.9bn | Realising | 1.3x | 11% | 83% | |
| Senior Debt Partners 5 | 2022 | €7.3bn | Investing | 73% | 1.2x | 13% | 11% |
| North American Private Debt I | 2014 | $0.8bn | Realising | 1.4x | 16% | 138% | |
| North American Private Debt II | 2019 | $1.4bn | Realising | 1.4x | 13% | 99% | |
| North America Credit Partners III | 2023 | $1.9bn | Investing | 45% | 1.3x | 16% | 16% |
Note: fund performance is based on the latest practically available information, and may not relate to the same period as the financial statements within this report. Fund size relates to co-mingled funds.
Key drivers
| Business activity | Fundraising: CLOs ($1.2bn) and Loans & Multi-asset Credit ($0.7bn) Deployment: SDP ($1.2bn), NACP ($0.2bn) and ASLF ($0.2bn) Realisations: SDP ($0.8bn) and ASLF ($0.2bn) |
| Fee income | Management fees: In line year-on-year despite 4% growth in fee-earning AUM due to timing and mix effect Performance fees: Prior period included £17m of one-off transition impact due to change in approach announced in October 2025. Recognition for this period was due to a number of factors including the passage of time and changes in fund valuations |
1 AUM on constant currency basis.
2 AUM CAGR based on 30 September 2021 to 30 September 2026, all other metrics LTM 30 September 2021 to LTM 30 September 2026.
3 Current period AUM includes the impact of the methodology change introduced during the period. As prior year comparatives have not been restated, the year-on-year variance is materially higher as a result of this change.
4 Deployment excluding Credit.
5 Realisations of Fee-earning AUM excluding Credit.
6 H1 FY26 PRE included £17m of one-off transition impact due to change in approach announced in October 2025.
7 Refers to commingled fund size.
Revenue and earnings
Management fees and fee-related earnings (FRE)
Management fees for the period totalled £373.7m (H1 FY26: £333.6m), a year-on-year increase of 12.0% (+12.4% excluding the impact of catch-up fees of £41.0m (H1 FY26: £37.7m)). On a constant currency basis management fees increased 11.9% year-on-year.
We maintained fee discipline across strategies and continued to experience a mix-shift towards higher-return strategies, resulting in an effective management fee rate on fee-earning AUM of 99bps (H1 FY26: 96bps).
FRE operating expenses totalled £175.1m, an increase of 6% compared to H1 FY26 (£165.6m). The year-on-year growth in administrative expenses was due to a number of factors including a higher proportion of hiring- and IT-related expenses being recognised in H1 FY27 compared to H1 FY26.
As a result, FRE was £198.6m / 68p per share for the six months ended 30 September 2026 (H1 FY26: £168.0m / 58p per share). This represents an 18% year-on-year growth (21% excluding catch-up fees) and a five-year CAGR of 28% (26% excluding catch-up fees).
Increased operating leverage continues to be evident in our FRE margin, which was 53.1% in the period (H1 FY26: 50.4%), or 47.4% excluding catch-up fees (H1 FY26: 44.0%).
| £m | Six months to 30 September 2025 | Six months to 30 September 2026 | Change % | Twelve months to 30 September 2026 (Unaudited) |
| Management fees ex. catch-up fees | 295.9 | 332.7 | 12% | 670.2 |
| Catch-up fees | 37.7 | 41.0 | 9% | 54.7 |
| Total management fees | 333.6 | 373.7 | 12% | 724.9 |
| Salaries | (72.2) | (77.0) | 7% | (153.0) |
| Cash Incentives | (53.8) | (51.2) | (5)% | (93.7) |
| Administrative costs | (39.6) | (46.9) | 18% | (98.1) |
| FRE operating expenses | (165.6) | (175.1) | 6% | (344.8) |
| FRE | 168.0 | 198.6 | 18% | 380.1 |
| FRE margin | 50.4% | 53.1% | +3 pp | 52.4% |
| FRE ex. catch-up fees | 130.3 | 157.6 | 21% | 325.4 |
| FRE margin ex. catch-up fees | 44.0% | 47.4% | +3 pp | 48.6% |
Performance fee income
Performance fees recognised for the period totalled £23.6m (H1 FY26: £97.6m, including £72m of one-off transition impact due to the change in approach announced in October 2025). H2 FY26 recognised performance fee income of £29.4m. The recognition in this period was driven predominantly by the passage of time, along with the net impact of changes in fund valuations and inaugural recognitions for a number of funds including LP Secondaries I. Performance fee income includes £0.3m relating to fee-related performance revenue from evergreen products.
During the period the Group received in cash performance fees of £17.7m (H1 FY26: £61.5m) and at 30 September 2026 had an accrued performance fees receivable on its balance sheet of £147.9m (31 March 2026: £144.7m).
| £m | |
| Accrued performance fees at 31 March 2026 | 144.7 |
| Accruals during period | 23.6 |
| Received during period | (17.7) |
| FX and other movements | (2.7) |
| Accrued performance fees at 30 September 2026 | 147.9 |
Net Balance Sheet Return
For the six months to 30 September 2026 the Net Balance Sheet Return was £93.3m1 (LTM return of 5.0%), and over the last five years has generated an average return of 8.6%. Management expects the balance sheet portfolio to generate low double-digit % annualised returns over the long term.
Other income and expenses
Other income and expenses of £3.3m, (H1 FY26: £12.0m), which is largely non-cash and predominantly due to net FX gains of £3.4m (H1 FY26: £10.2m).
1 For detail on balance sheet return by asset class see the Datapack accompanying this announcement and for the bridge from total balance sheet return to net balance sheet return see the Glossary.
Tax
The Group recognised a tax charge of £56.1m (H1 FY26: £56.7m), resulting in an effective tax rate for the period of 19.5% (H1 FY26: 16.2%).
The Group has a structurally lower effective tax rate than the statutory UK rate. See note 4 for more detail.
Balance sheet and capitalisation
ICG is well capitalised with an asset base that is strategically valuable and aligns interests between shareholders and clients. The balance sheet portfolio comprises a co-investment portfolio that invests alongside our funds to align interests with clients, and seed investments that support the growth of future strategies and products.
At 30 September 2026, ICG had net financial debt of £93m1 (FY26: £113m).
| £m | 31 March 2026 | 30 September 2026 |
| Balance sheet portfolio | 2,568 | 2,591 |
| Cash and cash equivalents | 981 | 954 |
| Other assets | 487 | 404 |
| Total assets | 4,036 | 3,949 |
| Financial debt | (1,024) | (974) |
| Other liabilities | (308) | (222) |
| Total liabilities | (1,332) | (1,196) |
| Net asset value | 2,704 | 2,753 |
A breakdown of the balance sheet portfolio and its movement over the period is set out below:
| £m | At 31 March 2026 | Revenue | Cash flow | At 30 September 2026 | |
| Net Balance Sheet Return | FX & other | Net (realisations) | |||
| Co-investment portfolio2 | 2,324 | 44 | (33) | (3) | 2,332 |
| Seed investments | 244 | 49 | 60 | (94) | 259 |
| Balance sheet portfolio | 2,568 | 93 | 27 | (97) | 2,591 |
1 Drawn financial debt less available cash.
2 For detail on the balance sheet portfolio by asset class see the Datapack accompanying this annoncement.
Net realisations of the co-investment portfolio, which are structurally episodic, represented 6.7% of the opening value over the last twelve months (five-year average: 8.2%).
The increasingly asset-light nature of our business model is visible in the levels of cash the co-investment portfolio is generating. In recent years the Group has reduced the level of co-investment to a number of strategies as they have become more established with clients over multiple vintages. As a result, we expect the co-investment portfolio for the current perimeter of products to generate significant net cashflow as older vintages are realised and lower co-investment commitments feed into deployment levels. The timing and amount of this cashflow are uncertain, and depend amongst other things on realisation activity and realised valuations.
The impact of FX & Other within the Seed portfolio for H1 FY27 includes a one-off increase of £55m due to the gross asset value of properties in the RE Asia portfolio being included, which were previously presented net of external property-level financing. The property-level financing of an equivalent value is included within Other financial liabilities. This strategy is in run off.
During the period CLO Equity II (a CLO risk retention vehicle) received $87m of commitments and is continuing to fundraise. This fund, in which the Group has a 20% interest, will invest in the equity tranches of newly-issued CLOs. The effect of this, providing we are able to continue to raise client capital for this and subsequent vintages, will be over time to transition our CLO business to a more asset-light model.
At 30 September 2026, the Group had drawn debt of £974m (31 March 2026: £1,024m):
| £m | |
| Drawn debt at 31 March 2026 | 1,024 |
| Debt (repayment) / issuance | (41) |
| Impact of foreign exchange rates | (9) |
| Drawn debt at 30 September 2026 | 974 |
The weighted-average pre-tax cost of drawn debt at 30 September 2026 was 2.6% (31 March 2026: 2.7%). For further details of our debt facilities see Other Information (page 39).
At 30 September 2026 the Group had uncalled commitments to funds in their investment period of £995m and a further £637m to funds outside of their investment period. Commitments to funds are generally drawn during their investment period, which typically lasts three to five years from the point the commitment is made, although in certain circumstances funds outside their investment period can call on commitments. We continue to optimise the absolute size of balance sheet commitments alongside funds as strategies mature, and we have reduced the absolute commitments made across a number of strategies in recent years. Details of the Group's commitments to funds can be found in the Datapack.
At 30 September 2026, the Group had credit ratings of BBB+ (stable outlook) from S&P and Fitch.
Cash flow and total available liquidity
ICG generated operating cash flow of £219m during H1 FY27 (H1 FY26: £467m) and at 30 September 2026 had total available liquidity of £1,431m (H1 FY26: £1,255m).
FRE-related cash flow grew 21% year-on-year to £149m (H1 FY26: £123m). In addition, we received £18m of performance fees and the balance sheet portfolio generated net cash flow of £97m. The lower cash proceeds year-on-year for performance fees and balance sheet portfolio reflect lower realisations in the period, consistent with their episodic nature. Group operating cash flow was £219m (H1 FY26: £467m), with the reduction principally driven by lower net cashflow from the balance sheet portfolio and lower realised performance fees, partly offset by higher FRE-related cash flow.
The table below sets out movements in cash:
| £m | Six months to 30 September 2025 | Six months to 30 September 2026 |
| Opening cash | 605 | 981 |
| Operating activities | ||
| Management fees | 338 | 371 |
| FRE expenses | (215) | (222) |
| FRE-related cash flow | 123 | 149 |
| Performance fees | 62 | 18 |
| Net cash flows from balance sheet portfolio | 340 | 97 |
| Other operating cash flow | 1 | 1 |
| Tax paid | (59) | (46) |
| Group operating cash flows | 467 | 219 |
| Financing activities | ||
| Net interest | 3 | 11 |
| Dividends paid | (163) | (169) |
| Net repayment of borrowings | (97) | (41) |
| EBT-related outflows | (41) | (60) |
| Net cash flows for Amundi buyback / share issuance1 | — | 17 |
| Group financing cash flows | (298) | (242) |
| FX and other | 5 | (4) |
| Closing cash | 779 | 954 |
| Regulatory liquidity requirement | (74) | (73) |
| Available cash | 705 | 881 |
| Available undrawn RCF | 550 | 550 |
| Cash and undrawn debt facilities (total available liquidity) | 1,255 | 1,431 |
Operating cash flows under UK-adopted IAS of £6.7m (H1 FY26: £582.7m) include consolidated structured entities. This difference to the APM measure is driven by cash consumption within consolidated structured entities as a result of their investing activities during the period.
1 Net cash inflows and outflows arising from the share buyback and share issuance transactions reflect timing effects only. On a cumulative basis, the overall transaction was cash-neutral for shareholders upon completion.
Target capital structure and capital allocation
In recent years the Board has spent significant time considering the appropriate capital structure and capital allocation framework for ICG as the Company has approached zero net debt.
As a result of those discussions, today the Board is announcing ICG's medium term target capital structure; is reaffirming ICG's progressive dividend policy; and is confirming the way in which excess capital is allocated to maximise long-term total shareholder return.
Target capital structure
We intend to manage ICG's capital structure around a position of zero net debt over the medium term, which the Board considers appropriate in light of a number of factors including the Company's FRE, dividend policy, and undrawn commitments to its funds (see page 10). This capital structure will ensure we have a strong and flexible balance sheet to enable us to continue to grow and broaden our business organically, as well as position us to withstand any macro shocks.
Alongside this target capital structure, we will continue to ensure we have sufficient available liquidity to meet our cash needs, including to satisfy our co-investment commitments; to seed new strategies and products; to repay our outstanding debt facilities as they come up for maturity; and to take advantage of other opportunities that may arise.
Dividend
ICG's Ordinary dividend per share has increased for 17 consecutive years. Today the Board is reaffirming its progressive dividend policy, which is increasingly supported by the Group's FRE. Over the long term the Board intends to increase the dividend per share by at least mid-single digit percentage points on an annualised basis.
For H1 FY27 the Board has announced an interim dividend of 29.0p per share (H1 FY26: 27.7p), in line with the policy of the interim dividend being one third of the prior year's total dividend. Both Ordinary Shares and Ordinary Non-Voting Shares are entitled to this dividend.
We continue to make the dividend reinvestment plan available for Ordinary Shares.
Allocating excess capital
To the extent we have structural excess cash, including management's views on potential near-term sources and uses of cash, we expect to return capital to shareholders.
Notwithstanding this, if we see attractive opportunities to grow our FRE per share, including inorganic opportunities, funding these would be prioritised over continuing with any buyback programme, and we would also be willing to prudently and temporarily re-lever the business if appropriate.
Share count
As announced on 17 September 2026, the equity partnership with Amundi was completed during the period and all shares held in Treasury were cancelled. As a result, at 30 September 2026 the Group had the following share capital:
| 30 September 2026 | |
| Total Ordinary Shares in issue (Voting) | 275,363,297 |
| Total Ordinary Shares in issue (Non Voting)1 | 15,280,825 |
| Total Ordinary Shares in issue | 290,644,122 |
| Number of shares used for purposes of per share calculations | 290,644,122 |
| Weighted average number of shares for purposes of per share calculations | 290,642,692 |
See Note 8 for details of the movement in the Group's share capital during the period.
The Group has a policy of neutralising the dilutive impact of stock-based compensation through the purchase of shares by an Employee Benefit Trust (EBT). During the period the Group expensed £28.2m of stock-based compensation and made £60m of share purchases through the EBT.
1 As detailed in the announcement of 18 November 2025, the Ordinary Non-Voting Shares have the same nominal value, rights and privileges as the Ordinary Shares, including as relates to dividends and other economic rights, save that the Ordinary Non-Voting Shares do not have any voting rights.
Foreign exchange rates
The following foreign exchange rates have been used throughout this review:
| Six months ended 30 September 2025 Average | Twelve months ended 31 March 2026 Average | Six months ended 30 September 2026 Average | 30 September 2025 Period End | 31 March 2026 Year End | 30 September 2026 Period End | |
| GBP:EUR | 1.1643 | 1.1546 | 1.1635 | 1.1459 | 1.1449 | 1.1707 |
| GBP:USD | 1.3446 | 1.3411 | 1.3437 | 1.3446 | 1.3228 | 1.3265 |
| EUR:USD | 1.1550 | 1.1616 | 1.1548 | 1.1734 | 1.1553 | 1.1330 |
The table below sets out the currency exposure for the following:
| USD | EUR | GBP | Other | |
| Fee-earning AUM (as at 30 September 2026) | 33% | 60% | 6% | 1% |
The table below sets out the indicative impact on our reported management fees, FRE and balance sheet portfolio had sterling been 5% weaker or stronger against the euro and the dollar in the period (excluding the impact of any hedges):
| Impact on H1 FY27 management fees1 | Impact on H1 FY27 FRE1 | Impact on balance sheet portfolio at 30 September 2026 | |
| GBP 5% weaker against EUR and USD | +£18.6m | +£13.6m | +£107.3m |
| GBP 5% stronger against EUR and USD | -£(16.9)m | -£(12.3)m | -£(107.3)m |
Where noted, this review presents changes in fee-earning AUM on a constant currency exchange rate basis. For the purposes of these calculations, prior period numbers have been translated from their underlying fund currencies to the reporting currencies at the respective H1 FY27 period end exchange rates. This has then been compared to the H1 FY27 numbers to arrive at the change on a constant currency exchange rate basis.
The Group does not hedge its net currency income as a matter of course, although this is kept under review. The Group does hedge its net balance sheet currency exposure with the intention of insulating it from FX movements. Changes in the fair value of the balance sheet hedges are reported within other income and expenses.
1 Impact assessed by sensitising the average H1 FY27 FX rates.
PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties to which the Group is exposed for the remainder of the year have been subject to robust assessment by the Directors and remain broadly consistent with those outlined in our annual report for the year ended 31 March 2026.
Careful attention continues to be paid to the elevated levels of geopolitical and economic uncertainty and the resulting impact on our principal risks and the overall risk profile of the Group. During the period, amendments were made to the presentation and alignment of certain principal risks to support the continued evolution of the Group's risk management framework. These amendments did not present a material change to the nature of the Group's principal risks or overall risk profile.
RESPONSIBILITY STATEMENT
We confirm to the best of our knowledge:
- The condensed set of financial statements have been prepared in accordance with UK-adopted IAS 34 ‘Interim Financial Reporting’ and the Disclosure Guidance and Transparency Rules of the Financial Conduct Authority;
- The interim management report, which is incorporated into the Directors’ report, includes a fair review of the development and performance of the business and the position of the Group and the undertakings included in the consolidation taken as a whole, together with a description of the principal risks and uncertainties that they face;and
- There have been no material related-party transactions affecting the financial position or performance of the Group during the first six months of the current financial year, other than those reported in the 31 March 2026 Annual Report.
This responsibility statement was approved by the Board of Directors on 10 November 2026 and is signed on its behalf by:
| Benoît Durteste | David Bicarregui | |
| CEO | CFO |
INDEPENDENT REVIEW REPORT TO ICG PLC
Conclusion
We have been engaged by ICG plc (‘the Group’) to review the condensed consolidated financial statements in the Interim results statement for the six months ended 30 September 2026 which comprises the condensed consolidated income statement, condensed consolidated statement of comprehensive income, condensed consolidated statement of financial position, condensed consolidated statement of cash flows, condensed consolidated statement of changes in equity and the related explanatory notes 1 to 13 (together the ‘condensed consolidated financial statements’). We have read the other information contained in the Interim results statement and considered whether it contains any apparent misstatements or material inconsistencies with the information in the condensed consolidated financial statements.
Based on our review, nothing has come to our attention that causes us to believe that the condensed consolidated financial statements in the Interim results statement for the six months ended 30 September 2026 is not prepared, in all material respects, in accordance with UK-adopted International Accounting Standard 34, ‘Interim Financial Reporting’, and the Disclosure Guidance and Transparency Rules of the United Kingdom’s Financial Conduct Authority.
Basis for Conclusion
We conducted our review in accordance with the International Standard for Review Engagements (UK) 2410 (‘ISRE (UK) 2410’) issued by the Financial Reporting Council. A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
As disclosed in note 1, the annual financial statements of the Group are prepared in accordance with UK-adopted international accounting standards. The condensed consolidated financial statements included in the Interim results statement have been prepared in accordance with UK-adopted International Accounting Standard 34, ‘Interim Financial Reporting’.
Conclusions Relating to Going Concern
Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for Conclusion section of this report, nothing has come to our attention to suggest that management have inappropriately adopted the going concern basis of accounting or that management have identified material uncertainties relating to going concern that are not appropriately disclosed.
This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the entity to cease to continue as a going concern.
Responsibilities of the directors
The directors are responsible for preparing the Interim results statement in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority.
In preparing the Interim results statement, the directors are responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or to cease operations, or have no realistic alternative but to do so.
Auditor's Responsibilities for the review of the financial information
In reviewing the Interim results statement, we are responsible for expressing to the Group a conclusion on the condensed consolidated financial statements in the Interim results statement. Our conclusion, including our ‘Conclusions Relating to Going Concern’, are based on procedures that are less extensive than audit procedures, as described in the ‘Basis for Conclusion’ paragraph of this report.
Use of our report
This report is made solely to the Group in accordance with guidance contained in ISRE (UK) 2410 issued by the Financial Reporting Council. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Group, for our work, for this report, or for the conclusions we have formed.
Ernst & Young LLP
London
10 November 2026
CONDENSED CONSOLIDATED INCOME STATEMENT
For the six months ended 30 September 2026
| Six months ended 30 September 2026 (Unaudited) | Six months ended 30 September 2025 (Unaudited & Re-presented) | ||
| Notes | £m | £m | |
| Management fees | 2 | 357.7 | 321.6 |
| Performance fees | 2 | 27.9 | 101.4 |
| Other operating income | 3.5 | 14.8 | |
| Total investment returns | 143.0 | 136.7 | |
| Total revenue | 532.1 | 574.5 | |
| Interest income | 18.9 | 13.0 | |
| Finance costs | (16.3) | (18.8) | |
| Administrative expenses | (73.4) | (60.0) | |
| Personnel expenses | (170.1) | (154.6) | |
| Profit before tax | 291.2 | 354.1 | |
| Income tax charge | 4 | (56.2) | (56.7) |
| Profit for the period | 235.0 | 297.4 | |
| Attributable to: | |||
| Equity holders of the parent | 234.3 | 297.3 | |
| Non-controlling interests | 0.7 | 0.1 | |
| 235.0 | 297.4 | ||
| Earnings per share attributable to ordinary equity holders of the parent | |||
| Basic (pence) | 11 | 82.3p | 103.7p |
| Diluted (pence) | 11 | 81.2p | 101.9p |
The Group has re-presented selected line items in the condensed income statement. Refer to Note 1.
The accompanying notes are an integral part of these condensed financial statements.
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the six months ended 30 September 2026
| Six months ended 30 September 2026 (Unaudited) | Six months ended 30 September 2025 (Unaudited) | |
| £m | £m | |
| Profit after tax | 235.0 | 297.4 |
| Items that may be subsequently reclassified to profit or loss if specific conditions are met | ||
| Exchange differences on translation of foreign operations | (2.5) | (2.2) |
| Deferred tax on equity investments translation | — | 0.6 |
| Total comprehensive income for the period | 232.5 | 295.8 |
| Attributable to: | ||
| Equity holders of the parent | 231.8 | 295.7 |
| Non-controlling interests | 0.7 | 0.1 |
| 232.5 | 295.8 |
The accompanying notes are an integral part of these condensed financial statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2026
| 30 September 2026 (Unaudited) | 31 March 2026 (Audited & Re-presented) | ||
| Notes | £m | £m | |
| Non-current assets | |||
| Intangible assets | 18.3 | 17.7 | |
| Property, plant and equipment | 58.5 | 61.5 | |
| Investment property | 81.2 | 131.4 | |
| Trade and other receivables | 69.9 | 105.1 | |
| Financial assets at fair value | 5 | 7,703.3 | 7,741.4 |
| Deferred tax asset | 33.7 | 33.1 | |
| 7,964.9 | 8,090.2 | ||
| Current assets | |||
| Trade and other receivables | 446.0 | 357.9 | |
| Financial assets at fair value | 5 | 37.6 | 43.8 |
| Derivative financial assets | 5 | 17.8 | 4.9 |
| Cash and cash equivalents | 1,304.4 | 1,415.4 | |
| 1,805.8 | 1,822.0 | ||
| Total assets | 9,770.7 | 9,912.2 | |
| Non-current liabilities | |||
| Trade and other payables | 62.0 | 50.7 | |
| Financial liabilities at fair value | 5,7 | 5,258.2 | 5,303.8 |
| Borrowings | 7 | 518.8 | 528.2 |
| Lease liabilities | 7 | 49.8 | 54.1 |
| Other financial liabilities | 7 | 85.8 | 127.4 |
| Deferred tax liabilities | 26.5 | 26.2 | |
| 6,001.1 | 6,090.4 | ||
| Current liabilities | |||
| Trade and other payables | 480.1 | 561.5 | |
| Borrowings | 7 | 463.8 | 505.6 |
| Lease liabilities | 7 | 11.4 | 10.6 |
| Other financial liabilities | 7 | 42.9 | 27.0 |
| Derivative financial liabilities | 5,7 | 17.8 | 16.1 |
| 1,016.0 | 1,120.8 | ||
| Total liabilities | 7,017.1 | 7,211.2 | |
| Equity and reserves | |||
| Called up share capital | 8 | 76.3 | 77.7 |
| Share premium account | 8 | 440.6 | 208.0 |
| Other reserves | 9 | 37.7 | (10.9) |
| Retained earnings | 2,197.4 | 2,426.0 | |
| Equity attributable to owners of the Company | 2,752.0 | 2,700.8 | |
| Non-controlling interest | 1.6 | 0.2 | |
| Total equity | 2,753.6 | 2,701.0 | |
| Total equity and liabilities | 9,770.7 | 9,912.2 |
The Group has re-presented selected line items in the condensed statement of financial position. Refer to Note 1.
The accompanying notes are an integral part of these condensed financial statements.
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS
For the six months ended 30 September 2026
| Notes | Six months ended 30 September 2026 (Unaudited) | Six months ended 30 September 2025 (Unaudited & Re-presented) | |
| £m | £m | ||
| Profit before tax | 291.2 | 354.1 | |
| Adjustments for non-cash items: | |||
| Management fees | (357.7) | (321.6) | |
| Performance fees | (27.9) | (101.4) | |
| Total investment returns | (143.0) | (136.7) | |
| Interest income | (18.9) | (13.0) | |
| Net fair value gains on derivatives | (17.4) | (1.5) | |
| Impact of movement in foreign exchange rates | 14.2 | (9.7) | |
| Finance costs | 16.3 | 18.8 | |
| Depreciation and amortisation of property, equipment and intangible assets | 9.2 | 8.7 | |
| Share-based payment expense | 24.5 | 23.6 | |
| Working capital changes: | |||
| Increase in trade and other receivables | (33.1) | (11.5) | |
| Decrease in trade and other payables | (205.1) | (115.8) | |
| (447.7) | (306.0) | ||
| Proceeds from sale of current financial assets | 101.8 | 135.3 | |
| Purchase of current financial assets | (52.5) | (97.8) | |
| Purchase of non-current financial assets | (943.6) | (1,150.6) | |
| Proceeds from sales and maturities of non-current financial assets | 1,289.2 | 1,669.9 | |
| Proceeds from borrowing related to seed investments | — | 73.1 | |
| Issuance of CLO notes | 499.4 | 235.3 | |
| Redemption of CLO notes | (848.1) | (417.8) | |
| Interest and dividend income received | 235.3 | 278.7 | |
| Management fees received | 370.9 | 338.0 | |
| Performance fees received | 17.8 | 61.6 | |
| Interest paid | (169.1) | (178.7) | |
| Cash flows generated from operations | 53.4 | 641.0 | |
| Taxes paid | (46.7) | (58.3) | |
| Net cash flows from operating activities | 6.7 | 582.7 | |
| Investing activities | |||
| Purchase of intangible assets | (3.4) | (3.5) | |
| Purchase of property, plant and equipment | (1.3) | (0.3) | |
| Net cash flow from derivative financial instruments | 6.2 | 11.5 | |
| Cash flow as a result of change in control of subsidiary | 12 | 127.5 | 81.2 |
| Net cash flows from investing activities | 129.0 | 88.9 | |
| Financing activities | |||
| Purchase of own shares | (268.5) | (17.0) | |
| Proceeds from shares issued | 247.9 | — | |
| Payment of principal portion of lease liabilities | (6.6) | (6.2) | |
| Repayment of borrowings | (40.8) | (97.3) | |
| Dividends paid to equity holders of the parent | (168.8) | (162.8) | |
| Net cash flows used in financing activities | (236.8) | (283.3) | |
| Net (decrease)/increase in cash and cash equivalents | (101.1) | 388.3 | |
| Effects of exchange rate differences on cash and cash equivalents | (9.9) | (1.9) | |
| Cash and cash equivalents at 1 April | 1,415.4 | 860.2 | |
| Cash and cash equivalents at 30 September | 12 | 1,304.4 | 1,246.6 |
The Group has re-presented selected line items in the condensed consolidated statement of cash flows. Refer to Note 1. In the current period, net cash flows from operating activities previously disclosed in Note 9 have been presented within the consolidated statement of cash flows.
The accompanying notes are an integral part of these condensed financial statements.
CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
For the six months ended 30 September 2026
| Other reserves | ||||||||||
| Share capital | Share premium | Capital redemption reserve | Share based payments reserve | Own shares2 | Foreign currency translation reserve1 | Retained earnings | Total | Non-controlling interest | Total equity | |
| £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
| Balance at 1 April 2026 | 77.7 | 208.0 | 5.0 | 98.8 | (146.1) | 31.4 | 2,426.0 | 2,700.8 | 0.2 | 2,701.0 |
| Profit after tax | — | — | — | — | — | — | 234.3 | 234.3 | 0.7 | 235.0 |
| Exchange differences on translation of foreign operations | — | — | — | — | — | (2.5) | — | (2.5) | — | (2.5) |
| Deferred tax on equity investments translation | — | — | — | — | — | — | — | — | — | — |
| Total comprehensive income/(expense) for the period | — | — | — | — | — | (2.5) | 234.3 | 231.8 | 0.7 | 232.5 |
| Adjustment of non-controlling interest on disposal of subsidiary | — | — | — | — | — | — | — | — | 0.7 | 0.7 |
| Issue of share capital | 3.6 | 244.4 | — | — | — | — | — | 248.0 | — | 248.0 |
| Options/awards exercised2 | — | — | — | (37.8) | 29.9 | — | (9.6) | (17.5) | — | (17.5) |
| Own shares acquired during the period - share scheme | — | — | — | — | (37.2) | — | — | (37.2) | — | (37.2) |
| Own shares acquired during the period - share buyback3 | — | — | — | (231.0) | — | — | (231.0) | — | (231.0) | |
| Cancellation of shares3 | (5.0) | (11.8) | 5.0 | 296.3 | (284.5) | — | ||||
| Tax on options/awards exercised | — | — | — | 1.4 | — | — | — | 1.4 | — | 1.4 |
| Credit for equity settled share schemes | — | — | — | 24.5 | — | — | — | 24.5 | — | 24.5 |
| Dividends paid (note 10) | — | — | — | — | — | — | (168.8) | (168.8) | — | (168.8) |
| Balance at 30 September 2026 | 76.3 | 440.6 | 10.0 | 86.9 | (88.1) | 28.9 | 2,197.4 | 2,752.0 | 1.6 | 2,753.6 |
| Other reserves | ||||||||||
| Share capital | Share premium | Capital redemption reserve | Share based payments reserve | Own shares2 | Foreign currency translation reserve1 | Retained earnings | Total | Non-controlling interest | Total equity | |
| £m | £m | £m | £m | £m | £m | £m | £m | £m | £m | |
| Balance at 1 April 2025 | 77.3 | 181.3 | 5.0 | 99.1 | (103.9) | 29.2 | 2,203.0 | 2,491.0 | (0.1) | 2,490.9 |
| Profit after tax | — | — | — | — | — | — | 297.3 | 297.3 | 0.1 | 297.4 |
| Exchange differences on translation of foreign operations | — | — | — | — | — | (2.2) | — | (2.2) | — | (2.2) |
| Deferred tax on equity investments translation | — | — | — | — | — | 0.6 | — | 0.6 | — | 0.6 |
| Total comprehensive income/(expense) for the period | — | — | — | — | — | (1.6) | 297.3 | 295.7 | 0.1 | 295.8 |
| Issue of share capital | — | — | — | — | — | — | — | — | — | — |
| Own shares acquired during the period - share scheme | — | — | — | — | (17.0) | — | — | (17.0) | — | (17.0) |
| Options/awards exercised2 | — | — | — | (37.9) | 32.2 | — | (14.2) | (19.9) | — | (19.9) |
| Tax on options/awards exercised | — | — | — | 3.9 | — | — | — | 3.9 | — | 3.9 |
| Credit for equity settled share schemes | — | — | — | 23.6 | — | — | — | 23.6 | — | 23.6 |
| Dividends paid (note 10) | — | — | — | — | — | — | (162.8) | (162.8) | — | (162.8) |
| Balance at 30 September 2025 | 77.3 | 181.3 | 5.0 | 88.7 | (88.7) | 27.6 | 2,323.3 | 2,614.5 | — | 2,614.5 |
- Other comprehensive income/(expense) reported in the foreign currency translation reserve represents foreign exchange gains and losses on the translation of subsidiaries reporting in currencies other than sterling.
- The movement in the Group Own shares reserve in respect of Options/awards exercised, represents the employee shares vesting net of personal taxes and social security. The associated personal taxes and social security liabilities are settled by the Group with the equivalent value of shares retained in the Own shares reserve.
- Pursuant to the Amundi Strategic Partnership, see note 9.
The accompanying notes are an integral part of these condensed financial statements.
NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS
For the period ended six months ended 30 September 2026
1. General information and basis of preparation
General information
ICG plc (the ‘Parent Company’, ‘Company’ or ‘ICG plc’) is a public company limited by shares, incorporated, domiciled and registered in England and Wales under the Companies Act, with the company registration number 02234775. The registered office is Procession House, 55 Ludgate Hill, London EC4M 7JW.
Basis of preparation
The condensed consolidated interim financial statements for the six months ended 30 September 2026 have been prepared in accordance with UK-adopted IAS 34 Interim Financial Reporting (IAS 34), the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority, and on the basis of the accounting policies set out in the consolidated financial statements of the Group for the year ended 31 March 2026.
The condensed consolidated interim financial statements are unaudited and do not constitute statutory accounts within the meaning of section 434 of the Companies Act 2006. Within the notes to the condensed consolidated interim financial statements, all current and comparative data covering the period to (or as at) 30 September 2026 is unaudited. Data given in respect of 31 March 2026 is audited. The statutory accounts for the year to 31 March 2026 have been reported on by Ernst & Young LLP and delivered to the Registrar of Companies. The report of the auditors was (i) unqualified, (ii) did not include a reference to any matters which the auditors drew attention by way of emphasis without qualifying their report, and (iii) did not contain a statement under section 498 (2) or (3) of the Companies Act 2006.
The consolidated financial statements of the Group as at and for the year ended 31 March 2026, which were prepared in accordance with UK-adopted International Accounting Standards ('UK-adopted IAS'), are available on the Group’s website, www.icgam.com.
Going concern
The condensed consolidated interim financial statements for the six months ended 30 September 2026 are prepared on a going concern basis, as the Board is satisfied that the Group has the resources to continue in business for a period of at least 12 months from approval of the condensed consolidated interim financial statements.
In assessing the Group’s ability to continue in its capacity as a going concern, the Board considered a wide range of information relating to present and future projections of profitability and liquidity. The assessment incorporates reverse stress testing.
The review showed the Group has sufficient liquidity in place to support its business operations for the foreseeable future. Accordingly, the Directors have a reasonable expectation the Group has resources to continue as a going concern to 30 November 2027, a period of at least 12 months from the date of approval of the condensed consolidated interim financial statements.
Related party transactions
There have been no material changes to the nature or size of related-party transactions since 31 March 2026.
Changes in material accounting policies
The accounting policies adopted in the preparation of the condensed consolidated interim financial statements are consistent with those followed in the preparation of the consolidated financial statements of the Group for the year ended 31 March 2026.
There are a number of new accounting pronouncements issued by IASB with an effective date of 1 January 2027, including IFRS 18 Presentation and Disclosure in Financial Statements (IFRS 18) which replaces IAS 1 Presentation of Financial Statements. IFRS 18 introduces additional disclosure obligations in relation to the structure of the income statement, management-defined performance measures, and the aggregation and disaggregation of financial information. The implementation of IFRS 18 is not expected to have a material impact on the results or net assets of the Group and the impact on the presentation of the condensed consolidated interim financial statements is still being assessed. The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
1. General information and basis of preparation continued
Key accounting judgements and estimates in the application of accounting policies
The critical judgements made by the Directors in the application of the Group's accounting policies, and the key sources of estimation uncertainty at the reporting date, are the same as those disclosed in the consolidated financial statements of the Group for the year ended 31 March 2026.
Changes in segmental reporting
During the period, the Group revised its reportable segments to reflect changes in the Group’s internal reporting structure and the information regularly reviewed by the Group's Chief Operating Decision Makers (CODM) (see note 3).
Changes in the composition of the Group
The Group acquired interests in eight subsidiaries and one controlled structured entity that are consolidated within the Group with no material impact on net assets.
The Group ceased to control five subsidiaries on liquidation and disposed of its interest in four subsidiaries in seed investments that were previously reported as consolidated entities with no material impact on net assets.
Re-presentation of income statement, statement of financial position and statement of cash flows
The Group has re-presented selected line items in the condensed consolidated income statement, condensed consolidated statement of financial position and statement of cash flows, including the aggregation or disaggregation of certain balances based on their materiality. The change in presentation has no impact on the Group’s consolidated profit before tax, earnings per share or consolidated net assets. A reconciliation between the re-presented amounts and amounts previously presented for the comparative period is disclosed below.
Condensed consolidated income statement
| Amounts previously presented | Change | Amounts re-presented in Income statement | |
| Six months ended 30 September 2025 (Unaudited) | £m | £m | £m |
| Fee and other operating income | 426.6 | (426.6) | — |
| Management fees | — | 321.6 | 321.6 |
| Performance fees | — | 101.4 | 101.4 |
| Finance gain | 11.2 | (11.2) | — |
| Other operating income | — | 14.8 | 14.8 |
| 437.8 | — | 437.8 | |
| Administrative expenses | (214.6) | 154.6 | (60.0) |
| Personnel expenses | — | (154.6) | (154.6) |
| (214.6) | — | (214.6) |
1. General information and basis of preparation continued
Condensed consolidated statement of financial position
| Amounts previously presented | Change | Amounts re-presented in Statement of financial position | |
| 31 March 2026 (Audited) | £m | £m | £m |
| Current trade and other receivables | 347.3 | 10.6 | 357.9 |
| Current tax debtor | 10.6 | (10.6) | — |
| 357.9 | — | 357.9 | |
| Current trade and other payables | (516.0) | (45.5) | (561.5) |
| Current tax creditor | (45.5) | 45.5 | — |
| (561.5) | — | (561.5) | |
| Non-current lease liabilities | — | (54.1) | (54.1) |
| Non-current other financial liabilities | (181.5) | 54.1 | (127.4) |
| (181.5) | — | (181.5) | |
| Current lease liabilities | — | (10.6) | (10.6) |
| Current other financial liabilities | (37.6) | 10.6 | (27.0) |
| (37.6) | — | (37.6) |
"Other income", "Net investment gains" and "Financial liabilities at amortised cost" are renamed to "Interest income", "Total investment returns" and "Borrowings", respectively. There were no changes to the amounts presented.
Condensed Consolidated Statement of Cash Flow changes
Certain line items relating to non-cash adjustments were renamed for consistency with the presentation in the condensed consolidated income statement, as described above.
Other changes to the presentation of the condensed consolidated statement of cash flows are summarised below.
| Amounts previously presented | Change | Amounts re-presented in Statement of cash flows | |
| Six months ended 30 September 2025 (Unaudited) | £m | £m | £m |
| Operating activities | |||
| Proceeds from investment property debt | 73.1 | (73.1) | — |
| Proceeds from borrowing related to seed investments | — | 73.1 | 73.1 |
| 73.1 | — | 73.1 | |
| Fee and other operating income received | 399.6 | (399.6) | — |
| Management fees received | — | 338.0 | 338.0 |
| Performance fees received | — | 61.6 | 61.6 |
| 399.6 | — | 399.6 |
2. Revenue
Revenue and its related cash flows, within the scope of IFRS 15 Revenue from Contracts with Customers, are derived from the Group’s fund management company activities and are presented net of any consideration payable to a customer in the form of rebates. The significant components of the Group’s fund management revenues are as follows:
Management fees
The Group earns management fees from its investment management services. Management fees are charged on third-party capital managed by the Group and are based on an agreed percentage of either committed capital, invested capital or net asset value, dependent on the fund.
Performance fees
Performance fees are recognised only to the extent it is highly probable that there will not be a significant reversal of the revenue recognised in the future. In determining the amount of performance fee revenue to be recognised, if any, the Group is required to make judgements in respect of the timing and measurement of such amounts.
Performance fees will only be crystallised and received in cash when the relevant fund performance hurdle is met. For certain funds, cash may be received before the fund performance hurdle is met.
Key accounting judgement
A key judgement for the Group is whether a fund will meet its expected performance conditions and generate performance fees. The Group bases its assessment on the best available information pertaining to the fund, including the performance of predecessor funds within the same strategy.
The value of performance fees is determined by the proceeds received by the fund in respect of the realisation of its assets. The valuation of the underlying assets within a fund will be subject to fluctuations in the future, including the impact of macroeconomic factors outside the Group’s control. The valuation information on which this judgement is based is the liquidation NAV of the relevant funds.
A constraint is applied to the performance fee receivable calculated with respect to the liquidation NAV of the fund, to reflect the uncertainty of future fund performance. This constraint is set by reference to the maturity of the fund and its portfolio of assets, assuming a standard fund life of 12 years (H1FY26: 12 years). Management judgement will be applied to define the level of constraint for funds that materially deviate from the standard expectations of a fund's life. The level of constraint applied is reassessed at each reporting date.
Based on their experience of the performance of the funds they have managed previously, the Directors have determined that future performance fee income is highly probable when the successor fund has its first fundraising close and the investment period for the existing fund has ended. For other fund structures the estimate of performance fees is made with reference to specific requirements. There are no other individually significant components of revenue from contracts with customers.
3. Segmental reporting
For management purposes, the Group is organised as one operating segment which is also one reportable segment. Segment information is presented on the basis of the internal reports regularly reviewed by the Executive Directors, who are identified as the Group's CODM.
The CODM review the Group's financial performance and allocate resources on a consolidated basis. The financial information regularly reviewed by the CODM is prepared principally on the Group's Alternative Performance Measure ("APM") basis. While certain APM measures are prepared on a basis different from IFRS, these differences do not represent separate operating segments and do not result in materially different performance conclusions.
Measure of performance
The CODM assess the performance of the Group's single operating segment using an APM framework comprising FRE, performance fee income, net balance sheet return and Group profit before tax. The segment information reviewed by the CODM differs from the statutory results prepared under UK-adopted IAS.
As the Group has one operating segment, no separate segment assets or liabilities disclosures are presented.
3. Segmental reporting continued
The following table reconciles the operating segment measure reviewed by the CODM to UK-adopted IAS Group profit before tax:
- All income generated from the balance sheet portfolio is presented as net balance sheet return, under UK-adopted IAS it is presented within total investment returns.
- Structured entities controlled by the Group are presented as fair value investments, these entities are consolidated under UK-adopted IAS within Consolidated entities.
- Presentational adjustments reclassify certain items within the income statement to align management reporting with UK-adopted IAS financial statement categories, including personnel expenses, administrative expenses and other operating income. These reclassifications have no impact on the Group’s profit before tax.
| Six months ended 30 September 2026 (Unaudited) | ||||||||
| Single operating segment | Total Presentational adjustments £m | IFRS consolidation and adjustments £m | UK-adopted IAS Financial statements | |||||
| Line items | £m | £m | Line items | |||||
| Management fees | 373.7 | (16.0) | 357.7 | Management fees | ||||
| FRE operating expenses | (175.1) | 175.1 | ||||||
| Fee-related earnings (FRE) | 198.6 | |||||||
| Performance fee income | 23.6 | 4.3 | 27.9 | Performance fees | ||||
| Share-based payment expenses | (28.2) | 28.2 | ||||||
| Asset management earnings | 194.0 | |||||||
| Net balance sheet return | 93.3 | 13.7 | 36.0 | 143.0 | Total investment returns | |||
| 3.3 | 0.2 | 3.5 | Other operating income | |||||
| 532.1 | Total Revenue | |||||||
| Interest income | 15.8 | 3.1 | 18.9 | Interest income | ||||
| Other income and expenses | 3.3 | (3.3) | ||||||
| Depreciation and amortisation | (3.9) | 3.9 | ||||||
| Interest expense | (15.2) | (1.1) | — | (16.3) | Finance costs | |||
| (49.7) | (23.7) | (73.4) | Administrative expenses | |||||
| (170.1) | — | (170.1) | Personnel expenses | |||||
| Group profit before tax | 287.3 | — | 3.9 | 291.2 | Group profit before tax | |||
3. Segmental reporting continued
| Six months ended 30 September 2025 (Unaudited and Re-presented) | ||||||||
| Single operating segment | Total Presentational adjustments £m | IFRS consolidation and adjustments £m | UK-adopted IAS Financial statements | |||||
| Line items | £m | £m | Line items | |||||
| Management fees | 333.6 | — | (12.0) | 321.6 | Management fees | |||
| FRE operating expenses | (165.6) | 165.6 | ||||||
| Fee-related earnings (FRE) | 168.0 | |||||||
| Performance fee income | 97.6 | — | 3.8 | 101.4 | Performance fees | |||
| Share-based payment expenses | (27.2) | 27.2 | ||||||
| Asset management earnings | 238.4 | |||||||
| Net balance sheet return | 110.1 | 1.4 | 25.2 | 136.7 | Total investment returns | |||
| 11.9 | 2.9 | 14.8 | Other operating income | |||||
| 574.5 | Total Revenue | |||||||
| Interest income | 11.9 | — | 1.1 | 13.0 | Interest income | |||
| Other income and expenses | 12.0 | (12.0) | ||||||
| Depreciation and amortisation | (3.9) | 3.9 | — | |||||
| Interest expense | (16.9) | (1.1) | (0.8) | (18.8) | Finance costs | |||
| (42.3) | (17.7) | (60.0) | Administrative expenses | |||||
| (154.6) | — | (154.6) | Personnel expenses | |||||
| Group profit before tax | 351.6 | — | 2.5 | 354.1 | Group profit before tax | |||
3. Segmental reporting continued
Change in reportable segment
On 1 April 2026, the Group reassessed its operating segments following a change in the FRE view of its business model and the corresponding changes to the internal management reporting regularly reviewed by the CODM. Following that reassessment, management concluded that the composition of the Group's reportable segments has changed from two reportable segments, the Fund Management Company (FMC) and the Investment Company (IC), to a single reportable segment. Accordingly, the segment information has been re-presented to reflect the measures used by the CODM to assess the Group’s performance, comprising FRE, performance fee income, net balance sheet return and Group profit before tax. Comparative information has been re-presented to reflect the current period presentation. The change in segment presentation has no impact on the Group’s consolidated profit before tax, earnings per share or net assets.
A reconciliation between the re-presented amounts of the single operating segment and amounts of FMC and IC segments previously presented for the comparative period is disclosed below.
| Six months ended 30 September 2025 (Unaudited & as previously presented) | Six months ended 30 September 2025 (Unaudited & Re-presented) | |||||||
| FMC | IC | Reportable segments | Presentational adjustments | Single operating segment | ||||
| Line items | £m | £m | £m | £m | £m | Line items | ||
| External fee income | 431.2 | — | 431.2 | (97.6) | 333.6 | Management fees | ||
| Inter-segmental fee | 11.8 | (11.8) | — | |||||
| Other operating income | 1.0 | — | 1.0 | (1.0) | ||||
| Fund management fee income | 444.0 | (11.8) | 432.2 | |||||
| (165.6) | (165.6) | FRE operating expenses | ||||||
| 168.0 | Fee-related earnings (FRE) | |||||||
| 97.6 | 97.6 | Performance fee income | ||||||
| (27.2) | (27.2) | Share-based payment expenses | ||||||
| 238.4 | Asset management earnings | |||||||
| Net investment returns | — | 71.7 | 71.7 | 38.4 | 110.1 | Net balance sheet return | ||
| Dividendincome | 39.8 | — | 39.8 | (39.8) | ||||
| Finance gain/(loss) | — | 10.9 | 10.9 | (10.9) | ||||
| Total revenue | 483.8 | 70.8 | 554.6 | |||||
| 12.0 | 12.0 | Other income and expenses | ||||||
| (3.9) | (3.9) | Depreciation and amortisation | ||||||
| Interest income | 0.1 | 11.8 | 11.9 | 11.9 | Interest income | |||
| Interest expense | (1.2) | (16.8) | (18.0) | 1.1 | (16.9) | Interest expense | ||
| Staff costs | (58.0) | (14.2) | (72.2) | 72.2 | ||||
| Incentive scheme costs | (71.0) | (11.4) | (82.4) | 82.4 | ||||
| Other administrative expenses | (29.1) | (13.2) | (42.3) | 42.3 | ||||
| Profit before tax | 324.6 | 27.0 | 351.6 | — | 351.6 | Group profit before tax | ||
4. Income tax
| Six months ended 30 September 2026 (Unaudited) | Six months ended 30 September 2025 (Unaudited) | |
| Analysis of tax on ordinary activities | £m | £m |
| Current tax | 56.2 | 25.4 |
| Deferred taxation | — | 31.3 |
| Tax charge on profit on ordinary activities | 56.2 | 56.7 |
The Group is an international business and operates across many different tax jurisdictions. Income and expenses are allocated to these jurisdictions based on transfer pricing methodologies set out both (i) in the laws of the jurisdictions in which the Group operates, and (ii) under guidelines set out by the Organisation for Economic Co-operation and Development (OECD).
The effective tax rate reported by the Group for the period ended 30 September 2026 of 19.3% (H1 FY26: 16.0%) is lower than the statutory UK corporation tax rate of 25%.
The fund management activities are subject to tax at the relevant statutory rates ruling in the jurisdictions in which the income is earned. The lower effective tax rate compared to the statutory UK rate is largely driven by the investing activities. The investing activities benefit from statutory UK tax exemptions on certain forms of income arising from both foreign dividend receipts and gains from assets qualifying for the substantial shareholdings exemption. The effect of these exemptions means that the effective tax rate of the Group is highly sensitive to the relative mix of investing income, and composition of such income, in any one period.
Due to the application of tax law requiring a degree of judgement, the accounting thereon involves a level of estimation uncertainty which tax authorities may ultimately dispute. Tax liabilities are recognised based on the best estimates of probable outcomes and with regard to external advice where appropriate. The principal factors which may influence the Group’s future tax rate are changes in tax legislation in the territories in which the Group operates, the relative mix of fund management and investing income, the mix of income and expenses earned and incurred by jurisdiction and the timing of recognition of available deferred tax assets and liabilities. The Group accounts for future legislative change, to the extent that is enacted at the reporting date, in its recognition of deferred tax.
The Group has undertaken a review of the level of recognition of deferred tax assets and is satisfied they are recoverable and therefore have been recognised in full.
In 2021, the OECD issued model rules for a new global minimum tax framework (Pillar Two), and this was followed by legislation from various Governments around the world. These rules introduced a global minimum tax rate of 15%, ensuring fair taxation for entities which are part of a multinational group of enterprises.
From FY25 onwards, the Group has been subject to the global minimum top-up tax rate under Pillar Two legislation. However, there is no material amount of top-up tax recognised in respect of the Group’s operations for the period. The Group has applied the mandatory IAS 12 temporary exemption from the recognition and disclosure of deferred taxes arising from implementation of the OECD’s Pillar Two model rules.
5. Financial assets and liabilities at fair value
| Accounting policy Financial assets Financial assets can be classified into the following categories: Amortised Cost, Fair Value Through Profit and Loss (‘FVTPL’) and Fair Value Through Other Comprehensive Income (‘FVOCI’). The Group has classified all invested financial assets as FVTPL. Financial assets at FVTPL are initially recognised and subsequently measured at fair value and transaction costs are recognised in the condensed consolidated income statement immediately. A valuation assessment is performed on a recurring basis with gains or losses arising from changes in fair value recognised through total investment returns in the condensed consolidated income statement. Dividends or interest earned on the financial assets are also included in the total investment returns. Exchange differences are included within other operating income. Where the Group holds investments in a number of financial instruments such as debt and equity in a portfolio company, the Group views their entire investment as a unit of account for valuation purposes. Industry standard valuation guidelines such as the International Private Equity and Venture Capital (’IPEV’) Valuation Guidelines – December 2025, allow for a level of aggregation where there are a number of financial instruments held within a portfolio company. Derecognition of financial assets The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when substantially all the risks and rewards of ownership of the asset are transferred to another party. On derecognition of a financial asset in its entirety, the difference between the asset’s carrying value amount and the sum of the consideration received and receivable, is recognised in profit or loss. Key sources of estimation uncertainty on financial assets Fair value is the amount for which an asset could be exchanged, or liability settled, between knowledgeable, willing parties in an arm’s length transaction at the reporting date. The fair value of investments is based on quoted prices, where available. Where quoted prices are not available, the fair value is estimated in line with UK-adopted IAS and industry standard valuation guidelines such as IPEV for direct investments in portfolio companies, and the Royal Institution of Chartered Surveyors Valuation – Global Standards 2024 for investment property. These valuation techniques can be subjective and include assumptions which are not supportable by observable data. Details of the valuation techniques and the associated sensitivities are further disclosed in this note on page 37. Given the subjectivity of valuing investments in private companies, senior and subordinated notes of Collateralised Loan Obligation vehicles and investments in investment property, these are key sources of estimation uncertainty, and as such the valuations are approved by the relevant fund Investment Committees ('ICs') and Group Valuation Committee ('GVC'). The unobservable inputs relative to these investments are further detailed below. |
Valuations
Valuation process
The GVC is responsible for reviewing and concluding on the fair value of the Group's balance sheet investment positions in accordance with the Group Valuation Policy. This includes consideration of the valuations received from the underlying funds. The GVC reviews its fair values on a quarterly basis and reports to the Audit Committee semi-annually. The GVC is independent of the boards of directors of the funds and no member of the GVC is a member of either the Group’s investment teams or fund ICs.
The ICs are responsible for the review, challenge, and approval of the underlying funds’ valuations of their assets. Sources of the valuation reviewed by the ICs include the ICG investment team, third-party valuation services and third-party fund administrators, as appropriate. The ICs provide those valuations to the Group, as an investor in the fund assets. The IC is also responsible for escalating significant events regarding the valuation to the Group (as an investor in the fund assets), for example change in valuation methodologies, potential impairment events or material judgements.
The table on page 37 outlines in more detail the range of valuation techniques, as well as the key unobservable inputs for each category of Level 3 assets and liabilities.
5. Financial assets and liabilities at fair value continued
Investment in or alongside managed funds
When fair values of publicly traded closed-ended funds and open-ended funds are based on quoted market prices in an active market for identical assets without any adjustments, the instruments are included within Level 1 of the hierarchy. The Group values these investments at bid price for long positions.
The Group also co-invests with funds, including credit and private equity secondary funds, which are not quoted in an active market. The Group assesses the valuation techniques and inputs used by these funds to ensure they are reasonable, appropriate and consistent with the principles of fair value. The latest available NAV of these funds are generally used as an input into measuring their fair value. The NAV of the funds are adjusted, as necessary, to reflect restrictions on redemptions, and other specific factors relevant to the funds. In measuring fair value, consideration is also given to any transactions in the interests of the funds. The Group classifies these funds as Level 3.
Investment in private companies
The Group takes debt and equity stakes in companies that are, other than on very rare occasions, not quoted in an active market and uses either a market-based valuation technique or a discounted cash flow technique to value these positions.
The Group’s investments in private companies are held at fair value using the most appropriate valuation technique based on the nature, facts and circumstances of the private company. The first of two principal valuation techniques is a market comparable companies technique. The enterprise value (‘EV’) of the portfolio company is determined by applying an earnings multiple, taken from comparable companies, to the profits of the portfolio company. The Group determines comparable private and public companies, based on industry, size, location, leverage and strategy, and calculates an appropriate multiple for each comparable company identified. The second principal valuation technique is a discounted cash flow (‘DCF’) approach. Fair value is determined by discounting the expected future cash flows of the portfolio company to the present value. Various assumptions are utilised as inputs, such as terminal value and the appropriate discount rate to apply. Typically, the DCF is then calibrated alongside a market comparable companies approach. Alternate valuation techniques may be used where there is a recent offer or a recent comparable market transaction, which may provide an observable market price and an approximation to fair value of the private company. The Group classified these assets as Level 3.
Investment in public companies
Quoted investments are held at the last traded bid price on the reporting date. When a purchase or sale is made under contract, the terms of which require delivery within the timeframe of the relevant market, the contract is recognised on the trade date.
Investment in loans held in consolidated structured entities
The loan asset portfolios of the consolidated structured entities are valued using observable inputs such as recently executed transaction prices in securities of the issuer or comparable issuers and from independent loan pricing sources. To the extent that the significant inputs are observable the Group classifies these assets as Level 2 and assets with unobservable inputs are classified as Level 3. Level 3 assets are valued using a discounted cash flow technique and the key inputs under this approach are detailed on page 37.
Derivative assets and liabilities
The Group uses market-standard valuation models for determining fair values of over-the-counter interest rate swaps, currency swaps and forward foreign exchange contracts. The most frequently applied valuation techniques include forward pricing and swap models, using present value calculations. The models incorporate various inputs including both credit and debit valuation adjustments for counterparty and own credit risk, foreign exchange spot and forward rates and interest rate curves. For these financial instruments, significant inputs into models are market observable and are included within Level 2.
Senior and subordinated notes of CLO vehicles
The Group holds investments in the senior and subordinated notes of the CLOs it manages, predominately driven by European Union risk-retention requirements. The Group employs DCF analysis to fair value these investments, using several inputs including constant annual default rates, prepayment rates, reinvestment rates, recovery rates and discount rates. The DCF analysis at the reporting date shows that the senior notes are typically expected to recover all contractual cash flows, including under stressed scenarios, over the life of the CLOs. Observable inputs are used in determining the fair value of senior notes and these instruments are therefore classified as Level 2. Unobservable inputs are used in determining the fair value of subordinated notes, which are therefore classified as Level 3 instruments.
5. Financial assets and liabilities at fair value continued
Liabilities of consolidated CLO vehicles
Rated debt liabilities of consolidated CLOs are generally valued at par plus accrued interest, which we assess as fair value. Observable inputs are used in determining the fair value of these instruments, including the valuation of the CLO loan asset portfolio. As a result these liabilities are classified as Level 2.
Unrated/subordinated debt liabilities of consolidated CLOs are valued directly in line with the fair value of the CLO loan asset portfolio. These underlying assets mostly comprise observable loan securities traded in active markets. The underlying assets are reported in both Level 2 and Level 3. As a result of this methodology of deriving the valuation of unrated/subordinated debt liabilities from a combination of Level 2 and Level 3 asset values, we classified these liabilities as Level 3.
Real assets
To the extent that the Group invests in real estate assets, whether through an investment in a managed fund or an investment in a private company, the assets may be classified as either a financial asset (investment in a managed fund, see page 33) or investment property (investment in a controlled private company) in accordance with IAS 40 Investment Property. The fair values of the directly held material investment properties have been recorded based on independent valuations prepared by third-party real estate valuation specialists in line with the Royal Institution of Chartered Surveyors Valuation – Global Standards 2024. At the end of each reporting period, the Group reviews its assessment of the fair value of each property, taking into account the most recent independent valuations. The Directors determine a property value within a range of reasonable fair value estimates, based on information provided.
All resulting fair value estimates for real estate assets classified as a financial asset are included in Level 3.
Fair value measurements recognised in the statement of financial position
The information set out below provides information about how the Group determines fair values of various financial assets and financial liabilities, grouped into Levels 1 to 3 based on the degree to which the fair value is observable.
- Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities
- Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)
- Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (i.e. unobservable inputs)
The following table summarises the valuation of the Group’s financial assets and liabilities by fair value hierarchy:
| As at 30 September 2026 (Unaudited) | As at 31 March 2026 (Audited) | |||||||
| Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |
| £m | £m | £m | £m | £m | £m | £m | £m | |
| Financial assets | ||||||||
| Investment in or alongside managed funds1 | 3.8 | 0.2 | 2,237.7 | 2,241.7 | 3.7 | 0.3 | 2,152.3 | 2,156.3 |
| Collateral assets held in consolidated CLOs | — | 4,962.2 | 302.3 | 5,264.5 | — | 4,826.7 | 542.4 | 5,369.1 |
| Derivative assets | — | 17.8 | — | 17.8 | — | 4.9 | — | 4.9 |
| Investment in private companies2 | — | — | 141.9 | 141.9 | — | — | 150.1 | 150.1 |
| Investment in public companies | 18.8 | — | — | 18.8 | 11.9 | — | — | 11.9 |
| Investments in unconsolidated CLOs | — | 71.1 | 2.9 | 74.0 | — | 79.7 | 18.1 | 97.8 |
| Total financial assets3 | 22.6 | 5,051.3 | 2,684.8 | 7,758.7 | 15.6 | 4,911.6 | 2,862.9 | 7,790.1 |
| Financial liabilities | ||||||||
| Liabilities of consolidated CLOs | — | (5,230.8) | (27.4) | (5,258.2) | — | (5,298.1) | (5.7) | (5,303.8) |
| Derivative liabilities | — | (17.8) | — | (17.8) | — | (16.1) | — | (16.1) |
| Total financial liabilities4 | — | (5,248.6) | (27.4) | (5,276.0) | — | (5,314.2) | (5.7) | (5,319.9) |
- Level 3 investments in or alongside managed funds includes £1,042.5m Corporate Investments (2026: £1,044.0m), £637.8m Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences and CPE (2026: £592.4m), £40.2m Senior Debt Partners (2026: £41.2m), £64.0m North America Credit Partners (2026: £58.0m), £379.8m real asset funds (2026: £356.6m), £37.9m Seed (2026: £30.3m) and £35.5m credit funds (2026: £29.8m).
- Level 3 Investment in private companies includes £141.9m Structured Capital and Secondaries (2026: £150.1m).
- Total financial assets correspond to the sum of non-current and current financial assets at fair value and the sum of current derivative assets on the face of the balance sheet.
- Total financial liabilities correspond to the sum of financial liabilities at fair value and the non-current and the sum of current derivative liabilities on the face of the balance sheet.
5. Financial assets and liabilities at fair value continued
Reconciliation of Level 3 fair value measurement of financial assets
The following tables set out the movements in recurring financial assets valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within total investments returns, and foreign exchange gains/(losses) are included within other operating income. Transfers between levels take place when there are changes to the observability of inputs used in the valuation of these assets. This is determined based on the closing valuation and transfers therefore take place at the end of the reporting period.
| Investment in or alongside managed funds | Investment in loans held in consolidated entities | Investment in private companies | Investments in unconsolidated CLOs | Total | |
| Group | £m | £m | £m | £m | £m |
| At 1 April 2026 | 2,152.3 | 542.4 | 150.1 | 18.1 | 2,862.9 |
| Total gains or losses in the income statement | |||||
| – Total investments returns2 | 67.0 | (1.3) | 44.0 | 1.0 | 110.7 |
| – Foreign exchange | (26.7) | (4.9) | 0.4 | (0.2) | (31.4) |
| Purchases | 100.4 | 86.5 | 10.9 | 33.9 | 231.7 |
| Exit proceeds | (55.3) | (85.5) | (63.5) | (49.9) | (254.2) |
| Transfers in1 | — | 88.1 | — | — | 88.1 |
| Transfers out1 | — | (323.0) | — | — | (323.0) |
| At 30 September 2026 | 2,237.7 | 302.3 | 141.9 | 2.9 | 2,684.8 |
- During the period certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) or Level 2 (from Level 3) and these changes are reported as transfers in or transfers out in the period.
- Included within total investment returns are £75.7m of unrealised gains /(losses), including accrued interest, and consisting of: £60.6m Investment in or alongside managed funds, £(4.7)m Investment in loans held in consolidated entities, £20.4m Investment in private companies, £(0.6)m Investments in unconsolidated CLOs.
| Investment in or alongside managed funds | Investment in loans held in consolidated entities | Investment in private companies | Investments in unconsolidated CLOs | Total | |
| Group | £m | £m | £m | £m | £m |
| At 1 April 2025 | 2,417.4 | 443.2 | 210.8 | 28.8 | 3,100.2 |
| Total gains or losses in the income statement | |||||
| – Total investments returns2 | 164.3 | (17.5) | (10.2) | 1.9 | 138.5 |
| – Foreign exchange | 49.0 | (4.2) | (5.4) | 0.8 | 40.2 |
| Purchases | 280.5 | 331.4 | 36.4 | 65.3 | 713.6 |
| Exit proceeds | (722.4) | (215.3) | (118.0) | (78.7) | (1,134.4) |
| Transfers in1 | — | 118.8 | — | — | 118.8 |
| Transfers out1 | — | (114.0) | — | — | (114.0) |
| Reclassification3 | (36.5) | — | 36.5 | — | — |
| At 31 March 2026 | 2,152.3 | 542.4 | 150.1 | 18.1 | 2,862.9 |
- During the period certain assets in Investments in loans held in consolidated entities were reassessed as Level 3 (from Level 2) or Level 2 (from Level 3) and these changes are reported as transfers in or transfers out in the period.
- Included within total investment returns are £72.1m of unrealised gains /(losses), including accrued interest, and consisting of: £149.6m Investment in or alongside managed funds, £(75.4)m Investment in loans held in consolidated entities, £1.4m Investment in private companies, £(3.5)m Investments in unconsolidated CLOs.
- During the period the Group reclassified certain investments in private companies into investments in or alongside managed funds.
5. Financial assets and liabilities at fair value continued
Reconciliation of Level 3 fair value measurement of financial liabilities
The following table sets out the movements in recurring financial liabilities valued using the Level 3 basis of measurement in aggregate. Within the income statement, realised gains and fair value movements are included within gains on investments, and foreign exchange gains/(losses) are included within finance costs. Transfers in and out of Level 3 financial liabilities were due to changes to the observability of inputs used in the valuation of these liabilities.
During the period ended 30 September 2026, changes in the fair value of the assets of consolidated CLOs resulted in an increase in the fair value of the financial liabilities of those consolidated credit funds, reported as a ‘fair value loss’ in the table below.
| 30 September 2026(Unaudited) | 31 March 2026(Audited) | |
| Liabilities of consolidated CLOs | Liabilities of consolidated CLOs | |
| Group | £m | £m |
| At 1 April | 5.7 | 297.9 |
| Total gains or losses in the income statement | ||
| – Fair value (gains)/losses | 12.3 | (332.0) |
| – Foreign exchange (gains)/losses | (0.1) | 4.7 |
| Purchases | 24.4 | 96.1 |
| Transfer to Level 2 | (14.9) | (61.0) |
| As at period end | 27.4 | 5.7 |
5. Financial assets and liabilities at fair value continued
Valuation inputs and sensitivity analysis
The following table summarises the inputs and estimates used for items categorised in Level 3 of the fair value hierarchy together with a quantitative sensitivity analysis:
| As at 30 September 2026 (Unaudited) | As at 31 March 2026 (Audited) | 30 September 2026 (Unaudited) | 30 September 2026 (Unaudited) | 31 March 2026 (Audited) | |||||||
| Group assets | Fair value | Fair value | Primary Valuation Technique1 | Key Unobservable Inputs | Range | Weighted Average/ Fair Value Inputs | Sensitivity/ Scenarios | Effect on fair value | Range | Weighted Average/ Fair Value Inputs | Effect on fair value |
| £m | £m | £m | £m | ||||||||
| Structured Capital: Corporate Investments | 1,060.4 | 1,098.8 | Market comparable companies | Earnings multiple | 6.2x – 29.1x | 13.9x | +10% Earnings multiple³ | 94.0 | 8.0x - 25.0x | 14.4x | 116.7 |
| Discounted cash flow calibrated to market comparable companies2 | Discount rate | 7.7% - 20.7% | 10.2% | -10% Earnings multiple³ | (95.6) | 7.6% - 20.7% | 10.2% | (116.7) | |||
| Earnings multiple | 9.2x – 20.9x | 14.4x | 9.2x - 20.4x | 13.6x | |||||||
| Structured Capital & Secondaries: Strategic Equity, LP Secondaries, Recovery Fund, Life Sciences, CPE | 761.8 | 687.6 | Third-party valuation / funding round value | N/A | N/A | N/A | +10% valuation | 76.2 | N/A | N/A | 68.8 |
| -10% valuation | (76.2) | (68.8) | |||||||||
| Seed Investments | 37.9 | 44.1 | Various | N/A | N/A | N/A | +10% valuation | 3.8 | 4.4 | ||
| -10% valuation | (3.8) | (4.4) | |||||||||
| Debt: Private Debt: North American Credit Partners | 64.0 | 58.0 | Market comparable companies | Earnings multiple | 9.5x – 17.8x | 13.8x | +10% Earnings multiple³ | 5.5 | 7.5x - 17.8x | 14.1x | 4.7 |
| -10% Earnings multiple³ | (5.1) | (4.4) | |||||||||
| Debt: Private Debt: Senior Debt Partners | 40.2 | 41.2 | Discounted cash flow | Probability of default | 0.6% - 1.74% | 0.8% | Upside case | — | 0.7% - 1.9% | 0.9% | — |
| Loss given default | 36.1% | 36.1% | Downside case | (0.2) | 35.6% | 35.6% | (0.2) | ||||
| Maturity of loan | 3 years | 3 years | 3 years | 3 years | |||||||
| Effective interest rate | 10.1% - 10.3% | 10.1% | 10.1% - 10.3% | 10.2% | |||||||
| Debt: Credit: Non-consolidated CLOs and credit funds | 2.9 | 4.4 | Third-party valuation: Discounted cash flow | Discount rate | 9.0% - 51.0% | 14.9% | 7.5% - 59.0% | 17.0% | |||
| Default rate | 2.0% | 2.0% | Upside case4 | 34.5 | 2.0% | 2.0% | 29.6 | ||||
| Prepayment rate % | 18.7% - 20.0% | 19.7% | Downside case4 | (34.9) | 18.7% - 20.0% | 19.7% | (31.2) | ||||
| Recovery rate % | 65.0% | 65.0% | 65% | 65.0% | |||||||
| Reinvestment price | 99.4% - 99.5% | 99.5% | 99.4% - 99.5% | 99.5% | |||||||
| Debt: Credit: Consolidated CLOs and credit funds | 302.3 | 542.4 | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | 30.2 | N/A | N/A | 54.2 |
| -10% Third-party valuation | (30.2) | (54.2) | |||||||||
| Debt: Credit: Liquid Funds | 35.5 | 29.8 | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | 3.6 | N/A | N/A | 3.0 |
| -10% Third-party valuation | (3.6) | (3.0) | |||||||||
| Real Assets | 379.8 | 356.6 | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | 38.0 | N/A | N/A | 35.7 |
| LTV-based impairment model | N/A | N/A | N/A | -10% Third-party valuation | (38.0) | N/A | N/A | (35.7) | |||
| Total financial assets | 2,684.8 | 2,862.9 | Total Upside sensitivity | 285.7 | 317.1 | ||||||
| Total Downside sensitivity | (287.5) | (318.6) | |||||||||
| Liabilities of Consolidated CLOs and credit funds | (27.4) | (5.7) | Third-party valuation | N/A | N/A | N/A | +10% Third-party valuation | 2.7 | N/A | N/A | (0.6) |
| -10% Third-party valuation | (2.7) | 0.6 | |||||||||
| Total financial liabilities | (27.4) | (5.7) | |||||||||
- Where the Group has co-invested with its managed funds, it is the type of the underlying investment, and the valuation techniques used for these underlying investments, that is set out here.
- Where both discounted cash flow (“DCF”) and market comparable companies’ valuation techniques are performed, the valuation models are calibrated, and an earnings multiple is implied by the DCF valuation. Where this methodology is applied, the sensitivity has been applied to the implied earnings multiple, using the market comparable companies’ valuation technique.
- Investments in the following strategies are sensitised using the actual or implied earnings multiple to provide a consistent and comparable basis for this analysis: Corporate Investments, US Mid-Market, North America Credit Partners.
- The sensitivity analysis is performed on the entire portfolio of subordinated notes of CLO vehicles that the Group has invested in with total value of £210.1m (2026: £221.4m). This value includes investments in CLOs that are not consolidated £2.9m (2026: £4.4m) and investments in CLOs which are consolidated £207.1m (2026: £217.0m). The default rate applied was set at 2.0% until maturity, across the entire portfolio. The upside case is based on the default rate being lowered to 1.0% to maturity, keeping all other parameters consistent. The downside case is based on the default rate being increased to 3.0% to maturity, keeping all other parameters consistent.
6. Investment property
| As at 30 September 2026 (Unaudited) | As at 31 March 2026 (Audited) | |
| Investment property at fair value | £m | £m |
| At 1 April | 131.4 | 122.3 |
| Additions | — | 27.7 |
| Disposals | (55.1) | (16.8) |
| Fair value gain/ (loss) including FX | 4.9 | (1.8) |
| As at period end | 81.2 | 131.4 |
The Group has no restrictions on the realisability of its investment properties and no contractual obligations to purchase, construct or develop investment properties or for repairs, maintenance and enhancements.
7. Financial liabilities
| As at 30 September 2026 (Unaudited) | As at 31 March 2026 (Audited) | |||
| Current | Non-current | Current | Non-current | |
| £m | £m | £m | £m | |
| Borrowings | ||||
| – Private placement | 25.7 | 94.1 | 66.8 | 94.4 |
| – Listed notes and bonds | 438.2 | 425.3 | 439.0 | 434.7 |
| – Unsecured bank debt1 | (0.1) | (0.6) | (0.2) | (0.9) |
| Total borrowings | 463.8 | 518.8 | 505.6 | 528.2 |
| Lease liabilities | 11.4 | 49.8 | 10.6 | 54.1 |
| Other financial liabilities | 42.9 | 85.8 | 27.0 | 127.4 |
| Liabilities held at FVTPL: | ||||
| – Derivative financial liabilities | 17.8 | — | 16.1 | — |
| – Structured entities controlled by the Group | — | 5,258.2 | — | 5,303.8 |
| 535.9 | 5,912.6 | 559.3 | 6,013.5 | |
- Unsecured bank debt represents the upfront fees on an RCF facility, amortised over its expected life.
As at 30 September 2026, the fair value of the Listed notes and bonds, being the market price of the outstanding bonds is £825.6m (31 March 2026: £837.2m). Listed notes and bonds at amortised cost would be classified as Level 2 and are valued using observable market prices sourced from broker quotes, inter-dealer prices or other reliable pricing sources.
8. Share capital
Share capital represents the number of issued ordinary shares in ICG plc multiplied by their nominal value of 26¼p each.
The Company has the authority limited by shareholder resolution to issue, buy back, or cancel ordinary shares in issue (including those held in trust). New shares are issued when share options are exercised by employees. The Company has 290,644,122 authorised shares (31 March 2026: 296,054,558).
8. Share capital continued
| As at 30 September 2026 (Unaudited) | As at 30 September 2025 (Unaudited) | |||||
| Number of ordinary shares of 26¼p allotted, called up and fully paid | Share Capital £m | Share Premium £m | Number of ordinary shares of 26¼p allotted, called up and fully paid | Share Capital £m | Share Premium £m | |
| Ordinary, voting shares | ||||||
| At 1 April | 294,373,624 | 77.3 | 181.4 | 294,370,225 | 77.3 | 181.3 |
| Shares issued | 3,831 | 0.0 | 0.0 | 1,096 | 0.0 | 0.0 |
| Treasury shares cancellation - Amundi partnership | (15,280,825) | (4.0) | (9.4) | – | – | – |
| Treasury shares cancellation | (3,733,333) | (1.0) | (2.4) | – | – | – |
| Ordinary voting shares as at 30 September | 275,363,297 | 72.3 | 169.6 | 294,371,321 | 77.3 | 181.3 |
| Ordinary, non-voting shares | ||||||
| At 1 April | 1,680,934 | 0.4 | 26.6 | – | – | – |
| Shares issued - Amundi partnership | 13,599,891 | 3.6 | 244.4 | – | – | – |
| Ordinary non-voting shares as at 30 September | 15,280,825 | 4.0 | 271.0 | – | – | – |
| Total ordinary shares as at 30 September | 290,644,122 | 76.3 | 440.6 | 294,371,321 | 77.3 | 181.3 |
The Company cancelled a total of 19,014,158 26¼p ordinary shares that were held in treasury.
9. Own shares
The movement in the period is as follows:
| As at 30 September 2026 (Unaudited) | As at 30 September 2025 (Unaudited) | |||
| Number | £m | Number | £m | |
| 1 April | 10,827,352 | 146.1 | 7,985,888 | 103.9 |
| Purchased - share scheme (ordinary shares of 26¼p) | 2,000,000 | 37.2 | 1,000,000 | 17.0 |
| Purchased - share buyback (ordinary shares of 26¼p) | 12,495,460 | 231.0 | — | — |
| Treasury shares cancellation - Amundi partnership | (15,280,825) | (275.0) | — | — |
| Treasury shares cancellation | (3,733,333) | (21.3) | — | — |
| Options/awards exercised | (1,571,113) | (29.9) | (1,734,897) | (32.2) |
| As at period end | 4,737,541 | 88.1 | 7,250,991 | 88.7 |
Of the total own shares held by the Group at 30 September 2026, no treasury own shares were held by the Company (30 September 2025: 3,733,333). All own shares held at 30 September 2026 were held in the Group’s employee benefit trust (EBT).
10. Dividends
Dividends on ordinary shares of 59.3p per share, totalling £168.8m (30 September 2025 56.7p, £162.8m) were paid during the period to 30 September 2026.
The Board has approved an interim dividend of 29.0p per share (30 September 2025: 27.7p).
11. Earnings per share
| Six months ended 30 September 2026 (Unaudited) | Six months ended 30 September 2025 (Unaudited) | |
| £m | £m | |
| Earnings | ||
| Earnings for the purposes of basic and diluted earnings per share being net profit attributable to equity holders of the Parent | 234.3 | 297.3 |
| Number of shares | ||
| Weighted average number of ordinary shares for the purposes of basic earnings per share | 284,697,016 | 286,763,027 |
| Effect of dilutive potential ordinary share options | 3,893,680 | 4,895,256 |
| Weighted average number of ordinary shares for the purposes of diluted earnings per share | 288,590,696 | 291,658,283 |
| Earnings per share | ||
| Basic, profit attributable to equity holders of the parent (pence) | 82.3p | 103.7p |
| Diluted, profit attributable to equity holders of the parent (pence) | 81.2p | 101.9p |
12 Cash flow information
The Group’s cash and cash equivalents include £350.3m (30 September 2025: £467.7m) of restricted cash held principally by structured entities controlled by the Group.
Cash flows as a result of a change in control presented in Investing activities consists of aggregate cashflows of £127.5m, arising from:
i) Obtaining control of ICG EURO CLO 2026-1. Total cash consideration paid amounted to £21.4m. At the point control was obtained, the net asset value of the interests comprised of financial assets of £347.8m, cash of £129.1m and financial liabilities of £476.9m.
ii) Disposal of two controlled subsidiaries within the Real Estate Asia Structure. Total cash consideration received amounted to £22.6m. At the point control was lost, the net asset value of the interests comprised of financial assets of £38.8m, cash of £2.8m and financial liabilities of £33.7m.
13 Post balance sheet events
There have been no material events since the balance sheet date.
Other information
Outstanding debt facilities at 30 September 2026
| Currency | Drawn £m | Undrawn £m | Interest rate | Maturity | |
| Revolving Credit Facility (RCF) | Multi | — | 550.0 | SONIA + 1.05% | October-2934 |
| Eurobond 2020 | EUR | 427.1 | — | 1.63% | February-27 |
| ESG Linked Bond | EUR | 427.1 | — | 2.50% | January-30 |
| Total bonds | 854.2 | — | |||
| PP 2016 – Class F | EUR | 25.6 | — | 3.04% | January-27 |
| Private Placement 2016 | 25.6 | — | |||
| PP 2019 – Class C | USD | 94.2 | — | 5.35% | March-29 |
| Private Placement 2019 | 94.2 | — | |||
| Total Private Placements | 119.8 | — | |||
| Total | 974.0 | 550.0 |
34 Maturity extended in October 26 from October 28.
Glossary
Non-UK-Adopted IAS alternative performance measures (APM) are defined below:
| Term | Short Form | Definition | |||||
| APM cash | Total cash excluding balances within consolidated structured entities. | ||||||
| APM earnings per share | APM EPS | APM profit after tax divided by the weighted average number of ordinary shares as detailed on page 12. | |||||
| Asset management earnings | Pre-tax profits generated by the Group for managing client assets, comprised of FRE and performance fees less stock-based compensation. | ||||||
| Assets under management | AUM | Measure of all funds and assets managed by the Group. AUM is calculated by adding fee-earning AUM, AUM not yet earning fees, fee-exempt AUM, the value of the total balance sheet portfolio and unrealised gains and losses on deployed assets. | |||||
| 30 September 2026 | 31 March 2026 | ||||||
| Third-party AUM | $141.4bn | $122.1bn | |||||
| Total balance sheet portfolio | $3.6bn | $3.5bn | |||||
| Total AUM | $145bn | $125.6bn | |||||
| Available cash | Total available cash comprises APM cash less regulatory liquidity requirement. | ||||||
| 30 September 2026 | 31 March 2026 | ||||||
| APM cash | £954m | £981m | |||||
| Regulatory liquidity requirement | £(73)m | £(70)m | |||||
| Available cash | £881m | £911m | |||||
| Balance sheet portfolio | The sum of the Group’s co-investment portfolio and seed portfolio less the DVB liability. Total balance sheet portfolio does not include any derivatives held to hedge FX risk. This is an APM and includes the Reportable segment only, excluding consolidated entities. | ||||||
| 30 September 2026 | 31 March 2026 | ||||||
| Total balance sheet portfolio | £2,685m | £2,664m | |||||
| Less: DVB Liability | £(94)m | £(96)m | |||||
| Balance sheet portfolio | £2,591m | £2,568m | |||||
| Balance sheet portfolio per share | Balance sheet portfolio per share divided by the closing number of ordinary voting and ordinary non-voting shares in issue. This is calculated as follows: | ||||||
| 30 September 2026 | 31 March 2026 | ||||||
| Balance sheet portfolio | £2,591m | £2,568m | |||||
| Number of shares used for purposes of per share calculations (per page 12) | 290,644,122 | 290,640,291 | |||||
| Balance sheet portfolio per share | 892p | 883p | |||||
| Co-investment portfolio | The Group’s investments in or alongside funds managed by the Group | ||||||
| Effective management fee rate | The average fee rate computed by weighting fee rates relative to FEAUM. | ||||||
| Fee-earning AUM | FEAUM | AUM for which the Group is eligible to be paid a management fee or performance fee. | |||||
| Fee-related earnings | FRE | The profit generated from management fees less Group cash operating expenses. | |||||
| FRE operating expenses | Operating expenses attributable to the Fee-related Earnings (FRE) activity, excluding items that are non-cash or directly linked to the Balance Sheet Portfolio. | ||||||
| FRE Margin | Fee-related earnings (FRE) divided by Management fees. This is calculated as follows: | ||||||
| 30 September 2026 | 30 September 2025 | ||||||
| FRE | £199m | £168m | |||||
| Management fees | £374m | £334m | |||||
| FRE Margin | 53.1% | 50.4% | |||||
| FRE per share | Fee-related earnings (FRE) divided by the weighted average number of ordinary voting and ordinary non-voting shares in issue. This is calculated as follows: | ||||||
| 30 September 2026 | 30 September 2025 | ||||||
| FRE | £199m | £168m | |||||
| Weighted average number of shares for purposes of per share calculations (per page 12) | 290,642,692 | 290,637,545 | |||||
| FRE per share | 68p | 58p | |||||
| Interest expense | Interest expense excludes the cost of financing associated with the consolidated structured entities. | ||||||
| Net balance sheet returns | Total balance sheet returns net of DVB expense. The table below shows these presented for the period: | ||||||
| 30 September 2026 | 30 September 2025 | ||||||
| Total balance sheet returns | £107.0m | £111.5m | |||||
| Less: DVB expense | £(13.7)m | £(1.4)m | |||||
| Net balance sheet returns | £93.3m | £110.1m | |||||
| Net financial debt | Net debt | Net financial debt is gross financial debt less available cash. This is calculated as follows: | |||||
| 30 September 2026 | 31 March 2026 | ||||||
| Borrowings | £983m | £1,034m | |||||
| Impact of upfront fees/unamortised discount | £(9)m | £(10)m | |||||
| Gross drawn debt (see page 39) | £974m | £1,024m | |||||
| Less available cash (per page 11) | £(881)m | £(911)m | |||||
| Net debt | £93m | £113m | |||||
| Net debt per share | Net debt per share divided by the closing number of ordinary voting and ordinary non-voting shares in issue. This is calculated as follows: | ||||||
| 30 September 2026 | 31 March 2026 | ||||||
| Net debt | £93m | £113m | |||||
| Number of shares used for purposes of per share calculations (per page 12) | 290,644,122 | 290,640,291 | |||||
| Net debt per share | 32p | 39p | |||||
| Operating cash flow | Operating cash flow represents the cash generated from operating activities from the statement of cash flows, adjusted for the impact of the consolidated structured entities. | ||||||
| Performance fee income per share | Performance fee income divided by the weighted average number of ordinary voting and ordinary non-voting shares in issue. This is calculated as follows: | ||||||
| 30 September 2026 | 30 September 2025 | ||||||
| Performance fee income | £23.6m | £97.6m | |||||
| Weighted average number of shares for purposes of per share calculations | 290,642,692 | 290,637,545 | |||||
| Performance fee income per share | 8p | 34p | |||||
| Total available liquidity | Total available liquidity comprises available cash and undrawn debt facilities. | ||||||
| Total fund size | Total fund size is the sum of third-party AUM and ICG plc’s commitment to that fund. | ||||||
Other definitions which have not been identified as non-UK-Adopted IAS alternative performance measures (APM) are as follows:
| Term | Short Form | Definition | ||
| AIFMD | The EU Alternative Investment Fund Managers Directive. | |||
| Alternative performance measure | APM | These are non-UK-adopted IAS performance measures. | ||
| CAGR | Compound Annual Growth Rate. | |||
| Catch-up fees | On funds that charge fees on committed capital, fees are charged from the date of the first close, irrespective of when the commitment is made. The first fee payment clients make can therefore include fees that relate to prior fiscal years. Those fees are booked in the year they are received and are referred to as ‘catch-up fees'. | |||
| Client base | Client base includes all direct investment fund and liquid credit fund investors. | |||
| Closed-end fund | A closed-end fund is a type of investment fund that raises a fixed amount of capital by issuing a set number of interests to investors. Once the fundraising period closes, no new capital is accepted and investors cannot redeem their interests on demand. | |||
| Co-investment | Co-invest | A direct investment made alongside or in a fund taking a pro-rata share of all instruments. | ||
| Collateralised Loan Obligation | CLO | CLO is a type of investment grade security backed by a pool of loans. | ||
| Close | A stage in fundraising whereby a fund is able to release or draw down the capital contractually committed at that date. | |||
| Default | An ‘event of default’ is defined as: A company fails to make timely payment of principal and/or interest under the contractual terms of any financial obligation by the required payment date A restructuring of the company’s obligations as a result of distressed circumstances A company enters into bankruptcy or receivership | |||
| Deal Vintage Bonus | DVB | DVB awards are a long-term employee incentive, enabling certain investment teams, excluding Executive Directors, to share in the future realised profits from certain investments within the Group's balance sheet portfolio. | ||
| Direct investment funds | Funds which invest in self-originated transactions for which there is a low volume, illiquid secondary market. | |||
| DPI | Distributed to Paid-In Capital | |||
| Earnings per share | EPS | Profit after tax divided by the weighted average number of ordinary shares as detailed in Note 11. | ||
| Employee Benefit Trust | EBT | Special purpose vehicle used to purchase ICG plc shares which are used to satisfy share options and awards granted under the Group’s employee share schemes. | ||
| Environmental, Social and Governance | ESG | ESG criteria are a set of standards for a company’s operations that socially-conscious investors use to screen potential investments. | ||
| Financial Conduct Authority | FCA | Regulates conduct by both retail and wholesale financial service companies in provision of services to consumers. | ||
| Financial Reporting Council | FRC | The UK’s independent regulator responsible for promoting high quality corporate governance and reporting. | ||
| Full-Time Equivalent | FTE | Represents an employee’s working hours as a proportion of a full-time schedule | ||
| Fund | A pool of third-party capital allocated to a specific investment strategy or strategies, managed by ICG plc or its affiliates. | |||
| Fund Management Company | FMC | Prior to 30 September 2026 the Group was organised into two operating segments, the Fund Management Company and the Investment Company, which were also reportable segments. Fund Management Company described the Group’s fund management business, which sourced and managed investments on behalf of the IC and third-party funds. | ||
| Fund level leverage | Debt facilities utilised by funds to finance assets. | |||
| Gross money on invested capital | Gross MOIC | Total realised and unrealised value of investments (before deduction of any fees), divided by the total invested cost. | ||
| HMRC | HM Revenue & Customs, the UK tax authority. | |||
| IAS | International Accounting Standards. | |||
| UK-adopted IAS | International Financial Reporting Standards as adopted by the United Kingdom. | |||
| Illiquid assets | Asset classes which are not actively traded. | |||
| Investment Company | IC | Prior to 30 September 2026 the Group was organised into two operating segments, the Fund Management Company and the Investment Company, which were also reportable segments. The Investment Company invested the Group's balance sheet to seed and accelerate emerging strategies, and invested alongside the Group's more established funds to align interests between the Group's client, employees and shareholders. It also supported a number of costs including, for certain central functions, a part of the Executive Directors' compensation and the portion of the investment teams' compensation linked to the returns of the balance sheet investment portfolio. | ||
| Internal Rate of Return | IRR | The annualised return received by an investor in a fund. It is calculated from cash drawn from and returned to the investor together with the residual value of the asset. | ||
| Key Person | Certain funds have a designated Key Person. The departure of a Key Person without adequate replacement triggers a contractual right for investors to cancel their commitments or kick-out of the Group as fund manager. | |||
| Key performance indicator | KPI | A business metric used to evaluate factors that are crucial to the success of an organisation. | ||
| Key risk indicator | KRI | A measure used to indicate how risky an activity is. It is an indicator of the possibility of future adverse impact. | ||
| Liquid assets | Asset classes with an active, established market in which assets may be readily bought and sold. | |||
| Market movements | Market movements of AUM comprises revaluation of non-USD denominated funds and changes in net asset value for funds where the measurement of AUM is based on the fund net asset value. | |||
| Money multiple | MOIC or MM | Cumulative returns divided by original capital invested. | ||
| Net currency assets | Net assets excluding certain items including; trade and other receivables, trade and other payables, property plant and equipment, cash balances held by the Group’s fund management entities and current and deferred tax assets and liabilities. | |||
| Open-ended fund | A fund which remains open to new commitments and where an investor’s commitment may be redeemed with appropriate notice. | |||
| Other additions (of AUM) | The aggregate of new commitments of capital by clients that pay fees on committed capital, and deployment of capital that charges fees on invested capital. | |||
| Performance fee income | Carried interest or Carry | Share of profits that the fund manager is due once it has returned the cost of investment and agreed preferred return to investors. | ||
| Principles for Responsible Investment | UN PRI | The Principles for Responsible Investment is an independent association promoting responsible investment to its network in order to enhance returns and better manage risks of investments. | ||
| Realisation | The return of invested capital in the form of principal, rolled-up interest and/or capital gain. | |||
| Realisations (of AUM) | Reductions in AUM due to capital being returned to investors and/or no longer able to be called by the fund, and the reduction in AUM due to step-downs. | |||
| Recycle (of AUM) | Where the fund is able to re-invest capital that has previously been invested and then realised. This is typically only within a defined period during the fund's investment period and is generally subject to certain requirements. | |||
| Relevant investments | Relevant investments include all direct investments within ICG’s Structured and Private Equity asset class and Infrastructure Equity strategy, where ICG has sufficient influence. Sufficient influence is defined by SBTi as follows: at least 25% of fully diluted shares and at least a board seat. | |||
| RCF | Revolving credit facility. | |||
| Science-based target | SBT | A decarbonisation target independently validated by the Science Based Targets initiative (SBTi) which defines and promotes best practice in science-based target setting in line with the latest climate science. | ||
| Seed investment portfolio | The Group’s investments in assets (directly or indirectly) that are held in anticipation of launching a third-party fund | |||
| Separately Managed Account | SMA | Third-party capital committed by a single investor allocated to a specific investment strategy or strategies, managed by ICG plc or its affiliates. | ||
| Step-down | A reduction in AUM resulting from the end of the investment period in an existing fund or when a subsequent fund starts to invest. Funds that charge fees on committed capital during the investment period will normally shift to charging fees on net invested capital post step-down. There is generally the ability to continue to call further capital from funds that have had a step-down in certain circumstances. | |||
| Structured entities | Entities which are classified as investment funds, credit funds or CLOs and are deemed to be controlled by the Group, through its interests in either an investment, loan, fee receivable, guarantee or commitment. | |||
| Task Force on Climate-related Financial Disclosures | TCFD | The TCFD was created by the Financial Stability Board to develop recommendations on the types of information that companies should disclose to support investors, lenders, and insurance underwriters in appropriately assessing and pricing a specific set of risks related to climate change. | ||
| UK Corporate Governance Code | The Code | Sets out standards of good practice in relation to board leadership and effectiveness, remuneration, accountability and relations with shareholders. |
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