ICG Enterprise Trust Q4 2025 Earnings Report

ICG Enterprise Trust EPS Results

• Actual EPS: -GBX 4.49
• Consensus EPS: N/A
• Beat/Miss: N/A
• One Year Ago EPS: N/A

ICG Enterprise Trust Revenue Results

• Actual Revenue: N/A
• Expected Revenue: N/A
• Beat/Miss: N/A
• YoY Revenue Growth: N/A

ICG Enterprise Trust Announcement Details

• Quarter: Q4 2025
• Date: 5/8/2025
• Time: Before Market Opens
• Conference Call Date: Thursday, May 8, 2025
• Conference Call Time: 6:00AM ET

ICG Enterprise Trust (LON:ICGT) is focused exclusively on investing in buyouts in North America and Europe. Through our experience, global network and focus on defensive growth, we seek to deliver attractive long-term returns.

ICG Enterprise Trust Q4 2025 Earnings Call Transcript

Key Takeaways

• ICG Enterprise Trust delivered a 10.5% NAV per share total return and 12.5% share price total return in the year to January 31 2025, with a five-year NAV return of 97% and share return of 59%.
• The trust targets mid-market buyouts in North America and Europe only, investing in top-quartile managers and resilient, asset-light companies with mission-critical services and pricing power.
• Its actively constructed portfolio is split roughly 50/50 between North America and Europe, with top sectors of technology, consumer and business services delivering 11.2% revenue growth and 15.3% EBITDA growth.
• ICG Enterprise Trust returned £59 million (≈5% of opening NAV) to shareholders via dividends (36p per share) and share buybacks (7% of share capital), which have added 54p to NAV per share.
• Active portfolio management included a post-period £62 million secondary sale at a 5.5% discount, 40 exits at a 19% uplift (2.9× cost) and €53 million from the long-held Minimax investment.

Presentation

[Martin Li, Shareholder Relations at ICG Enterprise Trust]

Good morning. Welcome to ICG Enterprise Trust's Full-Year Results for the 12 months to 31st of January 2025. I'm joined today by Oliver Gardey and Colm Walsh, who will discuss our investment performance and activity in more detail over the course of this presentation. The slides for the presentation, along with the accompanying results announcement, are available on our website. We will have time for Q&A at the end of the presentation, so if you'd like to submit questions, please do so through the online portal at any point in the Q&A box on your screens. We will then aim to answer those at the end of the session. With that, Oliver, over to you.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Thank you, Martin, and good morning, everyone. We're very pleased to announce today our full-year results for the 12 months to 31st of January 2025. ICG Enterprise Trust recorded an NAV per Share Total Return of 10.5% and a Share Price Total Return of 12.5%. As a reminder, all our performance figures are reported net of fees and costs. We're pleased with the strong performance over the year on an absolute basis and also relative to the peer set, as our Portfolio companies continue to display resilience despite macroeconomic and geopolitical uncertainty. Whilst that uncertainty has increased recently in the post-period end, we remain very confident that our sector positioning, strong origination network, and robust balance sheet positions us well for the current market environment. In addition, private equity is a long-term asset class, and therefore we hold ourselves accountable to deliver long-term returns for our shareholders.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Over the past five years, we have recorded NAV per Share Total Return of 97% and a Share Price Total Return of 59%. Looking back even further, we're pleased to be featured on the AIC's list of ISA millionaires. This is a list where investors invested their full ISA allowance annually from 1999 when ISAs were launched until 2024 into ICG Enterprise Trust and reinvested the dividends. It would have resulted in a savings pot now of over GBP 1.2 million. We were one of only a handful to be featured on the list, and whilst our Portfolio and strategy has evolved over the 25-year period in question, it speaks to our selection and focus on delivering long-term consistent returns for our shareholders. Moving on to the next slide, as a reminder for those less familiar with us, ICG Enterprise Trust has a very clear investment strategy.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

We invest in profitable, cash-generative private companies in North America and Europe with the aim of generating resilient growth over the long term. As you know, private equity has a long-term track record of outperforming public markets, and our strategy as outlined on the slide is about maximizing our returns while simultaneously managing risk. How do we do this? First of all, we only invest in buyouts, more mature companies which have a more consistent return profile, and we do not invest in venture capital or growth equity, which can have loss rates of 60%-75%. Whereas for buyouts, it is around 10%, so it is a completely different risk profile. We only invest in developed markets. We do not target Asia or emerging markets, only North America and Europe.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

These geographies have a more mature PE market with very deep knowledge, expertise, and a strong pipeline of quality managers and deals. The next filter is that we only focus on mid-market and larger deals. Funds over GBP 1 billion typically have the necessary investment experience, team, and resources to deliver what makes private equity perform better than other asset classes. That proactive operational management is key to generate good returns. We look for funds that have the resources and the operational capacity to source good companies and then to transform them to better companies. Now, how do we generate returns? It is by investing, focusing on top-tier managers. If you look at the dispersion between a top quarter fund and a bottom quarter fund, it's much larger in private equity than in any other asset class. Therefore, picking the right managers and funds is especially important in private equity.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Lastly, we look for resilient companies, companies and sectors where performance is not cyclical or seasonal. Turning on to the next slide, we believe our actively constructed Portfolio positions us well for the current environment. By geography, we aim for a 50/50 split between North America and Europe, and we have very little exposure to Asia and emerging markets. By sector, whilst we do not pursue a sector-specific investment strategy, our top three sectors in our Portfolio are well spread across technology, consumer, and business services. We focus on asset-light, resilient businesses and sectors and do not have significant exposure to manufacturing. Finally, we have multiple routes to market, each of these routes being something specific to building our Portfolio that delivers on ICG's investment strategy.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Primaries allow us to access a deep pool of sector specialist managers, and then the secondaries reduce risk whilst enhancing the liquidity profile. Finally, Direct Investments allow us to increase our exposure to the companies we really like or the best of ideas generated from our managers. Combined, we believe we are positioned well for risk-adjusted returns. I think this is very well underpinned by our slogan you can see on the screen, investing in resilience and delivering growth. As our Chair said in her Chair statement, we have welcomed several new shareholders to our register over the last 12 months.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

To explain in practice what this means for those new to us, this means we invest in companies which display the following characteristics, such as having an established market position, being a provider of mission-critical services, thirdly, having pricing power, and lastly, with a high-margin business model. We believe our unique Portfolio of private companies is an attractive proposition and can play a valuable role in many shareholders' portfolios. We think the numbers speak for themselves, but let's turn specifically now to our full-year results. There are four observations we can take away. Number one, the Portfolio is attractive and consists of resilient private companies which should continue to grow earnings and continue to be sold at an uplift on exit. Secondly, this translates to a strong Portfolio and NAV returns for our shareholders. Thirdly, we're active.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

We're proactive in regards to our Portfolio management, evolving our medium-term Portfolio construction targets towards more secondary and Direct Investments during the year, and we have accessed the secondary market for sale post-period end. We also have a shareholder-focused approach to capital allocation, returning 5% of opening NAV to shareholders through dividends or buybacks, which puts us on the upper end of our peers. Now, let's put the numbers in the year into numbers. Our Portfolio grew on a local currency basis by 10.2% and on a sterling basis by 10.6%. This translated to an NAV per Share Total Return of 10.5% and a Share Price Total Return of 12.5% in the 12 months to January 2025.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

As you can see on the top right of the slide, GBP 59 million was returned to shareholders in the period, equivalent to about 5% of opening NAV, split approximately one-third in dividends and 2/3 in buybacks. This is a significant increase on the GBP 34 million in fiscal year 2024. We have been very active in our capital allocation strategy. Finally, the 12-month period saw the net investment by GBP 30 million, with investments about GBP 181 million and proceeds GBP 151 million, which Colm will talk about in more detail later. The next slide outlines some of the key operational and financial metrics for our underlying Portfolio. Looking through to over 2/3 of our Portfolio, our resilient Portfolio companies recorded 11.2% revenue growth and 15.3% LTM/EBITDA growth.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

This compares to single-digit private company earnings growth as measured by ICG's private company database of over 1,700 private companies and negative FTSE All-Share earnings growth. I think you can see by those numbers that we have our proactive management and our focus on top-tier managers have delivered high-quality assets. Our Net Debt multiple decreased slightly to 4.4x, whilst our EV/EBITDA multiple rose slightly to 15.2x. We're comfortable with these valuation metrics, and it reflects the quality of the underlying Portfolio and the prudent debt levels. With that, I'll pass to Colm to dive a little bit deeper into our fiscal year 2025 activity.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

Fantastic. Thanks, Oliver, and good morning, everyone. In the next few slides, we'll take a look at what happened over the last 12 months in the Portfolio. As a reminder, we break down the investment life cycle into four phases, and I'm going to update you on each aspect of that cycle. Firstly, making commitments to new funds of our North American and European relationships. Then, being called for capital or investing directly into Portfolio companies. Typically between years four and eight in the fund life cycle, getting to work and adding value. Finally, most importantly, selling the businesses, typically to strategic buyers or to other financial buyers. The cycle repeats as realizations come in, our cash balance goes up, and we can redeploy that into new commitments and investments.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

I said 12 months ago at our fiscal year 2024 results, so that broadly reflects the calendar year 2023, that these cogs in the machine, if you like, were turning a little slower. FY2025, which confusingly roughly reflects calendar year 2024, was a little different, certainly compared to the higher volumes we saw in 2021 and 2022. Despite the fact that the climate, the macroeconomic climate, is changing, there have been opportunities recently. We generated over GBP 100 million worth of proceeds in the last month following the period end, and that is from a secondary sale and from the realization of Minimax, our largest Portfolio holding at the 31st of January. I am going to go into a bit more detail on that later on. Moving on to the next slide and turning firstly to commitments in the year.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

During the year, ICG Enterprise Trust made GBP 83 million worth of new fund commitments. The largest of those commitments was to ICG Strategic Equity V. ICG are pioneers in what is known as GP-led secondaries. This $25 million Commitment aligns with our target allocation for secondaries. We also committed to Leeds Equity, Investindustrial, Oak Hill, and Thoma Bravo. These are all well-established managers with whom we have long-standing pre-existing relationships. We committed, in addition to this, to two new managers we've been tracking for a while. Interestingly, there are two very different types of primary opportunity. American Securities is a very long-established U.S. manager with whom we've built a strong relationship across the ICG platform over the years. Valeas is a slightly different opportunity.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

It's a new manager, but with a very experienced team of founders who came out of Hellman & Friedman and Golden Gate Capital, so two very well-regarded U.S. buyout firms. This opportunity involved investing in a fund which was already more than 50% invested in a well-performing Portfolio. Moving on to the next slide and to discuss performance. Sorry, apologies, turning down to new investments, the second phase. We invested GBP 181 million in the period. That was an increase on the year before, but still below the five-year trend. Just going to highlight one of those new investments, Audiotonix, which was our largest investment in the year. That's a Co-Investment alongside PAI, one of our longest established manager relationships. It's a global leader in the design and manufacture of professional audio mixing consoles. These are used in live concerts and broadcasts.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

Think the sort of big concerts like Taylor Swift or, more to my taste, Oasis. It is a very attractive, high-quality business with many of the characteristics we like, which Oliver alluded to earlier. It is a very long-established market position. It provides mission-critical services. It has significant pricing power, and its business model has inherently high margins. It is a really good exemplar of the kinds of characteristics we look for in the companies we invest in. Moving on to the next slide to discuss performance. Oliver has already mentioned that during the year, our Portfolio grew by 10.2% on a local currency basis, and that translates into 10.6% on a sterling basis. All of our primary ways of accessing investments, the primary, secondaries, and directs, performed well. Performance, though, was driven in particular by some strongly performing Direct Investments.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

The companies that did particularly well included Circana, which those of you who've been tracking us for a while may know as IRI, so it had a recent name change, and Davies Group, which is an outsourced supplier of business services to insurance companies. These are examples of companies that are not household names, but have very strong positions in their sectors, and they were able to demonstrate that with their performance over the year. There was a small FX adjustment, and we ended the period with a Portfolio value of a little over GBP 1.5 billion at the 31st of January 2025. Moving on now to exit activity, realizations in the period totaled GBP 151 million. It was another year, like previous year, FY2024, of realizations being below the long-term trend as a percentage of NAV. This is not specific to ICG Enterprise Trust.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

It's a trend you will see reflected in overall global M&A volumes. Following the period end, though, we did announce GBP 45 million worth of proceeds for Minimax, which we mentioned earlier. The transaction was signed in FY 2025, but the proceeds were received in the first quarter of FY 2026. Some of the exits this period are shown by the logos on the right. Just to highlight one, VettaFi. It's a provider of financial indices and data. It was an investment alongside ICG's strategic equity strategy, the GP-led secondary strategy, and we realized a little over GBP 10 million from that transaction. Moving on to the next slide. We've talked about Minimax a few times, but I just wanted to spend a little bit of time discussing an investment which those of you who are long-term holders will be quite familiar with the name.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

We first invested GBP 17 million in the company in 2018, so it's been in the Portfolio for around seven years. As I mentioned earlier, it was our largest company exposure at the 31st of January, accounting for a little over 3% of Portfolio value. It's a leading provider of fire protection systems and services. It has a very resilient business model underpinned by high levels of recurring revenue from that service provision. It's also a mission-critical product, which in many cases, most cases, is mandated by increasingly complex regulation. It's a company which is a really good example of where we benefit from significant ICG institutional knowledge. ICG actually first invested in the company in 2006, so we have a very strong institutional familiarity with both the company and the sector.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

We were really pleased to announce last month that receipts, GBP 45 million or EUR 53 million of proceeds. We reinvested around EUR 10 million of those proceeds to allow ICG Enterprise to continue to benefit from the next stage of the company's growth. Moving on to the next slide. Very important to note, obviously, that valuations continue to be an important focus of investors in private markets. We believe that one of the best proof points for any valuation is what a company ultimately sells for upon exits. On a weighted average basis, we are pleased to report of the 40 Full Exits in FY2025, they were executed at an average 19% uplift to their previous carrying value. This continues a long-term trend of realizing exits at a material premium and also crystallized a strong return, so on average, 2.9x cost.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

We believe that this demonstrates the quality of our underlying companies and is an especially strong validator of our Net Asset Value. Moving on to the next slide, the importance of active Portfolio management. That approach of actively managing the Portfolio saw us tap into the secondaries market for the fourth time in five years. We executed a sale of eight mature primary fund investments, and this was part of a very competitive bidding process where leading third-party managers bid on this Portfolio. As we announced last month, these funds, which have delivered strong historical performance, are funds where they have delivered strong historical performance, but we believed that they had limited future upside potential relative to other new investment opportunities and that therefore we could deploy the cash into other opportunities where we believe we can generate additional long-term value for our shareholders.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

We executed this transaction at a 5.5% Discount, significantly lower than the share price Discount of ICG Enterprise Trust on the open market today. We believe that this transaction, as I say, of funds where we believe have less go forward return potential than the remaining Portfolio, provides further validation of our Net Asset Value. The transaction was signed during the year end of 31st January 2025, but the GBP 62 million worth of net proceeds were received post-period end. I am now going to hand back to Oliver to conclude the presentation with the final few slides.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Thank you, Colm. Colm has gone through our investment activity, our investment program, and it is clearly our most important part of how we think about capital allocation and how it delivers long-term returns for our shareholders. We also enhance returns through a progressive dividend policy and Share buybacks. I want to spend some time on going through those numbers because we have been very active. Combining both dividends and buybacks, we returned GBP 59 million to shareholders in fiscal year 2025, which is equivalent of 5% of opening NAV. We believe that those measures demonstrate our holistic approach to optimizing returns for our shareholders. The ordinary dividend per share has increased for 12 consecutive years now, and today the Board announces a fourth quarter dividend of GBP 0.105 per share, bringing the fiscal year 2025 dividends to GBP 0.36 per share.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Now, in regards to buybacks, we were early movers in our sector, and we announced our long-term buyback program in October 2022. Combined with the opportunistic buyback program we announced last year, we have bought back 7% of our opening share count, which I will talk in more detail on the next slide. The 7% of opening share count bought back has been one of our highest amongst our peer group and is delivering on the aims we set out. It has been accretive to NAV per Share, adding GBP 0.54, and has also delivered on its aims of reducing volatility in the share price and improving trading liquidity. All three of these benefits are important. Enhancing immediate NAV per Share should feed through the share price over time.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Increasing liquidity and reducing volatility of our shares should also allow for greater market stability and investor confidence in the trading of our shares. Turning quickly to the financials, we believe we have a robust balance sheet and to withstand whatever the coming quarters have in store. At the 31st of January and pro forma for the additional proceeds we announced from the secondary sale in Minimax, we had a total liquidity of GBP 232 million. Pro forma, we also have one of the lowest gearing ratios and Overcommitment ratios of our peers. We believe this leaves us in a very good place going forward to also benefit if and when activity returns. Let's wrap up and get to some Q&A.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

The three key takeaways as we look ahead are, number one, there is obviously more uncertainty in the market, and we think particularly the secondaries market, of which ICG has substantial experience in, could present actually some compelling opportunities. Regardless of activity levels, ICG Enterprise Trust is well positioned. I think you have a good feel for today with our sector positioning, our strong origination network, and our robust balance sheet that we're in a very good place. We also have a proven track record. There are significant long-term track records of the managers we back, of ICG Enterprise Trust, and of the ICG Enterprise Trust Investment Committee. Combined with the breadth of our Portfolio, our vintage diversification, and our focus on investing in high-quality, resilient businesses, we believe this underpins our ability to generate long-term returns for our shareholders.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

With that, I'll over to you, Martin, for some Q&A.

[Martin Li, Shareholder Relations at ICG Enterprise Trust]

Great. Thanks, Oliver. Thanks, Colm. We now have about 10 minutes or so for Q&A. As a reminder, please feel free to submit questions via the Q&A box on the webinar platform. A few have come in already, taking them in turn. One, just to elaborate on the directs outperformance. As we have noted, the Portfolio grew strongly across primary, secondaries, and directs, but in particular from some of the directs. Were there just any recurring themes from those Direct Investments which drove performance to particularly highlight?

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

I think the highlight is really about the importance of picking high-quality assets and our Co-Investment program being selective, identifying high-quality assets and getting the best ideas from our managers plays well. If you pick up some high-quality managers and high-quality assets the managers invested in as Co-Investments, you can find liquidity even in a more difficult environment. Good quality, strategic assets always find a buyer.

[Martin Li, Shareholder Relations at ICG Enterprise Trust]

Great. Thanks, Oliver. There are a few questions on our views on secondaries. Obviously, in the R&S, we said secondaries could present some compelling opportunities. A few questions in terms of, can we elaborate a little bit more on our secondary strategy? We increased the target to 25%-30% announced earlier this year. How are we planning to increase that weighting over the medium term and what are our views on secondaries, both from the buying perspective and selling perspective?

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Yeah. The secondaries market continues to grow strongly and has already over the last three years as liquidity in the market has been lagging historical averages. In general, private equity investors, particularly the large private equity investors, are looking into their portfolio to prune their portfolio to create some liquidity so that they can continue to invest in private equity. I think you saw some headlines in regards to that the current market volatility and uncertainty clearly means that the liquidity is going to continue to be difficult. Therefore, bigger pension funds, endowments such as Yale, for example, and Harvard, you saw in the press, are looking into continuing to manage their portfolio.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Therefore, we do believe that the secondaries market continues to be attractive over the next, call it, 24-36 months, and that will provide some good opportunities and that will allow us, hopefully, over the next, call it, two to three years to get to the medium-term allocation. We think it is a very attractive timing, and that is why we have also increased our allocation.

[Martin Li, Shareholder Relations at ICG Enterprise Trust]

Great. Thanks, Oliver. Just building on our new manager relationships, a question has come in just giving some more details on the new manager relationships column that you mentioned. What attracted us in particular to those new managers? How do we think about our manager relationships?

[Colm Walsh, Managing Director at ICG Enterprise Trust]

Sure. Yeah, as I mentioned on the call, the two new relationships that we have over the period were American Securities and Valeas. They're quite different. In the case of American Securities, a very long-established, very well-known name in U.S. private equity. We've got to know them. It's a classic case study of how we get to know our managers well ahead of fundraisings. Often during previous fundraisings, we do not necessarily always invest the first time we meet them. That's a very well-respected name. We know them across our platform, debt, credit, secondaries. We feel we have a very strong relationship going into that Commitment. Valeas is slightly different. It's more analogous to those of you that follow us to Integra. As you know, we do not typically invest in first-time funds.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

This is a first-time fund, but it is differentiated by having a very experienced founding team who came out of very long-established and respected USPE houses. This is an example a bit like Integra, where one of the key attractions was a very attractive transaction dynamic. In particular, this was because it is a difficult fundraising market for first-time funds. They had been raising for perhaps longer than they thought they would be. That meant they had already deployed over 50% of the fund. We were able then to look at the opportunity almost like a secondary. We were able to diligence the underlying assets. Of course, relative to other first-time fund opportunities, that means you have got a lot less blind pool risk as well.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

It is a very strongly performing Portfolio of companies that exhibit many of the characteristics that Oliver has outlined that we look for and also where there was an uplift available. What happens is when you invest in a new primary, even if the assets have been revalued, you effectively invest at cost. You are investing already at a Discount to what the fair value of the companies are. We thought that was an attractive entry point, and we think that continues to be proven. A strongly performing Portfolio continues to do well and a future relationship we are excited about.

[Martin Li, Shareholder Relations at ICG Enterprise Trust]

Great. Thanks, Colm. A question's come in essentially on the opposite. That was new manager relationships. Oliver, you mentioned and Colm, the secondary sale we recently executed post-period end. Can you elaborate a little bit more in terms of the thought process for themes, talking generically, themes of the funds that we sold? Are there particular examples? What would be the catalyst and what are the themes of the funds that we sold?

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Yeah. No, I think let's start off that we are constantly evaluating our Portfolio vis-à-vis market pricing. As you've seen over the years, particularly over the last three to four years, we've been very actively managing the Portfolio and particularly identifying, and this is the same theme this secondary sale as in previous years, is that we look for assets which have performed well. Some might not have performed quite to our expectations, but where we do see that the forward-looking returns are not as strong as the kind of locked-in as the sale price we could lock in as of today, i.e., that we can. In this Portfolio, for example, we locked in a 1.6x, so a very decent return. At the same time, we believe that this Portfolio was getting quite mature.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Therefore, going forward, we did not see the same IRRs and multiples we can achieve with that capital at risk than if we would deploy it into new managers such as Valeas or do new Co-Investments and secondaries. We are basically pruning the Portfolio and reallocating it to higher-generating returns and investments.

[Martin Li, Shareholder Relations at ICG Enterprise Trust]

Super. Thanks, Oliver. A question on uplifts. Obviously, we reported a 19% uplift on the weighted average across 40 Full Exits this period. That obviously ranges really from about 20%-30% over the last few years. A question just in terms of what do we think is a reasonable number to expect for uplift. The long-term trend is the 20%-30%. This period, it was 19%. Do we have a view in terms of a medium-term view in terms of uplift going forward?

[Colm Walsh, Managing Director at ICG Enterprise Trust]

Yeah. I would say, obviously, that's the lower end of the range, but we continue to believe that historical evidence suggests that's an appropriate range to think about. What I would say is that the number you come out with is sometimes a function of the mix of realizations that you get. For example, if we sell things that are listed, there's obviously limited uplift structurally because it's quoted on a public market. Sometimes we have investments in deals that have contractual return, and therefore, you do not get uplifts on those investments as well. We think that in the context of current trading, where the Discount is close to 40%, these uplifts provide, as we mentioned in the presentation, further validation of the NAV, particularly when you look at that historical trend. Yeah.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Yeah. I think just to add to that, you should still expect 20%-30%. This year, we were on the lower end of that range, but that's a good number to anticipate, 20%-30%. As we said before, I think the secondary was a very good valuation, a conservative valuation in our Portfolio. We received a 5.5% Discount on mature assets. I think that speaks well for the NAV, the holding values, as well as the conservative valuations the NAVs are being held at.

[Martin Li, Shareholder Relations at ICG Enterprise Trust]

Great. Thanks, both. There's a question on the underlying Portfolio Company metrics that we reported. LTM revenue growth, we reported 11.2% across our enlarged premise. LTM EBITDA growth, we reported 15.3%. There's a question that the EBITDA growth has essentially grown faster, if you like, than the revenue growth of 15.3%, greater than 11.2%, suggests potentially margins widening. Is there a story here? Is it just mix-driven views?

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Yes. A lot of the assets we own, in particular in the top 30, are very high-quality assets, market leaders in sectors which are growing, and where they are also active in M&A. Add-on acquisitions on the platform, they often pick up less profitable, let's say, still obviously profitable business, but not quite the same profit margins. Bringing it onto the platform makes them much more profitable. Particularly, you see that in tech-enabled business services and software. As our overall Portfolio mix has gone more towards that direction, that's what you're picking up here.

[Martin Li, Shareholder Relations at ICG Enterprise Trust]

Great. Thanks, Oliver. A question on capital allocation. Some of our peers adopt a formulaic approach to buybacks, for example, a certain percentage of realizations. We do not. Readers can see from this release this morning that we distributed back about 39% of realization proceeds in FY2025, or as Oliver said, 5% of opening NAV via dividends and buybacks. Formally, we do not link it to the percet of realization methods. Can we just explain how us and the Board think about that?

[Colm Walsh, Managing Director at ICG Enterprise Trust]

Yeah. I would say that we believe quite strongly that it's often important the buybacks are if you think about the aim of the buyback program being to add additional shareholder value, but also to limit the volatility of the Discount as well. We actually think it's important to be active in the market even when there are a limited number of realizations in our underlying Portfolio. Actually, to some degree, it's a little prototypical to only do buybacks when you actually receive realizations. We philosophically believe that that consistency is important and that therefore it's better not to link the two things explicitly, but to be able to execute buybacks when it makes sense for the objectives of the buyback program.

[Martin Li, Shareholder Relations at ICG Enterprise Trust]

Great. Thanks, Colm. There's been a follow-up question on the revenue and EBITDA growth question that we just had. What do we think revenue and EBITDA growth for the Enlarged Perimeter would be on an organic basis, pre-M&A, if there's any?

[Colm Walsh, Managing Director at ICG Enterprise Trust]

I think that's very difficult for us to be able to give an accurate answer. We do look, when we analyze each company, we do a detailed analysis of where the EBITDA growth has come from. Now, the person asking the question is correct. There are elements of both acquired and organic growth. I'd say most of the companies in the top 30 have healthy levels of organic growth because of their market positioning. I don't think we would be able to put, certainly at this point in time, for public consumption, a precise level of organic growth. The strong performers, what I would say is IRI, Davies, the companies that we cited, that's substantially an organic growth story amongst our stronger performers.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Yeah. When we look for, and the top 30 is mainly the Co-Investments, Direct Investments. When we do underwrite and look at for Co-Investments, we're looking for double-digit growth in EBITDA levels. That gives you a good indicator in terms of what we're looking for and what the companies usually start off from. To Colm's point, very difficult to assess as an average on the Portfolio to kind of adjust for organic versus M&A buy and build.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

Spinning the question around, I think it's worth noting that when we have periods like at the moment, we have heights in volatility in certain sectors, actually it creates a really attractive environment for accretive M&A. Those of you that have been following us for a while will remember our successful Co-Investment in Endeavor, which is a schools business, benefited hugely from the sector actually being relatively as an acquirer of choice. It was able to acquire lots of schools in the period following the COVID pandemic at very attractive valuations. We have another similar example in the Portfolio at the moment. We have a U.S. business called Class Valuations. It supplies mortgage appraisal services.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

At the moment, as many of you will read, new house purchases and therefore mortgage approvals in the U.S. are at historically low levels, which you might think would be a bad thing for that company. To some degree, it is. It allows it a unique opportunity to be able to consolidate the sector, a very fragmented sector, and at a very accretive point in the valuation cycle. I would guide against people thinking that organic growth is great and there is something wrong with the acquired growth. It is actually a very significant source of value accretion in the Portfolio.

[Martin Li, Shareholder Relations at ICG Enterprise Trust]

Great. Thanks, both. I see one final question, which is going back to the Direct Investments outperforming primaries and secondaries. Was this driven by ICG-managed Direct Investments? More broadly, to broaden the question, what are the advantages of being part of the ICG platform?

[Colm Walsh, Managing Director at ICG Enterprise Trust]

Shall I take the first one, Oliver, and you cover the platform?

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Yeah.

[Colm Walsh, Managing Director at ICG Enterprise Trust]

In terms of the, I think we noted the key contributors this period were actually mostly third-party Direct Investments. That ebbs and flows. We've had very strong performance from our ICG Portfolio. Obviously, in terms of liquidity, the ICG Portfolio, the largest realization last year was VettaFi, which came out of an ICG-managed Portfolio, and Minimax more recently as well. The big performers were, as I mentioned, Circana, Datasite—that is ICG—but then Class Valuation, David Lloyd. Mostly third parties. There's no particular, I would say, there's no particular trend in that. It's just a mix of companies that have performed particularly well in the year. As for the platform, Oliver, do you want to just cover how we see as an investment team that platform working for us?

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

Yeah. I think there's two good examples to use. One is the secondary. We're one of the larger secondary managers on the market through the strategic equity, the GP-led secondary strategy, and LP secondaries, the LP-focused strategy. We're constantly in the market evaluating secondary assets, sourcing, evaluating, underwriting. We have a good sense of where pricing is and market pricing is at any given time. That allowed us to put a particularly good packaged Portfolio together for Enterprise Trust and have the right process and the right intermediaries working for us to kind of maximize pricing. That's why we got a particularly attractive pricing because we identified and we had the right process in place. I think that's a great example for how we benefit from the platform.

[Oliver Gardey, Head of Private Equity Investments at ICG Enterprise Trust]

The other part, which is related to the first question, is we have a higher percentage of Co-Investments per fund investment coming from the ICG funds. That allows us, from a sourcing perspective and being offered Co-Investments, it's particularly attractive to be invested in some of the ICG funds because they are a constant source of attractive Co-Investments.

[Martin Li, Shareholder Relations at ICG Enterprise Trust]

Great. Thanks, Oliver and Colm. We're close to time. If there are any follow-up questions after this webinar, please feel free to contact the email address you see on your screens. As a reminder, a recording of this event will be available on our website in the coming days. With that, Oliver, Colm, thank you very much. Thank you all for joining today.

Participants

Executives

• Martin Li, Shareholder Relations
• Oliver Gardey, Head of Private Equity Investments
• Colm Walsh, Managing Director