Interim results statement for the six months ended 30 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
Business activity
Financial performance
Refer to the Glossary on page 40 for detailed definitions.
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
ENQUIRIES
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 $145bn 6 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
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.
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
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
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
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
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
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
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
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
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
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%).
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).
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 £93m 1 (FY26: £113m).
A breakdown of the balance sheet portfolio and its movement over the period is set out below:
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):
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:
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:
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:
The table below sets out the currency exposure for the following:
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):
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:
This responsibility statement was approved by the Board of Directors on 10 November 2026 and is signed on its behalf by:
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
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
The accompanying notes are an integral part of these condensed financial statements.
CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION
As at 30 September 2026
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
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
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
1. General information and basis of preparation continued
Condensed consolidated statement of financial position
"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.
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:
3. Segmental reporting continued
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.
4. Income tax
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
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.
The following table summarises the valuation of the Group’s financial assets and liabilities by fair value hierarchy:
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.
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.
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:
6. Investment property
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, 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
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:
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
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
34 Maturity extended in October 26 from October 28.
Glossary
Non-UK-Adopted IAS alternative performance measures (APM) are defined below:
Other definitions which have not been identified as non-UK-Adopted IAS alternative performance measures (APM) are as follows: