Highlights
- AUM of $124bn, fee-earning AUM of $84bn, up 6%1 in the half-year and five-year annualised growth of 14%1
- Fundraising of $9bn, driven by European IX ($2.8bn) and European Infrastructure II ($1.9bn)
- Management fees of £334m, +16%2 compared to H1 FY25
- Performance fee income of £98m, including £72m one-off transition impact due to the change in approach announced in October 2025, realised performance fees of £62m
- Total Balance Sheet Return of £112m3, positive in all asset classes, NAV per share of 900p
- Group operating expenses of £198m, +1% compared to H1 FY25
- Group PBT of £352m (H1 FY25: £198m), Group EPS of 102.8p (H1 FY25: 57.6p)
- Group operating cashflow of £450m, up by £265m from H1 FY25 (£185m)
- Interim dividend of 27.7p per share, in line with policy (H1 FY25: 26.3p per share)
- Entered into a long-term strategic partnership with Amundi to accelerate the development and distribution of private markets products targeted at wealth investors; announced separately today
Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM) – see page 5. Group metrics, where applicable, reflect the change in approach for performance fees – see Note 2 on page 25.
1 On a constant currency basis. 2 +14% excluding catch-up fees. 3 Sum of NIR and CLO dividend received.
Video
Benoît Durteste, CEO and CIO:
Our performance this period underlines ICG’s continued success in meeting our institutional clients’ demands for attractive investment returns across a range of differentiated strategies.
In recent years we have deliberately focused on scaling higher-return strategies.This approach continues to have a positive impact on our client franchise, our market positioning, and the fee income we generate for our shareholders: in the last five years our management fee revenue has grown at an annualised rate of 19%1.
Our focus on long-term investment performance and cash return to clients is particularly relevant today. It has been a key driver behind our having had five final fund closes at or above the hard cap in the last 15 months, and fundraises currently in the market are showing strong momentum.
The partnership we have separately announced today with Amundi is a meaningful step forward in the development of our strategy to access the wealth channel in a way that is clearly additive and complementary to our strong existing institutional offering, and which builds on our reputation for focusing on investment performance.
Looking ahead, transaction pipelines appear to be encouraging for many of our investment teams, and discipline remains crucial in the face of a very uncertain environment. It is clear to me that a long-term focus balancing investment performance with growing AUM is key to generating sustainable value as we navigate this fast-moving environment.
1 LTM 30 September 2020 to LTM 30 September 2025.
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.
AUM and fee-earning AUM
| Six months to 30 Sep 2024 | Six months to 30 Sep 2025 | Year-on-year growth1 | Twelve months to 30 Sep 2025 | Last five years CAGR1,2 | |
| AUM | $106.3bn | $124.3bn | 14% | 18% | |
| Fee-earning AUM | $72.6bn | $83.8bn | 12% | 14% |
1 AUM on constant currency basis; 2 CAGR from 30 September 2020 to 30 September 2025
Financial performance
| Six months to 30 Sep 2024 | Six months to 30 Sep 2025 | Year-on-year growth | Twelve months to 30 Sep 2025 | Last five years CAGR2 | |
| Management fee income | £286.6m | £333.6m | 16% | £650.8m | 19% |
| Performance fee income5 | £31.8m | £97.6m | n/m | £152.0m | 45% |
| Total Balance Sheet Return1,3 | £70.8m | £111.8m | £281.8m | 11% | |
| Fund Management Company profit before tax5 | £196.4m | £324.6m | 65% | £589.5m | 26% |
| Group operating expenses | £196.6m | £198.1m | 1% | £392.8m | 11% |
| Group profit before tax5 | £198.4m | £351.6m | 77% | £685.4m | 35% |
| Group earnings per share | 57.6p | 102.8p | 78% | 202.7p | 10% |
| NAV per share | 788p | 900p | 14% | 14% | |
| Dividend per share4 | 26.3p | 27.7p | 5% | 10% |
1 Sum of NIR and CLO dividend received, see page 10; 2 Per Share CAGR from 30 September 2020 to 30 September 2025, all other metrics LTM 30 September 2020 to LTM 30 September 2025; 3 Five year average for Total Balance Sheet Return; 4 Dividend per share includes H1 FY26 declared dividend; 5 H1 FY26 includes one-time transition accrual in performance fees (£71.6m) due to the change in approach announced in October 2025.
Business activity
| Period ended 30 September 2025 | Fundraising | Deployment1 | Realisations1,2 |
| Structured Capital and Secondaries | $4.0bn | $1.7bn | $0.7bn |
| Real Assets | $3.3bn | $1.3bn | $1.2bn |
| Debt3 | $1.7bn | $3.1bn | $2.0bn |
| Total | $9.0bn | $6.1bn | $3.9bn |
1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only.
Medium-term financial guidance
Our medium-term financial guidance for FMC operating margin and performance fees has increased following the announcement on 2 October 2025. Our medium term guidance is set out below:
| Fundraising | FMC Operating margin | Investment performance | |
| ● Fundraising of at least $55bn in aggregate between 1 April 2024 and 31 March 2028 | ● In excess of 54% | ● Performance fees to represent c. 10-20% of total fee income | ● Balance sheet investment portfolio to generate low double digit % returns |
Company presentation
A presentation for shareholders, debtholders and analysts will be held at 09:00 GMT today: join via the link on our website. Alternatively, you can dial in using the following numbers and ask to be connected to the ICG meeting:
- All callers: +44 121 281 8004
- United Kingdom (Toll-Free): 0 800 015 6371
A recording and transcript of the presentation will be available on demand from the same location in the coming days.
Company timetable
4 December 2025
Ex-dividend date
5 December 2025
Record date
9 January 2026
Last date to elect for dividend reinvestment 16 December 2025 Payment of ordinary dividend
21 January 2026
Q3 trading statement
March 2026
Seminar (topic to be confirmed closer to the time)
Enquiries
Shareholders & Debtholders / analysts:
Chris Hunt, Head of Corporate Development & Shareholder Relations, ICG
+44 (0)20 3545 2020
Media:
Fiona Laffan, Global Head of Corporate Affairs, ICG
+44 (0)20 3545 1510
This results statement may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information.
About ICG
ICG (LSE: ICG) is a global alternative asset manager with $124bn* 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; 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.
*As at 30 September 2025.
Read more
Full announcement web page:
https://polaris.brighterir.com/public/icgam/news/rns/story/xojlmmr
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