Financial highlights

Five years of full year data for ICG.

AUM activity for the period

	FY26	FY25	FY24	FY23	FY22
AUM fundraising during period	$16.6bn	$23.7bn	$13.0bn	$10.2bn	$22.5bn
Fee-earning AUM at period end	$86.5bn	$75.1bn	$69.7bn	$62.8bn	$58.3bn

Financial results

Following discussions with its shareholders, advisers and other market participants the Company has decided to evolve its financial presentation to be more in line with its global alternative asset management peers. From FY26 onwards, ICG’s financial results will focus on:

• Fee-related earnings (FRE): the profit generated from management fees less Group cash operating expenses;
• Performance fee income: the income from the Group’s share of performance fees and carry as recognised by our performance fee recognition policy (see Note 3 in the FY26 RNS PDF); and
• Balance sheet portfolio: the asset value of our co-investment and seed portfolio.

In addition, we will continue to focus on Group operating cashflow and the company’s net debt / (cash) position.

To underline the value to shareholders, a number of these metrics will also be presented on a per share basis.

See the Glossary and Notes in the FY26 RNS PDF to the accounts for detailed definitions as well as reconciliations to our operating segments and IFRS results.

	FY26	FY25	FY24	FY23	FY22
Management fees	£684.8m	£603.8m	£505.4m	£481.4m	£392.7m
Fee Related Earnings (FRE)	£349.5m	£283.6m	£223.8m	£236.4m	£162.1m
FRE margin	51.0%	47.0%	44.3%	49.1%	41.3%
FRE margin ex. catch up fees	47.1%	40.9%	43.8%	45.7%	39.1%
Performance fee income	£127.0m	£86.2m	£73.7m	£19.6m	£56.0m
Group profit before tax	£586.2m	£532.2m	£597.8m	£258.1m	£568.8m
Dividend per share	87.7p	83.0p	79.0p	77.5p	76.0p
Group operating cash flow	£861m	£533m	£367m	£394m	£408m
Balance sheet portfolio	£2.6bn	£2.9bn	£2.9bn	£2.8bn	£2.7bn
Net Debt	£112m	£629m	£874m	£988m	£894m
FRE per share	120p	98p	77p	81p	56p