Annual Report and

Accounts 2026



ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Quick links

What we do

We manage a range of private markets investment

strategies and products to connect capital with

companies and real assets, underpinned by a deep

understanding of our clients’ needs and of the

investment markets in which we operate.

By creating long-term sustainable value for our

clients and our portfolio companies, we underpin

our ability to raise and deploy future funds.

Shareholder value is driven by growing our fee-

earning AUM and management fees in a business

model with significant operating leverage, and

by participating in the value created in the

investments that we make and manage.

Read more on page 34

ICG is one of the

world’s leading

alternative

asset managers

We aim to deliver outstanding investment

performance to our clients; to provide

arange of attractive capital solutions

forcorporates and owners of real assets;

and in doing so, to create long-term

sustainable value for allour stakeholders.

Contents

Overview

1 Delivering long-term value

2 ICG at a glance

4 FY26 in brief

5 Why invest in ICG

Strategic report

6 Chair’s introduction

7 Chief Executive Officer’s Review

9 Our business model

17 Key performance indicators

18 Finance review

30 Our people

34 Managing risk

40 Viability statement

41 Stakeholder engagement

45 Sustainability at a glance

46 Climate-related Financial Disclosures

65 Non-financial and sustainability

information statement

Governance report

66 Governance report

67 Governance at a glance

69 Board of Directors

72 Corporate governance statement

74 Director induction, development

andculture

75 Audit Committee report

79 Risk Committee report

82 Nominations and Governance

Committee report

85 Remuneration Committee report

89 Remuneration at a glance

91 Annual report on remuneration

101 Directors’ remuneration policy

109 Directors’ report

113 Directors’ responsibilities statement

Auditor’s report and financial statements

114 Independent auditor’s report to the

members of ICG plc

122 Financial statements

129 Notes to the financial statements

Other information

180 Glossary

186 Basis of preparation for GHG

emissions statement

188 Outstanding debt facilities

189 Group financial performance

reconciliation to Group

reportablesegments

191 Shareholder and Company

information

192 Other notes

ICG website

www.icgam.com

FY26 Sustainability and

People Report

www.icgam.com/spr

Our Annual Report for 2026

This report combines all aspects of ICG’s performance and reflects

how we are addressing areas which we believe have the potential

tohave a material impact on the delivery of our strategic objectives.

Unless otherwise stated, performance information is for the year

ended 31 March 2026.

Find out more

Investment-focused

growth, delivering

long-term value

Growing in

attractive markets

A platform built to support

disciplined growth

Sustainable value

creation for clients

and shareholders

– We see meaningful future growth from our flagship

strategies, alongside increasing diversification from

second- and third-vintage strategies

– The addressable markets for our strategies are large

and structurally attractive, and institutional clients

have a strong desire to continue to access them

through the best-performing managers

– The strategic partnership with Amundi opens a new

avenue of long-term potential growth in the

wealthmarket

– We continue to strengthen our client proposition

through increasing operational efficiency and

broader market engagement

– By scaling our platform as we grow, we are able

toserve a wider range of clients with greater

efficiency and consistency

– Our investment teams workcollaboratively and with

an entrepreneurial mindset to generate attractive

investment returns

– This drives long-term value creation for clients and

underpins our shareholder proposition

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Read more on pages 5 and 16 Read more on pages 12 and 15 Read more on page 18

“The quality and diversity of our investment strategies are attracting

significant capital from a global institutional client base, positioning us

forsustained growth as the alternative asset management industry

continues to evolve.”

Benoît Durteste

Chief Investment Officer

and Chief Executive Officer

See Chief Executive Officer’s Review on page 7

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

ICG at a glance

Client count

877

(FY25: 793)

An investment-

focused, scalable

platform

Global locations

>20

Our Executive Committee

AUM

$126bn

(FY25: $112bn)

Our Executive Committee left to right:

Benoît Durteste

Chief Investment Officer

and Chief Executive Officer

Antje Hensel-Roth

Chief People and

External Affairs Officer

David Bicarregui

Chief Financial Officer

One of the world’s leading alternative

assetmanagers

Our global footprint and differentiated

waterfront of products continue to attract

capital from institutional clients across

theworld.

An unwavering focus on investment

performance is central to ICG’s philosophy

and culture.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

ICG at a glance continued

Structured Capital

and Secondaries

Structured Capital

Private Equity Secondaries

Real Assets

Debt

Private Debt

Credit

Scale across asset classes

FEAUM ($87bn)

One of the world’s leading

alternative asset managers

Disciplined financial model

People and culture

aligned to delivery

Investing capital globally

EMEA

71%

Americas

25%

APAC

Individual asset classes see page 11

ICG’s global presence see page 2

See more information in Finance review on page 18

Profitable growth

Management fees

£685m

L5Y CAGR: 20%

FRE per share

120p

L5Y CAGR: 30%

Group operating

cashflow

£861m

We focus on developing world-class teams,

preserving the entrepreneurial spirit which makes

us special and creating a culture that is inclusive

and impactful at a corporate and personal level.

Read more on Our People on page 30

Read more on embedding culture on pages 31 and 74

Our values

– Performance for our clients

– Entrepreneurialism and innovation

– Ambition and focus

– Taking responsibility and managing risk

– Working collaboratively, inclusively and acting with integrity

People (FTE)

676

(FY25: 684)

1. Full-Time Equivalent.

1. Refers to total capital currently

deployed, latest available data.

Attractive financial profile

– Scale and diversification

– Visible and recurring management fees

– Significant operating leverage

– Cash generative

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

FY26 in brief: Executing on our strategy

1. Direct investment strategies.

Our investment-focused approach continues to translate into strong

fundraising outcomes.

During the year, we held two final closes, both above their target

(forEuropean Infrastructure II and Metropolitan II). Over the last

24months we have closed six funds at or above their target, despite

a challenging market backdrop for fundraising globally.

Funds in market are getting a positive reception from clients: Europe

IX is already larger than Europe VIII, and during FY26 we launched

the second vintage of our LP Secondaries strategy.

Business activity Scaling up, scaling out, and investing

inourplatform

Fundraising

$17bn

Deployment

$14bn

Transaction activity

Effective management fee rate at Group level

0.98%

0.88%

0.90%

0.92%

0.96%

0.98%

FY22 FY23 FY24 FY25 FY26

Strategies that we seeded in the last decade include Real Estate

Equity, Infrastructure and LP Secondaries. These are all now

established and visible contributors at a Group level, sitting

alongside our longstanding strengths in Structured Capital,

GP-led Secondaries and European Direct Lending.

Our investment strategies address large, attractive markets,

whereinstitutional client demand remains robust, and provide

ICGwith significant white space for long-term growth.

During the year, we signed a long-term strategic and equity

partnershipwith Amundi, accelerating access to the wealth

channelin a disciplined and selective manner aligned with our

investment approach.

Our organic approach to scaling up and scaling out is delivering

attractive financial outcomes, with growing FRE per share

(+30%annualised over the last five years) and strong Group

operating cash flow.

Two funds

closed above

target

Record

fundraising

for real assets

Europe IX

alreadylarger

than prior vintage

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Why invest in ICG: Investment-focused culture driving client and shareholder returns

1. Total EPS FY21 – FY26 inclusive, internal

investments defined as cumulative APM EPS

less cumulative declared dividends.

FRE represent the profit generated from management

fees less Group cash operating expenses.

Asset classes

How we generate shareholder value

Execute successfully

Clear drivers

of recurring earnings

and cash

Per-share value

creation

Invest and manage

Grow fee-earning AUM

Performance

fee income

Balance sheet

portfolio

Cash-generative, profitable growth

Use of capital generated over last five years

Dividends declared 56%

Internal investments 44%

We balance capital allocation decisions between investing in the business

and returning capital to shareholders, all underpinned by ensuring we

have a robust balance sheet.

Investing in the business includes committing balance sheet capital

alongside clients in existing strategies, developing new strategies,

investing in our platform, and exploring other strategic uses of our

financial resources.

We have a progressive dividend policy (see page 28), under which

ordinary dividends per share have grown annually for the last 16 years.

Disciplined approach to capital allocation

The resources to execute

People and culture

Our business is deeply relationship-based. We benefit

fromour local teams having a strong track-record and

anexcellent network that enables them to originate and

execute on investment and fundraising opportunities.

Strategic

Waterfront of differentiated

investmentstrategies and products

Clients can access a wide range of

privatemarkets globally.

Blue-chip, global client base

Our clients include some of the

world’slargest sovereign wealth funds,

asset managers,pension plans and

insurance companies, as well as family

office and wealthyindividuals.

877

Clients

£685m

Management fees

£1.5bn

Available liquidity

Read about Our People on page 30

Fee-earning AUM

FY26: $87bn

Five-year CAGR: 14%

Fee-earning AUM directly drives our management fees.

Wehave a strong track record of raising, deploying and

realising capital, growing our fee-earning AUM substantially.

Track record of growth

Fee-related earnings (FRE)

FY26: £350m

Five-year CAGR: 30%

Asset management earnings

FY26: £427m

Financial

Visible and recurring

management fee revenue

>90% of our management fees come

from funds with no redemption rights;

clients get capital back only when an

asset is realised. This provides a visible

and recurring stream of management

feeincome. See page 20 for a description

of our management fee profiles.

Strategically powerful balance sheet

With substantial total available liquidity,

we are able to seed new strategies

andto co-invest in our funds to align

interests with our shareholders

andclients.

Asset management earnings are the sum of our FRE and

performance fee income, less stock-based compensation.

TheGroup receives performance fees when the funds

wemanage on behalf of our clients reach certain

performancehurdles, aligning interests of shareholders

andclients (see page 21).

Fee-related

earnings

Capital allocation: see page 28

1. For detailed breakdown see page 21.

1. AUM on constant currency basis.

See more information in Finance review on page 21

Dear shareholders

During another busy year for our business, your Board

has continued to focus on the long-term success and

growth of ICG. The investment performance of our

funds remains strong and we have continued to

attract client capital despite a challenging market,

with six final closes for funds being at or above their

target in the last 24 months. We are successfully

meeting client demands and growing our business in a

market where strategically we think there is room for

the large to get larger.

A key topic of discussion in recent years for your

Board has been whether and how to address the

private wealth market. This year we were pleased to

announce a long-term strategic partnership with

Amundi, providing us with exclusive access to a leading

global distribution network which we believe has the

potential to deliver significant value in the coming years,

without distracting us from growing our institutional

business or changing our culture of being focused on

investment returns. We also agreed a framework for

Amundi to acquire an equity stake in ICG in a manner

which is non-dilutive to existing shareholders and

which demonstrates their commitment.

As part of this partnership, Amundi has nominated their

Chief Investment Officer, Vincent Mortier, as a Non-

Executive Director. Vincent’s extensive experience in

the global asset management and finance sectors will

further broaden the expertise of the Board. Further

details of our partnership with Amundi are on page 16.

During the year, a number of other important

questions have been debated by your Board and

themanagement team, including how we can most

effectively present our financial results; the size of

our balance sheet and how we use it; and how we

allocate our capital. The result of some of that

deliberation is included in the financial report herein,

while other areas continue to be the subject of

ongoing review.

As well as Vincent, Jonathon Bond recently joined

theBoard as a Non-Executive Director and Robin

Lawther joined us on 1 November 2025. Both have

already made welcome contributions and it has been

valuable to have their perspectives in our discussions.

These appointments have been made as part of our

Board succession planning process; as a part of this,

Stephen Welton and Rosemary Leith will retire from

the Board at this summer’s AGM after nearly nine

and six years of service. We thank them both for their

significant contribution.

The Board continues to have a diverse membership in

terms of gender, experience and background; our

culture of open discussion and listening to different

perspectives has been an important component of

ICG’s success to date, and will continue to be a priority.

We remain aware of the regulatory and governance

frameworks for UK boards. Although your Board

isperforming well, we are keen to improve as

standards evolve and new challenges arise. Our

Board performance review process concluded that

your Board continues to operate effectively;

however we are evolving our membership and

practices in the light ofthese standards.

This year, our discussions with both existing and

prospective shareholders have provided valuable,

practical insights into how they view our strategy,

performance and opportunities for future growth.

These conversations have helped shape the Board’s

thinking, and we remain committed to maintaining

open, constructive dialogue. It is clear from these

engagements that shareholders strongly support

ourambition to scale the business further.

We continue to believe that the Group should act

asaresponsible participant in society and that our

strategy should reflect this. The impacts of our

decisions on different stakeholder groups are always

uppermost in our minds and you can read more detail

on how various stakeholders were considered as part

of the Board’s decision-making process on page 67.

Throughout the year, the Board and its Committees

carefully considered the Corporate Governance

Code and continued to comply with the applicable

requirements for the year ended 31 March 2026.

The Board remains grateful for your support

throughout the year, and we look forward to

continuing our constructive dialogue.

William Rucker

Chair

20 May 2026

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Chair's introduction

Focused on long-term,

investment-led growth

and strong governance

“Your Board remains

focusedonlong-term

growthanddelivering strong

shareholder returns.”

William Rucker

Chair

Read more on Governance report on page 66

FRE per share

120p

Five-year CAGR: 30%

Dividend per share

87p

Five-year CAGR: 9%

Dear fellow shareholders,

FY26 was a strong year for ICG. We reinforced our

scaled competitive position, established a strategic

relationship with Amundi, and built on our track

record of strategic and financial growth. We

surpassed our fundraising expectations by some

margin, putting us on track to deliver our four-year

fundraising target potentially a year early. At a

time when areas of the alternative asset

management industry are under pressure, the

consistency of our investment discipline and

performance stands out, and is increasingly

recognised by our institutional clients.

Periods of heightened uncertainty and volatility

seem increasingly structural rather than episodic.

Importantly, two of the challenges facing the

industry today - liquidity strains within evergreen

structures and exposure to businesses at direct risk

of Al disruption - have limited direct impact on ICG.

Our software exposure across the Group portfolio is

approximately 10%, and even then only in highly

cash generative businesses; while in private debt

specifically, we do not have evergreen funds.

Against this backdrop, I believe the managers who

will succeed and gain market share are those with a

long track record of proven investment discipline;

who offer clients access to a breadth of asset classes;

and who have built multiple levers of growth, while

being flexible and suitably resourced to execute on

new opportunities as they arise.

ICG possesses these characteristics.

Our culture is unequivocally focused on

investment performance: this will drive long-term

shareholder value

Steadfast investment discipline and consistency of

investment performance through cycles will drive

long-term growth and shareholder value, rather

than AUM gathering at the inevitable expense of

returns. The current challenges in parts of the

alternative asset management industry are making

this very clear.

Investment performance starts with deployment and

realisation discipline. The industry’s overall poor

track record for returning capital, as measured by

DPI metrics, in particular in recent years, has

investors justifiably placing a high value on realised

performance rather than potentially-optimistic

NAVs. ICG’s industry-leading DPI performance

across multiple strategies underpins our successful

fundraising campaigns throughout this period.

Our investment committees drive this culture, and

during the year these discussions have been some of

the hardest in my memory. I continue to think

pockets of equity valuations have more downside

than upside risk, and credit terms remain very

borrower friendly in most cases. Second- and third-

order AI risk for many companies is likely to remain

challenging to value for some time, and ongoing

geopolitical conflicts add to the uncertainty of the

economic outlook. Our downside-focused

structuring expertise and our strong local origination

capabilities ensure we can continue to deploy

adequately while never compromising on risk.

Focus on long-term quality growth

We have deliberately built ICG as an engine for

organic growth. This is only possible with a strong

balance sheet and a long-term strategic vision.

Well executed, it is a powerful source of long-term

per-share value creation. SDP (European direct

lending) and Strategic Equity (GP-led secondaries)

were both launched over a decade ago. Today they

are large and highly profitable strategies, and we are

looking forward to launching the sixth vintage of

both in the coming months.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Chief Executive Officer’s Review

Generating value

through investment

performance, scale

and focus

AUM

$126bn

Client capital raised in FY26

$17bn

“FY26 was a strong year for ICG.

We delivered high-quality

investment outcomes for

clients and continued to grow

flagship and scaling strategies.”

Benoît Durteste

CIO and CEO

Today, Real Estate, Infrastructure and LP

Secondaries represent emerging drivers of future

growth for our firm, building on our flagship

strategies within Structured Capital, GP-led

Secondaries and European Direct Lending. Our

scaling strategies are increasingly visible in our

financial results, accounting for 19% of our

management fees in FY26 compared to 13% in FY21.

This year we have launched the second vintage of LP

Secondaries, which has a strong fundraising pipeline,

and we closed Infrastructure Europe II and

Metropolitan II above their targets. This was no small

feat in the current environment, and is a critical

milestone: the success of second vintages is vital to

cementing the reputation and position of a strategy

and as a result, we can look confidently to meaningful

growth in both strategies in the coming decade.

The opportunities for growth within ICG have never

been as large or as diverse.

Address large investable markets to be relevant

to all asset allocators globally

Strong and sustained institutional demand continues

to underpin ICG's growth. With $126bn AUM, we

are large enough to be meaningful to all asset

allocators while being nowhere near at capacity from

the institutional market.

In the last 24 months, we have closed six funds at or

above target against a sector-wide backdrop in

which the total AUM raised in private markets

globally is down 21% compared to 2021 and the

number of funds raised has halved over the same

time period

. Europe IX is on track to surpass its

€10bn target which, would make it ICG’s largest ever

commingled fund and the largest European

structured capital fund ever raised globally at final

. This underlines how ICG is gaining share in a

sector that is continuing to consolidate inorganically

and organically.

Today we serve over 870 institutional clients

globally, up 11% over the course of the year. Among

these we are proud to count six of the largest ten US

pension funds and seven of the ten largest sovereign

wealth funds, as well as hundreds more institutions

who invest on behalf of their clients, customers,

pensioners and employees to build wealth and

financial security.

The wealth market represents a large potential

source of capital for private markets, but events in

real estate in 2022 and in credit in recent months

have made clear the challenges involved in designing

and selling products that are intrinsically illiquid. I

remain convinced that, adequately structured to

preserve investment performance, alternative

strategies can and should form an integral part of

long-term wealth allocation.

For ICG, wealth capital accounts for 4% of our AUM

today

. The partnership we signed with Amundi and

our relationships with global private banks

constitute an incremental source of long-term upside

potential where investment strategies and product

structures are aligned with our investment approach.

Ensure you have the necessary resources to

withstand any market headwind and execute on

value-creating opportunities

The financial results we are reporting today reflect

the consistency of our approach. A clear focus on

investment performance and a commitment to

building scaled and relevant strategies have enabled

us to grow organically in a profitable and cash

generative fashion.

For the year ended 31 March 2026 we generated

fee-related earnings (FRE) of £350m, equivalent to

120p per share and up 23% in the year. Over the last

five years our FRE has grown at an annualised rate of

30%. We also recognised £127m of performance fee

income in the year and generated £861m of

operating cash flow.

With £1.5bn of available liquidity and net debt of

£113m, our balance sheet has never been stronger,

and it puts ICG in an excellent position to weather

market uncertainties and to take advantage of

opportunities that will inevitably arise.

This combination of performance, scale and financial

strength positions ICG to continue to compound FRE

per share by expanding the breadth and scale of the

solutions we provide to our clients.

Even more important than financial resources,

however, are our people and culture. Volatility and

uncertainty are never comfortable in the moment,

but history shows us that it is in these conditions that

ICG's teams do their best work: having the discipline

to step back when risk is poorly rewarded, and the

confidence to lean in where long-term value can be

created.

I would like to thank all our colleagues for their

commitment and judgement during the year. We

continue to build ICG with a long-term perspective,

focused on serving our clients and delivering

sustainable value for shareholders. I am excited

about the opportunities ahead and confident in our

ability to execute on them.

Benoît Durteste

CIO and CEO

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Chief Executive Officer’s Review continued

1. Source: Bain Global Private Equity Report 2026.

2. Source: WithIntelligence as of 7

May 2026.

3. By % of third-party AUM, excluding CLOs and listed vehicles.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our business model

In a volatile and unpredictable environment, our core

values and competitive positioning are even more

important in delivering our long-term ambitions.

Investment-led,

scalable execution,

profitable growth

How we create value

1. Our resources

We have a range of

resources at our disposal

to execute our strategy

and to operate our

business model:

– Our reputation

and track record

– Our People

– Our platform

– Our client franchise

– Our financial resources

3. Our clients

We develop long-term

relationships and serve

a global, blue-chip

clientbase

We manage capital

on behalf of a range of

clients including pension

funds, sovereign wealth

funds, family offices and

wealthy individuals

5. How we

managerisk

We identify and mitigate

the potential impact of

risks on our business and

appropriately set our

risk appetite

6. Our strategy

We aim to be a leader

in alternative asset

management by scaling

upexisting strategies and

products; by scaling out

into new areas where we

see meaningful client

demand and attractive

investment opportunities;

and by investing in our

platform to meet the

needs of our investment

strategies and clients

2. What we do

We connect our clients’

capital with companies

and owners of real assets

globally

We seek to generate

attractive risk-adjusted

returns on those

investments, and in turn

to grow our business in

our chosen markets

4. Our market

We are active in dynamic

and structurally growing

segments of the private

markets, providing

accessto a broader

andfrequently faster-

growing portion of the

global economy

Our purpose

Our purpose is to create

long-term value for our

clients by investing their

capital in privately-owned

companies and assets

The value we create

We have a wide

rangeofstakeholders

whoshare our success

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our business model continued

We have a range of financial and non-

financial resources at our disposal to

execute our strategy.

Reputation and track record

Since our founding in 1989 we have built and protected our

reputation for having a strong investment focus; an innovative and

entrepreneurial culture; and a track record of delivering value for

our clients.

People

We form a purposeful community between our colleagues, the

businesses with which we work, and our clients. Our business is

organised to reflect our emphasis on investment performance, client

focus and operational excellence. We succeed because of our people

and culture demonstrating integrity, inclusion and collaboration.

Platform

We invest in our physical and technology platforms to ensure that

our people have the resources they need to work effectively and

efficiently. We continually review these resources to ensure they

provide a secure environment for our people and our data, and

enable us to gain insights that we can leverage across our firm.

Client franchise

Our global Client Solutions Group ensures that we continue to

understand and meet the requirements of our clients.

Our strong client franchise enables us to grow existing strategies

and to launch new strategies.

Financial resources

Our visible, recurring management fee income enables us to plan

with a long-term view. Our significant available liquidity enables

usto seed and accelerate new strategies, while our co-investment

portfolio aligns interests between shareholders and clients.

We have built a differentiated

waterfront of strategies with a clear

focus on investment performance;

strong origination platforms;

andaglobal client franchise

anddistribution network.

These attributes have enabled usto

support companies to grow; to help

clients to meet their investment

goals;and to generate value for our

shareholders and other stakeholders.

Our purpose

Our purpose is to create long-term value

forour clients by investing their capital

inprivately-owned companies and assets.

Our culture of balancing ambition, performance and inclusion

remains a driver of our success.

We have the strategic and financial resources necessary to capitalise

on future opportunities and to continue to generate long-term value

for our shareholders and clients.

Our resources

See Our People page 30

See Finance Review page 18

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our business model continued

We connect our clients’ capital

with companies and owners

ofreal assets globally.

We seek to generate attractive

risk-adjusted returns on those

investments, and in turn to

grow our business in our

chosen markets.

1. Grow fee-earning AUM

We raise capital from clients across a range of investment strategies.

By broadening our product offering, we grow our client base and our

business with existing clients.

What we do

Our value chain

2. Invest

We use our origination platform and investment expertise to secure

attractive opportunities on behalf of our clients.

3. Manage and Realise

We work to help our portfolio companies and assets develop, grow

andto deliver long-term sustainable value.

Our asset classes

We manage our AUM across five asset classes, providing capital to our

portfolio companies across the capital structure in the most appropriate

form to meet their needs.

Provides structured capital solutions to

private companies, including both control

transitions and minority investments

27%AUM

Structured Capital and Secondaries

20%AUM

Real Assets

Provides debt and equity capital to assets and companies within real estate

and infrastructure

15%AUM

Structured Capital Private Equity Secondaries

Provides liquidity solutions to both GPs

and LPs, by investing in high-quality

private equity assets globally

Debt

Private Debt Credit

Provides debt financing to high-quality

corporate borrowers

23%AUM

Invests in sub-investment grade tradable

credit and asset-backed finance

15%AUM

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our business model continued

We develop long-term

relationships and serve

aglobal,blue-chip institutional

clientbase.

We manage capital from a range

of underlying sources including

pension funds, sovereign

wealthfunds, familyoffices

andwealthyindividuals.

Our clients

Growing global client base

Client engagement

Client split by geography

Client split by type

EMEA (including UK & Ireland)

46%

Americas

32%

APAC

22%

Pension

40%

Insurance Company

17%

Asset Manager

Family Office

Foundation/Endowment

Wealth

Other

23%

1. Investor count, excluding CLOs.

261

476

877

FY16

FY21

FY26

Client geography and type shown by % of third-party AUM,

excluding CLOs and listed vehicles.

Client geography and type shown by % of third-party AUM,

excluding CLOs and listed vehicles.

professionals

globally, local

engagement model

Building

long-term,

strategicclient

relationships

Deepening

partnerships with

distributors to

private wealth

investors

Read more about how we are investing in our platform on page 15

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our business model continued

Private markets are expected

tocontinue to attract capital

globally. However, the

driversofthis growth are

constantlyevolving.

As new strategies emerge

anddifferent asset classes

mature, institutional investors

are increasingly looking for

diversification that fits with

theirportfolio objectives, and

topartner with managers who

have a clear track record and

competitive edge.

Our market

Investment opportunities in private markets

As private markets have scaled and broadened

intonew areas, more companies and owners of

realassets have looked beyond traditional forms

offinancing to help meet their growth ambitions.

This in turn has led to a growing investable

universe for private market managers who have

strong origination capabilities.

Key themes in the current backdrop

Fundraising remains a challenge for a number

ofmanagers, as transaction activity has slowed

inrecent years, resulting in fewer realisations and

reduced liquidity for clients. In addition, LPs are

carefully looking at software/AI implications

onportfolio companies valuations and

expectedreturns.

In this context, clients are increasingly focused on

consolidating their relationships with a smaller

number of managers who can consistently deliver

excess returns and demonstrate a strong track

record, particularly with respect to Distributed

Paid-In Capital (DPI) metrics.

Client demand in the long term

Allocations to private markets are expected to

show continued growth, supported by a desire

fordiversification, attractive returns, lower

volatility, more availability of strategies, and the

increasing importance of private markets in the

global economy.

Global private capital raised, by fund type

$12tn

Forecast increase in private markets

AUM, 2025-2030

Source: Preqin as of October 2025

Notes: Includes closed-end and commingled funds only; buyout category includes buyout, balance, co-investment, and co-

investment multi-manager fund types; includes only those funds for which final close data is available and attributes funds

tothe year in which they held their final close; excludes funds denominated in renminbi; excludes SoftBank Vision Fund;

distressed PE includes distressed debt, special situations, and turnaround funds; other includes fund of funds, mezzanine,

andnatural resources.

Source: Bain Global Private Equity Report 2026.

2025 vs. 2024

Other

19%

Distressed PE

40%

Infrastructure

58%

Secondaries

11%

Direct lending

(28%)

Venture

(21%)

Growth

Real estate

19%

Buyout

(16%)

Overall

(0)%

$1.5T

$1.0T

$0.5T

$0T

2006 2025Year

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our business model continued

Capital is continuing to be allocated to private

markets, which in turn is providing financing

to an increasingly wide range of corporates

and real assets.

ICG is a meaningful contributor to this structural

trend, by executing on our purpose to create

long-term value for our clients by investing their

capital in privately-owned companies and assets.

We ensure that we remain attractive to our

client base by offering a range of differentiated

investment strategies that generate attractive

returns, that are accessible through efficient

products, and where clients can deploy

substantial capital to help meet their

investmentobjectives.

We identify and mitigate the

potential impact of risks on our

business and appropriately set

our risk appetite.

How we manage risk

Managing more AUM through our

existing strategies enables clients

to allocate more capital to us,

helps widen our addressable

investment universe, and creates

substantial financial operating

leverage for ICG shareholders.

Our business strategy

We aim to be a leading

alternative asset manager

inourchosen asset classes.

We seek to enhance our client

offering by scaling up existing

strategies and products; by

scaling out into new areas where

we see meaningful client demand

and attractive investment

opportunities; and byinvesting

inour platform to meet the

needs of our investment

strategies and our global

clientbase.

Building on positions of strength

More established strategies and investment

products have strong track records and

clientfollowings.

Raising capital here is strategically valuable to

ICG in building further market position, and as

these strategies scale the largest clients globally

can allocate incrementally more capital to ICG.

Financially these strategies typically consume

low levels of balance sheet capital relative to

theclient capital they manage, and have high

operating leverage.

Scaling up

Our purpose

To create long-term

value for our clients

by investing their

capital in privately-

owned companies

and assets.

Investing in

our platform

Scaling out

Scaling up

See Managing Risks on page 34

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our business model continued

Ensuring future growth potential

and continuing to meet client needs

by having the right waterfront of

investment strategies, along with

appropriate fund structures

and products.

Shareholders and lenders

We generate an attractive risk-adjusted return

through a combination of income and growth for

our capital providers, with the return on our

operations exceeding our cost of capital.

Clients

Clients entrust us with their capital to invest on

their behalf. Creating value for our clients through

investing and managing their capital is central to

our purpose.

Employees

We invest in our people, provide a safe working

environment, and support a diverse, skilled and

committed workforce.

Suppliers

We ensure our suppliers are engaged with our

business to better meet our needs and to enable

usto understand their perspective.

Community and environment

We are committed to serving and supporting our

wider community through financial and non-

financial means and seeking to reduce potential

negative impacts on the natural environment

where relevant.

Investing in our platform

We create value for a range

ofstakeholders.

Our business strategy continued

Scaling out

The value we create

Optimising our waterfront of strategies

We have a number of seeding and scaling

strategies that open significant addressable

markets to ICG. We use our liquidity to help

accelerate the growth of these strategies and to

support fundraising to generate management

feeincome.

In addition to exploring new investment

strategies, we regularly review the products that

we offer, and where appropriate we offer clients

access to existing investment strategies through

new product designs and structures.

Supporting our client experience

and product innovation, as well

as protecting ICG in a regulated

global landscape.

Delivering efficient growth

Investments in our platform support our client

offering and experience, including our Client

Solutions Group and operational areas such as

client onboarding and ongoing fund reporting.

As the market evolves, clients become ever-more

sophisticated and as ICG scales and broadens,

these areas are crucial to growing and managing

our client base.

In addition, investments in areas such as AI,

technology and operations help us to take

advantage of the substantial data we have at

ourdisposal; to efficiently manage internal

processes as we grow; and to protect ICG from

financial and non-financial harm.

See Stakeholder Engagement on page 41

See the FY26 Sustainability and People

Report: www.icgam.com/spr

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our business model in action

>200m

Retail clients served by Amundi inEurope,

Asia and Middle East

Partnering with Amundi:

accelerating ICG’s wealth strategy

Click the QR code to

seevideo or visit:

www.icgam.com/amundi

Investment expertise

Track record of product innovation

Global distributor capabilities

Structuring expertise

Stake details

9.9%

Economic interest in ICG to be acquired

byAmundi, comprised of 4.9% voting shares

and 5.0% non-voting shares. The acquisition of

the stake has been structured in a manner that

is non-dilutive to ICG’s existing shareholders

Two global leaders with complementary capabilities to deliver innovative private

markets products to the global wealth market globally

Amundi distribution capabilities

600

Network of distributors served

by Amundi

“Our long-term strategic

partnership with Amundi is

ameaningful step forward in the

development of ICG’s strategy

to access the wealth channel in

away that is clearly additive and

complementary to our strong

existing institutional offering.”

Benoît Durteste

ICG CIO and CEO

In November 2025 ICG and

Amundi announced a partnership

focused on the private wealth

opportunity

This partnership is a potentially meaningful step

forward in ICG’s ability to address the large and

growing demand for private markets investment

opportunities from the wealth market.

Amundi will be the exclusive global

distributor in

the wealth channel for certain of ICG’s products,

with ICG being Amundi’s exclusive provider for

those products to Amundi’s distribution business.

The initial focus will be on developing a European

evergreen fund in private equity secondaries, and

over time we will seek to broaden the range of

investment strategies and products appropriate

forwealthinvestors.

Amundi intends to acquire over time, and by

nolater than 30 June 2027, a non-dilutive 9.9%

economic interest in ICG, becoming a strategic

shareholder and anchoring the long-term

partnership. Furthermore, in accordance with the

Strategic Partnership Announcement, Vincent

Mortier, Amundi’s Global Chief Investment Officer,

has been appointed as a Non-Executive Director

ofthe Company with effect from 31March2026.

The Board carefully considered the interests of the

Group’s stakeholders in evaluating the Amundi

partnership, as further described on page 42.

1. Excluding the United States, Australia and New Zealand.

2. See announcement on 18 November 2025 for details.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Key performance indicators

The UK-adopted IAS financial information on

page122 includes the impact of the consolidated

funds which are determined by UK-adopted IAS to

be controlled by the Group, although the Group’s

loss exposure to these funds is limited to the capital

invested by the Group in each fund and the

associated net investment returns. This information

is not used to calculate KPIs.

The glossary on page 180 includes the definitions

ofthese alternative performance measures and

reconciliation to the relevant UK-adopted

IASmeasures.

Measuring our

growth and

valuecreation

Our KPIs include alternative

performance measures,

providing additional insight into

the performance of our business.

Fee-earning AUM $bn

$86.5bn

Effective management fee rate %

0.98%

58.3

62.8

69.7

75.1

86.5

2022 2023 2024 2025 2026

0.88

0.90

0.92

0.96

0.98

2022 2023 2024 2025 2026

55.8

57.5

57.4

60.2

65.2

2022 2023 2024 2025 2026

Rationale

The effective management fee rate on fee-

earning AUM is a measure of profitability. Fee

rates vary across our strategies. This will depend

on, among other things, the composition of fee-

earning AUM.

Outcome

The effective management fee rate on our fee-

earning AUM at the period end was 0.98%

(FY25: 0.96%).

Rationale

The FMC operating margin is a measure of the

efficiency of our fund management activities.

Outcome

The FMC operating margin was 65.2% (FY25:

60.2%). See page 21 for further discussion.

Rationale

Growing fee-earning AUM is a key driver of the

Group’s management fees, when combined with

the weighted-average management fee rate.

Outcome

Fee-earning AUM of $86.5bn up compared to

FY25 on a constant currency basis. See page 18

for further discussion.

Deployment of direct investment funds %

Rationale

Direct investment funds have a defined

investment period. We monitor progress against

a straight-line deployment basis as an indicator

of timing for subsequent fund raising.

Outcome

During the period we deployed a total of $14.1bn

of AUM on behalf of our direct investment

strategies (FY25: $17.5bn).

FMC operating margin %

65.2%

Percentage of realised assets

exceeding performance hurdle %

90.6%

89.3 89.5

94.3

88.3

90.6

Rationale

An indicator of our ability to manage portfolios to

maximise value is the level of realised assets for

which the return is above the fund performance

hurdle rate. This is the minimum return level

clients expect and the point at which the Group

earns performance fees.

Outcome

Our strategies continued to perform strongly.

The outcome for the year on this KPI is in line

with our long-term average.

2022 2023 2024 2025 2026

See more on our strategic objectives

onpage14

Key to deployment funds

ICAP IV

North America Credit Partners III

ICG Strategic Equity Fund V (USD)

Alternative performance measures

ICG Mid-Market Fund II

SDP 5 (EUR)

Fee-earning AUM

$bn

Structured

Capital

Private Equity

Secondaries

Structured

Capital and

Secondaries Real Assets Private Debt Credit Debt

Year ended

31 March

2026

Year-on-year

growth

Last five

years CAGR

Fee-earning AUM 25.9 17.2 43.1 9.8 14.3 19.3 33.6 86.5

11%

14%

AUM not yet earning fees 1.8 1.7 3.5 2.0 12.9 0.3 13.2 18.7

On constant currency basis.

Business activity

Year ended 31 March 2026 ($bn)

Fundraising Deployment

Realisations

1,2

Structured Capital and Secondaries

7.0 6.2 1.2

Real Assets

5.5 2.5 1.6

Debt

4.1 5.4 4.0

Total

16.6 14.1 6.8

1. Direct investment strategies.

2. Realisations of fee-earning AUM.

Includes Deployment and Realisations for Private Debt only.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review

Financial outcomes

of strong operating

performance

FRE and FRE/share

£350m

120p / share

Balance sheet portfolio

£2.6bn

Operating cash flow

£861m

Performance fee income

£127m

Net debt

£113m

Total available liquidity

£1.5bn

“Our evolved financial reporting

makes clear that FRE is at

theheart of our growth, and

provides shareholders with

aclear framework that is

aligned to how we manage

thebusiness.”

David Bicarregui

Chief Financial Officer

AUM and FY27 fundraising

At 31 March 2026, AUM stood at $126bn and fee-earning AUM at $87bn.

At 31 March 2026, we had $36.1bn of AUM available to deploy in new investments ("dry powder"), of which

$18.7bn was not yet earning fees.

Fee-earning AUM ($m)

Structured

Capital and

Secondaries Real Assets Debt Total

At 1 April 2025 36,086 7,711 31,330 75,127

Funds raised: fees on committed capital 5,978 2,706 — 8,684

Deployment of funds: fees on invested capital 777 1,360 8,193 10,330

Total additions 6,754 4,067 8,193 19,014

Realisations (1,171) (1,623) (6,742) (9,536)

Net additions / (realisations) 5,585 2,444 1,449 9,478

Step-ups/(Step-downs) 54 (153) — (99)

FX and other 1,410 (208) 808 2,010

At 31 March 2026 43,134 9,793 33,589 86,516

Change $m 7,048 2,082 2,259 11,389

Change % 20% 27% 7% 15%

Change % (constant currency basis) 15% 21% 3% 11%

See page 29 for FX exposure of fee-earning AUM, FRE and Balance sheet portfolio.

FY27 fundraising

At 31 March 2026, closed-ended funds and associated SMAs that were actively fundraising included Europe IX,

LP Secondaries II, Infrastructure Asia I, various Real Estate strategies. We expect to hold the final close for Europe

IX during 2026. We anticipate launching Senior Debt Partners 6, Asia Corporate V and Strategic Equity VI

towards the end of FY27. The timings of launches and closes depend on a number of factors, including the

prevailing market conditions. Given our fundraising cycle and what is likely to be marketed in FY27, we expect

fundraising in FY27 to be below that of FY26.

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 The APM

reported in respect of the year ended 31 March 2026 introduces Fee-Related Earnings (FRE) as an

additional profitability metric for the Group. Full details of all new APM, including Balance Sheet Portfolio

and Net Balance Sheet Returns, are presented in the Glossary (see page 180).

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 included in the

UK-adopted IAS consolidated financial statements at fair value but excluded for the 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 ahead of prior period at £588.2 (FY25:

£530.5m). On the APM basis it was also above prior period at £586.2m (FY25: £532.2m).

Details of these adjustments can be found in note 4 to the consolidated financial statements on pages 131

to 136.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review continued

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review continued

How fee-earning AUM and management fees develop in closed-end funds

A strategy charging fees on committed capital A strategy charging fees on invested capital

AUM

Deployed AUM Dry powder

Fee-earning AUM

Year1 Year2 Year3 Year4 Year5 Year6 Year7 Year8 Year9 Year10

Basis of

charging

management

fees

Fund 1

Fund 2

Fund 3

Committed capital Invested capital

Committed capital

AUM

Deployed AUM Dry powder

Fee-earning AUM

Year1 Year2 Year3 Year4 Year5 Year6 Year7 Year8 Year9 Year10

Basis of

charging

management

fees

Fund 1

Fund 2

Fund 3

Invested capital

Fees are charged on total committed capital during a fund’s investment period. All commitments to

the fund are charged fees from the date of the ‘first close’, irrespective of when the commitment is

made. The first fee payment clients make can therefore include fees that relate to prior fiscal years.

Those fees are booked in the year they are received and are referred to as ‘catch-up fees’.

Successor funds are launched typically once a fund is 85–90% invested.

At this point, the previous vintage of the fund ‘steps down’ to charge fees on invested capital,

potentially with a reduction in fees of ~25bps. As the fund realises investments, the invested capital

base is reduced.

Fees are charged on the original cost of total invested capital for the entirety of the fund’s life.

The fee-earning AUM therefore increases as capital is deployed, and reduces as the fund

realises investments.

No ‘step down’ in fees when a successor fund is launched.

Group financial performance

Following discussions with its shareholders, advisers and other market participants, the Group 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 as recognised by our

performance fee recognition policy (see note 3); and

– Balance sheet portfolio

: the asset value of our co-investment portfolio and seed portfolio.

In addition, we will continue to focus on Group operating cash flow 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 to the financial statements for detailed definitions as well as reconciliations to our

operating segments and IFRS results.

£m unless stated

Year ended

31March 2025

Year ended

31March 2026 Change %

Management fees

603.8 684.8 13%

of which catch-up fees 61.8 51.4 (17) %

FRE operating expenses

(320.2) (335.3) 5%

Fee-related earnings (FRE)

283.6 349.5 23%

FRE margin 47% 51% 4%

FRE margin ex catch-up fees 41% 47% 6%

Performance fee income

86.2 127.0 47%

Stock-based compensation (53.2) (50.0) (6) %

Asset management earnings

316.6 426.5 35%

Net balance sheet return

231.4 148.8 (36) %

Other income and expenses

13.1 24.1 84%

Depreciation and amortisation

(8.5) (7.6) (11) %

Net interest

(20.4) (5.6) (73) %

Group profit before tax

532.2 586.2 10%

Tax (79.8) (108.2) 36%

Group profit after tax

452.4 478.0 6%

Earnings per share

156p 165p 6%

Dividend per share

83p 87p 5%

Group operating cash flow

533 861 62%

Balance sheet portfolio

2,901 2,568 (11) %

Net debt

629 113 (82) %

FRE per share

98p 120p 23%

Performance fee income per share

30p 44p 47%

Balance sheet portfolio per share

998p 883p (11) %

Net debt per share

216p 39p (82) %

Note: FMC PBT margin

60.2% 65.2% 5.0%

Note: For management purposes, the Group comprises two operating segments, the Fund Management

Company (FMC) and the Investment Company (IC) which are also reportable segments (see note 4). Other

information (page 189) includes a bridge between the financial information reported above and those

operating segments. Further details are provided in the Glossary (page 180).

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review continued

1. Balance sheet portfolio is presented net of the DVB liability, see Glossary on page 180.

2. Includes £72m of one-off transition impact due to change in estimate announced in October 2025.

3. Net investment returns and CLO dividends less DVB expense, see Glossary on page 182.

4. The number of shares used for per share calculations includes shares held in the EBT, which are on a different basis to Note

15. The Group satisfies stock-based compensation by issuing shares from the EBT, and the EBT makes on-market purchases

(funded by the Group) in order to meet these issuances as noted on page 29. As such, stock-based compensation is not

dilutive to shareholders. See also Notes 23 and 24 for details. For details on Amundi’s share buyback, see page 29 for a

comprehensive breakdown.

Group financial performance continued

Structured Capital and Secondaries

Overview

Seeding strategies

Scaling strategies Flagship strategies

Life Sciences

European Mid-Market

Asia Pacific Corporate

LP Secondaries

European Corporate

Strategic Equity

Year ended 31

March 2025

Year ended 31

March 2026

Year-on-year

growth

Last five years

CAGR

1,2

AUM

$51.5bn $58.2bn 9% 29%

Structured Capital

$28.4bn $33.6bn 12% 24%

Private Equity Secondaries

$23.1bn $24.6bn 6% 38%

Fee-earning AUM

$36.1bn $43.1bn 15% 26%

Structured Capital

$19.6bn $25.9bn 24% 23%

Private Equity Secondaries

$16.5bn $17.2bn 4% 32%

Business activity

Fundraising

$13.2bn $7.0bn (47) %

Deployment

$11.6bn $6.2bn (47) %

Realisations

$2.3bn $1.2bn (49) %

Financial outcomes

Effective management fee rate

1.23% 1.24% (1)bps

Management fees

£366m £405m 11% 25%

Performance fee income

£85m £96m 13% 18%

1. AUM on constant currency basis.

2. CAGR calculation based on 31 March 2021 to 31 March 2026.

3. Realisations of fee-earning AUM.

Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.

Performance of key funds

Vintage

Total fund

size

Status % deployed Gross MOIC Gross IRR DPI

Structured Capital

Europe VI

2015

€3.0bn Realising 2.2x 23% 205%

Europe VII

2018

€4.5bn Realising 2.0x 17% 133%

Europe VIII

2021

€8.1bn Realising 1.5x 16% 15%

Europe IX

Fundraising

Europe Mid-Market I

2019

€1.0bn Realising 1.9x 23% 73%

Europe Mid-Market II

2023

€2.6bn Investing 43% 1.3x 30% 29%

Asia Pacific III

2014

$0.7bn Realising 2.2x 17% 113%

Asia Pacific IV

2020

$1.1bn Investing 69% 1.4x 13% 15%

Private Equity

Secondaries

Strategic Secondaries II

2016

$1.1bn Realising 3.0x 45% 200%

Strategic Equity III

2018

$1.8bn Realising 2.8x 30% 114%

Strategic Equity IV

2021

$4.3bn Realising 1.7x 19% 3%

Strategic Equity V

2023

$7.7bn Investing 56% 2.4x >100% —

LP Secondaries I

2022

$0.8bn Investing >100% 1.9x 45% 31%

LP Secondaries II

Fundraising

1. Refers to commingled fund size.

Note: MOIC, IRR and DPI for Strategic Equity V shown for USD sleeve only.

Key drivers

Business activity

Fundraising

: Europe IX ($5.5bn) and LPS II ($0.5bn)

Deployment: Strategic Equity ($3.1bn), European Corporate

($1.9bn), LP Secondaries ($0.5bn) and Mid-Market ($0.4bn)

Realisations: European Corporate ($0.7bn) and Strategic Equity

($0.3bn)

Fee income

Management fees: Increase largely driven by fundraising in Europe

IX, including £9m of catch-up fees

Performance fee income: Driven by inaugural recognition for Europe

VIII, Strategic Equity IV, and Mid-Market I due to the change in

approach announced in October 2025 (£49m), with the remaining

income being split broadly equally between valuation changes and

passage of time

1. Refers to fundraising on commingled funds only.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review continued

Group financial performance continued

Real Assets

Overview

Seeding strategies

Scaling strategies Flagship strategies

— European Infrastructure

Asia-Pacific Infrastructure

Real Estate Equity Europe

Real Estate Debt

—

Year ended 31

March 2025

Year ended 31

March 2026

Year-on-year

growth

Last five years

CAGR

1, 2

AUM

$12.9bn $18.7bn 37% 23%

Fee-earning AUM

$7.7bn $9.8bn 21% 13%

Business activity

Fundraising

$2.3bn $5.5bn n/m

Deployment

$2.4bn $2.5bn 4%

Realisations

$1.4bn $1.6bn 16%

Financial outcomes

Effective management fee rate

0.97% 1.00% +3bps

Management fees

£77m £122m 58% 27%

Performance fee income

— £8m

1. AUM on constant currency basis.

2. CAGR calculation based on 31 March 2021 to 31 March 2026.

3. Realisations of fee-earning AUM.

Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.

Performance of key funds

Vintage

Total fund

size

Status % deployed Gross MOIC Gross IRR DPI

Real Estate Partnership

Capital IV

2015 £1.0bn Realising 1.2x 3% 106%

Real Estate Partnership

Capital V

2018 £0.9bn Realising 1.3x 7% 91%

Real Estate Partnership

Capital VI

2021 £0.6bn Realising 1.3x 10% 27%

Real Estate Debt Fund

VII

Fundraising

European Infra I

2020 €1.5bn Realising 1.6x 19% 50%

European Infra II

2023 €3.1bn Investing

21%

1.3x 24% —

Infrastructure Asia

Fundraising

Metropolitan I

2022 €0.2bn Realising 1.2x 10% 24%

Metropolitan II

2024 €0.7bn Investing

37%

1.2x 19% 5%

Strategic Real Estate I

2019 €1.2bn Realising 1.3x 8% 29%

Strategic Real Estate II

2022

€0.7bn Realising

1.3x 10% 9%

1. Refers to commingled fund size.

Note: MOIC, IRR and DPI for Metropolitan II shown for EUR sleeve only.

Key drivers

Business activity

Fundraising

: European Infra II ($1.9bn), Metropolitan II ($0.6bn) and

Infrastructure Asia ($0.2bn)

Deployment: European Infrastructure ($0.9bn), Real Estate Equity

($0.9bn) and Real Estate Debt ($0.7bn)

Realisations: Real Estate Debt ($1.1bn), Real Estate Equity (0.2bn)

and European Infrastructure ($0.2bn)

Fee income

Management fees: Increase driven by European Infra II, including

£32m of catch-up fees in FY26 (FY25: £9m); and Metropolitan II,

including £11m of catch-up fees (FY25: nil)

Performance fee income: Largely due to inaugural recognition for

European Infrastructure I, given the change in approach announced

in October 2025 (£6m); with the remaining income being largely

driven by valuation changes

1. Refers to fundraising on commingled funds only.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review continued

Group financial performance continued

Debt

Overview

Seeding strategies

Scaling strategies Flagship strategies

— North American Credit Partners

(NACP)

Australian Loans

Liquid Credit

Senior Debt Partners (SDP)

CLOs

Year ended 31

March 2025

Year ended 31

March 2026

Year-on-year

growth

Last five years

CAGR

1,2

AUM

$47.6bn $48.3bn (2%) 6%

Private Debt

$29.7bn $29.0bn (6%) 11%

Credit

$17.9bn $19.3bn 4% 1%

Fee-earning AUM

$31.3bn $33.6bn 3% 4%

Private Debt

$13.5bn $14.3bn 1% 7%

Credit

$17.8bn $19.3bn 4% 3%

Business activity

Fundraising

$8.2bn $4.1bn (50) %

Deployment

$3.5bn $5.4bn 55%

Realisations

$8.5bn $6.7bn (21) %

Financial outcomes

Effective management fee rate

0.64% 0.63% (1)bps

Management fees

£161m £159m (2) % 7%

Performance fee income

£2m £23m n/m 15%

1. AUM on constant currency basis.

2. CAGR calculation based on 31 March 2021 to 31 March 2026.

3. Excludes deployment on Credit funds.

4. Realisations of fee-earning AUM.

Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.

Performance of key funds

Vintage

Total fund

size

Status % deployed Gross MOIC Gross IRR DPI

Private Debt

Senior Debt Partners 2

2015

€1.5bn Realising 1.3x 7% 112%

Senior Debt Partners 3

2017

€2.5bn Realising 1.2x 5% 91%

Senior Debt Partners 4

2020

€4.9bn Realising 1.3x 11% 77%

Senior Debt Partners 5

2022

€7.3bn Investing 72% 1.2x 14% 11%

North American Private

Debt I

2014 $0.8bn Realising 1.4x 16% 138%

North American Private

Debt II

2019 $1.4bn Realising 1.4x 13% 96%

North America Credit

Partners III

2023 $1.9bn Investing 31% 1.2x 17% 2%

1. .Refers to commingled fund size.

Note: MOIC, IRR and DPI for SDP III, IV and V shown for EUR sleeves only.

Key drivers

Business activity

Fundraising: CLOs ($1.8bn) and Liquid Credit ($1.8bn)

Deployment: SDP ($4.5bn), and North America Credit Partners

($0.2bn)

Realisations: SDP ($3.1bn) and North America Credit Partners

($0.3bn)

Fee income

Management fees: Reduction compared to FY25, despite growing FE

AUM year-on-year, is due to timing of realisations and deployments

in FY25 and FY26, impacting average FE AUM over the respective

years

Performance fee income: Largely driven by SDP and NACP due to

change in approach announced in October 2025 (£17m); remaining

mostly driven by passage of time

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review continued

Group financial performance continued

Management fees and fee-related earnings (FRE)

Management fees for the period totalled £684.8m (FY25: £603.8m), a year-on-year increase of 13% (+17%

excluding the impact of catch-up fees of £51.4m (FY25: £61.8m)). On a constant currency basis management

fees increased 14% 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 98bps (FY25: 96bps).

FRE operating expenses totalled £335.3m, an increase of 5% compared to FY25 (£320.2m). This growth,

which continues a recent trajectory of shallowing FRE expenses, was due largely to being disciplined in our

headcount (down 1% in the year), as well as appropriate cost control for staff and non-staff costs. The year-on-

year growth in administrative costs was due to a number of one-off expenses.

As a result FRE was £349.5m / 120p per share in FY26 (FY25: £283.6m / 98p per share). This represents a

23% year-on-year growth (34% excluding catch-up fees) and a five-year CAGR of 30% (27% excluding catch-

up fees).

FRE margin was 51.0% (FY25: 47.0%), or 47.1% excluding catch-up fees (FY25: 40.9%).

£m

Year ended 31

March 2025

Year ended 31

March 2026 Change %

Management fees

603.8 684.8 13%

Of which catch-up fees 61.8 51.4 (17) %

Salaries

(139.2) (148.2) 7%

Cash Incentives

(95.7) (96.3) 1%

Administrative costs

(85.3) (90.8) 6%

FRE operating expenses

(320.2) (335.3) 5%

FRE

283.6 349.5 23%

FRE margin

47.0% 51.0% 4%

FRE ex. catch-up fees

221.8 298.1 34%

FRE margin ex. catch-up fees

40.9% 47.1% 6%

Performance fee income

Performance fees recognised for the year totalled £127.0m (FY25: £86.2m), of which £72m was due to the

change in estimate for performance fees revenue measurement announced on 2 October 2025. The

remainder was due to the passage of time and to changes in the underlying fund valuations.

During the period, the Group received in cash performance fees of £96.1m and at 31 March 2026 had an

accrued performance fees receivable on its balance sheet of £144.7m (31 March 2025: £108.4m).

£m

Accrued performance fees at 31 March 2025

108.4

Accruals during period

127.0

Received during period

(96.1)

FX and other movements

5.4

Accrued performance fees at 31 March 2026

144.7

Recognition of performance fee income

In addition to management fees, the Group receives performance fees from certain funds if performance

thresholds are met.

Performance fees are a relatively small but important part of the Group’s revenue. The Group receives

approximately 20–25% of performance fees from the funds that it manages, with the remainder going to

the investment teams.

Over the medium term, we expect performance fees to represent ~10–20% of total fee income. The

accrual of unrealised performance fees is a matter of judgement (see note 3 on page 130) and we take

aconservative approach to minimise the possibility of any significant reversals.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review continued

Group financial performance continued

Change in performance fee recognition methodology

During the year, the Directors reviewed the track record of the portfolio of funds and revised their

judgement regarding the timing of recognition of performance fees for closed-end fund structures

(seenote 3 on page 130). Recognition of performance fees in respect of a fund commences when the

successor fund has its first fundraising close and the investment period for the existing fund has ended.

This removed the previous management judgement around timing of when a fund is likely to reach its

performance fee hurdle.

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 (2025: 10 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 performance fee income will be based on the fund’s valuation at the date of the financial statements,

consistent with previous approach.

Illustrative recognition of performance fee accrual under UK-adopted IAS for a fund that charges

fees on committed capital

Performance fees are recognised only if it is highly probable that there will not be a significant reversal in

thefuture.

Performance fees are paid both by funds that charge fees on committed capital and funds that charge fees

on invested capital. The graph below illustrates the fees for a fund that charges fees on committed capital.

For funds that charge on invested capital, the process for recognising performance fees is the same as

outlined above, and the illustrative profile in the graph would change to reflect the management fee being

charged on invested capital. For more detail on how we charge management fees (see page 20).

Net Balance Sheet Return

For the twelve months to 31 March 2026 the Net Balance Sheet Return was £149m (+5%) (FY25: £231m

(+8%))

and over the last five years has generated an average return of 10%. All asset classes except Debt

generated +5% to +8% returns in the year, while Debt’s return of £(7)m (-2%) was driven by a number of

mark-to-market movements within our CLO portfolio. This year's outcome in the context of a challenging

macro backdrop underlines the diversification and resilience of the Balance Sheet Portfolio, which

management expects to generate low double-digit % annualised returns over the long term.

Other income and expenses

Other income and expenses increase of £11m, which is largely non-cash, includes net FX gains of £20m

(FY25: £8m) from foreign exchange retranslation and fair value movements on hedging derivatives.

Tax

The Group recognised a tax charge of £108.2m (FY25: £79.8m), resulting in an effective tax rate for the period

of 18.5% (FY25: 14.9%).

The Group has a structurally lower effective tax rate than the statutory UK rate. See note 13 for more detail.

1. For detail on balance sheet return by asset class and for bridges from total balance sheet return to net balance sheet return and

from balance sheet net realisations to net cash flows from balance sheet activity see the Glossary in page 182.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review continued

Initial recognition: first close of successor fund and

end of investment period for existing fund

Management fees

Performance fees

Year 1 Year 2

Year 3 Year 4

Year 5 Year 6

Year 7 Year 8

Year 9

Year 10 Year 11

Year 12

Balance Sheet and Capitalisation

ICG is well capitalised with an asset base that is strategically valuable and aligns interests between

shareholders and clients. This includes 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 31 March 2026, ICG had net financial debt of £113m

(FY25: £629m) and net debt / FRE of 0.3x.

£m

31 March 2025 31 March 2026

Balance sheet portfolio

2,901 2,568

Cash and cash equivalents

605 981

Other assets

447 487

Total assets

3,953 4,036

Financial debt

(1,177) (1,024)

Other liabilities

(280) (308)

Total liabilities

(1,457) (1,332)

Net asset value

2,496 2,704

1. Drawn financial debt less available cash.

A breakdown of the balance sheet portfolio and its movement over the year is set out below:

£m

At 31 March

2025

Revenue Cash flow

At 31 March

2026

Net Balance

Sheet Return FX & other

Net

(realisations)

Co-investment portfolio

2,609 135 58 (478) 2,324

Seed investments

292 14 (7) (55) 244

Balance sheet portfolio

2,901 149 51 (533) 2,568

2. Investments made by ICG’s balance in or alongside funds managed by ICG that have taken third-party capital.

Net realisations of the co-investment portfolio represented 18% of the opening value (five-year average: 10%).

The increasingly asset-light nature of our business model is visible in the levels of cash the balance sheet

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 believe

we are in the early stages of a multi-year trend whereby the co-investment portfolio for the current perimeter

of products could 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, depending

amongst other things on realisation activity and realised valuations.

At 31 March 2026, ICG had uncalled commitments to funds in their investment period of £832m and a further

£634m to funds outside of their investment period. See page 163 for details.

We continue to optimise the absolute size of balance sheet commitments alongside funds as strategies

mature and have reduced the absolute commitments made across a number of strategies in recent years.

During the year the Group made commitments to funds including Europe IX (€181m), LPS II ($50m); Core

Private Equity (evergreen) funds ($100m); various Real Assets strategies (£62m). Note that for funds still

raising, further commitments from the balance sheet may be made as client capital is accepted into the fund.

At 31 March 2026, the Group had drawn debt of £1,024m (FY25: £1,177m). The change is due to the

repayment of certain facilities as they matured, along with changes in FX rates impacting the value:

£m

Drawn debt at 31 March 2025

1,177

Debt (repayment) / issuance

(172)

Impact of foreign exchange rates

Drawn debt at 31 March 2026

1,024

The Group’s debt is provided through a range of facilities. The weighted-average pre-tax cost of drawn debt at

31 March 2026 was 2.71% (FY25: 2.84%). For further details of our debt facilities see Other Information in

page 188.

At 31 March 2026, the Group had credit ratings of BBB+ (stable outlook) from S&P and Fitch, including an

upgrade from Fitch during the year.

Cash flow and total available liquidity

ICG generated operating cash flow of £861m during FY26 (FY25: £533m) and at 31 March 2026 had total

available liquidity of £1,461m (FY25: £1,098m).

FRE-related cash flow grew 9% to £325m. In addition, certain funds managed by the Group had a number of

material exits during the year, which resulted in £96m of performance fees being received (as many of those

funds were already in carry) and £533m net cash flow being generated by the balance sheet portfolio (FY25:

£240m). The cash flow from balance sheet portfolio in particular benefitted from a number of large exits in

Europe VI and VII.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review continued

Cash flow and total available liquidity continued

The table below sets out movements in cash:

£m 31 March 2025 31 March 2026

Opening cash

627 605

Operating activities

Management fees 602 657

FRE expenses (303) (332)

FRE-related cash flow

299 325

Performance fees 60 96

Net cash flows from balance sheet portfolio 240 533

Other operating cash flow 2 2

Tax paid (68) (95)

Group operating cash flows

533 861

Financing activities

Net interest (22) (7)

Dividends paid (229) (242)

Net repayment of borrowings (241) (172)

EBT-related outflows (70) (58)

Net cash flows for Amundi buyback / share issuance

– (17)

Group financing cash flows

(562) (496)

FX and other

(6) 11

Closing cash

605 981

Regulatory liquidity requirement (57) (70)

Available cash

548 911

Available undrawn RCF

550 550

Cash and undrawn debt facilities (total available liquidity)

1,098 1,461

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 is expected to be cash-neutral for shareholders upon completion.

Operating cash flows under UK-adopted IAS of £846.1m (FY25: £136.1m) include consolidated credit funds. This difference to the

APM measure is driven by cash consumption within consolidated credit funds as a result of their investing activities during the period.

Capital allocation

Our approach to capital allocation focuses on maintaining our progressive dividend alongside reaching a

position of zero net debt and investing in the growth of ICG, primarily with a focus on increasing FRE per share

over the long term.

At the point of having excess capital and cash we will continue to evaluate all options for growing FRE per

share and total shareholder return over the long-term. As well as optimising co-investments alongside our

funds, these options include further organic growth through developing new products and strategies;

inorganic growth through M&A and partnerships; and returning capital to shareholders.

Dividend

ICG has a progressive dividend policy. 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.

The Board has proposed a final dividend of 59.3p per share which, combined with the interim dividend of

27.7p per share, results in total dividends for the year of 87p (FY25: 83p). Both Ordinary Shares and Ordinary

Non-Voting Shares are entitled to this dividend.

This marks the 16

consecutive year of growth in the ordinary dividend per share, which over that time has

grown at an annualised rate of 11%.

We continue to make the dividend reinvestment plan available for Ordinary Shares.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review continued

Capital allocation continued

Share count

At 31 March 2026 the Group had the following share capital:

31 March 2025 31 March 2026

Total Ordinary Shares in issue

294,370,225 294,373,624

Less Ordinary Shares held in treasury (legacy)

(3,733,333) (3,733,333)

Less Ordinary Shares held in treasury pursuant to Amundi

partnership

— (2,785,365)

Plus Ordinary Non-Voting Shares in issue

— 1,680,934

Plus Ordinary Shares held in treasury that are expected to

have Ordinary Non-Voting Shares issued in their place

— 1,104,431

Number of shares used for purposes of per share

290,636,892 290,640,291

Note: total ordinary voting shares outstanding

290,636,892 287,854,926

Weighted average number of shares for purposes of per

share calculations

290,633,332 290,638,658

1. This represents the number of shares repurchased so far by ICG pursuant to the Amundi partnership, less Ordinary Non-Voting

Shares already issued to Amundi. It is expected that an equal number of Non-Voting will be issued to Amundi in due course. This

metric is used for per share calculations to represent the ongoing value attributable to shareholders on a normalised basis,

reflecting the difference in timing between share repurchases made by ICG and subscription by Amundi for Ordinary Non-Voting

Shares. See announcement of 18 November 2025. These shares are not entitled to dividends at the balance sheet date.

2. 31 March 2026 weighted average number of shares include both voting and non-voting ordinary shares for calculating

financial performance.

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.

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 year, the Group expensed £50.0m of stock-based

compensation and had £58.0m of EBT-related cash flows.

Foreign exchange rates

The following foreign exchange rates have been used throughout this review:

Average rate for

FY25

Average rate for

FY26

Year ended 31

March 2025

Year ended 31

March 2026

GBP:EUR

1.1919 1.1546 1.1944 1.1449

GBP:USD

1.2773 1.3411 1.2918 1.3228

EUR:USD

1.0751 1.1616 1.0815 1.1553

The table below sets out the currency exposure for the following:

USD EUR GBP Other

Fee-earning AUM

33 % 59 % 7 % 1 %

The table below sets out the indicative impact on our reported management fees, FRE and balance sheet

portfolio had sterling been 5% weaker or stronger against the euro and the dollar in the period (excluding the

impact of any hedges):

Impact on FY26

management fees

Impact on FY26

FRE

Impact on balance sheet

portfolio at 31 March

2026

Sterling 5% weaker against euro and dollar

+33.4m +26.5m +105.3m

Sterling 5% stronger against euro and dollar

-(30.2)m -(24.0)m -(105.3)m

1. Impact assessed by sensitising the average FY26 FX rates.

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 FY26 period end exchange rates. This has then been

compared to the FY26 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.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Finance review continued

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our people

Enabling investment

performance and

disciplined growth

“We invest in building exceptional

teams and preserving our

entrepreneurial energy. I care

deeply about creating a culture

focused on performance and

delivery for our stakeholders,

while valuing everyone’s impact.”

Antje Hensel-Roth

Chief People and External Affairs Officer

Our values in action

Our values

Performance for our clients

Delivering exceptional long-term results

throughin-depth market access, judgement and

global partnership.

Entrepreneurialism and innovation

We challenge assumptions, stay curious, and move

with pace and agility.

Ambition and focus

We pursue bold goals with clarity and discipline,

holding ourselves to the highest standards

ofperformance.

Taking responsibility and managing risk

We act thoughtfully and protect value

throughsound judgement and responsible

riskmanagement.

Working collaboratively, inclusively

and acting with integrity

We work openly, value and support diverse

perspectives, and remain committed to doing

what’s right.

Our people strategy

People (Total)

678

(2025: 686)

1. Permanent employees.

People (FTE)

676

(2025: 684)

2. Full-Time Equivalent.

Performance:

excellence delivered for all stakeholders

Inclusion:

embedding resilience and connection

Development:

enhancing talent to support evolving markets

Delivering global ambition with agility and

entrepreneurial spirit

Our progress is driven by the ambition to deliver

exceptional results across the breadth and depth

ofICG. As a globally connected firm with an

on-the-ground presence in markets worldwide, we

support our people to operate with pace and agility,

encouraging initiative, innovation and ownership.

Across our three strategic pillars – performance,

inclusion and development – we are building strong

capabilities and foundations that enable our global

business to continue to excel, and our people

tothrive.

Performance underpins our ambition to deliver

strong long-term results. We pursue bold goals

withclarity and discipline, enabling colleagues to

exercise sound judgement, take responsibility and

deliver with confidence and pace. Grounded in

entrepreneurialism, this creates a high-performing

culture driven by collaboration, integrity and

ashared commitment to excellence.

Inclusion reflects our ambition to position ICG as

aglobally recognised employer of choice. Through

acompelling and high-quality employee experience,

we cultivate an inclusive culture where colleagues

feel supported, respected and recognised for their

contributions. Welcoming diverse perspectives and

experiences enables deeper learning, continued

innovation, and helps attract talent to the firm.

Development focuses on intentionally developing

individuals and providing meaningful opportunities

for growth through targeted learning, stretch

opportunities, and building the confidence to step

into greater responsibility. By investing early in

potential and supporting progression over time,

weaim to build a sustainable pipeline of future

capability across the firm.

Alongside this, we continue to invest in our platform,

systems and processes to create an efficient,

data-driven and integrated ecosystem.

Performance

InclusionDevelopment

Our

purpose

A values-led high

performance culture

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our people continued

Advancing our key people initiatives

Attract

– High level of personal

impact and business

building opportunities

– Early careers programme

expanding access and

developing future talent

– Inclusive culture at the core

of and throughout the firm

Retain

– Wide-ranging opportunities

for career development

– Competitive reward and

market-leading,

holistic benefits

– Engagement and

opportunity to contribute

across the firm

Develop

– Dedicated talent offers at

alllevels

– Access mentoring and

employee networks

– Development of teams and

individuals a core priority

for people managers

Employee development

We are committed to equipping our people with

theskills and inclusive behaviours needed to

strengthen teams and performance. Delivered

through a focused suite of blended development

offerings. This is augmented by specific individual

and team coaching as well as other bespoke

initiatives, including:

– Managing for Results, now deployed globally,

equips people managers to set clear performance

expectations and support career development,

embedding ICG’s values and leadership attributes

into everyday management practices.

– Leading for Impact, accelerates leadership

capability for senior leaders with significant

business or functional responsibility, helping them

lead others effectively, drive collaboration across

the firm, and create inclusive environments.

– The Successful Promotions Programme, now in

itssixth year, helps newly promoted colleagues

transition into their roles by strengthening

self-awareness and ownership of development.

Italso provides opportunities to build networks

across the firm and to explore how they can

contribute to individual, team and firm-wide

results in their new role.

– Access to digital learning resources aligned to

every career stage and a dedicated personal

development budget.

Employee engagement survey

participation rate and score

forJuly2025:

79% 7.3

(2024: 79%) (2024: 7.2)

Employee engagement driver includes questions on

Loyalty, Recommendation and Satisfaction.

– Equipped People Managers across the firm with

practical, actionable guidance on performance,

career development, effective communication

andinclusive leadership, empowering them to lead

with confidence and drive consistent, high-quality

outcomes across their teams.

– Enhanced the recruitment and onboarding

experience to create a high-impact, engaging

introduction to ICG and ensure new joiners feel

connected and supported from day one.

– Introduced a new global recognition platform,

offering a simple and consistent way for

employees to recognise one another for work

aligned to our core values. The platform brings

ourvalues to life across the firm and reinforces

astrong culture ofrecognition.

– Delivered over 70 events and initiatives through

our seven global employee networks, which are

sponsored by senior executives, run by employees,

and open toall. These networks span gender,

ethnicity, socio-economic backgrounds, LGBT+,

young professionals, family and carers, disability,

sports and wellbeing.

Engagement and voice

We intentionally engage employees through

multiple channels. Firm-wide town halls provide

updates on firm performance and business outlook.

The annual global engagement survey captures

employee feedback, and the People Forum brings

together senior leaders to exchange ideas and

recommend business priorities. Inclusion

Champions from ouremployee networks and

regional offices help amplify diverse perspectives

across the firm. Wealso gather targeted insights

through focusgroup discussions led by Andrew

Sykes, ourNon-Executive Director responsible for

employee engagement.

Recognising values-aligned behaviours that reflect

our core values is central to our approach. Each

quarter, our Values Awards celebrate colleagues

whose contributions bring ICG’s values to life.

Wellbeing and support

We remain committed to providing colleagues

withmeaningful benefits built around three core

pillars of wellbeing: physical, mental and financial.

Our strategic global goal is to ensure our benefits

are consistently best in class within our peer group.

Wecontinuously review the market for innovation

to ensure our offering evolves with the changing

needs of our people, while also benchmarking

locally across our global locations.

Guided by our values, we are committed to creating

ahigh-performing and inclusive environment where

colleagues are encouraged to contribute and

challenge others meaningfully across all levels of

thefirm.

Our investment in targeted programmes enhances

our capabilities, broadens opportunity, and supports

professional development. By grounding our

decisionsin robust data, insights, and reporting, we

ensure our talent strategies are forward-looking and

impactful. From early career pathways to leadership

development, we support our people at every stage,

empowering them to build exceptional careers at ICG.

We have:

– Launched ICG’s global mentoring programme –

creating access to cross-business connections, real-

time guidance and knowledge sharing that helps

colleagues navigate their careers with confidence.

Developing our employees

Inclusion at ICG

Inclusion is integral to ICG’s key values and our

commitment to an inclusive and resilient workplace for

all colleagues. By welcoming and respecting different

perspectives, we strengthen our performance, enrich

decision-making and contribute to better outcomes

forour clients, colleagues, and the markets we serve.

ICG’s inclusion strategy is integrated and holistic.

Itspans multiple dimensions across data, people,

investment decisions, and industry engagement,

aligned to business priorities. This approach is

focused on:

1. Culture: Building high-performance teams where

colleagues contribute with an entrepreneurial

mindset and a focus on excellence, and in which all

employees are treated with dignity and respect.

2. Employer of Choice: Attracting, developing, and

retaining top talent from a range of backgrounds by

investing in leadership development, career growth,

and providing access to opportunities for all

employees to reach their full potential.

3. Lifting our industry: Creating a fair investment

industry in collaboration with our partners.

We tailor this approach to reflect our global footprint,

ensuring it remains relevant and compliant with local

laws across all markets in which ICG operates.

Employee Networks

Our inclusive culture is supported by and reflected in

seven global employee networks, most recently

expanded to include a focus on socio-economic

diversity. Run by employees, open to all colleagues

and supported by executive management, these

networks bring colleagues together across the firm.

Collectively, networks delivered more than

70events and initiatives across the firm. This

included new dads’ lunches, menopause awareness

sessions and ‘In Conversation’ events spotlighting

senior women and their careers at ICG. Support

wasprovided to parents navigating the digital age,

disability awareness was raised in partnership with

the Business Disability Forum, and LGBT+ inclusion

was progressed through internal campaigns and

external engagement. Cultural observances were

also marked across the firm. Together, these

initiatives strengthened understanding, connectivity

and support across ICG.

Across the Industry

We work in close partnership with a range of

external organisations to strengthen our inclusion

efforts and contribute to positive change across our

industry. This includes sponsoring the UK Private

Capital Diversity Series, where we have hosted

sessions focused on Black History Month, LGBT+

inclusion and broader themes. We also collaborate

with partners such as 100 Women in Finance,

Inclusion in Finance, Level 20, LGBT+ Great, and

OutInvestors. Through these partnerships, we

support shared learning, advocacy and practical

action that advances inclusion for our colleagues

andacross the wider investment industry.

Initiatives

We continue to embed inclusive behaviours across

the firm through hiring and targeted development.

Conscious Inclusion training supports new joiners,

while annual compliance training keeps inclusion

front of mind for all colleagues. Our Women’s

Development Programme continues to support

women in mid to senior level roles. Alongside this, we

host our Insight Track programme, a forum that brings

senior women together to learn from one another,

share experiences and build trusted peer networks.

We were pleased to see ICG ranked #1 in the

Equality Group's Honordex Inclusive PE & VC Index

in 2026, following global #1 rankings in 2023 and

2024 and a #2 position in 2025, demonstrating

sustained performance over time. We were also

shortlisted at the Real Deals Private Equity Awards

in the Diversity & Inclusion Leader of the

Yearcategory.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our people continued

Our strategy

Our people

Our industry

Data and insights

Responsible investing

Our People in action

Championing socio-economic diversity within

and beyond our firm

Elevate, our seventh employee network and the

first focused on socio-economic diversity, brings

colleagues together to widen access, support

career ambitions and raise awareness across the

firm. This builds on our long-term commitment

tosocial mobility, supported by a multi-year

investment of over £4 million in charities

supporting social mobility. Since 2022, more

than14,300 young people have benefited from

these programmes.

Find out more in our Impact report:

www.icgam.com/csr2026

Women in Investments

In January 2026, ICG hosted its inaugural

Womenin Investments global off-site, bringing

together almost 60 female investors from across

the firm’s teams.

Through direct engagement with ICG’s

distinguished faculty of leaders and respected

industry speakers, the event strengthened

professional networks, encouraged open

conversations about excellence and career

building in investments, and contributed to

creating a more connected and inclusive

investment community.

Seven Employee networks

c.70

events delivered globally

Rank (globally):

Equality Group’s Honordex Inclusive PE and

VC Index 2026

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Our people continued

Key people

metrics

All data, unless otherwise stated, is based on

permanent employees as at 31 March 2026.

GenderPay Gap data is prepared in line with

statutory requirements.

Our priorities are informed by data, insights and

aclear commitment to accountability. We track

andmonitor progress against key external ambitions

and commitments. This year, we continue to exceed

these ambitions:

– As a signatory to the Women in Finance Charter,

we continue to exceed our aspiration of achieving

30% women in UK senior management roles by

2027, with representation at 33%.

– In line with the aims of the Parker Review, and

based on ONS classifications, 14% of our UK

located Global Senior Management population

identify as coming from an ethnic minority

background, exceeding our aspiration of 10%,

byDecember 2027.

We are transparent in sharing our data and

participate in external benchmarking, enabling us

tomeasure our progress against industry standards

and continuously improve our practices.

General

Number of permanent

employees (total)

678

(2025: 686)

Number of permanent

employees (FTE)

676

(2025: 684)

Employee turnover

14.5%

(2025: 12.8%)

Ethnic minorities

Board

10%

(2025: 10%)

Senior Board

positions

(Chair, SID, CEO, CFO)

(2025: 0)

Executive

Committee

(2025: 0%)

UK Global Senior

Management

14%

(2025: 14%)

UK All Employees

29%

(2025: 29%)

of which 62% White,

21% Asian, 3% Black,

5% Other, 9% Prefer

Not to Say or

NoResponse

(2025: 29%, of which 62%

White, 20% Asian, 3% Black,

6% Other, 9% Prefer Not to

Say or No Response)

UK New Hires

30%

(2025: 42%)

of which 65% White,

21% Asian, 2% Black,

7% Other, 5% Prefer

Not to Say or

NoResponse

(2025: 42%, of which 55%

White, 32% Asian, 1% Black,

9% Other, 3% Prefer Not to

Say or No Response)

Age

(years)

13%

72%

15%

50+

30-50

-30

Board

42%

40%

58%

60%

Gender Representation

Executive

Committee

33%

67%

Global Senior

Management

32%

29%

68%

71%

UK Senior

Management

33%

36%

67%

64%

All Employees

Globally

37%

63%

1. For further information on the Company’s Directors, please see page 69.

2. Global Senior Management comprises Executive Directors and their direct reports, as reported to the FTSE Women Leaders Review. This includes relevant firm-wide leadership roles across Corporate

& Business Services (CBS), Client Solutions Group (CSG) and Investment (INV), including applicable Material Risk Takers (MRTs), in line with our Board-approved definition. With directors of subsidiary

undertakings included, this population comprises 9 (19%) women and 38 (81%) men.

3. UK Senior Management (for the purposes of the Women in Finance Charter) comprises Executive Directors and UK-based roles that are direct reports to an Executive Director, including relevant firm-

wide leadership roles and applicable MRTs.

4. The total number of employees globally is 678, of which 253 are women and 425 are men.

5. UK Global Senior Management (for the purposes of the Parker Review) comprises the UK-located subset of Global Senior Management.

Mean Hourly

Gender Pay Gap

22.9%

(2025: 29.6%)

Mean Gender

Bonus Gap

62.2%

(2025: 73.2%)

UK New

Hires (women)

33%

(2025: 44%)

Global New

Hires (women)

44%

(2025: 45%)

Women 2026

Men 2026

Women 2025

Men 2025

Senior Board

positions (Chair,

SID, CEO and CFO)

100%

Hiring rate

11.8%

(2025: 16.9%)

Find out more in our Governance report

onpage 66 and Non-financial and

sustainability information statement

onpage 65

Find out more on our website:

www.icgam.com//people

For more information in ICG’s approach to

Sustainability and Responsible Investing,

read our FY26 Sustainability and People

Report: www.icgam.com/spr

Our approach

The Board is accountable for the overall stewardship

of the Group’s Risk Management Framework (RMF),

internal control assurance, and for determining the

nature and extent of the risks it is willing to take in

achieving the Group’s strategic objectives. In doing so

the Board sets preferences for the risks undertaken

and within a strong control environment aims to

generate a return for investors and shareholders and

to protect their interests. The Board also promotes

aGroup-wide strong risk management culture by

encouraging acceptable behaviours, decisions, and

attitudes towards taking and managing risk. Please

refer to the Governance Report on page 66.

Managing risk

Taking on risk in a controlled manner enables the

organisation to capture opportunities, to innovate

and to further enhance our business, for example

new investment strategies or new approaches to

managing our client relationships. Therefore, the

Group maintains a risk culture that provides

flexibility for entrepreneurial leadership within

aprudent risk management and effective

controlframework.

Risk management is embedded across the Group

through the RMF to ensure current and emerging

risks are identified, assessed, monitored, controlled,

and appropriately governed based on a common risk

taxonomy and methodology. The Group’s RMF

operates under the principles of the ‘three lines

ofdefence’ model. The RMF is designed to protect

the interests of stakeholders and meet our

responsibilities as a UK-listed company, and the

parent company of a number of regulated entities.

The Board reviews the RMF regularly, and it forms

the basis on which the Board reaches its conclusions

on the effectiveness of the Group’s system of

internal controls and the Group’s risk profile.

The Board’s oversight of risk management is

proactive, ongoing and integrated into the Group’s

governance processes. The Board Risk Committee

receives regular reports on the RMF activities and

operating effectiveness of the internal control

system. These reports set out significant risks

(Principal Risks) as well as emerging risks faced by

the Group. The Board Risk Committee receives

regular management information and monitors

performance of defined metrics of the Principal Risks

against set thresholds and limits.

The Board also meets regularly with the internal

andexternal auditors to discuss their findings and

recommendations, which provides insight into

areasthat may require enhanced monitoring

orimprovement.

Risk Appetite

Risk appetite is defined as the level of risk which the

Group is prepared to accept in the conduct of its

activities. The risk appetite strategy is implemented

through the Group’s operational policies, procedures

and internal controls. It is monitored by defined

riskappetite metrics which provide early warning

indicators and control exposures and activities that

may have material risk implications. The currentrisk

profile is within our risk appetite and

tolerancerange.

Principal and emerging risks

The Group uses a Principal and Emerging risks

process to provide a current as well as forward-

looking view of the potential risks that can threaten

the execution of the Group’s strategy or operations

over the medium to long term.

The Group’s Principal Risks are individual risks,

oracombination of risks, of which materialisation

beyond tolerance limits could result in events or

circumstances that might threaten our business

model, future performance, solvency, liquidity

andreputation. The Group’s RMF identifies nine

Principal Risks which are accompanied by associated

responsibilities and expectations around risk

management and control. Each Principal Risk is

overseen by an accountable Executive Director,

whois responsible for the framework, policies and

detailed procedures and standards.

Emerging risks are developing risks that cannot

yetbe fully assessed nor quantified but that could, in

the future, affect the viability of the Group’s strategy

or materially impact our current principal risk

exposures. Emerging risks are identified through

regular interactions with stakeholders throughout

the business, attendance at industry events, review

of external publications, and horizon scanning

performed by the relevant functions, including Risk

and Compliance functions. Once emerging risks have

been identified, they can be tracked and monitored

to determine if they represent a key risk exposure

toICG and whether or not any management actions

need to be put in place to mitigate ICG’s exposure to

these risks. Emerging risks are continuously

monitored to ensure that they are appropriately

managed by the Group.

Reputational risk is an important consideration and

is actively managed and mitigated as part of

managing each Principal Risk and the wider RMF.

Similarly, sustainability risk is not defined as

aprincipal risk but is considered across the Group’s

activities as an embedded value. The Group has

determined that the most significant impact from

climate change relates to the underlying portfolio

investments. Climate-related risk for both the

Group’s own investment and fund management

activities are addressed in greater detail in note 1

ofthe financial statements (see page 129).

Directors’ Confirmations

The Board has continued to oversee the further

enhancement of the Group’s risk management

andinternal control processes in line with the

requirements of UK Corporate Governance

Code2024 (the ‘Code’). This involves continuous

monitoring and assessment of risk management

andinternal controls as well as expanded assurance

processes on internal controls, with a focus on

Provision 29 of the Code which applies to our

financial year beginning 1 April 2026.

The Directors confirm that they have reviewed

theeffectiveness of the Group’s risk management

and internal control system and confirm that no

significant failings or weaknesses have been

identified. This is supported by an annual Material

Controls assessment and Fraud Risk Assessment

(other than for Internal Controls over Financial

Reporting which are reported to the Audit

Committee (see page 78), facilitated by the Chief

Control Office, which provides the Directors with

adetailed assessment of related internal controls.

The Directors confirm that they have undertaken

arobust assessment of the principal and emerging

risks facing the business, in line with the

requirements of the Code.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Managing risk

Managing risk to protect

performance and resilience

Effective risk management is a core competence

underpinned by a strong control culture.

Risk Description

Geopolitical, macroeconomic concerns, and

globalevents (e.g. wars, tariffs, government debt)

beyond our control may impact our performance,

profitability, operating environment and that of our

fund portfolio companies. These events can lead to

financial market volatility, affecting fundraising,

investment performance, exit opportunities, and

theability to deploy capital.

Key Controls and Mitigation

Our business model is primarily based on long-term

illiquid fund investments, providing stability during

market downturns. Additionally, by nature, closed-

end funds are not subject to redemptions.

A range of complementary approaches are used to

inform strategic planning and risk prevention,

including active engagement and management of the

Group’s fund portfolios and, profitability. In addition,

balance sheet scenario planning and stress testing

isperformed to ensure resilience across a range

ofoutcomes.

The Board, the Risk Committee and the individual

functions regularly monitor emerging risks, and

changes in their likelihood and impact that may

translate to materialised external environment risks

to the Group.

Trend and Outlook

The investing environment remains uncertain and

potentially volatile, with geopolitical shifts, high

interest rates, and weak economic growth.

As noted in the Finance review on page 18, we have

substantial dry powder across a range of strategies,

stable management fee income, are not under

pressure to deploy or realise, and can capitalise on

opportunities that emerge across our asset classes.

We monitor the macroeconomic and geopolitical

landscape, but do not anticipate increased risk to our

operations, strategy, performance, or client demand.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Managing risk continued

Risk Appetite Level

Low Medium High Very high Risk trend

Strategic

External Environment Risk

•

Fundraising Risk

•

Fund Performance Risk

•

Financial

Market and Liquidity Risk

•

Business Environment

Key Personnel Risk

•

Legal, Regulatory and Tax Risk

•

External Reporting Risk

•

Operational Resilience

Information Technology and Security Risk

•

Third-Party Provider Risk

•

Strategic alignment

Grow AUM Invest Manage and Realise

External Environment Risk

Strategic

alignment:

Risk

trend:

Risk

appetite:

Executive Director

responsible:

High Benoît Durteste

Principal risks

Risk Description

The Group's long-term growth and profitability rely

on successfully raising third-party funds. Failure to

attract new investors, grow existing investments,

and launch new strategies could impact future

management fee income and restrict expansion into

new markets and asset classes, limiting economies of

scale and diversification opportunities. This risk has

significant strategic and financial implications,

including reduced profitability, loss of market share,

and challenges in attracting and retaining top talent.

Key Controls and Mitigation

The Group’s Client Solutions Group function is

dedicated to continually growing and diversifying

our client base and supporting the Group’s

fundraising efforts. The diverse product

offeringsprovide a range of solutions to match

clientrequirements.

Monitoring of new possible fund structures, new

strategic partnerships of distribution, client

investment appetite and investor bases is conducted

on a regular basis to assess and develop new

products and growth opportunities.

Trend and Outlook

Fundraising markets continue to consolidate, with

wider macroeconomic and geopolitical uncertainty

coupled with investor liquidity constraints fuelling

apersistently challenging fundraising market.

Despite this, the Group has continued to exceed our

fundraising targets, successfully scaling up flagship

strategies and building momentum in scaling

strategies. Europe IX, Infrastructure Europe II and

Metropolitan II were the major drivers of capital

raised. Notably Infrastructure Europe II final close

exceeded the extended hard cap, and we recorded

our best year on record for Real Estate fundraising.

Our diverse product offering and client base, coupled

with continued strong performance and strategic

hires to support the growth of our Client Solutions

Group, positions ICG for successful fundraising to

continue scaling AUM.

Risk Description

Current and potential clients continually assess

ourinvestment fund performance and track record.

There is a risk that our funds may not deliver

consistent performance against investment

objectives and ultimately erode our track record.

Poor fund performance may hinder our ability to

raise subsequent vintages or new strategies,

impacting competitiveness, profitability and

growthplans.

Key Controls and Mitigation

A robust and disciplined investment process is in

place where investments are selected and regularly

monitored by the Investment Committees for fund

performance, delivery of investment objectives, and

asset performance.

All proposed investments are subject to a thorough

due diligence and approval process during which all

key aspects of the transaction are discussed and

assessed. Subsequent monitoring of investment,

engagement with portfolio investments towards

value enhancement and assessment of divestment

pipelines is undertaken on an ongoing basis.

Monitoring of all portfolio investments is undertaken

on a quarterly basis focusing on the operating

performance and liquidity of the portfolio.

Material sustainability and climate-related risks are

assessed for each potential investment opportunity

and presented to, and considered by, the Investment

Committees of all investment strategies as part of

the investment approval process.

Trend and Outlook

Our platform is well-positioned and remains firmly

aligned with our investment thesis: namely, to

support performing companies that operate in non-

cyclical industries with good management teams.

The Group’s disciplined investment methodology, of

investing in less cyclical services sectors will provide

a constructive operating environment for the Group,

with our embedded relationships with founders and

deep underwriting and structuring expertise

mitigating this risk.

During this period, fund valuations have remained

stable, supported by the financial performance of our

portfolio companies and income from interest-

bearing investments. Our disciplined approach to

realisations has helped maintain the performance

ofkey vintages, despite the market's reduced

transaction activity.

More detail on the performance of the

Group’s funds can be found on pages 22 to 24.

ICG plc Annual Report and Accounts 2026

Overview

Strategic report

Governance report

Auditor’s report and financial statements

Other information

Managing risk continued

Strategic alignment

Grow AUM