Hardman & Co Research on ICG Enterprise Trust plc: Mid-teens EBITDA growth and long-term returns

Hardman & Co Research on ICG Enterprise Trust plc (ICGT):
Mid-teens EBITDA growth and long-term returns
 

The key message from ICGT’s 1HFY’26 results (to July 2025) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth. Margins have widened by ca.5% (average revenue growth 10%), which should help allay some concerns over the impact of the challenging environment. New investment is forecast to accelerate, and realisation proceeds already exceed FY’25 with an average 14% uplift to carrying values on exit. A degree of short-term volatility is to be expected, and 1HFY’26 returns were below long-run averages, but the outlook is encouraging with visibility on exits and an “attractive” investment pipeline. 2Q was well ahead of 1Q. ICGT’s capital return policy is balanced.

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