Earnings release
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Highlights • AUM of $123bn; fee-earning AUM of $82bn; AUM not yet earning fees of $19bn • Fee-earning AUM up 4%1 in the quarter, up 11%1 year-on-year • Fundraising in the quarter of $3.4bn, driven by Europe IX ($1.5bn / €1.3bn) and Infrastructure Europe II ($1.2bn / €1.0bn). Focus from LPs on liquidity and investment performance is continuing to drive manager selection • Infrastructure Europe has shown strong momentum into its final close, with Fund II receiving substantially more client capital than the prior vintage: at 30 June 2025 Infrastructure Europe II had a Total Fund Size of €2.5bn (Fund I: €1.5bn), and we expect to close a further €0.6bn before the end of the current quarter, reaching the hard cap for the strategy • Europe IX has had an impressive start to the fundraise, with global demand from current and new clients attracted by the strategy's track record of private equity-like returns with downside protection and high DPI. At 30 June 2025 the Total Fund Size was €5.8bn (Europe VIII: €8.1bn) • Investment landscape remains very attractive for a number of strategies, including structured capital, secondaries and real assets equity • FY25 Sustainability and People Report published in June 2025, available here Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis; see full year results 1 On a constant currency basis PERFORMANCE REVIEW AUM Growth1 30 June 2025 Last three months Year-on-year Last five years (CAGR) AUM $123bn 3% 15% 18% Fee-earning AUM $82bn 4% 11% 14% 1 On a constant currency basis Business activity $bn Fundraising Deployment1 Realisations1,2 Q1 FY26 LTM Q1 FY26 LTM Q1 FY26 LTM Structured Capital and Secondaries 1.9 13.3 1.0 9.8 0.4 2.0 Real Assets 1.3 3.2 0.5 2.7 0.3 1.6 Debt3 0.2 5.8 1.3 3.8 0.4 3.9 Total 3.4 22.3 2.8 16.3 1.1 7.5 1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only.
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PERIOD IN REVIEW AUM and FY26 fundraising At 30 June 2025, AUM stood at $123bn, fee-earning AUM at $82bn and dry powder at $34bn. The bridge between AUM and fee-earning AUM is as follows: $m Structured Capital and Secondaries Real Assets Debt Seed investments Total Fee-earning AUM 39,347 9,375 33,472 82,194 AUM not yet earning fees 3,278 1,187 14,639 — 19,104 Fee-exempt AUM 10,686 5,918 1,393 — 17,997 Balance sheet investment portfolio1 2,412 563 (53) 360 3,282 AUM 55,723 17,043 49,451 360 122,577 1 Includes elimination of $657m (£479m) within Credit due to how the balance sheet investment portfolio accounts for and invests into CLO's managed by ICG and its affiliates AUM of $123bn AUM ($m) Structured Capital and Secondaries Real Assets Debt Seed investments Total At 1 April 2025 51,499 12,922 47,557 379 112,357 Fundraising 1,933 1,355 154 — 3,442 Other additions1 202 2,050 75 — 2,327 Realisations (471) (233) (585) — (1,289) Market and other movements 2,607 889 2,218 — 5,714 Balance sheet movement (47) 60 32 (19) 26 At 30 June 2025 55,723 17,043 49,451 360 122,577 Change $m 4,224 4,121 1,894 (19) 10,220 Change % 8% 32% 4% (5) % 9% Change % (constant exchange rate) 3% 21% (1) % — 3% 1 Other additions within Real Assets includes $1.9bn non fee-eligible leverage capacity within certain Real Estate strategies Fee-earning AUM of $82bn Fee-earning AUM ($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 1,470 1,242 — 2,712 Deployment of funds: fees on invested capital 281 162 1,235 1,678 Total additions 1,751 1,404 1,235 4,390 Realisations (456) (279) (774) (1,509) Net additions / (realisations) 1,295 1,125 461 2,881 Stepdowns — — — — FX and other 1,966 539 1,681 4,186 At 30 June 2025 39,347 9,375 33,472 82,194 Change $m 3,261 1,664 2,142 7,067 Change % 9% 22% 7% 9% Change % (constant exchange rate) 4% 13% 1% 4% FY26 fundraising1 At 30 June 2025, closed-end funds and associated SMAs that were actively fundraising2 included Europe IX, Asia-Pacific Infrastructure I and Real Estate equity. We anticipate launching LP Secondaries II during FY26. 2 1 The timings of launches and closes depend on a number of factors, including the prevailing market conditions 2 Excluding Credit (CLOs and Liquid Credit)
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Balance sheet • Balance Sheet Investment Portfolio valued at £2.9bn • Total available liquidity of £1.1bn (FY25: £1.1bn) and net financial debt of £477m (FY25: £629m) FOREIGN EXCHANGE RATES Average rate Period end Q1 FY25 Q1 FY26 31 March 2025 30 June 2025 GBP:EUR 1.1753 1.1759 1.1944 1.1652 GBP:USD 1.2626 1.3507 1.2918 1.3732 EUR:USD 1.0743 1.1488 1.0815 1.1785 COMPANY TIMETABLE Half year results announcement 13 November 2025 ENQUIRIES Shareholders and debtholders / analysts: Chris Hunt, Head of Corporate Development and Shareholder Relations, ICG +44(0)20 3545 2020 Media: Clare Glynn, Head of Corporate Communications, ICG +44(0)79 3435 7794 This results statement may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information. ABOUT ICG ICG (LSE: ICG) is a global alternative asset manager with $123bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn. *As at 30 June 2025. 3