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COMPANY TIMETABLE

A presentation for investors and analysts will be held at 15:30 GMT today. A link for the presentation can be found on the Results & Reports page of the Company website. A recording of the presentation will be made available on the Company website after the event.

ABOUT ICG ENTERPRISE TRUST

ICG Enterprise Trust is a leading listed private equity investor focused on creating long-term compounding growth by delivering consistently strong returns through selectively investing in profitable, cash-generative private companies, primarily in Europe and the US.

We invest in companies directly as well as through funds managed by Intermediate Capital Group plc ("ICG") and other leading managers who focus on creating long-term value and building sustainable growth through active management and strategic change.

ICG Alternative Investment Limited, a regulated subsidiary of ICG, acts as the Manager of the Company.

NOTES
Included in this document are Alternative Performance Measures (“APMs”). APMs have been used if considered by the Board and the Manager to be the most relevant basis for shareholders in assessing the overall performance of the Company, and for comparing the performance of the Company to its peers and its previously reported results.

All performance figures are stated on a Total Return basis (i.e. including the effect of re-invested dividends).

DISCLAIMER

The information contained herein and on the pages that follow does not constitute an offer to sell, or the solicitation of an offer to acquire or subscribe for, any securities in any jurisdiction where such an offer or solicitation is unlawful or would impose any unfulfilled registration, qualification, publication or approval requirements on ICG Enterprise Trust PLC (the "Company") or its affiliates or agents. Equity securities in the Company have not been and will not be registered under the applicable securities laws of the United States, Australia, Canada, Japan or South Africa (each an “Excluded Jurisdiction”). The equity securities in the Company referred to herein and on the pages that follow may not be offered or sold within an Excluded Jurisdiction, or to any U.S. person ("U.S. Person") as defined in Regulation S under the U.S. Securities Act of 1933, as amended (the "U.S. Securities Act"), or to any national, resident or citizen of an Excluded Jurisdiction.

The information on the pages that follow may contain forward looking statements. Any statement other than a statement of historical fact is a forward looking statement. Actual results may differ materially from those expressed or implied by any forward looking statement. The Company does not undertake any obligation to update or revise any forward looking statements. You should not place undue reliance on any forward looking statement, which speaks only as of the date of its issuance.

MANAGER’S REVIEW

Our investment strategy

Within developed markets, we focus on investing in buyouts of profitable, cash-generative businesses that exhibit defensive growth characteristics, which we believe will support strong and resilient compounding returns across economic cycles.

We take an active approach to portfolio construction, with a flexible mandate that enables us to deploy capital in Primary, Secondary and Direct investments. Geographically we focus on the developed markets of North America and Europe which have deep and mature private equity markets supported by a robust corporate governance ecosystem.

Investments managed by ICG accounted for 31% of the Portfolio.

Performance overview

• At 31 October 2024, the Portfolio was valued at £1,445m. The Portfolio Return on a Local Currency Basis for the quarter was 3.1% and in Sterling terms the Portfolio value grew by 3.0%

• ICG Enterprise Trust generated a NAV per Share Total Return of 3.0% during the quarter, ending the period with a NAV per Share of 1,997p

• Over the last five years ICG Enterprise Trust has generated an annualised NAV per Share Total Return of 13.8%
  
  

1 Refer to the Glossary
2 91.8% of the Portfolio is valued using 30 September 2024 (or later) valuations.

Quoted company exposure

• We do not actively invest in publicly quoted companies but gain listed investment exposure when IPOs are used as a route to exit an investment. In these cases, exit timing typically lies with the manager with whom we have invested

• At 31 October 2024, ICG Enterprise Trust’s exposure to quoted companies was valued at £54m (31 July 2024: £60m), equivalent to 3.7% of the Portfolio value (31 July 2024: 4.3%). There was one quoted investment that individually accounted for 0.5% or more of the Portfolio value:

Realisation activity

• Realisation Proceeds of £34.4m during the quarter

• 12 Full Exits completed during the quarter, at a weighted average Uplift to Carrying Value of 17.9% and a 4.0x Multiple to Cost

New investment activity

• Total New Investments of £35.2m during the quarter, of which 12.2% (£4.3m) were alongside ICG

• The split of Total New Investments by category was as follows:

Commitments

• One new fund Commitment totalling £7.5m during the quarter:

• At 31 October 2024, ICG Enterprise Trust had Total Undrawn Commitments of £430m to funds in their investment period and a further £130m to funds outside their investment period

Balance sheet and liquidity

• Total available liquidity at 31 October 2024 was £107m (31 July 2024: £126m)

• On 23 December 2024, we announced an increase to the size of the revolving credit facility from €240m to €300m. Pro forma for this increase, ICGT would have had total available liquidity of £158m

• The cash balance was £6m (31 July 2024: £17m) and drawn debt was £101m (31 July 2024: £93m). As a result, we had net debt of £95m (31 July 2024: £76m)

• At 31 October 2024 the Portfolio represented 111% of net assets (31 July 2024: 110%)

Dividend and share buyback

• Third quarter dividend of 8.5p per share (Q3 FY24: 8p). The Board intends to pay total dividends of at least 35p per share for FY25 (FY24: 33p)

• The following purchases have been made under the Company's share buyback programmes:

¹ Since October 2022 (which was when the long-term share buyback programme was launched) up to and including 10 January 2025
² Since May 2024 (which was when the opportunistic buyback programme was launched) up to and including 10 January 2025
Note: aggregate consideration excludes commission, PTM and SDRT

• The Board is renewing the opportunistic share buyback programme for FY26 of up to £25m (FY25: up to £25m), with the same objectives as the FY25 programme. This will run alongside the long-term buyback programme and the progressive dividend policy
  
  

Activity since the period end

Notable activity between 1 November 2024 and 31 December 2024 has included:

• New investments of £23m

• Realisation Proceeds of £29m

Our balance sheet flexibility was enhanced with an increase to the size of the revolving credit facility from €240m to €300m (see announcement ^here).

ICG Private Equity Fund Investments Team
22 January 2025