Performance Overview - The portfolio return on a local currency basis for the quarter ending 31 October 2025 was 1.6%, with a total return of 2.4% for NAV per share [12][14] - The share price total return for the year was 28.1%, outperforming the FTSE All-Share Index total return of 22.5% [12][14] - Over the last five years, the annualized NAV per share total return was 12.8% [14] Investment Activity - Total new investments for Q3 FY26 amounted to £25 million, bringing the year-to-date total to £138 million [2][18] - Total proceeds during Q3 were £82 million, with 45 full exits completed over the last twelve months, achieving a weighted average uplift to carrying value of 11.1% [2][18] - The closing portfolio value as of 31 October 2025 was £1,391 million, with 50% in primary investments, 35% in direct investments, and 15% in secondary investments [12][18] Financial Position - The company maintained a robust balance sheet with a gearing ratio of 3% and total available liquidity of £230 million as of 31 October 2025 [2][20] - The cash balance at the end of the period was £18.4 million, with drawn debt of £51.5 million [22] - The company has undrawn commitments of £416 million to funds in their investment period and £165 million to funds outside their investment period [19] Dividend and Share Buyback - A Q3 dividend of 9p per share was declared, with the Board increasing FY26 dividend guidance to 39p per share, up from 36p in FY25 [2][23] - Since the launch of the long-term buyback program in October 2022, the company has repurchased 8.4% of its opening shares, contributing 71p (3.5%) to NAV per share total return [2][21]

Core Insights - ICG Enterprise Trust reported a NAV per Share Total Return of (0.7)% for the six months ended 31 July 2025, impacted by a negative foreign exchange effect of (2.0)% due to the strengthening of Sterling, while the Share Price Total Return was 12.6% [2][16][30]. Financial Performance - The Portfolio delivered a Return on a Local Currency Basis of 2.1% and earnings growth of 15% over the last twelve months despite a challenging macroeconomic environment [3][30]. - Total Proceeds for the half-year reached £222 million, surpassing the total for FY25 of £151 million, with net cash generation of £109 million compared to a net cash outflow of £(18) million in H1 FY25 [4][18]. - New Investments totaled £113 million, with £42 million allocated to secondary investments, representing 37% of new investments [5][36]. Investment Strategy - The company is focused on investing in profitable, cash-generative private companies primarily in Europe and the US, with a flexible mandate allowing for Primary, Secondary, and Direct Investments [10][27]. - The Portfolio's composition includes 50% Primary, 33% Direct, and 17% Secondary investments as of 31 July 2025 [28]. Shareholder Returns - The Board declared a Q2 dividend of 9p per share, bringing total dividends for the period to 18p, with an intention to pay at least 38p per share for FY26, a 6% increase from FY25 [51][50]. - Share buybacks executed in H1 FY26 totaled £16 million, increasing NAV per Share by 14p [6][52]. Portfolio Composition - At 31 July 2025, the Portfolio was valued at £1,416 million, with the Top 30 companies representing 40% of the Portfolio by value [29][58]. - The Portfolio's sector exposure includes 29% in Technology, Media, and Telecommunications (TMT), 17.1% in Consumer Goods and Services, and 13.3% in Healthcare [55]. Realisations - The Portfolio generated Total Proceeds of £222 million, with significant realisations from companies such as Minimax, Datasite, and European Camping Group [42][45]. - Realisation activity included 13 Full Exits generating proceeds of £62.1 million, completed at a weighted average uplift to carrying value of 14% [43].

Core Viewpoint - The Company successfully held its 2025 Annual General Meeting (AGM), where all proposed resolutions were passed by the requisite majority, indicating strong shareholder support and confidence in the Company's governance and financial performance [1][2]. Voting Results Summary - **Resolution 1: Financial Statements** - Votes For: 17,772,901 (99.94%) - Votes Against: 10,001 (0.06%) - Total Votes: 17,782,902 [1] - **Resolution 2: Final Dividend** - Votes For: 17,226,586 (96.88%) - Votes Against: 555,235 (3.12%) - Total Votes: 17,781,821 [1] - **Resolution 3: Re-elect Jane Tufnell** - Votes For: 17,357,878 (97.91%) - Votes Against: 370,881 (2.09%) - Total Votes: 17,728,759 [1] - **Resolution 4: Re-elect David Warnock** - Votes For: 17,340,263 (97.84%) - Votes Against: 382,234 (2.16%) - Total Votes: 17,722,497 [1] - **Resolution 5: Re-elect Alastair Bruce** - Votes For: 17,269,729 (97.49%) - Votes Against: 444,486 (2.51%) - Total Votes: 17,714,215 [1] - **Resolution 9: Reappoint Auditor** - Votes For: 17,608,261 (99.33%) - Votes Against: 119,396 (0.67%) - Total Votes: 17,727,657 [1] - **Resolution 12: Allot Shares** - Votes For: 17,629,415 (99.33%) - Votes Against: 118,947 (0.67%) - Total Votes: 17,748,362 [1] - **Resolution 16: Articles of Association** - Votes For: 15,010,315 (85.08%) - Votes Against: 2,633,141 (14.92%) - Total Votes: 17,643,456 [1] Additional Information - All resolutions were carried, reflecting a strong consensus among shareholders [2][3]. - Votes "Withheld" are not counted in the total votes validly cast [3]. - Resolutions concerning ordinary business will be available for viewing on the FCA's National Storage Mechanism [3].

Performance Overview - The company reported a Portfolio Return on a Local Currency Basis of 0.6% for the three months ended 30 April 2025, but a negative return of (2.4)% when converted to Sterling due to foreign exchange effects [3][17] - The NAV per Share Total Return for the quarter was (2.6)%, with a closing NAV per Share of 2,011p [3][17] - Over the last five years, the company has achieved an annualised NAV per Share Total Return of 14.8% [3][17] Investment Activity - Total New Investments during the quarter amounted to £48m, with £25m in Primary investments, £15m in Direct investments, and £8m in Secondary investments [22][19] - Total Proceeds for the quarter were £149m, including £62m from the sale of a portion of the Portfolio at a 5.5% discount and £48m from the sale of Minimax, the largest portfolio company [3][22] - The company made five new fund commitments totaling £76m during the quarter [20] Financial Position - The company maintained a robust balance sheet with a low gearing ratio of 3% and total available liquidity of £201.5m as of 30 April 2025 [3][24][27] - The cash balance increased to £7.5m from £3.9m at the end of January 2025, while drawn debt decreased to £52.3m [27][24] Dividend Policy - A first quarter dividend of 9p per share was declared, with intentions to pay total dividends of at least 38p per share for FY26, up from 36p in FY25 [3][28] - The company has a progressive dividend policy, reflecting its commitment to returning value to shareholders [28] Portfolio Composition - As of 30 April 2025, the Portfolio was valued at £1,386m, with 86% of the Portfolio valued using valuations from 31 March 2025 or later [15][17] - The Portfolio composition included 51% in Primary investments, 34% in Direct investments, and 15% in Secondary investments [13][12]

Highlights - ICG Enterprise Trust delivered a NAV per Share Total Return of 10.5% for the year ending 31 January 2025, with a closing NAV per Share of 2,073p [2][38] - The portfolio companies achieved a 15% earnings growth over the last twelve months, contributing to a robust operational performance [3][47] - The company returned £59 million to shareholders, representing 5% of the opening NAV, through dividends and share buybacks [3][15] Financial Performance - The portfolio grew by 10.2% on a Local Currency Basis during the year, with a Portfolio Return on a Sterling basis of 10.6% [6][37] - Total new investments amounted to £181 million, with commitments of £83 million made during the year [3][44] - The company executed 40 full exits at a weighted-average uplift to carrying value of 19%, generating total proceeds of £150.8 million [52][54] Capital Allocation and Shareholder Returns - The Board declared a total dividend of 36p per share for FY25, marking a 9% increase compared to FY24 [15][60] - Share buybacks returned £36 million to shareholders, reducing the share count by 4.3% during the year [15][20] - The company has a proactive capital allocation policy, balancing new investments with cash returns to shareholders [18][19] Portfolio Composition and Strategy - The portfolio is geographically balanced between North America and Europe, focusing on mid-market private companies with resilient growth characteristics [16][32] - The investment strategy includes a mix of Primary, Direct, and Secondary investments, with a target portfolio composition evolving towards more Direct and Secondary Investments [34][41] - At 31 January 2025, the portfolio was valued at £1,523 million, with 52.3% in US Dollar, 38.4% in Euro, and 9.2% in Sterling [69][70] Market Environment and Outlook - The company is well-positioned to navigate current market uncertainties, supported by a robust balance sheet and strong origination network [4][25] - The secondary market is expected to present compelling opportunities for future investments [4][23] - The focus on private equity-owned companies is seen as a structurally attractive allocation within investment portfolios, with a track record of attractive returns [30][32]

Core Points - The Company announced the cancellation of 9,358,808 Ordinary shares of 10 pence each on 30 April 2025 [1] - Following the cancellation, the total number of Ordinary Shares in issue is now 63,554,192, with no shares held in Treasury [1] - The total number of voting rights in the Company is also 63,554,192 [1] Shareholder Information - The figure of 63,554,192 can be used by Shareholders as the denominator for calculations related to notifying interests under the FCA's Disclosure Guidance and Transparency Rules [2]

Core Viewpoint - The Company has announced the appointment of Adiba Ighodaro as the new Chair of the Nominations Committee, succeeding Jane Tufnell, who will continue in her role as Chair of the Board and remain involved in other committees [1]. Group 1 - Adiba Ighodaro joined the Board on 1 July 2022 as a Non-Executive Director and has been a member of the Nominations Committee, Audit Committee, and Management Engagement Committee [2].