Core Viewpoint - The company ICG plc has announced a share buyback program of up to 15,280,825 ordinary shares, representing approximately 5.26% of its issued share capital, to facilitate the issuance of non-voting shares to Amundi as part of a strategic partnership [2][3][4]. Share Buyback Program - The share buyback aims to reduce the issued ordinary share capital and will be executed in tranches, with repurchased shares held as treasury shares before eventual cancellation [4][6]. - The total consideration for the repurchased ordinary shares will not exceed £316 million, and the program will commence on 26 February 2026 and expire on 30 June 2027, unless the 2025 Authority expires without renewal [7][8]. - The buyback will be conducted on the London Stock Exchange and will adhere to market regulations, with a maximum price set at 105% of the average market quotations for the five business days preceding the purchase [9][10]. Non-Voting Shares - The non-voting shares will have the same nominal value and economic rights as ordinary shares but will not carry voting rights. They will convert into ordinary shares upon a valid transfer under specific conditions [5][3]. - Amundi will reimburse ICG for reasonable costs associated with the share buyback, and the subscription price for the non-voting shares will match the price paid for the repurchased ordinary shares [3][4]. Appointment of Non-Executive Director - Vincent Mortier has been appointed as a Non-Executive Director, effective from 31 March 2026, as part of the strategic partnership with Amundi. He will also serve on the Nominations and Governance Committee [11][12]. - Mortier brings extensive experience from his roles at Amundi and Societe Generale, which is expected to enhance the expertise of ICG's Board [12][13].

Core Insights - ICG plc reported a total AUM of $127 billion as of 31 December 2025, with fee-earning AUM at $85 billion, reflecting a 1% increase quarter-on-quarter and an 11% increase year-on-year [6][11] - The company raised $4.4 billion in fundraising during the quarter, with significant contributions from Europe IX ($1.6 billion), Metropolitan II ($0.6 billion), and LP Secondaries II ($0.3 billion) [6][5] - The total available liquidity for ICG is £1.4 billion, with net financial debt reduced to £239 million [6] Fundraising and Deployment - Fundraising activities for Q3 FY26 included $2.5 billion in Structured Capital and Secondaries, $0.6 billion in Real Assets, and $1.3 billion in Debt [5][7] - Deployment of funds in Q3 FY26 amounted to $2.8 billion for Structured Capital and Secondaries, $0.6 billion for Real Assets, and $1.6 billion for Debt [5][7] - Realisations during the same period were $0.1 billion for Structured Capital and Secondaries, $0.2 billion for Real Assets, and $1.7 billion for Debt [5][7] Financial Performance - The company experienced a net addition of $1.328 billion in AUM, with structured capital and secondaries contributing $1.538 billion, while real assets and debt saw net reductions [3] - Year-on-year changes in AUM showed a 22% increase in Structured Capital, a 17% increase in Secondaries, a 3% decrease in Real Assets, and an 11% overall increase [3] - The total balance sheet return was positive at both the group level for the quarter and year-to-date [6] Market Conditions - The company noted variability in transaction activity across different asset classes, indicating a modest recovery in market conditions [6] - The foreign exchange rates for GBP to EUR and GBP to USD showed slight fluctuations, which may impact financial results [8]

Summary of Key Points Core Viewpoint - The report provides a six-monthly return on the block listing for ICG plc's Save As You Earn Plan 2004, detailing the balance of unallotted securities and the number of securities issued during the period. Group 1: Securities Information - The balance of unallotted securities under the scheme as of the previous return was 65,857 [2] - No increase has been applied for in the block scheme since the last return [2] - A total of 2,303 securities were issued/allotted under the scheme during the reporting period [2] - The balance of securities not yet issued/allotted at the end of the period is 63,554 [2] Group 2: Contact Information - The contact person for this report is Andrew Lewis [2] - The telephone number for inquiries is +44 (0)20 3545 2000 [2]

Core Viewpoint - ICG plc is changing its performance fee recognition method to enhance visibility and reduce management judgment, with the new approach expected to be implemented in H1 FY26, leading to a one-off gain and increased guidance for future performance fees [2][3][8]. Financial Impact - The company has grown equity-like fee-earning AUM by 3.0x over the last five years, which has the potential to generate higher performance fees [2]. - A one-off gain of £65 – 75 million is expected in H1 FY26 results, with total performance fees anticipated to be between £90 – 95 million [3]. - The recognition of performance fees will be more visible in future periods, particularly in the early years of a fund's life, without affecting the total amount of performance fees over the fund's life [4][6]. Accounting Changes - The new performance fee recognition will be reflected in both the company's Alternative Performance Measures (APM) and statutory (IFRS) accounts, with minimal differences expected [5]. - Performance fee recognition will begin when the successor vintage holds a first close and the investment period of the current vintage ends, removing management judgment regarding timing [9]. Guidance Update - The medium-term guidance for performance fees has been increased, now expected to represent 10-20% of total fee income, up from the previous 10-15% [8]. - The FMC operating margin is projected to exceed 54%, an increase from the previous expectation of 52% [10]. Company Overview - ICG is a global alternative asset manager with $123 billion in AUM, operating from over 20 locations and investing in various asset classes [13][14].