Core Insights - The company has demonstrated strong client demand and investment performance, leading to significant growth in assets under management (AUM) and fee income [3][4][9] Financial Performance - AUM increased to $124.3 billion, representing a 14% year-on-year growth, while fee-earning AUM rose to $83.8 billion, up 12% [8][9] - Management fee income reached £333.6 million, a 16% increase compared to the previous period, with performance fee income rising to £97.6 million [10][41] - Group profit before tax was £351.6 million, a 77% increase year-on-year, with earnings per share rising to 102.8p, up 78% [10][27] Fundraising and Deployment - The company raised $9 billion in the half-year, driven by European IX and European Infrastructure II funds [9][11] - Deployment of funds totaled $6.1 billion, with realisations amounting to $3.9 billion [11] Strategic Partnerships - A long-term strategic partnership with Amundi was announced to enhance the development and distribution of private market products targeted at wealth investors [6][9] Medium-term Guidance - The company aims to raise at least $55 billion in aggregate fundraising between April 2024 and March 2028, with an operating margin target exceeding 54% [12] Business Activity Overview - Structured Capital and Secondaries raised $4.0 billion, while Real Assets raised $3.3 billion, indicating strong fundraising activity across various strategies [11][31] - The effective management fee rate on fee-earning AUM was 0.98%, reflecting a stable fee structure [41] Investment Company Overview - The Investment Company focuses on seeding new strategies and investing alongside established strategies to align interests among shareholders, clients, and employees [47]

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].

Overall Performance - Ferrovial's net debt ex-infrastructure projects reached -€223 million[7] - Highways, Airports and Construction all showed robust performance[7,9] - Dividends collected from projects totaled €323 million[9] - Shareholder distributions amounted to €334 million[9] Highways - US Highways' revenue increased by 15.9% LfL compared to H1 2024[12] - US Highways' Adjusted EBITDA increased by 14.0% LfL compared to H1 2024[12] - 97% of Highways' Adjusted EBITDA and 88% of Highways' revenue came from US assets[12] - Dividends from North American assets reached €240 million (€339 million in H1 2024)[12] 407 ETR - 407 ETR revenue increased by 19.7% to CAD 933 million in H1 2025[14] - 407 ETR EBITDA increased by 13.0% to CAD 765 million in H1 2025[14] - A CAD 45.2 million provision was accrued for Schedule 22 in H1 2025[17] - A CAD 200 million dividend was paid in H1 2025, a 14.3% increase from CAD 175 million in H1 2024[19] Construction - Construction revenue reached €3,453 million in H1 2025, a 2.6% LfL increase[37] - Construction Adjusted EBIT margin reached 3.5% in H1 2025[37]