Hardman & Co Research / GB0003292009

Hardman & Co Research on ICG Enterprise Trust plc (ICGT):
Mid-teens EBITDA growth and long-term returns
  The key message from ICGT’s 1HFY’26 results (to July 2025) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth. Margins have widened by ca.5% (average revenue growth 10%), which should help allay some concerns over the impact of the challenging environment. New investment is forecast to accelerate, and realisation proceeds already exceed FY’25 with an average 14% uplift to carrying values on exit. A degree of short-term volatility is to be expected, and 1HFY’26 returns were below long-run averages, but the outlook is encouraging with visibility on exits and an “attractive” investment pipeline. 2Q was well ahead of 1Q. ICGT’s capital return policy is balanced.   Please click on the link below for the full report: https://hardmanandco.com/research/corporate-research/icgt-mid-teens-ebitda-growth-and-long-term-returns/ If you are interested in meeting the company, you can register your interest by clicking on the above link.

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