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Intermediate Capital Group PLC Earnings Release 2026
4730_10-q_2026-01-21_115e664c-981f-400a-a772-2ea39a51e134.html
Earnings Release
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National Storage Mechanism | Additional information
21 January 2026
ICG plc
Q3 Trading Statement for the period to 31 December 2025
| Highlights - AUM of $127bn; fee-earning AUM of $85bn, up 1%1 in the quarter, up 11%1 year-on-year- Dry powder of $36bn, of which $19bn is not yet earning fees- Fundraising of $4.4bn, including Europe IX ($1.6bn), Metropolitan II ($0.6bn) and LP Secondaries II ($0.3bn). LP Secondaries II expected to be activated and fee-earning in the coming quarters. Remaining fundraising largely due to Credit ($0.8bn)- Closed-end funds and associated SMAs that were actively fundraising included Europe IX, LP Secondaries II, Asia-Pacific Infrastructure I and Real Estate equity2- Transaction activity continuing to show modest recovery with some variability between asset classes- Positive Total Balance Sheet Return at a Group level in the quarter and YTD- Total available liquidity of £1.4bn (H1 FY26: £1.3bn) and net financial debt of £239m (H1 FY26: £401m)1 On a constant currency basis; 2 At 31 December 2025. The timings of launches and closes depend on a number of factors, including the prevailing market conditions. |
| Fee-earning AUM | ||||
| $m | Structured Capital and Secondaries | Real Assets | Debt | Total |
| At 30 September 2025 | 40,285 | 9,491 | 34,013 | 83,789 |
| Funds raised: fees on committed capital | 1,552 | 245 | — | 1,797 |
| Deployment of funds: fees on invested capital | 120 | 322 | 1,986 | 2,428 |
| Total additions | 1,672 | 567 | 1,986 | 4,225 |
| Realisations | (134) | (165) | (2,598) | (2,897) |
| Net additions / (realisations) | 1,538 | 402 | (612) | 1,328 |
| Stepdowns | — | (153) | — | (153) |
| FX and other | 32 | (192) | 52 | (108) |
| At 31 December 2025 | 41,855 | 9,548 | 33,453 | 84,856 |
| Q-o-Q change $m | 1,570 | 57 | (560) | 1,067 |
| Q-o-Q change % | 4% | 1% | (2%) | 1% |
| Constant currency growth: | ||||
| Q-o-Q change % | 4% | – | (2%) | 1% |
| Y-o-Y change % | 22% | 17% | (3%) | 11% |
| Last five years change % | 26% | 14% | 6% | 15% |
| Business activity | |||||||||
| $bn | Fundraising | Deployment 1 | Realisations 1,2 | ||||||
| Q3 FY26 | LTM | Q3 FY26 | LTM | Q3 FY26 | LTM | ||||
| Structured Capital and Secondaries | 2.5 | 11.4 | 2.8 | 9.4 | 0.1 | 2.2 | |||
| Real Assets | 0.6 | 4.5 | 0.6 | 3.0 | 0.2 | 1.7 | |||
| Debt3 | 1.3 | 3.7 | 1.6 | 5.2 | 1.7 | 5.0 | |||
| Total | 4.4 | 19.6 | 5.0 | 17.6 | 2.0 | 8.9 | |||
| 1 Direct investment funds; 2 Realisations of fee-earning AUM; 3 Includes Deployment and Realisations for Private Debt only. |
FOREIGN EXCHANGE RATES
| Average rate | Period end | |||
| Q2 FY26 | Q3 FY26 | 30 September 2025 | 31 December 2025 | |
| GBP:EUR | 1.1528 | 1.1428 | 1.1459 | 1.1473 |
| GBP:USD | 1.3386 | 1.3287 | 1.3446 | 1.3475 |
| EUR:USD | 1.1612 | 1.1626 | 1.1734 | 1.1745 |
This results statement may contain forward looking statements. These statements have been made by the Directors in good faith based on the information available to them up to the time of their approval of this report and should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying such forward looking information.
Unless otherwise stated the financial results discussed herein are on the basis of alternative performance measures (APM) basis; see full year results.
COMPANY TIMETABLE
| Shareholder seminar (online): ICG Real Estate | 24 March 2026, 3pm GMT Register here |
| Full year results announcement | 21 May 2026 |
ENQUIRIES
| Shareholders and debtholders / analysts: | |
| Chris Hunt, Head of Corporate Development and Shareholder Relations, ICG | +44(0)20 3545 2020 |
| Media: | |
| Clare Glynn, Head of Corporate Communications, ICG | +44(0)79 3435 7794 |
ABOUT ICG
ICG (LSE: ICG) is a global alternative asset manager with $127bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets.
Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital. For more information visit our website and follow us on LinkedIn.
*As at 31 December 2025.
