ICG Enterprise Trust PLC (LSE:ICGT)

Full Year 2025 ICG Enterprise Trust PLC Earnings Call Transcript

May 8, 2025 / 10:00 AM GMT

Release Date Price: £12.02 (+1.69%)

Transcript

Key Points

Positve

ICG Enterprise Trust PLC (LSE:ICGT) recorded a NEV per share total return of 10.5% and a share price total return of 12.5% for the year ending January 2025.
The company has a strong track record, with a NEV per share total return of 97% and a share price total return of 59% over the past five years.
ICG Enterprise Trust PLC is featured on the AIC's list of ISA millionaires, highlighting its long-term consistent returns.
The portfolio consists of resilient private companies with 11.2% revenue growth and 15.3% LTM EBITDA growth, outperforming the FTSE all-share earnings growth.
The company returned 59 million pounds to shareholders through dividends and buybacks, equivalent to 5% of opening NEV, demonstrating a shareholder-focused capital allocation strategy.

Negative

The macroeconomic and geopolitical uncertainty has increased, posing potential risks to future performance.
Realizations were below the long-term trend as a percentage of NAV, reflecting a broader trend in global M&A volumes.
The investment climate has been challenging, with slower turning of the investment life cycle compared to previous years.
The portfolio's net debt multiple decreased slightly to 4.4X, while the EV/EBITDA multiple rose to 15.2X, which may indicate increased valuation risks.
The company executed a secondary sale at a 5.5% discount, which, although lower than the share price discount, still reflects a reduction in asset value.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

ICGT.L - ICG Enterprise Trust PLC
Full Year 2025 ICG Enterprise Trust PLC Earnings Call
May 08, 2025 / 10:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning. Welcome to ICG Enterprise Trust's full year results for the 12 months to 31st of January 2025.

I'm joined today by Oliver Gardy and Colin Walsh, who will discuss our investment performance and activity in more detail over the course of this presentation.

The slides for the presentation along with the accompanying results announcement are available on our website.

We will have time for Q&A at the end of the presentation, so if you'd like to submit a questions, please do so through the online portal at any point in the Q&A box on your screens. We will then aim to answer those at the end of the session. With that, Oliver, over to you.

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