Final results for the financial year ended 31 March 2026

ICG PLC

ICG plc

21 May 2026

Final Results
For the financial year ended 31 March 2026

Highlights

Strategic and AUM

Delivering significant growth from flagship and scaling strategies, maintaining disciplined approach to investment performance and a focus on cash realisations (DPI) AUM of $126bn; fee-earning AUM of $87bn, up 11%1 y-o-y, five-year annualised growth of 14%1 Fundraising of $17bn, exceeding our expectations

Financial

Financial presentation evolved to be in line with global alternative asset management peers, in particular a focus on FRE Management fees of £685m, up 13%2 y-o-y; FRE of £350m / 120p per share up 23%3 y-o-y, five-year annualised growth of 30%3 Performance fee income of £127m4 (FY25: £86m) Balance sheet investment portfolio5 of £2,568m Group operating cashflow of £861m (FY25: £533m) Net debt of £113m (FY25: £629m), Total Available Liquidity of £1,461m (FY25: £1,098m)

Shareholder returns

Total ordinary dividend per share for FY26 of 87p6 (FY25: 83p), 16th consecutive annual increase

Note: unless otherwise stated the financial results discussed herein are on the basis of Alternative Performance Measures (APM). For information on closing number of shares and weighted average number of shares used for per-share calculations see Share count within the Finance review.
1 On a constant currency basis. 2 +17% excluding catch-up fees. 3 FRE growth on a per share basis. 4 Includes £72m of one-off transition impact due to change in estimate announced in October 2025. 5 Balance sheet portfolio is presented net of the DVB liability, see Glossary. 6 Dividends are payable both to Ordinary Shares and to Non-Voting Shares. See announcement on 18 November 2025 for details.

Benoît Durteste CIO and CEO "FY26 was a strong year for ICG. We reinforced our scaled competitive position, established a strategic relationship with Amundi, and built on our track record of strategic and financial resilience.

In an environment where liquidity and selectivity matter more than ever, we have maintained a disciplined approach to investments, with particular focus on cash realisations (DPI).

Strong performance is driving increasing client demand. Europe IX is expected to be ICG's first-ever commingled fund to reach €10bn in size and is continuing to raise. And the successful final closes for Infrastructure II and Metropolitan II mean we have now had six funds close at or above their target in the last 24 months.

This approach has translated into strong financial results, including fee-related earnings (“FRE”) of £350m (120p per share), up 23% in the year, and Group operating cashflow of £861m.

We are experiencing clear demand from institutional allocators globally for our strategies, and are unaffected by challenges being faced by certain evergreen vehicles in the US. I believe ICG is well positioned to continue generating compounding long-term shareholder value."

PERFORMANCE OVERVIEW

Unless stated otherwise, the financial results discussed herein are on the basis of alternative performance measures (APM), which the Board believes assists shareholders in assessing the financial performance of the Group.

Story Continues

Fee-earning AUM

$bn Structured Capital Private Equity Secondaries Structured Capital and Secondaries Real Assets Private Debt Credit Debt Year ended 31 March 2026 Year-on-year growth1 Last five
years CAGR1 Fee-earning AUM 25.9 17.2 43.1 9.8 14.3 19.3 33.6 86.5 11% 14% AUM not yet earning fees 1.8 1.7 3.5 2.0 12.9 0.3 13.2 18.7

1 On constant currency basis.
Business activity

Fundraising Deployment1 Realisations1,2 $bn Structured Capital and Secondaries 7.0 6.2 1.2 Real Assets 5.5 2.5 1.6 Debt3 4.1 5.4 4.0 Total 16.6 14.1 6.8

1 Direct investment strategies. 2 Realisations of fee-earning AUM. 3 Includes Deployment and Realisations for Private Debt only.

Financial performance
Refer to the Glossary for detailed definitions.

£m Year ended 31 March 2025 Year ended 31 March 2026 Year-on-year growth Last five
years CAGR Management fees 603.8 684.8 13% 20% Fee-related earnings (FRE) 283.6 349.5 23% 30% Performance fee income 86.2 127.0 47% 19% Balance sheet portfolio1 2,901 2,568 Group operating cashflow 533 861 Net debt 629 113 FRE per share 98p 120p 23% 30% Performance fee income per share 30p 44p 47% 19% Balance sheet portfolio per share 998p 883p Net debt per share 216p 39p Dividend per share2 83p 87p 5% 9%

1 Balance sheet portfolio is presented net of the DVB liability, see Glossary.
2 31 March 2026 dividend per share includes FY26 declared dividend.

Updated medium-term financial guidance
Financial guidance has been updated to reflect the evolution in presentation of our financial results. FMC margin guidance has been replaced with FRE margin guidance, and guidance on NIR has been removed. Guidance on fundraising and performance fees remains unchanged. Growth Profitability Performance fee income Fundraising of at least $55bn in aggregate between 1 April 2024 and 31 March 2028 FRE margin accretion (excluding catch-up fees) Performance fee income to represent c. 10 - 20% of total fee income1 FY26: $40bn raised since 1 April 2024 FY26: +14% in L5Y FY26: 10% average in L5Y1

1 Excluding £72m transition gain in FY26.

COMPANY PRESENTATION

A presentation for shareholders, debtholders and analysts will be held at 09:00 BST today: join via the link on our website.

A recording and transcript of the presentation will be available on demand from the same location in the coming days.

COMPANY TIMETABLE

Ex-dividend date 11 June 2026 Record date 12 June 2026 Last date to elect for dividend reinvestment 10 July 2026 AGM and Q1 trading statement 15 July 2026 Payment of ordinary dividend 31 July 2026 Half year results announcement 11 November 2026

ENQUIRIES

Shareholders & Debtholders / Analysts: Chris Hunt, Head of Corporate Development & Shareholder Relations, ICG +44(0)20 3545 2020 Media: Fiona Laffan, Global Head of Corporate Affairs, ICG +44(0)20 3545 1510

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.

ABOUT ICG

ICG (LSE: ICG) is a global alternative asset manager with $126bn* 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 March 2026.

USE OF ALTERNATIVE PERFORMANCE MEASURES

The Board and management monitor the financial performance of the Group on the basis of Alternative Performance Measures (APM), which are non-UK-adopted IAS measures. The APM form the basis of the financial results discussed in the Finance review, which the Board believes assist shareholders in assessing their investment and the delivery of the Group’s strategy through its financial performance. The APM reported in respect of the year ended 31 March 2026 introduces Fee‑Related Earnings (FRE) as an additional profitability metric for the Group. Full details of all new APM, including Balance Sheet Portfolio and Net Balance Sheet Returns, are presented in the Glossary.

The substantive difference between APM and UK-adopted IAS is the consolidation of funds, including seeded strategies, and related entities deemed to be controlled by the Group, which are included in the UK-adopted IAS consolidated financial statements at fair value but excluded for the APM in which the Group’s economic exposure to the assets is reported.

Under IFRS 10, the Group is deemed to control (and therefore consolidate) entities where it can make significant decisions that can substantially affect the variable returns of investors. This has the impact of including the assets and liabilities of these entities in the consolidated statement of financial position and recognising the related income and expenses of these entities in the consolidated income statement.

The Group’s profit before tax on a UK-adopted IAS basis was ahead of prior period at £588.2 (FY25: £530.5m). On the APM basis it was also above prior period at £586.2m (FY25: £532.2m).

CHIEF EXECUTIVE OFFICER’S REVIEW

Dear fellow shareholders,

FY26 was a strong year for ICG. We reinforced our scaled competitive position, established a strategic relationship with Amundi, and built on our track record of strategic and financial growth. We surpassed our fundraising expectations by some margin, putting us on track to deliver our four-year fundraising target potentially a year early. At a time when areas of the alternative asset management industry are under pressure, the consistency of our investment discipline and performance stands out, and is increasingly recognised by our institutional clients.

Periods of heightened uncertainty and volatility seem increasingly structural rather than episodic. Importantly, two of the challenges facing the industry today - liquidity strains within evergreen structures and exposure to businesses at direct risk of Al disruption - have limited direct impact on ICG. Our software exposure across the Group portfolio is approximately 10%, and even then only in highly cash generative businesses; while in private debt specifically, we do not have evergreen funds.

Against this backdrop, I believe the managers who will succeed and gain market share are those with a long track record of proven investment discipline; who offer clients access to a breadth of asset classes; and who have built multiple levers of growth, while being flexible and suitably resourced to execute on new opportunities as they arise.

ICG possesses these characteristics.

Our culture is unequivocally focused on investment performance: this will drive long-term shareholder value
Steadfast investment discipline and consistency of investment performance through cycles will drive long-term growth and shareholder value, rather than AUM gathering at the inevitable expense of returns. The current challenges in parts of the alternative asset management industry are making this very clear.

Investment performance starts with deployment and realisation discipline. The industry’s overall poor track record for returning capital, as measured by DPI metrics, in particular in recent years, has investors justifiably placing a high value on realised performance rather than potentially-optimistic NAVs. ICG’s industry-leading DPI performance across multiple strategies underpins our successful fundraising campaigns throughout this period.

Our investment committees drive this culture, and during the year these discussions have been some of the hardest in my memory. I continue to think pockets of equity valuations have more downside than upside risk, and credit terms remain very borrower friendly in most cases. Second- and third-order AI risk for many companies is likely to remain challenging to value for some time, and ongoing geopolitical conflicts add to the uncertainty of the economic outlook. Our downside-focused structuring expertise and our strong local origination capabilities ensure we can continue to deploy adequately while never compromising on risk.

Focus on long-term quality growth
We have deliberately built ICG as an engine for organic growth. This is only possible with a strong balance sheet and a long-term strategic vision.

Well executed, it is a powerful source of long-term per-share value creation. SDP (European direct lending) and Strategic Equity (GP-led secondaries) were both launched over a decade ago. Today they are large and highly profitable strategies, and we are looking forward to launching the sixth vintage of both in the coming months.

Today, Real Estate, Infrastructure and LP Secondaries represent emerging drivers of future growth for our firm, building on our flagship strategies within Structured Capital, GP-led Secondaries and European Direct Lending. Our scaling strategies are increasingly visible in our financial results, accounting for 19% of our management fees in FY26 compared to 13% in FY21. This year we have launched the second vintage of LP Secondaries, which has a strong fundraising pipeline, and we closed Infrastructure Europe II and Metropolitan II above their targets. This was no small feat in the current environment, and is a critical milestone: the success of second vintages is vital to cementing the reputation and position of a strategy and as a result, we can look confidently to meaningful growth in both strategies in the coming decade.

The opportunities for growth within ICG have never been as large or as diverse.

Address large investable markets to be relevant to all asset allocators globally
Strong and sustained institutional demand continues to underpin ICG's growth. With $126bn AUM, we are large enough to be meaningful to all asset allocators while being nowhere near at capacity from the institutional market.

In the last 24 months, we have closed six funds at or above target against a sector-wide backdrop in which the total AUM raised in private markets globally is down 21% compared to 2021 and the number of funds raised has halved over the same time period1. Europe IX is on track to surpass its €10bn target which, would make it ICG’s largest ever commingled fund and the largest European structured capital fund ever raised globally at final close2. This underlines how ICG is gaining share in a sector that is continuing to consolidate inorganically and organically.

Today we serve over 870 institutional clients globally, up 11% over the course of the year. Among these we are proud to count six of the largest ten US pension funds and seven of the ten largest sovereign wealth funds, as well as hundreds more institutions who invest on behalf of their clients, customers, pensioners and employees to build wealth and financial security.

The wealth market represents a large potential source of capital for private markets, but events in real estate in 2022 and in credit in recent months have made clear the challenges involved in designing and selling products that are intrinsically illiquid. I remain convinced that, adequately structured to preserve investment performance, alternative strategies can and should form an integral part of long-term wealth allocation. For ICG, wealth capital accounts for 4% of our AUM today3. The partnership we signed with Amundi and our relationships with global private banks constitute an incremental source of long-term upside potential where investment strategies and product structures are aligned with our investment approach.

Ensure you have the necessary resources to withstand any market headwind and execute on value-creating opportunities
The financial results we are reporting today reflect the consistency of our approach. A clear focus on investment performance and a commitment to building scaled and relevant strategies have enabled us to grow organically in a profitable and cash generative fashion.

For the year ended 31 March 2026 we generated fee-related earnings (FRE) of £350m, equivalent to 120p per share and up 23% in the year. Over the last five years our FRE has grown at an annualised rate of 30%. We also recognised £127m of performance fee income in the year and generated £861m of operating cash flow.

With £1.5bn of available liquidity and net debt of £113m, our balance sheet has never been stronger, and it puts ICG in an excellent position to weather market uncertainties and to take advantage of opportunities that will inevitably arise.

This combination of performance, scale and financial strength positions ICG to continue to compound FRE per share by expanding the breadth and scale of the solutions we provide to our clients.

Even more important than financial resources, however, are our people and culture. Volatility and uncertainty are never comfortable in the moment, but history shows us that it is in these conditions that ICG's teams do their best work: having the discipline to step back when risk is poorly rewarded, and the confidence to lean in where long-term value can be created.

I would like to thank all our colleagues for their commitment and judgement during the year. We continue to build ICG with a long-term perspective, focused on serving our clients and delivering sustainable value for shareholders. I am excited about the opportunities ahead and confident in our ability to execute on them.

Benoît Durteste

1 Source: Bain Global Private Equity Report 2026.
2 Source: WithIntelligence as of 7th May 2026.
3 By % of third-party AUM, excluding CLOs and listed vehicles.

FINANCIAL REVIEW

AUM and FY27 fundraising
Refer to the Datapack for further detail on AUM (including fundraising, realisations and deployment).

At 31 March 2026, AUM stood at $126bn and fee-earning AUM at $87bn.

At 31 March 2026, we had $36.1bn of AUM available to deploy in new investments ("dry powder"), of which $18.7bn was not yet earning fees.

Fee-earning AUM ($m) Structured Capital and Secondaries Real Assets Debt Total At 1 April 2025 36,086 7,711 31,330 75,127 Funds raised: fees on committed capital 5,978 2,706 — 8,684 Deployment of funds: fees on invested capital 777 1,360 8,193 10,330 Total additions 6,754 4,067 8,193 19,014 Realisations (1,171) (1,623) (6,742) (9,536) Net additions / (realisations) 5,585 2,444 1,449 9,478 Step-ups/(Step-downs) 54 (153) — (99) FX and other 1,410 (208) 808 2,010 At 31 March 2026 43,134 9,793 33,589 86,516 Change $m 7,048 2,082 2,259 11,389 Change % 20% 27% 7% 15% Change % (constant currency basis) 15% 21% 3% 11%

See page 18 for FX exposure of fee-earning AUM, FRE and Balance sheet portfolio.

FY27 fundraising
At 31 March 2026, closed-ended funds and associated SMAs that were actively fundraising included Europe IX, LP Secondaries II, Infrastructure Asia I, various Real Estate strategies. We expect to hold the final close for Europe IX during 2026. We anticipate launching Senior Debt Partners 6, Asia Corporate V and Strategic Equity VI towards the end of FY27. The timings of launches and closes depend on a number of factors, including the prevailing market conditions. Given our fundraising cycle and what is likely to be marketed in FY27, we expect fundraising in FY27 to be below that of FY26.

Group financial performance

Following discussions with its shareholders, advisers and other market participants, the Group has decided to evolve its financial presentation to be more in line with its global alternative asset management peers. From FY26 onwards, ICG's financial results will focus on:

Fee-related earnings (FRE): the profit generated from management fees less Group cash operating expenses; Performance fee income: the income from the Group's share of performance fees as recognised by our performance fee recognition policy (see note 3); and Balance sheet portfolio1: the asset value of our co-investment portfolio and seed portfolio.

In addition, we will continue to focus on Group operating cash flow and the Company's net debt / (cash) position.

To underline the value to shareholders, a number of these metrics will also be presented on a per share basis.

See the Glossary and Notes to the financial statements for detailed definitions as well as reconciliations to our operating segments and IFRS results. A five-year track record of this table is included in the Datapack.

£m unless stated Year ended 31 March 2025 Year ended 31 March 2026 Change % Management fees 603.8 684.8 13% of which catch-up fees 61.8 51.4 (17)% FRE operating expenses (320.2) (335.3) 5% Fee-related earnings (FRE) 283.6 349.5 23% FRE margin 47.0% 51.0% 4% FRE margin ex catch-up fees 40.9% 47.1% 6% Performance fee income2 86.2 127.0 47% Stock-based compensation (53.2) (50.0) (6)% Asset management earnings 316.6 426.5 35% Net balance sheet return3 231.4 148.8 (36)% Other income and expenses 13.1 24.1 84% Depreciation and amortisation (8.5) (7.6) (11)% Net interest (20.4) (5.6) (73)% Group profit before tax 532.2 586.2 10% Tax (79.8) (108.2) 36% Group profit after tax 452.4 478.0 6% Earnings per share4 156p 165p 6% Dividend per share4 83p 87p 5% Group operating cash flow 533 861 62% Balance sheet portfolio 2,901 2,568 (11)% Net debt 629 113 (82)% FRE per share4 98p 120p 23% Performance fee income per share4 30p 44p 47% Balance sheet portfolio per share4 998p 883p (11)% Net debt per share4 216p 39p (82)% Note: FMC PBT margin 60.2% 65.2% 5.0%

Note: For management purposes, the Group comprises two operating segments, the Fund Management Company (FMC) and the Investment Company (IC) which are also reportable segments (see note 4). Other information includes a bridge between the financial information reported above and those operating segments. Further details are provided in the Glossary.

1 Balance sheet portfolio is presented net of the DVB liability, see Glossary.
2 Includes £72m of one-off transition impact due to change in estimate announced in October 2025.
3 Net investment returns and CLO dividends less DVB expense, see Glossary.
4 The number of shares used for per share calculations includes shares held in the EBT, which are on a different basis to Note 15. The Group satisfies stock-based compensation by issuing shares from the EBT, and the EBT makes on-market purchases (funded by the Group) in order to meet these issuances. As such, stock-based compensation is not dilutive to shareholders. See also Notes 23 and 24 for details. For details on Amundi’s share buyback, see page later in the RNS for a comprehensive breakdown.
Structured Capital and Secondaries

Overview

Seeding strategies Scaling strategies Flagship strategies Life Sciences European Mid-Market
Asia Pacific Corporate
LP Secondaries European Corporate
Strategic Equity

Year ended 31 March 2025 Year ended 31 March 2026 Year-on-year growth1 Last five years CAGR1,2 AUM AUM $51.5bn $58.2bn 9% 29% Structured Capital $28.4bn $33.6bn 12% 24% Private Equity Secondaries $23.1bn $24.6bn 6% 38% Fee-earning AUM $36.1bn $43.1bn 15% 26% Structured Capital $19.6bn $25.9bn 24% 23% Private Equity Secondaries $16.5bn $17.2bn 4% 32% Business activity Fundraising $13.2bn $7.0bn (47)% Deployment $11.6bn $6.2bn (47)% Realisations3 $2.3bn $1.2bn (49)% Financial outcomes Effective management fee rate 1.23% 1.24% (1)bps Management fees £366m £405m 11% 25% Performance fee income £85m £96m 13% 18%

1 AUM on constant currency basis.
2 CAGR calculation based on 31 March 2021 to 31 March 2026.
3 Realisations of fee-earning AUM.
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.

Performance of key funds
Refer to the Datapack issued with this announcement for further detail on fund performance

Vintage Total fund size1 Status % deployed Gross MOIC Gross IRR DPI Structured Capital Europe VI 2015 €3.0bn Realising 2.2x 23% 205% Europe VII 2018 €4.5bn Realising 2.0x 17% 133% Europe VIII 2021 €8.1bn Realising 1.5x 16% 15% Europe IX Fundraising Europe Mid-Market I 2019 €1.0bn Realising 1.9x 23% 73% Europe Mid-Market II 2023 €2.6bn Investing 43% 1.3x 30% 29% Asia Pacific III 2014 $0.7bn Realising 2.2x 17% 113% Asia Pacific IV 2020 $1.1bn Investing 69% 1.4x 13% 15% Private Equity Secondaries Strategic Secondaries II 2016 $1.1bn Realising 3.0x 45% 200% Strategic Equity III 2018 $1.8bn Realising 2.8x 30% 114% Strategic Equity IV 2021 $4.3bn Realising 1.7x 19% 3% Strategic Equity V 2023 $7.7bn Investing 56% 2.4x >100% — LP Secondaries I 2022 $0.8bn Investing >100% 1.9x 45% 31% LP Secondaries II Fundraising

1 Refers to commingled fund size.
Note: MOIC, IRR and DPI for Strategic Equity V shown for USD sleeve only.

Key drivers

Business activity Fundraising1: Europe IX ($5.5bn) and LPS II ($0.5bn)
Deployment: Strategic Equity ($3.1bn), European Corporate ($1.9bn), LP Secondaries ($0.5bn) and Mid-Market ($0.4bn)
Realisations: European Corporate ($0.7bn) and Strategic Equity ($0.3bn) Fee income Management fees: Increase largely driven by fundraising in Europe IX, including £9m of catch-up fees
Performance fee income: Driven by inaugural recognition for Europe VIII, Strategic Equity IV, and Mid-Market I due to the change in approach announced in October 2025 (£49m), with the remaining income being split broadly equally between valuation changes and passage of time

1 Refers to co-mingled funds only.
Real Assets

Overview

Seeding strategies Scaling strategies Flagship strategies — European Infrastructure
Asia-Pacific Infrastructure
Real Estate Equity Europe
Real Estate Debt —

Year ended 31 March 2025 Year ended 31 March 2026 Year-on-year growth1 Last five years CAGR1, 2 AUM AUM $12.9bn $18.7bn 37% 23% Fee-earning AUM $7.7bn $9.8bn 21% 13% Business activity Fundraising $2.3bn $5.5bn n/m Deployment $2.4bn $2.5bn 4% Realisations3 $1.4bn $1.6bn 16% Financial outcomes Effective management fee rate 0.97% 1.00% +3bps Management fees £77m £122m 58% 27% Performance fee income — £8m

1 AUM on constant currency basis.
2 CAGR calculation based on 31 March 2021 to 31 March 2026.
3 Realisations of fee-earning AUM.
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.

Performance of key funds
Refer to the Datapack issued with this announcement for further detail on fund performance

Vintage Total fund size1 Status % deployed Gross MOIC Gross IRR DPI Real Estate Partnership Capital IV 2015 £1.0bn Realising 1.2x 3% 106% Real Estate Partnership Capital V 2018 £0.9bn Realising 1.3x 7% 91% Real Estate Partnership Capital VI 2021 £0.6bn Realising 1.3x 10% 27% Real Estate Debt Fund VII Fundraising European Infra I 2020 €1.5bn Realising 1.6x 19% 50% European Infra II 2023 €3.1bn Investing 21% 1.3x 24% — Infrastructure Asia Fundraising Metropolitan I 2022 €0.2bn Realising 1.2x 10% 24% Metropolitan II 2024 €0.7bn Investing 37% 1.2x 19% 5% Strategic Real Estate I 2019 €1.2bn Realising 1.3x 8% 29% Strategic Real Estate II 2022 €0.7bn Realising 1.3x 10% 9%

1 Refers to commingled fund size.
Note: MOIC, IRR and DPI for Metropolitan II shown for EUR sleeve only.

Key drivers

Business activity Fundraising1: European Infra II ($1.9bn), Metropolitan II ($0.6bn) and Infrastructure Asia ($0.2bn)
Deployment: European Infrastructure ($0.9bn), Real Estate Equity ($0.9bn) and Real Estate Debt ($0.7bn)
Realisations: Real Estate Debt ($1.1bn), Real Estate Equity (0.2bn) and European Infrastructure ($0.2bn) Fee income Management fees: Increase driven by European Infra II, including £32m of catch-up fees in FY26 (FY25: £9m); and Metropolitan II, including £11m of catch-up fees (FY25: nil)
Performance fee income: Largely due to inaugural recognition for European Infrastructure I, given the change in approach announced in October 2025 (£6m); with the remaining income being largely driven by valuation changes

1 Refers to co-mingled funds only.
Debt

Overview

Seeding strategies Scaling strategies Flagship strategies — North American Credit Partners (NACP)
Australian Loans
Liquid Credit Senior Debt Partners (SDP)
CLOs

Year ended 31 March 2025 Year ended 31 March 2026 Year-on-year growth1 Last five years CAGR1,2 AUM AUM $47.6bn $48.3bn (2)% 6% Private Debt $29.7bn $29.0bn (6)% 11% Credit $17.9bn $19.3bn 4% 1% Fee-earning AUM $31.3bn $33.6bn 3% 4% Private Debt $13.5bn $14.3bn 1% 7% Credit $17.8bn $19.3bn 4% 3% Business activity Fundraising $8.2bn $4.1bn (50)% Deployment3 $3.5bn $5.4bn 55% Realisations4 $8.5bn $6.7bn (21)% Financial outcomes Effective management fee rate 0.64% 0.63% (1)bps Management fees £161m £159m (2)% 7% Performance fee income £2m £23m n/m 15%

1 AUM on constant currency basis.
2 CAGR calculation based on 31 March 2021 to 31 March 2026.
3 Excludes deployment on Credit funds.
4 Realisations of fee-earning AUM.
Note: Growth calculations are performed using whole numbers for all metrics to ensure an accurate representation of the movements.

Performance of key funds
Refer to the Datapack issued with this announcement for further detail on fund performance

Vintage Total fund size1 Status % deployed Gross MOIC Gross IRR DPI Private Debt Senior Debt Partners 2 2015 €1.5bn Realising 1.3x 7% 112% Senior Debt Partners 3 2017 €2.5bn Realising 1.2x 5% 91% Senior Debt Partners 4 2020 €4.9bn Realising 1.3x 11% 77% Senior Debt Partners 5 2022 €7.3bn Investing 72% 1.2x 14% 11% North American Private Debt I 2014 $0.8bn Realising 1.4x 16% 138% North American Private Debt II 2019 $1.4bn Realising 1.4x 13% 96% North America Credit Partners III 2023 $1.9bn Investing 31% 1.2x 17% 2%

1 Refers to commingled fund size.
Note: MOIC, IRR and DPI for SDP III, IV and V shown for EUR sleeves only.

Key drivers

Business activity Fundraising: CLOs ($1.8bn) and Liquid Credit ($1.8bn)
Deployment: SDP ($4.5bn), and North America Credit Partners ($0.2bn)
Realisations: SDP ($3.1bn) and North America Credit Partners ($0.3bn) Fee income Management fees: Reduction compared to FY25, despite growing FE AUM year-on-year, is due to timing of realisations and deployments in FY25 and FY26, impacting average FE AUM over the respective years
Performance fee income: Largely driven by SDP and NACP due to change in approach announced in October 2025 (£17m); remaining mostly driven by passage of time

Management fees and fee-related earnings (FRE)
Management fees for the period totalled £684.8m (FY25: £603.8m), a year-on-year increase of 13% (+17% excluding the impact of catch-up fees of £51.4m (FY25: £61.8m)). On a constant currency basis management fees increased 14% year-on-year.

We maintained fee discipline across strategies and continued to experience a mix-shift towards higher-return strategies, resulting in an effective management fee rate on fee-earning AUM of 98bps (FY25: 96bps).

FRE operating expenses totalled £335.3m, an increase of 5% compared to FY25 (£320.2m). This growth, which continues a recent trajectory of shallowing FRE expenses, was due largely to being disciplined in our headcount (down 1% in the year), as well as appropriate cost control for staff and non-staff costs. The year-on-year growth in administrative costs was due to a number of one-off expenses.

As a result FRE was £349.5m / 120p per share in FY26 (FY25: £283.6m / 98p per share). This represents a 23% year-on-year growth (34% excluding catch-up fees) and a five-year CAGR of 30% (27% excluding catch-up fees).

FRE margin was 51.0% (FY25: 47.0%), or 47.1% excluding catch-up fees (FY25: 40.9%).

£m Year ended 31 March 2025 Year ended 31 March 2026 Change % Management fees 603.8 684.8 13% Of which catch-up fees 61.8 51.4 (17)% Salaries (139.2) (148.2) 7% Cash Incentives (95.7) (96.3) 1% Administrative costs (85.3) (90.8) 6% FRE operating expenses (320.2) (335.3) 5% FRE 283.6 349.5 23% FRE margin 47.0% 51.0% 4% FRE ex. catch-up fees 221.8 298.1 34% FRE margin ex. catch-up fees 40.9% 47.1% 6%

Performance fee income
Performance fees recognised for the year totalled £127.0m (FY25: £86.2m), of which £72m was due to the change in estimate for performance fees revenue measurement announced on 2 October 2025. The remainder was due to the passage of time and to changes in the underlying fund valuations.

During the period, the Group received in cash performance fees of £96.1m and at 31 March 2026 had an accrued performance fees receivable on its balance sheet of £144.7m (31 March 2025: £108.4m).

£m Accrued performance fees at 31 March 2025 108.4 Accruals during period 127.0 Received during period (96.1) FX and other movements 5.4 Accrued performance fees at 31 March 2026 144.7

Net Balance Sheet Return
For the twelve months to 31 March 2026 the Net Balance Sheet Return was £149m (+5%) (FY25: £231m (+8%))1 and over the last five years has generated an average return of 10%. All asset classes except Debt generated +5% to +8% returns in the year, while Debt’s return of £(7)m (-2%) was driven by a number of mark-to-market movements within our CLO portfolio. This year's outcome in the context of a challenging macro backdrop underlines the diversification and resilience of the Balance Sheet Portfolio, which management expects to generate low double-digit % annualised returns over the long term.

Other income and expenses

Other income and expenses increase of £11m, which is largely non-cash, includes net FX gains of £20m (FY25: £8m) from foreign exchange retranslation and fair value movements on hedging derivatives.

1 For detail on balance sheet return by asset class see the Datapack accompanying this announcement and for bridges from total balance sheet return to net balance sheet return and from balance sheet net realisations to net cash flows from balance sheet activity see the Glossary.

Tax
The Group recognised a tax charge of £108.2m (FY25: £79.8m), resulting in an effective tax rate for the period of 18.5% (FY25: 14.9%).

The Group has a structurally lower effective tax rate than the statutory UK rate. See note 13 for more detail.

Balance Sheet and Capitalisation

ICG is well capitalised with an asset base that is strategically valuable and aligns interests between shareholders and clients. This includes a co-investment portfolio that invests alongside our funds to align interests with clients, and seed investments that support the growth of future strategies and products.

At 31 March 2026, ICG had net financial debt of £113m1 (FY25: £629m) and net debt / FRE of 0.3x.

£m 31 March 2025 31 March 2026 Balance sheet portfolio 2,901 2,568 Cash and cash equivalents 605 981 Other assets 447 487 Total assets 3,953 4,036 Financial debt (1,177) (1,024) Other liabilities (280) (308) Total liabilities (1,457) (1,332) Net asset value 2,496 2,704

A breakdown of the balance sheet portfolio and its movement over the year is set out below:

£m At 31 March 2025 Revenue Cash flow At 31 March 2026 Net Balance Sheet Return FX & other Net (realisations) Co-investment portfolio2 2,609 135 58 (478) 2,324 Seed investments 292 14 (7) (55) 244 Balance sheet portfolio 2,901 149 51 (533) 2,568

Net realisations of the co-investment portfolio represented 18% of the opening value (five-year average: 10%).

The increasingly asset-light nature of our business model is visible in the levels of cash the balance sheet portfolio is generating. In recent years the Group has reduced the level of co-investment to a number of strategies as they have become more established with clients over multiple vintages. As a result, we believe we are in the early stages of a multi-year trend whereby the co-investment portfolio for the current perimeter of products could generate significant net cashflow as older vintages are realised and lower co-investment commitments feed into deployment levels. The timing and amount of this cashflow are uncertain, depending amongst other things on realisation activity and realised valuations.

At 31 March 2026, ICG had uncalled commitments to funds in their investment period of £832m and a further £634m to funds outside of their investment period. See page 69 for details. We continue to optimise the absolute size of balance sheet commitments alongside funds as strategies mature and have reduced the absolute commitments made across a number of strategies in recent years. During the year the Group made commitments to funds including Europe IX (€181m), LPS II ($50m); Core Private Equity (evergreen) funds ($100m); various Real Assets strategies (£62m). Note that for funds still raising, further commitments from the balance sheet may be made as client capital is accepted into the fund.

At 31 March 2026, the Group had drawn debt of £1,024m (FY25: £1,177m). The change is due to the repayment of certain facilities as they matured, along with changes in FX rates impacting the value:

£m Drawn debt at 31 March 2025 1,177 Debt (repayment) / issuance (172) Impact of foreign exchange rates 19 Drawn debt at 31 March 2026 1,024

The Group’s debt is provided through a range of facilities. The weighted-average pre-tax cost of drawn debt at 31 March 2026 was 2.71% (FY25: 2.84%). For further details of our debt facilities see Other Information (page 85).

At 31 March 2026, the Group had credit ratings of BBB+ (stable outlook) from S&P and Fitch, including an upgrade from Fitch during the year.

1 Drawn financial debt less available cash.
2 Investments made by ICG’s balance in or alongside funds managed by ICG that have taken third-party capital. For detail on the balance sheet portfolio by asset class see the Datapack accompanying this announcement.

Cash flow and total available liquidity

ICG generated operating cash flow of £861m during FY26 (FY25: £533m) and at 31 March 2026 had total available liquidity of £1,461m (FY25: £1,098m).

FRE-related cash flow grew 9% to £325m. In addition, certain funds managed by the Group had a number of material exits during the year, which resulted in £96m of performance fees being received (as many of those funds were already in carry) and £533m net cash flow being generated by the balance sheet portfolio (FY25: £240m). The cash flow from balance sheet portfolio in particular benefitted from a number of large exits in Europe VI and VII.

The table below sets out movements in cash:

£m 31 March 2025 31 March 2026 Opening cash 627 605 Operating activities Management fees 602 657 FRE expenses (303) (332) FRE-related cash flow 299 325 Performance fees 60 96 Net cash flows from balance sheet portfolio 240 533 Other operating cash flow 2 2 Tax paid (68) (95) Group operating cash flows 533 861 Financing activities Net interest (22) (7) Dividends paid (229) (242) Net repayment of borrowings (241) (172) EBT-related outflows (70) (58) Net cash flows for Amundi buyback / share issuance1 (17) Group financing cash flows (562) (496) FX and other (6) 11 Closing cash 605 981 Regulatory liquidity requirement (57) (70) Available cash 548 911 Available undrawn RCF 550 550 Cash and undrawn debt facilities (total available liquidity) 1,098 1,461

1 Net cash inflows and outflows arising from the share buyback and share issuance transactions reflect timing effects only. On a cumulative basis, the overall transaction is expected to be cash-neutral for shareholders upon completion.
Operating cash flows under UK-adopted IAS of £846.1m (FY25: £136.1m) include consolidated credit funds. This difference to the APM measure is driven by cash consumption within consolidated credit funds as a result of their investing activities during the period.
Capital allocation

Our approach to capital allocation focuses on maintaining our progressive dividend alongside reaching a position of zero net debt and investing in the growth of ICG, primarily with a focus on increasing FRE per share over the long term.

At the point of having excess capital and cash we will continue to evaluate all options for growing FRE per share and total shareholder return over the long-term. As well as optimising co-investments alongside our funds, these options include further organic growth through developing new products and strategies; inorganic growth through M&A and partnerships; and returning capital to shareholders.

Dividend
ICG has a progressive dividend policy. Over the long term the Board intends to increase the dividend per share by at least mid-single digit percentage points on an annualised basis.

The Board has proposed a final dividend of 59.3p per share which, combined with the interim dividend of 27.7p per share, results in total dividends for the year of 87p (FY25: 83p). Both Ordinary Shares and Ordinary Non-Voting Shares are entitled to this dividend.

This marks the 16th consecutive year of growth in the ordinary dividend per share, which over that time has grown at an annualised rate of 11%.

We continue to make the dividend reinvestment plan available for Ordinary Shares.

Share count
At 31 March 2026 the Group had the following share capital:

31 March 2025 31 March 2026 Total Ordinary Shares in issue 294,370,225 294,373,624 Less Ordinary Shares held in treasury (legacy) (3,733,333) (3,733,333) Less Ordinary Shares held in treasury pursuant to Amundi partnership — (2,785,365) Plus Ordinary Non-Voting Shares in issue — 1,680,934 Plus Ordinary Shares held in treasury that are expected to have Ordinary Non-Voting Shares issued in their place1 — 1,104,431 Number of shares used for purposes of per share calculations 290,636,892 290,640,291 Note: total ordinary voting shares outstanding 290,636,892 287,854,926 Weighted average number of shares for purposes of per share calculations2 290,633,332 290,638,658

1 This represents the number of shares repurchased so far by ICG pursuant to the Amundi partnership, less Ordinary Non-Voting Shares already issued to Amundi. It is expected that an equal number of Non-Voting will be issued to Amundi in due course. This metric is used for per share calculations to represent the ongoing value attributable to shareholders on a normalised basis, reflecting the difference in timing between share repurchases made by ICG and subscription by Amundi for Ordinary Non-Voting Shares. See announcement of 18 November 2025. These shares are not entitled to dividends at the balance sheet date.
2 31 March 2026 weighted average number of shares include both voting and non-voting ordinary shares for calculating financial performance.

As detailed in the announcement of 18 November 2025, the Ordinary Non-Voting Shares have the same nominal value, rights and privileges as the Ordinary Shares, including as relates to dividends and other economic rights, save that the Ordinary Non-Voting Shares do not have any voting rights.

The Group has a policy of neutralising the dilutive impact of stock-based compensation through the purchase of shares by an Employee Benefit Trust (EBT). During the year, the Group expensed £50.0m of stock-based compensation and had £58.0m of EBT-related cash flows.

Foreign exchange rates

The following foreign exchange rates have been used throughout this review:

Average rate for FY25 Average rate for FY26 Year ended 31 March 2025 Year ended 31 March 2026 GBP:EUR 1.1919 1.1546 1.1944 1.1449 GBP:USD 1.2773 1.3411 1.2918 1.3228 EUR:USD 1.0751 1.1616 1.0815 1.1553

The table below sets out the currency exposure for the following:

USD EUR GBP Other Fee-earning AUM 33% 59% 7% 1%

The table below sets out the indicative impact on our reported management fees, FRE and balance sheet portfolio had sterling been 5% weaker or stronger against the euro and the dollar in the period (excluding the impact of any hedges):

Impact on FY26 management fees1 Impact on FY26
FRE Impact on balance sheet portfolio at 31 March 2026 Sterling 5% weaker against euro and dollar +£33.4m +£26.5m +£105.3m Sterling 5% stronger against euro and dollar -£(30.2)m -£(24.0)m -£(105.3)m

1Impact assessed by sensitising the average FY26 FX rates.

Where noted, this review presents changes in fee-earning AUM on a constant currency exchange rate basis. For the purposes of these calculations, prior period numbers have been translated from their underlying fund currencies to the reporting currencies at the respective FY26 period end exchange rates. This has then been compared to the FY26 numbers to arrive at the change on a constant currency exchange rate basis.

The Group does not hedge its net currency income as a matter of course, although this is kept under review. The Group does hedge its net balance sheet currency exposure with the intention of insulating it from FX movements. Changes in the fair value of the balance sheet hedges are reported within other income and expenses.

MANAGING RISK

Our approach

The Board is accountable for the overall stewardship of the Group’s Risk Management Framework (RMF), internal control assurance, and for determining the nature and extent of the risks it is willing to take in achieving the Group’s strategic objectives. In doing so the Board sets preferences for the risks undertaken and within a strong control environment aims to generate a return for investors and shareholders and to protect their interests. The Board also promotes a Group-wide strong risk management culture by encouraging acceptable behaviours, decisions, and attitudes towards taking and managing risk.

Managing risk

Taking on risk in a controlled manner enables the organisation to capture opportunities, to innovate and to further enhance our business, for example new investment strategies or new approaches to managing our client relationships. Therefore, the Group maintains a risk culture that provides flexibility for entrepreneurial leadership within a prudent risk management and effective control framework.

Risk management is embedded across the Group through the RMF to ensure current and emerging risks are identified, assessed, monitored, controlled, and appropriately governed based on a common risk taxonomy and methodology. The Group’s RMF operates under the principles of the ‘three lines of defence’ model. The RMF is designed to protect the interests of stakeholders and meet our responsibilities as a UK-listed company, and the parent company of a number of regulated entities. The Board reviews the RMF regularly, and it forms the basis on which the Board reaches its conclusions on the effectiveness of the Group’s system of internal controls and the Group’s risk profile.

The Board’s oversight of risk management is proactive, ongoing and integrated into the Group’s governance processes. The Board Risk Committee receives regular reports on the RMF activities and operating effectiveness of the internal control system. These reports set out significant risks (Principal Risks) as well as emerging risks faced by the Group. The Board Risk Committee receives regular management information and monitors performance of defined metrics of the Principal Risks against set thresholds and limits.

The Board also meets regularly with the internal and external auditors to discuss their findings and recommendations, which provides insight into areas that may require enhanced monitoring or improvement.

Risk Appetite

Risk appetite is defined as the level of risk which the Group is prepared to accept in the conduct of its activities. The risk appetite strategy is implemented through the Group’s operational policies, procedures and internal controls. It is monitored by defined risk appetite metrics which provide early warning indicators and control exposures and activities that may have material risk implications. The current risk profile is within our risk appetite and tolerance range.

Principal and emerging risks

The Group uses a Principal and Emerging risks process to provide a current as well as forward-looking view of the potential risks that can threaten the execution of the Group’s strategy or operations over the medium to long term.

The Group’s Principal Risks are individual risks, or a combination of risks, of which materialisation beyond tolerance limits could result in events or circumstances that might threaten our business model, future performance, solvency, liquidity and reputation. The Group’s RMF identifies nine Principal Risks which are accompanied by associated responsibilities and expectations around risk management and control. Each Principal Risk is overseen by an accountable Executive Director, who is responsible for the framework, policies and detailed procedures and standards.

Emerging risks are developing risks that cannot yet be fully assessed nor quantified but that could, in the future, affect the viability of the Group’s strategy or materially impact our current principal risk exposures. Emerging risks are identified through regular interactions with stakeholders throughout the business, attendance at industry events, review of external publications, and horizon scanning performed by the relevant functions, including Risk and Compliance functions. Once emerging risks have been identified, they can be tracked and monitored to determine if they represent a key risk exposure to ICG and whether or not any management actions need to be put in place to mitigate ICG’s exposure to these risks. Emerging risks are continuously monitored to ensure that they are appropriately managed by the Group.

Reputational risk is an important consideration and is actively managed and mitigated as part of managing each Principal Risk and the wider RMF. Similarly, sustainability risk is not defined as a principal risk but is considered across the Group’s activities as an embedded value. The Group has determined that the most significant impact from climate change relates to the underlying portfolio investments. Climate-related risk for both the Group’s own investment and fund management activities are addressed in greater detail in note 1 of the financial statements (see page 34).

Directors’ Confirmations

The Board has continued to oversee the further enhancement of the Group’s risk management and internal control processes in line with the requirements of UK Corporate Governance Code 2024 (the ‘Code’). This involves continuous monitoring and assessment of risk management and internal controls as well as expanded assurance processes on internal controls, with a focus on Provision 29 of the Code which applies to our financial year beginning 1 April 2026.

The Directors confirm that they have reviewed the effectiveness of the Group’s risk management and internal control system and confirm that no significant failings or weaknesses have been identified. This is supported by an annual Material Controls assessment and Fraud Risk Assessment (other than for Internal Controls over Financial Reporting, facilitated by the Chief Control Office, which provides the Directors with a detailed assessment of related internal controls.

The Directors confirm that they have undertaken a robust assessment of the principal and emerging risks facing the business, in line with the requirements of the Code.

External Environment Risk

Risk appetite: High

Executive Director Responsible: Benoît Durteste

Risk Description

Geopolitical, macroeconomic concerns, and global events (e.g. wars, tariffs, government debt) beyond our control may impact our performance, profitability, operating environment and that of our fund portfolio companies. These events can lead to financial market volatility, affecting fundraising, investment performance, exit opportunities, and the ability to deploy capital.

Key Controls and Mitigation

Our business model is primarily based on long-term illiquid fund investments, providing stability during market downturns. Additionally, by nature, closed-end funds are not subject to redemptions.

A range of complementary approaches are used to inform strategic planning and risk prevention, including active engagement and management of the Group’s fund portfolios and, profitability. In addition, balance sheet scenario planning and stress testing is performed to ensure resilience across a range of outcomes.

The Board, the Risk Committee and the individual functions regularly monitor emerging risks, and changes in their likelihood and impact that may translate to materialised external environment risks to the Group.

Trend and Outlook

The investing environment remains uncertain and potentially volatile, with geopolitical shifts, high interest rates, and weak economic growth.

As noted in the Finance review on page 7, we have substantial dry powder across a range of strategies, stable management fee income, are not under pressure to deploy or realise, and can capitalise on opportunities that emerge across our asset classes.

We monitor the macroeconomic and geopolitical landscape, but do not anticipate increased risk to our operations, strategy, performance, or client demand.

Fundraising Risk

Risk appetite: Medium

Executive Director Responsible: Benoît Durteste

Risk Description

The Group's long-term growth and profitability rely on successfully raising third-party funds. Failure to attract new investors, grow existing investments, and launch new strategies could impact future management fee income and restrict expansion into new markets and asset classes, limiting economies of scale and diversification opportunities. This risk has significant strategic and financial implications, including reduced profitability, loss of market share, and challenges in attracting and retaining top talent.

Key Controls and Mitigation

The Group’s Client Solutions Group function is dedicated to continually growing and diversifying our client base and supporting the Group’s fundraising efforts. The diverse product offerings provide a range of solutions to match client requirements.

Monitoring of new possible fund structures, new strategic partnerships of distribution, client investment appetite and investor bases is conducted on a regular basis to assess and develop new products and growth opportunities.

Trend and Outlook

Fundraising markets continue to consolidate, with wider macroeconomic and geopolitical uncertainty coupled with investor liquidity constraints fuelling a persistently challenging fundraising market. Despite this, the Group has continued to exceed our fundraising targets, successfully scaling up flagship strategies and building momentum in scaling strategies. Europe IX, Infrastructure Europe II and Metropolitan II were the major drivers of capital raised. Notably Infrastructure Europe II final close exceeded the extended hard cap, and we recorded our best year on record for Real Estate fundraising.

Our diverse product offering and client base, coupled with continued strong performance and strategic hires to support the growth of our Client Solutions Group, positions ICG for successful fundraising to continue scaling AUM.

Fund performance risk

Risk appetite: Medium

Executive Director Responsible: Benoît Durteste

Risk Description

Current and potential clients continually assess our investment fund performance and track record. There is a risk that our funds may not deliver consistent performance against investment objectives and ultimately erode our track record. Poor fund performance may hinder our ability to raise subsequent vintages or new strategies, impacting competitiveness, profitability and growth plans.

Key Controls and Mitigation

A robust and disciplined investment process is in place where investments are selected and regularly monitored by the Investment Committees for fund performance, delivery of investment objectives, and asset performance.

All proposed investments are subject to a thorough due diligence and approval process during which all key aspects of the transaction are discussed and assessed. Subsequent monitoring of investment, engagement with portfolio investments towards value enhancement and assessment of divestment pipelines is undertaken on an ongoing basis.

Monitoring of all portfolio investments is undertaken on a quarterly basis focusing on the operating performance and liquidity of the portfolio.

Material sustainability and climate-related risks are assessed for each potential investment opportunity and presented to, and considered by, the Investment Committees of all investment strategies as part of the investment approval process.

Trend and Outlook

Our platform is well-positioned and remains firmly aligned with our investment thesis: namely, to support performing companies that operate in non-cyclical industries with good management teams.

The Group’s disciplined investment methodology, of investing in less cyclical services sectors will provide a constructive operating environment for the Group, with our embedded relationships with founders and deep underwriting and structuring expertise mitigating this risk.

During this period, fund valuations have remained stable, supported by the financial performance of our portfolio companies and income from interest-bearing investments. Our disciplined approach to realisations has helped maintain the performance of key vintages, despite the market's reduced transaction activity.

Market and liquidity risk

Risk appetite: Medium

Executive Director Responsible: David Bicarregui

Risk Description

The Group is exposed to market and liquidity risks. Adverse market conditions could negatively impact the carrying value of the Group's investments, resulting in financial losses and constraining the Group's ability to launch new funds or meet existing co-investment obligations or invest in future co-investment opportunities. This risk stems from the Group's strategy of co-investing alongside clients in its funds, seeding assets in preparation for fund launches, and holding investment participation in Collateralised Loan Obligations to meet regulatory requirements.

Liquidity risk refers to the possibility that the Group may not have sufficient liquidity resources to meet its cash-flow obligations, including refinancing or repaying debt and funding co-investment commitments, as they fall due.

Key Controls and Mitigation

Debt funding for the Group is obtained from diversified sources and the repayment profile is managed to minimise material repayment events. The profile of the debt facilities available to the Group is reviewed frequently by the Treasury Committee.

Market and liquidity exposures are reported monthly and reviewed by the Group’s Treasury Committee. Liquidity projections and stress tests are prepared to assess the Group’s future liquidity as well as compliance with the regulatory capital and liquidity requirements.

Any Group’s co-investment commitments are reviewed and approved by the CEO and the CFO on a case-by-case basis following assessment of the risks and return on capital.

Valuation of the balance sheet investment portfolio is reviewed quarterly by the Group Valuation Committee, which includes assessing the assumptions used in valuations of underlying investments.

Trend and Outlook

Global markets remain susceptible to volatility from a number of macroeconomic factors, specifically related to global interest rates, and geopolitical factors. We continue to implement measures to mitigate the impact of market volatility, and respond to the prevailing market environment where appropriate.

Our balance sheet remains strong and well capitalised, with net debt of £113.0m, and with £1.46bn of available liquidity as of 31 March 2026. In addition, the Group has significant headroom to its debt covenants. All of the Group’s drawn debt is fixed rate, with the only floating rate debt being the Group’s committed £550m revolving credit facility, which was undrawn as of 31 March 2026. This facility is only intended to provide short to medium term working capital for the Group.

The Group’s liquidity, net debt and headroom are detailed in the Finance Review on page 7.

Key Personnel Risk

Risk appetite: Low

Executive Director Responsible: Antje Hensel-Roth

Risk Description

The Group depends upon the experience, skill and reputation of our senior executives and investment professionals, and their continued service is vital to our success. Breaching the governing agreements of our funds in relation to ‘Key Person’ provisions could disrupt deploying, value creation or realising activities or hinder our ability to raise new funds, if not resolved promptly.

As such, the departure of key personnel may have a significant adverse impact on our long-term prospects, revenues, profitability, and cash flows. It could also impede our ability to maintain or grow assets under management in existing funds and hinder our ability to raise new third-party funds.

Key Controls and Mitigation

We employ an active and comprehensive approach to attract, retain, and develop talent. This includes a well-defined recruitment process, succession planning, competitive long-term compensation and incentives, and advancement opportunities through performance appraisals and dedicated talent development programmes.

Regular reviews of resourcing and key person exposures are undertaken as part of business line reviews and the fund and portfolio company review processes.

We maintain a focus on our organisational culture, implementing initiatives to promote appropriate behaviours that lead to optimal long-term outcomes for our employees, clients, and shareholders.

The Remuneration Committee oversees the Directors’ Remuneration Policy and its application to senior employees, and reviews and approves incentive arrangements to ensure they are appropriate and in line with market practice.

Trend and Outlook

Attracting, developing and retaining key personnel remains a significant priority for the Group. We continue to invest in emerging and high potential talent through focused and individual tailored development plans. After a successful pilot, we have launched a firm-wide mentoring programme during FY26 to foster connections across our business and support innovation. Additionally, having developed and piloted a new manager-focused programme in FY25, we have deployed the programme globally to inspire team vision, drive performance, ensure effective communication, and promote career development.

We remain committed to strategically strengthening and expanding our overall management capability. We have already welcomed senior professionals to the firm across our locations and across client-facing, investment and operational roles. We have also established a Management Committee at Group level which supports the Executive Directors in managing and implementing the strategy of the Group.

Legal, Regulatory and Tax Risk

Risk appetite: Low

Executive Director Responsible: David Bicarregui

Risk Description

Regulations establish the framework for the investment management operations and marketing distribution of our strategies, along with supporting our Group business operations. Non-compliance with professional conduct rules and legal and regulatory requirements in any of the Group’s regulated subsidiaries could result in censure, penalties, or legal action.

Additionally, the increase in demand for tax-related transparency means that tax rules have evolved and there has been a significant increase in reporting requirements. This raises a complex mix of tax implications for the Group, in particular for transfer pricing, permanent establishment and fund structuring processes. The tax authorities now have more visibility than ever before on the underlying activities of the business and could challenge the Group’s interpretation of tax rules, resulting in additional tax liabilities.

Changes in the legal, regulatory, and tax framework can disrupt the markets we operate in and impact our business operations. This may result in inc