ICG plc (ICG) Earnings Call Transcripts

ICG plc's Latest Earnings Call - May 21, 2026

For the fiscal year ending March 31, 2026, ICG plc reported strong financial performance, highlighted by a 23% year-on-year increase in fee-related earnings (FRE) to GBP 350 million and record group operating cash flow of GBP 861 million. Fundraising exceeded expectations at $17 billion, with fee-earning AUM growing by 11% to $87 billion. Management maintained a positive outlook, signaling potential for continued growth in performance fees and FRE margin expansion, while also indicating that fundraising in FY '27 may be lower than FY '26 due to the natural cycle of fundraising activities.

Reported metrics

Guidance from management

Management expects to continue expanding FRE margin over the medium term and anticipates performance fee income to represent between 10% and 20% of total fee income. They also noted that they are well on their way to meeting or exceeding their fundraising target of $55 billion, having raised $40 billion to date.

What management said

Good morning. Thank you for joining this webcast covering ICG's results for the 12 months ended 31st of March 2026. The slides are available on our website along with the accompanying results announcement. . As a reminder, unless stated otherwise, all financial information discussed today is based on alternative performance measures, which exclude the consolidation of some of our fund structures as required under IF...

Yes, exactly. And Nick as you will have seen in the co-invest portfolio generated for nearly GBP 500 million of net cash flow. So we should think of cash generation as well on that. . Moving on. Michael Sanderson at Barclays.

What analysts pressed on

Analysts expressed concerns regarding the cautious approach to deployment in the current market environment, with questions about how ICG plans to navigate geopolitical uncertainties and economic challenges. There was also interest in understanding the implications of the new FRE disclosures on management compensation and performance metrics.

Main topics on the call

• Strong Fundraising Performance — ICG achieved a record fundraising of $17 billion, significantly surpassing expectations. Management noted, "We had our best year ever for real assets raising $5.5 billion," indicating robust demand for their investment s...
• Increased Fee-Related Earnings — FRE rose 23% year-on-year to GBP 350 million, driven by higher management fees and effective cost control. The management emphasized, "Our FRE margin, excluding catch-up fees, has grown from 33% in FY '21 to 47% today," ...
• Record Operating Cash Flow — The group reported record operating cash flow of GBP 861 million, a significant increase from GBP 533 million in the prior year. This strong cash generation supports the company's financial flexibility and growth initiat...
• Guidance on Future Fundraising — Management indicated that fundraising in FY '27 is expected to be lower than FY '26, stating, "Given our fundraising cycle... we'd expect fundraising in full year '27, naturally to be below that in full year '26." This r...

Read the full ICG plc transcript (May 21, 2026) → Summary generated from the call transcript; every figure above is stated by management on the record.

Earnings Call History

EarningsCalls.dev has 27 ICG plc earnings call transcripts on record, spanning January 30, 2020 to May 21, 2026. Based on this history, ICG plc reports quarterly. The most recent call on file is dated May 21, 2026. The full list is below — each row opens the complete, free-to-read transcript.

Ticker

ICG

Exchange

LSE

Country

GB

Sector

Financials

Industry

Capital Markets

Calls on record

27

First call

January 30, 2020

Most recent

May 21, 2026

Reporting cadence

quarterly