ICG Enterprise Trust

Website: ICG Enterprise Trust
Index: FTSE 250
EPIC: ICGT
Supersector: Financial Services
Sector: Equity Investment Instruments
Subsector: Equity Investment Instruments
Market Cap: £955.31M
Payout Frequency:

ICG Enterprise Trust Dividend Analysis and Summary

Key dividend details

Declared dividend: 9.0p per share (FY26 second interim/quarterly dividend)
Ex-dividend date: 13/11/2025
Record date: 14/11/2025
Payment date: 28/11/2025
Dividend policy/guidance: Board intends to pay total FY26 dividends of at least 38p per share (vs FY25: 36p; +6%)
Dividends paid/declared in H1 FY26: 18p (two quarters at 9p each)
Indicative yield: c.2.6% on the 31/07/2025 share price of 1,488p (38p/1,488p); c.1.9% on NAV (38p/2,040p)

How the dividend is funded

H1 Total Proceeds: £222m (vs £86m H1 FY25), including three top-10 exits and a partial portfolio sale at a 5.5% discount
Cash returned to shareholders in H1: £28m (dividends £12m; buybacks £16m)
Available liquidity at 31/07/2025: £187.4m (cash £20.9m + undrawn facility)
Net debt: £68.9m; facility: €300m maturing May 2029

Context and recent performance

NAV per share: 2,040p; H1 NAV TR: (0.7)% (FX drag of 2.0%); Q2 NAV TR: +1.9%
Portfolio return (local currency) H1: +2.1%; LTM EBITDA growth of underlying companies: ~15%
Ongoing share buybacks: £16m in H1; buybacks added ~0.7% to NAV per share in H1

Analysis: sustainability and growth

Sustainability: The dividend is well supported by strong cash generation. H1 dividends of £12m were covered ~18x by Total Proceeds (£222m). Even total shareholder distributions (£28m) were covered ~8x. Liquidity and a long-dated facility further underpin near-term payments.
Growth trajectory: Guidance to “at least 38p” implies a 6% YoY increase (FY25: 36p) and aligns with a progressive policy. Underlying portfolio fundamentals (15% LTM EBITDA growth) and improving Q2 NAV TR support continued progression, albeit sensitive to exit markets and FX.
Coverage quality: As a PE trust, dividends are primarily funded by capital proceeds rather than revenue (revenue reserve was £(7.7)m at 31 July). With H1 exits and a partial portfolio sale, near-term cover is robust; medium-term cover depends on sustaining realisations and distributions from funds.
Capital allocation: The Trust balances distributions with reinvestment (H1 New Investments £113m, commitments £108m) and accretive buybacks (executed at ~37% discount to NAV). This supports NAV accretion and can enhance per-share dividend affordability.

Structural or policy factors affecting future dividends

No structural corporate actions (e.g., demerger/M&A/share consolidation) disclosed.
Ongoing share buyback programmes and cancellation of treasury shares (April 2025) reduce share count, modestly improving per-share dividend affordability.
Increased focus on secondaries (17% of portfolio; £42m invested H1) could support faster recycling and cash yields to the trust, potentially aiding dividend funding through cycles.

Risks and dividend stability flags

Exit market reliance: Despite strong H1 proceeds, the broader PE market has seen subdued realisations. If exits slow, dividend cover would rely more heavily on the credit facility or portfolio sales.
FX risk: Sterling strength reduced H1 NAV TR by 2.0%. Further FX headwinds could pressure NAV and perceived capacity for distributions.
Overcommitment and leverage: Undrawn commitments £581m and overcommitment at 30.6% of NAV require ongoing realisations. Net debt £68.9m is manageable, but sustained deployment plus slower proceeds could tighten liquidity.
Revenue reserve deficit: Indicates dividends are paid from capital—typical for PE trusts but means distributions depend on capital flows and valuations rather than income.
Portfolio sale at discount (5.5%): Cash-enhancing but reduces future NAV participation from those assets; repeated sales at discounts could dilute long-term compounding if used frequently to fund distributions.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
13/02/2025	28/02/2025	Q3	8.50p	GBX
03/07/2025	18/07/2025	Q4	10.50p	GBX
14/08/2025	29/08/2025	Q1	9.00p	GBX
13/11/2025	28/11/2025	Q2	9.00p	GBX

Total (Annual Dividends Per Share): 37.00p

Dividend Yield = Annual Dividends Per Share (37.00p) ÷ Share Price (1504p) = 2.46%

Ex Dividend Date	Payment Date	Type	Amount	Currency
13/11/2025	28/11/2025	Q2	9.00p	GBX
14/08/2025	29/08/2025	Q1	9.00p	GBX
03/07/2025	18/07/2025	Q4	10.50p	GBX
13/02/2025	28/02/2025	Q3	8.50p	GBX
14/11/2024	29/11/2024	Q2	8.50p	GBX
15/08/2024	30/08/2024	Q1	8.50p	GBX
04/07/2024	19/07/2024	Final	9.00p	GBX
15/02/2024	01/03/2024	Q3	8.00p	GBX
16/11/2023	01/12/2023	Q2	8.00p	GBX
17/08/2023	01/09/2023	Q1	8.00p	GBX
06/07/2023	21/07/2023	Final	9.00p	GBX
16/02/2023	03/03/2023	Q3	7.00p	GBX
17/11/2022	02/12/2022	Q2	7.00p	GBX
07/07/2022	22/07/2022	Q1	7.00p	GBX
07/07/2022	22/07/2022	Q4	9.00p	GBX
07/07/2022	22/07/2022	Final	9.00p	GBX
10/02/2022	04/03/2022	Q3	6.00p	GBX
11/11/2021	03/12/2021	Q2	6.00p	GBX
12/08/2021	03/09/2021	Q1	6.00p	GBX
01/07/2021	23/07/2021	Final	9.00p	GBX
11/02/2021	05/03/2021	Q3	5.00p	GBX
12/11/2020	04/12/2020	Q2	5.00p	GBX
13/08/2020	04/09/2020	Q1	5.00p	GBX
02/07/2020	24/07/2020	Final	8.00p	GBX
13/02/2020	06/03/2020	Q3	5.00p	GBX
14/11/2019	06/12/2019	Q2	5.00p	GBX
15/08/2019	06/09/2019	Q1	5.00p	GBX
04/07/2019	26/07/2019	Final	7.00p	GBX
07/02/2019	01/03/2019	Q3	5.00p	GBX
15/11/2018	07/12/2018	Q2	5.00p	GBX
16/08/2018	07/09/2018	Q1	5.00p	GBX
21/06/2018	13/07/2018	Final	6.00p	GBX
08/02/2018	02/03/2018	2nd Interim	5.00p	GBX
19/10/2017	03/11/2017	Interim	10.00p	GBX
19/10/2017	03/11/2017	1st Interim	10.0p	GBX
01/06/2017	20/06/2017	Final	10.0p	GBX
06/10/2016	21/10/2016	Interim	10.0p	GBX
08/10/2015	20/10/2015	Interim	5.00p	GBX
28/05/2015	18/06/2015	Special	5.50p	GBX
28/05/2015	18/06/2015	Final	10.00p	GBX
28/05/2014	18/06/2014	Special	8.00p	GBX
28/05/2014	18/06/2014	Final	7.50p	GBX

Year	Interim	Final	Special	Currency	Total	Change
2024		9.000		GBX	34.000	6.250
2023		9.000		GBX	32.000	-15.780
2022		9.000		GBX	38.000	46.150
2021		9.000		GBX	26.000	13.040
2020		8.000		GBX	23.000	4.540
2019		7.000		GBX	22.000	4.760
2018		6.000		GBX	21.000	-30.000
2017	10.000	10.000		GBX	30.000	200.000
2016	10.000			GBX	10.000	-51.210
2015	5.000	10.000	5.500	GBX	20.500	32.250
2014		7.500	8.000	GBX	15.500

Number of Shares:

Payment	Paid	Amount
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