Intermediate Capital Group

Website: Intermediate Capital Group
Index: FTSE 100
EPIC: ICG
Supersector: Financial Services
Sector: Investment Banking and Brokerage Services
Subsector: Asset Managers
Market Cap: £5.89B
Payout Frequency: Semi-Annual

Intermediate Capital Group Dividend Analysis and Summary

Key Dividend Details

Dividend per share (Interim): 27.7p
Ex-dividend date: 04/12/2025
Record date: 05/12/2025
Payment date: 09/01/2026
Dividend Reinvestment Plan: available; election deadline 16/12/2025
Policy: progressive; interim set at one-third of the prior year’s total dividend (consistent with stated policy)

Dividend Growth and Cover

Growth: interim up +5% year-on-year (27.7p vs 26.3p).
Trailing 12-month dividend per share: 84.4p; trailing EPS: 202.7p — indicative dividend cover ~2.4x.
Cash coverage: H1 operating cash flow £450m vs dividends paid in the period £162.8m — strong cash backing.
Balance sheet: available liquidity £1.3bn, net financial debt £401m, net gearing 0.15x; credit rating upgraded to BBB+ (Fitch).

Sustainability and Support from Operations

Recurring engine: management fees £333.6m (+16%) and FMC operating margin 67% provide robust, repeatable cash flows supporting the dividend.
Performance fees: reported £97.6m include a £71.6m one-off transition accrual from a change in recognition approach; realised performance fees £61.5m. Medium-term guidance targets performance fees at ~10–20% of fee income, tempering reliance on this more volatile stream.
Growth platform: AUM $124bn, fee-earning AUM $84bn (both higher), strong fundraising momentum and higher-return strategies support medium-term fee growth and dividend capacity.
Capital allocation: ongoing seeding alongside clients and disciplined balance sheet use; net debt reduced and liquidity preserved while maintaining a progressive dividend.

Structural and Policy Developments

Performance fee recognition change (announced 2 Oct 2025): accelerates timing of recognition for certain closed-end funds and created a one-off uplift this half. This may smooth linkages to successor fund closes but introduces potential period-to-period volatility; does not alter the progressive dividend policy.
Strategic partnership with Amundi: intended to accelerate access to the wealth channel for private markets products. Potentially positive for long-term AUM and fee growth; limited near-term impact on dividend policy.
No demergers, share consolidations, or M&A affecting dividend policy were announced.

Risks and Flags to Dividend Stability

Performance fee volatility: one-off accrual in H1 will not repeat; future periods may see lower performance fee contribution if exits slow or markets weaken.
Market and exit environment: private markets valuations and realisation timing remain sensitive to macro conditions; fundraising cadence can affect fee growth timing.
CLO and credit-cycle risk: CLO dividend receipts and private debt performance can fluctuate with defaults/recoveries.
FX sensitivity: with a large EUR/USD exposure, reported fees and NAV are sensitive to GBP moves (company discloses +/-5% GBP swings affect fees and NAV).
Regulatory/tax: OECD Pillar Two currently immaterial, but changes in tax or regulation across jurisdictions could affect earnings mix and cover.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
05/12/2024	10/01/2025	Interim	26.30p	GBX
12/06/2025	01/08/2025	Final	56.70p	GBX

Total (Annual Dividends Per Share): 83.00p

Dividend Yield = Annual Dividends Per Share (83.00p) ÷ Share Price (2054p) = 4.04%

Ex Dividend Date	Payment Date	Type	Amount	Currency
04/12/2025	09/01/2026	Interim	27.7000p	GBX
12/06/2025	01/08/2025	Final	56.70p	GBX
05/12/2024	10/01/2025	Interim	26.30p	GBX
13/06/2024	02/08/2024	Final	53.20p	GBX
07/12/2023	08/01/2024	Interim	25.80p	GBX
15/06/2023	04/08/2023	Final	52.20p	GBX
08/12/2022	09/01/2023	Interim	25.30p	GBX
16/06/2022	05/08/2022	Final	57.30p	GBX
17/06/2021	05/08/2021	Final	39.00p	GBX
10/12/2020	08/01/2021	Interim	17.00p	GBX
09/12/2012	10/01/2022	Interim	18.70p	GBX

Year	Interim	Final	Currency	Total	Change
2024	26.300	53.200	GBX	79.500	1.920
2023	25.800	52.200	GBX	78.000	-5.560
2022	25.300	57.300	GBX	82.600	111.790
2021		39.000	GBX	39.000	129.410
2020	17.000		GBX	17.000	-9.090
2012	18.700		GBX	18.700

Number of Shares:

Payment	Paid	Amount
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