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: £5.35B
Payout Frequency: Semi-Annual

Next Intermediate Capital Group Dividend

Intermediate Capital Group next goes ex-dividend on 11/06/2026. This will be the Final dividend for 2026.

The dividend per share amount is 59.3000p (GBP) and the payment date is 31/07/2026.

Key Dividend Details

Final dividend: 59.3p per share
Total FY26 ordinary dividend: 87.0p per share (vs 83.0p FY25) — +5% YoY; 16th consecutive annual increase
Ex-dividend date: 11/06/2026
Record date: 12/06/2026
Payment date: 31/07/2026
DRIP: available; last date to elect 10/07/2026
Policy: Progressive; Board aims to grow DPS by at least mid-single digits annually
Share classes: Dividend payable on both Ordinary and Ordinary Non-Voting shares

Coverage and Financial Support

Earnings cover: EPS 165p vs DPS 87p ? c.1.9x cover; payout ratio c.53%
Cash flow cover: Group operating cash flow £861m (FY25: £533m) vs dividends paid £242m
FRE support: Fee-Related Earnings (FRE) £349.5m or 120p per share (+23% YoY); DPS covered c.1.4x by FRE per share
Balance sheet: Net debt £113m (from £629m); total available liquidity £1.46bn; net debt/FRE 0.3x; BBB+ (stable) ratings

Dates and Administrative Points

Dividend Sustainability and Outlook

Quality of earnings: Dividend is anchored by growing, diversified management fees (FY26 management fees £685m, +13%) and rising FRE margin to 51%. Performance fees (£127m) include a one-off transition uplift (£72m), so the core cash engine remains fee-based FRE, a positive for sustainability.
Cash generation: Strong operating cash flow and significant net cash inflow from balance sheet realisations (£533m) comfortably fund the dividend and internal growth.
Capital allocation: Stated priorities are to maintain a progressive dividend, move towards zero net debt, and invest in organic/inorganic growth that compounds FRE per share. With cover well above 1x on EPS, FRE and cash flow, the progressive policy appears well supported.
Growth trajectory: Total DPS up 5% YoY in line with policy. Management guides to FRE margin accretion and fundraising of at least $55bn over FY25–FY28 (cumulative). FY27 fundraising is expected below FY26 given cycle timing, which may moderate near-term fee growth but not threaten dividend capacity.

Structural/Policy Developments Relevant to Dividends

Amundi strategic partnership: Ongoing ordinary share buybacks by ICG and issuance of Ordinary Non-Voting Shares to Amundi (same dividend rights as Ordinary). Management expects the overall transaction to be cash-neutral upon completion. Post year-end, ICG purchased 4.06m shares and issued 2.27m non-voting shares. This changes capital structure but should not alter dividend policy; total cash dividend outlay will include non-voting shares.
Asset-light trend: Reduced co-investment levels and strong realisations indicate a multi-year phase of cash generation from the balance sheet portfolio, increasing flexibility to fund dividends and growth.
Reporting evolution: Greater emphasis on FRE aligns with peers and highlights the fee-driven base that supports a progressive dividend.

Risks and Flags to Monitor

Performance fee variability: FY26 included a £72m one-off; future carry is inherently volatile. Mitigant: dividend is primarily supported by management fees/FRE.
Fundraising cadence: FY27 fundraising expected below FY26 due to cycle timing; could temper near-term fee growth momentum.
FX sensitivity: A 5% move in GBP vs EUR/USD changes reported FRE by ~£24–27m; manageable but can influence cover optics.
Macro/market risks: Valuation and exit timing in private markets, plus credit/CLO mark-to-market, could affect balance sheet returns; mitigated by diversified platform, strong liquidity and low leverage.

Dividends Used in Calculation:

Ex-Dividend Date	Payment Date	Type	Amount	Currency
04/12/2025	09/01/2026	Interim	27.7000p	GBX
11/06/2026	31/07/2026	Final	59.3000p	GBX

Total (Annual Dividends Per Share): 87.00p

Dividend Yield = Annual Dividends Per Share (87.00p) ÷ Share Price (1867p) = 4.66%

Ex Dividend Date	Payment Date	Type	Amount	Currency
11/06/2026	31/07/2026	Final	59.3000p	GBX
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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