ICG shares jump 8% on earnings beat and new 10-year Amundi partnership

Investing.com -- ICG Plc (LON:ICGIN) shares rose more than 8% on Tuesday after the London-based alternative asset manager reported first-half fiscal 2026 results that exceeded consensus across core measures and announced a 10-year global distribution partnership with Amundi.

ICG posted Fund Management Company pre-tax profit of £325 million for the six months ended Sept. 30, 2025, 23% ahead of consensus expectations of £263 million. 

The division reported an operating margin of 67.1%, above the consensus figure of 60.7%. Total fundraising reached $9 billion, compared with expectations of $5.4 billion, driven by Europe IX and Infrastructure II. 

The amount was down from $10 billion in the same period a year earlier. Structured capital and secondaries contributed $4 billion, real assets $3.3 billion and debt $1.7 billion.

Europe IX secured $2.8 billion in commitments, including $1.3 billion in the second quarter, with fundraising continuing through fiscal 2026. Infrastructure II closed at €3.1 billion. The company plans to launch LP secondaries II during the current fiscal year.

Fee-earning assets under management totaled $83.8 billion, 3% above the consensus estimate of $81.7 billion and up from $73 billion a year earlier. Total assets under management stood at $124 billion.

Management fees reached £334 million, 7% above the consensus figure of £313 million and 16% higher than the prior year. The total included £38 million in catch-up fees, with a fee margin of 98 basis points. 

Performance fees were £98 million, above expectations of £84 million and up from £32 million a year earlier, reflecting initial recognition for Mid-Market I, Europe VIII and Strategic Equity IV under a revised performance-fee approach announced in October.

Fund Management Company operating expenses were £159 million, 6% below the consensus estimate of £169 million and flat year over year. Division revenue reached £484 million, compared with expectations of £433 million.

The Investment Company segment reported a net investment return of £72 million, below the consensus estimate of £115 million but up from £48 million a year earlier. 

The balance sheet investment portfolio was valued at £2.8 billion, down from £3 billion in the first half of fiscal 2025. Returns were positive in structured capital at 9% and real assets at 5%. Debt posted a 9% decline, while seed investments fell 3%. 

Investment Company pre-tax profit was £27 million, compared with consensus expectations of £39 million.

Group pre-tax profit totaled £352 million, ahead of the consensus figure of £299 million and up from £198 million a year earlier. Fully diluted earnings per share were 103 pence, above the consensus figure of 84 pence and up from 58 pence. 

The dividend was set at 28 pence, in line with expectations and up from 26 pence a year earlier. Net asset value per share was 900 pence, above the consensus estimate of 890 pence and up from 788 pence.

ICG said it entered a partnership under which Amundi will act as exclusive global distributor in the wealth channel for the firm’s evergreen and selected products. 

Amundi will acquire a 9.9% economic stake through a structured transaction, and ICG plans to offset dilution through a buyback by the first half of 2027.

ICG reiterated medium-term guidance for at least $55 billion of fundraising over fiscal 2025 to 2028 and maintained targets for Fund Management Company margins above 54%, performance fees representing 10% to 20% of total fee income and low double-digit balance sheet returns.