Intermediate Capital Group (LON:ICG) Announces Quarterly Earnings Results

Intermediate Capital Group (LON:ICG) released its earnings results on Wednesday. The company reported GBX 82.30 EPS for the quarter, Digital Look Earnings reports. Intermediate Capital Group had a return on equity of 18.00% and a net margin of 49.28%. The firm had revenue of £532.10 million during the quarter.

Here are the key takeaways from Intermediate Capital Group’s conference call:

• For the six months to September 2026, management fees rose 12% to £374 million and FRE increased 18% to £199 million, with the FRE margin reaching 47%. Over the last 12 months, FRE was £380 million, up 18% year-on-year.
• Fundraising remained strong: Europe IX closed at €12 billion, significantly oversubscribed, and ICG said seven funds raised over the past two years closed at or above target. The firm said it is capping funds and carefully selecting investments to protect deployment discipline and performance.
• Operating cash flow was £613 million over the last 12 months, while net financial debt fell to £93 million and available liquidity stood at nearly £1.5 billion. ICG set a medium-term target of zero net debt and said excess capital may be returned to shareholders, including through a buyback if other uses do not offer better returns.
• Management expects muted buyout activity to persist, citing high valuations, elevated interest rates and uncertainty that continue to hinder deal-making. It said deployment is being handled cautiously; although structured capital had deals in exclusivity, the timing and pace of investment remain uncertain.
• Performance fee income was £24 million for the half, and executives said near-term performance fees are difficult to predict amid a challenging exit environment. They described recent exit activity as strong but noted that performance fees can be lumpy and depend on realizations and fund valuations.

Intermediate Capital Group Price Performance

LON ICG traded up GBX 1 during mid-day trading on Wednesday, hitting GBX 1,954. The company’s stock had a trading volume of 896,174 shares, compared to its average volume of 7,452,742. Intermediate Capital Group has a 52-week low of GBX 1,424.88 and a 52-week high of GBX 2,148. The stock’s fifty day simple moving average is GBX 1,852.23 and its two-hundred day simple moving average is GBX 1,800.76. The firm has a market capitalization of £5.68 billion, a P/E ratio of 11.92 and a beta of 1.45.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ICG. Berenberg Bank reissued a “buy” rating and issued a GBX 2,640 target price on shares of Intermediate Capital Group in a report on Friday, September 25th. Jefferies Financial Group dropped their price target on Intermediate Capital Group from GBX 2,800 to GBX 2,700 and set a “buy” rating on the stock in a research note on Monday, October 12th. Five analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of GBX 2,505.

Intermediate Capital Group Company Profile

ICG (LSE: ICG) is a global alternative asset manager with $126bn* in AUM and more than three decades of experience generating attractive returns. We operate from over 20 locations globally and invest our clients’ capital across Structured Capital; Private Equity Secondaries; Private Debt; Credit; and Real Assets. Our exceptional people originate differentiated opportunities, invest responsibly, and deliver long-term value. We partner with management teams, founders, and business owners in a creative and solutions-focused approach, supporting them with our expertise and flexible capital.