Intermediate Capital Group (LON:ICG) Posts Earnings Results

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

LON ICG opened at GBX 1,899 on Thursday. The firm has a market capitalization of £5.52 billion, a price-to-earnings ratio of 11.59 and a beta of 1.45. Intermediate Capital Group has a one year low of GBX 1,424.88 and a one year high of GBX 2,148. The company’s 50 day moving average price is GBX 1,852.37 and its 200 day moving average price is GBX 1,800.95.

Analyst Ratings Changes

A number of analysts have recently commented on ICG shares. Jefferies Financial Group dropped their price objective on Intermediate Capital Group from GBX 2,800 to GBX 2,700 and set a “buy” rating for the company in a report on Monday, October 12th. Berenberg Bank reiterated a “buy” rating and issued a GBX 2,640 target price on shares of Intermediate Capital Group in a report on Friday, September 25th. Five investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of GBX 2,505.

About Intermediate Capital Group

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.