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Investing in resilience, delivering growth RESULTS FOR THE SIX MONTHS TO 31 JULY 2026 Wednesday 7 October 2026 For Professional and Qualified Investors only Not for further distribution All data as at 31 July 2026 unless specified ICG ENTERPRISE TRUST PLC
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ICG ENTERPRISE TRUST PLC 1 Our investment approach Dedicated team of investment professionals actively managing ICG Enterprise Trust’s portfolio There is no guarantee that ICG Enterprise Trust will achieve its objectives or avoid substantial losses. Source: ICG Enterprise Trust, as at 31 July 2026 More consistent returns profile, with less risk than other private equity strategies Primarily in North America and Europe; more mature markets, more experienced managers More likely to be resilient and attract stronger management teams Track records of investing well through cycles DEVELOPED MARKETSBUYOUTS TOP -TIER MANAGERS MID -MARKET & LARGER RESILIENT COMPANIES ALL PRIVATE EQUITY
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Sector-leading returns per unit of risk ICG ENTERPRISE TRUST PLC Past performance is not a reliable indicator of future results. Source: ICG Enterprise Trust actuals, Deutsche Numis / Morningstar estimates for peers, data to 31 July 2026. 1 ‘NAV return per unit of risk’ is calculated as annualised NAV per Share Total Return divided by annualised standard deviation of those returns. Shown for illustrative peer comparison only; this is not a standard industry measure. Since January 2020, ICGT is 1st for this ratio (11.5% return / 7.4% volatility = 1.56x). The equivalent ratios of the peers range from 1.51x to 0.32x. The peer group includes HVPE, PIN, PPET, CTPE, HgT, OCI, NBPE, PEY ICGT’S COMBINATION OF RETURN AND RISK COMPARES WELL AGAINST PEERS, CONSISTENT WITH OUR RESILIENT GROWTH STRATEGY Since January 2020: 2 1st: ICGT 7th: FoF 6th: FoF 4th: FoF 2nd: FoF 5th: Directs 8th: Directs 3rd: Directs 9th: Directs 2% 4% 6% 8% 10% 12% 14% 4% 6% 8% 10% 12% 14% Return NAV per Share Total Return (annualised) Risk Standard deviation of NAV per Share Total Return Lower risk, higher return Higher risk, higher return Lower risk, lower return Higher risk, lower return
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Diversified vintage exposure supporting performance ICG ENTERPRISE TRUST PLC 3 Past performance is not a reliable indicator of future results. Source: ICG Enterprise Trust, as at 31 July 2026. Numbers are gross multiples to ICGT 2.6x 2.2x 2.6x 2.0x 1.7x 1.8x 1.8x 1.4x 1.5x 2.1x 1.8x 1.4x 0.9x 0.5x 0.2x 0.2x 0.0x 0.1x 0.0x 0.5x 1.0x 1.5x 2.0x 2.5x 3.0x 2017 2018 2019 2020 2021 2022 2023 2024 2025 MOIC DPI Non software £114m cost Software £43m cost 23% OF PORTFOLIO 41% OF PORTFOLIO 31% OF PORTFOLIO DEEP DIVE ON 2021/22 INVESTMENTS IN TOP 30 COMPANIES
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Period in review 4ICG ENTERPRISE TRUST PLC
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Q2 Portfolio Manager perspectives 5 Past performance is not a reliable indicator of future results. There is no guarantee that ICGT will achieve its objectives or avoid substantial losses. Source: ICG Enterprise Trust, as at 31 July 2026 ICG ENTERPRISE TRUST PLC Macro events post period- end likely extend period of slower sector -wide activity – robust balance sheet provides significant flexibility3 Portfolio performance strengthened in Q2, with growth across range of companies1 Exits continue to anchor strong returns – 24 Full Exits in the period on investments that have generated a 3.0x return2
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ICG ENTERPRISE TRUST PLC 6 Past performance is not a reliable indicator of future results. Source: ICG Enterprise Trust, as at 31 July 2026 Growth across range of companiesPORTFOLIO PERFORMANCE 1 3.6% HY Portfolio Return on a Sterling Basis Key contributors to Q2 portfolio growth Consumer (pest control) Business Services (management consultancy) Financials (accounting) Industrials (defence) TMT (semiconductor manufacturing) TMT (theatre operator) 3.3% HY NAV per Share Total Return
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ICG ENTERPRISE TRUST PLC 7 Source: ICG Enterprise Trust, as at 31 July 2026. Brackets represent position in the Portfolio at 31 January 2026 (LHS) and at 31 July 2026 (RHS) Exits of large portfolio companies H1 REALISATIONS OF TOP 30 COMPANIES EXITS IN PORTFOLIO 2 FURTHER LARGE EXITS SIGNED+ £9m proceeds to ICGT (additional ~£6m expected in mid-October) (#17) £23m proceeds to ICGT (#4) ~£47m proceeds to ICGT (expected 2027) ~£23m proceeds to ICGT (expected 2027) (#1) (#4)
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ICG ENTERPRISE TRUST PLC 8 Robust balance sheetSELECTIVITY AND BALANCE SHEET DISCIPLINE 3 Source: ICG Enterprise Trust, as at 31 July 2026 HIGH LIQUIDITY £190m LOW NET DEBT £66m £1,383m Portfolio Value CONTINUED FLEXIBILITY TO INVEST IN HIGH QUALITY NEW INVESTMENTS
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Half-year activity 9ICG ENTERPRISE TRUST PLC
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Executing our investment strategy in slower transaction environment ICG ENTERPRISE TRUST PLC 10 NEW FUND COMMITMENTS £104m H1 FY26: £108m TOTAL NEW INVESTMENTS £65m H1 FY26: £113m GROWTH 1 £43m H1 FY26: £32m TOTAL PROCEEDS £84m H1 FY26: £222m Source: ICG Enterprise Trust, as at 31 July 2026. 1 Portfolio Return on a Local Currency Basis
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Accessing high-quality managers ICG ENTERPRISE TRUST PLC 11 CAPITALISING ON OPPORTUNITIES TO ACCESS TOP- TIER MANAGERS North America-based managers Europe-based managers COMMITMENTS NB: All company names & logos are trademarks owned by their respective holders. Use of such names or logos herein does not imply any affiliation with or endorsement by the respective holder Source: ICG Enterprise Trust, as at 31 July 2026
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Deploying capital selectively ICG ENTERPRISE TRUST PLC 12 TOTAL NEW INVESTMENTS NEW INVESTMENTS LARGEST NEW INVESTMENTS BY SIZE FY22 FY23 FY24 FY25 FY26 H1 FY27 Q1 Q2 £137m £194m £304m Q1 Q2 Q3 Q4 NEW INVESTMENTS / OPENING PORTFOLIO: NB: All company names & logos are trademarks owned by their respective holders. Use of such names or logos herein does not imply any affiliation with or endorsement by the respective holder Source: ICG Enterprise Trust, as at 31 July 2026 Operator of an online pharmacy business£13m No other underlying company investments in the period were above £1m 5% H1 FY27 18% 5Y AVERAGE £287m £181m £65m
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Portfolio growth ICG ENTERPRISE TRUST PLC 13 Past performance is not a reliable indicator of future results. Source: ICG Enterprise Trust, as at 31 July 2026. Totals may not sum due to rounding PORTFOLIO RETURN ON A LOCAL CURRENCY BASIS +3.2% 19 31 1,383 1,353 (6) 6 (19) PORTFOLIO VALUE 31 JANUARY 2026 PRIMARY SECONDARY DIRECT FX NET INVESTMENT PORTFOLIO VALUE 31 JULY 2026 GROWTH £m DURING THE PERIOD LONGER TERM PORTFOLIO RETURN ON A LOCAL CURRENCY BASIS +10.2% (5 -year annualised) NAV PER SHARE TOTAL RETURN +8.4% (5 -year annualised)
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Underlying portfolio companies performing well ICG ENTERPRISE TRUST PLC 14 GROWTH Past performance is not a reliable indicator of future results. Based on Enlarged Perimeter covering 69% of the Portfolio as at 31 July 2026. The ‘Enlarged Perimeter’ represents the aggregate value of the Top 30 Companies and a representative sample of primary funds, the majority of which are represented in our Top 30 largest funds (as detailed in our RNS). Average values represent weighted average, based on relative value within each segment at 31 July 2026, subject to certain exclusions. % of Portfolio value represented in each metric (adjusted for exclusions) is as follows: LTM revenue growth: 64%; LTM EBITDA growth: 64%; EV / EBITDA: 66%; Net Debt / EBITDA: 65% LTM REVENUE GROWTH 11% FY26: 10% LTM EBITDA GROWTH 16% FY26: 13% EV / EBITDA 15.8x FY26: 15.7x NET DEBT / EBITDA 4.8x FY26: 4.8x ENLARGED PERIMETER 69% OF PORTFOLIO VALUE
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FY22 FY23 FY24 FY25 FY26 H1 FY27 Realisation activity ICG ENTERPRISE TRUST PLC 15 TOTAL PROCEEDS TOP 5 REALISATIONS BY SIZE Q1 Q2 Q3 Q4 £151m £382m £343m Q1 Q2 TOTAL PROCEEDS NB: All company names & logos are trademarks owned by their respective holders. Use of such names or logos herein does not imply any affiliation with or endorsement by the respective holder Source: ICG Enterprise Trust, as at 31 July 2026 Supplier of nuclear medicine diagnostic pharmaceuticals£23m Organiser of B2B conferences for pharmaceutical and biotech industries£3m Manufacturer of transformers for electricity power transmission and distribution£5m Manufacturer of hot runner systems £9m Provider of private tertiary education £4m TOTAL PROCEEDS / OPENING PORTFOLIO: 6% H1 FY27 22% 5Y AVERAGE secondary sale secondary sale secondary sale £252m £239m £84m TWO FURTHER LARGE EXITS SIGNED (EXAIL AND AMBASSADOR THEATRE GROUP), WITH TOTAL PROCEEDS OF ~£70M EXPECTED IN 2027
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ICG ENTERPRISE TRUST PLC 16 TOTAL PROCEEDS Ambassador Theatre Group realisation NB: All company names & logos are trademarks owned by their respective holders. Use of such names or logos herein does not imply any affiliation with or endorsement by the respective holder Source: ICG Enterprise Trust, as at 31 July 2026. Please refer to the notes on case studies Ambassador Theatre Group is ICGT’s fourth largest company exposure at 31 July 2026, accounting for 1.7% of Portfolio Value World leader in live entertainment, operating a portfolio of 70 venues across the UK, US, Germany and Spain, welcoming 19 million theatregoers each year Live theatre is an attractive long-term growth market with favourable supply-demand dynamics ICG Enterprise Trust invested in 2021, since which there has been a strong industry rebound post-COVID ~£23m Major international live entertainment organisation specialising in venue management, ticketing and show production TOTAL PROCEEDS (post period-end, expected in 2027) ESTABLISHED MARKET POSITION ATTRACTIVE DYNAMICS 2021 INVESTMENT ALONGSIDE ICG STRATEGIC EQUITY CASE STUDY
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ICG ENTERPRISE TRUST PLC 17 Track record of strong exit multiples and uplifts Past performance is not a reliable indicator of future results. 1 Multiple of Cost is the average return since inception on Full Exits from the Portfolio during the period, weighted by cost. It compares total cumulative proceeds, including proceeds received in prior periods, with the original cost of each investment. The calculation excludes publicly listed companies exited through share sell-downs 2 Uplift to Carrying Value is the aggregate uplift on Full Exits from the Portfolio during the period. It compares Realisation Proceeds to the most recent valuation prior to the announcement of the disposal. The calculation excludes publicly listed companies that were exited via sell downs of their shares Source: ICG Enterprise Trust company data, as at 31 July 2026 2.5x 2.7x 2.1x 2.1x 1.9x 1.9x 2.7x 2.4x 2.4x 2.4x 2.6x 2.7x 3.5x 2.9x 3.0x 3.1x FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 LTM MOIC Weighted-average Uplift to Carrying Value21 51% 22% 37% 31% 36% 24% 30% 19% 10% 60 Full Exits 49% 36% 35% 24% 40% 35% TOTAL PROCEEDS 11%
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Our priorities 18ICG ENTERPRISE TRUST PLC Optimising for short -term and long- term Long -term growth from new investments; immediate NAV per Share accretion from buybacks; quarterly income from dividends3 High bar for new investments Originating new top -tier managers; selectivity with co -investments1 Refreshing Portfolio concentration Realisation activity concentrated in larger exposures2 There is no guarantee that ICG Enterprise Trust will achieve its objectives or avoid substantial losses. Source: ICG Enterprise Trust, as at 31 July 2026
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19 Q&A ICG ENTERPRISE TRUST PLC For follow -up questions after the event, please email: icg- enterprise@icgam.com To receive regular updates and insights from our Portfolio Managers, sign up to our newsletter at www.icg -enterprise.co.uk
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20 Appendix ICG ENTERPRISE TRUST PLC
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Top 10 companies at 31 July 2026 ICG ENTERPRISE TRUST PLC 21 Source: ICG Enterprise Trust, as at 31 July 2026 % Portfolio Provider of autonomous systems for the aerospace and maritime sectors 3.4% Provider of analytics to consumer goods manufacturers 2.2% Provider of business management software and outsourcing services 2.0% Operator of theatres and ticketing platforms 1.7% Provider of specialty business process outsourcing services 1.6% Provider of CEO leadership and coaching for small and mid-size businesses in the US 1.6% Provider of corporate training courses focused on communication skills and leadership development 1.4% Supplier of fire protection systems and services 1.4% Provider of home maintenance services 1.4% Operator of nursing homes 1.3% 1 2 3 4 5 6 7 8 9 10
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Performance figures ICG ENTERPRISE TRUST PLC 22 Past performance is not a reliable indicator of future results. Sources: Morningstar, ICG Enterprise Trust, as at 31 July 2026 Performance for 12 months to: 31 July 2026 31 July 2025 31 July 2024 31 July 2023 31 July 2022 NAV per Share Total Return 4.4% 6.7% 4.0% 4.1% 24.2% Share Price Total Return (0.6)% 14.1% 17.3% 2.8% 10.7% FTSE All-Share Index Total Return 21.6% 12.1% 13.5% 6.1% 5.5%
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Notes ICG ENTERPRISE TRUST PLC 23 1. Case studies: The selected examples and case studies presented in or referred to herein may not be representative of all transactions of a given type or of investments generally and are merely intended to be illustrative of some of the types of investment techniques or transaction types that may be made or used by ICG Enterprise Trust. In addition, the specific investments presented herein do not include all of the investments that were made by ICG Enterprise Trust and may not be representative examples of its investments or investment strategies or techniques generally. It should not be assumed that the specific investments identified and discussed herein were or will be profitable or that any investments made in the future will equal the performance of the investments identified herein. Any discussion herein of past investment opportunities should not be relied upon as any indication of future deal flow. Investors will not have an opportunity prior to investing to evaluate any of the investments to be made by ICG Enterprise Trust or the relevant economic, financial and other information regarding such investments and, accordingly, will be entirely dependent upon the judgment and ability of ICG in investing and managing the capital of ICG Enterprise Trust. PAST PERFORMANCE IS NOT NECESSARILY INDICATIVE OF FUTURE RESULTS, and there can be no assurance that ICG Enterprise Trust will achieve comparable results, that the returns generated by ICG Enterprise Trust will equal or exceed those of any other fund, vehicle or account sponsored or managed by ICG or that ICG Enterprise Trust will be able to implement its investment strategy or achieve its investment objectives.
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Important information ICG ENTERPRISE TRUST PLC 24 COD00004955 What this document is for This document has been prepared by ICG Alternative Investment Limited (“ICG AIL”) as manager of ICG Enterprise Trust plc (“ICG Enterprise”). The information and any views contained in this document are provided for general information only. It is not intended to be a comprehensive account of ICG Enterprise's activities and investment record nor has it been prepared for any other purpose. The information contained in this document is not intended to make any offer, inducement, invitation or commitment to purchase, subscribe to, provide or sell any securities, service or product or to provide any recommendations on which users of this document should rely for financial, securities, investment, legal, tax or other advice or to take any decision. Scope of use ICG Enterprise and/or its licensors/ICG AIL own all intellectual property rights in this document. You are invited to view, use, and copy small portions of the contents of this document for your informational, non-commercial use only, provided you also retain and do not delete any copyright, trademark and other proprietary notices contained in such content. You may not modify, publicly display, distribute or show in public this document or any portion thereof without ICG Enterprise's prior written permission. Risk considerations You should remember that the value of investments, and the income from them, may go down as well as up, and is not guaranteed, and investors may not get back the amount of money invested. Past performance cannot be relied on as a guide to future performance or returns. Expressions and opinions in this document, may be subject to change without notice. Affiliates, directors, officers and/or employees of ICG Enterprise may have holdings in ICG Enterprise investment products or may otherwise be interested in transactions effected in investments mentioned in this document. Accuracy of information Although reasonable care has been taken to ensure that the information contained within this document is accurate at the time of publication, no representation or promise (including liability towards third- parties), expressed or implied, is made as to its accuracy or completeness or fitness for any purpose by ICG Enterprise, or its subsidiaries or contractual partners. ICG Enterprise, ICG AIL or their subsidiaries or contractual partners will not be liable for any direct, indirect, incidental, special or consequential loss or damages (therefore including any loss whether or not it was in the contemplation of the parties) caused by reliance on this information or for the risks inherent in the financial markets. To the maximum extent permitted by applicable law and regulatory requirements, ICG Enterprise, ICG AIL and their subsidiaries or contractual partners specifically disclaim any liability for errors, inaccuracies or omissions in this document and for any loss or damage resulting from its use. Forward-Looking Statements This document may contain certain forward-looking statements that are not purely historical in nature. Such information may include, for example, projections, forecasts and estimates of return performance. The forward-looking information contained herein is based upon certain assumptions about future events or conditions and is intended only to illustrate hypothetical results under those assumptions (not all of which are specified herein). Actual events or conditions are unlikely to be consistent with, and may differ materially from, those assumed. In addition, not all relevant events or conditions may have been considered in developing such assumptions. Accordingly, actual results will vary and the variations may be material and adverse. Sales restrictions The distribution of this document in certain jurisdictions is likely to be restricted by law. The information in this document does not constitute either an offer to sell or a solicitation or an offer to buy in a country in which this type of offer or solicitation is unlawful, or in which a person making such an offer or solicitation does not hold the necessary authorisation to do so, or at all. Accordingly, persons viewing the information in this document are responsible themselves for ascertaining the legal requirements which would affect their acquisition of any investment, including any foreign exchange control requirements. The promotion of ICG Enterprise and the distribution of this material in the United Kingdom is restricted by law. Accordingly, this material may be directed only at (i) persons having professional experience in matters relating to investments who fall within the definition of "investment professionals" in Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (as amended) (the “Order”); or (ii) high net worth companies, unincorporated associations and partnerships and trustees of high value trusts as described in Article 49(2) of the Order, provided that in each case the material is only directed at persons who are "qualified investors" as defined in article 2(1)(e) of Directive 2003/71/EC (as amended) (the "Prospectus Directive"). All company names and logos and trademarks are owned by their respective holders. Use of them herein does not imply any affiliation with or endorsement by them. Copyright © 2026 ICG Enterprise Trust, All rights reserved. Our mailing address is: ICG Enterprise Trust, Procession House, 55 Ludgate Hill, London, EC4M 7JW, United Kingdom