ICG plc (I2X2) Stock Price & Analysis
I2X2 Stock Chart & Stats
- Day’s Range
- N/A
- 52-Week Range
- N/A
- Previous Close
- N/A
- Volume
- N/A
- Average Volume (3M)
- N/A
- Market Cap
- CHF 6.01B
- Enterprise Value
- CHF 9.54B
- Total Cash (Recent Filing)
- CHF 1.46B
- Total Debt (Recent Filing)
- CHF 6.56B
- Price to Earnings (P/E)
- 11.9
- Beta
- 0.29
- Next Earnings
- Nov 11, 2026 (Est.)
- EPS Estimate
- 0.82
- Next Dividend Ex-Date
- N/A
- Dividend Yield
- 4.40%
Bulls Say, Bears Say
Bulls Say
Fee-related Earnings Growth
Strong growth in fee-related earnings and a wider underlying margin indicate improving operating leverage in the recurring fee platform. If sustained, this can increase earnings resilience, support reinvestment in fundraising and capabilities, and reduce reliance on volatile performance fees.
Fundraising And AUM Scale
Fundraising momentum and expanding fee-earning AUM strengthen ICG’s recurring revenue base and demonstrate continued institutional demand for its strategies. Greater scale can improve distribution efficiency, deepen client relationships, and support future management-fee growth across multiple products and regions.
Deleveraging And Liquidity
Substantial deleveraging materially improves financial flexibility and reduces the burden of interest and refinancing obligations. The stronger balance sheet gives ICG more capacity to withstand volatile investment returns, fund co-investments, maintain dividends, and pursue strategic opportunities over the medium term.
Bears Say
Revenue Contraction
The sharp revenue decline shows that reported top-line performance remains exposed to fundraising cycles, realizations, and fee-related volatility despite strong recent fee-earnings growth. Continued contraction would constrain operating leverage and make it harder for current margin improvements to translate into sustained profit growth.
Weaker Cash Conversion
Negative operating and free cash flow alongside positive net income indicates weaker cash conversion and greater variability in earnings quality. If this pattern persists, it could reduce internally generated funding for investments and distributions while increasing liquidity pressure during periods of volatile portfolio performance.
Lumpy Performance Fees
Performance fees are inherently dependent on realizations and investment outcomes, and the transitional accounting gain makes the latest contribution less representative of recurring earnings. This creates uncertainty around future profit timing and makes results more sensitive to exit conditions and portfolio performance.
I2X2 FAQ
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ICG plc Stock Smart Score
Company Description
ICG plc
ICG Plc is a global alternative asset manager focused on providing adaptable financial solutions to support companies in their growth and development. With a rich history spanning over three decades, the firm strategically invests across various layers of the capital structure. Its operations are divided into two main segments: the Fund Management Company (FMC) and the Investment Company (IC). The FMC division is primarily responsible for delivering investment management services, incurring the majority of the group's expenses related to these offerings. In contrast, the IC segment accounts for the fair value fluctuations of any hedging derivatives. The company was established on March 23, 1988, by Andrew Jackson, Thomas Hugh Bartlam, Jean-Loup Brousse de Gersigny, James Odgers, Andrew Coventon Phillips, and Paul J. Piper, and its main office is situated in London, United Kingdom.
- Sector
- Financial
- Industry
- Asset Management
- CEO
- Benoit Laurent Pierre Durteste
- Employees
- 676
- Website
- www.icgam.com
- Address
- Procession House, London, GL, EC4M 7JW, GB
ICG plc (I2X2) Earnings & Revenues
I2X2 Earnings Call
Earnings Call SentimentPositive
The call presented a strongly positive operational and financial performance: robust fundraising ($17bn), double-digit growth in fee-earning AUM (11% YoY to $87bn), a 23% rise in FRE to GBP 350m, record GBP 861m operating cash flow, substantial deleveraging and clear medium-term FRE margin expansion guidance. Management emphasized market leadership in several strategies (real assets, GP-led secondaries), significant dry powder ($36bn), and disciplined deployment. Key caveats include short-term volatility in balance sheet returns (5% this year with CLO mark-to-market losses), lumpiness and some accounting-driven components in performance fees, and an expectation that FY27 fundraising will be lower given timing. Overall, the positive operational momentum, strong cash generation and improved margins outweigh the cautions.
View all CH:I2X2 earnings summaries