Intermediate Capital Group plc

Good morning, thank you for joining this webcast covering ICG's results for the 12 months ended 31st of March 2026. The slides are available on our website along with the accompanying results announcement. As a reminder, unless stated otherwise, all financial information discussed today is based on alternative performance measures which excludes the consolidation of some of our fund structures as required under IFRS. This morning, I'm joined by our CIO and CEO, Bernardo Fest, and our CFO, David Bacardi. They will give an overview of our performance during the year and we will then take questions. And with that, I'll hand over to them all.

Thank you, Chris. Good morning, everyone. Fall year 26 has been a good year for ITG. We reinforced our scaled competitive position, beat by some margin our fundraising targets, established a strategic relationship with Amundi and more generally built on our track record of strategic and financial growth. Over the next 45 minutes we will be discussing this in more detail but first I'd like to look at this year in the context of what I believe underpins ITG's success. It comes as no surprise to those who have been following us for some time that our first priority remains investment performance. As more capital comes into credit markets from non-traditional sources and new fund structure, I think this only becomes more important. We are not looking to offer clients beta or to take inconsiderate risk. We want to offer them consistent outperformance with a particular focus on cash returns, on realized performance, or in industry lingo, DPI. We're not looking to grow AUM at all cost. are focused on delivering significant growth that is built on enhancing the track record and reputation of existing strategies and introducing new strategies with solid foundations all with a view to generate long-term sustainable consistent fre growth and this approach is clearly leading to icg gaining market share and we have substantial amount of white space to grow into both in our flagships and our scaling strategies. If we continue to execute successfully on the opportunities ahead of us, this will inevitably translate into strong shareholder outcomes in the form of earnings growth and cash generation. In that context, our strategy is clear. We aim to reinforce our position as a leader in alternative asset management with a reputation for uncompromising focus on investment performance. We are doing that by scaling up established strategies and scaling out into new areas where we see client demand and attractive investment opportunities. This is reinforcing our position with clients and during four year 26 we gained 83 new institutional LPs bringing our total to over 870. In my view the number of alternative asset managers that have the potential to be globally relevant to clients is shrinking. ICG has emerged as one of the winners in this regard and I believe we are positioned to continue that trajectory of outperformance. Turning to Folio 26 in more detail. As of 31st of March 2026, we manage $126 billion of assets globally. Fundraising in the year outperformed our expectations at $17 billion and fee-earning AUM grew 11% during the year. We grew flagship and scaling strategies, established an exciting long-term partnership in the wealth market with Amundi, and we continue to hire, notably broadening our insurance and North American coverage within our marketing teams and hiring into our European and Asian corporate investment teams. We are resolutely on the front foot during this cycle. That translated into strong financial performance. We generated 350 million of fee-related earnings, or FRE. That's up 23%.

year-on-year.