ICG Plc (ICGIN.L) Latest filing highlights Amundi related share buyback programme nearing completion

Equity Research 9 September 2026 | 1:25PM BST

ICG Plc (ICGIN.L): Latest filing highlights Amundi-related share buyback programme nearing completion

Today, September 9, per latest regulatory filings, ICG has now completed 99.5% of Oliver Carruthers, CFA | the ongoing share buyback programme related to the Amundi partnership. The latest Goldman Sachs International filing indicates c.73,000 shares remaining, and we note that ICG has been Naimeh Sabourian consistently repurchasing >100,000 shares per day since August 19th. As previously | announced, Amundi has agreed to acquire a 9.9% economic stake in ICG as part of Goldman Sachs International

the 10-year strategic partnership, with Amundi acquiring a 4.64% stake with full Tom Ferguson | voting rights through a structured transaction, while the remaining 5.26% is to be Goldman Sachs International acquired via non-voting shares issued by ICG. To facilitate this, ICG has been executing a share buyback programme repurchasing ~5.26% of its share capital for subsequent cancellation, with an equivalent number of non-voting shares issued to Amundi. We note the near-completion of the buyback programme today represents a faster-than-expected pace of execution than originally guided, with the programme scheduled to run until 30 June 2027 (commenced on 26 Feb 2026).

We see this development as an incremental milestone in the context of our thesis surrounding ICG’s idiosyncratic capital return optionality catalyst, where we continue to frame the group as approaching its third major ‘act’ as a company: Act 1: Shift from balance sheet heavy to fee-based model (2012-2020), Act 2: De-levering of the balance sheet to zero (2020-26), Act 3: Excess free cash flow and capital return optionality (2026-onwards). With the Amundi-related buyback likely to be completed imminently, we see it as possible that ICG could commence a broader share buyback programme in due course, with the earliest likely opportunity at its interim results in November. Before any distributions are announced, we expect ICG to first outline a management-view of what constitutes excess cash, possibly via a target leverage level. Given net debt repayment is likely to fall away as a use of cash for ICG once the group achieves a net gearing ratio of zero (which we believe will happen within this fiscal year), and given seed investment requirements are also declining, we see the most likely uses from this medium-term surplus cash generation as being GP M&A or share buybacks, with the latter more likely in the near term, in our view.

n ICG Plc (ICGIN.L): Improving cash generation and falling capital intensity: framing potential capital return optionality, 25 Mar 2026 n ICG Plc (ICGIN.L): Low software, no retail, cheapest global peer - Feedback on our capital return note, 15 Apr 2026

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Goldman Sachs ICG Plc (ICGIN.L)

n ICG Plc (ICGIN.L): Improved FRE disclosure further underscores discount vs global peers; Buy, 26 May 2026

Exhibit 1: ICG has completed ~100% of the ongoing Exhibit 2: From its origin as a balance sheet mezzanine Amundi-related share buyback as of the latest filing investor, ICG’s economics have increasingly shifted over Cumulative shares repurchased, mn the past decade toward third-party fees from balance-sheet Net Investment Returns, reflecting the strong growth in third-party AuM FMC Profit before Tax | IC profit before Tax, £mn

£700 16 Act 1: Shift from balance £600 sheet heavy to fee-based 14 model (2012-2020) £500

Cumulative shares repurchased, mn ICG has completed ~100% of the ongoing Amundi-related 10 share buyback as of the £300 latest filing £200 8

-£200 2 FY12 FY13 FY14 FY15 FY16 FY17 FY18 FY19…