The key message from ICGT’s FY’25 results (to January) is the continued strength of the operating companies, which delivered, on average, 15% LTM EBITDA growth. Margins have widened by ca.4% (average revenue growth 11%), which should help allay some concerns over the impact of the challenging environment. New investment is accelerating, and realisation activity continued with an average 19% uplift to carrying values on exit. A degree of short-term volatility is to be expected, and the five- and 10-year total annualised NAV per share return (14.5% and 13.8%, respectively) are a good reflection of what investors are getting from ICGT’s defensive growth strategy. ICGT has a balanced capital return policy.