13/02/2026 07:31 AST
Investcorp Capital (ICAP), an Abu Dhabi Securities Exchange (ADX)-listed alternative investment company founded by the Investcorp Holdings group, reported a total operating income of $52 million, an increase of 16% year-on-year, for the first half (H1) of its fiscal year 2026, covering the six months ending 31 December 2025.
Net profit remained stable at $27 million, broadly in line with $28 million generated in H1 FY25. The company grew its asset portfolio to $1.96 billion, underscoring its ability to generate sustainable shareholder value through thoughtful capital deployment into attractive investment opportunities.
ICAP continued its resilient performance in H1 FY26, demonstrating disciplined execution and strong income generation that allows it to remain on course to deliver its FY2026 dividend target of 8% on opening NAV.
Financial Highlights
Revenue from underwriting activities (Capital Financing Services) generated $24 million in H1 FY26. The revenue was largely driven by placement activity during the year, resulting in an annualised yield of 10% for the period.
Revenue from co-investment activities (Capital Deployment) increased 47% year-on-year to $25 million in H1FY26 (H1 FY25: $17 million). The growth is primarily attributed to higher income generated from the structured portfolio, private equity and strategic capital investments. Core assets generated a 7% annualised return.
The company announced interim dividends of AED202 million, representing AED0.092 per share.
Portfolio highlights
Investment activity in H1 FY26 reached $614 million (vs H1 FY25: $480 million). The increase in deployment translated into balance sheet growth, reflecting increased activity while maintaining a selective approach to capital allocation, the company said.
Realisations from exits and placement in H1 FY26 reached an aggregate of $652 million (H1 FY25: $543 million). Overall, the activity remained strong across both co-investment and underwriting.
"We are pleased to report strong results in H1 FY26. ICAP continues to deliver one of the higher dividend profiles on the ADX and we remain committed to maintaining a competitive dividend payout going forward. Our portfolios continued to perform well, with co-investment revenue up 47% year-on-year. This demonstrates the strength and scalability of our business model as we continue to leverage our global pipeline to generate shareholder value," said Sana Khater, Chief Executive Officer, Investcorp Capital.
Rohit Nanda, Chief Financial Officer, Investcorp Capital, said: "H1 results showcase our financial discipline and strategic growth trajectory. With total assets now at $1.96 billion and co-investments representing 68% of our balance sheet, we continue to successfully scale our core income-generating activities. This combined with the 20% reduction in operating expenses demonstrating our operational efficiency, enable s us to maintain our competitive dividend payouts."
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