Investcorp Capital PLC Management Discussion and Analysis Report for the Period Ended March 31,2026

Investcorp Capital reported gross operating income of $72 million for the nine months ended March 31, 2026 (Q3 FY26), a 4% increase year-on-year, while net profit decreased 15% to $35 million due to higher interest expenses from a revolving credit facility.
Co-investment revenue grew 30% year-on-year to $35 million, driven by income from private equity and strategic capital investments, while underwriting revenue declined 11% to $34 million despite achieving a 10% annualized yield.
The Company announced a new dividend policy framework effective after June 30, 2026, targeting a payout of 65% to 75% of net profit, and confirmed it is on track for its FY2026 target dividend of 8% on opening NAV.
Total assets expanded to $2.05 billion from $1.91 billion in June 2025, supported by $912 million in realizations from exits and placements during the period and a liquidity buffer exceeding $300 million.