UAE Equity Research - Investcorp Capital PLC (ICAP) - 4Q25 First Look Note
The Company’s profitability was impacted in 2025 by higher interest expenses due to increased utilisation of the revolving credit facility (RCF). Corporate Investments exposure reached USD 630 Mn in 4Q25, representing 48% of total deployment, diversified across North America, Europe, Asia, and MENA/Turkey, with insurance and industrial sectors as the largest investment allocations.