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Equity Bottom-Up

<ul>
<li>ICFG Limited (LSE: ICFG.L) reported 1H26A results on 15 Sep 26, beating our 1H26E estimates across every headline metric.</li>
<li>ICFG is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).</li>
<li>ICFG’s principal asset is an 82.59% vs. 82.29% (31 Dec 25) interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.</li>
</ul>


ICFG Limited (LSE: ICFG.L) reported 1H26A results on 15 Sep 26, beating our 1H26E estimates across every headline metric.
ICFG is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).
ICFG’s principal asset is an 82.59% vs. 82.29% (31 Dec 25) interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.


ICFG Post Results 1H16A Performance Analysis 17092026

<ul>
<li>ICFG Limited (LSE: ICFG.L) 1H26 results are due imminently; we publish our estimates and expectations below.</li>
<li>ICFG is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).</li>
<li>ICFG’s principal asset is an 80.49% interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.</li>
</ul>


ICFG Limited (LSE: ICFG.L) 1H26 results are due imminently; we publish our estimates and expectations below.
ICFG is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).
ICFG’s principal asset is an 80.49% interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.


ICFG Pre-Results 1H26E ACF Estimates & Forecasts 14092026

<ul>
<li>ICFG Limited (LSE: ICFG.L) is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).</li>
<li>ICFG is a Guernsey-registered financial group that listed on the Main Market of the London Stock Exchange in February 2025 via a reverse takeover (RTO) of Fintech Asia Limited.</li>
<li>Its principal asset is an 80.49% interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.</li>
</ul>


ICFG Limited (LSE: ICFG.L) is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).
ICFG is a Guernsey-registered financial group that listed on the Main Market of the London Stock Exchange in February 2025 via a reverse takeover (RTO) of Fintech Asia Limited.
Its principal asset is an 80.49% interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with ~13% sector share.


ICFG Limited Core Investment Case Central Asian Micro Finance 18082026

United Kingdom

ICFG Limited provides technology-driven financial services primarily in emerging markets. The company specializes in microfinance, offering loans and investment products to businesses and individuals, and also engages in investment banking, AI and fintech solutions, and real estate development and management. ICFG Limited was incorporated in Guernsey on May 28, 2021, and its headquarters are in St Peter Port, Guernsey.

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ICFG (ICFG LN)

ICFG Post Results 1H16A Performance Analysis 17092026

ICFG Limited (LSE: ICFG.L) reported 1H26A results on 15 Sep 26, beating our 1H26E estimates across every headline metric.

ACF Equity Research

ICFG Pre-Results 1H26E ACF Estimates & Forecasts 14092026

ICFG’s principal asset is an 80.49% interest in listed Invescore (MSE: INV), the largest non-bank financial institution (NBFI) in Mongolia with...

ACF Equity Research

ICFG Limited Core Investment Case Central Asian Micro Finance 18082026

ICFG Limited (LSE: ICFG.L) is a Mongolian-focused micro finance lender with emerging Central Asian operations (Kazakhstan, Kyrgyzstan, Uzbekistan).

ACF Equity Research

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