HgCapital Trust plc Regulatory News (HGT)

HgCapital Trust plc

Results FOR THE THREE MONTHS ENDED 30 SEPTEMBER 2025

Q3 NAV PERFORMANCE OF +2.4%

delivered FROM a RESILIENT PORTFOLIO OF software and serviceS businesses

London, 6 November 2025: HgCapital Trust plc ('HgT'), today announces its results for the three months ended 30 September 2025.

HgT provides investors with a listed vehicle to invest in a portfolio of unquoted businesses managed by Hg, which in aggregate represents one of the largest and fastest growing technology firms in Europe1.

The objective of HgT is to provide shareholders with consistent long‑term returns in excess of the FTSE All‑Share Index by investing predominantly in unquoted companies where value can be created through strategic and operational change.

Key financials include:

¡ HgT's NAV per share increased by 2.4% over the period, as a result, at the quarter end the NAV per share stood at £5.50 with net assets of £2.5 billion.

¡ The share price showed a decrease of 2.7%, in the quarter at £4.99 with a market capitalisation of £2.3 billion.

¡ Trading performance across the portfolio continues to be strong and in-line with that seen in recent quarters, contributing 4% to portfolio growth in the quarter, however this was partially offset by lower valuation multiples and an increase in net debt.

¡ Continued long-term performance driven by robust trading, with the portfolio reporting last 12 months sales and EBITDA2 growth of 18% and 19% respectively, with an EBITDA margin of 33%.

¡ Robust balance sheet with available liquid resources (comprising all post-period transactions and the dividend paid in October) of £379 million (15% of NAV), including a bank facility of £375 million which is currently £46 million drawn, and commitments to Hg funds of £1.7 billion (69% of NAV), to be invested over the next four to five years.

¡ Realisations over the quarter of £7 million primarily from the partial sale of Trackunit. The further exit post-period of GTreasury, is estimated to return £30 million to HgT at an uplift to carrying value of 97%, continuing to demonstrate the attraction of the underlying investments.

¡ Investments completed in Q3 totalled £49.7 million primarily into A-LIGN, a leading provider of cyber compliance services. This is offset by £19.7 million of equalisation following the latest closing of the Hg Saturn 4 fund, with an estimated post-period investment of £17 million into Payworks. Co-investments now represent 10% of NAV, increasing from 9% at the start of 2025.

¡ Hg continues to screen an attractive pipeline of investment opportunities and further liquidity events are expected over the next six to twelve months. 

Based on HgT's share price at 30 September 2025 and assuming all historic dividends have been reinvested, an investment of £1,000 twenty years ago would now be worth £13,364, a total return of 1,236%. An equivalent investment in the FTSE All-Share Index would be worth £3,762.

1 By Enterprise Value, Source: Hg, Factset

2 Excluding investments valued on a basis other than earnings

Note: All references to total return allow for all historic dividends being reinvested

Please note: Past performance is not a reliable indicator of future results. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations. You may not get back the amount you invest.

- Ends -

The Company's Q3 2025 Report and full presentation to accompany the results are available to view at:  http://www.hgcapitaltrust.com/

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HgCapital Trust plc

About HgCapital Trust plc

HgCapital Trust plc, whose shares are listed on the London Stock Exchange (ticker: HGT.L), gives investors exposure through a liquid vehicle to a portfolio of high-growth private companies in the software and services sector. The selection of new investments and creation of value in these businesses are managed by Hg, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors. For further details, please see www.hgcapitaltrust.com.

For further details, see www.hgcapitaltrust.com and www.hgcapital.com

HgCapital Trust plc LEI: 2138003IX5GJ499JMV08