REG - HgCapital Trust PLC - 3rd Quarter Results

HgCapital TrustAnnouncement

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RNS Number : 3866G  HgCapital Trust PLC  06 November 2025

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 Europe(1).

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 EBITDA(2) 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/
(http://www.hgcapitaltrust.com/)

 

 

For further details:

HgCapital Trust plc

 George Crowe         +44 (0)20 8152 5880
 Laura Dixon          +44 (0)20 8078 9139

 Cadarn Capital (PR)
 Lucy Clark           +44 (0) 7984 184461
 David Harris         +44 (0) 7368 883211

 

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
(http://www.hgcapitaltrust.com) and www.hgcapital.com
(http://www.hgcapital.com)

HgCapital Trust plc LEI: 2138003IX5GJ499JMV08

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