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HgCapital Trust
HgCapital Trust (HGT) investor relations material
HgCapital Trust Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary9 Mar, 2026
Executive summary
FY 2025 saw robust trading with portfolio LTM revenue and EBITDA growth of 17% and 19% respectively, and an EBITDA margin of 33%.
Share price declined 24% YTD, widening the discount to NAV to 28%, attributed to a broader software sector sell-off rather than portfolio fundamentals.
Portfolio companies focus on mission-critical B2B software and services with highly recurring revenues and low customer churn.
AI adoption is accelerating, with over 1,600 GenAI projects live and strong uplifts on AI-enabled exits.
Financial highlights
NAV per share at 561.5p and share price at 507.0p as of 31 December 2025.
Net assets of £2.6bn and market capitalisation of £2.3bn.
10-year share price CAGR of +18.9% and outperformance vs. public markets of +10.5% p.a.
£215m of realisations in 2025, with an average uplift of 30% on all full and partial realisations over the last 10 years.
£357m invested during 2025, including £34m of fee-free co-investment.
Outlook and guidance
Fundamentals for enterprise software remain positive despite public market volatility; recent share price moves seen as sentiment-driven.
AI is expected to expand the addressable market for SaaS incumbents, with ongoing investment in AI product development.
Continued focus on automating workflows to improve productivity and manage rising labour costs.
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Latest events from HgCapital Trust
- NAV and share price surged in 2024, with strong portfolio growth and robust realisations.HGT
Q4 202425 Feb 2026 - NAV grew 4.0% in 2025, with robust portfolio gains offset by public market volatility.HGTQ4 2025 TU6 Feb 2026
- Q3 2025 saw robust growth, high margins, and strong realisations, with AI driving future optimism.HGTQ3 20256 Nov 2025
- Strong portfolio growth and high margins offset by valuation and FX headwinds.HGTQ2 202515 Sep 2025
- NAV and share price surged on strong portfolio growth, realisations, and positive outlook.HGTQ2 202413 Jun 2025
- Strong returns and portfolio growth continued, despite FX headwinds in Q3.HGTQ3 202413 Jun 2025
- Strong H1 2024 performance with high returns, active investments, and robust liquidity.HGTTrading Update13 Jun 2025
- Portfolio delivered 20% LTM growth despite a 2% NAV per share decline.HGTQ1 20256 Jun 2025
- HgCapital Trust posts strong 2024 returns with robust investment and realisation activity.HGTTrading Update6 Jun 2025
Next HgCapital Trust earnings date
Q1 20267 May, 2026
HgCapital Trust
Next HgCapital Trust earnings date
Q1 20267 May, 2026
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Amina0781App Store
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@theshortbearx.com
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