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HgCapital Trust (HGT) investor relations material
HgCapital Trust Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Focused on investing in profitable, growing B2B software and services companies with resilient, recurring revenue models and low customer churn.
30+ year track record as a leading private equity tech investor, with over £100bn in assets under management and a portfolio enterprise value of £187bn as of 30 September 2025.
Net assets reached £2.5bn and market capitalisation was £2.3bn as of 30 September 2025.
Portfolio companies delivered 18% LTM sales growth, 19% LTM EBITDA growth, and a 33% EBITDA margin.
Provides listed access to a large, diversified private software portfolio, targeting high-growth, mission-critical sectors.
Financial highlights
Market capitalisation of £2.3bn and net assets of £2.5bn as of 30 September 2025.
10-year share price CAGR of 19.3% and 20-year total share price return of 1,236%.
Q3 2025 portfolio valuation increased to £3,223m, driven by £104m unrealised gain and strong trading.
LTM sales growth of 18%, LTM EBITDA growth of 19%, and EBITDA margin of 33%.
£171m in realisations year-to-date, with an average uplift of 22% over carrying value.
Outlook and guidance
Resilient trading performance expected to continue, underpinned by mission-critical products and services.
Management remains optimistic for the remainder of 2025, citing strong portfolio performance and a supportive deal environment.
AI is expected to drive operational efficiencies and new product growth, with broader positive sentiment anticipated in 2026.
2025 revenue growth expectations have stabilised after prior downgrades, with potential for reacceleration in 2026.
How will HgT fund its £1.7bn commitments?
What factors impacted Q3 unrealised portfolio value?
How does AI impact portfolio growth expectations?
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Next HgCapital Trust earnings date
Q4 20259 Mar, 2026
Next HgCapital Trust earnings date
Q4 20259 Mar, 2026
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Frequently asked questions
HgCapital Trust plc is a British investment trust focusing on unquoted investments. The trust aims to offer its investors access to a portfolio of high-growth unquoted companies, with a particular focus on technology. This strategy is implemented through HgCapital, an experienced and well-resourced private equity firm known for its long-term track record of delivering risk-adjusted returns. The company is headquartered in London, England, and its shares are listed on the London Stock Exchange.
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