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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
HgCapital Trust
HgCapital Trust (HGT) investor relations material
HgCapital Trust Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary14 Sep, 2026
Executive summary
H1 2026 saw strong trading performance, but NAV and share price were negatively impacted by a contraction in public software multiples, particularly in Q1, before stabilizing in Q2; NAV per share stabilized at 530.7p in Q2 2026.
Portfolio companies, especially in B2B technology and tech services, delivered robust earnings and EBITDA growth, with LTM revenue up 16%, EBITDA up 19%, and EBITDA margins at 34%, driven by significant adoption of AI-driven solutions.
Realisation activity remained strong, with eight liquidity events year-to-date and full exits at average uplifts of 31% to carrying value; investments of £146m and realisations of £134m were completed.
The manager announced an intention to increase its strategic investment in the trust to over 15% ownership.
Interim dividend of 2.0p per share declared, consistent with prior year.
Financial highlights
NAV per share declined 5.4% in Q1 and rose 0.5% in Q2, resulting in a H1 2026 NAV performance of -4.9%; NAV per share at 530.7p, net assets £2.4bn.
Share price fell 22.9% in Q1 and recovered slightly in Q2, with a H1 2026 performance of -24.9%; share price at 378.0p, market capitalisation £1.7bn.
Portfolio valuation was driven by 11% trading gains, offset by a 13% negative impact from multiple contraction and a 2% impact from increased net debt.
LTM revenue growth was 16% (11% organic), LTM EBITDA growth 19% (17% organic), and EBITDA margin 34%.
YTD 2026 realisations totaled £147m, with average uplifts of 31% to carrying value on full exits.
Outlook and guidance
The outlook is positive, with AI transformation expected to drive further value creation and a new wave of product releases anticipated in 2026; board remains optimistic for H2 2026, citing strong trading, AI leadership, and M&A recovery.
Ongoing bifurcation expected between AI beneficiaries and those at risk of disruption; investors anticipated to reward companies with demonstrable AI traction.
Dividend guidance maintained at a 5.0p per share annual floor.
The manager believes the current share price discount does not reflect the underlying portfolio's value or prospects.
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Latest events from HgCapital Trust
- Stable NAV in Q2 2026 as strong trading offset valuation declines; H1 returns negative.HGT
Q2 2026 TU - AI-led transformation and robust financials drive long-term value and portfolio confidence.HGTCMD 2026 presentation
- NAV per share fell 5.4% as AI-driven growth and exits offset market volatility.HGTQ1 2026
- Robust portfolio growth and AI-driven value creation offset sector-driven share price declines.HGTQ4 2025
- NAV grew 4.0% in 2025, with robust portfolio gains offset by public market volatility.HGTQ4 2025 TU
- Q3 2025 saw robust growth, high margins, and strong realisations, with AI driving future optimism.HGTQ3 2025
- Strong portfolio growth and high margins offset by valuation and FX headwinds.HGTQ2 2025
- NAV and share price surged on strong portfolio growth, realisations, and positive outlook.HGTQ2 2024
- NAV and share price surged in 2024, with strong portfolio growth and robust realisations.HGTQ4 2024
Next HgCapital Trust earnings date
Q3 20265 Nov, 2026
HgCapital Trust
Next HgCapital Trust earnings date
Q3 20265 Nov, 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.