HgCapital Trust (HGT) Q4 2025 TU earnings summary

Executive summary

• Estimated NAV total return per share was 4.0% for 2025, with NAV per share at £5.62 and net assets of £2.6 billion at year-end.

• Share price total return decreased by 4.9% to £5.07, with a market capitalisation of £2.3 billion.

• Strong underlying portfolio performance, with LTM revenue and EBITDA growth of 17% and 20%, and margins of 34% to November 2025.

• Investments of £357 million and realisation proceeds of £215 million were made during the year.

• Realisations included notable uplifts, such as GTreasury (97% above book value) and Intelerad (62% above carrying value, exit to complete in March 2026).

Financial highlights

• Portfolio companies delivered 17% revenue growth and 20% EBITDA growth year-over-year, maintaining 34% margins.

• Exits over the year added 4.6 pence to NAV, with an average uplift to book value of 25%.

• Gross proceeds from realisations reached £215 million, with over $3.4 billion realised across Hg in 2025.

Outlook and guidance

• Outstanding commitments to Hg funds total £1.8 billion (68% of NAV), expected to be called over the next 4-5 years.

• Further liquidity events and investment opportunities are anticipated in the next 6-12 months.