HgCapital Trust (HGT) Trading Update summary

Financial performance and portfolio highlights

• Estimated NAV per share at 524.0 pence, with a total NAV return per share of 5.6% and share price return of 12.7% for H1 2024.

• Discount to NAV narrowed from 13% to 7% during the period.

• Top 20 portfolio companies delivered LTM revenue and EBITDA growth of 20% and 25%, respectively.

• Unaudited estimated net assets stood at £2.4 billion as of 30 June 2024.

Investment and realisation activity

• £310 million invested in new and follow-on opportunities, including CUBE, CINC, and Induver.

• Realisations totaled £347 million, with notable exits such as GGW and other partial realisations.

• Post-period investments of £108 million in Focus Group and AuditBoard, with further realisations expected.

• Full and partial realisations in 2024 achieved an average uplift of 13% to carrying value.

Liquidity and commitments

• Available liquid resources of £550 million, including a £375 million undrawn credit facility.

• Outstanding commitments to Hg funds at £847 million, with pro-forma commitments at £725 million.

• Pro-forma available liquid resources after all announced transactions at £508 million.