HG Capital Trust Releases Q1 Results

HgCapital Trust plc

RESULTS FOR THE THREE MONTHS ENDED 31 MARCH 2025

LTM TRADING GROWTH IN EXCESS OF 20%

DELIVERED FROM A RESILIENT PORTFOLIO OF SOFTWARE AND SERVICES BUSINESS

London, 8 May 2025:  HgCapital Trust plc (‘HgT’), today announces its results for the three months ended 31 March 2025.

HgT provides investors with a listed vehicle to invest in a portfolio of unquoted businesses managed by Hg, which in aggregate represents one of the largest and fastest growing technology firms in Europe¹.

The objective of HgT is to provide shareholders with consistent long‑term returns in excess of the FTSE All‑Share Index by investing predominantly in unquoted companies where value can be created through strategic and operational change.

Key financials include:

• HgT’s NAV per share declined by 2.0% over the period, as a result, at the quarter end the NAV per share stood at £5.31 with net assets of £2.4 billion.

• The share price showed a decrease of 5.5% in the quarter with the discount to NAV per share at 5%.

• Trading performance across the portfolio continues to be strong and in-line with that seen in recent quarters, contributing 5% to NAV growth in the quarter, however in aggregate this was offset by lower valuation multiples.

• Continued long-term performance driven by robust trading, with the investment portfolio seeing last 12 months sales and EBITDA² growth of 20% and 21% respectively, with EBITDA margins of 33%.

• Robust balance sheet with available liquid resources (comprising all post-period transactions and the proposed dividend to paid in May) of £461 million (19% of NAV), including an undrawn bank facility of £375 million, and commitments to Hg funds of £1.4 billion (59% of NAV), to be invested over the next three to four years.

• Realisations over the quarter of £49 million, with further exits post-period of £102 million, continuing to demonstrate the attraction of the underlying investments.

• Investments completed in Q1 deploying £46 million, with estimated post-period investments of £232 million. Co-investments now represent 10% of portfolio value, increasing from 9% at the start of the year.

• Hg continues to screen an attractive pipeline of investment opportunities and further liquidity events are expected over the next six to twelve months.

Based on HgT’s share price at 31 March 2025 and assuming all historic dividends have been reinvested, an investment of £1,000 twenty years ago would now be worth £16,038, a total return of 1,504%. An equivalent investment in the FTSE All-Share Index would be worth £3,831.