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Highlights to 30 September 2025 included:

• HgT’s NAV per share increased by 2.4% over the period, as a result, at the quarter end the NAV per share stood at £5.50 with net assets of £2.5 billion.
• The share price showed a decrease of 2.7%, in the quarter at £4.99 with a market capitalisation of £2.3 billion.
• Trading performance across the portfolio continues to be strong and in-line with that seen in recent quarters, contributing 4% to portfolio growth in the quarter, however this was partially offset by lower valuation multiples and an increase in net debt.
• Continued long-term performance driven by robust trading, with the portfolio reporting last 12 months sales and EBITDA² growth of 18% and 19% respectively, with an EBITDA margin of 33%.
• Robust balance sheet with available liquid resources (comprising all post-period transactions and the dividend paid in October) of £379 million (15% of NAV), including a bank facility of £375 million which is currently £46 million drawn, and commitments to Hg funds of £1.7 billion (69% of NAV), to be invested over the next four to five years.
• Realisations over the quarter of £7 million primarily from the partial sale of Trackunit. The further exit post-period of GTreasury, is estimated to return £30 million to HgT at an uplift to carrying value of 97%, continuing to demonstrate the attraction of the underlying investments.
• Investments completed in Q3 totalled £49.7 million primarily into A-LIGN, a leading provider of cyber compliance services. This is offset by £19.7 million of equalisation following the latest closing of the Hg Saturn 4 fund, with an estimated post-period investment of £17 million into Payworks. Co-investments now represent 10% of NAV, increasing from 9% at the start of 2025.
• 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 30 September 2025 and assuming all historic dividends have been reinvested, an investment of £1,000 twenty years ago would now be worth £13,364, a total return of 1,236%. An equivalent investment in the FTSE All-Share Index would be worth £3,762.

¹ By Enterprise Value, Source: Hg, Factset
² Excluding investments valued on a basis other than earnings
Note: All references to total return allow for all historic dividends being reinvested
Please note: Past performance is not a reliable indicator of future results. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations. You may not get back the amount you invest.