JIM STRANG, CHAIRMAN’S STATEMENT
Against the challenging macroenvironment backdrop, companies within the HgT portfolio continued to report strong and consistent underlying trading performance, with LTM sales growing at 17% and EBITDA growing at 19% respectively, with EBITDA margins of 33%, figures which compare favourably with peer businesses. This performance reflects the mission-critical nature of the software and technologyenabled services in which Hg invests, where embedded workflows, deep domain knowledge and recurring revenue models continue to support resilient demand even during periods of technological and market transition.
The positive effect of this trading performance and uplifts on exit on HgT’s NAV per share was significantly affected by the reduction in the valuations of comparable listed companies used to derive the carrying value of the HgT portfolio. Despite these significant headwinds, the HgT NAV per share increased by 4.0% over the year, while the share price decreased by 4.9% over the same period.
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Highlights to 31 December 2025 included:
- NAV per share total return was 4.0% over the year, and as a result, at 31 December 2025 stood at £5.62 with net assets of £2.6 billion
- The share price total return showed a decrease of 4.9% over 2025 at £5.07; market capitalisation at the year-end was £2.3 billion
- Strong underlying performance from the portfolio with LTM revenue and EBITDA growth of 17% and 19% and margins of 33% for the overall portfolio; in line with prior year figures
- Investments of £357 million made over the year and realisation proceeds of £215 million generated
- Realisations in 2025 included GTreasury at an uplift of 97% to book value, overall, exits over the year added 4.6 pence to the NAV
- In November, HgT announced the exit of Intelerad (due to complete in March 2026). The transaction price reflected an uplift of 62% to its last reported carrying value
- At year-end, HgT had available liquid resources of £368 million (including a £375 million credit facility, of which £36 million was drawn as at 31 December 2025)
- Realisations over 2025 saw an average uplift to book value of 25%
- Substantive completion of the current cycle of commitments to Hg funds. Outstanding commitments to Hg funds totalling £2.2 billion* (85% of NAV) at year-end which are expected to be called over the next four to five years
- Ongoing share buyback programme initiated on 6 February 2026
* Includes the top-up commitments in Hg Genesis 11 and Hg Mercury 5 which had not previously been reflected in the £1.8 billion outstanding commitments reported in the Trading Update on 6th February 2026.
Based on HgT’s share price at 31 December 2025 and allowing for all historic dividends being reinvested, an investment of £1,000 made 20 years ago would now be worth £13,881, a total return of 1,288%. An equivalent investment in the FTSE All-Share Index would be worth £3,839.
20 year historical performance
As at 31 December 2025
20-year performance
Total share price return
Annualised total share price return
Annualised NAV per share total return
Share price performance relative to the FTSE All-Share Index
The investment portfolio
As at 31 December 2025
LTM sales growth
LTM EBITDA growth
Latest news
02 March 2026
HgT announces co-investments in OneStream and Septeo
06 February 2026
Trading update for the year ended 31 December 2025
06 January 2026
Investment in OneStream, Inc.
09 March 2026
Annual Results for the year ended 31 December 2025
20 November 2025
Hg announces a full exit of Intelerad
10 November 2025
Hg announces an investment in Diamant Software
06 November 2025
Quarterly results for the period ended 30 September 2025
16 October 2025
Hg agrees sale of GTreasury to Ripple for $1 billion
15 September 2025
Interim Results for the six months ended 30 June 2025
08 September 2025