Annual Results for the year ended 31 December 2025

POSITIVE NAV PERFORMANCE DRIVEN BY STRONG TRADING IN THE UNDERLYING PORTFOLIO IN CHALLENGING CONDITIONS

London, 9 March 2026: HgCapital Trust plc (‘HgT’), today announces its annual results for the year ended 31 December 2025.

HgT provides investors with a listed vehicle to invest in one of the largest and fastest growing portfolios of unquoted technology companies in Europe, managed by Hg.

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 businesses where value can be created through strategic and operational change.

This objective has been demonstrated with a 10-year share price total return of +18.9% p.a., outperforming the FTSE All-Share Index by +10.5% p.a. over this period.

Key highlights for 2025 include:

• 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.

Jim Strang, Chairman of HgT, commented:

“Against the challenging macro-environment backdrop and volatile environment for technology investments, 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%. These figures are consistent with those reported last year and compare favourably with similar businesses. In this uncertain world investors should be comforted by the experience, focus and discipline of Hg as a technology investor targeting investments with very specific characteristics which serve to tilt the risks and returns of investing in their favour. Notably, the mission-critical nature of the technology and services in which Hg invests, where embedded workflows tied to systems of record, deep domain knowledge and recurring revenue models, continue to support resilient demand even during periods of technological and market transition.

Recent exit events, where strategic buyers have acquired assets at sizable premiums to their carrying values, serve to demonstrate the quality of the assets HgT holds. However, over the course of the year, the positive effect of continued strong trading performance and the aforementioned uplifts on exits 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.”

David Toms, Head of Research at Hg, commented:

“The core attraction of this sector remains the ability to deliver sustainable earnings growth through a variety of market environments and against volatile macro-economic backdrops. In addition, AI materially expands the opportunity set and we see encouraging early momentum in our businesses. Beyond this, for the portfolio, M&A remains a key driver of outperformance.”

SUMMARY PERFORMANCE

	28 February 2026	YTD 2026 Total return	31 December 2025	31 December 2024	2025 Total return
NAV per share	560.9p	-0.1%	561.5p	545.5p	+4.0%
Share price	398.0p	-21.5%	507.0p	539.0p	-4.9%
FTSE All-Share Index		+9.7%			+24.0%
		YTD 2026 Movement			2025 Movement
Net Asset Value	£2.6bn	-£12.2m	£2.6bn	£2.5bn	+£73m

Source: Hg, Factset. All references to total return allow for all historic dividends being reinvested
Note: Hg undertakes full revaluations of the portfolio on a quarterly basis, the next process being 31 March 2026, therefore the movement in unrealised value of the portfolio to the end of February 2026 is predominantly attributable to FX.

PERFORMANCE OVERVIEW

Net assets of £2.6 billion, with continued long-term outperformance of the FTSE All-Share over five, ten and twenty-year periods:

• NAV per share of £5.62p, a total annual return of +4.0% to 31 December 2025.
• Share price total return of -4.9% over the year.
• Proposed final dividend of 3.0p per share (full year dividend of 5.0p per share).

Strong double-digit growth from the portfolio:

• Revenue and EBITDA growth of 17% and 19% respectively across the investments over the last twelve months, EBITDA margins of 33%.
• Valuation multiple (EV/EBITDA) of 25.2x and net debt to EBITDA ratio of 7.4x for the overall portfolio.

Continued portfolio activity to drive future value:

• £215 million of gross realisations.
• Full and partial exits during the year were achieved at an average of 25% above their last reported carrying value.
• Continued investment with £357 million invested on behalf of HgT into companies that Hg (the Manager) has known for many years and have demonstrated a track record of strong performance across market cycles.

POST PERIOD TO 28 FEBRUARY 2026

Performance

• Pro forma NAV per share of 560.9p.*
• Pro forma Net assets of £2.6 billion.
• Share price of 398.0p, performance of -21.5% since 31 December 2025.

*NAV per share is calculated based on shares in issue less shares repurchased and held in treasury as part of the recent share buyback programme.

Jim Strang, Chairman of HgT, commented:

“Public market volatility increased sharply through the first quarter of 2026, especially in the software sector, sparked by investor concerns about the potential impact of AI on the software industry, coupled with a rotation of capital out of software and into hardware companies. The recent material sell-off in listed software shares and associated volatility has also had a pronounced negative impact on HgT’s share price, which is down 21.1% period to date at 6 March 2026.

The recent widespread sell-off seen in the software sector has seen little distinction made across the many different players in the space and their respective strengths and weaknesses. While conditions remain challenging, recent transaction activity at HgT, validates the quality of the assets HgT owns and the manner in which they are valued, both by HgT and the buyer universe and should be of considerable comfort. Given HgT’s deep knowledge and relevant investment experience combined with its focus to invest to develop the next generation of market leading technology companies, while uncertainty is likely to prevail for the foreseeable future, longer term prospects remain attractive.”

Realisations and investments

• Estimated £93 million realised post December 2025, primarily from the full exit of Intelerad and the partial exit of Septeo. These transactions are expected to complete in March 2026.
• £139 million invested by HgT into Onestream and Septeo including £46 million in fee-free co-investment. Post-completion, co-investments will represent an estimated 12% of NAV, increasing from 10% at 31 December 2025.

Pro-forma balance sheet

• Available liquid resources (including the £375 million credit facility, of which £53 million was drawn at the end of February) post-completion of all announced transactions and the full year dividend payable in May 2026, are £374 million (15% of 28 February pro-forma NAV).
• Outstanding commitments of £2.1 billion (83% of 28 February pro-forma NAV) which are expected to be called over the next 4 to 5 years.

OUTLOOK

Commentary from Hg (the Manager):

The combination of the long-term nature of listed private equity investment, and the structural tailwinds for the types of growth businesses that Hg invests in, is expected to continue to drive long-term performance

• The HgT portfolio’s strong trading performance is underpinned by the mission-critical nature of products and services provided by portfolio companies
• Despite the recent volatility in public markets, fundamentals for enterprise software companies remain positive, suggesting that recent market moves are sentiment driven
• AI agents are anticipated to expand the addressable market for many SaaS incumbents. Hg Catalyst, Hg’s AI incubator, is working directly with the portfolio companies to accelerate their AI product development to address this opportunity
• The recent exits of GTreasury and Intelerad to strategic buyers, and the syndications of OneStream and Septeo demonstrate the continued attractiveness of the Hg portfolio to both strategic and financial buyers
• We remain excited by the long-term opportunity, as businesses seek to automate more workflows to improve productivity and manage rising labour costs, underpinned by demographic and technology shifts

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 and investors may not get back the amount they originally invested.

- Ends -

HgT’s 2025 Annual Report, results presentation and an animated presentation from Hg to accompany the results are available to view at: http://www.hgcapitaltrust.com/.

For further details:

HgCapital Trust
George Crowe
[email protected]
+44 7774 617 150

Laura Dixon
[email protected]
+44 7824 59 2894

Hg
Tom Eckersley
[email protected]

Sam Ferris
[email protected]

Cadarn
Lucy Clark
[email protected]
+44 (0)7984 184 461

David Harris
[email protected]
+44 (0)7368 883 211

About HgCapital Trust plc

HgCapital Trust plc is an investment company whose shares are listed on the London Stock Exchange (HGT.L). HGT gives investors exposure, through a liquid vehicle, to a portfolio of high-growth unquoted companies, managed by Hg, an experienced and well-resourced private equity firm with a long-term track record of delivering superior risk-adjusted returns for its investors.

For further details, see www.hgcapitaltrust.com and www.hgcapital.com