Edison Investment Research Limited
Edison issues report on HgT (HGT)
07-Nov-2025 / 13:22 GMT/BST
The issuer is solely responsible for the content of this announcement.

London, UK, 7 November 2025

Edison issues report on HgT (HGT)

Edison issues report on HgT (LSE: HGT)

HgT has reported its Q325 results with a 2.4% increase in NAV per share, which marks a continuation of the rebound seen in Q225 following the negative impact of a weaker public market environment in Q125. HgT's NAV total return (TR) for the first nine months (9M25) was therefore 1.9%. A continued positive contribution from portfolio earnings growth (4.3pp positive impact on portfolio valuation in Q325) and 1.4pp of fx tailwinds were partly offset by lower valuation multiples and higher net debt across HgT's portfolio. Last 12-month revenue and EBITDA growth to end-September 2025 across HgT's portfolio remains consistently in double-digit territory at 18% and 19%, respectively (of which 11% and 16% are organic growth). This is coupled with a sustained strong average EBITDA margin of 33%. Hg's head of research highlighted that the 13% increase in Q325 earnings forecasts for listed software businesses only partially flowed into prices, leading to an 8% contraction in public market multiples. HgT maintained a strong long-term track record with five- and 10-year NAV TR to end-September 2025 of 14.5% and 17.8%, respectively. Based on the last closing price, HgT's shares trade at a 13.6% discount to end-September 2025 NAV.

Click here to read the full report.

All reports published by Edison are available to download free of charge from its website

Edison is authorised and regulated by the Financial Conduct Authority.

Edison is not an adviser or broker-dealer and does not provide investment advice. Edison's reports are not solicitations to buy or sell any securities.

For more information, please contact Edison:

...

+44 (0)20 3077 5700

Connect with Edison on:

LinkedIn

X

YouTube

Dissemination of a CORPORATE NEWS, transmitted by EQS Group.
The issuer is solely responsible for the content of this announcement.
View original content: EQS News