Edison issues report on HgT (HGT)
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Edison Investment Research Limited
London, UK, 11 February 2026
Edison issues report on HgT (HGT) Edison issues report on HgT (LSE: HGT) HgT reported its full-year trading update, posting a 4.0% NAV total return (TR) in FY25, bringing its five- and 10-year NAV TR to 14.1% and 17.0% per year, respectively. The FY25 return was driven by continued strong growth in revenue and EBITDA across HgT’s portfolio of 17% and 20% in 2025, respectively, at a healthy average EBITDA margin of 34%. This contributed 17pp to its portfolio performance, partly offset by the negative 7pp effect of lower public multiples and the 6pp impact of an increase in portfolio company debt, used to finance bolt-on M&A. Valuations of listed software companies remained volatile into January and early February 2026, sparked by intensifying fears over AI disruption coupled with a rotation from software into hardware and AI infrastructure. This led to a temporary widening of HgT’s discount to NAV to more than 30%, which was followed by a rebound in recent days to 19% (based on the last closing price). This is still much greater than the 10-year average of 7%. We note that HgT authorised its broker to conduct a share buyback on its behalf and all HgT’s non-executive directors bought HgT shares recently. 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:
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2274800 11-Feb-2026
