HgT Reports Q3 2025 Results with Rising NAV

HgT (LSE: HGT) announced a 2.4% increase in NAV per share for Q3 2025, sustaining the recovery momentum from Q2 after a challenging public market environment in Q1. The NAV total return for the first nine months of 2025 stood at 1.9%. Portfolio earnings growth contributed positively by 4.3 percentage points to the valuation in Q3, aided by a 1.4-point foreign exchange benefit. These gains were slightly offset by reduced valuation multiples and increased net debt within the portfolio.

The portfolio's revenue and EBITDA growth to September 2025 were robust at 18% and 19%, respectively, with organic growth contributing significantly. The EBITDA margin remained strong at 33%. Although earnings forecasts for listed software businesses rose by 13% in Q3, market prices only partially reflected this, resulting in an 8% decrease in public market multiples. HgT shares are currently at a 13.6% discount compared to September's NAV.