Edison Releases Report on HgT's Q1 Performance

Edison Investment Research has published a report on HgT's (LSE: HGT) first-quarter performance of 2026. The report highlights a 5.4% decline in the NAV total return for Q1, attributed mainly to a 9% reduction due to a sell-off in public software stocks. Despite this, a 5% increase in earnings growth within HgT's portfolio partially offset the decline.

Revenue and EBITDA for the last 12 months rose by 16% and 19%, respectively, with significant organic growth. Over a longer period, HgT's NAV total returns have averaged 10.9% over five years and 16.1% over ten years. The portfolio's average EBITDA margin remains robust at 34%. The discount on HgT shares has widened to around 30%, notably higher than the 2021-2025 average of 9%.