Edison issues report on HgT (HGT)

London, UK, 10 November 2026

Edison issues report on HgT (HGT)

Edison issues report on HgT (LSE: HGT)

HgT reported a 2.0% NAV total return (TR) in Q326, following a 0.5% increase in Q226, bringing its NAV per share to 539.1p, continuing the recovery from the Q126 low and limiting the year-to-date NAV TR decline to 3.1%. Continued strong trading added 5% to gross portfolio value during Q326 (15% year to date), more than offsetting a negative 2% impact from lower comparable multiples. Last-12-month revenue and EBITDA grew by a strong 15% and 19% y-o-y, respectively (of which 11% and 17% was organic), at a healthy EBITDA margin of 35% (end-June 2026: 34%). Despite a selective recovery in listed software valuations during Q3, application and vertical software stocks have lagged, leading to a further decline in HgT’s weighted average EV/EBITDA multiple to 22.6x (end-2025: 25.2x). Average net debt to EBITDA improved further to 6.7x from 7.4x at end-2025.

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