**Summary**
HgCapital Trust PLC (HgT) announced its third-quarter results for the period ending September 30, 2025, highlighting a resilient performance driven by its portfolio of software and services businesses. Key highlights include
1. **NAV Performance**Net Asset Value (NAV) per share increased by 2.4%, reaching £5.50, with total net assets at £2.5 billion.
2. **Share Price**The share price decreased by 2.7% to £4.99, resulting in a market capitalization of £2.3 billion.
3. **Portfolio Growth**Strong trading performance contributed 4% to portfolio growth, partially offset by lower valuation multiples and increased net debt.
4. **Long-Term Performance**The portfolio reported 18% sales growth and 19% EBITDA growth over the last 12 months, with a 33% EBITDA margin.
5. **Liquidity and Investments**Available liquid resources stood at £379 million (15% of NAV), with £49.7 million invested in Q3, primarily in A-LIGN, a cyber compliance services provider.
6. **Realisations**£7 million was realized from the partial sale of Trackunit, with an additional £30 million expected from the post-period exit of GTreasury.
7. **Historical Returns**An investment of £1,000 twenty years ago would now be worth £13,364, outperforming the FTSE All-Share Index, which would be worth £3,762.
HgT remains focused on delivering consistent long-term returns by investing in unquoted companies with potential for strategic and operational value creation. The trust continues to screen an attractive pipeline of opportunities, with further liquidity events expected in the coming months.