Edison Releases Report on HgT's Performance in FY25

On February 11, 2026, Edison Investment Research published a report on HgT, highlighting its financial performance for the fiscal year 2025. HgT achieved a 4.0% NAV total return in FY25. Over five and ten years, the NAV total returns were 14.1% and 17.0% per year, respectively.

The strong FY25 performance was attributed to substantial growth in revenue and EBITDA, which increased by 17% and 20%, respectively. However, the gains were partly offset by negative factors, including lower public multiples and increased portfolio company debt.

Market volatility affected the valuations of listed software companies due to concerns about AI disruption. HgT's discount to NAV temporarily widened to over 30% but recently rebounded to 19%, still above the long-term average of 7%. HgT has authorized share buybacks, with non-executive directors purchasing shares.