Q3 2025 update

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This document accompanies the report to 30 September 2025. The information in this document contains a summary of information set out in this

report. References in this document to HgCapital Trust plc have been abbreviated to 'HgT'.



HgCapital Trust ("HgT")

HgT is a FTSE 250 investment company listed on the main market of the London

Stock Exchange and managed by Hg, Europe's largest software investor1

£2.3bn

market capitalisation

Investment strategy focused on profitable and growing companies providing mission-critical B2B software and services

Resilient business models with highly recurring revenues and low customer churn

+19.3% p.a.

10 year share price CAGR

+11.2% p.a.

10 year outperformance vs. public markets2

At 30 September 2025. All performance figures are shown on a total return basis. Past performance is not a reliable indicator of future results.

  1. 2024 PEI 300 ranking 2

  2. HgT share price total versus FTSE All-share index



30+ year

track record of investing

#1


Private Equity tech investor by Total Deal Counts and Exits1



>$100bn

assets under management



6 $187bn

portfolio enterprise value

c.430

As at 30 September 2025; adjusted pro forma for events post-period end; past performance is not indicative of future performance. The returns presented are gross and do not include the effect of fees, commissions and other charges which will reduce returns

1. AGC Partners Tech PE Leaderboard (Dec 2024). Hg was ranked #1 by Total Deal Count in 2023-2024 and #1 for exits in 2024 (YTD).

Offices in London, Munich, New York, San Francisco, Paris & Singapore

employees including >250 investment and other professional executives

3

HgT is Hg's largest client, committed to all Hg funds

Pension plans

Sovereign Wealth Funds

Endowments and insurance companies

HgT's underlying

shareholder base

Hg's largest

LP investor

HgT provides listed access

to "the free float" of

$187bn EV of Hg Software

"Inc"

>$100bn AUM

Hg's portfolio

companies

HgT provides shareholders with access to a private software portfolio that would otherwise

be inaccessible to investors in listed markets

4

As at 30 September 2025 4



HgT provides access to all Hg funds and direct co-investment

85-90% target allocation 10-15%

Mercury

"Transforming founder-led businesses"

Lower mid-market buyout focus

Capturing high growth, typically founder-led businesses with potential for outperformance

Genesis

"Creating segment leadership"

Mid-market buyout focus

Stable growth segment leaders, with scale opportunities available through significant expansion

Saturn

"Scaling segment leaders"

Upper mid-market buyout focus

Mature, predictable, profitable businesses with stable, compounding growth over the

Co-investment

"Fee-free and supports increased

balance sheet efficiency"

Direct investments alongside the

funds

Allows for more efficient balance sheet management while

long term

lowering overall fees 5



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Disclaimer

HgCapital Trust plc published this content on November 13, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on November 13, 2025 at 13:02 UTC.