Edison Investment Research Limited Edison issues report on HgT (HGT)
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Edison Investment Research Limited
London, UK, 10 August 2026 Edison issues report on HgT (HGT) Edison issues report on HgT (LSE: HGT) HgT published its preliminary trading update for H126, reporting that its portfolio delivered a last-12-month (LTM) revenue and EBITDA growth (based on latest available data) of 16% and 19%, respectively (of which 11% and 17% was organic, respectively), at a strong average EBITDA margin of 34%. Average net debt to EBITDA across its portfolio fell to 6.9x from 7.4x at end-2025. The robust contribution from underlying portfolio performance (broadly consistent with 2025 performance and adding 6pp to HgT’s Q226 NAV performance) was partly offset by a negative 5pp impact from a further fall in peer multiples amid continued investor uncertainty related to AI’s effect on the software industry. Weighted average EV/EBITDA across HgT’s portfolio was 22.9x versus 25.2x at end-2025. We believe that HgT is well-placed to benefit from the AI augmentation of software products across its portfolio, see our previous research for details. NAV total return (TR) in Q226 came in at 0.5%, which resulted in a NAV TR of -4.9% in H126. Following the sell-off in public software, HgT’s shares trade at a historically wide discount to NAV of 25%. Click here to read the full report. All reports published by Edison are available to download free of charge from its website Edison is authorised and regulated by the Financial Conduct Authority. Edison is not an adviser or broker-dealer and does not provide investment advice. Edison’s reports are not solicitations to buy or sell any securities. For more information, please contact Edison: +44 (0)20 3077 5700 Connect with Edison on: LinkedInwww.linkedin.com/company/edison-group-/ YouTubewww.youtube.com/edisonitv
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