Hg's quarterly update

Together we build enduring technology and services leaders that transform how people work

of proceeds returned from all technology and services businesses since 2001 at 3.0x gross MOIC (Multiple on Invested Capital) / 31% gross IRR (Internal Rate of Return) 1

years of investing (30+ including pre-independence)

aggregate EV of the Hg portfolio

total technology & services Investments (200+ Total)

assets under management

employees across London, Munich, New York, Paris, San Francisco & Singapore

(All facts and figures as at 31 December 2025, adjusted to currency spot rates)

1 Returns presented are gross and do not include the effects of fees, commissions and other charges. Past performance is not a reliable indicator of future results. The value of investments and the income from them can go down as well as up as a result of market and currency fluctuations and other factors, some of which may be outside of our control, and investors may not get back the amount they originally invested. Represents an indicative firm-level return which no investor would have received.

Our portfolio in numbers2

an ecosystem of technology and services champions

Portfolio companies

portfolio employees

portfolio employee growth

portfolio revenue growth LTM

portfolio EBITDA growth LTM

total revenue of our companies

Investment activity

LTM platform investment activity 5

Total deal EV

New platform investments

2 Past performance is not a reliable indicator of future results 3 As at 31 December 2025 4 These figures represent LTM 31 December 2025 sales and EBITDA growth of the investments held by HgCapital Trust plc (100% Hg portfolio), calculated on a weighted basis, based on the respective gross valuations of the underlying investments. HgT, whose shares are listed on the London Stock Exchange, gives private and institutional investors the opportunity to participate in all Hg's investments. 5 As at 31 December 2025, adjusted pro forma for post period events, with some transactions remain subject to closing

2025 M&A activity

6 Publicly disclosed transactions on company website's from 1st January 2025 to 31st December 2025. Some investments remain subject to closing

Over a decade of technology and services transactions

Year Invested
Total EV of investments (excl exits)⁷
<$500m EV
$500m-$2bn EV
>$2bn EV
2025
~$30bn
Scopevisio Ascendia Parte
Payworks A-LIGN Diamant Software SmartTrade (exit) Trackunit (part exit) GTreasury ($1bn) (exit)
P&I (c.€5.5bn) (recap) IFS (c.€15bn) (recap) The Citation Group (exit and recap)
2024
~$40bn
Induver CTAIMA CUBE Athletic Sport Sponsoring (part exit) F24 (part exit)
Ncontracts Ivalua Focus Group Empyrean CINC Systems Dext (exit)
GGW (recap) AuditBoard (>$3bn) IRIS (c.£3bn) (recap) team.blue (recap) (c.€4.8bn) Septeo (recap) (>$3bn) Visma (c.€19bn) (recap) Argus Media (exit) (c.$4.6bn) TeamSystem (exit)
2023
~$800m
JTL NomadIA Commify (c.€300mn) (exit) Silverfin (exit)
GTreasury Azets (recap)
TeamSystem (partial exit)
2022
$28bn+
Fonds Finanz Quantios Blinqx
Ideagen LucaNet Pirum Rhapsody Waystone Itm8 (exit) Medifox-DAN (~$1bn) (exit)
team.blue IFS + Workwave (~$10bn) Access Group (~$10bn) (recap)
2021
$25bn
Auvesy-MDT Nitrogen Bright Geomatikk Prophix GGW Dext ProcessMAP
Norstella (c.$1.6bn) HHAeXchange Litera Revalize (~$1.8bn) Benevity (~$1bn) FE fundinfo Trackunit Seralla Mitratech (exit) Allocate (exit) FE fundinfo (exit)
Teamsystem Insightsfotware (~$4bn) Howden Group (~$5bn)
2020
$22bn
SmartTrade GGW F24 MMIT Evaluate Evaluate (Exit)
Citation Group Septeo (c.$1bn) CaseWare Gen II Intelerad Citation (exit)
Visma (c.$12.2bn) P&I (c.€2 bn) Sovos (c.$3bn) Argus Media Sovos (exit)
2019
$7.5bn
Silverfin
Litera team.blue Transporeon (c.$800m) Foundry (exit) Register (exit)
Visma (c.€6.5 bn)
2018
$10bn
Allocate Financial Express itm8 Rhapsody Medifox
IRIS (c.£1.2 bn) Access Group (c. £1bn)
Visma (c.$5.3bn)
2017
$1.3bn

fundinfo Register MeinAuto Group Parts Alliance (exit) Sequel (exit)

Mitratech Zenith (exit)

2016
$2.7bn

Kinapse The Citation Group Trace One STP Commify Evaluate

Sovos Raet Azets

2015
$1.0bn
APG Foundry Eucon EidosMedia Zitcom

7 Includes all announced investments, some may remain subject to closing. Past performance is not a reliable indicator of future results.

Hg announces new GP-led secondaries team

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OneStream to be acquired by Hg

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Building the foundations & forming the future

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More news

Hg ranked top 10 globally and top 3 in Europe Private Equity International's PEI300: The world's largest private equity firms (June 2025)

Hg ranked #2 most active PE investor in IT PitchBook's Global League Tables: 2025 Annual (February 2026)

#2 Global Tech PE for deal count AGC Partners 2025 Tech PE Rankings (Dec 2025)

Includes a sample of awards based on investment activity, fundraising, performance and firm profile from [2025]. In some instances, Hg may have put certain standards or policies in place in order to qualify for the award. Other third parties or investors may disagree with these awards. An award may not be representative of a particular investor's experience. In some cases, Hg may have paid a publication or licensing fee in connection with the use or distribution of an award or rating.

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