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Get connected Half year 2026 update This document accompanies the interim report to 30 June 2026. The information in this document contains a summary of informat ion set out in this report. References in this document to HgCapital Trust plc have been abbreviated to 'HgT'. to a universe of technology and services businesses
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2 HgCapital T rust (“HgT”) Investment strategy focused on profitable and growing companies providing mission-critical B2B technology and tech-services T rusted AI-first champions operating in protected vertical markets HgT is a FTSE 250 investment company listed on the main market of the London Stock Exchange and managed by Hg, Europe’s largest technology investor1 1. 2025 PEI 300 ranking
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3 NAV and share price performance HgT’s share price and net asset value per share have outperformed the FTSE All-Share Index over the long-term Performance figures to 30 June 2026, source: FactSet. Past performance is not a reliable indicator of future results. The value of shares and the income from them can go down as well as up as a result of market and currency fluctuations. You may not get back the amount you invest. All performance figures are based on total return assuming that all historic dividends have been re- invested. Q1 Q2 H1 NAV per share -5.4% +0.5% -4.9% Share price -22.9% -2.6% -24.9% H1 2026 performance was negatively affected by the sell-off in public software, in particular during Q1 before performance stabilised in Q2 50 150 250 350 450 550 650 Jun '16 Jun '17 Jun '18 Jun '19 Jun '20 Jun '21 Jun '22 Jun '23 Jun '24 Jun '25 Jun '26 Share price NAV FTSE All Share 10 year performance 15.1% p.a. 14.4% p.a. 8.7% p.a.
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4 Strong trading was offset by a contraction in multiples during H1 2026, as public software valuations diverged from fundamentals While valuations can be volatile over short time horizons, the compounding of earnings growth remains the most important driver of long-term performance Note: As at 30 June 2026. Portfolio valuation bridge illustrates December 2025 portfolio valuation pro forma for acquisitions and disposa ls at carrying value and June 2026 valuation prior to the impact of FX. Gross portfolio value before the deduction of fund-level liabilities. Past performance is not a reliable indicator of future res ults. Trading remains strong, contributing 11% to the value of the portfolio during H1 • LTM revenue growth: 16% (11% organic) • LTM EBITDA growth: 19% (17% organic) • EBITDA margin: 34% Weighted average EV/L TM EBITDA multiple declined from 25.2x to 22.9x over H1, reflecting a compression in the multiples of public software companies Ratings detracted 13% from the value of the portfolio during H1, with the impact skewed towards Q1 (-9%) during the initial weeks of the sell-off in public software 2 1 +11% (13)% (2)% Dec 2025 portfolio valuation Trading Ratings Increase in net debt June 2026 portfolio valuation (constant currency) HgT Dec 2025 to June 2026 portfolio valuation progression 1 2
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5 In the long run, earnings growth is the key driver of software returns -1000% -800% -600% -400% -200% 0% 200% 400% 600% 800% 1000% -50% -40% -30% -20% -10% 0% 10% 20% 30% 40% 50% 2005 2007 2009 2011 2013 2015 2017 2019 2021 2023 2025 Cumulative return Annual return Earnings drive consistent returns. Multiples are much more volatile Source: Hg analysis, FactSet 31/5/26. Based on IGV ETF (tracks c.100 US Software and Services companies). NTM PE and NTM EPS. 2025 and 2026 earnings figures have been adjusted to correct for significant distortion in Dec 2025; these adjustments include an element of subjective judgement and should be treated as indicative. Returns from multiple Returns from earnings
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6 We believe the current share price discount does not reflect the value or prospects of the underlying portfolio Hg announced its intention to build a 15%+ position in HgT, with on-market purchases now underway Source: S&P Capital IQ as at 10 September 2026, based on total return assuming dividends have been re-invested. Past performance is not a reliable indicator of future results. Q2 2026: Stabilisation of public trading, with notable recovery of network and cyber players (not yet B2B SaaS peers) Q1 2026: Sell-off across incumbent technology and application businesses QTD: Sharp recovery of many B2B SaaS/application players -18% -4% YTD: -40 -30 -20 -10 - 10 Jan '26 Feb '26 Mar '26 Apr '26 May '26 Jun '26 Jul '26 Aug '26 Sep '26 IGV ETF vs HgT, YTD 2026 % IGV Index HgT
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7 Source: Hg analysis as at 30 June 2026. Past performance is not a reliable indicator of future results. Figures relate to HgT's share of transactions and are gross of carried interest. Sterling equivalent where transaction made i n Euros or US Dollars. Logos exclude immaterial transactions in portfolio companies not shown. L10Y uplifts for full and partial realisations compared to book value at the point of signing. Annual uplifts are a simple av erage of all full and partial transactions closed in the respective year. YTD 2026 realisations as of 11 September includes realisation proceeds of £134m during H1 2026 and £13m from the full realisation of Quantios which was signed post-period. Consistent track record of generating realisations at uplifts to book value across market cycles 27% 49% 20% 55% 25% 44% 27% 23% 15% 25% 31% 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 YTD 2026 L10Y average uplift of ~30% versus HgT book value, 2016-2025 10Y average uplift 100% of Hg’s exits in the last decade have been through private M&A YTD 2026: £147m of realisations, including four full/partial exits and four recapitalisations Full exits at average 31% uplift to carrying value
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8 Figures relate to HgT’s share of transactions. Amounts shown in Sterling equivalent where investment made in Euros or US Doll ars. Logos exclude immaterial transactions in portfolio companies not shown. Past performance is not a reliable indicator of future results. YTD 2026 investments as of 11 September, comprised of £146m during H1 2026 and £24m in Street and Nourish which completed post-period end. Co-investments (free of all fees) now represent 11% of NAV, in line with the 10-15% target allocation Continuing to invest in leading technology and services platforms YTD 2026: £170m incl. £46m of co-investment Investments made during the period Further investments since 30 June 2026 Provider of vertical software and AI to the UK residential property sector. Transaction completed in July 2026 Provider of software for the UK social and community care sector. Transaction completed in August 2026 Hg continues to be a partner to founders, with all investments announced in 2026 founder-led. We believe the strongest AI strategies come from leaders who rethink what is possible with AI rather than incrementally improving an existing product.
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9 Note: As at 30 June 2026 HgT portfolio overview at 30 June 2026 Top 10 Location Cluster Website % Portfolio 1 Norway Tax & Accounting / ERP & Payroll visma.com 12.4 2 Sweden Automation & Engineering ifs.com 9.6 3 UK ERP & Payroll theaccessgroup.com 6.9 4 Germany ERP & Payroll pi-ag.com 6.6 5 UK Insurance howdengroup holdings.com 4.6 6 France Legal & Regulatory Compliance septeo.com 4.5 7 US Legal & Regulatory Compliance optro.ai 3.6 8 UK Legal & Regulatory Compliance ideagen.com 3.2 9 US Tax & Accounting onestream.com 2.9 10 US Legal & Regulatory Compliance litera.com 2.4 Tax & Accounting 31% Tech Services 4% Insurance 8% ERP & Payroll 19% Automation & Engineering 11% Legal & Regulatory Compliance 19%Fintech 5%Healthcare IT 3% 2026 5% 2025 15% 2024 22% 2023 1% 2022 21% Pre-2022 36% 60+ companies Hg ‘cluster’ by value Geographic spread by value Investment year by value $195bn+ aggregate EV UK 26% N. America 26% Scandinavia 22% DACH 15% Other Europe 11%
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10 Continued strong trading across HgT's two largest holdings HgT’s largest portfolio companies produce public reporting Source: Company reporting. Data as of 30 June 2026, unless otherwise specified. Past performance is not a reliable indicator of future results. +19% ARR growth 34% EBITDA margin 12.4% HgT portfolio • ARR at an all-time high of €3.1 billion in H1 2026, growing +19% in total and +13% organically year on year • 2.7 million customers at the end of H1 2026, representing 30% year on year customer growth • 40% of Group ARR is now generated by customers with access to embedded AI features Visma financial results: visma.com “Realising AI's full commercial potential follows a clear sequence: embed AI in products, drive usage, prove value and progressively monetise ... we now have AI features embedded across all strategic National Business Platforms.” Merete Hverven CEO, Visma • +25% ARR growth driven by new customer wins and increasing adoption of IFS’s Industrial AI offerings • Continued innovation of industrial AI capabilities across field service, emissions reporting, and agentic automation • IFS Industrial AI ecosystem expanded through strategic partnerships with industrial leaders and frontier AI providers “Customers are scaling AI across operations onto the factory floor, into the warehouse, and out in the field. As measurable business value is returned, Industrial AI is becoming a clear source of competitive advantage and customers are expanding their use of IFS solutions.” Mark Moffat CEO, IFS IFS financial results: ifs.com +25% ARR growth 84% Recurring revenue 9.6% HgT portfolio Case study on IFS: HgT Interim Report 2026
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11 P ortfolio company balance sheets in robust financial health Strong trading drove a reduction in leverage from 7.4x to 6.9x L TM EBITDA over H1’26 Average equity cushion of ~70%, vs. ~39% Europe LBO average1 Active hedging strategy ~70% of debt quantum Proactively extending shorter duration loans 80%+ of portfolio debt maturities extended to 2029 and beyond Four dividend recaps completed in H1’26 with further recaps in advanced stages No covenant breaches Source: Hg analysis as at June 2026. 1. Pitchbook, LCD European Leverage Buyout Review, Q2 2026, Avg. Equity Contribution by Transaction Size, €500m or more
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$0.9bn $9.4bn $15.2bn $3.4bn $20.4bn $10.7bn $2.4bn $4.0bn $0.4bn $1.4bn $0.4bn $1.4bn $3.4bn $0.9bn $13.4bn $15.6bn $4.8bn $20.9bn $12.1bn $5.8bn 2026 2027 2028 2029 2030 2031 2032 2033 OpCo debt HoldCo debt 12 Managing maturity profile across the portfolio 7 PortCos 16 PortCos 8 PortCos 14 PortCos 14 PortCos 6 PortCos 2 PortCos 0 # of PortCos with term debt maturity Figures for full Hg portfolio at June 2026, excluding companies for which a sale has been agreed.
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13 HgT balance sheet and outstanding commitments Pro-forma outstanding commitments of £2.0bn, of which £1.8bn is expected to be called over the next four to five years Revolving credit facility extended and upsized at more favourable terms 1. Pro-forma liquid resources of £309m include the undrawn balance of £296m on the company’s revolving credit facility which was upsized post-period to £450m. • Total credit available increased from £375 million to £450 million • Expiration date was extended from March 2027 to September 2029 • Margin reduced to 3.00% over SONIA with a commitment fee of 1.15%, both more favourable than the previous terms of 3.40% and 1.30% respectively • Significant further upsizing above £450 million available on an uncommitted basis at no additional cost to HgT unless utilised P ost period, HgT agreed to extend and upsize the company’s revolving credit facility Pro-forma balance sheet and outstanding commitments Portfolio Liquid resources Other Not expected to be called 25/26 vintage ~£310m1 £2.5bn £1.5bn ~£300m ~£200m Balance sheet Outstanding commitments
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14 HgT balance sheet and outstanding commitments £1.5bn of outstanding commitments relate to commitments to Hg’s 2025/2026 vintage funds HgT maintains its “opt-out” provision for all funds, allowing it to opt out of new investments without penalty if it does not have sufficient liquidity 1. Pro-forma liquid resources of £309m include the undrawn balance of £296m on the company’s revolving credit facility which was upsized post-period to £450m. 2. Illustrative drawdown profile, assuming four-year linear deployment and use of subscription facilities. 2026 2027 2028 2029 2030 2031 Saturn 4 Genesis 11 Mercury 5 Saturn 4: First investments made in 2025; first capital calls expected from 2027 Genesis 11 & Mercury 5 First investments expected in 2027; first capital calls expected from 2028 Illustrative drawdown profile for 2025/2026 vintage funds including use of fund-level subscription facilities to bridge investment activity and capital calls 2 Pro-forma balance sheet and outstanding commitments Mercury 5 Genesis 11 Saturn 4 Portfolio Liquid resources Other Not expected to be called 25/26 vintage ~£310m1 £2.5bn £1.5bn ~£300m ~£200m Balance sheet Outstanding commitments
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15 Earnings growth and realisation activity continued through a period of volatility and multiple contraction in public software The portfolio continues to exhibit strong trading performance, with H1 NAV performance affected by a reduction in comparable multiples Eight liquidity events year to date with full exits at material uplifts to carrying value Public software performance has recovered in H2 to-date, with the market beginning to differentiate between AI beneficiaries and companies at risk of disruption
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16 Hg at a glance 30+ years of investing with Europe’s leading AI-first Technology and Tech Services sector specialist Hg ranked as the #1 performing European manager4 and #5 globally in 2025 30+ years of investing in Technology & Tech Services $195bn+ portfolio enterprise value 1st PE firm to partner with AI firms such as: 2nd largest technology group in Europe2 60+ active portfolio companies $110bn+ AUM focused on Technology & Tech Services1 Note: For illustrative purposes only. Past performance is not indicative of future performance. Returns may increase or decrease as a result of currency fluctuations. There is no assurance that the trends described or depicted above will continue. As at 30 June 2026, adjusted for post period events; Representing Hg’s current unrealised portfolio. 1. Represents total funds under management as at 30 June 2026. 2. As at 30 June 2026; comparing Hg’s aggregate portfolio EV vs. EVs of European public market tech companies such as SAP, Dassault Systèmes, Wolters Kluwer, Capgemini SE, Amadeus, Sage, Nemetschek Group, Indra Sistemas (Source: S&P Capital IQ). 3. Comprised of 50+ AI-first Hg operational specialists and 100+ consultant specialists including external engineers, product managers, and designers. 4. HEC Dow Jones ranking (based on funds raised between 2012 and 2021). 150+ AI-first specialists3 ~10 years leveraging AI / machine learning capabilities since 2016
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HgT is Hg’s largest client, committed to all Hg funds 17 HgT’s underlying shareholder base Hg’s largest LP investor $110bn+ AUM Hg’s portfolio companies Endowments and insurance companies Sovereign Wealth Funds Pension plans HgT provides shareholders with access to a private software portfolio that would otherwise be inaccessible to investors in listed markets
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18 Hg invests in mission-critical AI-first T echnology & T ech Services companies providing essential business functions Sweet spot Business model attributes Deep sector knowledge… Tax & Accounting ERP & Payroll Legal and Regulatory Compliance Automation and Engineering Insurance Tech Services Fintech Healthcare IT …Focus on end market clusters Business critical need delivered as software or service Strong retention metrics and customer satisfaction scores Utilising years of accumulated IP > high margins Fragmented customer base AI-first management teams and products Note: For illustrative purposes only. Source: Hg analysis. There is no guarantee that Hg will employ the same techniques with any future investment strategy. The above reflects current views, opinions and expectations of Hg based on its historic experience. This shall not be viewed as a current or past recommendation or a solici tation of an offer to buy or sell any securities or to adopt any investment strategy. There is no assurance that comparable results will be achieved in respect of such strategies going forward or that investors in any Hg fund will receive a return of capital.
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19 Note: HgT portfolio at 30 June 2026, adjusted for post-period transactions Automation & Engineering 17 years Insurance 12 years Fintech 12 years ERP & Payroll 21 years Healthcare IT 11 years Tax & Accounting 21 years Tech Services 16 years Legal & Regulatory 19 years Invested across all Hg portfolio companies A long-term focus on deep sub-sector knowledge & networks
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20Source: World Bank National Accounts. Global value of human labour calculated using estimate of world GDP (~55% of ~$105tn global GDP) AI is transforming software workflows and vastly increasing our total addressable market Software is increasingly able to perform human tasks, redirecting a growing share of ~$60tn in labour spend towards software ~$60tn global value of addressable cognitive labour ~$1tn global software TAM • Enterprise solutions become the system of record driving customer dependency and stickiness • Evolving regulatory landscapes embed software within business infrastructure • Transaction and behavioural data is domain-specific and unique to verticals and regulatory systems • Data is accumulated through years of customer relationships Mission critical workflows Proprietary data advantage
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21 Deterministic Data High-accuracy, mission-critical workflows where reliability and compliance matter Decades of structured, verticalised datasets embedded in workflows Domain Distribution Deep expertise in specialised industries Established customer relationships and strong route to-market Hg’s portfolio companies are well positioned with their inherent 4D characteristics
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22 Deterministic workflows are Hg’s core focus and AI’s launchpad AI reinforces, not replaces, systems of record Mission-critical software holding authoritative data and structuring core workflows becomes more embedded as AI layers on top 1 2 3 Deterministic workflows Most of the cognitive load sits with computers Examples: payroll, tax filing Most of the cognitive load sits with people Examples: complex coding, content creation Probabilistic workflows Tax & Accounting ERP & Payroll Legal & Compliance Tech Services Fintech Insurance Healthcare IT Auto. & Engineering Deterministic workflows are AI's launchpad Hg's structured, rules-based verticals — tax, payroll, legal, insurance — are the natural foundation for deploying agentic AI Proprietary data creates compounding advantage Decades of domain-specific rules, use cases, and enriched datasets train AI models that outsiders cannot replicate Note: Third-party logos and trademarks referenced herein are the property of their respective owners and are used for illustrative purposes only. No endorsement or affiliation is implied
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23 LLM commoditisation shifts value capture and competitive advantages to the application layer Source: Artificial Analysis, “Four frontier launches in eight days: six labs now field a model above 50 on the Artificial Analysis Intelligence Index”. Scores and prices as at 17 July 2026 and change with each model release. Artificial Analysis Intelligence Index vs cost per task — 23 of 593 models tracked Proprietary Open-weight Intelligence Index 20 30 40 50 60 $0.03 $0.05 $0.10 $0.20 $0.30 $0.50 $1.00 $2.00 $3.00 Cost per Intelligence Index task (USD, log scale) DeepSeek V4 Flash MiMo-V2.5-Pro DeepSeek V4 Pro gpt-oss-120b MiniMax-M3 GPT-5.6 Luna Nemotron 3 Ultra Muse Spark 1.1 Claude 4.5 Haiku Gemini 3.1 Pro Grok 4.5 GLM-5.2 Kimi K2.6 GPT-5.6 Terra Gemini 3.5 Flash Kimi K3 Qwen3.7 Max GPT-5.5 Mistral Medium 3.5 GPT-5.6 Sol Claude Opus 4.8 Claude Sonnet 5 Claude Fable 5 “Models will keep improving quickly, but for most use cases the technology is already good enough. The work that matters now sits one layer up — in the harness, the evals, and the operational and product depth that lives inside each vertical." Dr. Amr Ellabban, Head of Data & AI at Hg
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Hg’s AI “laboratory” ~60 portfolio companies actively engaging with and deploying AI 150+ 50+ AI-first Hg operational specialists and 100+ consultant specialists 100+ agentic products and features launched to customers across Hg portfolio 1,600+ AI projects live across the portfolio, supported centrally by the Hg Value Creation team At Hg we have a dynamic AI “laboratory”1 across ~60 innovative T echnology & T ech Services companies, all working together to unlock the potential of AI 100+ virtual events per year and annual in- person forums for C-suite executives globally 1st PE firm to partner with with network continuously expanding 500+ managers and team members retrained via AI Academies and Jumpstarts in the last 12 months 30+ AI product builds supported directly by 2, the proprietary AI incubator providing AI talent enabled by the Hg IP Note: Hg analysis as at June 2026 unless specified. For illustrative purposes only. Past performance is not indicative of future performance. There is no assurance that the trends described or depicted above will continue. 1The AI “laboratory” refers to the collaborative ecosystem where multiple Hg companies are simultaneously exploring, testing, and implementing AI solutions. 2 Hg Catalyst is Hg’s in-house AI product incubator program, which embeds small, high-performance AI teams inside portfolio businesses to conceive, build, and ship new Agentic AI products. 24
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25 Hg’s decade-long investment in AI capabilities 2016 Data and AI team starts First set of Portfolio AI use cases. JLA and A-Plan 2017 Data and AI team builds: Amr & Richard join Citation, IRIS proof points Engagement in Hg begins (lunch & learns) 2018 2019 launched AI & Data portfolio community is launched 2020 2021 First pilots with GPT Chris Kindt takes over VC Leadership Amr takes on AI team leadership AI team co-founder takes over Transformation capability 2022 2023 First AI Data product builds Evaluate (20% ARR by Hg’s exit in 2020) build out New products such as CapDB 1. As at May 2026; Aggregate benefit across the Hg portfolio, identified by surveyed portfolio companies from AI-supported initiatives. Not a forecast of absolute EBITDA improvement; gains may be reinvested, offset by other factors, or form part of a broader efficiency programme 2024 AI Catalyst Product builds start in stealth- mode AI partnerships: 2025 AI-first Value Creation team of 50+ launched First AI-driven exit of Launch of AI Maturity Index May 2026 AI head Amr takes on Hg-wide AI leadership 300+ AI projects $48m+ EBITDA impact budgeted1 800+ AI projects $130m+ EBITDA impact budgeted1 1,600+ AI projects ~$260m EBITDA impact budgeted1 5x grows 3 products, fully ‘as a service’
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26 Hg Catalyst: A dedicated AI product incubator supporting Hg’s “sweet-spot” businesses with industry leading AI expertise ✓ Product-market fit ✓ Proprietary data ✓ Domain expertise ✓ Deep integrations ✓ Strong distribution ✓ Dedicated tiger teams ✓ Industry leading talent ✓ Tools, tech & IP ✓ Deep partnerships ✓ 20 product builds in 2025 Hg’s specialist and scaled capability versus generalist private equity investors in tech
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27 Case study: How CINC shipped a full AI suite in 3 months Note: Hg analysis as at June 2026. Case studies presented herein are for illustrative purposes only and are intended to illustrate Hg’s sourcing experience and the profile and types of investments previously pursued by Hg. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to the investmen ts included in the illustrative case studies should not be construed as a recommendation of any particular investment or securit y. Past performance is not a reliable indicator of future results 27 30%+ of new contracted ARR now comes from AI products $2m of annualised costs taken out of customer support through AI-assisted resolution 10-20% reduction in baseline R&D budget 30% of CINC's client base now uses Cephai “Community management is a labour business. 70% of cost is people. 5–10% is IT. Cephai is going after the 70%.” CINC Investment T eam, Hg Check out the full case study including the CINC CEO’s take here: How CINC shipped a full AI suite in 3 months The situation • CINC provides software to property management companies running US community associations • It's a sector most investors would have called "AI-lagging" • In early 2025 a competitor acquired an AI-first product in the same end market Actions taken • A combined team of CINC product leaders, engineers, and a specialist tiger team mapped the highest-friction community manager workflows and built against them • The team built a live product called Cephai in a single quarter (versus a conventional product cycle of 12-18 months) The outcome • Launched Cephai, CINC's AI system, embedded natively in the platform • Through 2026 CINC's own product and engineering organisation has been taking over delivery, with Hg Catalyst having provided the running start
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282828 AI product strategy is already driving exit activity Note: Case studies presented herein are for illustrative purposes only and are intended to illustrate Hg’s sourcing experience and the profile and types of investments previously pursued by Hg. It should not be assumed that investments made in the future will be comparable in quality or performance to the investments described herein. Further, references to the investments included in the illustrative case studies should not be construed as a recommendation of any particular investment or security. Past performance is not a reliable indicator of future results 1Average uplift to book value calculated as the difference between the HgT book value at signing and the last quarterly unadjusted book value, combined uplift based on a straight average uplift at the point of signing for the full exits of GTreasury, Intelerad and Quantios 60% combined average uplift1 • Hg Catalyst assembled AI engineers alongside GTreasury domain experts to design, build, price, package and launch the Forecasting Insights AI product and GSmart brand in 8 weeks (with a further 2 AI features in 12 weeks) • Sold to Ripple for ~$1bn EV • 95%+ uplift to prior book value1 • Hg Catalyst helped to expand InteleGence partnerships for diagnostic tooling and focused on building AI workflow, with a workshop helping to develop 3 POCs and a native reporting tool built in one quarter • Sold to GE for ~$2.3bn EV • 60%+ uplift to prior book value1 • Hg Catalyst supported Quantios domain experts to build a separately priced agentic AI layer automating higher-complexity regulated workflows, launching the business's first agentic solution in March 2026 • Sold to Vista for ~£400m • 30%+ uplift to prior book value1
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29 Summary and outlook We believe agentic AI represents a generational opportunity for technology investors and will materially expand the addressable market for software incumbents We are focused on execution, building AI-first champions in protected market verticals, with customer adoption of agentic solutions already evident across many portfolio companies AI transformation is already translating to realised returns. With a further wave of AI product releases expected across the portfolio in 2026, we believe the opportunity ahead continues to grow To capture this opportunity, we have built one of the largest dedicated AI capabilities in European private equity with over 150 AI-first specialists backed by more than a decade of investment
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30 Further resources HgT Capital Markets Day 2026 From Diffusion to Destination: What coding tells us about what comes next Orbit: an Hg podcast Software in the AI era: Why specialisation matters more than ever HgT website: https://www.hgcapitaltrust.com/ Hg website: https://hgcapital.com/ HgT LinkedIn: https://www.linkedin.com/company/hgcapital-trust-plc Orbit podcast: https://hgcapital.com/insights/orbit-podcast Hg insights: https://hgcapital.com/insights Silicon Valley Leadership Summit: https://hgcapital.com/insights/hg-silicon-valley- leadership-summit-2026-navigating-the-ai- transformation A new lens: Investing in an AI world
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31 Hg to increase alignment with HgT shareholders On 4 June 2026, Hg announced its intention to make an increased strategic investment in HgT, with an active programme to increase the ownership of Hg partners, employees and the Hg balance sheet from their existing shareholding of ~6% to over 15%, over the medium term, through on-market purchases Ongoing disclosure of Hg holdings • Hg partners and employees in aggregate held ~6% of voting rights on 4 June 2026, of which ~5.3% was held by certain Hg individuals with influence over the investment activities of the Hg balance sheet. • The Hg balance sheet made its first purchases of HgT shares on 12 June 2026, creating a concert party with those individuals with influence over the investment activities of Hg’s balance sheet (together the “Concert Party”). • The Concert Party notified the market on 8 September 2026 that its holding had crossed 6%, and will continue to report in line with notification thresholds under the UK Disclosure and Transparency Rules (“DTR 5”). • HgT will continue to report the aggregate of all Hg-related holdings – the Concert Party and other Hg partners and employees – in the company’s annual report.
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Contact LinkedIn www.linkedin.com/company/hgcapital-trust-plc Doceo www.doceo.tv/funds/hg-capital-trust/ You can also follow us: For further information on HgCapital Trust plc, please visit our website: www.hgcapitaltrust.com Or contact our Investor Relations Team at: investorrelations@hgcapital.com
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33 Disclaimer NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN WHOLE OR IN PART, INTO OR WITHIN THE UNITED STATES OR TO “US PERSONS” (AS DEFINED IN REGULATION S UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”) OR INTO OR WITHIN AUSTRALIA, CANADA, SOUTH AFRICA, OR JAPAN. RECIPIENTS OF THIS DOCUMENT AND THE PRESENTATION (THE "MATERIALS") IN JURISDICTIONS OUTSIDE THE UK SHOULD INFORM THEMSELVES ABOUT AND OBSERVE ANY APPLICABLE LEGAL REQUIREMENTS IN THEIR JURISDICTIONS. IN PARTICULAR, THE DISTRIBUTION OF THE MATERIALS MAY BE RESTRICTED BY LAW IN CERTAIN JURISDICTIONS. ACCORDINGLY, RECIPIENTS REPRESENT THAT THEY ARE ABLE TO RECEIVE THE MATERIALS WITHOUT CONTRAVENTION OF ANY APPLICABLE LEGAL OR REGULATORY RESTRICTIONS IN THE JURISDICTION IN WHICH THEY RESIDE OR CONDUCT BUSINESS. This document accompanies the report to 30 June 2026 of HgCapital Trust plc (the “Company”) and contains a summary of the information set out in that document. Reference should be made to the Interim Report rather than relying on this summary. It does not constitute an advertisement and is not a prospectus. It does not constitute an offer to sell or a solicitation of an offer to buy any securities described herein in the United States or in any other jurisdiction, nor shall it, by the fact of its distribution, form the basis of, or be relied upon, in connection with any such contract. No offer, invitation or inducement to acquire shares or other securities in HgCapital Trust plc (“Shares”) is being made by or in connection with this document. The information presented herein is not an offer for sale within the United States of any equity shares or other securities of HgCapital Trust plc. HgCapital Trust plc has not been and will not be registered under the US Investment Company Act of 1940, as amended (the “Investment Company Act"). In addition, the Shares have not been and will not be registered under the Securities Act or any other applicable law of the United States. Consequently, the Shares may not be offered or sold or otherwise transferred within the United States, or to, or for the account or benefit of, US Persons, except pursuant to an exemption from the registration requirements of the Securities Act and under circumstances which will not require HgCapital Trust plc to register under the Investment Company Act. No public offering of the Shares is being made in the United States. The Shares may only be resold or transferred in accordance with the restrictions set forth in the Prospectus to be published in connection with any proposed offering and related subscription documents. This communication should not be distributed, forwarded, transferred, reproduced, or otherwise transmitted, directly or indirectly, to any persons within the United States or to any US Persons unless it is lawful to do so. This document is being issued by Hg Pooled Management Limited, a company authorised and regulated by the Financial Conduct Authority to accompany the interim report. The Presentation is being issued on a strictly confidential basis and the information contained in the Presentation may not be copied, distributed, published or reproduced, in whole or in part, to any other person at any time without the prior written consent of the Company. The information and opinions contained in this document are for background purposes only, do not purport to be full or complete and do not constitute investment advice. Subject to Hg Pooled Management Limited's regulatory requirements and responsibilities, no reliance may be placed for any purpose on the information and opinions contained in this document or their accuracy or completeness and no representation, warranty or undertaking, express or implied, is given as to the accuracy or completeness of the information or opinions contained in this document by Hg Pooled Management Limited or any of its members or employees and no liability is accepted by such persons for the accuracy or completeness of any such information or opinions. This information is not intended to provide, and should not be relied upon, for accounting, legal, tax advice or investment recommendations. You should consult your tax, legal, accounting or other professional advisors about the issues discussed herein. The descriptions contained herein are summaries and are not intended to be complete and neither Hg Pooled Management Limited nor any of its affiliates undertakes any obligation to update or correct any errors or inaccuracies in any of the information presented herein. The information in these materials and any other information discussed at the presentation is subject to change. This document does not constitute or form part of any offer to issue or sell, or any solicitation of any offer to subscribe or purchase any investment nor shall it or the fact of its distribution form the basis of, or be relied on in connection with, any contract thereof.
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34 Disclaimer These materials include statements that are, or may be deemed to be, "forward-looking statements" which are based on current expectations and projections about future events. In some cases, these forward- looking statements may be identified by the use of forward-looking terminology, including the terms "targets", "believes", "estimates", "anticipates", "expects", "intends", "may", "will" or "should" or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout these materials and include statements regarding the intentions, beliefs or current expectations of Hg Pooled Management Limited and/or its members or employees concerning, among other things, the trading performance, results of operations, financial condition, liquidity, prospects and investment policy of HgCapital Trust plc. By their nature, these forward-looking statements as well as those included in any other material discussed at any presentation involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. All statements other than statements of historical facts in this Presentation, including, without limitation, those regarding the Company’s financial position, business strategy, plans and objectives of management or future operations (including development plans and objectives relating to the Company’s products and services) are forward-looking statements. Forward-looking statements are not guarantees of future performance. A number of important factors could cause actual results or outcomes to differ materially from those expressed, projected or implied in any forward-looking statements. No one undertakes publicly to update or revise any such forward-looking statement. In light of these risks, uncertainties and assumptions, the events or circumstances referred to in the forward-looking statements may not occur. None of the future projections, expectations, estimates or prospects in this document should be taken as forecasts or promises nor should they be taken as implying any indication, assurance or guarantee that the assumptions on which such future projections, expectations, estimates or prospects have been prepared are correct or exhaustive or, in the case of the assumptions, fully stated in the document. The Company expressly disclaims any obligation or undertaking to update or revise any such forward-looking statement, whether as a result of new information, future events or otherwise, unless required to do so by the Financial Services and Markets Act 2000, the Listing Rules or Prospectus Rules of the Financial Conduct Authority or other applicable laws, regulations or rules. As a result of these risks, uncertainties and assumptions, you should not place undue reliance on these forward-looking statements as a prediction of actual results or otherwise. Return targets are targets only and are based over the long-term on the performance projections of the investment strategy and market conditions at the time of modelling and are therefore subject to change. There is no guarantee that any target return can be achieved. Investors should not place any reliance on such target return in deciding whether to invest in HgCapital Trust plc. Past performance is not necessarily a reliable indicator of future results. To the extent available, the industry, market and competitive position data contained in these materials come from official or third party sources. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained from sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. The contents of this document have not been independently verified, are not comprehensive, do not contain all the information that a prospective purchaser of securities may desire or require in deciding whether or not to offer to purchase such securities and do not constitute a due diligence review and should not be construed as such. Subject to Hg Pooled Management Limited's regulatory requirements and responsibilities, no undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of Hg Pooled Management Limited or any of its members, employees, agents or advisers or any other person as to the accuracy, completeness or fairness of the information, forward-looking statements or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information, forward-looking statements or opinions or in respect of any omission, and this document is distributed expressly on the basis that it shall not give rise to any liability or obligation if, for whatever reason, any of its contents are or become inaccurate, incomplete or misleading and neither Hg Pooled Management Limited nor any such persons undertakes any obligation to provide the recipient with access to additional information or to correct any inaccuracies herein which may become apparent. Hg Pooled Management Limited, Company number: 02055886 Registered office: 2 More London Riverside, London SE1 2AP. Authorised and regulated by the Financial Conduct Authority of 12 Endeavour Square, London E20 1JN with firm reference number 122466.