REG - EcofinGlobal U&I Tst - Annual Results - Year Ended 30 September 2025
12/12/2025 07:00
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RNS Number : 2901L Ecofin Global Utilities Inf Tst PLC 12 December 2025
Ecofin Global Utilities and Infrastructure Trust plc
(the "Company")
Annual Results for the Year Ended 30 September 2025
LEI: 2138005JQTYKU92QOF30
Information disclosed in accordance with DTR 4.1.3
Financial Highlights
as at 30 September 2025
The Company aims to provide long-term capital growth and attractive dividend
income for shareholders by investing in listed utilities, environmental
services and other economic infrastructure sectors globally while taking care
to preserve shareholders' capital. The Company targets a total return of 6-12%
per annum over the longer term, with dividend growth of at least the rate of
inflation.
● During the year ended 30 September 2025, the Company achieved a net
asset value ("NAV") per share total return of 15.0% and a share price total
return of 16.6%
● The Company bought back shares during the year. This enhanced NAV
total return per share and helped to control the share price discount
● The portfolio remained attractively valued at year end, following
earnings growth driven by increasing power demand and infrastructure capital
expenditure
● With effect from the dividend payable in February 2026, the quarterly
dividend will increase by 5.9% to 2.25p per share (9.0p per share per annum).
This increase exceeds the rate of consumer price inflation for the year and
ensures that our dividend has grown above the rate of inflation since your
Company's inception. The increased dividend rate represents a yield of 4.1% on
the Company's share price as at the year end.
Summary
As at or year to As at or year to
30 September 30 September
2025 2024
Net assets attributable to shareholders (£'000) 256,576 243,231
Net asset value ("NAV") per share 245.65p 221.68p
Share price 218.00p 195.00p
Discount to NAV per share(1) 11.3% 12.1%
Revenue return per share 7.45p 7.17p
Dividends paid per share 8.425p 8.10p
Dividend yield(1) 3.9% 4.2%
Gearing on net assets(1) 10.2% 14.2%
Ongoing charges ratio(1) 1.29% 1.39%
Performance for periods to 30 September 2025 (sterling adjusted total returns)
Since Since
1 year 3 years 5 years admission(2) admission(2)
% % % % % per annum
NAV per share(1) 15.0 32.5 79.7 150.5 10.7
Share price(1) 16.6 13.6 66.9 185.0 12.3
Performance comparator indices(3)
S&P Global Infrastructure Index 15.4 31.9 74.0 82.6 7.8
MSCI World Utilities Index 11.7 27.2 51.8 97.2 7.8
MSCI World Index 16.8 56.6 88.1 181.3 12.2
FTSE All-Share Index 16.2 50.0 84.1 89.0 7.3
FTSE ASX Utilities Index 7.4 44.8 77.5 66.1 5.8
1. Please refer to Alternative Performance Measures on pages 66 and 67 of
the Annual Report and Accounts for the year ended 30 September 2025 ("2025
Annual Report").
2. The Company's shares were listed on the London Stock Exchange on 26
September 2016.
3. The Company does not have a formal benchmark index. The S&P Global
Infrastructure Index and MSCI World Utilities Index are the global sector
indices deemed the most appropriate for performance comparison purposes. The
other indices are provided for general interest. Data source: Frostrow Capital
LLP.
Chairman's Statement
● Your Company has delivered annualised NAV per share and share price
total returns of 10.7% and 12.3% respectively over the nine years since
inception. These are well ahead of the infrastructure and utilities indices we
use for comparison purposes.
● We are committed to increasing our dividends above the rate of
inflation.
● The long-term drivers of growth in listed infrastructure remain
compelling.
Performance
I am pleased to report that your Company performed well for the year to 30
September 2025. Despite a flat first half, your Company's net asset value
("NAV") per share increased by 15.0%, including the reinvestment of dividends
(total return), over the financial year, while the share price total return
was 16.6%. By way of comparison, the S&P Global Infrastructure Index and
the MSCI World Utilities Index produced total returns of 15.4% and 11.7%
respectively in sterling terms.
Over the nine years since inception, your Company has delivered annualised NAV
per share and share price total returns of 10.7% and 12.3% respectively. These
figures compare extremely favourably with the annualised total returns from
the S&P Global Infrastructure Index and MSCI World Utilities Index, which
both returned 7.8% over the same period in sterling terms.
Performance was positive across the portfolio at both sub-sector and regional
levels. In particular, holdings in the transportation infrastructure and
integrated utilities sub-sectors were the stand-out contributors to returns,
while Europe ex-UK and Asia Pacific ex-Japan led from a regional standpoint.
Gearing was used actively during the period by our Portfolio Manager to
enhance returns.
The closed-ended structure of an investment trust continues to be extremely
beneficial to our shareholders:
● Our Portfolio Manager's use of borrowings during the year has once
again enhanced returns by more than the total costs of running the Company.
This has been the case since inception;
● Buybacks have enhanced NAV per share over the year;
● We are able to pay attractive and growing dividends.
Dividends
Your Company aims to provide shareholders with an attractive dividend which
grows at or above the rate of inflation.
In view of our confidence in the long-term growth prospects for earnings per
share and in your Company's strategy, your board has decided to increase the
quarterly dividend by 5.9% to 2.25p per share (9.0p per annum) with effect
from the dividend to be paid in February 2026. This increase exceeds the rate
of consumer price inflation for the year and ensures that our dividend has
grown above the rate of inflation since your Company's inception. The
increased dividend rate represents a yield of 4.1% on the Company's share
price as at the year end.
Share price discount and buybacks
Your Company's share price discount to NAV per share persisted during the year
and averaged approximately 10.8%, broadly in line with the wider investment
trust sector in spite of our good performance.
Your board has been active in buying back shares in order to control the
discount and to enhance NAV per share for the benefit of shareholders.
5,275,198 shares were repurchased during the year (4.8% of those in issue at
the beginning of the year), at a cost of £10.5 million. This has enhanced NAV
per share by 0.8%. Your board takes the view that, having issued new shares
when they were trading at a premium to NAV per share, it is our duty to buy
shares back when they trade at a material discount.
A further 10,561,776 shares have been bought back since the year end to close
of business on 9 December 2025, enhancing NAV per share by a further 0.5%.
Gearing
Gearing was reduced from 14.2% to 10.2% over the year, having been used to
good effect over the period by our Portfolio Manager. This conservative and
actively managed use of borrowings has continued to play a positive role in
enhancing the Company's returns, contributing approximately 1.8% to
shareholder returns over the reporting period.
Board succession
As previously announced, I shall be stepping down as chairman of the Company
at the conclusion of the Annual General Meeting in March 2026 and I shall be
succeeded by Susannah Nicklin. I know that she will be an able leader,
supported by the other directors who collectively have all the skills needed
to guide the Company through every eventuality. Susannah's role as senior
independent director will be transferred to Max King upon her taking the
chair.
We were delighted to welcome David Benda as a non-executive director with
effect from 1 November 2025. David brings extensive experience and expertise
in the investment trust sector following many years as a stockbroker and
adviser to closed‑ended companies and the investment trust sector.
Shareholder engagement and operational arrangements
Your board is very keen to be proactive and responsive to shareholders. In
addition to increasing our dividend and buying back shares at a discount, we
have been strengthening our roster of advisors to ensure operational
excellence and to boost our marketing and investor relations efforts in order
to generate further demand for the Company's shares.
We appointed Frostrow Capital LLP as AIFM on 1 July 2025, who also assumed
responsibility for Company Secretarial, Administration and Investor Relations.
We have also appointed Montfort Communications as public relations advisor.
These firms, together with our Investment Manager and our stockbroker, have
begun an integrated marketing campaign to raise your Company's profile and to
attract new shareholders.
We have launched a redesigned website to deliver a clearer, more informative
and accessible online experience for shareholders. The website provides
performance data, insights, regulatory news and documents, shareholder
communications, and investor tools. The new site can be found at
https://www.eglplc.com (https://www.eglplc.com) . Your Company also has a
LinkedIn company page, which is a further source for timely articles and
content for shareholders.
If you would like to register for email alerts concerning the Company please
use the following link:
https://www.eglplc.com/corporate-information/email-alerts/
(https://www.eglplc.com/corporate-information/email-alerts/)
Company reporting
In order to reduce waste and achieve cost savings for the benefit of
shareholders, the Company will no longer be preparing printed copies of its
half-year report. This document will continue to be available on the Company's
website and in hard copy on request from the Company Secretary. The Company's
annual reports will continue to be available in print.
Annual General Meeting
The Company's Annual General Meeting will be held on Thursday, 5 March 2026 at
12:30 p.m. at Barber-Surgeons' Hall, Monkwell Square, Wood St, Barbican,
London EC2Y 5BL. Shareholders are warmly invited to attend to meet the board
and hear a presentation from our Portfolio Manager, Jean-Hugues de Lamaze.
Following the presentation there will be a lunch and refreshments served and
an opportunity to meet and ask questions of the board and investment
management team.
I very much look forward to seeing as many shareholders as possible this year.
For those investors who are not able to attend the meeting in person, a video
recording of the Portfolio Manager's presentation will be uploaded to the
website after the meeting. Shareholders can submit questions in advance by
writing to the Company Secretary at cosec@frostrow.com
(mailto:cosec@frostrow.com) .
Outlook
Since the year end, and at close of business on 9 December 2026, the Company's
NAV per share and share price have increased by 3.7% and 12.0% respectively.
The long-term drivers of growth in listed infrastructure remain compelling.
The transition to clean energy, digitalisation, and the upgrade of ageing
infrastructure all demand significant capital investment, while the need for
resilient energy, transport and water systems remains acute.
Our Portfolio Manager continues to find attractive opportunities across
sectors and geographies. Valuations also remain compelling, with many
portfolio companies offering strong fundamentals, visible growth, and
attractive dividends. Your board believes that the outlook for your Company is
very encouraging and that our diversified, actively managed portfolio is well
placed to deliver attractive long-term returns for shareholders.
I would like to conclude by thanking my fellow directors and the team at
Redwheel (many of whom I have known since I became a director of your Company)
for their support and contribution during my time on the board. I would also
like to extend my thanks to our shareholders for your ongoing support.
I wish the Company well for the future.
David Simpson
Chairman
11 December 2025
Investment Manager's Report
● Gearing was actively used to take advantage of attractive investment
opportunities over the year. It added around 1.8% to NAV performance.
● Listed infrastructure is still undervalued by historical standards,
relative to broad market averages and compared with valuations of private
assets.
● We believe the portfolio's companies will continue to grow their
earnings, almost irrespective of the economic backdrop, helped by the
proportion of their revenues which is fully contracted or regulated.
Markets and sectors
After a flat first half of the reporting period to 31 March 2025 and a
turbulent start to the second - associated with the US tariffs unveiled on
"liberation day" (2 April 2025) - the portfolio recovered strongly as markets
bounced back and then marked out new highs. Geopolitical tensions and
budgetary uncertainty continue to cast a shadow over sentiment but the absence
of market euphoria in our sector reassures us that further advances are
likely.
In this environment, defensive companies with high quality businesses and
resilient cash flows in sectors such as transportation infrastructure and
utilities performed well. The Company's NAV per share and share price
increased by 15.0% and 15.6% respectively during the second half of the
reporting period, well ahead of underlying sector indices S&P Global
Infrastructure (+9.2%) and MSCI World Utilities (+9.1%). This brought the
Company's NAV per share performance over the 12 months to 30 September to
15.0% and share price performance to 16.6%, while the S&P Global
Infrastructure Index and the MSCI World Utilities Index produced returns of
15.4% and 11.7% respectively. All of these performance figures are total
returns in sterling.
Performance summary
All regions contributed positively to performance during the year, but Europe
ex-UK (+21.0%) and APAC ex-Japan (+18.2%) were stand-out performers. North
American holdings' returns were also strong (+9.3%), while the UK lagged other
regions (+1.5%). At sub-sector level, transportation infrastructure (+19.7%,
notably with Ferrovial +35.1% and Vinci +21.3%) and integrated utilities
(+19.1%, with Vistra +64.2%) were the top contributors over the period.
Regulated utilities (+13.8%), renewables and nuclear (+5.9%), and
environmental services (+5.4%) also contributed positively.
The period was marked by major industry developments including long-term power
contracts with "hyperscalers" and tightening power markets, all explored in
further detail below.
The second half of the year saw a flurry of Independent Power Producers
("IPP") and hyperscaler deal announcements, which are crucial price markers
for portfolio holdings Vistra and Constellation and potentially for all
baseload power generators in the portfolio. In June, Constellation signed a
contract for one of its nuclear units with Meta, while Talen (not held) signed
another nuclear power price agreement with Amazon. Both deals reflected
favourable terms for the IPPs: they represented an estimated 30% premium to
energy market prices and had 15+ year deal terms. In July, Brookfield
Renewable Partners signed a hydro framework agreement with Google to deliver
up to 3GW of carbon-free capacity across the United States - the world's
largest corporate power deal for hydroelectricity. In September, Vistra
announced a 20-year power price agreement ("PPA") for 1.2GW of its Comanche
Peak nuclear plant which is expected to start in Q4 2027 and ramp up through
2032. Vistra expects this new contract to result in 8‑10% free-cash-flow
accretion.
These deals are critical to lock in long-term, creditworthy demand from the
fastest-growing power consumers in the world, at premium prices. This turns
energy into a stable, scalable business, while reducing exposure to short-term
fluctuations in commodity prices.
Also, the recent major power outages in Southern Europe have highlighted the
possible effects of scarce power generation resources in developed economies.
In April, a massive power outage swept across the Iberian Peninsula, plunging
mainland Spain, Portugal as well as some parts of France into darkness. The
blackout disrupted transportation, telecommunications, and emergency services
for up to ten hours. The event has sparked renewed debate over Spain's energy
strategy and in particular the planned phase out of nuclear power by 2035,
while renewables can only provide intermittent electricity supplies. This
incident further highlighted the issue of scarcity of power supply in Europe,
notably in the context of increasing power demand - a key underlying challenge
for the sector.
Purchases and sales
In the half-year report to 31 March 2025, we reported a sharp reduction in
exposure to North America (from 45% in September 2024 to 36% of the portfolio
at the end of March 2025) and a reallocation of assets towards significantly
undervalued European names. This was a significant contributor to returns over
the year. In the second half of the year, we took profits in strong performers
across regions (E.ON, Vistra, RWE, Vinci, Enel, National Grid, Snam, Iren and
Terna) and exited a small position in EDP. We also topped up laggards (Xcel,
Brookfield Renewable Partners, Public Services Enterprise, Drax, Dominion and
Exelon), and participated in Iberdrola's €5bn capital raise.
Two new positions were initiated in the second half of the year. Pennon is a
fully regulated UK water network operator trading at a substantial valuation
discount to its own history. It is one of the cheapest regulated names in the
sector, while offering an attractive dividend yield of approximately 6%. We
believe that Pennon has been de-risked following the completion of a rights
issue and with the bulk of the regulatory pressure now behind it. We also
initiated a new position in Eversource (transmission and distribution
utility), which offers attractive total returns with its management team
committed to delivering at least 5% EPS growth per year with the potential to
reach over 7%, combined with a circa. 5% dividend yield. The stock trades on
13x earnings, a substantial discount to its own history and well below peers.
Income and gearing
Gearing was actively used to take advantage of attractive investment
opportunities over the year, reaching over 17% in July and falling to 10.2% at
year-end after strong portfolio performance. Our use of gearing, the cost of
which fell marginally in the year, was a significant contributor to returns,
adding around 1.8% to NAV performance. It continues to be a key advantage of
the Company's closed-ended structure.
Net revenue income for the year increased to 7.45p per share from 7.17p per
share the previous year, supported by growth in dividends from investee
companies. The Company's dividend cover ratio remained strong at 88.4%, which
is roughly the same as the previous year.
Outlook
Although a number of stocks have been re-rated by strong year-to-date
performance, listed infrastructure is still undervalued by historical
standards, relative to broad market averages and compared with valuations of
private infrastructure assets. We believe the valuation gap will narrow
further as infrastructure company fundamentals remain positive against market
uncertainty.
Structural growth trends are powering a new wave of infrastructure
investments. Rising electrification, surging power demand, and the data centre
boom driven by Artificial Intelligence and digitalisation are straining
existing grids and accelerating the need for modernisation. As energy systems
evolve and capital shifts towards renewables, transmission and digital
infrastructure, investors in these essential assets are likely to benefit from
these durable, long‑term growth tailwinds.
In addition, our strategy's investment universe comprises businesses providing
infrastructure and services essential for economic activity and progress.
Serious weather events make modern, durable infrastructure all the more
important; the transition to a cleaner world is reliant on investment by
infrastructure companies with the world now investing almost twice as much,
annually, in clean energy as in fossil fuels(1). This growth is further
underpinned by strong demand, continued cost reductions and considerations of
energy security. Companies developing, owning and operating energy
infrastructure will, we expect, continue to be areas of profitable
opportunity.
The portfolio's companies will, we believe, continue to grow their earnings,
almost irrespective of the economic backdrop, helped by the proportion of
their revenues which is fully contracted or regulated. We therefore remain
excited by the prospects of future returns for shareholders, despite the
strong performance this year. We thank you for your ongoing support.
Jean-Hugues de Lamaze
Portfolio Manager
RWC Asset Management LLP (Redwheel)
11 December 2025
(1) Source: IEA - 2024 data.
Strategic Report
Principal and emerging risks associated with the Company
The directors have carried out a robust assessment of the principal and
emerging risks facing the Company, including those which could threaten its
business model, future performance, solvency and liquidity. The specific
financial risks associated with foreign currencies, interest rates, market
prices, liquidity, credit, valuations and the use of derivatives - which may
or may not be material to the Company - are described in Note 16 to the
Financial Statements. The board conducts this assessment by reviewing a
detailed risk matrix on a regular basis. A full analysis of the directors'
review of internal controls is set out in the Corporate Governance Statement
on page 31 of the 2025 Annual Report.
The principal risks, incorporating emerging risks, facing the Company along
with, where appropriate, the steps taken by the board to monitor and mitigate
such risks are summarised below.
Performance and market risk
The performance of the Company depends primarily on the investment strategy,
asset allocation and stock selection decisions taken by the Investment Manager
within the parameters and constraints imposed by the Company's investment
policy. The investment policy guidelines can only be materially changed by
proposing an ordinary resolution at a general meeting for shareholders'
approval. The Company invests in securities which are listed on recognised
stock exchanges so it is regularly exposed to market risk and the value of the
Company's portfolio can fluctuate, particularly over the short term, in
response to developments in financial markets.
The board has put in place limits on the Company's gearing, portfolio
concentration, and the use of derivatives which it believes to be appropriate
to ensure that the Company's investment portfolio is adequately diversified
and to manage risk. The board meets formally at least four times a year with
the Investment Manager to review the Company's strategy and performance, the
composition of the investment portfolio and the management of risk. The board
examines the sources of investment performance, which are described in
attribution analyses prepared by the Investment Manager for each meeting,
volatility measures, liquidity and currency exposure, and the Company's
gearing. Investment performance could be adversely affected by changes within
the investment management team. The board monitors these through regular
dialogue with the Investment Manager. The Investment Manager takes steps to
reduce the likelihood of such an event by ensuring appropriate succession
planning and the adoption of a team-based approach.
Protracted separation of NAV and share price
Whilst some investors may view the opportunity to purchase a share of the
Company at a discount to its NAV as attractive, the volatility of the price of
a share and the premium/discount adds to the risks associated with an
investment in the Company's shares. The directors review the level of the
premium/discount on a regular basis and will use their ability as granted by
shareholders to address any sustained or significant discount or premium to
NAV, as and when it is appropriate, through the repurchase or issuance of
stock. The repurchase of stock will be subject to, but not limited to, market
conditions and availability of cash resources.
Income risk
The Company is committed to paying its shareholders regular quarterly
dividends and to increasing the level of dividends paid over time. The
dividends that the Company can pay depend on the income it receives on its
investment portfolio, the extent of its distributable reserves and, to a
lesser extent, its level of gearing and accounting policies. Cuts in dividend
rates by portfolio companies, a change in the tax treatment of the dividends
received by the Company, a significant reduction in the Company's level of
gearing or a change to its accounting policies could adversely affect the net
income available to pay dividends.
The board monitors the net revenue forecast, including each component revenue
and expense line item, prepared by the Administrator for quarterly board
meetings. These are discussed in some detail to assess the Investment
Manager's level of confidence in the income growth profile of the portfolio
and to mitigate any risk of revenue shortfall relative to expectations.
The board applied successfully to cancel the Company's share premium account
in November 2016 and the resulting special reserve is available, when the
board considers it appropriate, to augment the net revenue available to pay
dividends to shareholders.
Environmental, social and governance ("ESG") considerations
ESG considerations and policies have become some of the most critical issues
confronting companies and their shareholders and can have a significant impact
on the business models, sustainability and even viability of individual
companies. These issues are a key area of focus for the board, and the board
maintains regular oversight of the Investment Manager in this area.
ESG factor analysis is undertaken on all portfolio holdings and prospective
investments by the Investment Manager. In a rapidly changing environment
surrounding sustainability and ESG, the investment team works to determine the
best practices to incorporate into investment criteria and to make reporting
available to the market. As a long-standing specialist in the Company's
sectors, the investment team actively engages with portfolio companies in an
effort to drive continuous improvement in their sustainability practices and
metrics. The board regularly reviews the way ESG considerations are integrated
into the decision making process by the Investment Manager to mitigate risk at
the stock selection and portfolio levels.
Liquidity risk
Whilst the Company invests principally in highly liquid securities listed on
recognised stock exchanges in developed economies, it also invests to a
limited extent in securities traded in emerging markets and in securities
which are more thinly traded. As the Company is a closed-ended investment
company it does not run the risk of having to liquidate investments on
unattractive terms to meet redemptions by investors although it is exposed to
price risk; that is, that it will be unable to liquidate a position in a
thinly traded security at the valuation at which it is carried in the
Company's accounts. It is also exposed to a risk that its prime broker,
Citigroup Global Markets Limited ("Citigroup"), which provides a flexible
borrowing facility, could request that borrowings be repaid with three days'
notice. The board reviews the liquidity profile of the Company's portfolio on
a regular basis. The liquidity analysis regularly shows that, if required,
96% of the portfolio could be liquidated within five business days assuming
trades to accomplish this accounted for up to 30% of average daily trading
volumes.
Operational risks
Disruption to, or failure of, the Investment Manager's dealing system, the
Depositary's or Custodian's records or BNP Paribas' accounting systems may
prevent accurate reporting and monitoring of the Company's financial position.
The risk of fraud or other control failures or weakness within these service
providers could result in losses to the Company.
In common with most other investment trusts, the Company has no executive
directors, executive management or employees. The Company delegates key
operational tasks to third-party service providers which are specialists in
their fields: the management of the investment portfolio to the Investment
Manager, Redwheel; the preparation and maintenance of the financial statements
and maintenance of its records to the Administrator and Company Secretary,
Frostrow Capital LLP ("Frostrow"); the worldwide custody of the assets to
Citigroup; and the safekeeping and oversight services to Citibank UK Limited
("Citibank") as Depositary. The board reviews the performance of these
third-party service providers and their risk control procedures on a regular
basis as well as the terms on which they provide services to the Company.
Cyber security risk
The threat of cyber-attack, in all guises, is regarded as at least as
important as more traditional physical threats to business continuity and
security. The Company's third-party service providers (including Redwheel,
Frostrow, Citibank and Computershare) have confirmed the policies and
procedures they have in place and their commitment to alert the board to any
breaches. Redwheel has a regularly tested business continuity plan and cyber
risk is covered within its broad insurance cover.
Legal, regulatory and compliance risks
To qualify as an investment trust, the Company must comply with Section 1158
of the Corporation Tax Act 2010 ("Section 1158"). Details of the Company's
approval are given under Status on page 23 of the 2025 Annual Report. Were the
Company to breach Section 1158, it may lose investment trust status and,
consequently, gains within the Company's portfolio would be subject to capital
gains tax. The Section 1158 qualification criteria are continually monitored
by the Administrator and the results reported to the board regularly. The
Company must also comply with the provisions of the Companies Act 2006 and,
since its shares are listed on the London Stock Exchange, the FCA Listing
Rules, UK Market Abuse Regulation ("MAR"), Disclosure Guidance and
Transparency ("DTRs"), and, as an investment trust, the Alternative Investment
Fund Managers Directive ("AIFMD"). A breach of the Companies Act could result
in the Company and/or directors being fined or the subject of criminal
proceedings. Breach of the FCA Listing Rules or DTRs could result in the
Company's shares being suspended from listing, which in turn would breach
Section 1158. The board relies on the services of its Company Secretary, the
Investment Manager and its professional advisers to ensure compliance with the
Companies Act 2006, the FCA Listing Rules, DTRs, MAR and AIFMD.
The following risks have also been identified as important in our risk
assessment.
Other risks
In the opinion of the directors, an investment in the shares of the Company
entails a greater than average degree of risk, because the Company employs
gearing, as explained on page 16 of the 2025 Annual Report. In addition to the
risks borne by the Company described above, investors in the shares of the
Company are exposed to risks due to the investment policy (described on page
15 of the 2025 Annual Report) of the Company. These are risks that cannot be
mitigated without changing the investment policy.
Gearing and capital structure
The board has authorised the Investment Manager to utilise gearing, in the
form of borrowings under the Company's prime brokerage facility, although the
gearing is not structural in nature and can be reduced at any time. Whilst the
use of gearing will enhance the NAV per share when the value of the Company's
assets is rising, it has the opposite effect when the underlying asset value
is falling. In the event that the prime brokerage facility were to be
renegotiated or terminated, the Company might not be able to finance its
borrowings on as favourable terms.
Non-OECD or emerging markets
The Company's policy on diversification, noted on page 15 of the 2025 Annual
Report, permits the Investment Manager to invest up to 10% of its investments,
measured at the time of acquisition, in the securities of companies
incorporated in countries which are not members of the OECD - such as emerging
markets - and quoted on stock exchanges in such countries. Investment in
emerging markets may involve a higher degree of risk and expose the Company
to, among other things, less well developed legal and corporate governance
systems, a greater threat of unilateral government action with respect to
regulation and taxation, and a higher risk of political, social and economic
instability than an investment in developed, OECD markets. These risks are
mitigated through diversification and fundamental analysis.
Foreign exchange risk
As noted in the investment policy on page 15 of the 2025 Annual Report, the
Company's Financial Statements are prepared in sterling and its shares are
denominated in sterling. Many of the Company's investments, however, are
denominated in currencies other than sterling and, as a result, the value of
the Company's investment portfolio is exposed to fluctuations in exchange
rates. Although the Company may hedge non-sterling exposure from time to time,
it is not the Company's policy to try to minimise or eliminate foreign
exchange risk as over the long term this could restrict the investment returns
potentially available to sterling-based investors in international securities.
There is a risk that the NAV will be depressed, therefore, if sterling
appreciates significantly against foreign currencies.
Political risk
The board has considered the political uncertainties prevailing across the
world and the risks associated with potential changes to regulations, laws
and/or taxes. The board continues to believe that the Company's strategy of
investing in an internationally diversified portfolio of companies is the
correct model to achieve its investment objectives.
Management Report and Directors' Responsibilities Statement
Management report
Listed companies are required by the FCA's Disclosure Guidance and
Transparency Rules (the "DTRs") to include a Management Report in their
Financial Statements. This information is included in the Strategic Report on
pages 15 to 22 inclusive of the 2025 Annual Report (together with the sections
of the annual report and accounts incorporated by reference) and the
Directors' Report on pages 23 to 27 of the 2025 Annual Report. Therefore, a
separate Management Report has not been included.
Directors' responsibilities statement
The directors are responsible for preparing the Strategic Report, the
Directors' Report and the Financial Statements in accordance with applicable
law and regulations.
Company law requires the directors to prepare Financial Statements for each
financial year. Under that law the directors have elected to prepare the
Financial Statements in accordance with United Kingdom Accounting Standards,
comprising FRS 102 "The Financial Reporting Standard applicable in the UK and
Republic of Ireland", and applicable law (United Kingdom Generally Accepted
Accounting Practice ("UK GAAP")). Under company law the directors must not
approve the Financial Statements unless they are satisfied that they give a
true and fair view of the state of affairs of the Company and of the profit or
loss of the Company for that period.
In preparing those Financial Statements, the directors are required to:
● select suitable accounting policies and then apply them consistently;
● make judgements and estimates that are reasonable and prudent;
● state whether applicable UK Accounting Standards have been followed,
subject to any material departures disclosed and explained in the Financial
Statements;
● prepare the Financial Statements on the going concern basis unless it
is inappropriate to presume that the Company will continue in business; and
● prepare a directors' report, a strategic report and directors'
remuneration report which comply with the requirements of the Companies Act
2006.
The directors are responsible for keeping adequate accounting records that are
sufficient to show and explain the Company's transactions and disclose with
reasonable accuracy at any time the financial position of the Company and
enable them to ensure that the Financial Statements comply with the Companies
Act 2006. They are also responsible for safeguarding the assets of the Company
and hence for taking reasonable steps for the prevention and detection of
fraud and other irregularities.
The annual report and accounts is published on the Company's website at
https://www.eglplc.com/corporate-information/important-documents/
(https://www.eglplc.com/corporate-information/important-documents/) and the
directors are responsible for the maintenance and integrity of the corporate
and financial information about the Company included on this website. The work
carried out by the Auditor does not involve consideration of the maintenance
and integrity of this website and, accordingly, the Auditor accepts no
responsibility for any changes that may have occurred to the annual report and
accounts since it was initially presented on the website.
Directors' confirmation statement
The directors listed on page 14 of the 2025 Annual Report as the persons
responsible within the Company hereby confirm that, to the best of their
knowledge:
a) the Financial Statements within the annual report and accounts of which
this statement forms a part have been prepared in accordance with applicable
accounting standards and give a true and fair view of the assets, liabilities,
financial position and profit or loss of the Company; and
b) the Management Report, which comprises the Chairman's Statement,
Investment Manager's Report, Strategic Report (including risk factors) and
Note 15 to the Financial Statements, includes a fair review of the development
and performance of the business and position of the Company, together with the
principal risks and uncertainties that it faces.
Having taken advice from the audit committee, the directors consider that the
annual report and accounts taken as a whole is fair, balanced and
understandable and provides the information necessary for shareholders to
assess the Company's position and performance, business model and strategy.
The directors have reached these conclusions through a process which is
described in the Report of the Audit Committee on page 36 of the 2025 Annual
Report.
On behalf of the board
David Simpson
Chairman
11 December 2025
Income Statement
Year ended 30 September 2025 Year ended 30 September 2024
Notes Revenue Capital Total Revenue Capital Total
£'000 £'000 £'000 £'000 £'000 £'000
Gains on investments held at fair value through profit or loss - 27,503 27,503 - 42,729 42,729
Foreign currency translation (losses)/gains - (522) (522) - 1,544 1,544
Investment income 2 12,040 - 12,040 11,775 - 11,775
Investment management fees (840) (1,259) (2,099) (886) (1,329) (2,215)
Administrative expenses (984) - (984) (858) - (858)
Net return before finance costs and taxation 10,215 25,723 35,938 10,031 42,944 52,975
Finance costs (505) (757) (1,262) (507) (760) (1,267)
Net return before taxation 9,711 24,965 34,676 9,524 42,184 51,708
Taxation (1,755) - (1,755) (1,430) - (1,430)
Net return after taxation 7,956 24,965 32,921 8,094 42,184 50,278
Return per ordinary share (pence) 4 7.45 23.37 30.82 7.17 37.39 44.56
The total column of the Income Statement is the profit and loss account of the
Company.
The revenue and capital columns are supplementary to this and are published
under guidance from the AIC.
All revenue and capital returns in the above statement derive from continuing
operations. No operations were acquired or discontinued during the year ended
30 September 2025 or 30 September 2024.
The Company has no other comprehensive income and therefore the net return on
ordinary activities after taxation is also the total comprehensive income for
the current year and prior year.
The accompanying notes are an integral part of the Financial Statements.
Statement of Financial Position
As at As at
30 September
30 September 2024
2025 (restated)(1)
Notes £'000 £'000
Non-current assets
Investments at fair value through profit or loss 280,788 276,910
280,788 276,910
Current assets
Debtors 2,513 1,909
Cash at bank - -
2,513 1,909
Creditors: amounts falling due within one year
Prime brokerage borrowings (25,538) (34,569)
Other creditors (1,187) (1,019)
(26,725) (35,588)
Net current liabilities (24,212) (33,679)
Net assets 256,576 243,231
Share capital and reserves
Called-up share capital 1,149 1,149
Share premium account 50,548 50,548
Capital redemption reserve 16 16
Special reserve 91,837 103,457
Capital reserve 113,026 88,061
Revenue reserve - -
Total shareholders' funds 256,576 243,231
Net asset value per ordinary share (pence) 5 245.65 221.68
1. Certain balances in the "share capital and reserves" section of the prior
year comparatives have been restated. Please refer to Note 1(l) for details.
The Financial Statements were approved by the board of directors and
authorised for issue on 11 December 2025 and were signed on its behalf by:
David Simpson
Chairman
The accompanying notes on pages 48 to 58 of the 2025 Annual Report are an
integral part of the Financial Statements.
Statement of Changes in Equity
Year ended 30 September 2025
Share Capital
Share premium redemption Special Capital Revenue
capital(2) account reserve(2) reserve(1) reserve(1) reserve(1) Total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 October 2024 1,149 50,548 16 103,457 88,061 - 243,231
Return after taxation - - - - 24,965 7,956 32,921
Buyback of ordinary shares into treasury - - - (10,541) - - (10,541)
Dividends paid 3 - - - (1,079) - (7,956) (9,035)
Balance at 30 September 2025 1,149 50,548 16 91,837 113,026 - 256,576
Year ended 30 September 2024 (restated)(2)
Share Capital
Share premium redemption Special Capital Revenue
capital account reserve(2) reserve(1) reserve(1) reserve(1) Total
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 October 2023(2) 1,154 50,548 11 114,387 45,877 - 211,977
Return after taxation - - - - 42,184 8,094 50,278
Buyback of ordinary shares for cancellation (5) - 5 (922) - - (922)
Buyback of ordinary shares into treasury - - - (8,958) - - (8,958)
Dividends paid 3 - - - (1,050) - (8,094) (9,144)
Balance at 30 September 2024 1,149 50,548 16 103,457 88,061 - 243,231
1. These reserves are available for distribution.
2. Certain balances in the "share capital and reserves" section of the
prior year comparatives have been restated. Please refer to Note 1(l) for
details.
The accompanying notes on pages 48 to 58 of the 2025 Annual Report are an
integral part of the Financial Statements.
Statement of Cash Flows
Year ended Year ended
30 September 30 September
2025 2024
Notes £'000 £'000
Net return before finance costs and taxation 35,938 52,975
Increase/(decrease) in accrued expenses 60 (16)
Overseas withholding tax suffered (1,845) (1,576)
Dividend income (12,035) (11,759)
Realised losses/(gains) on foreign currencies 521 (1,544)
Dividends received 11,990 11,558
Interest paid on prime brokerage borrowings (1,262) (1,267)
Gains on investments (27,503) (42,729)
Net cash inflow from operating activities 5,864 5,642
Investing activities
Purchases of investments (69,806) (75,162)
Sales of investments 92,961 72,505
Net cash inflow/(outflow) from investing activities 23,155 (2,657)
Financing activities
Prime brokerage borrowings (repaid)/drawn (9,031) 14,567
Dividends paid 3 (9,035) (9,144)
Buyback of ordinary shares (10,432) (9,880)
Net cash outflow from financing activities (28,498) (4,457)
Increase/(decrease) in cash 521 (1,472)
Analysis of changes in cash during the year
Opening balance - -
Foreign exchange movement (521) 1,472
Increase/(decrease) in cash as above 521 (1,472)
Closing balance - -
The accompanying notes on pages 48 to 58 of the 2025 Annual Report are an
integral part of the Financial Statements.
Notes to the Financial Statements
For the year ended 30 September 2025
1. Accounting policies
(a) Basis of preparation
The Financial Statements have been prepared in accordance with the Companies
Act 2006, United Kingdom Generally Accepted Accounting Practice ("UK GAAP"),
including the Financial Reporting Standard applicable in the U.K. and Republic
of Ireland ("FRS 102") and with the Statement of Recommended Practice
'Financial Statements of Investment Trust Companies and Venture Capital
Trusts' issued in July 2022. The Financial Statements are prepared in Sterling
which is the functional currency of the Company and rounded to the nearest
£'000. They have also been prepared on a going concern basis and approval as
an investment trust has been granted by HMRC.
The Company's assets consist substantially of equity shares in companies
listed on recognised stock exchanges and in most circumstances are realisable
within a short timescale. The board has set limits for borrowing and regularly
reviews actual exposures and cash flow projections. The Company has prime
broker borrowings to draw upon, and these borrowings are repayable on demand.
Having taken these factors into account and having assessed the principal
risks and other matters set out in the Viability Statement on page 19 of the
2025 Annual Report, the directors believe that, after making enquiries, the
Company has adequate resources to continue in operational existence for the
foreseeable future and has the ability to meet its financial obligations as
they fall due for a period of at least twelve months from the date of approval
of this Report. Accordingly, they continue to adopt the going concern basis of
accounting in preparing the financial statements.
Further detail is included in the Directors' Report (unaudited) on pages 24
and 25 of the 2025 Annual Report.
Significant accounting judgements, estimates and assumptions
The preparation of financial statements in conformity with UK GAAP requires
the use of certain critical accounting estimates which requires management to
exercise its judgement in the process of applying the accounting policies. The
directors do not believe that any accounting judgements or estimates have been
applied to these financial statements that have a significant risk of causing
material adjustment to the carrying amount of assets and liabilities within
the next financial year.
2. Income
Year ended Year ended
30 September 30 September
2025 2024
£'000 £'000
Income from investments (revenue account)
UK dividends 1,632 1,550
Overseas dividends 10,285 9,933
Stock dividends 118 276
12,035 11,759
Other income (revenue account)
Bank interest 5 16
Total income 12,040 11,775
During the period to 30 September 2025 the Company received no special
dividends (2024: £3,000, all of which was recognised as revenue and is
included in the revenue column of the Income Statement).
3. Dividends on ordinary shares
Year ended Year ended
30 September 30 September
2025 2024
£'000 £'000
Fourth interim of 2024 of 2.05p (paid 29 November 2024) 2,245 -
First interim of 2025 of 2.125p (paid 3 March 2025) 2,292 -
Second interim of 2025 of 2.125p (paid 30 May 2025) 2,263 -
Third interim of 2025 of 2.125p (paid 29 August 2025) 2,235 -
Fourth interim of 2023 of 1.95p (paid 30 November 2023) - 2,247
First interim of 2024 of 2.05p (paid 29 February 2024) - 2,356
Second interim of 2024 of 2.05p (paid 31 May 2024) - 2,281
Third interim of 2024 of 2.05p (paid 30 August 2024) - 2,260
9,035 9,144
The proposed fourth interim dividend for 2025 has not been included as a
liability in these Financial Statements as it was not payable until after the
reporting date.
The revenue earning available for distribution by way of dividend for the year
was £7,956,000 (2024: £8,094,000).
Year ended Year ended
30 September 30 September
2025 2024
£'000 £'000
Proposed fourth interim dividend of 2025 2.125p (2024: 2.05p) 1,996 2,245
1,996 2,245
The amount reflected above for the cost of the proposed fourth interim
dividend of 2025 is based on 93,949,624 ordinary shares, being the number of
ordinary shares in issue on the record date 31 October 2025, ex-dividend date
30 October 2025.
4. Return per ordinary share
Year ended Year ended
30 September 2025
30 September 2024
£'000 p £'000 p
Returns are based on the following figures:
Revenue return 7,956 7.45 8,094 7.17
Capital return 24,965 23.37 42,184 37.39
Total return 32,921 30.82 50,278 44.56
Weighted average number of ordinary shares in issue 106,817,068 112,827,903
There were no dilutive instruments issued by the Company for the years ended
30 September 2025 and 30 September 2024.
5. NAV per ordinary share
The NAV attributable to the ordinary shares and the NAV per ordinary share at
the year-end were as follows:
As at As at
30 September 2025
30 September 2024
Net asset value attributable (£'000) 256,576 243,231
Number of ordinary shares in issue (Note 12) 104,446,400 109,721,598
Net asset value per share (p) 245.65 221.68
6. Related party transactions and transactions with the Investment Manager
Fees payable during the year to the directors and their interests in shares of
the Company are considered to be related party transactions and are disclosed
within the Directors' Remuneration Report on pages 32 to 34 of the 2025 Annual
Report. The balance of fees due to directors at the year-end was £nil (2024:
£nil).
The Company had an agreement with RWC Asset Management LLP during the year for
the provision of investment management services. Details of fees earned and
balances outstanding at the year-end are disclosed in Note 3 of the 2025
Annual Report..
7. Financial Statements
The figures and financial information for 2025 are extracted from the Annual
Report and financial statements for the year ended 30 September 2025 and do
not constitute the statutory accounts for the year. The Annual Report and
financial statements for the year ended 30 September 2025 include the Report
of the Independent Auditor which is unqualified and does not contain a
statement under either section 498(2) or section 498(3) of the Companies Act
2006. The Annual Report and financial statements have not yet been delivered
to the Registrar of Companies.
The figures and financial information for 2024 are extracted from the
published Annual Report and financial statements for the year ended 30
September 2024 and do not constitute the statutory accounts for that year. The
Annual Report and financial statements for the year ended 30 September 2024
have been delivered to the Registrar of Companies and included the Report of
the Independent Auditor which was unqualified and did not contain a statement
under either section 498(2) or section 498(3) of the Companies Act 2006.
A copy of the 2025 Annual Report has been submitted to the National Storage
Mechanism and will shortly be available for inspection at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism)
The 2025 Annual Report will also shortly be available on the Company's website
at https://www.eglplc.com/ (https://www.eglplc.com/) where up to date
information on the Company, including daily NAV and share prices, fact sheets,
quarterly reports, webinars and portfolio information can also be found.
- ENDS -
Neither the contents of the Company's website nor the contents of any website
accessible from hyperlinks on the Company's website (or any other website) is
incorporated into, or forms part of, this announcement.
For further information please contact:
AIFM, Administrator and Company Secretary
Frostrow Capital LLP
Email: cosec@frostrow.com (mailto:cosec@frostrow.com)
Tel: 0203 008 4910
Investment Manager
RWC Asset Management LLP
Email: invest@redwheel.com (mailto:invest@redwheel.com)
Tel: 0207 227 6000
PR
Montfort Communications
Gay Collins/Charlotte Merlin - Jones
Email: ecofin@montfort.london (mailto:ecofin@montfort.london)
Tel: 07798626282
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