REG - EcofinGlobal U&I Tst - Half Year Results
03/06/2026 07:00
For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20260603:nRSC7305Ga&default-theme=true
RNS Number : 7305G Ecofin Global Utilities Inf Tst PLC 03 June 2026
Ecofin Global Utilities and Infrastructure Trust plc
(the "Company")
Half Year Results for the six months ended 31 March 2026
LEI: 2138005JQTYKU92QOF30
Information disclosed in accordance with DTR 4.1.3
Financial Highlights
as at 31 March 2026
· During the half-year ended 31 March 2026, the Company's net asset
value ("NAV") per share increased by 14.1% on a total return basis. The
Company's share price increased by 19.6% on a total return basis over the six
months;
· Two quarterly dividends were paid during the period totalling
4.375p per share. With effect from the dividend paid in February 2026, the
quarterly dividend was increased to 2.25p per share (equivalent to 9.00p per
share per annum);
· The Company continued to buy back shares when the share price was
at a significant discount to the NAV, and, following the period end, has
issued shares when the share price has been at a premium, both of which are
accretive to NAV total return; and
· Accelerating power demand and infrastructure capital expenditure
are driving earnings growth from companies selected for the portfolio while
valuation multiples for these essential assets businesses remain low.
Summary
As at or As at or As at or
half-year to year to half-year to
31 March 30 September 31 March
2026 2025 2025
Net assets attributable to shareholders (£'000) 256,898 256,576 232,020
Net asset value ("NAV") per share (1) 275.70p 245.65p 217.39p
Share price 256.00p 218.00p 192.50p
Discount to NAV per share( 1) 7.1% 11.3% 11.5%
Revenue return per share 1.92p 7.45p 1.86p
Dividends paid per share 4.375p 8.425p 4.175p
Dividend yield( 1) 3.5% 3.9% 4.4%
Gearing on net assets(1) 6.2% 10.2% 14.0%
Ongoing charges ratio( 1) 1.30% 1.29% 1.25%
Performance for periods to 31 March 2026 (sterling adjusted total returns)
Since Since
6 months 1 year 3 years 5 years admission(5) admission(2)
% % % % % % per annum
NAV per share(1) 14.1 31.1 45.5 80.6 189.3 11.8
Share price(1) 19.6 38.2 36.6 71.9 240.9 13.8
Performance comparator indices(3)
S&P Global Infrastructure Index 12.9 23.9 46.7 84.7 123.4 8.8
MSCI World Utilities Index 13.3 23.7 43.0 67.4 123.6 8.8
MSCI World Index 1.5 16.6 50.9 74.5 199.9 12.2
FTSE All-Share Index 8.9 21.5 45.6 69.3 105.9 7.9
FTSE ASX Utilities Index 23.7 36.3 48.0 106.2 105.5 7.9
(1. Please refer to Alternative Performance Measures on page
21 of the Half-Year Report for the six months ended 31 March 2026 (the
"Half-Year 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 performance 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 and RWC Asset Management LLP (Redwheel).)
Chair's Statement
· Strong performance over the period, with NAV total return of
14.1% and share price total return of 19.6%.
· A resilient and well‑diversified portfolio of global listed
equities, supported by disciplined active management and responsive use of
gearing through market volatility.
· Continued progress in shareholder engagement, reflecting enhanced
communication, strengthened operational arrangements and growing investor
interest.
As this is my first statement as Chair, I would like to begin by expressing
the Board's thanks to David Simpson, who retired from the Board at the
conclusion of the Annual General Meeting in March, for his leadership, wisdom
and dedication throughout his time as Chairman. Having served on the Board for
a number of years, I have seen first-hand the strength of the Company's
strategy, portfolio and governance, and I am honoured to take on the role at a
time when the Company is so well positioned for its future. This is in no
small thanks to David's contributions.
It was a great pleasure to welcome so many of our shareholders at the
Company's recent AGM at the historic Barber-Surgeons' Hall, to discuss the
Company and its strategy, and to hear your views. We would like to thank those
who attended and encourage shareholders to join us again next year.
Performance
Your Company's portfolio delivered strong performance over the six months to
31 March 2026. Net asset value ("NAV") per share increased by 14.1%, including
the reinvestment of dividends (total return), while the share price total
return was 19.6%. Notably, over the same period, the S&P Global
Infrastructure Index and the MSCI World Utilities Index returned 12.9% and
13.3% respectively in sterling terms.
The portfolio proved resilient through a period of market volatility and
geopolitical turmoil, supported by the defensive income characteristics and
long-term growth potential of regulated and contracted assets. Investee
companies' fundamentals remained strong, and the portfolio activity focused on
disciplined rebalancing and selective profit-taking following strong gains.
Performance contributors were well diversified across regions and sub-sectors,
reflecting the benefits of the Company's global remit and active investment
approach. Your Portfolio Manager again demonstrated the benefits of skilled
active management and the considered use of tactical gearing, to the benefit
of shareholder returns.
Shareholder engagement and operational arrangements
Your Board remains aware of the challenges facing the investment trust sector
and of its responsibility to be proactive and responsive to shareholders and
marketplace changes. The measures taken to enhance shareholder outcomes,
including disciplined share buybacks when the Company's shares trade at a
discount; a progressive dividend policy; and continued focus on operational
effectiveness, remain firmly in focus.
The Board has been pleased with the progress made in strengthening the
Company's advisory and operational arrangements following the changes outlined
in the last Annual Report, and with the continued development of the Company's
marketing and investor relations activities. These initiatives are supporting
improved communication with shareholders and helping to broaden awareness of
the Company. We have been glad to see this translating into increased demand
for the shares and an expanded shareholder base. The Board will continue to
keep the effectiveness of such initiatives under close review.
Dividends and gearing
Providing shareholders with an attractive and growing income remains a core
objective. As previously announced, the quarterly dividend was increased by
5.9% to 2.25p per share, equivalent to 9.0p per annum for the year ending
30 September 2026. This increase reflects the Board's confidence in the
Company's earnings progression and long‑term prospects and supports our
objective to deliver dividend growth that continues to exceed inflation over
time. At the period-end share price, the Company's shares yielded
approximately 3.5%.
The investment trust structure continues to enable the prudent use of gearing,
which has enhanced shareholder returns since inception by around 1.3% per
annum. Gearing is managed proactively and effectively by the Investment
Manager within parameters set by the Board. It reflects the level of
conviction in the portfolio, as demonstrated by the response to the spike in
geopolitical risk at the outset of the US and Israeli strikes on Iran.
The Company's level of gearing stood at 10.5% at the end of February, and on
the first trading day of March, the Investment Manager took significant
profits across a range of outperforming positions and reduced gearing to 5.8%.
This active reduction in leverage crystallised gains and left the Company's
portfolio on a more conservative footing as volatility increased, illustrating
the flexibility afforded by the closed-ended structure when responding to
macroeconomic and geopolitical developments.
Share buybacks
The Company's shares continued to trade at a discount to NAV during the
period. With the average discount at approximately 8.2%, the Board remained
active in repurchasing shares in order to limit discount volatility and to
enhance NAV per share for the benefit of continuing shareholders. In total,
11,625,484 shares were repurchased during the half-year at a cost of £27.0
million, with a further 3,424,763 shares repurchased subsequent to the period
end.
Subsequent to the half-year end, the Company's shares began to trade at a
premium to NAV and, on 21 April, following a sustained period of trading at a
premium, the Board is delighted to note that the Company was able to issue
shares from treasury to satisfy investor demand. To 29 May 2026 (the latest
practicable date prior to the publication of this Report), the Company has
issued a total of 2,076,940 shares from treasury at an average price of 277.58
pence per share. Your Board continues to believe in the management of share
price discount/premium volatility through the buyback of shares when they
trade at a material discount and the issue of shares when they trade on a
premium and that both remain important tools in delivering shareholder value.
Outlook
Since the period end to 29 May 2026, the Company's NAV per share and share
price total returns have been -1.1% and +8.3%, respectively.
As outlined in the Investment Manager's Report, the long-term outlook for
listed infrastructure companies remains compelling and we share your Portfolio
Manager's optimism at the prospects for your Company's portfolio. The ongoing
themes of electrification, partially driven by the rise of AI datacentres; the
digitalisation of economies; and the need to upgrade ageing infrastructure
continue to require substantial and sustained investment, while valuations
across the sector remain attractive by historical standards.
I very much look forward to continuing to work with my fellow directors, the
Investment Manager and our advisers to build on the strong foundations already
in place and to continue to focus on delivering attractive long-term outcomes
for shareholders. I would also like to thank them for their continued
commitment to the Company, as well as shareholders for their ongoing support.
Susannah Nicklin
Chair
Ecofin Global Utilities and Infrastructure Trust plc
2 June 2026
Investment Manager's Report
· Over the six months to 31 March 2026, the Company grew its NAV by
14.1% and its share price by 19.6%, despite increasing geopolitical tensions
in March.
· The Company's portfolio is built around essential services like
power networks, water and transport, providing steady, predictable cash flows.
· The income generated by the portfolio is rising, supporting the
recent dividend increase and helping to pay shareholders a reliable income.
· Long-term 'mega trends' such as rising electricity use, surge of
datacentres and replacement of ageing infrastructure are creating attractive
growth opportunities for portfolio companies.
Markets and our sectors
After strong performance during the financial year ended 30 September 2025,
the Company delivered a positive first half to 31 March 2026. This was despite
a more difficult March, when rising geopolitical tensions and a sharp back-up
in bond yields weighed on listed infrastructure and utility stocks. Over the
six months to 31March 2026, the Company's NAV increased by 14.1% and share
price 19.6% on a total return basis. The period was again characterised by a
marked divide between months: October, January and February were particularly
strong for the portfolio, while December and March reminded investors that
even defensive, long-duration assets are not immune to higher discount rates
and macro shocks.
The fundamental backdrop for the Company's investment universe remained highly
supportive throughout the half-year period. Electricity demand continued to
strengthen on both sides of the Atlantic, supported by electrification,
datacentres, industrial reshoring and the growing need to reinforce
transmission and distribution networks. At the same time, the strategic
relevance of power networks, dispatchable generation, water systems and
transport infrastructure continued to rise, while valuations across much of
listed infrastructure remained attractive relative to broader equity markets
and to private market transactions.
October was a very strong month for the Company, with the NAV rising by 6.2%,
well ahead of the S&P Global Infrastructure Index and the MSCI World
Utilities Index (sterling adjusted). Renewables and nuclear holdings were the
leading contributors, with Brookfield Renewable Partners and Constellation
performing particularly well, while integrated utilities such as RWE and SSE
also advanced strongly. November remained positive, though at a more modest
pace, with UK holdings leading returns, notably SSE, which rallied sharply
after presenting a fully funded five-year investment plan focused on regulated
networks.
December was more challenging as investors rotated aggressively into
higher-growth and AI-related equities while elevated bond yields weighed on
utilities, especially in the U.S. Even so, the weakness did little to alter
the broader picture: calendar year 2025 performance was strong, led by
Continental Europe, with integrated utilities such as E.ON, RWE, Enel and
Iberdrola, as well as transportation infrastructure operator, Vinci, standing
out. Performance re-accelerated in January and February 2026, as long-duration
businesses were again favoured by investors looking for defensive income
together with a series of encouraging earnings releases by investee companies.
The half-year period ended on a softer note in March. Following the U.S. and
Israeli attacks on Iran commencing on 28 February, geopolitical risk rose
sharply, bond yields backed up and the market demanded a higher risk premium
for long-duration cash flows. Many of the Company's best-performing holdings
into February, including National Grid, SSE, Enel and RWE, gave back some of
their earlier gains, even though their operational delivery remained sound.
Performance summary
Over the six months, performance was driven by strong stock selection in the
UK and Continental Europe, while the performance of North American holdings
was more mixed at different points in the period. The portfolio benefited from
substantial exposure to companies with visible earnings growth, supportive
regulatory frameworks and capital expenditure programmes tied to
electrification, grid modernisation and energy security.
Among the strongest contributors over the half-year were a number of
integrated and regulated utility holdings in Europe and the UK. National Grid
and SSE both performed strongly, supported by the market's growing
appreciation of the scale of investment required in electricity networks and
the associated growth available to well-positioned incumbents. RWE was another
important contributor, helped first by improving sentiment around European
power markets and then by favourable outcomes in the UK offshore wind auction
and progress around German gas generation policy. Enel, E.ON, Engie and Snam
also contributed materially, supported by solid operating delivery, improving
visibility on earnings growth and, in Enel's case, an upgraded medium-term
growth outlook presented at its capital markets day in February.
Transportation infrastructure also made an important contribution. Vinci and
ENAV were among the best performers during the period, benefiting from robust
cash generation, supportive results and continued evidence that high-quality
transport infrastructure businesses still trade on valuations below historical
norms. In environmental services, Veolia performed well and remained an
important source of diversification, supported by resilient operational
performance and the structural growth opportunity in the environmental
services sector, driven by tightening water and waste regulation, rising
industrial demand for treatment and recycling solutions, and increasing
investment in circular-economy infrastructure.
The performance of North American holdings was more mixed. In October, profits
were taken in several U.S. names after strong performances. December then saw
some weakness in several U.S. utilities as higher bond yields weighed on the
sector, with Xcel under pressure following wildfire-related litigation
headlines. By contrast, February was a very strong month for several North
American holdings, including Constellation, Vistra, AEP, Exelon and DTE, as
investors responded favourably to updated capital investment plans, earnings
growth guidance and, in the case of independent power producers, renewed
confidence in the long-term value of dispatchable and baseload generation.
Purchases and sales
Portfolio activity during the half-year remained selective and
valuation-driven. In October, profits were taken across a number of US
holdings after strong performance and in November, the Portfolio Manager added
to American Water Works after weakness following the Essential Utilities
merger announcement.
In January, the Portfolio Manager initiated two new positions. The first was
Williams, a North American energy infrastructure company whose natural gas
pipelines and related assets are well placed to benefit from growing power
demand and from 'behind-the-meter' solutions linked to datacentre buildout,
while still offering low-risk contract structures and limited commodity price
exposure. The second was Athens Water Supply and Sewerage Company, a fully
regulated Greek water utility which has entered a new regulatory framework and
is set to accelerate capital expenditure meaningfully, improving its
medium-term growth outlook.
In February, the Portfolio Manager made further portfolio changes reflecting
the Portfolio Manager's discipline in crystallising gains where valuations had
improved, while continuing to add selectively to businesses where the
Portfolio Manager saw attractive upside supported by earnings visibility and
regulated or contracted cash flows. Following the sharp rally in January and
February, and the subsequent increase in geopolitical risk, the Portfolio
Manager took more significant profits at the start of March, reducing a wide
range of positions.
The weakness in March created fresh opportunities so the Portfolio Manager
added selectively to holdings where valuations had become compelling relative
to the quality of the underlying assets and long-term earnings prospects.
Overall, activity during the half-year to 31 March 2026 reflected the same
consistent approach as in prior periods: taking profits in stocks where
re-ratings had been substantial, recycling capital into laggards or new ideas,
and maintaining a diversified portfolio of high-quality infrastructure and
utility businesses with strong fundamental support.
Income and gearing
The income profile of the portfolio continues to grow, enabling the increase
in the dividend referred to in the Chair's statement. This confidence reflects
both the resilience of the underlying businesses and the medium-term growth in
dividends expected from many portfolio companies.
Gearing was again used actively over the period and remained an important
contributor to returns. It stood at 10.2% at the end of October, 10.6% at the
end of November, 9.8% at the end of December, increased to 12.7% by the end of
January, and stood at 10.5% at the end of February before being reduced to
5.8% in the first days of March after the sharp increase in geopolitical risk.
That active reduction in leverage crystallised gains from the strong start to
the calendar year and left the portfolio on a more conservative footing as
volatility rose.
Outlook
The Portfolio Manager believes the valuation of some parts of global equity
markets remains elevated, but listed infrastructure is still undervalued by
historical standards, relative to broad market averages and compared with
private infrastructure assets. Although some stocks in our investment universe
have re-rated meaningfully over the past year, much of the sector continues to
trade on reasonable multiples despite stronger growth prospects, improving
capital allocation and rising strategic importance.
The long-term growth drivers for the asset class continue to strengthen.
Rising electrification, datacentre demand, industrial re-shoring and ageing
infrastructure are all increasing the need for investment in power grids,
generation, storage, water systems and transportation assets. In Europe in
particular, the tension between rising electricity demand and years of
underinvestment is becoming clearer, and this should create attractive
opportunities for companies exposed to regulated networks, flexible generation
and other essential infrastructure.
The portfolio remains focused on businesses providing infrastructure and
services essential for economic activity and progress. Many of these companies
have revenues that are fully regulated or contracted, strong pricing power,
limited competition and visible capital expenditure plans that support
long-term earnings and dividend growth. Transportation infrastructure and
environmental services continue to offer useful diversification, while
selected power, network and utility holdings remain among the clearest
beneficiaries of the structural investment cycle now under way.
The Portfolio Management team believes that the Company's portfolio businesses
will continue to grow their earnings almost irrespective of the economic
backdrop, helped by the proportion of revenues which is regulated or
contracted and by the strategic importance of the services they provide. While
short-term performance may continue to be affected by interest rates, bond
yields and geopolitical developments, the fundamental case for listed
infrastructure remains compelling and the Portfolio Management team remains
excited by the prospects for future shareholder returns. The scale and breadth
of the investment universe, featuring a significant number of attractive,
liquid securities, will also allow the Portfolio Manager to continue to
deliver on the strategy for shareholders as the Company grows in the future.
Jean-Hugues de Lamaze
Portfolio Manager
RWC Asset Management LLP (Redwheel)
2 June 2026
Interim Management Report
The principal and emerging risks and uncertainties that could have a material
impact on the Company's performance are set out on pages 17 to 19 of the
Company's 2025 Annual Report.
During the first six months of the current financial year, no transactions
with related parties have taken place which have materially affected the
financial position or the performance of the Company.
The directors consider that the Chair's Statement and the Investment Manager's
Report, the above disclosure on related party transactions and the Directors'
Responsibility Statement below, together constitute the Interim Management
Report of the Company for the six months ended 31 March 2026 and satisfy the
requirements of Disclosure Guidance and Transparency Rules 4.2.3 to 4.2.11 of
the Financial Conduct Authority.
The Half-Year Report has not been reviewed or audited by the Company's
Auditor.
Directors' Responsibility Statement
The directors listed on page 22 of the Half-Year Report confirm that to the
best of their knowledge:
(i) the condensed set of Financial Statements has been prepared in
accordance with FRS 104 (Interim Financial Reporting) and give a true and fair
review of the assets, liabilities, financial position and profit and loss of
the Company as required by Disclosure Guidance and Transparency Rule 4.2.4 R;
(ii) the Interim Management Report includes a fair review, as required by
Disclosure Guidance and Transparency Rule 4.2.7 R, of important events that
occurred during the six months ended 31 March 2026 and their impact on the
condensed set of Financial Statements, and a description of the principal
risks and uncertainties for the remaining six months of the financial year;
and
(iii) the Interim Management Report includes a fair review of the
information concerning related party transactions as required by Disclosure
Guidance and Transparency Rule 4.2.8 R.
This Half-Year Report contains certain forward-looking statements. These
statements are made by the directors in good faith based on the information
available to them up to the date of this report and such statements should be
treated with caution due to the inherent uncertainties, including both
economic and business risk factors, underlying any such forward-looking
information.
This Half-Year Report was approved by the Board on 2 June 2026 and the
Directors' Responsibility Statement was signed on its behalf by:
Susannah Nicklin
Chair
2 June 2026
Condensed Income Statement
Six months ended Six months ended
31 March 2026 (unaudited)
31 March 2025 (unaudited)
Revenue Capital Total Revenue Capital Total
Notes £'000 £'000 £'000 £'000 £'000 £'000
Gains/(losses) on investments held at fair value through profit or loss - 30,865 30,865 - (1,134) (1,134)
Foreign exchange losses - (279) (279) - (817) (817)
Investment income 2 3,174 - 3,174 3,473 - 3,473
Investment management fees (431) (646) (1,077) (400) (600) (1,000)
Administrative expenses (299) - (299) (434) - (434)
Net return before finance costs and taxation 2,444 29,940 32,384 2,639 (2,551) 88
Finance costs (208) (313) (521) (290) (434) (724)
Net return before taxation 2,236 29,627 31,863 2,349 (2,985) (636)
Taxation (418) - (418) (343) - (343)
Net return after taxation 1,818 29,627 31,445 2,006 (2,985) (979)
Net return per ordinary share (pence) 3 1.92 31.27 33.19 1.86 (2.77) (0.91)
The total column of the Condensed 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 Association of Investment Companies ("AIC").
All revenue and capital returns in the above statement derive from continuing
operations. No operations were acquired or discontinued during the six months
ended 31 March 2026 or 31 March 2025.
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 period.
The accompanying notes are an integral part of the Financial Statements.
Condensed Statement of Financial Position
As at As at
31 March 30 September
2026 2025
(unaudited) (audited)
Notes £'000 £'000
Non-current assets
Investments held at fair value through profit or loss 7 271,474 280,788
Current assets
Debtors 2,318 2,513
Cash at bank 35 -
2,353 2,513
Creditors: amounts falling due within one year
Prime brokerage borrowings (16,090) (25,538)
Other creditors (839) (1,187)
(16,929) (26,725)
Net current liabilities (14,576) (24,212)
Net assets 256,898 256,576
Share capital and reserves
Called-up share capital 4 1,149 1,149
Share premium account 50,548 50,548
Capital redemption reserve 16 16
Special reserve 62,532 91,837
Capital reserve 142,653 113,026
Revenue reserve - -
Total shareholders' funds 256,898 256,576
Net asset value per ordinary share (pence) 5 275.70 245.65
The accompanying notes are an integral part of the Financial Statements.
Condensed Statement of Changes in Equity
Six months ended 31 March 2026 (unaudited)
Share Capital
Share premium redemption Special Capital Revenue
capital account reserve reserve(1) reserve(1) reserve(1) Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 October 2025 1,149 50,548 16 91,837 113,026 - 256,576
Net return after taxation - - - - 29,627 1,818 31,445
Buyback of ordinary shares into treasury - - - (27,018) - - (27,018)
Dividends paid 6 - - - (2,287) - (1,818) (4,105)
Balance at 31 March 2026 1,149 50,548 16 62,532 142,653 - 256,898
Six months ended 31 March 2025 (unaudited)
Share Capital
Share premium redemption Special Capital Revenue
capital account reserve reserve(1) reserve(1) reserve(1) Total
Note £'000 £'000 £'000 £'000 £'000 £'000 £'000
Balance at 1 October 2024 1,149 50,548 16 103,457 88,061 - 243,231
Net return after taxation - - - - (2,985) 2,006 (979)
Buyback of ordinary shares into treasury - - - (5,698) - - (5,698)
Dividends paid 6 - - - (2,528) - (2,006) (4,534)
Balance at 31 March 2025 1,149 50,548 16 95,231 85,076 - 232,020
(1. These reserves are available for distribution as dividend
to shareholders. As the Company's investments are highly liquid, the
cumulative unrealised gains from fair value movement amounting to £63,980,000
(31 March 2025: 33,781,000) is considered readily realisable and therefore
distributable.)
The accompanying notes are an integral part of the Financial Statements.
Condensed Statement of Cash Flows
Restated(1)
Six months Six months
ended ended
31 March 2026 31 March 2025
(unaudited) (unaudited)
£'000 £'000
Net return before finance costs and taxation 32,384 88
(Gains)/losses on investments (30,865) 1,134
Dividend income (3,160) (3,468)
Dividends received 3,141 3,524
Overseas withholding tax suffered (383) (350)
Interest paid on prime brokerage borrowings (521) (605)
Decrease in accrued expenses (246) (36)
Increase in other debtors (324) (49)
Net cash inflow from operating activities 26 238
Investing activities
Purchases of investments (18,426) (39,317)
Sales of investments 59,107 51,440
Net cash inflow from investing activities 40,681 12,123
Financing activities
Movement in prime brokerage borrowings (9,448) (2,260)
Dividends paid (4,105) (4,548)
Buyback of ordinary shares into treasury (27,119) (5,553)
Net cash outflow from financing activities (40,672) (12,361)
Increase/(decrease) in cash 35 -
Analysis of changes in cash during the period
Opening balance - -
Increase in cash 35 -
Closing balance 35 -
(1. As the Company does not hold cash, foreign currency
translation differences are now reflected within the movement in prime
brokerage borrowings. This is a presentational change only and does not impact
the opening or closing balance.)
The accompanying notes are an integral part of the Financial Statements.
Notes to the Condensed Financial Statements
For the six months ended 31 March 2026
1. Basis of preparation
The Condensed Financial Statements have been prepared in accordance with
Financial Reporting Standard ("FRS") 104 Interim Financial Reporting and with
the Statement of Recommended Practice "Financial Statements of Investment
Trust Companies and Venture Capital Trusts" issued in July 2022. The Condensed
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.
The Condensed Financial Statements have been prepared using the same
accounting policies as the preceding annual Financial Statements, which were
prepared in accordance with Financial Reporting Standard 102.
The financial information contained in this Half-Year Report does not
constitute statutory accounts as defined in Sections 434-436 of the Companies
Act 2006. The financial information for the periods ended 31 March 2026 and
31 March 2025 has not been audited.
The information for the year ended 30 September 2025 has been extracted from
the latest published audited Financial Statements which have been filed with
the Registrar of Companies. The report of the Auditor on those accounts
contained no qualification or statement under Section 498 of the Companies Act
2006.
2. Income
Six months Six months
ended ended
31 March 31 March
2026 2025
£'000 £'000
Income from investments (revenue account)
UK dividends 470 429
Overseas dividends 2,605 2,921
Stock dividends 85 118
3,160 3,468
Other income (revenue account)
Bank interest 14 5
Total income 3,174 3,473
The Company received no special dividends during the six months ended 31 March
2026 or the six months ended 31 March 2025.
3. Return per ordinary share
Six months ended Six months ended
31 March 2026 31 March 2025
p/share £'000 p/share £'000
Revenue return 1.92 1,818 1.86 2,006
Capital return 31.27 29,627 (2.77) (2,985)
Total return 33.19 31,445 (0.91) (979)
Weighted average number of ordinary shares in issue 94,741,332 108,101,457
4. Ordinary share capital
At 31 March 2026 there were 114,920,697 ordinary shares of 1p each in issue of
which 21,739,781 were held in treasury (with no voting rights). (31 March
2025: 114,920,697 of which 8,192,421 were held in. During the half-year ended
31 March 2026, 11,265,484 were bought back to treasury at a total cost of
£27,004,000 (31 March 2025: 2,992,692 were bought back to treasury at a total
cost of £5,698,000).
Since 31 March 2026, the Company has bought back a further 3,424,763 ordinary
shares in to treasury at a cost of £8.8 million and, following its shares
beginning to trade at a premium to NAV, from 21 April 2026 to 29 May 2026 has
issued 2,076,940 ordinary shares from treasury.
5. NAV per ordinary share
As at As at
31 March 30 September
2026 2025
Net asset value attributable (£'000) 256,898 256,576
Number of ordinary shares in issue (excluding shares held in treasury) 93,180,916 104,446,400
NAV per share 275.70p 245.65p
6. Dividends paid
Six months Six months
ended ended
31 March 2026 31 March 2025
£'000 £'000
Fourth interim for 2024 of 2.05p (paid 29 November 2024) - 2,248
First interim for 2025 of 2.125p (paid 3 March 2025) - 2,286
Fourth interim dividend for 2025 of 2.125p (paid on 28 November 2025) 1,995 -
First interim dividend for 2026 of 2.25p (paid on 27 February 2026) 2,110 -
4,105 4,534
A second interim dividend for 2026 of 2.25p was declared on 23 April 2026 and
paid on 29 May 2026 to shareholders on the register on 1 May 2026. The
ex-dividend date was 30 April 2026.
7. Fair value hierarchy
FRS 102 requires an entity to classify fair value measurements using a fair
value hierarchy that reflects the significance of the inputs used in making
the measurements. The fair value hierarchy shall have the following levels:
· Level 1: unadjusted quoted prices in an active market for
identical assets or liabilities that the entity can access at the measurement
date;
· Level 2: inputs other than quoted prices included within Level 1
that are observable (i.e. developed using market data) for the asset or
liability, either directly or indirectly; and
· Level 3: inputs are unobservable (i.e. for which market data is
unavailable) for the asset or liability.
The financial assets and liabilities measured at fair value in the Condensed
Statement of Financial Position are grouped into the fair value hierarchy at
the reporting date as follows:
Level 1 Level 2 Level 3 Total
As at 31 March 2026 £'000 £'000 £'000 £'000
Financial assets at fair value through profit or loss
Quoted equities 271,474 - - 271,474
Total 271,474 - - 271,474
Level 1 Level 2 Level 3 Total
As at 30 September 2025 £'000 £'000 £'000 £'000
Financial assets at fair value through profit or loss
Quoted equities 280,788 - - 280,788
Total 280,788 - - 280,788
The Company's investments in equities are actively traded on recognised stock
exchanges and therefore recognised as Level 1 financial assets and their fair
value has been determined by reference to the quoted bid prices at the
reporting date. There have been no transfers of financial assets between fair
value levels.
- ENDS -
A copy of the Half-Year 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 Half-Year Report will also shortly be available on the Company's website
at www.eglplc.com (http://www.eglplc.com) where up to date information on the
Company, including daily NAV and share prices, factsheets, webinars and
portfolio information can also be found.
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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END IR FZGGVNZZGVZM
Copyright 2019 Regulatory News Service, all rights reservedRecent news on Ecofin Global Utilities and Infrastructure Trust
See all newsREG - EcofinGlobal U&I Tst - Net Asset Value(s)
AnnouncementREG - EcofinGlobal U&I Tst - Net Asset Value(s)
AnnouncementREG - EcofinGlobal U&I Tst - Net Asset Value(s)
AnnouncementREG - EcofinGlobal U&I Tst - Net Asset Value(s)
AnnouncementREG - EcofinGlobal U&I Tst - Net Asset Value(s)
Announcement