RNS Number : 3282J
JPMorgan European Grwth & Inc PLC
27 November 2025
LONDON STOCK EXCHANGE ANNOUNCEMENT
JPMORGAN EUROPEAN GROWTH & INCOME PLC
HALF YEAR REPORT & FINANCIAL STATEMENTS
FOR THE SIX MONTHS ENDED 30TH SEPTEMBER 2025
Legal Entity Identifier: 549300D8SPJFHBDGXS57
Information disclosed in accordance with the DTR 4.1.3
HIGHLIGHTS
• Best performing investment trust in its sector with an outperformance over benchmark and the investment trusts within the Company's peer group over the six-month reporting period, and also three and five years.
• The Company was voted the best investment company in the European sector at the annual AIC
Investment Week Award ceremony held on 19th November 2025.
• The dividend for the 6 months to 30th September 2025 was 2.4p per share. The Board maintains its aim to
provide shareholders with a predictable dividend based on 4% of the previous year end NAV.
• The Company's Ordinary share discount to NAV with debt at fair value was 1.1% as at 26th November
2025. As at 30th September 2025, the Company's Ordinary share discount was 2.4%.
All periods to 30th September 2025
Six Months %
Three Years %
Five Years %
Total Return on Net Asset Value per Share
+14.2
+68.4
+97.1
Benchmark
+10.7
+55.2
+63.7
Excess
+3.5
+13.2
+33.4
Return on Share Price
+18.0
+95.9
+132.8
The Chair of the Company, Rita Dhut, commented:
"I am pleased to report that in its six-month reporting period to the 30th September 2025 the Company
achieved a total return on net assets of +14.2%, representing an outperformance of +3.5% over its
benchmark, thereby continuing to deliver consistent strong outperformance.
The clear investment mandate allows the Portfolio Managers to seek out the best opportunities across European markets, delivering to the Company's shareholders the best of capital growth combined with an attractive
dividend."
Portfolio Managers Alexander Fitzalan Howard, Zenah Shuhaiber and Tim Lewis commented:
"Valuations of European companies remain attractive, particularly relative to their US counterparts, and investment flows into European markets have started to pick up. Your portfolio managers continue to find stock picking opportunities that meet our criteria regarding valuation, quality and operational momentum."
CHAIR'S STATEMENT
Introduction
I am pleased to report that in its six-month reporting period to the 30th September 2025 the Company achieved a total return on net assets of +14.2%, representing an outperformance of +3.5% over its benchmark, thereby continuing to deliver consistent strong outperformance. The clear investment mandate allows the Portfolio Managers to seek out the best opportunities across European markets, delivering to the Company's shareholders the best of capital growth combined with an attractive dividend.
The backdrop for the period of this report remains complicated. The devastating conflict in Ukraine continues with difficult negotiations to come, while there is a fragile ceasefire in Gaza. With little perceived economic impact, global stock markets have shrugged off any material effects from these events.
Eurozone economic growth has been modest with GDP growth of 0.2% in the third quarter. The positive domestic positions of Spain and France were tempered by the stagnant performance of Germany and contraction in Italy. Continued growth across the region is expected to be supported by the existing significant EU wide infrastructure projects in addition to the ReArm Europe Plan announced earlier in the year. This is expected to enable up to €800 billion in additional defence spending in coming years. The last European Central Bank's (ECB) interest rate cut was in June 2025 to 2% and Inflation in the region has remained relatively stable at around 2%.
On the political front France and Germany face difficult domestic issues together with the wider challenges in the EU's economic and strategic transatlantic relationship with the USA.
Performance
Return on net assets (NAV) and return to shareholders
The Company's net assets outperformed its benchmark by 3.5% in the period under review (debt at fair value). The total return on net assets was 14.2% (debt at fair value), compared with the benchmark which recorded a total return in sterling terms of 10.7%. Stock selection was the main reason for this. In their Report on page 11 of the Company's Half Year Report and Financial Statements, the Portfolio Managers' review in more detail some of the factors underlying the performance of the Company as well as commenting on the economic and market background over the period in question. For an explanation of the calculation of the Company's total return, please see the Glossary of Terms and Alternative Performance Measures on page 27 of the Company's Half Year Report and Financial Statements.
The total return on share price, which takes into account the movement of the share price and dividends received over the six months delivered a return of 18.0%, which was also an outperformance of the benchmark by a significantly higher margin than the net asset performance benefitting in part from a reduction in the Company's share price discount to net assets.
Over three, five and ten years the Company has outperformed its benchmark by +40.7%, +69.1% and +49.9% respectively.
Dividends
One of the aims of the Company is to provide shareholders with a predictable dividend based on 4% of the preceding year end net asset value ('NAV') per share. The Company pays four interim dividends in July, October, January and March. In line with the above aim, in respect of the year ending 31st March 2026, the Company has paid the first and second interim dividends of 1.20 pence per Ordinary share. Between the end of this six-month reporting period and the release of this report, the Company's Board declared a third interim dividend of 1.20 pence per Ordinary share. The Board is expecting to declare the fourth interim dividend in February 2026.
As was the case for the Company's dividends in respect of the year ended 31st March 2025, to the extent that brought forward revenue reserves are not sufficient, dividends will be paid from distributable capital reserves as permitted by the Company's Articles.
Gearing
There has been no change in the Investment Manager's permitted gearing range, as previously set by the Board, of between 10% net cash to 20% geared. At 30th September 2025 the Company held a gearing level of 4.7% (31st March 2025: 4.3%).
Discounts, Share Issuance and Repurchase
During the period under review, the average discount across the Investment Trust sector has continued to remain at elevated levels. However, we have seen changes in discounts, including narrowing across sub sectors and individual Trusts as investors have differentiated between investment mandates and performance. It is pleasing to note, from the start of 2025, a combination of improving sentiment towards European equities combined with a greater interest in the Company's shares caused the Company's discount to narrow considerably without requiring the Board to be particularly active.
The Company's Ordinary share discount to NAV with debt at fair value as at 30th September 2025 was 2.4%. The average discount of a peer group of four companies as at the same date was approximately 5.9%. This reflects the Company's narrowing level of discount in both absolute and relative terms. On 26th November 2025, the Company's Ordinary share discount was 1.1%.
In the period under review, 250,000 Ordinary shares were bought into Treasury. From 1st October 2025 to 26th November 2025, no Ordinary shares were bought into Treasury and no Ordinary shares were issued.
AIC Investment Week Award 2025
I am delighted that the Company was voted the best investment company in the European sector at the annual AIC Investment Week Award ceremony held on 19th November 2025. Media reports on the 2025 awards have commented that as a winner the Company is leading the way in meeting investors' changing needs and taking the investment company sector forward.
Outlook
The geopolitical outlook remains fragile and trade policies of the US government cause uncertainty both in their political and economic implications. We are mindful the tariff hikes will have implications for the shape of trade and output in future years. The board also continues to observe and probe the Portfolio Managers on the significant capex boom into AI software and infrastructure that is particularly notable in the USA, watchful of its impact on European indices and companies. However, there are tentative signs economic growth in the Eurozone will improve with plenty of self-help and we are seeing positive investor sentiment towards European equity markets. The Portfolio Managers proceed with their considered approach, owning a diversified portfolio and positions in companies whose fortunes are expected to remain relatively resilient and have the agility to circumnavigate the complex backdrop. The Board anticipates continued successful delivery of the investment mandate.
Rita Dhut
Chair 27th November 2025
PORTFOLIO MANAGERS' REPORT
Market Review
European equity markets returned 10.7% in Sterling terms during the six months to 30th September 2025 under review. The period started in dramatic fashion with President Trump's tariff announcements at the beginning of April which led to a sharp selloff in global markets. Although trade tensions have dominated newswires since April, the initial volatility, particularly in bond markets, pushed the US administration to soften its trade policy by pausing reciprocal tariffs for ninety days and removing tariffs on electronic products. The US Court of International Trade also ruled against President Trump's tariff authority which helped to de-escalate trade tensions. Equity markets quickly took the view that the final outcome would be less damaging than originally feared and by early May European indices had recouped all the losses.
The rest of the period saw European equity markets gradually advance. Economic sentiment, as measured by the Purchasing Managers' Index, improved from May onwards in both services and manufacturing. The combination of positive real income growth, low energy prices and lower interest rates from the ECB helped to create a more benign environment for equity markets than initially expected in April.
Portfolio Review
The Company's Net Asset Value (NAV) (debt at fair value) returned 14.2% in the period under review, outperforming its benchmark by 3.5%. Positive stock selection was a feature across most sectors with Materials and Commercial & Professional Services contributing the most, offsetting negative performance within Food Beverage & Tobacco. Within Beverages, Carlsberg was the main detractor as the company reported weaker than expected volumes, particularly in Asia. On the positive side, Heidelberg Materials, a German cement producer, was a main contributor. The cement market has become much more price rational, thanks to regulatory changes that force players to account for the cost of carbon. As a result, some smaller competitors have exited the market, making it easier for companies like Heidelberg to pass through price increases. Meanwhile, Bilfinger, which is a market leader in European industrial services, has witnessed an improving order pipeline from investments in alternative energy and energy efficiency.
We started a new position in Siemens Energy, which is seeing strong growth supported by grid infrastructure and gas capacity additions driven by data centre demand. We added to an existing position in Prosus, primarily on the back of good results from Tencent, where Prosus' roughly 25% stake accounts for >80% of the NAV of the company. We also started a new position in Mercedes-Benz. We remain underweight Auto OEMs on aggregate, but in the case of Mercedes we see stabilising earnings momentum, a commitment to shareholder returns and a compelling valuation case.
We reduced the portfolio's positioning to several asset-light names in the software and information exchange sectors. We sold out of positions in Deutsche Boerse and Euronext, the European stock exchange groups following strong share price performance leading to more stretched valuations. We also sold out of the position in Wolters Kluwer, the Dutch-listed information company, and reduced the holding in SAP, the German software business, on concerns of AI competition impacting on their business. The net effect of our actions through this period has been to increase the Industrials weighting in the portfolio and to reduce the positions in Financials and Information Technology. By the end of the half year, the Company's top three overweight sectors were Industrials, Communication Services and Energy.
Outlook
Looking forward there are, as always, plenty of issues to be concerned about including ongoing tariff negotiations, domestic political issues particularly in France, rising deficits and the conflicts in Ukraine and the Middle East. However, despite this there is much to be optimistic about. The consumer remains in a robust condition and there are signs of recovery in the manufacturing sector. Fiscal stimulus initiatives are expected to be central to driving growth in 2026. Europe's renewed emphasis on strategic resilience - evident in planned investments in energy, defence, and infrastructure - is strengthening its domestic industrial base. These policy changes are encouraging greater capital spending and advancing long-term priorities such as decarbonisation and the restructuring of supply chains. Moreover, valuations of European companies remain attractive, particularly relative to their US counterparts, and investment flows into European markets have started to pick up. Your portfolio managers continue to find stock picking opportunities that meet our criteria regarding valuation, quality and operational momentum.
Alexander Fitzalan Howard
Zenah Shuhaiber
Tim Lewis
Portfolio Managers 27th November 2025
INTERIM MANAGEMENT REPORT
The Company is required to make the following disclosures in its half year report:
Principal Risks and Uncertainties
The Principal Risks and uncertainties faced by the Company fall into the following broad categories: investment; operational; regulatory; strategy; climate change; geopolitical and economic concerns; on each of these areas is given in the Business Review within the Annual Report and Accounts for the year ended 31st March 2025. A review of risks conducted for this report concluded that the principal risks and uncertainties faced by the Company have not changed significantly.
Related Parties Transactions
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.
Going Concern
The Directors believe, having considered the Company's investment objectives, future cash flow projections, risk management policies, liquidity risk, principal and emerging risks, capital management policies and procedures, nature of the portfolio and expenditure projections, the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and, more specifically, that there are no material uncertainties relating to the Company that would prevent its ability to continue in such operation existence for at least 12 months from the date of the approval of this half yearly report. We considered as part of our risk assessment the nature of the Company, its business model and related risks including where relevant the impact of the unrest in the Middle East and Russia's invasion of Ukraine, the requirements of the applicable financial reporting framework the covenants in respect of the Company's private placement debt and the system of internal control. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.
Directors' Responsibilities
The Board of Directors confirms that, to the best of its knowledge:
(i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and
(ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules.
In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and accounting 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; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business;
and the Directors confirm that they have done so.
For and on behalf of the Board
Rita Dhut
Chair 27th November 2025
CONDENSED STATEMENT OF COMPREHENSIVE INCOME
(Unaudited)
(Unaudited)
(Audited)
Six months ended
Six months ended
Year ended
30th September 2025
30th September 2024
31st March 2025
Revenue
Capital
Total
Revenue
Capital
Total
Revenue
Capital
Total
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
£'000
Gains/(losses) on investments
held at fair value through
profit or loss
-
62,069
62,069
-
(14,847)
(14,847)
-
2,685
2,685
Foreign exchange gains/(losses)
on JPMorgan EUR Liquidity
Fund
-
416
416
-
(392)
(392)
-
(298)
(298)
Net foreign currency
(losses)/gains1
-
(1,878)
(1,878)
-
1,804
1,804
-
2,275
2,275
Income from investments
12,744
-
12,744
12,169
182
12,351
16,565
789
17,354
Interest receivable and similar
income
162
-
162
275
-
275
516
-
516
Gross return/(loss)
12,906
60,607
73,513
12,444
(13,253)
(809)
17,081
5,451
22,532
Management fee
(396)
(923)
(1,319)
(385)
(899)
(1,284)
(759)
(1,771)
(2,530)
Other administrative expenses
(357)
-
(357)
(397)
-
(397)
(747)
-
(747)
Net return/(loss) before finance
costs and taxation
12,153
59,684
71,837
11,662
(14,152)
(2,490)
15,575
3,680
19,255
Finance costs
(179)
(417)
(596)
(178)
(414)
(592)
(346)
(808)
(1,154)
Net return/(loss) before taxation
11,974
59,267
71,241
11,484
(14,566)
(3,082)
15,229
2,872
18,101
Taxation
(1,097)
-
(1,097)
(2,608)
(27)
(2,635)
(3,084)
-
(3,084)
Net return/(loss) after taxation
10,877
59,267
70,144
8,876
(14,593)
(5,717)
12,145
2,872
15,017
Return/(loss) per ordinary
share(note 3)
2.58p
14.05p
16.63p
2.07p
(3.40)p
(1.33)p
2.85p
0.67p
3.52p
1 Includes foreign currency (losses)/gains on the private placement note issued in Euro, forward foreign currency contracts and cash at bank.
CONDENSED STATEMENT OF CHANGES IN EQUITY
Called up
Share
Capital
share
premium
redemption
Capital
Revenue
capital
account
reserve
reserves1
reserve1
Total
£'000
£'000
£'000
£'000
£'000
£'000
Six months ended 30th September 2025 (Unaudited)
At 31st March 2025
2,185
131,163
18,273
346,958
-
498,579
Repurchase of ordinary shares into Treasury
-
-
-
(299)
-
(299)
Net return
-
-
-
59,267
10,877
70,144
Dividend paid in the period (note 4)
-
-
-
-
(10,128)
(10,128)
At 30th September 2025
2,185
131,163
18,273
405,926
749
558,296
Six months ended 30th September 2024 (Unaudited)
At 31st March 2024
2,185
131,163
18,273
355,039
4,031
510,691
Repurchase of ordinary shares into Treasury
-
-
-
(1,876)
-
(1,876)
Net (loss)/return
-
-
-
(14,593)
8,876
(5,717)
Dividend paid in the period (note 4)
-
-
-
-
(9,658)
(9,658)
At 30th September 2024
2,185
131,163
18,273
338,570
3,249
493,440
Year ended 31st March 2025 (Audited)
At 31st March 2024
2,185
131,163
18,273
355,039
4,031
510,691
Repurchase of ordinary shares into Treasury
-
-
-
(7,259)
-
(7,259)
Net return
-
-
-
2,872
12,145
15,017
Dividends paid in the year (note 4)
-
-
-
(3,694)
(16,176)
(19,870)
At 31st March 2025
2,185
131,163
18,273
346,958
-
498,579
1 These reserves form the distributable reserves of the Company and may be used to fund distribution of profits to investors via dividend payments.
CONDENSED STATEMENT OF FINANCIAL POSITION
(Unaudited)
(Unaudited)
(Audited)
30th September
30th September
31st March
2025
20241
2025
£'000
£'000
£'000
Non current assets
Investments held at fair value through profit or loss1
580,475
514,194
512,436
Investments on loan held at fair value through profit or loss1
4,333
1,519
7,409
Total investments held at fair value through profit or loss
584,808
515,713
519,845
Current assets
Derivative financial assets
1
80
31
Debtors
4,371
9,425
5,254
Cash and cash equivalents
12,921
13,071
15,490
17,293
22,576
20,775
Current liabilities
Creditors:amounts falling due within one year
(246)
(3,329)
(280)
Derivative financial liabilities
(43)
(48)
(41)
Net current assets
17,004
19,199
20,454
Total assets less current liabilities
601,812
534,912
540,299
Non current liabilities
Creditors:amounts falling due after more than one year
(43,516)
(41,472)
(41,720)
Net assets
558,296
493,440
498,579
Capital and reserves
Called up share capital
2,185
2,185
2,185
Share premium account
131,163
131,163
131,163
Capital redemption reserve
18,273
18,273
18,273
Capital reserves
405,926
338,570
346,958
Revenue reserve
749
3,249
-
Total shareholders' funds
558,296
493,440
498,579
Net asset value per ordinary share(note 5)
132.4p
115.5p
118.1p
1 The value of investments on loan, previously included within the total value of investments held at fair value through profit or loss, has been disclosed separately. The figures for 30th September 2024 have been restated accordingly and do not impact the Company's Net assets, Statement of Comprehensive Income, or Statement of Cash Flows as previously presented.
CONDENSED STATEMENT OF CASH FLOWS
(Unaudited)
(Unaudited)
(Audited)
Six months ended
Six months ended
Year ended
30th September
30th September
31st March
2025
2024
2025
£'000
£'000
£'000
Cash flows from operating activities
Net return/(loss) before finance costs and taxation
71,837
(2,490)
19,255
Adjustment for:
Net (gains)/losses on investments held at fair value through
profit or loss
(62,069)
14,847
(2,685)
Foreign exchange (gains)/losses on JPMorgan EUR Liquidity
Fund
(416)
392
298
Net foreign currency losses/(gains)
1,878
(1,804)
(2,275)
Dividend income
(12,744)
(12,351)
(17,354)
Interest and securities lending income
(162)
(254)
(491)
Realised gains on foreign exchange transactions
106
14
56
Realised exchange gain/(losses) on JPMorgan EUR Liquidity Fund
248
(153)
(375)
Decrease/(increase) in other debtors
12
16
(1)
(Decrease)/increase in accrued expenses
(52)
35
(10)
Net cash outflow from operations before dividends,
interest and taxation
(1,362)
(1,748)
(3,582)
Dividends received
11,336
10,405
13,970
Interest and securities lending income received
162
254
491
Overseas withholding tax recovered
552
502
1,218
Net cash inflow from operating activities
10,688
9,413
12,097
Purchases of investments and derivatives
(108,652)
(72,128)
(163,135)
Sales of investments
106,395
73,166
179,036
Settlement of forward foreign currency contracts
(165)
8
716
Net cash (outflow)/inflow from investing activities
(2,422)
1,046
16,617
Equity dividends paid (note 4)
(10,128)
(9,658)
(19,870)
Repurchase of ordinary shares into Treasury
(299)
(1,981)
(7,364)
Interest paid
(579)
(577)
(1,138)
Net cash outflow from financing activities
(11,006)
(12,216)
(28,372)
(Decrease)/increase in cash and cash equivalents
(2,740)
(1,757)
342
Cash and cash equivalents at start of period/year
15,490
15,074
15,074
Foreign currency exchange movements
171
(246)
74
Cash and cash equivalents at end of period/year
12,921
13,071
15,490
Cash and cash equivalents consist of:
Cash at bank
479
263
632
Cash held in JPMorgan EUR Liquidity Fund
12,442
12,808
14,858
Total
12,921
13,071
15,490
NOTES TO THE CONDENSED FINANCIAL STATEMENTS
For the six months ended 30th September 2025
1. Financial statements
The information contained within the condensed financial statements in this half year report has not been audited or reviewed by the Company's auditors.
The figures and financial information for the year ended 31st March 2025 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and including the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.
2. Accounting policies
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 UK and Republic of Ireland' ('FRS 102') and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the revised 'SORP') issued by the Association of Investment Companies in July 2022.
FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 30th September 2025.
All of the Company's operations are of a continuing nature.
The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 31st March 2025.
3. Return/(loss) per ordinary share
(Unaudited)
(Unaudited)
(Audited)
Six months ended
Six months ended
Year ended
30th September
30th September
31st March
2025
2024
2025
£'000
£'000
£'000
Return per ordinary share is based on the following:
Revenue return
10,877
8,876
12,145
Capital return/(loss)
59,267
(14,593)
2,872
Total return/(loss)
70,144
(5,717)
15,017
Weighted average number of ordinary shares in issue
421,833,128
428,660,159
426,040,273
Revenue return per ordinary share
2.58p
2.07p
2.85p
Capital return/(loss) per ordinary share
14.05p
(3.40)p
0.67p
Total return/(loss) per ordinary share
16.63p
(1.33)p
3.52p
4. Dividends paid
(Unaudited)
(Unaudited)
(Audited)
Six months ended
Six months ended
Year ended
30th September 2025
30th September 2024
31st March 2025
Pence
£'000
Pence
£'000
Pence
£'000
Dividends paid
Fourth interim dividend in respect of prior year
1.20
5,064
1.05
4,510
1.05
4,510
First interim dividend
1.20
5,064
1.20
5,148
1.20
5,148
Second interim dividend
-
-
-
-
1.20
5,128
Third interim dividend
-
-
-
-
1.20
5,084
Total dividends paid in the period/year
2.40
10,128
2.25
9,658
4.65
19,870
All dividends paid and declared in the six months ended 30th September 2025 have been funded from the Revenue reserve.
The Company's second interim dividend of 1.20p per ordinary share was paid on 31st October 2025 at a cost of £5,061,000.
5. Net asset value per ordinary share
The net asset value per ordinary share and the net asset value attributable to the ordinary shares at the period/year end are shown below. These were calculated using 421,766,188 (30th September 2024: 427,369,449; 31st March 2025: 422,016,188) ordinary shares in issue at the period/year end (excluding Treasury shares).
(Unaudited)
(Unaudited)
(Audited)
Six months ended
Six months ended
Year ended
30th September 2025
30th September 2024
31st March 2025
Net asset
Net asset
Net asset
value attributable
value attributable
value attributable
pence per
pence per
pence per
ordinary
ordinary
ordinary
£'000
share
£'000
share
£'000
share
Net asset value - debt at par
558,296
132.4
493,440
115.5
498,579
118.1
Euro 50 million 2.69% Private Placement Note with
Metlife, repayable on 26th August 2035:
Add: amortised cost
43,516
10.3
41,472
9.7
41,720
9.9
Deduct: fair value
(41,320)
(9.8)
(40,812)
(9.6)
(39,321)
(9.3)
Net asset value - debt at fair value
560,492
132.9
494,100
115.6
500,978
118.7
6. Fair valuation of instruments
The fair value hierarchy disclosures required by FRS 102 are given below:
(Unaudited)
(Unaudited)
(Audited)
Six months ended
Six months ended
Year ended
30th September 2025
30th September 2024
31st March 2025
Assets
Liabilities
Assets
Liabilities
Assets
Liabilities
£'000
£'000
£'000
£'000
£'000
£'000
Level 1
584,808
-
515,713
-
519,845
-
Level 21
1
(43)
80
(48)
31
(41)
Total
584,809
(43)
515,793
(48)
519,876
(41)
1 Forward foreign currency contracts.
7. Analysis of changes in net debt
(Audited) As at
Other
(Unaudited) As at
31st March
Exchange
non-cash
30th September
2025
Cash flows
movements
charges
2025
£'000
£'000
£'000
£'000
£'000
Cash and cash equivalents
Cash at bank
632
(156)
3
-
479
Cash held in JPMorgan EUR
Liquidity Fund
14,858
(2,584)
168
-
12,442
15,490
(2,740)
171
-
12,921
Borrowings
Euro 50 million 2.69%
Private Placement Note
(41,720)
-
(1,790)
(6)
(43,516)
Total net debt
(26,230)
(2,740)
(1,619)
(6)
(30,595)
JPMORGAN FUNDS LIMITED
27th November 2025
For further information, please contact: Paul Winship For and on behalf of JPMorgan Funds Limited
Telephone: 0800 20 40 20 or +44 1268 44 44 70
E-mail: jpmam.investment.trusts@jpmorgan.com
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.
ENDS
A copy of the half year will be submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
The Half Year Report will also shortly be available on the Company's website at www.jpmeuropeangrowthandincome.com where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.
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