REG - JPMorgan EuroG&I PLC - Half-year Financial Report
27/11/2025 14:00
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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 30(th) 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)/gains(1) - (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 reserves(1) reserve(1) 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 2024(1) 2025
£'000 £'000 £'000
Non current assets
Investments held at fair value through profit or loss(1) 580,475 514,194 512,436
Investments on loan held at fair value through profit or loss(1) 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 2(1) 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) Other (Unaudited)
As at 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
27(th) 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
(mailto: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
(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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or visit
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.
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. END IR BXBDBLDDDGUR
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