Annual Results - Year Ended 30 September 2025

Ecofin Global Utilities and Infrastructure Trust plc
(the "Company")

Annual Results for the Year Ended 30 September 2025

LEI: 2138005JQTYKU92QOF30
Information disclosed in accordance with DTR 4.1.3

Financial Highlights

as at 30 September 2025

The Company aims to provide long-term capital growth and attractive dividend income for shareholders by investing in listed utilities, environmental services and other economic infrastructure sectors globally while taking care to preserve shareholders' capital. The Company targets a total return of 6-12% per annum over the longer term, with dividend growth of at least the rate of inflation.

●   During the year ended 30 September 2025, the Company achieved a net asset value ("NAV") per share total return of 15.0% and a share price total return of 16.6%

●   The Company bought back shares during the year. This enhanced NAV total return per share and helped to control the share price discount

●   The portfolio remained attractively valued at year end, following earnings growth driven by increasing power demand and infrastructure capital expenditure

●   With effect from the dividend payable in February 2026, the quarterly dividend will increase by 5.9% to 2.25p per share (9.0p per share per annum). This increase exceeds the rate of consumer price inflation for the year and ensures that our dividend has grown above the rate of inflation since your Company's inception. The increased dividend rate represents a yield of 4.1% on the Company's share price as at the year end.

Summary

Performance for periods to 30 September 2025 (sterling adjusted total returns)

1.  Please refer to Alternative Performance Measures on pages 66 and 67 of the Annual Report and Accounts for the year ended 30 September 2025 ("2025 Annual Report").

2.  The Company's shares were listed on the London Stock Exchange on 26 September 2016.

3.  The Company does not have a formal benchmark index. The S&P Global Infrastructure Index and MSCI World Utilities Index are the global sector indices deemed the most appropriate for performance comparison purposes. The other indices are provided for general interest. Data source: Frostrow Capital LLP.

Chairman's Statement

●   Your Company has delivered annualised NAV per share and share price total returns of 10.7% and 12.3% respectively over the nine years since inception. These are well ahead of the infrastructure and utilities indices we use for comparison purposes.

●   We are committed to increasing our dividends above the rate of inflation.

●   The long-term drivers of growth in listed infrastructure remain compelling.

Performance

I am pleased to report that your Company performed well for the year to 30 September 2025. Despite a flat first half, your Company's net asset value ("NAV") per share increased by 15.0%, including the reinvestment of dividends (total return), over the financial year, while the share price total return was 16.6%. By way of comparison, the S&P Global Infrastructure Index and the MSCI World Utilities Index produced total returns of 15.4% and 11.7% respectively in sterling terms.

Over the nine years since inception, your Company has delivered annualised NAV per share and share price total returns of 10.7% and 12.3% respectively. These figures compare extremely favourably with the annualised total returns from the S&P Global Infrastructure Index and MSCI World Utilities Index, which both returned 7.8% over the same period in sterling terms.

Performance was positive across the portfolio at both sub-sector and regional levels. In particular, holdings in the transportation infrastructure and integrated utilities sub-sectors were the stand-out contributors to returns, while Europe ex-UK and Asia Pacific ex-Japan led from a regional standpoint. Gearing was used actively during the period by our Portfolio Manager to enhance returns.

The closed-ended structure of an investment trust continues to be extremely beneficial to our shareholders:

●   Our Portfolio Manager's use of borrowings during the year has once again enhanced returns by more than the total costs of running the Company. This has been the case since inception;

●   Buybacks have enhanced NAV per share over the year;

●   We are able to pay attractive and growing dividends.

Dividends

Your Company aims to provide shareholders with an attractive dividend which grows at or above the rate of inflation.

In view of our confidence in the long-term growth prospects for earnings per share and in your Company's strategy, your board has decided to increase the quarterly dividend by 5.9% to 2.25p per share (9.0p per annum) with effect from the dividend to be paid in February 2026. This increase exceeds the rate of consumer price inflation for the year and ensures that our dividend has grown above the rate of inflation since your Company's inception. The increased dividend rate represents a yield of 4.1% on the Company's share price as at the year end.

Share price discount and buybacks

Your Company's share price discount to NAV per share persisted during the year and averaged approximately 10.8%, broadly in line with the wider investment trust sector in spite of our good performance.

Your board has been active in buying back shares in order to control the discount and to enhance NAV per share for the benefit of shareholders. 5,275,198 shares were repurchased during the year (4.8% of those in issue at the beginning of the year), at a cost of £10.5 million. This has enhanced NAV per share by 0.8%. Your board takes the view that, having issued new shares when they were trading at a premium to NAV per share, it is our duty to buy shares back when they trade at a material discount.

A further 10,561,776 shares have been bought back since the year end to close of business on 9 December 2025, enhancing NAV per share by a further 0.5%.

Gearing

Gearing was reduced from 14.2% to 10.2% over the year, having been used to good effect over the period by our Portfolio Manager. This conservative and actively managed use of borrowings has continued to play a positive role in enhancing the Company's returns, contributing approximately 1.8% to shareholder returns over the reporting period.

Board succession

As previously announced, I shall be stepping down as chairman of the Company at the conclusion of the Annual General Meeting in March 2026 and I shall be succeeded by Susannah Nicklin. I know that she will be an able leader, supported by the other directors who collectively have all the skills needed to guide the Company through every eventuality. Susannah's role as senior independent director will be transferred to Max King upon her taking the chair.

We were delighted to welcome David Benda as a non-executive director with effect from 1 November 2025. David brings extensive experience and expertise in the investment trust sector following many years as a stockbroker and adviser to closed‑ended companies and the investment trust sector.

Shareholder engagement and operational arrangements

Your board is very keen to be proactive and responsive to shareholders. In addition to increasing our dividend and buying back shares at a discount, we have been strengthening our roster of advisors to ensure operational excellence and to boost our marketing and investor relations efforts in order to generate further demand for the Company's shares.

We appointed Frostrow Capital LLP as AIFM on 1 July 2025, who also assumed responsibility for Company Secretarial, Administration and Investor Relations. We have also appointed Montfort Communications as public relations advisor. These firms, together with our Investment Manager and our stockbroker, have begun an integrated marketing campaign to raise your Company's profile and to attract new shareholders.

We have launched a redesigned website to deliver a clearer, more informative and accessible online experience for shareholders. The website provides performance data, insights, regulatory news and documents, shareholder communications, and investor tools. The new site can be found at https://www.eglplc.com. Your Company also has a LinkedIn company page, which is a further source for timely articles and content for shareholders.

If you would like to register for email alerts concerning the Company please use the following link: https://www.eglplc.com/corporate-information/email-alerts/

Company reporting

In order to reduce waste and achieve cost savings for the benefit of shareholders, the Company will no longer be preparing printed copies of its half-year report. This document will continue to be available on the Company's website and in hard copy on request from the Company Secretary. The Company's annual reports will continue to be available in print.

Annual General Meeting

The Company's Annual General Meeting will be held on Thursday, 5 March 2026 at 12:30 p.m. at Barber-Surgeons' Hall, Monkwell Square, Wood St, Barbican, London EC2Y 5BL. Shareholders are warmly invited to attend to meet the board and hear a presentation from our Portfolio Manager, Jean-Hugues de Lamaze. Following the presentation there will be a lunch and refreshments served and an opportunity to meet and ask questions of the board and investment management team.

I very much look forward to seeing as many shareholders as possible this year. For those investors who are not able to attend the meeting in person, a video recording of the Portfolio Manager's presentation will be uploaded to the website after the meeting. Shareholders can submit questions in advance by writing to the Company Secretary at cosec@frostrow.com.

Outlook

Since the year end, and at close of business on 9 December 2026, the Company's NAV per share and share price have increased by 3.7% and 12.0% respectively.

The long-term drivers of growth in listed infrastructure remain compelling. The transition to clean energy, digitalisation, and the upgrade of ageing infrastructure all demand significant capital investment, while the need for resilient energy, transport and water systems remains acute.

Our Portfolio Manager continues to find attractive opportunities across sectors and geographies. Valuations also remain compelling, with many portfolio companies offering strong fundamentals, visible growth, and attractive dividends. Your board believes that the outlook for your Company is very encouraging and that our diversified, actively managed portfolio is well placed to deliver attractive long-term returns for shareholders.

I would like to conclude by thanking my fellow directors and the team at Redwheel (many of whom I have known since I became a director of your Company) for their support and contribution during my time on the board. I would also like to extend my thanks to our shareholders for your ongoing support.

I wish the Company well for the future.

David Simpson

Chairman

11 December 2025

Investment Manager's Report

●   Gearing was actively used to take advantage of attractive investment opportunities over the year. It added around 1.8% to NAV performance.

●   Listed infrastructure is still undervalued by historical standards, relative to broad market averages and compared with valuations of private assets.

●   We believe the portfolio's companies will continue to grow their earnings, almost irrespective of the economic backdrop, helped by the proportion of their revenues which is fully contracted or regulated.

Markets and sectors

After a flat first half of the reporting period to 31 March 2025 and a turbulent start to the second - associated with the US tariffs unveiled on "liberation day" (2 April 2025) - the portfolio recovered strongly as markets bounced back and then marked out new highs. Geopolitical tensions and budgetary uncertainty continue to cast a shadow over sentiment but the absence of market euphoria in our sector reassures us that further advances are likely.

In this environment, defensive companies with high quality businesses and resilient cash flows in sectors such as transportation infrastructure and utilities performed well. The Company's NAV per share and share price increased by 15.0% and 15.6% respectively during the second half of the reporting period, well ahead of underlying sector indices S&P Global Infrastructure (+9.2%) and MSCI World Utilities (+9.1%). This brought the Company's NAV per share performance over the 12 months to 30 September to 15.0% and share price performance to 16.6%, while the S&P Global Infrastructure Index and the MSCI World Utilities Index produced returns of 15.4% and 11.7% respectively. All of these performance figures are total returns in sterling.

Performance summary

All regions contributed positively to performance during the year, but Europe ex-UK (+21.0%) and APAC ex-Japan (+18.2%) were stand-out performers. North American holdings' returns were also strong (+9.3%), while the UK lagged other regions (+1.5%). At sub-sector level, transportation infrastructure (+19.7%, notably with Ferrovial +35.1% and Vinci +21.3%) and integrated utilities (+19.1%, with Vistra +64.2%) were the top contributors over the period. Regulated utilities (+13.8%), renewables and nuclear (+5.9%), and environmental services (+5.4%) also contributed positively.

The period was marked by major industry developments including long-term power contracts with "hyperscalers" and tightening power markets, all explored in further detail below.

The second half of the year saw a flurry of Independent Power Producers ("IPP") and hyperscaler deal announcements, which are crucial price markers for portfolio holdings Vistra and Constellation and potentially for all baseload power generators in the portfolio. In June, Constellation signed a contract for one of its nuclear units with Meta, while Talen (not held) signed another nuclear power price agreement with Amazon. Both deals reflected favourable terms for the IPPs: they represented an estimated 30% premium to energy market prices and had 15+ year deal terms. In July, Brookfield Renewable Partners signed a hydro framework agreement with Google to deliver up to 3GW of carbon-free capacity across the United States - the world's largest corporate power deal for hydroelectricity. In September, Vistra announced a 20-year power price agreement ("PPA") for 1.2GW of its Comanche Peak nuclear plant which is expected to start in Q4 2027 and ramp up through 2032. Vistra expects this new contract to result in 8‑10% free-cash-flow accretion.

These deals are critical to lock in long-term, creditworthy demand from the fastest-growing power consumers in the world, at premium prices. This turns energy into a stable, scalable business, while reducing exposure to short-term fluctuations in commodity prices.

Also, the recent major power outages in Southern Europe have highlighted the possible effects of scarce power generation resources in developed economies. In April, a massive power outage swept across the Iberian Peninsula, plunging mainland Spain, Portugal as well as some parts of France into darkness. The blackout disrupted transportation, telecommunications, and emergency services for up to ten hours. The event has sparked renewed debate over Spain's energy strategy and in particular the planned phase out of nuclear power by 2035, while renewables can only provide intermittent electricity supplies. This incident further highlighted the issue of scarcity of power supply in Europe, notably in the context of increasing power demand - a key underlying challenge for the sector.

Purchases and sales

In the half-year report to 31 March 2025, we reported a sharp reduction in exposure to North America (from 45% in September 2024 to 36% of the portfolio at the end of March 2025) and a reallocation of assets towards significantly undervalued European names. This was a significant contributor to returns over the year. In the second half of the year, we took profits in strong performers across regions (E.ON, Vistra, RWE, Vinci, Enel, National Grid, Snam, Iren and Terna) and exited a small position in EDP. We also topped up laggards (Xcel, Brookfield Renewable Partners, Public Services Enterprise, Drax, Dominion and Exelon), and participated in Iberdrola's €5bn capital raise.

Two new positions were initiated in the second half of the year. Pennon is a fully regulated UK water network operator trading at a substantial valuation discount to its own history. It is one of the cheapest regulated names in the sector, while offering an attractive dividend yield of approximately 6%. We believe that Pennon has been de-risked following the completion of a rights issue and with the bulk of the regulatory pressure now behind it. We also initiated a new position in Eversource (transmission and distribution utility), which offers attractive total returns with its management team committed to delivering at least 5% EPS growth per year with the potential to reach over 7%, combined with a circa. 5% dividend yield. The stock trades on 13x earnings, a substantial discount to its own history and well below peers.

Income and gearing

Gearing was actively used to take advantage of attractive investment opportunities over the year, reaching over 17% in July and falling to 10.2% at year-end after strong portfolio performance. Our use of gearing, the cost of which fell marginally in the year, was a significant contributor to returns, adding around 1.8% to NAV performance. It continues to be a key advantage of the Company's closed-ended structure.

Net revenue income for the year increased to 7.45p per share from 7.17p per share the previous year, supported by growth in dividends from investee companies. The Company's dividend cover ratio remained strong at 88.4%, which is roughly the same as the previous year.

Outlook

Although a number of stocks have been re-rated by strong year-to-date performance, listed infrastructure is still undervalued by historical standards, relative to broad market averages and compared with valuations of private infrastructure assets. We believe the valuation gap will narrow further as infrastructure company fundamentals remain positive against market uncertainty.

Structural growth trends are powering a new wave of infrastructure investments. Rising electrification, surging power demand, and the data centre boom driven by Artificial Intelligence and digitalisation are straining existing grids and accelerating the need for modernisation. As energy systems evolve and capital shifts towards renewables, transmission and digital infrastructure, investors in these essential assets are likely to benefit from these durable, long‑term growth tailwinds.

In addition, our strategy's investment universe comprises businesses providing infrastructure and services essential for economic activity and progress. Serious weather events make modern, durable infrastructure all the more important; the transition to a cleaner world is reliant on investment by infrastructure companies with the world now investing almost twice as much, annually, in clean energy as in fossil fuels¹. This growth is further underpinned by strong demand, continued cost reductions and considerations of energy security. Companies developing, owning and operating energy infrastructure will, we expect, continue to be areas of profitable opportunity.

The portfolio's companies will, we believe, continue to grow their earnings, almost irrespective of the economic backdrop, helped by the proportion of their revenues which is fully contracted or regulated. We therefore remain excited by the prospects of future returns for shareholders, despite the strong performance this year. We thank you for your ongoing support.

Jean-Hugues de Lamaze

Portfolio Manager

RWC Asset Management LLP (Redwheel)

11 December 2025

¹    Source: IEA - 2024 data.

Strategic Report

Principal and emerging risks associated with the Company

The directors have carried out a robust assessment of the principal and emerging risks facing the Company, including those which could threaten its business model, future performance, solvency and liquidity. The specific financial risks associated with foreign currencies, interest rates, market prices, liquidity, credit, valuations and the use of derivatives - which may or may not be material to the Company - are described in Note 16 to the Financial Statements. The board conducts this assessment by reviewing a detailed risk matrix on a regular basis. A full analysis of the directors' review of internal controls is set out in the Corporate Governance Statement on page 31 of the 2025 Annual Report.

The principal risks, incorporating emerging risks, facing the Company along with, where appropriate, the steps taken by the board to monitor and mitigate such risks are summarised below.

Performance and market risk

The performance of the Company depends primarily on the investment strategy, asset allocation and stock selection decisions taken by the Investment Manager within the parameters and constraints imposed by the Company's investment policy. The investment policy guidelines can only be materially changed by proposing an ordinary resolution at a general meeting for shareholders' approval. The Company invests in securities which are listed on recognised stock exchanges so it is regularly exposed to market risk and the value of the Company's portfolio can fluctuate, particularly over the short term, in response to developments in financial markets.

The board has put in place limits on the Company's gearing, portfolio concentration, and the use of derivatives which it believes to be appropriate to ensure that the Company's investment portfolio is adequately diversified and to manage risk. The board meets formally at least four times a year with the Investment Manager to review the Company's strategy and performance, the composition of the investment portfolio and the management of risk. The board examines the sources of investment performance, which are described in attribution analyses prepared by the Investment Manager for each meeting, volatility measures, liquidity and currency exposure, and the Company's gearing. Investment performance could be adversely affected by changes within the investment management team. The board monitors these through regular dialogue with the Investment Manager. The Investment Manager takes steps to reduce the likelihood of such an event by ensuring appropriate succession planning and the adoption of a team-based approach.

Protracted separation of NAV and share price

Whilst some investors may view the opportunity to purchase a share of the Company at a discount to its NAV as attractive, the volatility of the price of a share and the premium/discount adds to the risks associated with an investment in the Company's shares. The directors review the level of the premium/discount on a regular basis and will use their ability as granted by shareholders to address any sustained or significant discount or premium to NAV, as and when it is appropriate, through the repurchase or issuance of stock. The repurchase of stock will be subject to, but not limited to, market conditions and availability of cash resources.

Income risk

The Company is committed to paying its shareholders regular quarterly dividends and to increasing the level of dividends paid over time. The dividends that the Company can pay depend on the income it receives on its investment portfolio, the extent of its distributable reserves and, to a lesser extent, its level of gearing and accounting policies. Cuts in dividend rates by portfolio companies, a change in the tax treatment of the dividends received by the Company, a significant reduction in the Company's level of gearing or a change to its accounting policies could adversely affect the net income available to pay dividends.

The board monitors the net revenue forecast, including each component revenue and expense line item, prepared by the Administrator for quarterly board meetings. These are discussed in some detail to assess the Investment Manager's level of confidence in the income growth profile of the portfolio and to mitigate any risk of revenue shortfall relative to expectations.

The board applied successfully to cancel the Company's share premium account in November 2016 and the resulting special reserve is available, when the board considers it appropriate, to augment the net revenue available to pay dividends to shareholders.

Environmental, social and governance ("ESG") considerations

ESG considerations and policies have become some of the most critical issues confronting companies and their shareholders and can have a significant impact on the business models, sustainability and even viability of individual companies. These issues are a key area of focus for the board, and the board maintains regular oversight of the Investment Manager in this area.

ESG factor analysis is undertaken on all portfolio holdings and prospective investments by the Investment Manager. In a rapidly changing environment surrounding sustainability and ESG, the investment team works to determine the best practices to incorporate into investment criteria and to make reporting available to the market. As a long-standing specialist in the Company's sectors, the investment team actively engages with portfolio companies in an effort to drive continuous improvement in their sustainability practices and metrics. The board regularly reviews the way ESG considerations are integrated into the decision making process by the Investment Manager to mitigate risk at the stock selection and portfolio levels.

Liquidity risk

Whilst the Company invests principally in highly liquid securities listed on recognised stock exchanges in developed economies, it also invests to a limited extent in securities traded in emerging markets and in securities which are more thinly traded. As the Company is a closed-ended investment company it does not run the risk of having to liquidate investments on unattractive terms to meet redemptions by investors although it is exposed to price risk; that is, that it will be unable to liquidate a position in a thinly traded security at the valuation at which it is carried in the Company's accounts. It is also exposed to a risk that its prime broker, Citigroup Global Markets Limited ("Citigroup"), which provides a flexible borrowing facility, could request that borrowings be repaid with three days' notice. The board reviews the liquidity profile of the Company's portfolio on a regular basis. The liquidity analysis regularly shows that, if required, 96% of the portfolio could be liquidated within five business days assuming trades to accomplish this accounted for up to 30% of average daily trading volumes.

Operational risks

Disruption to, or failure of, the Investment Manager's dealing system, the Depositary's or Custodian's records or BNP Paribas' accounting systems may prevent accurate reporting and monitoring of the Company's financial position. The risk of fraud or other control failures or weakness within these service providers could result in losses to the Company.

In common with most other investment trusts, the Company has no executive directors, executive management or employees. The Company delegates key operational tasks to third-party service providers which are specialists in their fields: the management of the investment portfolio to the Investment Manager, Redwheel; the preparation and maintenance of the financial statements and maintenance of its records to the Administrator and Company Secretary, Frostrow Capital LLP ("Frostrow"); the worldwide custody of the assets to Citigroup; and the safekeeping and oversight services to Citibank UK Limited ("Citibank") as Depositary. The board reviews the performance of these third-party service providers and their risk control procedures on a regular basis as well as the terms on which they provide services to the Company.

Cyber security risk

The threat of cyber-attack, in all guises, is regarded as at least as important as more traditional physical threats to business continuity and security. The Company's third-party service providers (including Redwheel, Frostrow, Citibank and Computershare) have confirmed the policies and procedures they have in place and their commitment to alert the board to any breaches. Redwheel has a regularly tested business continuity plan and cyber risk is covered within its broad insurance cover.

Legal, regulatory and compliance risks

To qualify as an investment trust, the Company must comply with Section 1158 of the Corporation Tax Act 2010 ("Section 1158"). Details of the Company's approval are given under Status on page 23 of the 2025 Annual Report. Were the Company to breach Section 1158, it may lose investment trust status and, consequently, gains within the Company's portfolio would be subject to capital gains tax. The Section 1158 qualification criteria are continually monitored by the Administrator and the results reported to the board regularly. The Company must also comply with the provisions of the Companies Act 2006 and, since its shares are listed on the London Stock Exchange, the FCA Listing Rules, UK Market Abuse Regulation ("MAR"), Disclosure Guidance and Transparency ("DTRs"), and, as an investment trust, the Alternative Investment Fund Managers Directive ("AIFMD"). A breach of the Companies Act could result in the Company and/or directors being fined or the subject of criminal proceedings. Breach of the FCA Listing Rules or DTRs could result in the Company's shares being suspended from listing, which in turn would breach Section 1158. The board relies on the services of its Company Secretary, the Investment Manager and its professional advisers to ensure compliance with the Companies Act 2006, the FCA Listing Rules, DTRs, MAR and AIFMD.

The following risks have also been identified as important in our risk assessment.

Other risks

In the opinion of the directors, an investment in the shares of the Company entails a greater than average degree of risk, because the Company employs gearing, as explained on page 16 of the 2025 Annual Report. In addition to the risks borne by the Company described above, investors in the shares of the Company are exposed to risks due to the investment policy (described on page 15 of the 2025 Annual Report) of the Company. These are risks that cannot be mitigated without changing the investment policy.

Gearing and capital structure

The board has authorised the Investment Manager to utilise gearing, in the form of borrowings under the Company's prime brokerage facility, although the gearing is not structural in nature and can be reduced at any time. Whilst the use of gearing will enhance the NAV per share when the value of the Company's assets is rising, it has the opposite effect when the underlying asset value is falling. In the event that the prime brokerage facility were to be renegotiated or terminated, the Company might not be able to finance its borrowings on as favourable terms.

Non-OECD or emerging markets

The Company's policy on diversification, noted on page 15 of the 2025 Annual Report, permits the Investment Manager to invest up to 10% of its investments, measured at the time of acquisition, in the securities of companies incorporated in countries which are not members of the OECD - such as emerging markets - and quoted on stock exchanges in such countries. Investment in emerging markets may involve a higher degree of risk and expose the Company to, among other things, less well developed legal and corporate governance systems, a greater threat of unilateral government action with respect to regulation and taxation, and a higher risk of political, social and economic instability than an investment in developed, OECD markets. These risks are mitigated through diversification and fundamental analysis.

Foreign exchange risk

As noted in the investment policy on page 15 of the 2025 Annual Report, the Company's Financial Statements are prepared in sterling and its shares are denominated in sterling. Many of the Company's investments, however, are denominated in currencies other than sterling and, as a result, the value of the Company's investment portfolio is exposed to fluctuations in exchange rates. Although the Company may hedge non-sterling exposure from time to time, it is not the Company's policy to try to minimise or eliminate foreign exchange risk as over the long term this could restrict the investment returns potentially available to sterling-based investors in international securities. There is a risk that the NAV will be depressed, therefore, if sterling appreciates significantly against foreign currencies.

Political risk

The board has considered the political uncertainties prevailing across the world and the risks associated with potential changes to regulations, laws and/or taxes. The board continues to believe that the Company's strategy of investing in an internationally diversified portfolio of companies is the correct model to achieve its investment objectives.

Management Report and Directors' Responsibilities Statement

Management report

Listed companies are required by the FCA's Disclosure Guidance and Transparency Rules (the "DTRs") to include a Management Report in their Financial Statements. This information is included in the Strategic Report on pages 15 to 22 inclusive of the 2025 Annual Report (together with the sections of the annual report and accounts incorporated by reference) and the Directors' Report on pages 23 to 27 of the 2025 Annual Report. Therefore, a separate Management Report has not been included.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the Financial Statements in accordance with applicable law and regulations.

Company law requires the directors to prepare Financial Statements for each financial year. Under that law the directors have elected to prepare the Financial Statements in accordance with United Kingdom Accounting Standards, comprising FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland", and applicable law (United Kingdom Generally Accepted Accounting Practice ("UK GAAP")). Under company law the directors must not approve the Financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing those Financial Statements, the directors are required to:

●   select suitable accounting policies and then apply them consistently;

●   make judgements and estimates that are reasonable and prudent;

●   state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the Financial Statements;

●   prepare the Financial Statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business; and

●   prepare a directors' report, a strategic report and directors' remuneration report which comply with the requirements of the Companies Act 2006.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the Financial Statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The annual report and accounts is published on the Company's website at https://www.eglplc.com/corporate-information/important-documents/ and the directors are responsible for the maintenance and integrity of the corporate and financial information about the Company included on this website. The work carried out by the Auditor does not involve consideration of the maintenance and integrity of this website and, accordingly, the Auditor accepts no responsibility for any changes that may have occurred to the annual report and accounts since it was initially presented on the website.

Directors' confirmation statement

The directors listed on page 14 of the 2025 Annual Report as the persons responsible within the Company hereby confirm that, to the best of their knowledge:

a)  the Financial Statements within the annual report and accounts of which this statement forms a part have been prepared in accordance with applicable accounting standards and give a true and fair view of the assets, liabilities, financial position and profit or loss of the Company; and

b)  the Management Report, which comprises the Chairman's Statement, Investment Manager's Report, Strategic Report (including risk factors) and Note 15 to the Financial Statements, includes a fair review of the development and performance of the business and position of the Company, together with the principal risks and uncertainties that it faces.

Having taken advice from the audit committee, the directors consider that the annual report and accounts taken as a whole is fair, balanced and understandable and provides the information necessary for shareholders to assess the Company's position and performance, business model and strategy.

The directors have reached these conclusions through a process which is described in the Report of the Audit Committee on page 36 of the 2025 Annual Report.

On behalf of the board

David Simpson

Chairman

11 December 2025

Income Statement

The total column of the Income Statement is the profit and loss account of the Company.

The revenue and capital columns are supplementary to this and are published under guidance from the AIC.

All revenue and capital returns in the above statement derive from continuing operations. No operations were acquired or discontinued during the year ended 30 September 2025 or 30 September 2024.

The Company has no other comprehensive income and therefore the net return on ordinary activities after taxation is also the total comprehensive income for the current year and prior year.

The accompanying notes are an integral part of the Financial Statements.

Statement of Financial Position

The Financial Statements were approved by the board of directors and authorised for issue on 11 December 2025 and were signed on its behalf by:

David Simpson

Chairman

The accompanying notes on pages 48 to 58 of the 2025 Annual Report are an integral part of the Financial Statements.

Statement of Changes in Equity

The accompanying notes on pages 48 to 58 of the 2025 Annual Report are an integral part of the Financial Statements.

Statement of Cash Flows

The accompanying notes on pages 48 to 58 of the 2025 Annual Report are an integral part of the Financial Statements.

Notes to the Financial Statements

For the year ended 30 September 2025

1. Accounting policies

(a) Basis of preparation

The Financial Statements have been prepared in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ("UK GAAP"), including the Financial Reporting Standard applicable in the U.K. and Republic of Ireland ("FRS 102") and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued in July 2022. The Financial Statements are prepared in Sterling which is the functional currency of the Company and rounded to the nearest £'000. They have also been prepared on a going concern basis and approval as an investment trust has been granted by HMRC.

The Company's assets consist substantially of equity shares in companies listed on recognised stock exchanges and in most circumstances are realisable within a short timescale. The board has set limits for borrowing and regularly reviews actual exposures and cash flow projections. The Company has prime broker borrowings to draw upon, and these borrowings are repayable on demand.

Having taken these factors into account and having assessed the principal risks and other matters set out in the Viability Statement on page 19 of the 2025 Annual Report, the directors believe that, after making enquiries, the Company has adequate resources to continue in operational existence for the foreseeable future and has the ability to meet its financial obligations as they fall due for a period of at least twelve months from the date of approval of this Report. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

Further detail is included in the Directors' Report (unaudited) on pages 24 and 25 of the 2025 Annual Report.

Significant accounting judgements, estimates and assumptions

The preparation of financial statements in conformity with UK GAAP requires the use of certain critical accounting estimates which requires management to exercise its judgement in the process of applying the accounting policies. The directors do not believe that any accounting judgements or estimates have been applied to these financial statements that have a significant risk of causing material adjustment to the carrying amount of assets and liabilities within the next financial year.

2. Income

During the period to 30 September 2025 the Company received no special dividends (2024: £3,000, all of which was recognised as revenue and is included in the revenue column of the Income Statement).

3. Dividends on ordinary shares

The proposed fourth interim dividend for 2025 has not been included as a liability in these Financial Statements as it was not payable until after the reporting date.

The revenue earning available for distribution by way of dividend for the year was £7,956,000 (2024: £8,094,000).

The amount reflected above for the cost of the proposed fourth interim dividend of 2025 is based on 93,949,624 ordinary shares, being the number of ordinary shares in issue on the record date 31 October 2025, ex-dividend date 30 October 2025.

4. Return per ordinary share

There were no dilutive instruments issued by the Company for the years ended 30 September 2025 and 30 September 2024.

5. NAV per ordinary share

The NAV attributable to the ordinary shares and the NAV per ordinary share at the year-end were as follows:

6. Related party transactions and transactions with the Investment Manager

Fees payable during the year to the directors and their interests in shares of the Company are considered to be related party transactions and are disclosed within the Directors' Remuneration Report on pages 32 to 34 of the 2025 Annual Report. The balance of fees due to directors at the year-end was £nil (2024: £nil).

The Company had an agreement with RWC Asset Management LLP during the year for the provision of investment management services. Details of fees earned and balances outstanding at the year-end are disclosed in Note 3 of the 2025 Annual Report..

7. Financial Statements

The figures and financial information for 2025 are extracted from the Annual Report and financial statements for the year ended 30 September 2025 and do not constitute the statutory accounts for the year. The Annual Report and financial statements for the year ended 30 September 2025 include the Report of the Independent Auditor which is unqualified and does not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006. The Annual Report and financial statements have not yet been delivered to the Registrar of Companies.

The figures and financial information for 2024 are extracted from the published Annual Report and financial statements for the year ended 30 September 2024 and do not constitute the statutory accounts for that year. The Annual Report and financial statements for the year ended 30 September 2024 have been delivered to the Registrar of Companies and included the Report of the Independent Auditor which was unqualified and did not contain a statement under either section 498(2) or section 498(3) of the Companies Act 2006.

A copy of the 2025 Annual Report has been submitted to the National Storage Mechanism and will shortly be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism   

The 2025 Annual Report will also shortly be available on the Company's website at https://www.eglplc.com/ where up to date information on the Company, including daily NAV and share prices, fact sheets, quarterly reports, webinars and portfolio information can also be found.

- ENDS -

Neither the contents of the Company's website nor the contents of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into, or forms part of, this announcement.

For further information please contact:

AIFM, Administrator and Company Secretary
Frostrow Capital LLP
Email: cosec@frostrow.com
Tel: 0203 008 4910

Investment Manager
RWC Asset Management LLP
Email: invest@redwheel.com
Tel: 0207 227 6000

PR

Montfort Communications

Gay Collins/Charlotte Merlin - Jones

Email: ecofin@montfort.london

Tel: 07798626282