Blackrock Engy Regulatory News (BERI)

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 31 August 2025 and unaudited.

Performance at month end with net income reinvested

One

Three

Six

One

Three

Five

Month

Months

Months

Year

Years

Years

Net asset value

2.6%

12.7%

7.7%

8.8%

14.2%

129.6%

Share price

1.2%

12.4%

8.6%

10.6%

8.6%

144.5%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

135.12p

Net asset value cum income1:

136.09p

Share price:

123.50p

Discount to NAV (cum income):

9.3%

Net yield:

3.6%

Gearing - cum income:

6.6%

Total assets:

£154.4m

Ordinary shares in issue2:

113,469,497

Gearing range (as a % of net assets):

0-20%

Ongoing charges3:

1.15%

1 Includes net revenue of 0.97p.

2 Excluding 22,116,697 ordinary shares held in treasury.

3 The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 30 November 2024. In addition, the Company’s Manager has also agreed to cap ongoing charges by rebating a portion of the management fee to the extent that the Company’s ongoing charges exceed 1.15% of average net assets.

Sector Overview

Mining

37.1%

Energy Transition

33.5%

Traditional Energy

29.5%

Net Current Liabilities

-0.1%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Global

48.8

Diversified

19.3

United States

18.5

Gold

4.5

Canada

6.2

Copper

3.2

Latin America

6.2

Industrial Minerals

2.9

United Kingdom

5.9

Materials

2.3

Germany

3.1

Aluminium

1.1

Italy

3.1

Steel

1.0

France

1.9

Uranium

0.9

Australia

1.9

Silver

Platinum Group Metals

Nickel

Subtotal Mining:

0.9

0.5

0.5

37.1

Spain

Other Africa

Morocco

Ireland

South Africa

1.6

1.0

0.9

0.5

0.5

Net Current Liabilities

-0.1

Energy Transition:

100.0

Electrification

13.8

Renewables

9.3

Storage

5.8

Energy Efficiency

4.2

Transport

0.4

Subtotal Energy Transition:

33.5

Traditional Energy:

Integrated

15.2

Oil Services

5.3

E&P

4.8

Distribution

2.3

Refining & Marketing

1.9

Subtotal Traditional Energy:

29.5

Net Current Liabilities

-0.1

-----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current liabilities figure shown in the tables above therefore exclude bank overdrafts equivalent to 6.5% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Chevron Corporation

Global

6.3

Vale - ADS

Latin America

5.8

Anglo American

Global

4.3

Abaxx Technologies

Global

4.1

Shell

Global

4.1

NiSource

United States

3.3

Prysmian SpA

Italy

3.1

Glencore

Global

3.0

EDP Renovaveis

Global

2.8

Elia Group

Germany

2.7

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted:

Global equity markets rose in August. Fed Chairman Powell’s Jackson Hole speech suggested a ‘dovish’ stance, with bond markets reflecting an increased probability of a rate cut in September. Results from hyperscalers Microsoft, Meta and Alphabet, showed continued expansion of AI data centre investment plans, reinforcing the AI buildout momentum. The theme is also spreading beyond U.S. giants, with Chinese tech stocks rallying on signs of their own AI push. Geopolitical risk and trade tariff uncertainty remained a feature with the US removing tariffs on certain copper products and a meeting between Presidents Trump and Putin.

In the energy sector oil prices declined during the month following the US administration backing down from the earlier imposed sanctions on Russia, and due to weakening economic data. Furthermore, in early August, OPEC+ finalised its decision to fully unwind its 2.2 million barrels per day voluntary output cuts by September 2025. Despite falling oil prices, energy equities continued to rise. With supply growth expected to outpace demand, the U.S. Energy Information Administration (EIA) forecast crude oil prices to fall below $60 per barrel by the end of 2025. The Brent oil price and the WTI oil price fell by 7.6% and 8.5%, ending the month at $68/bbl and $64/bbl respectively. The US Henry Hub natural gas price fell by 3.5% during the month to end at $3.0/mmbtu.

Regarding sustainable energy related news, the Q2 earnings season, which concluded in August, was generally strong, particularly among companies benefiting from power market dynamics, grid investment, and data centre growth. The Treasury Department released a response to President Trump’s anti-renewables Executive Order, clarifying that as long as a renewables project is under construction by July 2026, it has 4 tax years (i.e., to year-end 2030) to complete. This guidance was less punitive than feared, providing strong visibility on project developments through the end of this decade and comfortably into the next administration.

The mining sector performed strongly during the month, predominantly driven by exceptional performance from the gold equity sub-sector. The sub-sector reported Q2 earnings which delivered on the free cash flow expansion we have been talking about for some time. Encouragingly, most companies remained disciplined around returning capital to shareholders through increased dividends and share buybacks. The gold producers also benefitted from a 4.4% rise in the gold price over the month to US$3,441/oz. The silver price also performed well, rising 7.1%. Outside of the precious metals, mined commodity price performance was also mostly positive with iron ore, copper and aluminium prices rising by 3.6%, 2.7% and 2.2% respectively. Continued rhetoric around anti-involution measures in China improved market sentiment towards the country. Meanwhile, government action and news flow around securing critical minerals supply appeared to intensify during the month.

All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream.

16 September 2025

ENDS

Latest information is available by typing www.blackrock.com/uk/beri on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).  Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.