Utilico Emerging Markets Regulatory News (UEM)

21 July 2025

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

Utilico Emerging Markets significantly outperforms MSCI Emerging Markets Index

as it celebrates 20-year anniversary

Utilico Emerging Markets Trust plc ("UEM" or the "Company"), a UK listed investment company focused on global infrastructure and utilities megatrends in emerging markets, celebrates its 20th anniversary as a public company, having listed on the London Stock Exchange on 20 July 2005.

UEM's 20 Year anniversary highlights include:

· Aggregate NAV total return of 471.7%, outperforming the MSCI Emerging Markets Index, outperformance driven by decades of experience across the ICM team;

· The only emerging markets trust to have increased annual dividends in each of the last ten years, joining the AIC's next generation of "dividend heroes";

· The Portfolio Managers' enthusiasm is as strong as it has ever been about the potential for the portfolio; and

· This conviction is further demonstrated through the Company's long-term approach to buying back shares, being accretive to NAV and beneficial to shareholders; a total of £179.8m has been bought back since inception

The four global growth megatrends on which the managers and their team focus are: social infrastructure, energy growth & transition, digital infrastructure and global trade. Regardless of the macro volatility and geopolitical noise, these megatrends remain fundamental in light of the infrastructure investment required for both today's needs and tomorrow's innovation.

Since inception to 30 June 2025, UEM has achieved a NAV total return of 9.1% per annum or 471.1% in aggregate, significantly outperforming the MSCI Emerging Markets Index which was up by 325.3% over that period. Despite significant macroeconomic volatility, UEM's investment strategy has also delivered significant outperformance for shareholders over the medium term. UEM's net asset value total return for the three- and five-year periods to 30 June 2025 increased by 26.9% and 54.7% respectively, significantly outperforming the MSCI Emerging Markets Index which was up by 17.2% and 25.5% respectively.

Portfolio managers Charles Jillings and Jacqueline Broers, and the ICM research team, have decades of experience in stringently researched bottom-up investing in emerging markets. Charles Jillings has been managing the trust since its IPO in 2005, and at the start of this year, ICM appointed Jacqueline Broers as joint portfolio manager alongside Charles. Jacqueline was previously deputy portfolio manager having joined ICM in 2010. The Portfolio Managers are as enthusiastic about the potential for the portfolio as they were in 2005, if not more, given the opportunities they are seeing.

Every year for the last ten years, UEM has been able to increase the annual dividend per share for shareholders, most recently, in the year to 31 March 2025, increasing distributions to 9.125p for the year, a rise of 6.1% from the previous year. This resulted in the Company joining the Association of Investment Companies' next generation of "dividend heroes", the only Global Emerging Markets trust to do so. Given the volatility of emerging market currencies and the Company's reporting currency in Sterling, this is a significant accomplishment.

The Company has been actively buying back shares, benefitting shareholders as it increases the NAV per share. Over the past 5 years to 30 June 2025, UEM bought back 40.9m shares at a cost of £88.8m and since inception, the Company has bought back 93.1m shares at a cost of £179.8m, some 34% of the current fund size.

Mark Bridgeman, Chairman of UEM said: "UEM's focus on infrastructure and utilities in emerging markets is highly differentiated from both the MSCI Emerging Markets Index and the Global Emerging Markets AIC peer group and is expertly managed by a disciplined, bottom-up approach from its Investment Manager, ICM.

"The defensive nature of UEM's infrastructure and utilities portfolio, supported by global infrastructure megatrends and the manager's disciplined stock selection, demonstrate the clear differentiation of this investment strategy. This investment approach aims to generate consistent total returns for shareholders with typically lower volatility than the index while providing an attractive dividend income.

"With President Trump's focus on tariffs, emerging markets are expected to be well placed as investors look to capitalise on this dislocation in the markets. Foreign investors are beginning to look for alternatives to the US in which to invest, which can only be positive for the asset class. With emerging markets valuations remaining relatively cheap, these markets are likely to benefit from increasing investor demand playing very well to our core investment thesis."

Charles Jillings & Jacqueline Broers, co-Portfolio Managers of UEM added: "For 20 years, UEM has focused on well researched, carefully targeted, bottom-up investing in emerging market infrastructure and utilities companies which are well placed to benefit from the global infrastructure megatrends. Whilst we have seen high levels of economic and political uncertainty, especially in recent years, we have remained focused on our investment strategy, which we believe will continue to deliver significant value for shareholders.

"This approach has remained consistent since the Company's IPO in 2005 and we are proud that over two decades our NAV and share price total returns have significantly outperformed the MSCI Emerging Markets Index.

"Emerging markets are widely expected to benefit from a rotation in investor sentiment away from the US market that is gaining momentum. Whilst macro volatility remains, this often provides investment opportunities to secure attractive long-term holdings at compelling valuations. We therefore continue to remain highly confident that the investment strategy is well placed to continue its 20-year track record of long-term outperformance."

ENDS

Name of contact and telephone number for enquiries

Montfort Communications

Gay Collins, Alex Everett +44 (0) 7798 626282

utilico@montfort.london