EGL Ecofin Global Utilities And Infrastructure Trust Plc

ECOFIN GLOBAL UTILITIES AND INFRASTRUCTURE TRUST PLC

Interim Financial Results for the six months ended 31 March 2024

Announcement of Unaudited Results

LEI: 2138005JQTYKU92QOF30

This announcement contains regulated information.

Ecofin Global Utilities and Infrastructure Trust plc (the "Company" or "EGL") is an authorised UK investment trust whose objectives are to achieve a high, secure dividend yield on a portfolio invested primarily in the equities of utility and infrastructure companies in developed countries and long-term growth in the capital value of the portfolio while preserving shareholders' capital in adverse market conditions.

• During the half-year ended 31 March 2024, the Company's net asset value ("NAV") per share increased by 9.0% on a total return basis. The Company's share price decreased by 3.2% on a total return basis over the 6 months

• Two quarterly dividends were paid during the period totalling 4.00p per share. With effect from the dividend paid in February 2024, the quarterly dividend was increased by 5.1% to 2.05p per share (8.2p per share per annum)

• The Company continues to buy back shares while the share price is at a significant discount to the NAV; your board considers this to be in

the best interests of shareholders

• Continuing growth in earnings and dividends from companies in the portfolio suggests compelling value and is at odds with currently low

valuation multiples for these essential assets businesses

Financial Highlights

as at 31 March 2024

1. Please refer to Alternative Performance Measures in the Interim Report.

2. Dividends paid (annualised) as a percentage of share price.

3. Gearing is the Company's borrowings (including the net amounts due from/to brokers) less cash divided by net assets attributable to shareholders.

4. The ongoing charges figure is calculated in accordance with guidance issued by the Association of Investment Companies ("AIC") as the

operating costs (annualised) divided by the average NAV (with income) throughout the period.

5. The Company was incorporated on 27 June 2016 and its investment activities began on 13 September 2016 when the liquid assets of Ecofin Water & Power Opportunities plc ("EWPO") were transferred to it. The formal inception date for the measurement of the Company's performance is 26 September 2016, the date its shares were listed on the London Stock Exchange.

6. Total return includes dividends paid and reinvested immediately. Please also refer to the Alternative Performance Measures in the Interim Report.

7. 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 Company does not have a formal benchmark index. The other indices are provided for general interest.

Chairman's Statement

Performance

I am pleased to report that your Company's net asset value (NAV) increased by 9.0% over the six months to 31 March 2024, including the reinvestment of dividends. This exceeded the comparative global sector indices, the S&P Global Infrastructure Index and the MSCI World Utilities Index, which both increased by 8.2% (total return in sterling). The share price total return was more modest at 3.2% because the discount widened, averaging 14.2% during the six months. Investment trusts generally continued to be out of favour, as evidenced by unusually

large share price discounts to NAV.

As our Investment Manager explains in more detail, performance was encouragingly strong in the North American part of the portfolio. Exposure to select US utilities had already been increased, stock selection was beneficial, and utility valuations finally began to recover. Despite falling European natural gas and power prices for much of the half-year, the portfolio's diversified pan-European group of shares, spanning utilities, transportation infrastructure and environmental services, also contributed positively to the NAV. Our modest level of gearing enhanced the NAV as well, helped by the fact that the cost of borrowings was once again lower than the portfolio's dividend yield.

Continuation vote

Shareholders demonstrated their support for the Company by voting overwhelmingly in favour of the continuation vote put to shareholders at the recent Annual General Meeting (AGM). The next continuation vote will be at the AGM in 5 years' time.

Dividends

In light of growth in investment income and earnings per share, we were pleased to announce in December a 5.1% increase in the quarterly dividend to 2.05p per share (8.20p per annum) with effect from the dividend paid in February 2024. Growth in our portfolio's income continued during the half-year to 31 March: compared with the same period last year, investment income and revenue per share increased by 10.8% and 11.4% respectively. At the current share price and increased dividend rate, the Company's shares yield 4.4%.

Share price and buybacks

When our shares were trading at a premium to net asset value, we issued over 12 million new shares to investors. Subsequently, and alongside much of the rest of the investment trust sector, our share price sank to a double digit percentage discount. We think it is right to balance our willingness to issue at a premium with a willingness to buy back shares. Accordingly, during the half-year we used the authority granted by shareholders to repurchase a total of 1.3 million shares (£2.1 million), with an additional 3.3 million shares repurchased since 31 March. This has enhanced NAV to the benefit of shareholders.

Your board

At the AGM, Iain McLaren retired from the board and Joanna Santinon succeeded him as chair of the audit committee. Susannah Nicklin was appointed Senior Independent Director.

Outlook

Continuing growth in earnings and dividends is expected from companies in the portfolio. The currently low valuation multiples for many of these essential assets businesses in both absolute terms and relative to broader markets strongly suggest that these companies are significantly undervalued relative to their prospects for growth, earnings and cash generation.

In the current economic environment, we believe that the portfolio has some significant strengths.

First, a high proportion of portfolio companies have revenues which are inflation-linked and based on long term contracts.

Secondly, your Company's utility exposure includes leading power generators and owners of major transmission and distribution grids. These network operators are as fundamental to the delivery of the energy transition as renewable energy sources, and they are stepping up capital investments meaningfully.

Your Investment Manager expects attractive returns will be earned on these investments.

Thirdly, portfolio companies providing transportation infrastructure and environmental services have attractive and growing dividend yields based on long term earnings growth derived from demand and strong pricing power.

After a difficult 18 months, we are confident that we passed a turning point in February and that the prospect for shareholders has become much brighter. Since then, the share price has appreciated by 21% (11% since the end of March) and we have declared a second quarterly dividend of 2.05p.

David Simpson

Chairman

24 May 2024

Investment Manager's Report

After sharp declines in August and September last year as interest rates spiked, EGL's NAV and share price recovered in the final calendar quarter of 2023. This proved to be a false dawn with both falling back to their 2023 lows by February 2024 while equity market momentum was centred around technology sectors and expectations for interest rate cuts were scaled back. February has proved to have been a decisive turning point though with a marked improvement in EGL's performance since then.

During the half-year we remained focussed on the underlying performance of portfolio companies which, on both sides of the Atlantic, were mostly delivering good results, eye-catching dividend growth and return-enhancing capital expenditure plans. In the US, power demand dynamics strengthened (due to the economy generally as well as GenAI, datacentres, re-shoring, EVs) and utility valuations stabilised, helped by a renaissance for nuclear power and positive news from bellwether NextEra Energy. These factors, along with a notable improvement in forward power prices since February, resulted in a strong rally in the NAV in the half-year's final month, March. Over the six months to 31 March, the NAV increased by 9.0%.

Performance summary

Returns were strong and ahead of local sector indices in the US and European parts of the portfolio, and overall performance benefitted from last year's exercise to increase the US allocation in view of depressed utility valuations. The lion's share of the NAV advance during the half-year was attributable to large US utilities NextEra Energy, American Electric Power, Constellation Energy, Edison International and Vistra, together over 22% of the portfolio. Non-OECD holdings in Australia and Hong Kong-listed Chinese names, notably Xinyi Energy, continued to be weak.

By sub-sector, the brightest spots were nuclear power producers (net cashflow positive nuclear specialists Constellation and Vistra), transportation infrastructure (ENAV, Ferrovial, Vinci), and network infrastructure owner/operators with a growth acceleration underway (E.ON, National Grid, American Electric Power, Public Service Enterprise Group). Although it didn't perform as well during the half-year, we include SSE in this high growth power transmission group where networks comprise a large proportion of cash flow and capital investment. Some European power generators and integrated utilities lagged, principally RWE. RWE cautioned in January that lower commodity prices could impact 2024 earnings, causing weakness in the European utility sector more widely, even though many integrated utilities - EDP, Enel, Iberdrola - would benefit near term as buyers of power.

Constellation (pure nuclear) and Vistra (nuclear and other baseload power) performed remarkably well - Vistra +99% since its addition to the portfolio in November and Constellation +70% over the six months to 31 March - capturing investors' interest as direct plays on power demand growth from GenAI and datacentres. Nuclear power offers 24/7 year-round decarbonised electricity, the Production Tax Credit in the IRA provides a floor tariff for nuclear electricity, and these two companies' results were starting to beat earnings forecasts.

NextEra Energy delivered two strong earnings reports during the period to which the shares barely reacted. It took until the company's analysts' day in March, devoted to renewables development expertise and competitive advantages, for the shares to gather positive momentum. The shelving of a federal investigation into a complaint alleging the company's Florida utility had violated political campaign fundraising laws also lifted an overhang for the shares.

Purchases & sales

Along with Vistra, Snam, a regulated natural gas transportation and storage infrastructure company in Europe, was added to the portfolio and the positions in E.ON, Edison International, Vinci and Veolia were increased significantly. These purchases further increased the portfolio's exposure to energy transmission and distribution (regulated growth), baseload nuclear power provision (unregulated growth) and transportation and environmental services (inflation-linked growth). Power price exposure was lowered via partial sales of Drax, AES, EDP and Iberdrola. Endesa and APA Group were exited. In the sector allocation table, E.ON was reclassified as regulated (from integrated).

Income and gearing

Income from investments continues to grow. Compared with last year, dividend receipts increased by 10.8% and the revenue return per share increased by 11.4%.

Gearing averaged 11% during the half-year. Borrowings, which had been significantly reduced by December 2023, were built back up by the end of March, not least because the positive spread between dividend yields and the cost of borrowings had been reestablished.

Outlook

The upswing in portfolio performance that began in March has persisted. We expect that valuation multiples in EGL's listed infrastructure sectors, which remain near historic lows relative to broad market averages, will continue to expand. There are plenty of compelling investment opportunities with the earnings momentum we're seeing and dividends yields in the region of 3-8%. Utilities in the portfolio will continue to grow their earnings, almost irrespective of the economic backdrop due to the proportions of revenues which are fully contracted or regulated. The adoption of artificial intelligence and datacentres are supporting our expectation for power demand growth in the US and, moreover, datacentre owners are showing a willingness to pay a premium for reliable and clean electricity, recognising that electricity is not plentiful and that uninterrupted clean energy is not a commodity. The growth the sector should experience globally will also reflect the quantum increase in investments in electricity networks we are seeing. A pronounced acceleration in capex growth by power grid operators is underway, motivated by the ever increasing installed base of renewables capacity for which new transmission and distribution connections are required, the electrification of economies and the associated need for grid upgrades. Investment need and allowed returns for these regulated activities are usually highly correlated.

Beyond power utilities, we continue to like the opportunities amongst companies operating and investing to upgrade environmental services and transportation infrastructure. These parts of the portfolio contribute growth, a degree of cyclicality, inflation protection (airports and toll roads, for example, have long term pricing power in relation to inflation) and provide diversification. Very large sums have been raised by private equity since December 2023 to devote to infrastructure investment globally, adding to already record levels of available cash. In view of the significant gap in valuations between listed and private infrastructure, merger and acquisition activity is returning to this strategy's sectors and should provide support for a re-rating of the growth opportunity.

Ecofin Advisors Limited

Investment Manager

24 May 2024

Condensed Statement of Comprehensive Income

The total column of the Condensed Statement of Comprehensive Income 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 six months ended 31 March 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 period.

Condensed Statement of Financial Position

Condensed Statement of Changes in Equity

1. The special reserve may be used, where the board considers it appropriate, by the Company for the purposes of paying dividends to

shareholders and, in particular, smoothing payments of dividends to shareholders.

Condensed Statement of Cash Flows

Notes to the Condensed Financial Statements

for the six months ended 31 March 2024

1. Accounting policies

(a) Basis of preparation

The Condensed Financial Statements have been prepared in accordance with Financial Reporting Standard ("FRS") 104 Interim Financial Reporting and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' issued in July 2022. The Condensed 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 Condensed Financial Statements have been prepared using the same accounting policies as the preceding Financial Statements which were prepared in accordance with Financial Reporting Standard 102.

The financial information contained in this Interim Report does not constitute statutory accounts as defined in Sections 434-436 of the Companies Act 2006. The financial information for the periods ended 31 March 2024 and 31 March 2023 has not been audited.

The information for the year ended 30 September 2023 has been extracted from the latest published audited Financial Statements which have been filed with the Registrar of Companies. The report of the Auditor on those accounts contained no qualification or statement under Section 498 of the Companies Act 2006.

(b) Income

Income from investments, including taxes deducted at source, is included in revenue by reference to the date on which the investment is quoted ex-dividend. Special dividends are credited to capital or revenue, according to the circumstances. The fixed returns on debt securities are recognised on a time apportionment basis so as to reflect the effective yield on the debt securities. Interest receivable from cash and short-term deposits is treated on an accruals basis.

(c) Expenses

All expenses are accounted for on an accruals basis. Expenses are charged to the revenue account except where they directly relate to the acquisition or disposal of an investment, in which case they are charged to the capital account; in addition, expenses are charged to the capital account where a connection with the maintenance or enhancement of the value of the investments can be demonstrated. In this respect, since 1 October 2022 the management fee and overdraft interest have been allocated 60% to the capital account and 40% to the revenue account (previously 50% to the capital account and 50% to the revenue account).

(d) Taxation

The charge for taxation is based on the profit for the year to date and takes into account, if applicable, taxation deferred because of timing differences between the treatment of certain items for taxation and accounting purposes. Deferred taxation is provided using the liability method on all timing differences, calculated at the rate at which it is anticipated the timing differences will reverse. Deferred tax assets are recognised only when, on the basis of available evidence, it is more likely than not that there will be taxable profits in future against which the deferred tax asset can be offset.

Due to the Company's status as an investment trust company and the intention to continue meeting the conditions required to obtain approval in the foreseeable future, the Company has not provided deferred tax on any capital gains and losses arising on the revaluation or disposal of investments.

The tax effect of different items of income/gain and expenditure/loss is allocated between capital and revenue within the Condensed Statement of Comprehensive Income on the same basis as the particular item to which it relates using the Company's effective rate of tax for the year, based on the marginal basis.

(e) Valuation of investments

For the purposes of preparing the Condensed Financial Statements, the Company has applied Sections 11 and 12 of FRS 102 in respect of financial instruments. All investments are measured initially and subsequently at fair value and transaction costs are expensed immediately. Investment transactions are accounted for on a trade date basis. The fair value of the financial instruments in the Condensed Statement of Financial Position is based on their quoted bid price at the reporting date, without deduction of the estimated future selling costs. Changes in the fair value of investments held at fair value through profit or loss and gains and losses on disposal are recognised in the Condensed Statement of Comprehensive Income as "Gains on investments held at fair value through profit or loss". Also included within this caption are transaction costs in relation to the purchase or sale of investments, including the difference between the purchase price of an investment and its bid price at the date of purchase.

(f) Cash and cash equivalents

Cash comprises cash in hand and demand deposits. Cash equivalents are short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to insignificant risk of change in value.

(g) Borrowings

Short-term borrowings, which comprise of prime brokerage borrowings, are recognised initially at the fair value of the consideration received, net of any issue expenses, and subsequently at amortised cost using the effective interest method. The finance costs, being the difference between the net proceeds of borrowings and the total amount of payments required to be made in respect of those borrowings, accrue evenly over the life of the borrowings and are allocated 40% to revenue and 60% to capital.

(h) Segmental reporting

The directors are of the opinion that the Company is engaged in a single segment of business activity, being investment business.

Consequently, no business segmental analysis is provided.

(i) Nature and purpose of reserves

Share premium account

The balance classified as share premium includes the premium above nominal value received by the Company on issuing shares net

of issue costs.

Special reserve

The special reserve arose following court approval in November 2016 to transfer £123,609,000 from the share premium account. This reserve is distributable and may be used, where the board considers it appropriate, by the Company for the purposes of paying dividends to shareholders and, in particular, augmenting or smoothing payments of dividends to shareholders. There is no guarantee that the board will in fact make use of this reserve for the purpose of the payment of dividends to shareholders. The special reserve can also be used to fund the cost of share buy-backs.

Capital reserve

Gains and losses on disposal of investments and changes in fair values of investments are transferred to the capital account. Foreign exchange differences of a capital nature are also transferred to the capital account. The capital element of the management fee and relevant finance costs are charged to this account. Any associated tax relief is also credited to this account.

Revenue reserve

This reserve reflects all income and costs which are recognised in the revenue column of the Statement of Comprehensive Income.

The Company's special reserve, capital reserve and revenue reserve may be distributed by way of dividend.

(j) Foreign currency

Monetary assets and liabilities and non-monetary assets held at fair value in foreign currencies are translated into sterling at the rates of exchange ruling at the Condensed Statement of Financial Position date. Transactions involving foreign currencies are converted at the rate ruling on the date of the transaction. Gains and losses on the translation of foreign currencies are recognised in the revenue or capital account of the Condensed Statement of Comprehensive Income depending on the nature of the underlying item.

(k) Dividends payable

Dividends are recognised in the period in which they are paid.

2. Income

During the six months ended 31 March 2024, the Company received no special dividends (31 March 2023: £nil and 30 September 2023: £83,000).

3. Taxation

During the period the Company suffered withholding tax on overseas dividend income of £602,000 (31 March 2023: £392,000).

4. Return per ordinary share

5. Ordinary share capital

At 31 March 2024 there were 114,920,697 ordinary shares of 1p each in issue of which 770,179 were held in treasury (with no voting rights) (31 March 2023: 101,363,423 of which nil were held in treasury; 30 September 2023: 115,495,663 of which nil were held in treasury). During the half-year ended 31 March 2024, 544,966 shares were bought back for cancellation and 770,179 were bought back to treasury at a total cost of £2,083,000 (31 March 2023: 2,411,000 shares were issued for net proceeds of £5,153,000 and 30 September 2023: 4,581,577 shares were issued for net proceeds of £9,793,000 and 1,054,337 shares were bought back for cancellation for a net payment of £1,819,000).

Since 31 March 2024 the Company has bought back 3,298,488 ordinary shares to treasury for a net cost of £5,713,246.

6. Capital reserve

The capital reserve reflected in the Condensed Statement of Financial Position at 31 March 2024 includes gains of £16,226,000 (31 March 2023: gains of £37,832,000 and 30 September 2023: losses of £1,225,000) which relate to the revaluation of investments held at the reporting date.

7. NAV per ordinary share

8. Dividends on ordinary shares

A second interim dividend for 2024 of 2.05p will be paid on 31 May 2024 to shareholders on the register on 3 May 2024. The ex-dividend date was 2 May 2024.

9. Transaction costs

During the period expenses were incurred in acquiring or disposing of investments classified as fair value through profit or loss. These have been expensed through capital and are included within gains on investments in the Condensed Statement of Comprehensive Income. The total costs were as follows:

The above transaction costs are calculated in line with AIC's Statement of Recommended Practice (SORP). The transaction costs in the Company's Key Information Document are calculated on a different basis and in line with the EU's Packaged Retail Investment and Insurance-based Products (PRIIPs) regulations.

10. Fair value hierarchy

FRS 102 requires an entity to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy shall have the following levels:

Level 1: unadjusted quoted prices in an active market for identical assets or liabilities that the entity can access at the measurement date;

Level 2: inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly; and

Level 3: inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability.

The financial assets and liabilities measured at fair value in the Condensed Statement of Financial Position are grouped into the fair value hierarchy at the reporting date as follows:

a) Equities and preference shares

The fair value of the Company's investments in equities and preference shares has been determined by reference to their quoted bid prices at the reporting date. Equities and preference shares included in Fair Value Level 1 are actively traded on recognised stock exchanges. Investments categorised as Level 2 are not considered to trade in active markets.

11. Related party transactions and transactions with the Investment Manager

Fees payable 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 30 to 31 of the 2023 annual report. The balance of fees due to directors at the period end was £nil (31 March 2023: £nil and 30 September 2023: £nil).

The Company has an agreement with Ecofin Advisors Limited for the provision of investment management services.

The investment management fee is calculated at 1.00% per annum of the Company's NAV on the first £200 million and 0.75% per annum of NAV thereafter, payable quarterly in arrears. The management fee was chargeable 50% to revenue and 50% to capital until 30 September 2022. With effect from 1 October 2022 the management fee is chargeable 40% to revenue and 60% to capital.

During the period £1,088,000 (31 March 2023: £1,164,000 and 30 September 2023: £2,259,000) of investment management fees were earned by the Manager, with a balance of £545,000 (31 March 2023: £580,000 and 30 September 2023: £523,000) being payable to Ecofin Advisors Limited at the period end.

12. Analysis of changes in net debt

A statement reconciling the movement in net funds to the net cash flow has not been presented as there are no differences from the above analysis.

Interim Management Report

The principal and emerging risks and uncertainties that could have a material impact on the Company's performance have not changed from those set out on pages 15 to 18 of the Company's Annual Report for the year ended 30 September 2023.

The directors consider that the Chairman's Statement and the Investment Manager's Report set out herein, the above disclosure on related party transactions and the Directors' Responsibility Statement below, together constitute the Interim Management Report of the Company for the six months ended 31 March 2024 and satisfy the requirements of Disclosure Guidance and Transparency Rules 4.2.3 to 4.2.11 of the Financial Conduct Authority.

The Interim Report has not been reviewed or audited by the Company's Auditor.

Directors' Responsibility Statement

The directors listed in the Interim Report confirm that to the best of their knowledge:

(i) the condensed set of Financial Statements has been prepared in accordance with FRS 104 (Interim Financial Reporting) and give

a true and fair review of the assets, liabilities, financial position and profit and loss of the Company as required by Disclosure Guidance and Transparency Rule 4.2.4 R;

(ii) the Interim Management Report includes a fair review, as required by Disclosure Guidance and Transparency Rule 4.2.7 R, of important events that occurred during the six months ended 31 March 2024 and their impact on the condensed set of Financial Statements, and a description of the principal risks and uncertainties for the remaining six months of the financial year; and

(iii) the Interim Management Report includes a fair review of the information concerning related party transactions as required by Disclosure Guidance and Transparency Rule 4.2.8 R.

This Interim Report was approved by the board on 24 May 2024 and the Directors' Responsibility Statement was signed on its behalf by:

David Simpson

Director

24 May 2024

Interim Report 2024

The Interim Report will be available on the Investment Manager's website www.ecofininvest.com/egl. A copy of the Interim Report for the six months ended 31 March 2024 will be submitted to the National Storage Mechanism of the FCA and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The financial information for the period ending 31 March 2024 comprises non-statutory accounts within the meaning of Sections 434 - 436 of the Companies Act 2006.

For further information, please contact:

Faith Pengelly

For and on behalf of

Apex Fund Administration Services (UK) Limited

Company Secretary

24 May 2024