EGL Ecofin Global Utilities And Infrastructure Trust Plc

ECOFIN GLOBAL UTILITIES AND INFRASTRUCTURE TRUST PLC (the "Company")

Annual Results Announcement for the year ended 30 September 2024

LEI: 2138005JQTYKU92QOF30

This announcement contains regulated information.

Ecofin Global Utilities and Infrastructure Trust plc (the "Company") 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 year ended 30 September 2024, the Company's net asset value ("NAV") per share increased by 25.9% on a total return basis. The Company's share price increased by 24.8% on a total return basis over the 12 months;

·   Four quarterly dividends were paid during the period totalling 8.10p per share. Due to your board's confidence, with effect from the dividend paid in February 2025, the quarterly dividend will be increased by 3.7% to 2.125p per share (8.5p per share per annum);

·   From 1 October 2024 a lower management fee came into effect. This delivers future savings to shareholders and will help to lessen ongoing charges;

·     The Company continues to buy back shares while the share price is at a significant discount to the NAV. This is accretive to NAV total return;

·      Increasing power demand and infrastructure capital expenditure are driving earnings growth at companies selected for the portfolio while valuation multiples for these essential assets businesses remain low.

1.   Please refer to Alternative Performance Measures in the annual report.

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

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

4.  The ongoing charges ratio 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.

 Performance for periods to 30 September 2024 (total returns in £)

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 annual 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

After a challenging time in 2023, I am delighted to report that your Company's net asset value (NAV) increased by 25.9%, including the reinvestment of dividends, over the year to 30 September 2024. This performance exceeded those of the comparable global sector indices, the S&P Global Infrastructure Index and MSCI World Utilities Index, as well as general equity benchmarks such as the FTSE All-Share and MSCI World indices and was achieved despite a significant headwind from sterling strength. The share price total return was also strong, at 24.8%. Since inception eight years ago, your Company has generated NAV and share price total returns of 10.2% and 11.8% per annum respectively.

Performance was positive across the utility, environmental services and transportation infrastructure portfolio segments during the year, and especially strong in the US. Stock selection was beneficial, as reviewed in the investment manager's report. The portfolio was well positioned for the recovery in share valuations of utilities and the resurgence in interest in nuclear power. With heightened market volatility, our investment manager also found opportunities to manage position sizes profitably. A modest level of gearing boosted underlying returns.

Investment manager and management fee

As of 1 October 2024, RWC Asset Management LLP ("Redwheel") has acquired the material business interests of the Company's fund manager, Ecofin, and retained the investment team. Redwheel is a UK-based specialist investment manager with c. £18bn in assets under management, including Temple Bar Investment Trust Plc. We are pleased that the transition has gone smoothly so far and that the Ecofin team's strategy and investment process remain unchanged.

From 1 October, a lower management fee also came into effect, as previously announced. The fee is now 0.9% p.a. on the first £200 million of NAV, 0.75% above £200 million and up to £400 million, and 0.6% thereafter. This delivers future savings to shareholders.

Dividends

The revenue return per share increased by 2.3% year-over-year. After two years of very strong growth, total income from investments decreased slightly (-0.4%). Sterling's significant strength played a role, as did share buybacks and stock choices: some of the strongest NAV contributors pay a relatively low yield. Overall expenses were almost unchanged.

Given our confidence in the long term growth prospects for earnings per share, we have decided to increase the quarterly dividend by 3.7% to 2.125p per share (8.50p per annum), with effect from the dividend to be paid in February 2025.

Share price discount and buybacks

A share price discount persisted during the year, as it did for most of the investment trust sector, despite the strong performance. With the discount averaging about 12%, we bought back shares to enhance NAV for the benefit of shareholders. In total, 5.8 million shares were repurchased, equivalent to £9.8 million, with an additional 1.6 million shares repurchased since the end of the financial year. Your board takes the view that, having issued new shares when they were trading at a premium to NAV, it is our duty to buy shares back when they trade at a material discount.

Annual General Meeting

The Company's AGM will be held on Wednesday 5 March 2025 at 3.00pm at The Clermont, 101 Buckingham Palace Road, London SW1W 0SJ. You are most welcome to attend to meet the board and hear a presentation from our portfolio manager, Jean-Hugues de Lamaze.

Outlook

Since 30 September (to 10 December), the Company's NAV and share price have decreased by 4.0% and 2.0% respectively. October and November brought upward pressure on long-bond yields despite reductions in shorter-term interest rates across the developed economies. This provides a headwind for the share prices of companies, such as those in our sector, which have significant dividend yields. Diversification of our portfolio and our flexible mandate will help us protect the downside and capture new opportunities as they arise.

Companies in the portfolio are reporting strong earnings and good opportunities for growth while valuations in our universe continue to be attractive. Electricity demand is rising steadily with a continuing shift towards decarbonised generation while transport and water infrastructure is also benefiting from rising demand and the need for capital investment. The portfolio is positioned to benefit from these long-term trends as electricity generators diversify their generation fleets, transmission grids are modernised, and distribution systems adapt to changing customer needs. The need for investment gives water & waste services and transportation infrastructure strong pricing power and platforms for growth while also providing attractive dividend yields.

We believe that the total return prospects for the Company's portfolio are very encouraging while the broad array of the sub-sectors in which we invest gives investors excellent portfolio diversification.

David Simpson

Chairman

16 December 2024

Investment manager Report:

Markets and our sectors

Equity markets reacted positively to declining inflation and the cuts in policy interest rates in many OECD economies in the second half of the financial year. Longer term bond yields fell between April and September, helping interest rate sensitive stocks. Elections and changing political agendas in the UK, France and the US provided political uncertainty while continuing geopolitical tensions unsettled investor confidence.

This mixed backdrop had much less effect on EGL's portfolio than the strong earnings momentum and positive long-term updates of the companies we invest in. Over the 12 months to 30 September, the NAV increased by 25.9%, ahead of the S&P Global Infrastructure Index (+18.0%) and the MSCI World Utilities Index (+23.7%). The MSCI World Index increased by 21.1%, mostly achieved in the first half of EGL's financial year (all total returns in sterling).

US utilities were the stand-out performers during the year (+29.2%) and stock selection added further value. Utilities in Continental Europe kept up with broad equity averages and UK holdings were notably strong NAV contributors. Transportation infrastructure and environmental services returns were positive but more muted than in the energy sector. The reappearance of US power demand growth, driven partly by datacentres but also by economic activity, re-shoring and the switch from fossil fuels in power generation gives a pivotal role to the transmission & distribution utilities that will hook that power up to final users as well as to the generators. Consequently, in Europe as well as the US, earnings results and guidance were strong, often nicely ahead of market expectations, helping the appreciation of shares which continue to trade on low valuations.

Performance summary

The second half of the year produced a NAV total return of 15.2%, building on the first half's 9.0% return. For the full year, performance was broadly based, with all regions and sub-sectors contributing positively but several large holdings and one new name were the main drivers. The use of leverage, which averaged 11% for the year, was beneficial given the positive returns, while sterling's persistent strength held returns back (approximately -8%).

One of our best decisions in the year was to add Vistra to the portfolio last November. Vistra is a diversified US integrated utility operating natural gas, coal, nuclear and solar generation capacity plus one of the largest battery storage facilities in the world. Compared to peers, it has low debt ratios and above average free cash flows, and nearly half its generation capacity in Texas where we see structurally higher power prices because baseload capacity is being replaced by renewables. The holding was doubled in February when Vistra's purchase of Energy Harbour, owner of a 4000 MW nuclear generation fleet, received regulatory approval, giving Vistra the second largest nuclear power fleet in the country. This coincided with a sea-change in attitudes to nuclear energy. Constellation, a pure nuclear owner/operator, has been a relatively large holding in the portfolio since it was spun out from Exelon early in 2022. Together, Constellation and Vistra represented c. 7% of the portfolio during the year, despite some profit taking, and their shares increased by 116% and 212%, respectively.

Constellation and Vistra are direct beneficiaries of accelerating demand from energy intensive businesses (including datacentres) for constantly available decarbonised electricity and the US Production Tax Credit which provides a floor price for nuclear electricity and supports investing to extend the life of plants. Datacentres are increasingly connecting directly to nuclear plants and ready to pay a significant premium over wholesale power prices to secure their need for baseload power. Constellation and Vistra shares were also reacting well to strong earnings, cash flow generation and balance sheets, significantly improving longer term earnings outlooks and returns to shareholders via share buybacks. Southern Company and Public Service Enterprise Group, also nuclear plant owners, were notable contributors to performance too due to solid earnings reports.

After a disappointing stock performance in the previous year, NextEra Energy's shares rose 37% as quarterly earnings results consistently exceeded market expectations. This reflected strong customer growth, new additions to its renewables and storage portfolio and cost controls. Regulated wires-focussed utilities such as American Electric Power and Edison International also performed well as bond yields came down, earnings came through and customer demand growth materialised sooner than expected. Edison International, for example, expects 35% higher 10-year load growth than just two years ago.

National Grid, SSE and Drax represented the majority of the portfolio's UK exposure. They are well exposed to the themes of transmission & distribution and electrification that we are emphasising in the portfolio, and they were strong performers during the second half of the year. Share price volatility - around National Grid's equity issuance, for example - provided an opportunity to manage position sizes and add value. Enel provided a consistently good performance contribution as it continued to deliver strong earnings. Its asset disposal program is ahead of plan and at attractive valuation multiples; the shares also benefited from the decline in Italian bond yields.

After a poor performance for RWE in the first half, its shares recovered in the second but still underperformed a strong cohort. Hong Kong listed Chinese stocks underperformed for most of the year until a hefty stimulus package ignited an equity market rally in China and Hong Kong in September. This meant China Suntien Green Energy and China Water Affairs made reasonable contributions to the NAV for the last 6 months and the full financial year. Xinyi Energy made a much smaller share price recovery and was the poorest performer during the year; it is also the portfolio's smallest holding. Stocks with French exposure (Vinci, Veolia, Engie, Atlas Arteria) were weak toward year-end given the prospect of a rise in the corporate tax rate as the government struggled to shore up its finances.

Purchases & sales

In the half-year report to 31 March, we reported purchases to further increase exposure to energy transmission and distribution (regulated growth), baseload nuclear power provision (unregulated growth) and transportation and environmental services (inflation-linked growth), and a reduction in power price exposure. In the second half of the year, we took profits in US holdings which had seen sharp share price gains, including Constellation, Vistra, NextEra Energy, America Electric Power and Edison International, and we exited a small position in Williams Companies. Purchases were generally of pan-European names (National Grid, Drax, Vinci) and we added a new name, BKW, a European provider of energy (hydro, wind & solar and nuclear) and infrastructure services (building solutions, engineering) and manager of the Swiss grid. We think BKW should be set to benefit from higher and structurally more volatile electricity prices, relatively low interest rates in Switzerland, and solid earnings contributions from the grid business and the services division which is being restructured.

Income and gearing

After a few years of very strong growth, income from investments declined slightly year-on-year. Foreign currency weakness reduced foreign dividend receipts expressed in sterling terms; the US dollar declined by nearly 10% and the Euro by 4%. Stock choices played a part in reducing income - some relatively high yielding shares were sold (Williams Companies) or reduced (Endesa, Engie) and relatively low yielders purchased (Vistra, BKW). The cost of borrowings fluctuated and, as the accounts show, was higher than the previous year but our use of gearing was a significantly positive contributor to overall returns.

Outlook

The valuation of some parts of the stock market may be high but listed infrastructure is still undervalued by historical standards, relative to broad market averages and compared with valuations of private infrastructure assets. We have seen a revaluation for US utilities this year, leading us to take some profits since the financial year-end, but this uplift mostly reflects strong earnings rather than a reassessment, which we think is merited, of the growth opportunities for the sector.

EGL'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, and climate risk mitigation is fundamentally reliant on infrastructure companies investing to facilitate the transition to a cleaner world. The world now invests almost twice as much annually in clean energy as it does in fossil fuels. This growth is underpinned by strong demand, continued cost reductions, emissions reduction goals and considerations of energy security. In addition, power prices are rising in the US and are attractive versus historical levels in most European markets. Companies developing, owning and operating the infrastructure behind the energy transition will, we expect, continue to be areas of profitable opportunity.

The shares of transportation infrastructure and environmental services (water and waste management) have generally underperformed utilities this year and we are adding exposure. We believe these businesses have limited competition and good pricing power, operational performance is strong, and they contribute to portfolio diversification. Stock valuations in these infrastructure segments are still low - for example, ENAV, the monopoly provider of air traffic control services in Italy, and Vinci, a global leader in motorway and airport concessions, trade at valuations which are cheaper than their historical averages with strong cash generation supporting above market dividend yields.

EGL's portfolio of 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.

RWC Asset Management LLP (Redwheel)

Investment Manager

16 December 2024

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 in the annual report.

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

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 a 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-end 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.

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, BNP Paribas, Apex (formerly Maitland), 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.

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, Ecofin Advisors Limited during the financial year and since 1 October Redwheel; the preparation and maintenance of the financial statements and maintenance of its records to the Administrator and Company Secretary, BNP Paribas S.A. and Apex Fund Administration Services (UK) Limited (formerly Maitland Administration Services Limited), respectively; 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.

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 in 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, 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, in the context of the investment trust industry, because the Company employs gearing, as explained in 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 in 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 in 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 in 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 in the US, in view of President Trump's re-election, and the rest of 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.

David Simpson

Chairman

16 December 2024

Management report and Directors' responsibilities statement

Management report

Listed companies are required by the FCA's Disclosure Guidance and Transparency Rules (the "Rules") to include a Management Report in their Financial Statements. This information is included in the Strategic Report in annual report inclusive (together with the sections of the annual report and accounts incorporated by reference) and the Directors' Report in the 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; and

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

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 Investment Manager's website www.redwheel.com/uk/en/individual/ ecofin-global-utilities-and-infrastructure-trust-plc/ 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 in the 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 16 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 in the annual report.

On behalf of the board

David Simpson

Chairman

16 December 2024

Statement of Comprehensive Income

The total column of the 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 year ended 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 year.

Statement of Financial Position

The Financial Statements were approved by the Board of Directors and authorised for issue on 16 December 2024 and were signed on its behalf by:

David Simpson

Chairman

Statement of Changes in Equity

*These reserves are available for distribution.

Statement of Cash Flows

Notes to the Financial Statements

For the year ended 30 September 2024

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 in the 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) in the annual report.

2. Income

During the year to 30 September 2024 the Company received special dividends totalling £3,000 (30 September 2023: £83,000), all of which was recognised as revenue and is included in the revenue column of the Statement of Comprehensive Income.

3. Dividends on ordinary shares

The proposed fourth interim dividend for 2024 has not been included as a liability in these Financial Statements as it was not payable until after the reporting date.

Set out below are the total dividends paid and proposed in respect of the financial period, which is the basis on which the requirements of Section 1158-1159 of the Corporation Tax Act 2010 are considered. The revenue available for distribution by way of dividend for the year was £8,094,000 (30 September 2023: £8,019,000).

The amount reflected above for the cost of the fourth interim dividend for 2024 is based on 109,674,598 ordinary shares, being the number of ordinary shares in issue on the record date 1 November 2024.

4. Return per ordinary share

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 in the annual report. The balance of fees due to directors at the year-end was £nil (30 September 2023: £nil).

The Company had an agreement with Ecofin Advisors Limited 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 to the Financial Statements in the annual report

The information contained in this Annual Financial Report Announcement has been prepared in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU") and as applied in accordance with the provisions of the Companies Act 2006 (the "Act"). These comprise standards and interpretations of the International Accounting Standards ("IAS") and Standing Interpretations Committee as approved by the International Accounting Standards Committee ("IASC") that remain in effect, to the extent that IFRS have been adopted by the EU.  The results for the year ended 30 September 2024 are audited but do not constitute statutory accounts as defined in Section 434 of the Act.  The statutory accounts have not yet been delivered to the Registrar of Companies. Full statutory accounts for the year ended 30 September 2023 included an unqualified audit report and have been filed with the Registrar of Companies.

The Annual Report and Financial Statements will be posted to shareholders and will shortly be available on the Investment Manager's website (www.redwheel.com/uk/en/individual/ecofin-globalutilities-and-infrastructure-trust-plc/ ) or in hard copy format from the Company's Registered Office.

A copy of the Annual Report will be submitted to the FCA's National Storage Mechanism and will be available for inspection at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The Annual Report will also be available on the Investment Manager's website at www.redwheel.com/uk/en/individual/ecofin-globalutilities-and-infrastructure-trust-plc/

For further information, please contact:

Elspeth Dick, CFA

RWC Asset Management LLP

Telephone: 020 7227 6000

Faith Pengelly

Apex Fund Administration Services (UK) Limited

Company Secretary

01245 950317

16 December 2024