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

Half Year Results for the six months ended 31 March 2026

LEI: 2138005JQTYKU92QOF30
Information disclosed in accordance with DTR 4.1.3

Financial Highlights

as at 31 March 2026

·      During the half-year ended 31 March 2026, the Company's net asset value ("NAV") per share increased by 14.1% on a total return basis. The Company's share price increased by 19.6% on a total return basis over the six months;

·      Two quarterly dividends were paid during the period totalling 4.375p per share. With effect from the dividend paid in February 2026, the quarterly dividend was increased to 2.25p per share (equivalent to 9.00p per share per annum);

·      The Company continued to buy back shares when the share price was at a significant discount to the NAV, and, following the period end, has issued shares when the share price has been at a premium, both of which are accretive to NAV total return; and

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

Summary

Performance for periods to 31 March 2026 (sterling adjusted total returns)

^{1.         Please refer to Alternative Performance Measures on page 21 of the Half-Year Report for the six months ended 31 March 2026 (the "Half-Year 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 performance 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 and RWC Asset Management LLP (Redwheel).}

Chair's Statement

·      Strong performance over the period, with NAV total return of 14.1% and share price total return of 19.6%.

·      A resilient and well‑diversified portfolio of global listed equities, supported by disciplined active management and responsive use of gearing through market volatility.

·      Continued progress in shareholder engagement, reflecting enhanced communication, strengthened operational arrangements and growing investor interest.

As this is my first statement as Chair, I would like to begin by expressing the Board's thanks to David Simpson, who retired from the Board at the conclusion of the Annual General Meeting in March, for his leadership, wisdom and dedication throughout his time as Chairman. Having served on the Board for a number of years, I have seen first-hand the strength of the Company's strategy, portfolio and governance, and I am honoured to take on the role at a time when the Company is so well positioned for its future. This is in no small thanks to David's contributions.

It was a great pleasure to welcome so many of our shareholders at the Company's recent AGM at the historic Barber-Surgeons' Hall, to discuss the Company and its strategy, and to hear your views. We would like to thank those who attended and encourage shareholders to join us again next year.

Performance

Your Company's portfolio delivered strong performance over the six months to 31 March 2026. Net asset value ("NAV") per share increased by 14.1%, including the reinvestment of dividends (total return), while the share price total return was 19.6%. Notably, over the same period, the S&P Global Infrastructure Index and the MSCI World Utilities Index returned 12.9% and 13.3% respectively in sterling terms.

The portfolio proved resilient through a period of market volatility and geopolitical turmoil, supported by the defensive income characteristics and long-term growth potential of regulated and contracted assets. Investee companies' fundamentals remained strong, and the portfolio activity focused on disciplined rebalancing and selective profit-taking following strong gains. Performance contributors were well diversified across regions and sub-sectors, reflecting the benefits of the Company's global remit and active investment approach. Your Portfolio Manager again demonstrated the benefits of skilled active management and the considered use of tactical gearing, to the benefit of shareholder returns.

Shareholder engagement and operational arrangements

Your Board remains aware of the challenges facing the investment trust sector and of its responsibility to be proactive and responsive to shareholders and marketplace changes. The measures taken to enhance shareholder outcomes, including disciplined share buybacks when the Company's shares trade at a discount; a progressive dividend policy; and continued focus on operational effectiveness, remain firmly in focus.

The Board has been pleased with the progress made in strengthening the Company's advisory and operational arrangements following the changes outlined in the last Annual Report, and with the continued development of the Company's marketing and investor relations activities. These initiatives are supporting improved communication with shareholders and helping to broaden awareness of the Company. We have been glad to see this translating into increased demand for the shares and an expanded shareholder base. The Board will continue to keep the effectiveness of such initiatives under close review.

Dividends and gearing

Providing shareholders with an attractive and growing income remains a core objective. As previously announced, the quarterly dividend was increased by 5.9% to 2.25p per share, equivalent to 9.0p per annum for the year ending 30 September 2026. This increase reflects the Board's confidence in the Company's earnings progression and long‑term prospects and supports our objective to deliver dividend growth that continues to exceed inflation over time. At the period-end share price, the Company's shares yielded approximately 3.5%.

The investment trust structure continues to enable the prudent use of gearing, which has enhanced shareholder returns since inception by around 1.3% per annum. Gearing is managed proactively and effectively by the Investment Manager within parameters set by the Board. It reflects the level of conviction in the portfolio, as demonstrated by the response to the spike in geopolitical risk at the outset of the US and Israeli strikes on Iran.

The Company's level of gearing stood at 10.5% at the end of February, and on the first trading day of March, the Investment Manager took significant profits across a range of outperforming positions and reduced gearing to 5.8%. This active reduction in leverage crystallised gains and left the Company's portfolio on a more conservative footing as volatility increased, illustrating the flexibility afforded by the closed-ended structure when responding to macroeconomic and geopolitical developments.

Share buybacks

The Company's shares continued to trade at a discount to NAV during the period. With the average discount at approximately 8.2%, the Board remained active in repurchasing shares in order to limit discount volatility and to enhance NAV per share for the benefit of continuing shareholders. In total, 11,625,484 shares were repurchased during the half-year at a cost of £27.0 million, with a further 3,424,763 shares repurchased subsequent to the period end.

Subsequent to the half-year end, the Company's shares began to trade at a premium to NAV and, on 21 April, following a sustained period of trading at a premium, the Board is delighted to note that the Company was able to issue shares from treasury to satisfy investor demand. To 29 May 2026 (the latest practicable date prior to the publication of this Report), the Company has issued a total of 2,076,940 shares from treasury at an average price of 277.58 pence per share. Your Board continues to believe in the management of share price discount/premium volatility through the buyback of shares when they trade at a material discount and the issue of shares when they trade on a premium and that both remain important tools in delivering shareholder value.

Outlook

Since the period end to 29 May 2026, the Company's NAV per share and share price total returns have been -1.1% and +8.3%, respectively.

As outlined in the Investment Manager's Report, the long-term outlook for listed infrastructure companies remains compelling and we share your Portfolio Manager's optimism at the prospects for your Company's portfolio. The ongoing themes of electrification, partially driven by the rise of AI datacentres; the digitalisation of economies; and the need to upgrade ageing infrastructure continue to require substantial and sustained investment, while valuations across the sector remain attractive by historical standards.

I very much look forward to continuing to work with my fellow directors, the Investment Manager and our advisers to build on the strong foundations already in place and to continue to focus on delivering attractive long-term outcomes for shareholders. I would also like to thank them for their continued commitment to the Company, as well as shareholders for their ongoing support.

Susannah Nicklin

Chair

Ecofin Global Utilities and Infrastructure Trust plc

2 June 2026

Investment Manager's Report

·      Over the six months to 31 March 2026, the Company grew its NAV by 14.1% and its share price by 19.6%, despite increasing geopolitical tensions in March.

·      The Company's portfolio is built around essential services like power networks, water and transport, providing steady, predictable cash flows.

·      The income generated by the portfolio is rising, supporting the recent dividend increase and helping to pay shareholders a reliable income.

·      Long-term 'mega trends' such as rising electricity use, surge of datacentres and replacement of ageing infrastructure are creating attractive growth opportunities for portfolio companies.

Markets and our sectors

After strong performance during the financial year ended 30 September 2025, the Company delivered a positive first half to 31 March 2026. This was despite a more difficult March, when rising geopolitical tensions and a sharp back-up in bond yields weighed on listed infrastructure and utility stocks. Over the six months to 31March 2026, the Company's NAV increased by 14.1% and share price 19.6% on a total return basis. The period was again characterised by a marked divide between months: October, January and February were particularly strong for the portfolio, while December and March reminded investors that even defensive, long-duration assets are not immune to higher discount rates and macro shocks.

The fundamental backdrop for the Company's investment universe remained highly supportive throughout the half-year period. Electricity demand continued to strengthen on both sides of the Atlantic, supported by electrification, datacentres, industrial reshoring and the growing need to reinforce transmission and distribution networks. At the same time, the strategic relevance of power networks, dispatchable generation, water systems and transport infrastructure continued to rise, while valuations across much of listed infrastructure remained attractive relative to broader equity markets and to private market transactions.

October was a very strong month for the Company, with the NAV rising by 6.2%, well ahead of the S&P Global Infrastructure Index and the MSCI World Utilities Index (sterling adjusted). Renewables and nuclear holdings were the leading contributors, with Brookfield Renewable Partners and Constellation performing particularly well, while integrated utilities such as RWE and SSE also advanced strongly. November remained positive, though at a more modest pace, with UK holdings leading returns, notably SSE, which rallied sharply after presenting a fully funded five-year investment plan focused on regulated networks.

December was more challenging as investors rotated aggressively into higher-growth and AI-related equities while elevated bond yields weighed on utilities, especially in the U.S. Even so, the weakness did little to alter the broader picture: calendar year 2025 performance was strong, led by Continental Europe, with integrated utilities such as E.ON, RWE, Enel and Iberdrola, as well as transportation infrastructure operator, Vinci, standing out. Performance re-accelerated in January and February 2026, as long-duration businesses were again favoured by investors looking for defensive income together with a series of encouraging earnings releases by investee companies.

The half-year period ended on a softer note in March. Following the U.S. and Israeli attacks on Iran commencing on 28 February, geopolitical risk rose sharply, bond yields backed up and the market demanded a higher risk premium for long-duration cash flows. Many of the Company's best-performing holdings into February, including National Grid, SSE, Enel and RWE, gave back some of their earlier gains, even though their operational delivery remained sound.

Performance summary

Over the six months, performance was driven by strong stock selection in the UK and Continental Europe, while the performance of North American holdings was more mixed at different points in the period. The portfolio benefited from substantial exposure to companies with visible earnings growth, supportive regulatory frameworks and capital expenditure programmes tied to electrification, grid modernisation and energy security.

Among the strongest contributors over the half-year were a number of integrated and regulated utility holdings in Europe and the UK. National Grid and SSE both performed strongly, supported by the market's growing appreciation of the scale of investment required in electricity networks and the associated growth available to well-positioned incumbents. RWE was another important contributor, helped first by improving sentiment around European power markets and then by favourable outcomes in the UK offshore wind auction and progress around German gas generation policy. Enel, E.ON, Engie and Snam also contributed materially, supported by solid operating delivery, improving visibility on earnings growth and, in Enel's case, an upgraded medium-term growth outlook presented at its capital markets day in February.

Transportation infrastructure also made an important contribution. Vinci and ENAV were among the best performers during the period, benefiting from robust cash generation, supportive results and continued evidence that high-quality transport infrastructure businesses still trade on valuations below historical norms. In environmental services, Veolia performed well and remained an important source of diversification, supported by resilient operational performance and the structural growth opportunity in the environmental services sector, driven by tightening water and waste regulation, rising industrial demand for treatment and recycling solutions, and increasing investment in circular-economy infrastructure.

The performance of North American holdings was more mixed. In October, profits were taken in several U.S. names after strong performances. December then saw some weakness in several U.S. utilities as higher bond yields weighed on the sector, with Xcel under pressure following wildfire-related litigation headlines. By contrast, February was a very strong month for several North American holdings, including Constellation, Vistra, AEP, Exelon and DTE, as investors responded favourably to updated capital investment plans, earnings growth guidance and, in the case of independent power producers, renewed confidence in the long-term value of dispatchable and baseload generation.

Purchases and sales

Portfolio activity during the half-year remained selective and valuation-driven. In October, profits were taken across a number of US holdings after strong performance and in November, the Portfolio Manager added to American Water Works after weakness following the Essential Utilities merger announcement.

In January, the Portfolio Manager initiated two new positions. The first was Williams, a North American energy infrastructure company whose natural gas pipelines and related assets are well placed to benefit from growing power demand and from 'behind-the-meter' solutions linked to datacentre buildout, while still offering low-risk contract structures and limited commodity price exposure. The second was Athens Water Supply and Sewerage Company, a fully regulated Greek water utility which has entered a new regulatory framework and is set to accelerate capital expenditure meaningfully, improving its medium-term growth outlook.

In February, the Portfolio Manager made further portfolio changes reflecting the Portfolio Manager's discipline in crystallising gains where valuations had improved, while continuing to add selectively to businesses where the Portfolio Manager saw attractive upside supported by earnings visibility and regulated or contracted cash flows. Following the sharp rally in January and February, and the subsequent increase in geopolitical risk, the Portfolio Manager took more significant profits at the start of March, reducing a wide range of positions.

The weakness in March created fresh opportunities so the Portfolio Manager added selectively to holdings where valuations had become compelling relative to the quality of the underlying assets and long-term earnings prospects. Overall, activity during the half-year to 31 March 2026 reflected the same consistent approach as in prior periods: taking profits in stocks where re-ratings had been substantial, recycling capital into laggards or new ideas, and maintaining a diversified portfolio of high-quality infrastructure and utility businesses with strong fundamental support.

Income and gearing

The income profile of the portfolio continues to grow, enabling the increase in the dividend referred to in the Chair's statement. This confidence reflects both the resilience of the underlying businesses and the medium-term growth in dividends expected from many portfolio companies.

Gearing was again used actively over the period and remained an important contributor to returns. It stood at 10.2% at the end of October, 10.6% at the end of November, 9.8% at the end of December, increased to 12.7% by the end of January, and stood at 10.5% at the end of February before being reduced to 5.8% in the first days of March after the sharp increase in geopolitical risk. That active reduction in leverage crystallised gains from the strong start to the calendar year and left the portfolio on a more conservative footing as volatility rose.

Outlook

The Portfolio Manager believes the valuation of some parts of global equity markets remains elevated, but listed infrastructure is still undervalued by historical standards, relative to broad market averages and compared with private infrastructure assets. Although some stocks in our investment universe have re-rated meaningfully over the past year, much of the sector continues to trade on reasonable multiples despite stronger growth prospects, improving capital allocation and rising strategic importance.

The long-term growth drivers for the asset class continue to strengthen. Rising electrification, datacentre demand, industrial re-shoring and ageing infrastructure are all increasing the need for investment in power grids, generation, storage, water systems and transportation assets. In Europe in particular, the tension between rising electricity demand and years of underinvestment is becoming clearer, and this should create attractive opportunities for companies exposed to regulated networks, flexible generation and other essential infrastructure.

The portfolio remains focused on businesses providing infrastructure and services essential for economic activity and progress. Many of these companies have revenues that are fully regulated or contracted, strong pricing power, limited competition and visible capital expenditure plans that support long-term earnings and dividend growth. Transportation infrastructure and environmental services continue to offer useful diversification, while selected power, network and utility holdings remain among the clearest beneficiaries of the structural investment cycle now under way.

The Portfolio Management team believes that the Company's portfolio businesses will continue to grow their earnings almost irrespective of the economic backdrop, helped by the proportion of revenues which is regulated or contracted and by the strategic importance of the services they provide. While short-term performance may continue to be affected by interest rates, bond yields and geopolitical developments, the fundamental case for listed infrastructure remains compelling and the Portfolio Management team remains excited by the prospects for future shareholder returns. The scale and breadth of the investment universe, featuring a significant number of attractive, liquid securities, will also allow the Portfolio Manager to continue to deliver on the strategy for shareholders as the Company grows in the future.

Jean-Hugues de Lamaze

Portfolio Manager

RWC Asset Management LLP (Redwheel)

2 June 2026

Interim Management Report

The principal and emerging risks and uncertainties that could have a material impact on the Company's performance are set out on pages 17 to 19 of the Company's 2025 Annual Report.

During the first six months of the current financial year, no transactions with related parties have taken place which have materially affected the financial position or the performance of the Company.

The directors consider that the Chair's Statement and the Investment Manager's Report, 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 2026 and satisfy the requirements of Disclosure Guidance and Transparency Rules 4.2.3 to 4.2.11 of the Financial Conduct Authority.

The Half-Year Report has not been reviewed or audited by the Company's Auditor.

Directors' Responsibility Statement

The directors listed on page 22 of the Half-Year 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 2026 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 Half-Year Report contains certain forward-looking statements. These statements are made by the directors in good faith based on the information available to them up to the date of this report and such statements should be treated with caution due to the inherent uncertainties, including both economic and business risk factors, underlying any such forward-looking information.

This Half-Year Report was approved by the Board on 2 June 2026 and the Directors' Responsibility Statement was signed on its behalf by:

Susannah Nicklin

Chair

2 June 2026

Condensed Income Statement

The total column of the Condensed 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 Association of Investment Companies ("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 2026 or 31 March 2025.

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.

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

Condensed Statement of Financial Position

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

Condensed Statement of Changes in Equity

^{1.         These reserves are available for distribution as dividend to shareholders. As the Company's investments are highly liquid, the cumulative unrealised gains from fair value movement amounting to £63,980,000 (31 March 2025: 33,781,000) is considered readily realisable and therefore distributable.}

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

Condensed Statement of Cash Flows

^{1.         As the Company does not hold cash, foreign currency translation differences are now reflected within the movement in prime brokerage borrowings. This is a presentational change only and does not impact the opening or closing balance.}

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

Notes to the Condensed Financial Statements

For the six months ended 31 March 2026

1. 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.

The Condensed Financial Statements have been prepared using the same accounting policies as the preceding annual Financial Statements, which were prepared in accordance with Financial Reporting Standard 102.

The financial information contained in this Half-Year 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 2026 and 31 March 2025 has not been audited.

The information for the year ended 30 September 2025 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.

2. Income

The Company received no special dividends during the six months ended 31 March 2026 or the six months ended 31 March 2025.

3. Return per ordinary share

4. Ordinary share capital

At 31 March 2026 there were 114,920,697 ordinary shares of 1p each in issue of which 21,739,781 were held in treasury (with no voting rights). (31 March 2025: 114,920,697 of which 8,192,421 were held in. During the half-year ended 31 March 2026, 11,265,484 were bought back to treasury at a total cost of £27,004,000 (31 March 2025: 2,992,692 were bought back to treasury at a total cost of £5,698,000).

Since 31 March 2026, the Company has bought back a further 3,424,763 ordinary shares in to treasury at a cost of £8.8 million and, following its shares beginning to trade at a premium to NAV, from 21 April 2026 to 29 May 2026 has issued 2,076,940 ordinary shares from treasury.

5. NAV per ordinary share

6. Dividends paid

A second interim dividend for 2026 of 2.25p was declared on 23 April 2026 and paid on 29 May 2026 to shareholders on the register on 1 May 2026. The ex-dividend date was 30 April 2026.

7. 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:

The Company's investments in equities are actively traded on recognised stock exchanges and therefore recognised as Level 1 financial assets and their fair value has been determined by reference to the quoted bid prices at the reporting date. There have been no transfers of financial assets between fair value levels.

- ENDS -

A copy of the Half-Year 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 Half-Year Report will also shortly be available on the Company's website at www.eglplc.com where up to date information on the Company, including daily NAV and share prices, factsheets, webinars and portfolio information can also be found.

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: [email protected]
Tel: 0203 008 4910

Investment Manager
RWC Asset Management LLP
Email: [email protected]
Tel: 0207 227 6000

PR

Montfort Communications

Gay Collins/Charlotte Merlin-Jones

Email: [email protected]

Tel: 07798626282