UTILICO EMERGING MARKETS TRUST PLC - Annual Results

Utilico Emerging Markets Trust PLC (UEM) reported a strong annual performance, with NAV growth of 25% and a long-term compound NAV total return of 9.5%, supported by a progressive dividend policy and a 3.4% dividend yield. The investor update highlights UEM’s differentiated strategy as an actively managed, benchmark-agnostic closed-end fund focused on listed infrastructure and utility assets across emerging markets. The portfolio benefits from structural growth drivers including urbanisation, rising middle-class consumption, digitalisation, energy transition and global trade expansion. Key holdings delivered robust operating results, with top investments achieving double-digit compound revenue growth and EBITDA expansion, reflecting strong pricing power, resilient cash flows and disciplined management execution. UEM maintains significant exposure to social infrastructure, renewable energy, digital infrastructure and logistics, while remaining underweight technology hardware despite AI-driven market trends. Management emphasised the portfolio’s attractive valuation, defensive characteristics, high active share, and essential-service assets that generate sustainable earnings through economic cycles. With over 80% of holdings paying dividends, substantial revenue reserves, and continued opportunities in emerging markets, UEM believes it is well positioned to deliver long-term shareholder value, dividend growth and resilient company performance.