Half-year Financial Report

LONDON STOCK EXCHANGE ANNOUNCEMENT

JPMORGAN EMERGING MARKETS GROWTH & INCOME PLC

HALF YEAR REPORT & FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 31ST DECEMBER 2025

Legal Entity Identifier: 5493001VPQDYH1SSSR77

Information disclosed in accordance with the DTR 4.1.3

Highlights:

JPMorgan Emerging Markets Growth & Income plc (JMGI or the 'Company') announces its half year results for the 6-months ended 31st Dec 2025.

· JMGI achieved a share price total return of +21.1% for the six months, with the NAV total return at +20.5% compared with +18.1% for the MSCI Emerging Markets Index total return (the Benchmark).

· For the ten years ended 31 December 2025, the share price total return was +194.5% and the NAV total return was +179.4%, both ahead of the Benchmark's +145.9%.

· 4% enhanced dividend implemented and a second interim dividend of 1.261p per share declared in respect of the period.

· The discount to NAV narrowed from 8.2% at 30 June 2025 to 7.8% at period end.

· During the half year, JMGI repurchased 39,551,550 shares (3.9% of opening share capital less shares in Treasury) at an average discount of 8.8%, at a total cost of £49.8 million.

· Ongoing charges ratio remains highly competitive at 0.80% (0.79% at FY 30 June 2025).

Aidan Lisser, the Chair of JMGI, commented:

"There are grounds to be encouraged by the prospects for emerging markets and several factors support a continuing positive outlook in 2026. In that context, the companies held in your portfolio offer a combination of demonstrable competitive advantages, attractive valuations, strong balance sheets and good cash generation - attributes that should enable them to take advantage of economic opportunity, whilst having the resilience to withstand volatility and uncertainty.

We will continue to stay true to our simple investment philosophy - to find great investment opportunities in emerging markets and hold them for as long as possible."

Portfolio Managers Austin Forey and John Citron, commented:

 "At the moment there is more positive sentiment towards emerging markets than there has been for a long time, which is welcome. However, enthusiasm also requires caution, and the greater the enthusiasm the greater the caution needed; we know from experience that cycles work in both directions, and that it is very rarely 'different this time'. Fortunately, as the last six months have shown, there are many diverse factors at work across emerging markets."

CHAIR'S STATEMENT

This is the first report to shareholders under our new name, JPMorgan Emerging Markets Growth & Income plc ('JMGI') and I am pleased to report good progress on a number of fronts.

A welcome resurgence in emerging markets

After a prolonged period of underperformance versus developed markets, 2025 marked a resurgence in emerging markets. This is for several reasons, including a period of weaker dollar performance and some re-allocation of investors' exposure to US equities. In addition, relative valuations are attractive, particularly versus the US. The recovery, which accelerated in April 2025 following US trade and tariff announcements, has continued into 2026. Over the first six months of our financial year, emerging markets equities delivered robust returns for investors, with the MSCI Emerging Markets Index (in sterling terms), rising 18.1%. The rally was led by companies in technology hardware (driven by the AI investment cycle), commodities, and precious metals. Latin American and Asian markets posted strong gains, supported by favourable currency movements and global capital rotation, despite ongoing geopolitical uncertainties. Taiwan and Korean markets performed particularly well, reflecting their significant technology exposure.

JMGI Outperforms Benchmark

For the half year to 31st December 2025, JMGI's Net Asset Value ('NAV') total return was +20.5%, materially outperforming our Benchmark by 2.4%. The portfolio performed especially strongly in the last quarter of 2025, with our financial and technology holdings making the largest contributions. The Share Price total return was +21.1%, 3.0% above our Benchmark. Since the half year end, JMGI's NAV has risen by 12.9%, matching the Benchmark's rise of the same amount at the time of writing.

Proactive Discount Management

During the period, the Company's shares traded at an average discount to NAV of 8.5%, and having started the period at a discount of 8.2%, ended the period at 7.8%. We repurchased 39,551,550 shares (3.9% of opening share capital less shares in Treasury ('OSC')) at an average discount of 8.7% and a cost of £49.8 million. Since the period end, a further 14,510,489 shares have been repurchased. Shares bought back are held in Treasury and will only be reissued at a premium to NAV.

Regular and consistent buybacks are a key part of our strategy to manage the discount between JMGI's share price and NAV per share. Buybacks are only conducted at a discount, which increases the NAV per share for remaining shareholders and helps reduce discount volatility. Our buyback strategy forms part of a broader framework that includes a focus on long-term performance, competitive fees, active marketing, three-yearly continuation votes, and a five-year performance-related conditional tender offer (to 30th June 2029). Together, these measures are designed to align the share price with the Company's portfolio value and support JMGI's long-term success.

Enhanced dividend policy now in place

At our AGM on 7th November 2025, shareholders approved the change of the Company's Articles of Association to enable distribution of capital as income, and the new enhanced dividend policy was implemented immediately thereafter. The Company was renamed JPMorgan Emerging Markets Growth & Income plc on 14th November 2025. JMGI now intends to pay annual dividends equal to 4% of NAV at the end of the preceding financial year, distributed in four equal quarterly instalments (November, February, May and August).

It is important to emphasise once again that this policy does not constrain our Portfolio Managers or alter JMGI's investment mandate or strategy. It is designed to broaden JMGI's appeal to investors seeking both capital growth and a reliable income, and makes use of the benefits of the investment trust vehicle.

The first and second quarterly dividends of 1.261 pence per share each were paid on 14th November 2025 and 13th February 2026 respectively, based on 1% of the 30th June 2025 NAV. The next quarterly dividend payment of the same amount will be made in mid-May 2026. Thereafter, 4% of 30th June 2026 NAV will be used to calculate the dividends for the following year and paid in equal quarterly instalments.

Shareholder Engagement

We continue to focus on engaging with existing shareholders and attracting new investors. Over the past year, we have increased our communication with individual investors, adding portfolio manager webinars and participating in the very well attended JPMorgan live event for private investors. We encourage shareholders to meet us and our Portfolio Managers in person at our AGM or join online.

The Company also maintains an active investor relations programme for wealth managers, institutions, and other professional investors. Shareholders can contact the Board via the Company Secretary at [email protected]

We encourage shareholders to visit our website www.jmgi.co.uk where we regularly post videos, insights and market commentary from our portfolio management team, as well as monthly performance and portfolio updates and sponsored research. Existing and potential shareholders can subscribe for regular email updates via our website, by visiting https://tinyurl.com/JMGI-Sign-Up.

Awards and Recommendations

We are pleased to report that the Company has continued to receive recognition in the second half of the year. Notably, JMGI was named Winner of the Emerging Markets Equity Active category at the AJ Bell Investment Awards 2025. The Company has also maintained a strong presence in the financial press, with ongoing coverage and recommendations from respected outlets including Interactive Investor, Investors Chronicle, MoneyWeek, and other well-established financial media, all highlighting JMGI as a valuable addition to investors' portfolios. We are proud to be featured once again in Hargreaves Lansdown's '5 Investment Trusts to Watch for 2026' and continue to be included in Interactive Investor's 'ii Super 60 investments' list.

Outlook

As I mentioned at the start of this report, there are grounds to be encouraged by the prospects for emerging markets and several factors support a continuing positive outlook in 2026. In that context, the companies held in your portfolio offer a combination of demonstrable competitive advantages, attractive valuations, strong balance sheets and good cash generation - attributes that should enable them to take advantage of economic opportunity, whilst having the resilience to withstand volatility and uncertainty. Meanwhile, as a Board we remain watchful and vigilant, cognisant of the turbulent environment that we are all experiencing at present. We will continue to stay true to our simple investment philosophy, as often expressed by Austin and John - to find great investment opportunities in emerging markets and hold them for as long as possible.

Aidan Lisser

Chair 25th February 2026

PORTFOLIO MANAGERS' REPORT

The first half of your company's financial year saw continued gains from emerging market equities; in the six months to the end of December the asset class rose 18% in sterling terms. Several factors contributed to this rise, including a weakening US dollar, an upswing in commodity prices, and above all a surge in technology stocks. Your portfolio managed to keep ahead of this buoyant market, thanks especially to its investments in a number of tech hardware producers, including TSMC, SK Hynix and Samsung Electronics. These and other similar companies are experiencing an unprecedented surge in demand for their products as a result of heavy investment in AI (artificial intelligence), leading to significant profit growth and upwards revisions of profit expectations. As noted in last year's interim report, these and other companies in Taiwan and Korea lead the world in their manufacturing capabilities in technology hardware and are an indispensable enabler of AI development. Your portfolio has had a meaningful exposure in this area for a long time, though during the last six months we have been reducing positions somewhat in response to significant share price appreciation.

The other pronounced recent trend in markets has been a big rise in certain commodity prices, including precious metals, though notably not oil. There are two different influences at work; some industrial metals like copper have appreciated strongly because of demand for electrification and computing investment; this is related to the trends seen in the technology industry. Gold has also risen strongly, but this is explained by its status as a currency that cannot be easily debased, and is in part the flip side of US dollar weakness. If technology hardware was the biggest positive driver of portfolio performance during the half year, our failure to own much in the materials space was the biggest detractor; we spent much of the last six months thinking that things in this sector had run too far, only to see them run a lot further.

It is always a challenge to distil six months into a few paragraphs, and it would be a mistake to think that only technology and commodities mattered; our stock selection in financials contributed positively even though two of our larger investments in the sector, HDFC Bank and Kotak, declined marginally during the period; their share prices reflected the fact that India missed out on the general rise in markets completely and was one of only three markets to register a negative return over the last six months. The performance of Indian banks serves as a reminder that banking is an overwhelmingly domestic industry in emerging markets, and banks in different countries can produce a wide variety of outcomes; our overweight position to financials should therefore be much more diversified than sectors based on exporting a common commodity around the world, whether that is oil or Dynamic Random Access Memory (DRAM) chips.

After some significant returns from the asset class, what of the outlook? At the moment there is more positive sentiment towards emerging markets than there has been for a long time, which is welcome. However, enthusiasm also requires caution, and the greater the enthusiasm the greater the caution needed; we know from experience that cycles work in both directions, and that it is very rarely 'different this time'. Fortunately, as the last six months have shown, there are many diverse factors at work across emerging markets. We may not have owned Latin American mining stocks, but bank stocks across the region have done well too. In Korea it was important to own the leading hardware producers, but a continued push for corporate reform helped stocks in many other sectors deliver good outcomes as well. Domestic demand in China may be weak, but its exports go from strength to strength and we have added to the portfolio's industrial investments there. These are just a few examples to make the point that, regardless of what is making headlines today, there is always opportunity somewhere, probably in the areas that are not being talked about so much. A consistent process and a well-resourced team, allied to an eye for the counter-cyclical and the overlooked, should stand us in good stead as we work to find opportunities and above all to create value for shareholders in the future.

Austin Forey

John Citron

Portfolio Managers 25th February 2026

INTERIM MANAGEMENT REPORT

The Company is required to make the following disclosures in its half year report:

Principal and Emerging Risks and Uncertainties

The principal and emerging risks and uncertainties faced by the Company have not materially changed from those reported in the Annual Report and Financial Statements for the year ended 30th June 2025 ('AFR') and fall into the following broad categories: political and economic; investment underperformance; strategy and business management; operational, counterparty and legal; and, corporate governance and shareholder relations. Information on each of these areas is given in the Business Review within the AFR.

The Board has also considered and kept under review emerging risks, including but not limited to the impact of higher long-term interest rates, climate change & ESG compliance, artificial intelligence, technological advances in asset management and a new world order. Details of these emerging risks are given in the Business Review within the AFR.

Related Parties Transactions

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.

Going Concern

The Directors believe, having considered the Company's investment objectives, risk management policies, capital management policies and procedures, nature of the portfolio and expenditure projections, that the Company has adequate resources, an appropriate financial structure and suitable management arrangements in place to continue in operational existence for the foreseeable future and more specifically, that there are no material uncertainties pertaining to the Company that would prevent its ability to continue in such operational existence for at least 12 months from the date of the approval of this half year financial report. For these reasons, they consider there is reasonable evidence to continue to adopt the going concern basis in preparing the accounts.

Directors' Responsibilities

The Board of Directors confirms that, to the best of its knowledge:

(i) the condensed set of financial statements contained within the half yearly financial report has been prepared in accordance with FRS 104 'Interim Financial Reporting' and gives a true and fair view of the state of affairs of the Company and of the assets, liabilities, financial position and net return of the Company, as at 31st December 2025 as required by the UK Listing Authority Disclosure and Transparency Rules 4.2.4R; and

(ii) the interim management report includes a fair review of the information required by 4.2.7R and 4.2.8R of the UK Listing Authority Disclosure and Transparency Rules.

In order to provide these confirmations, and in preparing these financial statements, the Directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting 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;

and the Directors confirm that they have done so.

For and on behalf of the Board

Aidan Lisser

Chair 25th February 2026

CONDENSED STATEMENT OF COMPREHENSIVE INCOME

 All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or

discontinued in the period.

The 'Total' column of this statement is the profit and loss account of the Company and the 'Revenue' and 'Capital' columns

represent supplementary information prepared under guidance issued by the Association of Investment Companies.

The Net return after taxation, represents the profit for the period and also the total comprehensive income.

CONDENSED STATEMENT OF CHANGES IN EQUITY

1 These reserves forms the distributable reserve of the Company and are used to fund distributions to shareholders by way of dividends.

CONDENSED STATEMENT OF FINANCIAL POSITION

1 Investment in the JPMorgan USD Liquidity Fund.

2 Provision relating to Indian capital gains tax liability.

CONDENSED STATEMENT OF CASH FLOWS

1 Relating to Indian Capital Gains Tax paid.

2 The term 'cash and cash equivalents' is used for the purposes of the Statement of Cash Flows, and represents Cash at bank and investment in the JPMorgan USD Liquidity Fund (shown as Current asset investments in the Condensed Statement of Financial Position).

NOTES TO THE CONDENSED FINANCIAL STATEMENTS

For the six months ended 31st December 2025

1. Financial statements

The information contained within the condensed financial statements in this half year report has not been audited or reviewed by the Company's auditors.

The figures and financial information for the year ended 30th June 2025 are extracted from the latest published financial statements of the Company and do not constitute statutory accounts for that year. Those financial statements have been delivered to the Registrar of Companies and including the report of the auditors which was unqualified and did not contain a statement under either section 498(2) or 498(3) of the Companies Act 2006.

2. Accounting policies

The financial statements have been prepared under the historical cost convention, modified to include fixed asset investments at fair value, and in accordance with the Companies Act 2006, United Kingdom Generally Accepted Accounting Practice ('UK GAAP'), including FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and with the Statement of Recommended Practice 'Financial Statements of Investment Trust Companies and Venture Capital Trusts' (the revised 'SORP') issued by the Association of Investment Companies in July 2022.

FRS 104, 'Interim Financial Reporting', issued by the Financial Reporting Council ('FRC') in March 2015 has been applied in preparing this condensed set of financial statements for the six months ended 31st December 2025.

All of the Company's operations are of a continuing nature.

The accounting policies applied to this condensed set of financial statements are consistent with those applied in the financial statements for the year ended 30th June 2025.

3. Return per ordinary share

4. Dividends paid

All dividends paid in the period have been funded from the revenue reserve.

A second interim dividend of 1.261p (2025: nil) per share amounting to £12,228,000 (2025: £nil), was declared payable in respect of the year ending 30th June 2026. This was paid on 13th February 2026 to shareholders on the register at the close of business on 16th January 2026. The ex-dividend date was 15th January 2026.

5. Net asset value per ordinary share

6. Fair valuation of instruments

The fair value hierarchy disclosures required by FRS 102 are given below:

1 Current asset investments in the JPMorgan USD Liquidity Fund.

2 Restated to include the Current assets investments in the JPMorgan USD Liquidity Fund.

3 The Level 3 investment relates to the Company's holding in the Russian stock Sberbank of Russia.

There have been no transfers between Levels 1, 2 or 3 during the period.

1 The Level 3 investment relates to the Company's holding in the Russian stock Sberbank of Russia.

As at 31st December 2025, the holding in the Russian stock Sberbank of Russia is written down to nil due to the prolonged conflict with Ukraine and the sanctions imposed on Russia since 25th February 2022.

7. Analysis of change in net cash

1 JPMorgan USD Liquidity Fund, a AAA rated money market fund which seeks to achieve a return in line with prevailing money market rates whilst aiming to preserve capital consistent with such rates and to maintain a high degree of liquidity.

JPMORGAN FUNDS LIMITED

25th February 2026

For further information, please contact:

Divya Amin

For and on behalf of JPMorgan Funds Limited

Telephone: 0800 20 40 20 or or +44 1268 44 44 70

E-mail: [email protected]

 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.

ENDS 

A copy of the half year will be 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 www.jmgi.co.uk where up to date information on the Company, including daily NAV and share prices, factsheets and portfolio information can also be found.