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Half-year Financial Report

27th Feb 2026 07:00

RNS Number : 5947U

City of London Investment Trust PLC

27 February 2026

LEGAL ENTITY IDENTIFIER: 213800F3NOTF47H6AO55

THE CITY OF LONDON INVESTMENT TRUST PLC

Unaudited Results for the Half Year Ended 31 December 2025

This announcement contains regulated information

CHAIRMAN'S COMMENT

"City of London achieved an 11.9% net asset value total return during the six months, which was behind the FTSE All-Share Index (13.7%) but ahead of the AIC and the IA UK Equity Income sector averages (respectively 7.8% and 8.6%). Earnings per share increased by 5.5% compared with the same period in 2024."

INVESTMENT OBJECTIVE

The Company's objective is to provide long-term growth in income and capital, principally by investment in equities listed on the London Stock Exchange. The Board fully recognises the importance of dividend income to shareholders.

PERFORMANCE

	As at31 December 2025	As at30 June 2025
Net asset value ("NAV") per ordinary share	518.3p	472.5p
Premium	1.9%	3.2%
NAV per ordinary share (debt at fair value)	523.7p	478.1p
Premium (debt at fair value)1	0.8%	2.0%
Ordinary share price	528.0p	487.5p
Gearing (debt at par value)	5.9%	5.3%

	Six months to31 December 2025	Six months to31 December 2024
Dividends per share	10.8p	10.5p

Dividend yields		As at31 December 2025		As at30 June 2025
The City of London Investment Trust plc		4.1%		4.4%
FTSE All-Share Index (Benchmark)		3.2%		3.5%
AIC UK Equity Income sector		4.3%		4.1%
IA UK Equity Income OEIC sector		4.0%		4.1%

Total return performance to 31 December 2025	6 months %	1 year %	3 years%	5 years%	10 years%
NAV2	11.9	27.2	51.0	90.6	121.0
Share price3	10.6	28.1	48.6	81.6	117.6
FTSE All-Share Index (Benchmark)	13.7	24.0	46.5	73.9	123.4
AIC UK Equity Income sector4	7.8	18.3	39.2	62.7	111.8
IA UK Equity Income OEIC sector5	8.6	18.4	37.7	59.4	85.3

Sources: Morningstar Direct, Janus Henderson, LSEG Datastream

1 Calculated using the NAV and mid-market share price at the period end

2 Net asset value ("NAV") per ordinary share total return with debt at fair value (including dividends reinvested)

3 Share price total return using mid-market closing price

4 AIC UK Equity Income sector size-weighted average NAV total return (shareholders' funds)

5 The Investment Association ("IA") peer group average is based on mid-day NAV whereas the returns of the investment trust are calculated using close of business NAV

INTERIM MANAGEMENT REPORT

CHAIRMAN'S STATEMENT

City of London achieved an 11.9% net asset value total return during the six months, which was behind the FTSE All-Share Index (13.7%), but ahead of the AIC and IA UK Equity Income sector averages (respectively 7.8% and 8.6%). Earnings per share increased by 5.5% compared with the same period in 2024.

The Markets

UK GDP growth slowed, with consumer and business conﬁdence adversely affected by leaks and speculation ahead of the November Budget. The tax rises announced alleviated some of the concerns about the UK's ﬁscal position. The Bank of England lowered the base rate to 3.75%, through two cuts each of 25 basis points, with consumer price inﬂation declining but still above the Bank's 2% target. In the US, GDP growth remained robust, helped by the loose ﬁscal policy and productivity gains attributed to the substantial investment in artiﬁcial intelligence. The Federal Reserve made three cuts in interest rates to 3.75%, reﬂecting concerns about the softening labour market. In Europe, GDP growth was sluggish, with Germany only narrowly avoiding a technical recession. The European Central Bank maintained its key deposit rate at 2.0%.

The UK equity market returned 13.7%, as measured by the FTSE All-Share Index, with large companies outperforming. The mining sector was a notable outperformer reﬂecting the large gains in metals such as gold and copper. On the other hand, some companies that were expected to suffer from the adoption of artiﬁcial intelligence were notable underperformers.

Net Asset Value Total Return

City of London's net asset value total return was 11.9%, which was behind the FTSE All-Share Index (13.7%) but ahead of the sector averages of the AIC UK Equity Income (7.8%) and the IA UK Equity Income OEIC (8.6%). The biggest sector detractor relative to performance against the FTSE All-Share Index was being underweight mining. The biggest relative stock positive contributors arose from not holding London Stock Exchange and Experian, whose proﬁts were considered to be vulnerable to artiﬁcial intelligence. The holding in NatWest was the next biggest stock contributor. The biggest stock detractor was the underweight position in AstraZeneca, followed by the holding in BAE Systems.

Earnings and Dividends

Earnings per share increased by 5.5%, from 8.39p to 8.85p, compared with the same period last year. The banking sector was the biggest contributor to dividend growth in the portfolio.

The Board continues to control expenses tightly. City of London's ongoing charge, which includes the investment management fee and other administrative non-interest expenses as a percentage of shareholder funds, is expected to remain around 0.36% during this ﬁnancial year. This is low compared with almost all other investment trusts and (non-tracker) managed equity investment products.

City of London has declared two interim dividends to date, each of 5.40p, in respect of this ﬁnancial year. The Company's diverse portfolio, strong cash ﬂow and revenue reserve give the Board conﬁdence that, in line with its objective to provide long-term income and capital growth, it will be able to increase the total annual dividend for the 60th consecutive year. The level of quarterly dividend will be reviewed by the Board before the third interim dividend is declared in April 2026.

Share Capital

The Board's stated policy is to issue and buy back shares within a narrow band relative to net asset value. During the six-month period, the Company issued the remaining 9,147,762 shares that had been held in Treasury at the year end, at a small premium, for proceeds of £46.4 million and a further 1,542,238 new shares were issued for proceeds of £8.1 million.

Portfolio Changes

New holdings were bought in Big Yellow, the self-storage Real Estate Investment Trust; ICG, the alternative asset manager that operates in private markets; and Rightmove, the UK's dominant online property portal. Complete sales were made of Anglo American, the miner; Dowlais, the automotive components manufacturer in the process of being taken over by American Axle; Hays, the recruitment company; and XP Power, which makes electrical power components. Signiﬁcant additions were made to Unilever, the global consumer products company, while the holding in SSE, the UK energy utility, was reduced.

Outlook

Dramatic policy announcements from the US President have continued to challenge the post-Second World War political and economic order. Although some of the President's unsettling proposals have been moderated after negotiation with other countries, the erosion of conﬁdence in US ﬁscal, trade and security policies has been reﬂected by a fall in the value of the US dollar and the rise in the price of gold. In addition, other stock markets have beneﬁted as investors have moved to diversify portfolios away from a heavy concentration on US equities.

The outlook for US economic growth, despite the uncertainties generated from the White House, remains positive as a result of expected productivity gains from artificial intelligence. It should be noted, however, that the scale of its ﬁscal stimulus would not be sustainable at an equivalent level in most other countries and the prospect of Presidential interference with the independence of the Federal Reserve represents a serious concern.

UK growth is likely to be more pedestrian, despite healthy corporate balance sheets and a high personal savings ratio. The Bank of England has scope to make further cuts in interest rates, although the continuing upward pressure on wages is likely to be a restraining factor.

UK equities performed well in 2025, with their relatively cheap values attracting global investors, including takeover bids from overseas companies and private equity ﬁrms. 2026 has started with takeover approaches for two FTSE 100 companies held in the portfolio: Beazley, the specialist insurer, from Zurich Insurance; and Schroders, the asset manager, from Nuveen of the US. The Board considers that UK equities continue to offer good value, with attractive dividend yields compared to opportunities in other stock markets.

Sir Laurie Magnus CBE

Chairman

26 February 2026

FORTY LARGEST INVESTMENTS

Company	Market value 31 December 2025 £'000	Company	Market value 31 December 2025 £'000
HSBC	157,155	Legal & General	52,360
Shell	117,799	British Land	51,734
NatWest	115,695	Land Securities	51,585
British American Tobacco	111,565	Reckitt Benckiser	39,313
Unilever	101,499	Diageo	36,881
BAE Systems	94,270	Munich Re	35,445
Lloyds Banking	92,346	Severn Trent	33,468
AstraZeneca	91,001	St. James's Place	31,151
Imperial Brands	89,643	Schroders	30,118
Tesco	87,476	Glencore	26,423
RELX	77,129	TotalEnergies	25,479
Barclays	76,850	SSE	24,514
M&G	74,464	Novartis	23,656
Rio Tinto	71,317	BT	22,741
Aviva	63,991	Beazley	20,800
Phoenix	63,707	Segro	20,742
GSK	63,128	Swire Pacific	20,346
National Grid	57,075	Deutsche Telekom	20,012
BP	54,527	Big Yellow	19,575
IG	52,600	Persimmon	19,419

These investments total £2,318,999,000 or 83.8% of the portfolio.
Convertibles and all classes of equity in any one company are treated as one investment.

SECTOR EXPOSURE

As a percentage of the investment portfolio excluding cash

	%
Financials	35.1
Consumer Staples	18.6
Industrials	8.2
Health Care	8.1
Energy	7.3
Real Estate	5.5
Utilities	4.8
Basic Materials	4.2
Technology	3.5
Telecommunications	2.5
Consumer Discretionary	2.2
Total	100.0

Source: Janus Henderson

SECTOR BREAKDOWN OF INVESTMENTS

	Valuation 31 December 2025 £'000			Valuation 31 December 2025 £'000

ENERGY		Industrial Support Services
Oil and Gas		Inchcape		11,912
Shell	117,799	PayPoint		11,115
BP	54,527			23,027
TotalEnergies1	25,479	Total Industrials		227,488
Harbour Energy	3,539
	201,344	CONSUMER STAPLES
Total Energy	201,344	Beverages
		Diageo		36,881
BASIC MATERIALS		Coca-Cola1		11,436
Chemicals				48,317
Johnson Matthey	13,206
Victrex	4,912	Food Producers
	18,118	Nestlé1		18,843
		Tate & Lyle		9,927
Industrial Metals and Mining		Hilton Food		8,048
Rio Tinto	71,317			36,818
Glencore	26,423
	97,740	Personal Care, Drug and Grocery Stores
Total Basic Materials	115,858	Personal Care, Drug and Grocery Stores
		Unilever		101,499
INDUSTRIALS		Tesco		87,476
Aerospace and Defence		Reckitt Benckiser		39,313
BAE Systems	94,270			228,288
	94,270
		Tobacco
Construction and Materials		British American Tobacco		111,565
Ibstock	11,447	Imperial Brands		89,643
Marshalls	6,140			201,208
	17,587	Total Consumer Staples		514,631

Electronic and Electrical Equipment		HEALTH CARE
Electronic and Electrical Equipment		Medical Equipment and Services
IMI	18,038	Medical Equipment and Services
Morgan Advanced Materials	9,047	Smith & Nephew		15,723
Rotork	6,504			15,723
	33,589
		Pharmaceuticals and Biotechnology
General Industrials		Pharmaceuticals and Biotechnology
Swire Pacific1	20,346	AstraZeneca		91,001
Smiths	18,800	GSK	63,128
Mondi	9,354	Novartis1		23,656
	48,500	Johnson & Johnson1		16,001
		Merck1		14,088
Industrial Engineering				207,874
Vesuvius	10,515	Total Health Care		223,597
	10,515

		Valuation 31 December 2025 £'000			Valuation 31 December 2025 £'000

CONSUMER DISCRETIONARY			Investment Banking and
Retailers			Brokerage Services
Kingfisher		16,875	M&G		74,464
Halfords		4,569	IG		52,600
		21,444	St. James's Place		31,151
			Schroders		30,118
Household Goods and Home Construction			Rathbones		17,352
			TP ICAP		15,022
Persimmon		19,419	3i		12,396
Taylor Wimpey		13,814	ICG		8,216
		33,233		241,319

Travel and Leisure			Life Insurance
Young & Co's Brewery		5,166	Aviva		63,991
	5,166		Phoenix		63,707
Total Consumer Discretionary		59,843	Legal & General		52,360
			Prudential		13,734
TELECOMMUNICATIONS					193,792
Telecommunications Service
Providers			Non-life Insurance
BT		22,741	Munich Re1		35,445
Deutsche Telekom1		20,012	Beazley		20,800
Vodafone		15,821	Hiscox		12,095
Verizon Communications1		12,119	Admiral		11,592
		70,693	Sabre Insurance		6,175
Total Telecommunications		70,693			86,107
			Total Financials		971,771
UTILITIES
Electricity			REAL ESTATE
SSE		24,514	Real Estate Investment Trusts
		24,514
			British Land		51,734
Gas, Water and Multi-utilities			Land Securities		51,585
National Grid		57,075	Segro		20,742
Severn Trent		33,468	Big Yellow		19,575
United Utilities		17,611			143,636
		108,154
Total Utilities		132,668	Real Estate Investment and
			Services
FINANCIALS			Rightmove		9,089
Banks					9,089
HSBC		157,155	Total Real Estate		152,725
NatWest		115,695
Lloyds Banking		92,346	TECHNOLOGY
Barclays		76,850	Software and Computer
Nationwide Building Society			Services
10.25% Var Perp CCDS		8,507	RELX		77,129
		450,553	Sage		18,502
					95,631
			Total Technology		95,631

			TOTAL INVESTMENTS		2,766,249

			UK investments		2,568,824
			Overseas investments		197,425
			TOTAL INVESTMENTS		2,766,249

1 Overseas listed

All classes of equity in any one company are treated as one investment.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks and uncertainties associated with the Company's business can be divided into the following main areas:

· Portfolio and market price

· Dividend income

· Investment activity, gearing and performance

· Tax and regulatory

· Operational

Information on these risks and how they are managed is given in the Annual Report for the year ended 30 June 2025. In the view of the Board, these principal risks and uncertainties at the year end remain and are as applicable to the remaining six months of the financial year as they were to the six months under review.

DIRECTORS' RESPONSIBILITY STATEMENT

The Directors confirm that, to the best of their knowledge:

•

the unaudited condensed set of financial statements has been prepared in accordance with FRS 104 "Interim Financial Reporting".

•

the Interim Management Report includes a fair review of the information required by Disclosure Guidance and Transparency Rule 4.2.7R (indication of important events during the first six months and description of the principal risks and uncertainties for the remaining six months of the year); and

•

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

On behalf of the Board

Sir Laurie Magnus CBE

Chairman

26 February 2026

INCOME STATEMENT

	(Unaudited) Half-year ended 31 December 2025			(Unaudited) Half-year ended 31 December 2024			(Audited) Year ended 30 June 2025
	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000	Revenue return £'000	Capital return £'000	Total £'000

Gains on investments held at fair value through profit or loss	-	240,685	240,685	-	18,690	18,690	-	244,522	244,522
Income from investments held at fair value through profit or loss	46,999	-	46,999	44,017	-	44,017	112,223	-	112,223
Other interest receivable and similar income	75	-	75	111	-	111	242	-	242

Gross revenue and capital gains	47,074	240,685	287,759	44,128	18,690	62,818	112,465	244,522	356,987

Management fee	(1,152)	(2,687)	(3,839)	(969)	(2,261)	(3,230)	(2,006)	(4,680)	(6,686)
Other administrative expenses	(630)	-	(630)	(591)	-	(591)	(1,228)	-	(1,228)

Net return before finance costs and taxation	45,292	237,998	283,290	42,568	16,429	58,997	109,231	239,842	349,073

Finance costs	(810)	(1,706)	(2,516)	(925)	(1,976)	(2,901)	(1,954)	(4,191)	(6,145)

Net return before taxation	44,482	236,292	280,774	41,643	14,453	56,096	107,277	235,651	342,928

Taxation	(145)	-	(145)	(161)	-	(161)	(812)	-	(812)

Net return after taxation	44,337	236,292	280,629	41,482	14,453	55,935	106,465	235,651	342,116

Return per ordinary share (note 2)	8.85p	47.15p	56.00p	8.39p	2.93p	11.32p	21.57p	47.74p	69.31p

The total columns of this statement represent the Company's Income Statement, prepared in accordance with FRS 104. The revenue and capital columns are supplementary to this and are published under guidance from The Association of Investment Companies.

The Company has no recognised gains or losses other than those disclosed in the Income Statement and Statement of Changes in Equity. All items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.

The accompanying notes are an integral part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

Half-year ended 31 December 2025 (unaudited)	Called-up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000

At 1 July 2025	125,666	1,073,479	2,707	1,081,493	48,694	2,332,039
Net return on ordinary activities after taxation	-	-	-	236,292	44,337	280,629
Sale of 9,147,762 ordinary shares from treasury	-	8,079	-	38,277	-	46,356
Issue of 1,542,238 new ordinary shares	386	7,713	-	-	-	8,099
Dividends paid	-	-	-	-	(53,668)	(53,668)
At 31 December 2025	126,052	1,089,271	2,707	1,356,062	39,363	2,613,455


Half-year ended 31 December 2024 (unaudited)	Called-up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000

At 1 July 2024	125,666	1,072,624	2,707	849,910	46,621	2,097,528
Net return on ordinary activities after taxation	-	-	-	14,453	41,482	55,935
Buyback of 28,278 ordinary shares for treasury	-	-	-	(119)	-	(119)
Dividends paid	-	-	-	-	(51,905)	(51,905)
At 31 December 2024	125,666	1,072,624	2,707	864,244	36,198	2,101,439


Year ended 30 June 2025 (audited)	Called-up share capital £'000	Share premium account £'000	Capital redemption reserve £'000	Other capital reserves £'000	Revenue reserve £'000	Total £'000

At 1 July 2024	125,666	1,072,624	2,707	849,910	46,621	2,097,528
Net return after taxation	-	-	-	235,651	106,465	342,116
Buyback of 2,530,895 ordinary shares for treasury	-	-	-	(11,154)	-	(11,154)
Sale of 1,685,000 ordinary shares from treasury	-	855	-	7,086	-	7,941
Dividends paid	-	-	-	-	(104,392)	(104,392)
At 30 June 2025	125,666	1,073,479	2,707	1,081,493	48,694	2,332,039

The accompanying notes are an integral part of these financial statements.

STATEMENT OF FINANCIAL POSITION

	(Unaudited) 31 December 2025 £'000	(Unaudited) 31 December 2024 £'000	(Audited) 30 June 2025 £'000

Investments held at fair value through profit or loss (note 3)
Listed at market value	2,766,249	2,260,571	2,455,528
Investment in subsidiary undertakings	347	347	347
	2,766,596	2,260,918	2,455,875

Current assets
Debtors	11,093	8,892	14,443
	11,093	8,892	14,443

Creditors: amounts falling due within one year	(48,480)	(52,670)	(22,552)

Net current liabilities	(37,387)	(43,778)	(8,109)

Total assets less current liabilities	2,729,209	2,217,140	2,447,766

Creditors: amounts falling due after more than one year	(115,754)	(115,701)	(115,727)

Net assets	2,613,455	2,101,439	2,332,039

Capital and reserves
Called-up share capital (note 4)	126,052	125,666	125,666
Share premium account	1,089,271	1,072,624	1,073,479
Capital redemption reserve	2,707	2,707	2,707
Other capital reserves (note 5)	1,356,062	864,244	1,081,493
Revenue reserve	39,363	36,198	48,694

Equity shareholders' funds	2,613,455	2,101,439	2,332,039

NAV per ordinary share - basic and diluted (note 6)	518.33p	425.10p	472.53p

The accompanying notes are an integral part of these financial statements.

NOTES

1.	Accounting Policy - Basis of Preparation
	The condensed set of financial statements has been prepared in accordance with FRS 104, Interim Financial Reporting, FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland and the Statement of Recommended Practice for "Financial Statements of Investment Trust Companies and Venture Capital Trusts", issued in July 2022. For the period under review, the Company's accounting policies have not varied from those described in the Annual Report for the year ended 30 June 2025. These financial statements have been neither audited nor reviewed by the Company's auditors. As an investment fund, the Company has the option, which it has taken, not to present a cash flow statement. A cash flow statement is not required when an investment fund meets all the following conditions: substantially all of the entity's investments are highly liquid and are carried at market value; and where a statement of changes in equity is provided.
2.	Return per Ordinary Share
			(Unaudited) Half-year ended 31 December 2025 £'000		(Unaudited) Half-year ended 31 December 2024 £'000		(Audited) Year ended 30 June 2025 £'000
	The return per ordinary share is based on the following figures:
	Revenue return		44,337		41,482		106,465
	Capital return		236,292		14,453		235,651

	Total		280,629		55,935		342,116

	Weighted average number of ordinary shares in issue for each period		501,124,928		494,334,723		493,599,088

	Revenue return per ordinary share		8.85p		8.39p		21.57p
	Capital return per ordinary share		47.15p		2.93p		47.74p

	Total return per ordinary share		56.00p		11.32p		69.31p

	The Company does not have any dilutive securities, therefore, the basic and diluted returns per share are the same.
3.	Financial Instruments
	The financial assets and financial liabilities are either carried in the Statement of Financial Position at their fair value or the Statement of Financial Position amount is a reasonable approximation of fair value (debtors and creditors falling due within one year).

	The table below sets out fair value measurements of the investments using the FRS 102 fair value hierarchy.
	Financial assets at fair value through profit or loss at 31 December 2025
		Level 1		Level 2		Level 3		Total
		£'000		£'000		£'000		£'000
	Equity investments	2,766,249		-		347		2,766,596
	Total	2,766,249		-		347		2,766,596

	Financial assets at fair value through profit or loss at 31 December 2024
		Level 1		Level 2		Level 3		Total
		£'000		£'000		£'000		£'000
	Equity investments	2,136,162		-		347		2,136,509
	Total	2,136,162		-		347		2,136,509

	Financial assets at fair value through profit or loss at 30 June 2025
		Level 1		Level 2		Level 3		Total
		£'000		£'000		£'000		£'000
	Equity investments	2,455,528		-		347		2,455,875
	Total	2,455,528		-		347		2,455,875

	Financial liabilities The secured notes, preference stocks and preferred ordinary stock are carried in the Statement of Financial Position at par. At 31 December 2025, the aggregate fair value of the preferred and preference stock was £2,635,000 (31 December 2024: £2,635,000; 30 June 2025: £2,635,000). At 31 December 2025, the fair value of the secured notes was estimated to be £86,190,000 (31 December 2024: £84,840,000; 30 June 2025: £85,446,000). The fair value of the secured notes is calculated using a discount rate which reflects the yield on a UK gilt of similar maturity plus a suitable credit spread. The preference stocks and preferred ordinary stock are categorised as Level 1 in the fair value hierarchy. The secured notes are categorised as Level 3 in the fair value hierarchy.
	Fair value hierarchy categories Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset as follows: Level 1: The 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 valuation techniques used by the Company are explained in the accounting policies in note 1 in the Company's Annual Report for the year ended 30 June 2025.

4.	Share Capital
	During the half-year ended 31 December 2025, 9,147,762 ordinary shares were issued from treasury for total proceeds of £46,356,000, and 1,542,238 new ordinary shares were issued for total proceeds of £8,099,000 (half-year ended 31 December 2024: 28,278 ordinary shares were bought back into treasury for a net payment of £119,000; year ended 30 June 2025: 1,685,000 ordinary shares issued from treasury for total proceeds of £7,941,000 and 2,530,895 ordinary shares were bought back into treasury for a net payment of £11,154,000). The number of ordinary shares in issue (excluding shares held in treasury) at 31 December 2025 was 504,207,106 (31 December 2024: 494,334,723; 30 June 2025: 493,517,106). There were no shares in treasury at 31 December 2025 (31 December 2024: 8,330,145 and 30 June 2025: 9,147,762). Since 31 December 2025 to 24 February 2026, a further 3,755,000 new ordinary shares have been issued.
5.	Reserves
	At 31 December 2025, the Company's revenue reserve was £39,363,000 (31 December 2024: £36,198,000; 30 June 2025: £48,694,000), and the capital reserve arising on investments sold was £430,385,000 (31 December 2024: £378,509,000; 30 June 2025: £398,422,000). Both reserves are distributable. The capital reserve arising on revaluation of investments held was £925,677,000 (31 December 2024: £485,735,000; 30 June 2025: £683,071,000) and is not distributable.
6.	Net Asset Value ("NAV") per Ordinary Share - basic and diluted
	The NAV per ordinary share is based on the net assets attributable to the ordinary shares of £2,613,455,000 (31 December 2024: £2,101,439,000; 30 June 2025: £2,332,039,000) and on 504,207,106 ordinary shares (excluding shares held in treasury) (31 December 2024: 494,334,723; 30 June 2025: 493,517,106) being the number of ordinary shares at the period end.

7.	Transaction Costs
	Purchase transaction costs for the half-year ended 31 December 2025 were £678,000 (half-year ended 31 December 2024: £508,000; year ended 30 June 2025: £845,000). These comprise mainly stamp duty and commissions. Sale transaction costs for the half-year ended 31 December 2025 were £24,000 (half-year ended 31 December 2024: £42,000; year ended 30 June 2025: £65,000).
8.	Dividends
	A first interim dividend of 5.40p per ordinary share was paid on 28 November 2025. The second interim dividend of 5.40p per ordinary share (declared on 4 December 2025) will be paid on 27 February 2026 to shareholders on the register on 23 January 2026. The Company's shares were quoted ex-dividend on 22 January 2026.
9.	Related-Party Transactions
	The Company's transactions with related parties during the period were with its Directors and Janus Henderson. There have been no material transactions between the Company and its Directors during the period other than the amounts paid to them in respect of Directors' remuneration. In relation to the provision of services by Janus Henderson, other than fees payable by the Company in the ordinary course of business and the provision of marketing services, there have been no material transactions with Janus Henderson affecting the financial position of the Company during the period under review.
10.	Going Concern
	The assets of the Company consist of securities that are readily realisable. The Directors have also considered the current geopolitical and macroeconomic uncertainties and the potential for sudden catastrophic events such as pandemics, conflict and climate events, including cash flow forecasting, a review of covenant compliance, including the headroom above the most restrictive covenants, and an assessment of the liquidity of the portfolio. They have concluded that the Company is able to meet its financial obligations, including the repayment of the bank overdraft, as they fall due for a period of at least twelve months from the date of approval of the financial statements. Having assessed these factors and the principal risks, the Board has determined that it is appropriate for the financial statements to be prepared on a going concern basis.
11.	Comparative Information
	The financial information contained in this half-year report does not constitute statutory accounts as defined in s434 Companies Act 2006. The figures and financial information for the year ended 30 June 2025 are extracted from the latest published accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditor, which was unqualified and did not include a statement under either s498(2) or s498(3) Companies Act 2006.
13.	General Information Company Status
	The City of London Investment Trust plc is a UK domiciled investment trust company.
	ISIN / SEDOL for ordinary shares: GB0001990497 / 0199049 London Stock Exchange (TIDM) Code: CTY
	Global Intermediary Identification Number (GIIN): S55HF7.99999.SL.826
	Legal Entity Identifier (LEI): 213800F3NOTF47H6AO55
	Company Registration Number: 00034871

	Registered Office
	201 Bishopsgate, London EC2M 3AE
	Directors and Secretary
	The Directors of the Company are Sir Laurie Magnus CBE (Chairman), Sally Lake (Chair of the Audit and Risk Committee), Clare Wardle (Senior Independent Director), Robert Edward (Ted) Holmes and Ominder Dhillon.
	The Corporate Secretary is Janus Henderson Secretarial Services UK Limited, represented by Sally Porter, ACG.
	Website
	Details of the Company's share price and NAV, together with general information about the Company, monthly factsheets and data, copies of announcements, reports and details of general meetings can be found at www.cityinvestmenttrust.com.

Half-Year Report

The Half-Year Report for the six months ended 31 December 2025 will shortly be available on the Company's website at www.cityinvestmenttrust.com. An abridged extract from the Half-Year Report, the 'Update', will also be available shortly on the Company's website and copies will be sent to shareholders in early March 2026. Both documents will also be available from the Corporate Secretary at the Company's registered office, 201 Bishopsgate, London, EC2M 3AE. The Update will be submitted to the National Storage Mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

For further information please contact:

Job Curtis

Fund Manager

The City of London Investment Trust plc

Telephone: 020 7818 4367

Dan Howe

Head of Investment Trusts

Janus Henderson Investors

Telephone: 020 7818 1818

Harriet Hall

PR Director, Investment Trusts

Janus Henderson Investors

Telephone: 020 7818 2919

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) are incorporated into, or form part of, this announcement.

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END

IR SEMFMMEMSEDE

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