Publication of monthly factsheet

12 May 2026

UTILICO EMERGING MARKETS TRUST PLC

(LEI Number: 2138005TJMCWR2394O39)

Publication of monthly factsheet

The latest monthly factsheet for Utilico Emerging Markets Trust plc ("UEM" or the "Company") will shortly be available through the Company's website at:

https://www.uemtrust.co.uk/investor-relations/factsheet-archive

Monthly commentary

PERFORMANCE

UEM's NAV total return increased by 2.5% in April whilst the MSCI Emerging Markets total return GBP Index was up by 11.3% in April almost gaining back its March losses. UEM's portfolio is and will remain largely positioned in relatively defensive names with inflation protection and modest gearing therefore performance this month has been overshadowed by the strong rebound in AI euphoria driving the Korean and Taiwan markets. UEM's performance however has been significantly less volatile than the MSCI EM Index in recent months.

The US-Israeli strikes on Iran ("Operation Epic Fury") and retaliatory actions by Iran, largely paused from 8 April 2026 when a tentative ceasefire came into place. Progress on a possible peace agreement, leading to an early end to the conflict has been erratic. The Strait of Hormuz however remained largely closed with Iran continuing to threaten shipping and the US imposing its own blockade on Iran linked shipments.

Oil prices remained elevated, albeit ending the month slightly lower than they had been at the end of March. Supply concerns for oil derivatives including jet fuel and diesel remain, with many Asian countries imposing measures to conserve supplies. The timetable for a return for normalised shipping operations in the region remains a big unknown as are the full implications of an extended closure, which could particularly impact Asian and European economies.

Most central banks held interest rates in the period on inflationary concerns. Strong Q1 corporate earnings especially in the US technology sector, drove markets upwards in the second half of the month, with the NASDAQ composite rising 15.3% in the month and the S&P 500 Index gaining 10.4%.

There was a strong bounce back in semiconductor stocks, which helped drive Korea's KOSPI Index up by 30.6% and Taiwan's TWSE Index up by 22.7% in April. Vietnam's Ho Chi Minh Index also bounced back from March's drop, gaining 10.7% in the month. India's Nifty 50 Index moved up, rising by 7.5% in April and Turkey's BIST Index gained 12.9%. China's markets were also positive with the Hang Seng Index up by 4.0% and the Shanghai Composite Index up by 5.7%.

Not all markets recovered, with the PSEi Index in the Philippines lower again, down by 1.9% in April and Indonesia's market also continued to weaken with the JCI Index down 1.3%. In Latin America, Brazil's Ibovespa Index was down by 0.1%, Mexico's Bolsa Index declined by 1.1%, Colombia's COLCAP Index declined by 4.7% and Argentina's MERVAL Index declined by 5.5% in April.

Sterling strengthened against most currencies during the month, gaining 3.0% against the US Dollar, 1.2% against the Euro and 4.3% against the Philippine Peso. The Brazilian Real was especially strong, gaining 1.7% against Sterling and 4.6% against the US Dollar in April.

PORTFOLIO

There was little change to the constituents of UEM's top thirty during the month, with just one movement, Adani Ports & Special Economic Zone, an Indian ports and logistics company replaced Umeme on relative valuation.

There were ten stocks which increased by more than 5% and two which declined by more than 5% in April.

Orizon's share price continued to be strong, with a 14.1% gain during the month as it moves closer to completion of its recent Vital acquisition. Axia Energia, was another Brazilian outperformer with its share price up by 6.7% on the back of strong results driven by higher electricity prices. Colombian stocks were weaker with Celsia falling back by 5.5% after March's buyback related gains.

In India, Adani Ports advanced by 27.7% due to expectations of encouraging results at the end of the month, as well as improved market confidence and NHPC gained 13.6% after the award of a large hydro-electric project.

Elsewhere in Asia, data centre operators SUNeVision and GDS Holdings saw its share price bounce back, up 13.0% and 5.1% respectively in the month. Anhui Expressway recorded a 5.5% gain after solid results and Manila Water, considered a safe haven in a weak Philippines market, was up by 5.1%.

In Europe, CTP was the best performer, gaining 11.5% in April after strong results and outlook amid hopes of a swift end to the Iran war. Enerjisa Enerji gained 7.2% whilst the share price of Telelink Business Services was 6.1% weaker, giving up some gains recorded earlier in the year.

Portfolio purchases for the month totalled £1.4m and total realisations amounted to £8.7m.

DEBT

UEM's total debt exposure in Sterling terms went down from £21.8m to £16.4m, as £5.0m was repaid during the month. The existing USD 13.5m and EUR 7.5m loans remain drawn and the Sterling equivalent liability declined by £0.4m due to FX movements.

OTHER

UEM's share price ended the month at 289.00p, up 6.6%, with the discount to NAV narrowing from 13.6% to 10.2% as at 30 April 2026. 

UEM bought back 1.4m shares at an average price of 291.14p in the month, equivalent to 0.8% of the shares in issue as at 31 March 2026.

Name of contact and telephone number for enquiries:

ICM Investment Management Limited +44(0)1372 271486

Charles Jillings, Jacqueline Broers, Alastair Moreton

Montfort Communications

Gay Collins, Alex Everett +44 (0) 7798 626282

[email protected]