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Highlights
- UEM recorded a 12.7% NAV total return per share and a 10.8% increase in NAV per share to 285.06p for the six months to 30 September 2025.
- Revenue earnings per share rose 24.6% to 8.15p, with dividends fully covered and total revenue income increasing to £18.1m.
- The Company repurchased 5.8 million shares during the period, helping reduce the share price discount from 16.0% to 10.5%.
Utilico Emerging Markets Trust plc (LSE:UEM) has released its unaudited financial results for the six months ending 30 September 2025, reporting higher net asset value, increased revenue earnings and continued progress on its dividend policy. The period also saw further share buybacks and an update on gearing and unlisted investments.
UEM Posts Interim Results with Higher NAV and Revenue Growth
UEM reported a 12.7% NAV total return per share for the six-month period. NAV per share reached 285.06p, marking a 10.8% rise. Gross assets increased to £536.6m, up 7.9% from the previous period. Since inception, the annual compound NAV total return stands at 9.2%.
Total revenue income increased to £18.1m, compared with £14.7m in the same period last year. Revenue earnings per share rose by 24.6% to 8.15p, and dividends for the half year totalled 4.745p per share, fully covered by earnings.
Dividend Developments and Reserves
UEM declared a first-quarter dividend of 2.325p per share and a second-quarter dividend of 2.42p per share. On the assumption of two further quarterly dividends of 2.42p, the full-year dividend for 2025/26 would reach 9.585p, representing a 5.0% rise on the previous financial year. Revenue reserves increased by £6.5m over the six months, bringing the total to £18.5m, equal to 10.22p per share.
Costs and Bank Debt Position
Ongoing charges remained unchanged at 1.5%. The Board continues to monitor service provider arrangements to ensure cost efficiency.
Bank debt on 30 September 2025 stood at £21.6m, an increase from £17.5m as of 31 March 2025. Net gearing rose to 3.3%, up from 2.8%.
Unlisted Investments and Portfolio Focus
UEM continues to prioritise listed investments, with no new unlisted positions planned unless exceptional circumstances arise. Level 3 unlisted investments were valued at £9.4m, down from £13.4m in March 2025, mainly due to a £2.1m valuation decrease in Petalite. Unlisted holdings now account for 1.8% of the portfolio.
Share Buybacks and Discount Movement
The Company repurchased 5.8 million shares during the period at an average price of 242.78p, costing £14.1m. The buybacks contributed 0.4% to total returns and helped narrow the share price discount from 16.0% to 10.5%. Since inception, UEM has bought back 96.4 million shares for a total of £187.9m.
Market Outlook
The Company noted that emerging markets continue to evolve within a changing global economic landscape. While global growth questions and trade factors present near-term challenges, investment opportunities remain. UEM anticipates continued demand for infrastructure and utility assets across emerging economies.
