Utilico Emerging Markets Trust PLC GBP · LSE:UEM
Utilico Emerging Markets Trust PLC GBP — Utilico Emerging Markets Trust — Investor Presentation (December 2025)
26 slides from Utilico Emerging Markets Trust PLC GBP's investor presentation, December 2025
Slide 1: Investor Presentation
Investor Presentation December 2025
Slide 2: Important Notice
IMPORTANT NOTICE By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: The information in this document has been prepared by Utilico Emerging Markets Trust plc (“UEM”) solely to give an overview of UEM. Th
Slide 3: Introduction
Introduction UK listed closed ended investment trust investing in infrastructure and utilities in emerging markets Targets listed infrastructure Emerging markets focused GEO and utilities assets GR S Sector knowledge unrivalled CU AP Assets typically operational O H and cash generative TF IC
Slide 4: Strong NAV and Share Price Performance
Strong NAV and Share Price Performance Fund Performance1 Key Highlights NAV annual NAV per MSCI EM Out- Total return share Index performance compound return 1 month 2.7% (3.2%) 5.9% 9.4% 3 months 6.7% 11.2% (4.5%) 1 year 20.2% 24.5% (4.3%) NAV per share total 3 years 35.3% 36.2% (0.9%) 5 years 67.2%
Slide 5: Delivering Dividend Growth
Delivering Dividend Growth Only Global EM fund included in the AIC’s Next Generation Dividend Heroes DPS CAGR Dividend Covered dividend. >80% of UEM’s 2007-25 yield1 Reserves of1 portfolio companies 7.9% 3.5% 11.35p pay a dividend Fund Launch 2 3 Past performance is not a guide to future returns and
Slide 6: Why UEM Invests in Emerging Markets
Why UEM Invests in Emerging Markets Long term fundamental pillars driving sustainable and accelerating growth POSITIVE INCREASE IN DEMOGRAPHICS URBANISATION STRUCTURAL GROWTH DRIVERS STRONG GDP RISE OF THE GROWTH MIDDLE CLASS Page 4
Slide 7: Social Infrastructure
Social Infrastructure 37.5% of portfolio Sanitation 15% of Brazilian population does not have Coverage of water and sewage services in Brazil access to safe drinking water 42% do not (% of population) have access to sewage collection1 64.2% 38% of water is lost in Brazil’s distribution network - due
Slide 8: Energy Growth and Transition
Energy Growth and Transition 24.2% of portfolio Power Demand – Generation, Distribution and Transmission Brazil1 China2 Transmission auctions Carbon neutrality by in 2026 forecast to 2060 attract BRL25bn in Renewables to be 80% investment of consumption mix Vietnam3 To double electricity & trans
Slide 9: Alupar
Alupar Overview Builds, owns and operates transmission line and renewable assets in Brazil, Peru and Colombia Operates 44 transmission lines totalling 9,999km and owns an 798MW renewables portfolio Listed on the Brazilian Stock Exchange Market Cap USD 2.2bn1 km BRL m Past performance is not
Slide 10: Alupar (cont'd)
Alupar (cont’d) Financials1 Reason For Investment Long-term transmission concessions with secure regulated annual revenues and an attractive portfolio of renewables A best-in-class operator and a management team with strong record in capital allocation Disciplined strategy of acquiring new tra
Slide 11: Digital Infrastructure
Digital Infrastructure 23.5% of portfolio Data Centres Opportunities driven by the explosion in AI adoption and cloud migration New data centres providing higher compute density, greater cooling efficiency and increased focus on the use of renewable energy Technology companies and other corporates a
Slide 12: Global Trade
Global Trade 14.8% of portfolio Global Trade Share of Global Growth1 The global economy is expected to be 3x Global trade continues to be dominated by larger in 2050 with significant regional four regions but with fast-moving new variations1 opportunities in smaller emerging markets Portfolio % as a
Slide 13: International Container Terminal Services (ICT)
International Container Terminal Services (ICT) Overview Acquires, develops, manages and operates small to medium sized container ports and terminals globally Operates 33 terminals across 19 countries, primarily origin and destination ports Quality global port operator focused on driving long-
Slide 14: ICT (cont'd)
ICT (cont’d) Financials1 Reason For Investment Long-term concession agreements capturing economic growth of emerging markets, driven by the increasing consumption of a growing middle class Unique strategy focused on acquiring underperforming ports with scope for operational improvements Strong
Slide 15: Emerging Markets Attractively Valued
Emerging Markets Attractively Valued 12-month Consensus P/E Dividend Yield UEM currently trades on a 10.8% discount with a 3.5% dividend yield3 1. Source: CLSA,MSCI. 2. Source: CLSA,IBES,MSCI. 3. As at 30 November 2025. Page 13
Slide 16: Differentiated Absolute Return Portfolio
Differentiated Absolute Return Portfolio Unique, actively managed, benchmark agonistic portfolio UEM Portfolio MSCI Emerging Markets Index % in UEM's % in MSCI EM Sector in Sector Sector portfolio Index UEM Electricity 23.4% IT 26.8% ✓ Water and Waste 20.4% Financials 22.5% Data Services and Digit
Slide 17: UEM's Resilient Portfolio
UEM’s Resilient Portfolio Essential Assets Assets are the backbone of economic growth in many emerging markets Crucial for today's need and tomorrow’s innovation Strong Market Position Given the nature of investments, majority have a monopolistic nature or strong market position Ability to influ
Slide 18: Strong Operational Performance – Top Companies
Strong Operational Performance – Top 10 Companies Market Cap Growth 5 yrs CAGR (20-24) Key KPI Valuation Dividend USD (bn) Revenues EBITDA Unit 2024 5 yrs CAGR (20-24) EV/EBITDA FY1 Yield 1.2 21.0% 34.2% Waste volumes (tons m) 8.7 13.7% 14.0x - 18.7 13.1% 16.5% Containers (TEU m) 13.1 5.1% 11.9x 2.9
Slide 19: UEM's Unique and Compelling Investment Case
UEM’s Unique and Compelling Investment Case Portfolio Performance Long-term Cash generative outperformance vs operational assets ITION DI MSCI EM Index S GI TA AN TR L IN Y RG FR Compelling investee Covered and growing A company valuations ENE dividend, paid quarterly Resilience through High active
Slide 20: Appendix
©2022 Andre S. Prietsch Appendix
Slide 21: UEM Top Twenty
UEM Top Twenty Diversified portfolio Company Country Sector Megatrend % of UEM 1 Orizon Valorizacao de Residuos S.A. Water & Waste 7.2% 2 International Container Terminal Services, Inc. (ICT) Ports 5.5% 3 Cia de Saneamento Basico do Estado de Sao Paulo (Sabesp) Water & Waste 5.4% 4 IndiGrid Infrastr
Slide 22: Portfolio Construction
Portfolio Construction Sector (%) Portfolio Construction Number of Approximately 70 holdings – top 30 is 74.3% of holdings portfolio1 Primarily equity, but unrestricted and can Asset type invest in bonds, convertibles and other types of securities No single investment to exceed 10.0% of gross
Slide 23: Investment Approach
Investment Approach Detailed analysis generates a high conviction, benchmark agnostic portfolio Idea Generation • Continuous review of target markets, sectors and company news to identify new investments • Analysis of political and macroeconomic factors across EM • Regular travel to assess potential
Slide 24: ESG Investment Approach
ESG Investment Approach ESG approach % of UEM’s top 30 disclosing ESG factors1 In-depth analysis of the key issues that face potential and current holdings, as well as a 87% 83% 90% deep understanding of the Have an active Conducted a Published a Understanding industry in which they operate carbon c
Slide 25: ICM Investment Team
ICM Investment Team Dedicated investment team with over 100 years of experience Charles Jillings Jacqueline Broers Joint Portfolio Manager Joint Portfolio Manager CEO, ICM Transportation & Utilities Mark Lebbell Stuart Briscoe Eduardo Greca George Velikov Senior Analyst Senior Analyst Head of Latam
Slide 26: Fund Facts
Fund Facts Fund size as at 30 November 2025 £552.3m UEM Trading on the Main Market of the London Stock Exchange. Constituent of the FTSE 250 Index Ordinary shares in issue as at 30 November 2025 178.3m 1.0% of NAV up to and including £500m; 0.9% of NAV exceeding £500m up to and including £75
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