Utilico Emerging Markets Trust PLC GBP · LSE:UEM
Utilico Emerging Markets Trust PLC GBP — Utilico Emerging Markets Trust — Investor Presentation (June 2026)
28 slides from Utilico Emerging Markets Trust PLC GBP's investor presentation, June 2026
Slide 1: Investor Presentation June 2026
Investor Presentation June 2026
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 ASSET FOCUS GEOGRAPHICAL FOCUS GEO Targets listed infrastructure S GR Emerging markets focused CU AP and utilities assets O Unrivalled sector knowledge H TF Assets typically opera
Slide 4: Strong NAV and Share Price Performance
Strong NAV and Share Price Performance Fund Performance since Inception1 Key Highlights Share NAV per MSCI EM net NAV ANNUAL COMPOUND RETURN Total return price share GBP Index 1 month (3.8%) (1.6%) 10.6% 9.5% 3 months (5.2%) (3.6%) 9.1% 1 year 19.7% 20.6% 54.4% NAV PER SHARE TOTAL 3 years 42.6% 35.1
Slide 5: MSCI EM Index Performance Dominated by Tech
MSCI EM Index Performance Dominated by Tech Share Price MSCI EM TSMC TWD +143.5% Top 10 Top 10 39.0% Samsung KRW +461.1% SK Hynik KRW +1,040.8% ….of which 29.7% are chipmakers Data as at 31 May 2026. Page 3
Slide 6: Delivering Dividend Growth
Delivering Dividend Growth Only Global EM fund included in the AIC’s Next Generation Dividend Heroes COVERED DIVIDEND UEM’S HOLDINGS PAY DPS CAGR 2007-25 DIVIDEND YIELD 1 RESERVES OF 1 A DIVIDEND 7.9% 3.4% 13.13p >80% Special dividend3 2.50p 9.13p 8.45p 8.60p 9.59p 7.78p 8.00p 7.58p 7.00p 7.20p 6.40
Slide 7: 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 Young, increasingly educated Rising infrastructure population demand STRUCTURAL GROWTH DRIVERS STRONG GDP RISE OF THE GROWTH MIDDLE CLASS Outpa
Slide 8: UEM's Portfolio by Infrastructure Megatrend
UEM’s Portfolio by Infrastructure Megatrend Logistics Other 5% <1% Global Ports Social 10% Water & Waste Trade 22% Infrastructure Other 1% Telecoms 6% Investments Funds 5% Data Services & Airports Digital 4% Infrastructure 13% Road & Rail 2% Other Investments Funds <1% <1% Digital Renewables Energy
Slide 9: Social Infrastructure
Social Infrastructure 34.4% of portfolio Sanitation demand remains Need for better quality infrastructure services 15% of Brazilian population does not have access to safe drinking water 42%1 . The growth of the middle class demanding better quality services and infrastructure 38% of water is lost i
Slide 10: Orizon Valorizacao de Residuos (Orizon)
Orizon Valorizacao de Residuos (Orizon) Overview Leader in waste management in Brazil Operates 30 landfills ("Ecoparks"), across 15 states in Brazil, including the recent acquisition of Vital Core waste processing business includes biogas/biomethane generation, recycling, carbon credits and wa
Slide 11: Orizon (cont'd)
Orizon (cont’d) Financials1 Reason For Investment 40% of Brazil’s waste is inadequately disposed of 2 New sanitation framework mandating dumpsite closures, while licensing remains a key barrier to entry Following acquisition of Vital, Orizon is Brazil’s leading waste platform and the largest b
Slide 12: Energy Growth and Transition
Energy Growth and Transition 30.3% of portfolio Energy Security Key Focus Central Eastern Europe China4 High reliance on energy A mixed case – strong imports domestic coal and Renewable energy capacity renewable build-out, but targets by 2030: net O&G imports Poland: 30% 56%1 Renewables
Slide 13: Public Power Corporation (PPC)
Public Power Corporation (PPC) Overview Leading power company in Greece and in Southeastern Europe Operates an integrated power business with 12.4 GW of installed power capacity, distribution networks of over 397,000 km and a power supply business with 8.6m retail customers Largest power compa
Slide 14: PPC (cont'd)
PPC (cont’d) Financials1 Reason For Investment The Central and Southeastern European region is in structural power deficit, that will be exacerbated by the retirement of 69GW of thermal capacity by 2035 Tight capacity underpinning higher pricing across the region with lasting tariff premiums to
Slide 15: Digital Infrastructure
Digital Infrastructure 20.2% of portfolio Data Centre Electricity Consumption1 TWh • Structural growth in demand for compute 945 TWh resources – driven by cloud and AI applications • Data centre operators provide facilities for corporates to securely accommodate, power, cool and connect their server
Slide 16: Global Trade
Global Trade 15.1% of portfolio Merchandise Export Volume1 Merchandise Import Volume1 Emerging market economies continue to Sustained investment in AI supports an gain from shifts in global trade patterns optimistic outlook for global trade driven by geopolitical tensions Portfolio % as at 31 May 20
Slide 17: Emerging Markets Attractively Valued
Emerging Markets Attractively Valued EM versus DM 12-month Consensus P/E1 EM versus DM Relative Dividend Yield2 UEM currently trades on a 12.1% discount with a 3.4% dividend yield3 1. Source: CLSA,MSCI. 2. Source: CLSA,IBES,MSCI. 3. As at 31 May 2026. Page 15
Slide 18: Differentiated Absolute Return Portfolio
Differentiated Absolute Return Portfolio Unique, actively managed, benchmark agnostic portfolio UEM Portfolio MSCI Emerging Markets Index % in UEM's % in MSCI EM Sector in Sector Sector portfolio Index UEM Electricity 25.5% IT 43.2% ✓ Water and Waste 22.0% Financials 17.8% Data Services and Digita
Slide 19: UEM's Resilient Portfolio
UEM’s Resilient Portfolio Essential Assets Strong Market Position Assets are the backbone of economic Given the nature of investments, majority growth in many emerging markets have a monopolistic nature or strong › Crucial for today's need and tomorrow's market position innovation › Ability to influ
Slide 20: Strong Operational Performance – Top Companies
Strong Operational Performance – Top 10 Companies Market Cap Growth 5 yrs CAGR (20-25) Key KPI Valuation Dividend USD (bn) Revenues EBITDA Unit 2025 5 yrs CAGR (20-25) EV/EBITDA FY1 Yield 1.5 21.8% 26.5% Waste volumes (tons m) 8.9 13.1% 11.6x - 24.7 16.5% 19.6% Containers (TEU m) 14.5 7.3% 13.8x 2.4
Slide 21: UEM's Unique and Compelling Investment Case
UEM’s Unique and Compelling Investment Case 9.5% 20 yrs 3.4% 1 1 Annualised Total Return Track Record Dividend Yield, Paid Quarterly FOUR STRUCTURAL GROWTH THEMES Social Energy Growth and Digital Infrastructure Transition Infrastructure Global Trade POR TF OL IO PE R F ORMA N CE ● Cash generative op
Slide 22: Appendix
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Slide 23: UEM Top Twenty
UEM Top Twenty Diversified portfolio Company Country Sector Megatrend % of UEM 1 Orizon Valorizacao de Residuos S.A. Water & Waste 9.3% 2 International Container Terminal Services, Inc. (ICT) Ports 6.0% 3 IndiGrid Infrastructure Trust Electricity 4.2% 4 Alupar Investimento S.A. Electricity 4.0% 5 Ci
Slide 24: Portfolio Construction
Portfolio Construction Sector (%) Portfolio Construction Number of Approximately 60 holdings – top 30 is 76.1% 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 25: 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 26: 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 27: 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 28: Fund Facts
Fund Facts Fund size as at 31 May 2026 £565.6m UEM Trading on the Main Market of the London Stock Exchange. Constituent of the FTSE 250 Index Ordinary shares in issue as at 31 May 2026 173.7m 1.0% of NAV up to and including £500m; 0.9% of NAV exceeding £500m up to and including £750m; Manage
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