BlackRock Energy and Resources Income Trust Plc - Portfolio Update

BLACKROCK ENERGY AND RESOURCES INCOME TRUST plc (LEI:54930040ALEAVPMMDC31)

All information is at 30 September 2025 and unaudited.

Performance at month end with net income reinvested

One

Three

Six

One

Three

Five

Month

Months

Months

Year

Years

Years

Net asset value

8.4%

16.5%

19.5%

16.1%

30.0%

153.4%

Share price

10.7%

20.0%

22.2%

19.3%

29.1%

163.4%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

146.25p

Net asset value cum income 1 :

   146.27p

Share price:

135.50p

Discount to NAV (cum income):

7.4%

Net yield:

3.4%

Gearing - cum income:

6.3%

Total assets:

£164.2m

Ordinary shares in issue 2 :

112,267,997

Gearing range (as a % of net assets):

0-20%

Ongoing charges 3 :

1.15%

1 Includes net revenue of 0.02p.

2 Excluding 23,318,197 ordinary shares held in treasury.

3 The Company’s ongoing charges are calculated as a percentage of average daily net assets and using the management fee and all other operating expenses excluding finance costs, direct transaction costs, custody transaction charges, VAT recovered, taxation and certain other non-recurring items for the year ended 30 November 2024. In addition, the Company’s Manager has also agreed to cap ongoing charges by rebating a portion of the management fee to the extent that the Company’s ongoing charges exceed 1.15% of average net assets.

Sector Overview

Mining

41.2%

Energy Transition

34.9%

Traditional Energy

27.0%

Net Current Liabilities

-3.1%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Global

54.1

Diversified

24.4

United States

14.7

Gold

4.9

Latin America

6.4

Copper

3.8

Canada

6.3

Industrial Minerals

3.0

Germany

5.0

Aluminium

1.1

United Kingdom

3.9

Silver

1.0

Italy

3.4

Steel

1.0

Australia

2.1

Uranium

0.9

France

1.8

Platinum Group Metals

Nickel

Materials

Subtotal Mining:

0.8

0.5

-0.2

41.2

Other Africa

Spain

Morocco

South Africa

Ireland

1.6

1.5

1.0

0.8

0.5

Net Current Liabilities

-3.1

Energy Transition:

100.0

Electrification

14.8

Renewables

9.6

Storage

6.1

Energy Efficiency

4.4

Subtotal Energy Transition:

34.9

Traditional Energy:

Integrated

14.1

Oil Services

5.2

E&P

3.7

Distribution

2.2

Refining & Marketing

1.8

Subtotal Traditional Energy:

27.0

Net Current Liabilities

-3.1

-----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current liabilities figure shown in the tables above therefore exclude bank overdrafts equivalent to 3.1% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Vale - ADS

Latin America

5.9

Chevron Corporation

Global

5.9

Abaxx Technologies

Global

5.5

Anglo American

Global

4.9

Shell

Global

3.9

Prysmian SpA

Italy

3.4

Glencore

Global

3.4

EDP Renovaveis

Global

3.0

NiSource

United States

2.7

Elia Group

Germany

2.6

Commenting on the markets, Tom Holl and Mark Hume, representing the Investment Manager noted:

The Company outperformed broader equity markets over the month, with the MSCI ACWI TR Index returning 4.0% (GBP terms).

Of the Company’s three components, Mining was the strongest performing, helped by continued optimism surrounding China’s anti-involution measures. This is a new economic policy in which the government is seeking to take out loss-making production in industries facing overcapacity and excessive competition.

Within Mining, gold equity sub-sector delivered exceptional returns on the back of the gold price rising by 11.4%. Robust investment demand helped push gold to a new all-time high of US$3,834/oz., with inflows into physically-backed ETFs and a rise in net length in the futures market. The miners delivered a strong beta to gold’s move as expectations increased around further free cash flow expansion.

Meanwhile, the copper price rose by 4.1%, breaking back above US$10,000 per tonne. An operational incident during the month at Freeport McMoRan’s Grasberg mine in Indonesia led the company to guide the market that it was unlikely there would be any significant production from the asset for the remainder of the year, with a phased restart planned from 2026 through to 2027. For context, the mine accounted for 3.5% of global supply in 2024. This adds to current disruption at other major copper mines, Kamoa-Kakula and Cobre Panama.

The Company’s Energy Transition component also performed well, with the energy efficiency and storage sub-sectors particularly strong. Continued momentum surrounding artificial intelligence build out increased power demand expectations, with hyperscalers doubling down on data centre expansion and compute capacity. Elsewhere, following the Iberian blackout in April, Spain unveiled an energy reform plan, increasing its storage investment target ninefold to 22.5 GW by 2030. The government reclassified storage as a public utility, launched an EUR 700m aid scheme for battery and thermal systems, and accelerated permitting for solar-storage projects.

Lastly, the Company’s Conventional Energy segment was relatively flat over the month. Oil prices remained subdued as OPEC+ announced further production increases, with Brent and WTI oil finishing the month at US$68.5/bbl. and US$63.2/bbl. respectively. Natural gas fared very differently however, with the US Henry Hub price rising by 11.0%.

All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson Reuters Datastream, September 2025 .

24 October 2025

ENDS

Latest information is available by typing www.blackrock.com/uk/beri on the internet, "BLRKINDEX" on Reuters, "BLRK" on Bloomberg or "8800" on Topic 3 (ICV terminal).   Neither the contents of the Manager’s website nor the contents of any website accessible from hyperlinks on the Manager’s website (or any other website) is incorporated into, or forms part of, this announcement.