BlackRock Energy and Resources Income Trust Plc - Portfolio Update

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

All information is at 31 October 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

7.4%

19.5%

36.9%

23.4%

30.3%

174.0%

Share price

5.9%

18.7%

39.0%

25.0%

26.5%

186.2%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

156.94p

Net asset value cum income 1 :

   157.10p

Share price:

143.50p

Discount to NAV (cum income):

8.7%

Net yield:

3.2%

Gearing - cum income:

8.7%

Total assets:

£175.3m

Ordinary shares in issue 2 :

111,583,497

Gearing range (as a % of net assets):

0-20%

Ongoing charges 3 :

1.15%

1 Includes net revenue of 0.16p.

2 Excluding 24,002,697 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

41.4%

Energy Transition

33.9%

Traditional Energy

24.9%

Net Current Liabilities

-0.2%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Global

52.9

Diversified

24.0

United States

13.0

Copper

5.0

Canada

7.1

Gold

4.8

Latin America

6.8

Industrial Minerals

2.8

Germany

5.0

Steel

1.0

United Kingdom

3.7

Aluminium

1.0

Italy

3.3

Silver

0.9

Australia

1.8

Uranium

0.8

France

1.5

Platinum Group Metals

Nickel

Subtotal Mining:

0.7

0.4

41.4

Spain

Other Africa

Morocco

South Africa

Ireland

Denmark

1.5

1.5

0.8

0.7

0.4

0.2

Net Current Liabilities

-0.2

Energy Transition:

100.0

Electrification

13.9

Renewables

10.0

Storage

5.8

Energy Efficiency

4.2

Subtotal Energy Transition:

33.9

Traditional Energy:

Integrated

12.8

Oil Services

4.8

E&P

3.9

Refining & Marketing

1.7

Distribution

1.7

Subtotal Traditional Energy:

24.9

Net Current Liabilities

-0.2

-----

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 8.4% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Vale - ADS

Latin America

6.1

Abaxx Technologies

Global

5.8

Chevron Corporation

Global

5.5

Anglo American

Global

4.5

Shell

Global

3.5

Prysmian SpA

Italy

3.3

Glencore

Global

3.2

EDP Renovaveis

Global

3.1

First Solar

Global

2.8

Elia Group

Germany

2.5

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

Of the Company’s three components, Energy Transition was the best performing during October, but Mining also performed well, whilst Conventional Energy posted positive but more modest performance.

Within Energy Transition, renewables companies performed particularly strongly on improving sentiment related to rising global power demand expectations and greater regulatory certainty. US Energy Secretary, Chris Wright, confirmed during the month that the US alone would need to add 100 gigawatts of new firm capacity in the next 5 years to meet growing power demand driven by reshoring manufacturing and the artificial intelligence build out.

In the Mining space, the diversified mining sub-sector led returns, benefitting from the iron ore 62% fe. price rising by 3.7% as China increased reserves. Meanwhile, in the base metals, the copper price rose by 6.3% as operational disruptions in that market remained a key theme. Elsewhere, gold equities gave back a little of their outstanding year-to-date performance as they exhibited a high beta to the pullback in gold in the second half of the month.

Lastly, in Conventional Energy, despite oil price weakness, integrated oil & gas companies performed positively owing to valuation support and their resilient business models. The Brent oil price fell by 4.5% whilst the WTI oil price fell by 2.2%, ending the month at $65/bbl and $62/bbl respectively. This came after OPEC confirmed another increase in monthly production, accelerating the return of previously curtailed barrels. This was, however, partly offset by risk premium added by the European Union and the US tightening sanctions on Russian crude exports.

All data points in US dollar terms unless otherwise specified. Commodity price moves sourced from Thomson

25 November 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.