**Summary of BlackRock Greater Europe Investment Trust plc Final Results**
**Overview and Performance**
**Net Assets and NAV** As of August 31, 2025, net assets were £569.079 million, down from £640.300 million in 2024. Net asset value (NAV) per share decreased to 598.05p from 644.60p.
**Share Price** The ordinary share price fell to 570.00p from 601.00p, with a discount to cum income NAV of 4.7% (up from 6.8%).
**Annual Performance** NAV per share declined by 6.1%, and the share price dropped by 3.9%, underperforming the FTSE World Europe ex UK Index, which gained 10.9%.
**Performance Since Inception** Since inception in 2004, NAV per share has grown by 742.7%, and the share price by 714.0%, outperforming the index’s 522.5% growth.
**Financial Highlights**
**Revenue and Profit** Net profit on ordinary activities after taxation was £6.684 million, down from £7.379 million in 2024. Revenue earnings per share decreased to 6.89p from 7.35p.
**Dividends** Total dividends payable increased to 7.15p per share from 7.00p, marking the 19th consecutive annual increase.
**Management Fee Reduction** The annual management fee was reduced to 0.65% for assets up to £400 million, 0.60% for assets between £400 million and £1 billion, and 0.525% for assets <mark style="background-color:yellow">above</mark> £1 billion, effective September 1, 2025.
**Portfolio and Market Overview**
**Sector Performance** The portfolio’s underweight in financials and overweight in technology negatively impacted performance. Novo Nordisk, the largest holding, was the primary detractor.
**Market Trends** European equities outperformed US markets in the first half of 2025, driven by investor diversification away from US assets due to policy uncertainty and high valuations.
**Portfolio Adjustments** The manager is adopting a more balanced approach, incorporating quality value ideas to reduce volatility and enhance returns. Brian Hall was appointed as co-portfolio manager to facilitate this strategy.
**Share Buybacks and Discount Management**
**Share Repurchases** The company repurchased 4,176,739 shares at an average price of 579.18p, totaling £24.191 million. Since the year-end, an additional 1,171,315 shares were bought back for £6.908 million.
**Discount to NAV** The average discount to NAV was 6.2% during the year, with the Board actively managing the share rating through buybacks and tender offers.
**Board Changes and Governance**
**Chairman Succession** Andrew Impey was appointed as a non-executive director and will succeed Eric Sanderson as Chairman after the Annual General Meeting (AGM) in December 2025.
**Board Engagement** The Board visited Amsterdam to meet with management teams of key portfolio companies, enhancing their understanding of due diligence processes and operational challenges.
**Outlook and Strategy**
**Market Outlook** European equities are expected to remain attractive, supported by lower interest rates, increased government spending, and a pro-growth agenda. However, there are concerns about the speed of economic recovery.
**Investment Strategy** The portfolio managers will continue to focus on high-quality companies with predictable returns, strong management, and unique products or services. The addition of Brian Hall aims to enhance the portfolio’s balance and performance.
**AGM and Shareholder Communication**
**AGM Details** The AGM will be held on December 11, 2025, at BlackRock’s offices in London, with a webinar option for remote participation.
**Shareholder Engagement** The Board emphasizes regular communication through the Trust Matters newsletter and other channels to keep shareholders informed.
**Key Risks and Mitigation**
**Principal Risks** The company faces risks related to investment performance, legal and regulatory compliance, market volatility, operational issues, financial risks, and marketing challenges.
**Mitigation Strategies** The Board regularly reviews and mitigates these risks through diversification, compliance monitoring, robust operational controls, and active engagement with service providers.
**ESG Integration**
**Responsible Investing** The company integrates ESG factors into its investment process, focusing on sustainable business practices and long-term value creation. BlackRock’s stewardship activities include engagement with portfolio companies on governance and sustainability issues.
**Conclusion**
Despite a challenging year marked by underperformance relative to the benchmark, BlackRock Greater Europe Investment Trust plc remains committed to its long-term investment strategy. The reduction in management fees, strategic portfolio adjustments, and Board changes are aimed at enhancing shareholder value and improving performance in the coming years.