Title: PowerPoint Presentation URL Source: https://is.gd/jLAMfn Published Time: Wed, 28 May 2025 01:25:29 GMT Markdown Content: BlackRock Greater Europe # Investment Trust plc # April 2025 # Company objective To achieve capital growth, primarily through investment in a focused portfolio constructed from a combination of the securities of large, mid and small capitalisation European companies, together with some investment in the developing markets of Europe. # Key Risk Factors Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Overseas investments will be affected by currency exchange rate fluctuations. The Company’s investments may be subject to liquidity constraints, which means that shares may trade less frequently and in small volumes, for instance smaller companies. As a result, changes in the value of investments may be more unpredictable. In certain cases, it may not be possible to sell the security at the last market price quoted or at a value considered to be fairest. The Company invests in economies and markets which may be less developed. Compared to more established economies, the value of investments may be subject to greater volatility due to increased uncertainty as to how these markets operate. The Company may from time to time utilise gearing. A fuller definition of gearing is given in the glossary. The latest performance data can be found on the BlackRock Investment Management (UK) Limited website at: blackrock.com/ uk /brge See glossary for further explanation of terms used. # blackrock.com/ uk /brge Fund information (as at 30/04/2025) Net asset value (capital only): 579.92p Net asset value (including income): 583.00p Share price: 552.00p Discount to NAV (including income): 5.3% Net gearing: 4.1% Net yield: 1 1.3% Total assets (including income): £561.1m Ordinary shares in issue: 2 96,245,411 Ongoing charges: 3 0.95% The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. Kepler rated fund in the Growth Category. Effective date: 1 January 2024. The information contained in this release was correct as at 30 April 2025. Information on the Company’s up to date net asset values can be found on the London Stock Exchange website at: https://www.londonstockexchange.com/exchange/news/market -news/market - newshome.html Awards Past performance is not a reliable indicator of current or future results . > 1 Based on a final dividend of 5.25p per share for the year ended 31 August 2024 and an interim dividend of 1.75p per share for the year ending 31 August 2025. > 2 Excluding 21,683,527 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, write back of prior year expenses and certain non -recurring items for the year ended 31 August 2024. > RETH0525E/S-4518377-1/7 ## Annual performance to the last quarter end (as at 31 March 2025) > 1 The Company’s reference index is the FTSE World Europe ex UK Index. Performance statistics sources: BlackRock and Datastream The latest performance data can be found on our website: www.blackrock.com/uk/brge ## Cumulative performance (as at 30/04/25) The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration when selecting a product or strategy. > 1 The Company’s reference index is the FTSE World Europe ex UK Index. The above Net Asset Value (NAV) performance statistics are based on a NAV including income, with any dividends reinvested on the ex -dividend date, net of ongoing charges and any applicable performance fee. A fuller definition of ongoing charges (which includes the annual management fee) is given in the glossary. Details of the management fee are given in the key company details section overleaf. The Company does not have a performance fee. Share price performance figures are calculated on a mid -market basis in sterling terms with income reinvested on the ex - dividend date. The performance of the Company’s portfolio, or NAV performance, is not the same as share price performance and shareholders may not realise returns which are the same as NAV performance. Sterling 31/03 /24 31/03 /25 % 31/03 /23 31/03 /24 % 31 /03 /22 31/03 /23 % 31/03 /21 31/03 /22 % 31/03 /20 31/03 /21 % Net asset value -13.5 20.3 4.0 3.6 54.7 Share price -14.6 21.5 -2.9 4.7 70.0 Reference Index 1 3.8 13.8 8.7 6.5 34.9 Sterling 1M% 3M% 1Y% 3Y% Launch % (20 Sept 04) Net asset value – undiluted 1.3 -9.4 -7.2 16.2 719.2 Share price 2.6 -8.2 -8.8 13.7 685.9 Reference Index 1 1.5 1.0 7.2 32.7 480.3 Company Country of risk Fund % RELX United Kingdom 7.1 Safran France 6.0 Hermès France 5.1 SAP Germany 4.7 Ferrari Italy 4.5 Compagnie Financière Richemont Switzerland 4.2 Schneider Electric France 4.2 Lonza Group Switzerland 4.1 Linde United States 4.0 Adyen Netherlands 3.8 Holdings are as at the date shown and do not necessarily represent current or future portfolio holdings. Risk : The specific companies identified and described left do not represent all of the companies purchased or sold, and no assumptions should be made that the companies identified and discussed were or will be profitable. Reference to the names of each company mentioned in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. A full disclosure of portfolio investments for the Company as at 31 March 2025 has been made available on the Company’s website at the link given below: https://www.blackrock.com/uk/individual/literature/policies/blackrock - greater -europe -invst -trust -portfolio -disclosure.pdf ## Ten largest investments (as at 30/04/25) > RETH0525E/S-4518377-2/7 Comments from the Portfolio Managers > Please note that the commentary below includes historic > information in respect of performance data in respect of > portfolio investments, index performance data and the > Company’s NAV performance. The figures shown relate to past performance. Past performance is not a reliable indicator of current or future results. During the month, the Company’s NAV rose by 1.3% and the share price by 2.6%. For reference, the FTSE World Europe ex UK Index returned +1.5% during the period. Market volatility was particularly elevated this month and peaked in early April as investors reacted to US President Donald Trump’s announcement of sweeping tariffs on US imports and then a few days later announced a 90 -day pause for most countries except China. Despite modest headline numbers, these events led to a bifurcation in underlying returns, with defensives generally outperforming cyclicals and domestically focused companies outperforming exporters. Quarterly earnings reported in the month gave companies a chance to communicate revised outlooks. Investors may be settled by many companies not yet seeing any impacts to backlog orders, but as expected, forward looking comments were generally more cautious in tone. A notable positive from the earnings season is that guidance from hyperscalers included increased capex spending, muting concerns that advancements made by DeepSeek would diminish future AI investments. At a sector level, traditionally defensive Real Estate and Utilities sectors were outperformers, while Energy and Health Care were weakest, dragged down by growing recession risk and lingering questions surrounding pharmaceutical companies on the back of threats from Trump’s administration. The Company outperformed the reference index on a share price basis over the month, despite having lagged on a NAV basis. Stock selection effect was additive: broadly, portfolio companies have been showing resilience in the current volatile environment. Belimo performed strongly in the month, reporting 22% organic revenue growth in Q1'25, outperforming across all regions and accelerating further versus last year. The company is continuing to see strength in data centres and is particularly benefiting from the need for cooling systems for Nvidia's Blackwell chips. Belimo showed confidence in their near -term outlook by raising their full year sales and margin expectations given their good order visibility. A position in Lonza contributed positively over the month. The pharmaceutical company is well positioned to mitigate the possible impacts of tariffs due to their domestic US production capabilities. This has been further increased recently due to their acquisition of the Vacaville site in California. The Company's holding in Nemetschek contributed to active returns after reporting solid Q1'25 results. The software company has been able to consistently exceed earnings expectations since mid -2024 and this has continued with a 2% beat in revenue. This was driven by the Subscriptions and SaaS part of the business which is now close to 70% of group revenues and continues to increase. A weakening US dollar negatively impacted dollar earners over the month. This was a driver of Linde’s weak share price, as well as pressures from weak gas volumes. Negative news also came from Dow pausing a net -zero petrochemical project. As part of the project, Linde is set to provide a blue hydrogen plant that makes up $2bn of their $10bn backlog. As the project is only paused, rather than cancelled, it remains part of their backlog, however this impacts the annual project growth going forwards. A number of the Company's holdings in European aerospace and defence companies - MTU, Safran, Thales – were also impacted by the weakening US dollar, in addition to some profit taking from the market leading to a decline. Shares rebounded by the end of the month as companies started to release solid earnings reports. For example, Safran’s earnings included 25% organic revenue growth for the Spare Parts business, 10% ahead of consensus estimates. It was also encouraging to hear management had not seen a change in airline behaviour given the tariff uncertainty and conversations regarding exemptions for aerospace companies had been heading in the right direction. Partners Group provided negative attribution as the uncertain economic environment continues to disadvantage the ability for private equity firms to complete exits and crystalise performance fees. Outlook While near -term uncertainty has increased, we continue to see a resilient bottom -up picture of both consumers and corporates. In our home market, Europe is going through a renaissance moment, introducing potential for change with lasting impact to corporate earnings. We are focused on analysing change as it relates to positioning the portfolio for the duration earnings - streams we see likely to be supported for years and decades to come. We believe with some of the significant changes going on in the market – fiscal policy change, potential for a Ukraine ceasefire and earnings cycles turning – that the European equity rally can continue, although given the geopolitical backdrop this is unlikely to be a straight path. We would expect the shape of market drivers to change in time, with earnings becoming a larger determinant of returns as the narrow areas that have been bid up run out of steam. > RETH0525E/S-4518377-3/7 Comments from the Portfolio Managers (continued) Outlook (continued) Historically, Europe has been home to many world - class franchises that earn profits globally, including from the US and China. This remains true, but now there is a stronger domestic earnings contribution driven by an improved outlook for the continent. There is potential recovery within rate -sensitive sectors such as construction, as Europe is currently in a rate -cutting cycle. Economic strength in Europe has been evident in the periphery —Spain and Italy, but now there is change in key countries like Germany with a new government forming and releasing fiscal constraints to stimulate the economy. While the geopolitical landscape is challenging to navigate, especially with US policy keeping investors on their toes, focusing on changing earnings streams can help deliver strong long -term outcomes for investors. Overall, we retain our core exposure to companies with predictable business models, higher than average returns on capital, strong cash flow conversions and opportunities to reinvest that cash flow into future growth projects at high incremental returns. Unless otherwise stated all data is sourced from BlackRock as at 30 April 2025. Past performance is not a reliable indicator of current or future results. There is no guarantee that any forecasts made will come to pass. Risk: Reference to the names of each company in this communication is merely for explaining the investment strategy, and should not be construed as investment advice or investment recommendation of those companies. > RETH0525E/S-4518377-4/7 NMPI status The Company currently conducts its affairs so that its securities can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the Financial Conduct Authority’s (FCA) rules in relation to Non -Mainstream Pooled Investments (NMPI) and intends to continue to do so for the foreseeable future. The securities are excluded from the FCA’s restrictions which apply to non -mainstream pooled investments because they are shares in an investment trust. ## Key company details Fund characteristics: Launch date 20 September 2004 Dealing currency Sterling Association of Investment Companies sector (AIC) Europe Reference index FTSE World Europe ex UK Traded London Stock Exchange Management Alternative Investment Fund Manager (with effect from 2 July 2014) BlackRock Fund Managers Limited Portfolio managers Stefan Gries and Alexandra Dangoor Annual management fee * 0.85% of net asset value up to £350m, then 0.75% thereafter * Included in the ongoing charges ratio Country allocations (as at 30/04/25) % of total assets France 18.5 Switzerland 15.0 Germany 12.7 Netherlands 11.6 United Kingdom 7.2 Sweden 6.1 Denmark 5.9 Ireland 5.2 Italy 4.5 United States 4.0 Finland 3.2 Belgium 2.6 Norway 2.5 Spain 1.6 Net Current Liabilities -0.6 Total 100.0 Sector allocations (as at 30/04/2025) % of total assets Industrials 35.7 Consumer Discretionary 22.1 Technology 13.5 Health Care 10.7 Financials 10.0 Basic Materials 6.5 Real Estate 2.1 Net Current Liabilities -0.6 Total 100.0 Allocations are as of date shown and do not necessarily represent current or future portfolio holdings. Fund codes ISIN GB00B01RDH75 Sedol B01RDH7 Bloomberg BRGE:LN Reuters BRGE:L Ticker BRGE/LON Financial calendar Year end 31 August Results announced April (half yearly) November (final) Annual General Meeting December Dividends paid December (final) May (interim) > RETH0525E/S-4518377-5/7 ## Glossary Of Terms Discount/Premium Investment trust shares frequently trade at a discount or premium to NAV. This occurs when the share price is less than (a discount) or more than (a premium) to the NAV. The discount or premium is the difference between the share price (based on mid -market share prices) and the NAV, expressed as a percentage of the NAV. Discounts and premiums are mainly the consequence of supply and demand for the shares on the stock market. Gearing Investment companies can borrow to purchase additional investments. This is called ‘gearing’. It allows investment companies to take advantage of a long -term view on a sector or to take advantage of a favourable situation or a particularly attractive stock without having to sell existing investments. Gearing works by magnifying the company’s performance. If a company ‘gears up’ and then markets rise and the returns on the investments outstrip the costs of borrowing, the overall returns to investors will be even greater. But if markets fall and the performance of the assets in the portfolio is poor, then losses suffered by the investor will also be magnified. Treasury shares Treasury shares are shares that a company keeps in its own treasury which are not currently issued to the public. These shares do not pay dividends, have no voting rights and are not included in a Company’s total issued share capital amount for the purpose of calculating percentage ownership. Treasury stock may have come from a repurchase or buyback from shareholders, or it may have never been issued to the public in the first place. Treasury shares may be reissued from treasury to the public to meet demand for a company’s shares in certain circumstances. Net yield The net yield is calculated using total dividends declared in the last 12 months (as at date of this factsheet) as a percentage of month end share price. NAV (Net Asset Value) A company’s undiluted NAV is its available shareholders’ funds divided by the number of shares in issue (excluding treasury shares), before making any adjustment for any potentially dilutive securities which the Company may have in issue, such as subscription shares, convertible bonds or treasury shares. A diluted NAV is calculated on the assumption that holders of any convertibles have converted, subscription shares have been exercised and treasury shares are re -issued at the mid -market price, to the extent that the NAV per share is higher than the price of each of these shares or securities and that they are 'in the money'. The aim is to ensure that shareholders have a full understanding of the potential impact on the Company’s NAV if these instruments had been exercised on a particular date. Ongoing charges ratio Ongoing charges (%) = Annualised ongoing charges Average undiluted net asset value in the period Ongoing charges are those expenses of a type which are likely to recur in the foreseeable future, whether charged to capital or revenue, and which relate to the operation of the investment company as a collective fund, excluding the costs of acquisition/disposal of investments, financing charges and gains/losses arising on investments. Ongoing charges are based on costs incurred in the year as being the best estimate of future costs and include the annual management fee. # Want to know more? ## blackrock.com/ uk /brge | Tel: 0207 743 3000 | cosec@blackrock.com > RETH0525E/S-4518377-6/7 Risk Warnings Capital at risk. The value of investments and the income from them can fall as well as rise and are not guaranteed. Investors may not get back the amount originally invested. Past performance is not a reliable indicator of current or future results and should not be the sole factor of consideration whe n selecting a product or strategy. Changes in the rates of exchange between currencies may cause the value of investments to diminish or increase. Fluctuation m ay be particularly marked in the case of a higher volatility fund and the value of an investment may fall suddenly and substantiall y. Levels and basis of taxation may change from time to time. Trust Specific Risks Counterparty risk. The insolvency of any institutions providing services such as safekeeping of assets or acting as counterparty to derivatives or other instruments, may expose the Fund to financial loss. Exchange rate risk. The return of your investment may increase or decrease as a result of currency fluctuations. Emerging Europe. Emerging market investments are usually associated with higher investment risk than developed market investments. Therefore, the value of these investments may be unpredictable and subject to greater variation . Liquidity risk. The Fund’s investments may have low liquidity which often causes the value of these investments to be less predictable. In extreme cases, the Fund may not be able to realize the investment at the latest market price or at a price considered fair . Gearing risk. Investment strategies, such as borrowing, used by the Trust can result in even larger losses suffered when the value of the underlying investments fall . Important Information Issued by BlackRock Investment Management (UK) Limited, authorised and regulated by the Financial Conduct Authority. Register ed office: 12 Throgmorton Avenue, London, EC2N 2DL. Tel: + 44 (0)20 7743 3000. Registered in England and Wales No. 2020394. For your protection telephone calls are usually recorded. BlackRock is a trading name of BlackRock Investment Management (UK) Lim ite d. Please refer to the Financial Conduct Authority website for a list of authorised activities conducted by BlackRock. This document is marketing material. The Company is managed by BlackRock Fund Managers Limited (BFM) as the AIFM. BFM has delegated certain investment management and other ancillary services to BlackRock Investment Management (UK) Limited. The Company’s shares are traded on the London Stock Exchange and dealing may only be through a member of the Exchange. The Company will not invest more than 15% of its gross assets in other listed investment trusts. SEDOL is a trademark of the London Stock Exchange plc and is used under licence. Net Asset Value (NAV) performance is not the same as share price performance, and shareholders may realise returns that are l owe r or higher than NAV performance. BlackRock Greater Europe Investment Trust plc currently conducts its affairs so that its securities can be recommended by IFA s t o ordinary retail investors in accordance with the Financial Conduct Authority’s rules in relation to non -mainstream investment pr oducts and intends to continue to do so for the foreseeable future. The securities are excluded from the Financial Conduct Authority ’s restrictions which apply to non -mainstream investment products because they are shares in an investment trust. Investors should understand all characteristics of the funds objective before investing. For information on investor rights and how to raise c omp laints please go to https://www.blackrock.com/corporate/compliance/investor -right available in local language in registered jurisdictions. BlackRock has not considered the suitability of this investment against your individual needs and risk tolerance. To ensure y ou understand whether our product is suitable, please read the fund specific risks in the Key Investor Document (KID) which give s m ore information about the risk profile of the investment. The KID and other documentation are available on the relevant product p age s at www.blackrock.co.uk/its . We recommend you seek independent professional advice prior to investing. Any research in this document has been procured and may have been acted on by BlackRock for its own purpose. The results of s uch research are being made available only incidentally. The views expressed do not constitute investment or any other advice and ar e subject to change. They do not necessarily reflect the views of any company in the BlackRock Group or any part thereof and no assurances are made as to their accuracy. This document is for information purposes only and does not constitute an offer or invitation to anyone to invest in any Blac kRo ck funds and has not been prepared in connection with any such offer. © 2025 BlackRock, Inc. All Rights reserved. BLACKROCK, BLACKROCK SOLUTIONS, and iSHARES are trademarks of BlackRock, Inc. or its affiliates All other trademarks are those of their respective owners.