Ecofin Global Utilities and Infrastructure Trust plc · LSE:EGL
Ecofin Global Utilities and Infrastructure Trust — Shareholder Meeting (March 2025)
13 slides from Ecofin Global Utilities and Infrastructure Trust's shareholder meeting presentation, Mar 5, 2025
Slide 1: Ecofin Global Utilities and Infrastructure Trust plc
Ecofin Global Utilities and Infrastructure Trust plc www.ecofininvest.com Wednesday 5 March 2025
Slide 2: Ecofin investment team
Ecofin investment team Jean-Hugues de Lamaze Portfolio Manager, EGL Listed infrastructure 35 years of investment experience • Defensive, asset-backed opportunities with Jean-Hugues is Portfolio Manager of predictable cashflows and high barriers to entry the Listed Infrastructure strategy. capable of
Slide 3: Performance (total returns in £)
Performance (total returns in £) 30 25.9 24.8 Financial year to 25 30 September 20 2024 15 11.8 10.2 10 5 0 1 Year Since Admission % p.a. EGL NAV EGL Share Price Periods to 28 February 2025 Since Since 6M% 1Y% 3Y% 5Y% Admission Admission1 % % per annum EGL NAV 2.5 19.9 17.0 49.0 113.0 9.4 EGL Share
Slide 4: EGL overview
EGL overview An alternative income strategy featuring capital preservation and exposure to global growth Global Income Growth Diversified across geographies, Invested in securities with attractive yield Growth-oriented infrastructure sub-sectors and investment themes potential and inflation protecti
Slide 5: Characteristics of the investment universe
Characteristics of the investment universe We believe economic infrastructure offers unique characteristics that make it an attractive asset class for investors • Essential assets • Defensive profile • High barriers to entry • Limited competition • Asset-backed services • Inflation indexing • Long-t
Slide 6: The opportunity: 1) De-risking of business models
The opportunity: 1) De-risking of business models Decarbonisation and evolving business mixes drive value creation in the long run EBITDA split by activity for European Utilities 12% 13% 11% 21% 22% 10% 7% 12% Business mixes adjusting C. 80% of European for the energy transition utilities’ 42% 29% o
Slide 7: The opportunity: 2) Accelerating growth
The opportunity: 2) Accelerating growth AI, datacentres, EVs are boosters to industry growth, highlighting the value of baseload capacity U.S. electricity demand anticipated to grow 4x faster U.S. power demand (thousand TWh) e e e GenAI forecast to boost power demand in datacentres Constellation and
Slide 8: The opportunity: 3) Enhanced returns
The opportunity: 3) Enhanced returns but they are not always reflected in share price action Last 2 years: Utilities earnings revisions S&P500 Utilities EPS growth (indexed to 100 on 22/01/2025) 109 110 108 109 107 108 106 107 106 105 105 104 104 103 103 102 102 101 101 100 100 99 99 98 European Uti
Slide 9: Valuations
Valuations US and pan-EU Utilities Relative P/E • Listed infrastructure relative valuations stand at a significant discount to historical averages and comparable private assets • EGL’s portfolio is inexpensive compared to sector indices and global equity markets EGL portfolio: Attractive valuation a
Slide 10: The valuation gap: Listed vs private infrastructure
The valuation gap: Listed vs private infrastructure Private equity specialists are paying significant premiums for listed infrastructure assets Date Company M&A transaction details Australian listed infrastructure takeovers by IFM/ GIP, KKR and Brookfield at premiums 2021/2022 Sydney Airport, Spark
Slide 11: Portfolio
Portfolio % of Current focus: nuclear, transmission & distribution / grids, Company Country Portfolio transportation infrastructure, environmental services; limiting earnings exposure to power prices National Grid 4.8 UK 6-12% p.a. total return target over the long term; portfolio yield 4.2% (unleve
Slide 12: Summary
Summary Why Listed Infrastructure? Why Now? • Utilities, environmental services and transportation • Electrification is driving electricity demand growth, infrastructure are essential assets boosting the growth profile of utilities o Asset-backed services based on long-term contracts • AI’s energy i
Slide 13: Ecofin Global Utilities and Infrastructure Trust plc Disclaimer
Ecofin Global Utilities and Infrastructure Trust plc Disclaimer Redwheel ® and Ecofin ® are registered trademarks of RWC Partners Limited (“RWC”). The term “Redwheel” may include any one or more Redwheel branded regulated entities. This document is issued in relation to Ecofin Global Utilities and I
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