Half-year Financial Report
Summary by AI BETAClose X
LEI: 549300JLX6ELWUZXCX14
INVESCO BOND INCOME PLUS LIMITED
HALF-YEARLY FINANCIAL REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2026
Unless otherwise stated, all page numbers below refer to the Half-Yearly Financial Report on the Company's website.
Highlights
• Strong continued demand resulted in 43.5 million shares issued during the period raising net proceeds of £74.8 million benefitting shareholders by improving liquidity and fixed costs of running the Company spread across a larger base.
• Share price continued to trade at a premium for the 4th consecutive year. The average premium during the 6 months to 30 June 2026 was 1.5%.
• In line with the full-year dividend target of 12.25 pence per share, interim dividends totalling 6.125p per share declared during the period equating to 7% yield with full year dividend taken as a percentage of period end share price.
• Positive Net Asset Value total return of 2.8% and share price total return of 3.0%.
• The Company continues to provide investors with stability of income and returns despite significant volatility in global markets.
Investment Objective
The Company’s investment objective is to seek to obtain capital growth and high income from investment, predominantly in high-yielding fixed-interest securities.
Investment Policy
The Company seeks to provide a high level of dividend income relative to prevailing interest rates mainly through investment in bonds and other fixed-interest securities. The Company also invests in equities and other equity-like instruments consistent with the overall objective.
Financial Information and Performance Statistics
Total Return Statistics(1)(2)
with dividends reinvested
| For Six | For Year | |
| Months to | Ended | |
| 30 June | 31 December | |
| 2026 | 2025 | |
| Net asset value – total return with dividends reinvested | +2.8 | +8.7 |
| Share price – total return with dividends reinvested | +3.0 | +8.0 |
Capital Statistics
| At | At | |
| 30 June | 31 December | |
| 2026 | 2025 | |
| Net assets (£’000) | 481,523 | 410,275 |
| Net asset value per ordinary share(2) | 171.46p | 172.87p |
| Share price(1) | 174.00p | 175.00p |
| Premium(2) | 1.5% | 1.2% |
| Gearing(2) | ||
| Gross gearing | 11.9% | 9.3% |
| Net gearing | 5.9% | 2.8% |
| Performance Statistics | ||
| For Six | For Six | |
| Months to | Months to | |
| 30 June | 30 June | |
| 2026 | 2025 | |
| Revenue return per ordinary share | 6.34p | 6.26p |
| Capital return per ordinary share | (1.71)p | (0.73)p |
| Total return | 4.63p | 5.53p |
| Dividend per ordinary share for the period | 6.125p | 6.125p |
(1) Source: LSEG Data & Analytics.
(2) Alternative Performance Measures (APM). See Glossary of Terms and Alternative Performance Measures on pages 15 and 16 of the financial report for details of the explanation and reconciliations of APMs.
Chairman’s Statement
It was a great pleasure to join the Board and be appointed as your Chair following the conclusion of the Annual General Meeting on 17 June 2026. This is therefore my first statement to shareholders.
At its heart, the Company is committed to offering shareholders a steady high level of dividend relative to prevailing interest rates, sustained through disciplined management and long-term consistency. Launched more than 35 years ago, Invesco Bond Income Plus Limited (BIPS) has built a long record of doing just that. Its shares have traded at a premium to net asset value for several years, reflecting the confidence shareholders place in the Company. From my early discussions with fellow directors, the manager and shareholders, it is clear to me that BIPS has strong foundations, and I am pleased to have the opportunity to build on them.
The Company remains in demand and has been issuing shares almost continuously for over three years. Passing £500 million in gross assets during the current six month period is an important landmark. Increasing scale matters: it broadens the relevance of the investment proposition to a wider audience, and to professional investors in particular; it improves liquidity in the shares; and it spreads the fixed costs of running the Company across a larger base, all to the benefit of existing shareholders.
In meetings with the manager, I have been struck by the focus, discipline and dedication they bring to delivering for shareholders. Invesco’s fixed interest team has been in place for many years, and that continuity and depth of experience is, to my mind, one of the Company’s greatest assets.
Market background
Financial markets faced a turbulent and eventful first half of 2026. The period was dominated by escalating geopolitical conflict in the Middle East. Disruption to oil supply, including concerns over the Strait of Hormuz, pushed oil prices sharply higher from the start of March and revived inflationary fears, just as major central banks had been contemplating further easing. An increasingly assertive US trade agenda added to the uncertainty, with the prospect of wide-ranging tariffs weighing on sentiment and complicating the inflation outlook. The Organisation for Economic Co-operation and Development (OECD) trimmed its global growth forecast for 2026, warning of a more severe outcome should hostilities persist.
The interest rate environment was a particular focus. The appointment in February of a new Chair of the US Federal Reserve, who struck a more hawkish tone than had been anticipated, prompted investors to scale back expectations of near-term rate cuts. Monetary policy diverged across regions, and with inflation proving stickier than hoped, markets increasingly priced in the possibility of rate rises in Europe and Japan rather than the easing widely expected at the start of the year. Government bond yields rose, curves steepened, and for a period markets began to contemplate rate rises rather than cuts. Equity markets, by contrast, proved resilient recovering from the initial sell-off in March caused by the Iran conflict, buoyed by enthusiasm for artificial intelligence.
The investment trust bond sectors experienced their own bout of volatility during the period, as concerns surrounding the US private credit market briefly spread to listed vehicles. Against this backdrop, demand for your Company’s shares remained resilient and BIPS continued to trade at a premium to net asset value throughout the half year. This reflected continued investor demand for dependable income as well as confidence in the Company’s long established investment approach. BIPS does not have any investments in private credit.
The Company’s performance was supported by the resilience of the high yield market, which proved robust during the period, supported by sound corporate fundamentals, manageable default rates and persistent investor demand for income. Your Company entered the year cautiously positioned, with a meaningful allocation to higher-quality investment-grade credit, which helped to cushion returns through the most volatile phases of the period.
Performance
The Company delivered a Net Asset Value total return of 2.8% and a share price total return of 3.0% for the six months to 30 June 2026. The net asset value per ordinary share stood at 171.46p at the period end. The Portfolio Managers’ Report, which follows my statement, explains in more detail the main determinants of investment performance during the period under review.
Dividends
We declared first and second interim dividends totalling 6.125 pence per share during the first six months of the year. The revenue return of 6.34 pence per share comfortably covered the dividends declared, and I am pleased to confirm that the Company remains on course to meet its full-year dividend target of 12.25 pence per share.
Premium and share issuance
Demand for the Company’s shares remained strong, and the shares continued to trade at a premium to net asset value throughout the period, ending the half year at a premium of 1.5%.
In February 2026 the Company completed a successful placing and retail offer, issuing 14.4 million new ordinary shares and raising gross proceeds of approximately £24.9 million. In addition, through ongoing day-to-day tap issuance, the Company issued a further 29.1 million ordinary shares during the period, raising gross proceeds of approximately £50.5 million. For the period from 1 July 2026 to the date of this report we have issued a further 10.7 million ordinary shares, raising gross proceeds of approximately £18.4 million.
Growing the Company steadily in this way benefits shareholders by improving liquidity and by spreading the fixed costs of running the Company across a larger base.
Gearing
The Company maintained a geared position throughout the period, with gross gearing of 11.9% and net gearing of 5.9% at 30 June 2026, reflecting the Portfolio Managers’ assessment of the balance of opportunity and risk in the high yield market.
The Board
I succeed Tim Scholefield, who retired at the conclusion of the Annual General Meeting after nine years of distinguished service. On behalf of the Board, I would like to record our sincere thanks to Tim for his wise counsel, steady leadership and unwavering commitment throughout his tenure. The Company has grown and flourished under his stewardship, and I am delighted to build upon the strong foundations he leaves in place.
Investor Engagement and Communication
If you have not already done so, we encourage you to sign up for updates on the Company, its portfolio, and insights from your Portfolio Managers. You can do this by scanning the QR code with your smartphone or device, visiting the Company’s dedicated page on the Investment Manager’s website at https://digitalservices.invesco.com/uk/en/investment-trusts-subscriptions, or by contacting Invesco directly at investmenttrusts@invesco.com.
Outlook
The direction of high yield markets over the remainder of the year will be shaped by the evolving situation in the Middle East and its consequences for energy prices, inflation and the path of interest rates, together with developments on international trade. In the UK, investors will also be monitoring the policy agenda of the new government and the implications for fiscal policy, inflation and bond markets.
Markets are likely to remain sensitive to further geopolitical and policy developments, and we can anticipate continued periods of volatility. Encouragingly, however, the outlook for corporate defaults remains relatively benign, with default rates forecast to stay close to or below their long-term averages, which should prove supportive for the asset class.
The Company begins the second half from a relatively conservative position, with a well-diversified portfolio tilted towards higher-quality credit and a measured level of gearing, leaving it well placed both to weather volatility and to take advantage of the opportunities that periods of market dislocation inevitably create.
Throughout, the Board and Portfolio Managers remain firmly focused on the disciplined generation of sustainable, long-term returns for shareholders. In an uncertain world, a regular and dependable source of income remains highly valued by shareholders, and I have every confidence that your Company is well positioned to continue meeting that need. I look forward to serving you in the years ahead.
Mark Bridgeman
Chairman
12 August 2026
Portfolio Managers’ Report
Portfolio Manager
Rhys Davies, CFA, Fund Manager
Rhys is a fund manager for the Invesco Fixed Interest Europe team, based in our Henley office.
He began his investment career with Invesco in 2002, moving to the Henley Fixed Interest team in 2003. He became a fund manager in 2014. He manages high yield credit portfolios.
He holds a BSc (Honours) in Management Science from the University of Manchester Management School. He is a CFA charterholder.
Deputy Portfolio Manager
Edward Craven, FCA, Fund Manager
Edward is a fund manager for the Invesco Fixed Interest Europe team, based in our Henley office.
He began his career with KPMG in 2003. In 2008 he moved to The Royal Bank of Scotland, where he worked in structured finance. He joined the team at Invesco in 2011 as a credit analyst and became a fund manager in 2020, managing multi-asset and high yield funds.
He holds a Master’s degree in Physics from the University of Bath. He is an FCA qualified chartered accountant.
Q How have markets performed in the first half of 2026?
A Investors in corporate bonds achieved positive returns in the first half of this year. This was due to income, not capital return. Prices fell, pushing up yields across the bond market. Corporate bonds outperformed government bonds, providing some incremental reward for holding credit risk.
Yields have fallen and spreads have tightened since the sharp sell-off of 2022. In reviewing 2025 we wrote that these tighter conditions in the corporate bond market have been maintained through a period of geopolitical volatility. We have seen further volatility in 2026 and this resilience has persisted.
The outbreak of direct military conflict between Iran and the United States and Israel in February could be viewed as one more chapter in a sustained geopolitical struggle in the region. In economic terms, however, it had much greater significance, due to the closure of the Strait of Hormuz and attacks on the infrastructure of several oil and chemical-producing states.
The Brent oil price rose from just over $70 to just under $120 per barrel in March. In the first half of 2026, the oil price has on average been 27% higher than in 2025. The potential impact was not lost on investors – inflation is the nemesis of all fixed income assets.
Interest rate expectations changed quickly in response to the inflation risk. Where at the beginning of the year markets had anticipated further cuts in 2026, hikes were soon priced in for the Federal Reserve, the European Central Bank and the Bank of England. In other words, government bond prices fell. Despite this challenging backdrop, the income generated by gilts helped offset the impact of weaker bond prices, resulting in broadly stable returns over the first half of the year.
But beyond this change in interest rates, corporate bond valuations have, in broad terms, been little affected. The return on European high yield(1) was 2.0%, with income of 2.6% outweighing the negative price return of –0.6%. Yields in both investment grade and high yield credit moved in line with government yields. Credit spreads haven’t changed much. While there was some volatility in March, the spread on European high yield(2), at 280bps, is virtually unchanged from the year-end level and well below long-term averages.
Market reaction to the supply shock has focused much more on the risk to inflation (and interest rates) than to growth (and credit spreads). Albeit with variation by industry, the corporate sector has continued to perform well. Earnings have remained positive. This underpins fundamental credit measures – debt-to-earnings and interest coverage levels are comfortably within their recent ranges(3).
Investors appear happy to hold corporate bonds at these relatively tight levels. New deals are coming to the market at the same strong rate we have seen for the last two years, but they are being easily digested by a market that remains hungry for yield.
(1) ICE BoA European Currency High Yield Index, in local currency terms.
(2) ICE BoA European Currency High Yield Index.
(3) JP Morgan, High Yield Talking Points, 24 April 2026.
Q How did the company perform?
A Over the six months to 30 June 2026 the share price fell from 175.0p to 174.0p. With dividends reinvested the Company delivered a positive share price total return of 3.0%. The net asset value per share total return (with dividends reinvested) was 2.8%.
Q What has driven portfolio returns?
A We are invested in a diversified selection of bonds. The portfolio is weighted towards high-yielding instruments, principally high yield corporate bonds and subordinated financial debt. In this more fully valued market environment, approximately a quarter of the portfolio is investment grade-rated.
As with the wider market, portfolio returns were driven by income more than price change. Changes in credit spread have been modest, so our credit asset allocation has not had a large bearing on performance.
The portfolio is built on our selection of individual bonds. Here, as always, many factors have contributed to performance, as economic events and individual company performance have impacted different bond issuers.
Looking at the ten holdings that made the largest positive contribution to our returns, we can see a variety of drivers. Two bonds from Ineos made this list. This multinational in the highly cyclical chemicals sector is a company we know well. The structure of the business positioned it to perform relatively well amidst the oil and petro-chemical supply disruption. Having seen some weakness in 2025, the price of these bonds rallied back.
Isabel Marant is a French fashion house. Following a period of poor business performance, and careful review by our credit analysts, the bond we hold has responded very positively to clear signs of improvement. 888.com, a gaming company, has seen a price recovery after the company was acquired by Bally’s Intralot.
Saffron Building Society is from a very different part of the economy. A relatively small UK building society, whose business we have analysed and monitor carefully, the contribution of this bond was primarily due to its high income. The coupon is 12.5%.
At the other end of the scale, negative contributions also came from a range of companies. Grupo Antolin is a Spanish auto parts name. It has suffered from poor business performance in this relatively volatile industry and is now proposing a debt restructuring. Virgin Media O2, a name we have held for many years, has underperformed on concern about its large programme of capital expenditure, competitive pressure in the UK broadband market and a recent credit rating downgrade.
Thames Water Finance (‘Thames’) was also one of the weaker performers in the period. While the work to restructure the company’s debt and provide a stable financial basis for its ongoing operation are far advanced, after years of work involving creditors, government and regulators, there has recently been renewed speculation about its future as the Burnham administration takes office. We continue to see value in our holdings and remain convinced that bond investors have an important role to play in the funding of the water utility sector and as part of the renewal of UK infrastructure more widely.
Thames is one of a small group of securities that we would classify as distressed or re-structuring names. While typically only a handful of bonds and a small part of the portfolio, they demand intensive credit work and a higher level of engagement with the issuer and other parties. This is resource-intensive for us. While we have expertise and a great deal of experience in this type of work, we are careful only to be involved when we feel there is sufficient upside.
No two names in this group are alike. Alongside Thames, bonds in this category include Credit Suisse and Frigoglass.
Credit Suisse AT1 securities were written down as part of the process leading to the bank’s merger with UBS in 2023. That move was unusual and immediately challenged. We are involved in litigating the propriety of writing down debt while equity value remained in the bank. While this is likely to be a lengthy process, the Swiss courts have initially shown some sympathy for the claims of the bondholders. Our holdings in the AT1s were marked down to below $10 in 2023. Following positive developments in the case, we feel it is prudent now to mark them at a price of $25.5.
Frigoglass is a packaging company which has faced a number of business challenges. It has undergone a debt re-structuring. As a result, we hold some equity as well as our bond position. The company is currently selling assets in order to repay creditors.
Q How have you managed the portfolio?
A The main part of our work for the portfolio is the research, selection and monitoring of the individual bonds. Alongside the names mentioned above, this covers a range of over 200 bonds from some 150 issuers. Most do not present the challenges of our distressed positions or show the price volatility of, for example, Ineos. Nevertheless, their monitoring remains our chief occupation, day in and day out.
Over the last six months, we have seen quite a high level of new bond issuance. Names we have added include Castrol EUR 5% 2033 (UK lubricant manufacturer, a well-known brand which is being carved out of BP); Mahle EUR 7.125% 2032 (German auto parts name which we already held, where additional bonds were offered at a slight discount to market price); and SES Finance EUR 7.375% 2031 call (Luxembourg satellite communications). We also opened a small position in Coreweave EUR 8.5% 2032 (US AI cloud infrastructure), one of many AI deals that have come to the market recently.
Opportunities for ‘bargain-hunting’ have been quite limited, even in the early weeks of conflict in March. We have used market strength to sell some positions. The trust’s holding in the junior debt of Mobico (formerly National Express) was sold following a rally, although still around 23 points below par. This reflected our uncertainty over the company’s ability to repay the bond at par at maturity. In anticipation of potentially weaker market conditions, we trimmed positions in Teva and FiberCop, both of which are higher-quality issuers whose bonds have held up well. This will provide liquidity for future opportunities.
While we would characterise our trading over the period as ‘bottom-up’ and driven by the strengths and weaknesses of individual credits, a result of it has been a modest increase in our high yield allocation. At the end of the year, we held 66% in high yield and 28% in investment grade. Now, we are at 69% and 25%.
Notwithstanding this reallocation, the portfolio remains quite cautiously positioned, as we seek to align risk with reward in a relatively tight market. We still hold considerably less high yield exposure than we did when spreads were wider. We were at 75% in the first half of 2023. Away from credit ratings, our portfolio of financial capital instruments has less subordination risk. Two years ago 16% of our 24% allocation to banks was in the most junior debt rank of AT1, now it is 12% of our total 23%. In the same vein, we have less leverage, with gross gearing of 11.9%, compared to 19.2% at the start of 2023.
Q What do you see ahead, in the second half?
A While events have marched on and macroeconomic data has flowed, the broad contours of our markets have not changed fundamentally. It is a bland statement to observe that there remains substantial geopolitical risk in the Middle East. Amidst all the news and shifting positions, the disruption to supplies remains real. The global economy may not be as sensitive to the oil price as it was in the 1970s, but less sensitive is not insensitive.
The bond market’s reaction has been focused on inflation but that could change. Extended disruption will hurt corporate earnings and in Europe the ability of companies to pass on price rises may be tested in an environment where labour markets are weakening. As well as hurting earnings, this would tend to counter inflationary pressure. If growth does start to disappoint, credit spreads may start to look like an unattractive compensation for the risk.
But for now, our market remains in a robust condition, in aggregate. Our job is to continue to do our research, to distinguish between companies with stronger and weaker fundamentals and business models, and to find attractive income for the trust from bonds that we feel will remain creditworthy even in weaker conditions.
Rhys Davies Edward Craven
Portfolio Managers
12 August 2026
Investment Portfolio
at 30 June 2026
| Market | ||||
| Country of | Value | % of | ||
| Issuer | Industry | Incorporation | £’000 | Portfolio |
| US Treasury Note | Government Bonds | USA | 15,251 | 3.0 |
| Lloyds Banking Group | Financials | UK | 11,798 | 2.3 |
| Nationwide | Financials | UK | 11,642 | 2.3 |
| Aviva | Financials | UK | 11,034 | 2.2 |
| Barclays | Financials | UK | 10,705 | 2.1 |
| Ineos | Basic Materials | UK | 10,443 | 2.1 |
| NatWest | Financials | UK | 8,823 | 1.8 |
| Atos | Technology | France | 8,814 | 1.8 |
| ZF Group | Consumer Goods | Netherlands | 8,715 | 1.7 |
| Eléctricité De France | Utilities | France | 8,085 | 1.6 |
| BNP Paribas | Financials | France | 7,844 | 1.6 |
| Engineering Ingegneria Informatica | Technology | Italy | 7,520 | 1.5 |
| Thames Water Finance | Utilities | UK | 7,374 | 1.5 |
| Co-Operative Bank | Financials | UK | 7,228 | 1.4 |
| OSB | Financials | UK | 7,127 | 1.4 |
| CPUK Finance | Consumer Services | Jersey | 7,054 | 1.4 |
| Virgin Media O2 | Telecommunications | Ireland | 6,670 | 1.3 |
| 888.com | Consumer Services | Gibraltar | 6,669 | 1.3 |
| Techem | Consumer Services | Germany | 6,489 | 1.3 |
| Zopa Group | Financials | UK | 6,461 | 1.3 |
| Market Bidco Finco | Consumer Goods | UK | 6,450 | 1.3 |
| Stellantis | Consumer Goods | Netherlands | 6,406 | 1.3 |
| Saffron Building Society | Financials | UK | 5,941 | 1.2 |
| Volkswagen Financial Services | Consumer Goods | Netherlands | 5,753 | 1.2 |
| Punch Finance | Consumer Services | UK | 5,666 | 1.1 |
| Atom | Financials | UK | 5,556 | 1.1 |
| Vodafone Group | Telecommunications | UK | 5,393 | 1.1 |
| Waga Bond | Consumer Services | Jersey | 5,157 | 1.0 |
| LSF12 Pillar Investments | Health Care | USA | 5,134 | 1.0 |
| SES Finance | Telecommunications | Luxembourg | 5,123 | 1.0 |
| Top 30 issuers | 232,325 | 46.2 | ||
| Other issuers | 272,267 | 54.2 | ||
| Investments held at fair value | ||||
| through profit or loss | 504,592 | 100.4 |
Derivative Instruments – Credit Default Swaps (‘CDS’)
| Market | |||||
| Value | % of | ||||
| Company | Nominal | Coupon % | Maturity Date | £’000 | Portfolio |
| Itraxx Europe Crossover | |||||
| Series 45 5% 5 Year | €13,000,000 | 5.00 | 20 Jun 2031 | (1,240) | (0.3) |
| Series 45 5% 5 Year | €6,000,000 | 5.00 | 20 Jun 2031 | (620) | (0.1) |
| Derivatives held at fair value through profit or loss | (1,860) | (0.4) | |||
| Total investments and derivatives held at fair value through profit or loss | 502,732 | 100.0 |
Governance
Invesco Bond Income Plus Limited is a Jersey domiciled investment company and is regulated by the Jersey Financial Services Commission.
Principal Risks and Uncertainties
The principal risks and uncertainties facing the Company fall into the following broad categories: Strategic Risks including market and political risk, regulatory or fiscal change risk, the risk that a wide discount could lead to shareholder dissatisfaction and Third Party Service Providers (‘TPPs’) Risk including unsatisfactory performance by TPPs, cyber risk and business continuity risk.
An explanation of these risks (as well as emerging risks) and how they are managed is set out on pages 14 and 15 of the Company’s Annual Report and Financial Statements for the year ended 31 December 2025 which is available on the Company’s section of the Manager’s website: www.invesco.co.uk/bips.
In the view of the Board, the principal risks and uncertainties have not materially changed since the date of that report and are as applicable to the remaining six months of the financial year as they were to the six months under review.
Related Parties
Note 23 to the financial statements within the Company’s 2025 annual financial report gives details of related party transactions. The basis of these has not changed for the six months being reported. The 2025 annual financial report is available on the Company’s section of the Manager’s website at: www.invesco.co.uk/bips.
Going Concern
The financial statements have been prepared on a going concern basis. When considering this, the Directors took into account the annual shareholders’ continuation vote and the following: the Company’s investment objective and risk management policies, the nature of the portfolio and expenditure and cash flow projections. As a result, they determined that the Company has adequate resources, an appropriate financial structure, readily realisable fixed assets to repay current liabilities and suitable management arrangements in place to continue in operation for the foreseeable future.
Statement of Directors' Responsibilities
in respect of the preparation of the Half-Yearly Financial Report
The Directors are responsible for preparing the financial report, using accounting policies consistent with applicable law and International Financial Reporting Standards.
The Directors confirm that to the best of their knowledge:
– the condensed set of financial statements contained within the Half-Yearly Financial Report have been prepared in accordance with International Accounting Standards 34 ‘Interim Financial Reporting’;
– the interim management report includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R of the FCA’s Disclosure Guidance and Transparency Rules; and
– the interim management report includes a fair review of the information required on related party transactions.
The Half-Yearly Financial Report has not been audited or reviewed by the Company’s auditor.
Signed on behalf of the Board of Directors.
Heather MacCallum
Audit & Risk Committee Chair
12 August 2026
Bond Rating Analysis
The table below reflects Standard and Poor’s (‘S&P’) ratings. Where an S&P rating is not available, an equivalent average rating has been used. Investment grade is BBB– and above.
For the definitions of these ratings see the Glossary of Terms and Alternative Performance Measures on page 81 of the Company’s 2025 annual financial report.
| 30 June 2026 | 31 December 2025 | ||||
| Cumulative | Cumulative | ||||
| Rating | Portfolio % | Total % | Portfolio % | Total % | |
| Investment Grade: | |||||
| AAA | 0.2 | 0.2 | 0.2 | 0.2 | |
| AA+ | 3.0 | 3.2 | 0.2 | 0.4 | |
| AA | 1.0 | 4.2 | 1.5 | 1.9 | |
| A+ | 0.2 | 4.4 | 0.3 | 2.2 | |
| BBB+ | 2.9 | 7.3 | 2.2 | 4.4 | |
| BBB | 12.8 | 20.1 | 17.4 | 21.8 | |
| BBB– | 6.3 | 26.4 | 8.2 | 30.0 | |
| Non-investment Grade: | |||||
| BB+ | 7.1 | 33.5 | 9.1 | 39.1 | |
| BB | 10.5 | 44.0 | 10.4 | 49.5 | |
| BB– | 9.0 | 53.0 | 8.7 | 58.2 | |
| B+ | 10.3 | 63.3 | 7.4 | 65.6 | |
| B | 12.9 | 76.2 | 12.0 | 77.6 | |
| B– | 6.0 | 82.2 | 5.7 | 83.3 | |
| CCC+ | 2.1 | 84.3 | 2.2 | 85.5 | |
| CCC | 2.2 | 86.5 | 2.2 | 87.7 | |
| CCC– | 0.4 | 86.9 | – | 87.7 | |
| NR (including equity and CDS) | 13.1 | 100.0 | 12.3 | 100.0 | |
| 100.0 | 100.0 | ||||
Summary of Analysis
| Investment Grade | 26.4 | 30.0 | ||
| Non-investment Grade | 60.5 | 57.7 | ||
| NR (including equity | ||||
| and CDS) | 13.1 | 12.3 | ||
| Total | 100.0 | 100.0 |
Condensed Statement of Comprehensive Income
| Six months ended | Six months ended | |||||
| 30 June 2026 | 30 June 2025 | |||||
| Revenue | Capital | Total | Revenue | Capital | Total | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Net losses on investments held at fair value | ||||||
| through profit or loss | – | (5,085) | (5,085) | – | (4,606) | (4,606) |
| Net gains on derivative instruments – forward | ||||||
| currency contracts and CDS | – | 1,393 | 1,393 | – | 5,856 | 5,856 |
| Exchange differences | – | 375 | 375 | – | (1,766) | (1,766) |
| Income – note 2 | 18,162 | – | 18,162 | 14,691 | – | 14,691 |
| Investment management fees – note 3 | (746) | (746) | (1,492) | (581) | (581) | (1,162) |
| Other expenses | (513) | (66) | (579) | (868) | (113) | (981) |
| Profit/(loss) before finance costs | ||||||
| and taxation | 16,903 | (4,129) | 12,774 | 13,242 | (1,210) | 12,032 |
| Finance costs – note 3 | (329) | (329) | (658) | (304) | (304) | (608) |
| Profit/(loss) before taxation | 16,574 | (4,458) | 12,116 | 12,938 | (1,514) | 11,424 |
| Taxation – note 4 | (45) | – | (45) | (45) | – | (45) |
| Profit/(loss) after taxation | 16,529 | (4,458) | 12,071 | 12,893 | (1,514) | 11,379 |
| Return per ordinary share | 6.34p | (1.71)p | 4.63p | 6.26p | (0.73)p | 5.53p |
| Weighted average number of ordinary shares | ||||||
| in issue during the period | 260,898,833 | 205,884,845 | ||||
The total columns of this statement represent the Company’s statement of comprehensive income, prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The profit/(loss) after taxation is the total comprehensive income/(loss). The supplementary revenue and capital columns are both prepared in accordance with the Statement of Recommended Practice issued by the Association of Investment Companies. All items in the above statement derive from continuing operations of the Company. No operations were acquired or discontinued in the period.
Condensed Statement of Changes in Equity
| Stated | Capital | Revenue | ||
| Capital | Reserve | Reserve | Total | |
| £’000 | £’000 | £’000 | £’000 | |
| For the six months ended 30 June 2026 | ||||
| At 31 December 2025 | 412,497 | (16,647) | 14,425 | 410,275 |
| (Loss)/profit after taxation | – | (4,458) | 16,529 | 12,071 |
| Dividends paid – note 5 | (1,057) | – | (14,586) | (15,643) |
| Net proceeds from issue of new shares – note 6 | 74,820 | – | – | 74,820 |
| At 30 June 2026 | 486,260 | (21,105) | 16,368 | 481,523 |
| For the six months ended 30 June 2025 | ||||
| At 31 December 2024 | 353,041 | (18,973) | 11,731 | 345,799 |
| (Loss)/profit after taxation | – | (1,514) | 12,893 | 11,379 |
| Dividends paid – note 5 | (118) | – | (12,382) | (12,500) |
| Net proceeds from issue of new shares | 22,166 | – | – | 22,166 |
| At 30 June 2025 | 375,089 | (20,487) | 12,242 | 366,844 |
Condensed Balance Sheet
| At | At | |
| 30 June | 31 December | |
| 2026 | 2025 | |
| £’000 | £’000 | |
| Non-current assets | ||
| Investments held at fair value through profit or loss | 504,592 | 420,214 |
| Current assets | ||
| Derivative financial instruments – receivable | 908 | 1,729 |
| Margin held at brokers | 3,574 | 5,141 |
| Proceeds due from issue of new shares | 827 | 658 |
| Prepayments and accrued income | 9,574 | 7,984 |
| Cash and cash equivalents | 24,940 | 21,232 |
| 39,823 | 36,744 | |
| Current liabilities | ||
| Amounts due to brokers | (1,904) | (5,215) |
| Amounts payable relating to issue of new shares | (4) | (3) |
| Accruals | (1,184) | (980) |
| Derivative financial instruments – payable | (848) | (24) |
| Securities sold under agreements to repurchase | (57,092) | (38,018) |
| (61,032) | (44,240) | |
| Net current liabilities | (21,209) | (7,496) |
| Total assets less current liabilities | 483,383 | 412,718 |
| Non-current liabilities | ||
| Derivatives held at fair value through profit or loss | (1,860) | (2,443) |
| Net assets | 481,523 | 410,275 |
| Capital and reserves | ||
| Stated capital – note 6 | 486,260 | 412,497 |
| Capital reserve | (21,105) | (16,647) |
| Revenue reserve | 16,368 | 14,425 |
| Total shareholders’ funds | 481,523 | 410,275 |
| Net asset value per ordinary share | 171.46p | 172.87p |
| Number of ordinary shares in issue at the period end – note 6 | 280,828,911 | 237,329,323 |
Condensed Statement of Cash Flows
| Six months to | Six months to | |
| 30 June | 30 June | |
| 2026 | 2025 | |
| £’000 | £’000 | |
| Cash flow from operating activities | ||
| Profit before finance costs and taxation | 12,774 | 12,032 |
| Tax on overseas income | (45) | (45) |
| Adjustment for: | ||
| Purchases of investments | (178,026) | (76,528) |
| Sales of investments | 85,252 | 68,984 |
| (92,774) | (7,544) | |
| Increase from securities sold under agreements to repurchase | 19,074 | 61 |
| Loss on investments held at fair value | 5,085 | 4,606 |
| Net movement from derivative instruments – currency hedges and CDS | 1,062 | (4,107) |
| Increase in receivables | (23) | (1,159) |
| Increase in payables | 111 | 30 |
| Net (cash outflow)/inflow from operating activities | (54,736) | 3,874 |
| Cash flow from financing activities | ||
| Finance cost paid | (565) | (690) |
| Net proceeds from issue of new shares | 74,652 | 21,437 |
| Dividends paid - note 5 | (15,643) | (12,500) |
| Net cash inflow from financing activities | 58,444 | 8,247 |
| Net increase in cash and cash equivalents | 3,708 | 12,121 |
| Cash and cash equivalents at the start of the period | 21,232 | 8,153 |
| Cash and cash equivalents at the end of the period | 24,940 | 20,274 |
| Reconciliation of cash and cash equivalents to the Balance Sheet is as follows: | ||
| Cash held at custodian | 7,590 | 8,844 |
| Invesco Liquidity Funds plc – Sterling | 17,350 | 11,430 |
| Cash and cash equivalents | 24,940 | 20,274 |
| Cash flow from operating activities includes: | ||
| Dividends received | 446 | 413 |
| Interest received | 16,088 | 14,443 |
| At | At | ||
| 1 January | Cash | 30 June | |
| 2026 | flows | 2026 | |
| Reconciliation of net debt | £’000 | £’000 | £’000 |
| Cash and cash equivalents | 21,232 | 3,708 | 24,940 |
| Securities sold under agreements to repurchase | (38,018) | (19,074) | (57,092) |
| Total | (16,786) | (15,366) | (32,152) |
Notes to the Condensed Financial Statements
1. Basis of Preparation
The condensed financial statements have been prepared using the same accounting policies as those adopted in the Company’s 2025 annual financial report. They have been prepared on an historical cost basis, in accordance with the applicable International Financial Reporting Standards (IFRS), as adopted by the European Union and, where possible, in accordance with the Statement of Recommended Practice for Financial Statements of Investment Trust Companies and Venture Capital Trusts, issued by the Association of Investment Companies in December 2025 (AIC SORP).
2. Income
| Six months to | Six months to | |
| 30 June | 30 June | |
| 2026 | 2025 | |
| £’000 | £’000 | |
| Income from investments: | ||
| UK dividends | 208 | 252 |
| UK investment income – interest | 8,041 | 6,812 |
| Overseas dividends | 253 | 123 |
| Overseas investment income – interest | 9,535 | 7,378 |
| 18,037 | 14,565 | |
| Other income: | ||
| Deposit interest | 79 | 80 |
| Other income | 46 | 46 |
| 125 | 126 | |
| Total income | 18,162 | 14,691 |
3. Management Fees and Finance costs
Investment management fees and finance costs are allocated 50% to capital and 50% to revenue (2025: 50% to capital and 50% to revenue).
Finance costs relate to interest payable on borrowings from securities sold under agreements to repurchase (repo) or bank overdrafts. In some instances, interest on repo is negative i.e. receivable and has been netted against interest payable, shown within finance costs, as they relate to borrowings utilised by the Company.
4. Taxation
The Company is subject to Jersey income tax at the rate of 0% (2025: 0%). The tax charge consists of irrecoverable overseas withholding tax.
5. Dividends paid on Ordinary Shares
| Six months to | Six months to | |||
| 30 June 2026 | 30 June 2025 | |||
| pence | £’000 | pence | £’000 | |
| Interim dividends in respect of previous period | 3.0625 | 7,372 | 3.0625 | 6,206 |
| First interim dividend | 3.0625 | 8,273 | 3.0625 | 6,294 |
| Unclaimed dividends | – | (2) | – | – |
| Total | 6.1250 | 15,643 | 6.1250 | 12,500 |
Dividends paid in the period have been charged to revenue except for £1,057,000 which was charged to stated capital (six months to 30 June 2025: £118,000). This amount is equivalent to the income accrued on the new shares issued in the period (see note 6).
£2,000 of unclaimed dividends from previous periods have been written back during the six months to 30 June 2026 (six months to 30 June 2025: £nil).
A second interim dividend of 3.0625p (2025: 3.0625p) has been declared and will be paid on 14 August 2026 to ordinary shareholders on the register on 17 July 2026.
6. Stated Capital, including Movements
Allotted ordinary shares of no par value.
| Six months to | Year to | |
| 30 June | 31 December | |
| 2026 | 2025 | |
| Stated capital: | ||
| Brought forward | £412,497,000 | £353,041,000 |
| Net issue proceeds | £74,820,000 | £60,098,000 |
| Dividends paid from stated capital | £(1,057,000) | £(642,000) |
| Carried forward | £486,260,000 | £412,497,000 |
| Number of ordinary shares: | ||
| Brought forward | 237,329,323 | 202,379,323 |
| Issued in the period | 43,499,588 | 34,950,000 |
| Carried forward | 280,828,911 | 237,329,323 |
| Per share: | ||
| – average issue price | 173.40p | 173.11p |
7. Classification Under Fair Value Hierarchy
Note 20 of the 2025 annual financial report sets out the basis of classification.
| At 30 June 2026 | At 31 December 2025 | |||||
| Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |
| £’000 | £’000 | £’000 | £’000 | £’000 | £’000 | |
| Financial assets designated at fair value through | ||||||
| profit or loss: | ||||||
| – Fixed interest securities(1) | – | 402,565 | – | – | 338,116 | 1,332 |
| – Convertibles | – | 70,215 | – | – | 64,695 | – |
| – Government | – | 21,862 | – | – | 8,290 | – |
| – Preference | 2,903 | – | 3,591 | 2,991 | – | 3,654 |
| – Equities | 202 | – | 3,254 | 55 | 135 | 946 |
| Derivative financial instruments: | ||||||
| - Currency hedges | – | 60 | – | – | 1,705 | – |
| - Credit default swaps | – | (1,860) | – | – | (2,443) | – |
| Total for financial assets | 3,105 | 492,842 | 6,845 | 3,046 | 410,498 | 5,932 |
(1) Fixed interest securities include both fixed and floating rate securities. The directors consider the floating rate securities held by the Company to be fixed in nature due to their characteristics, including a predictable income stream.
8. Status of Half-Yearly Financial Report
The financial information contained in this half-yearly report, which has not been audited by the Company’s auditor, does not constitute statutory accounts as defined in Article 104 of Companies (Jersey) Law 1991. The financial information for the half year ended 30 June 2026 and the half year ended 30 June 2025 has not been audited. The figures and financial information for the year ended 31 December 2025 are extracted and abridged from the latest audited accounts and do not constitute the statutory accounts for that year.
By order of the Board
JTC Fund Solutions (Jersey) Limited
Company Secretary
12 August 2026
Glossary of Terms and Alternative Performance Measures
Alternative Performance Measure (‘APM’)
An APM is a measure of performance or financial position that is not defined in applicable accounting standards and cannot be directly derived from the financial statements. The calculations shown in the corresponding tables are for the six months ended 30 June 2026 and the year ended 31 December 2025. The APMs listed here are widely used in reporting within the investment company sector and consequently aid comparability, providing useful additional information.
Premium/(discount) (‘APM’)
Premium is a measure of the amount by which the mid-market price of an investment company share is higher than the underlying net asset value of that share. Discount is a measure of the amount by which the mid-market price of an investment company share is lower than the underlying net asset value (‘NAV’) of that share. If the shares are trading at a premium the result of the below calculation will be positive and if they are trading at a discount it will be negative. In this Half-Yearly Financial Report the premium/(discount) is expressed as a percentage of the net asset value per share and is calculated according to the formula set out below.
| 30 June | 31 December | |||
| 2026 | 2025 | |||
| Share price | a | 174.00p | 175.00p | |
| Net asset value per share | b | 171.46p | 172.87p | |
| Premium | c = (a-b)/b | 1.5% | 1.2% |
Modified Duration
Modified Duration is regarded as a measure of the volatility of a portfolio, as, with all other risk factors being equal, bonds with higher durations have greater price volatility than bonds with lower durations. Modified duration measures the change in the value of a bond (or portfolio) in response to a change in 100 basis-point (1%) change in interest rates. For example, in general this would mean that a 1% rise in interest rates leads to a 1% fall in the value of the bond or portfolio.
Gearing
The gearing percentage reflects the amount of borrowings that a company has invested. This figure indicates the extra amount by which net assets, or shareholders’ funds, would move if the value of a company’s investments were to rise or fall. A positive percentage indicates the extent to which net assets are geared; a nil gearing percentage, or ‘nil’, shows a company is ungeared. A negative percentage indicates that a company is not fully invested and is holding net cash as described below.
There are several methods of calculating gearing and the following has been used in this report:
Gross Gearing (‘APM’)
This reflects the amount of gross borrowings in use by a company and takes no account of any cash balances. It is based on gross borrowings as a percentage of net assets.
| 30 June | 31 December | ||
| 2026 | 2025 | ||
| £’000 | £’000 | ||
| Securities sold under agreements to repurchase (repo financing) | 57,092 | 38,018 | |
| Gross borrowings | a | 57,092 | 38,018 |
| Net asset value | b | 481,523 | 410,275 |
| Gross gearing | c = a/b | 11.9% | 9.3% |
Net Gearing or Net Cash (‘APM’)
Net gearing reflects the amount of net borrowings invested, i.e. borrowings less cash and cash equivalents (incl. investments in money market funds). It is based on net borrowings as a percentage of net assets. Net cash reflects the net exposure to cash and cash
equivalents, as a percentage of net assets, after any offset against total borrowings.
| 30 June | 31 December | ||
| 2026 | 2025 | ||
| £’000 | £’000 | ||
| Securities sold under agreement to repurchase (repo financing) | 57,092 | 38,018 | |
| Less: cash and cash equivalents including margin | (28,514) | (26,373) | |
| Net borrowings | a | 28,578 | 11,645 |
| Net asset value | b | 481,523 | 410,275 |
| Net gearing | c = a/b | 5.9% | 2.8% |
Net Asset Value (‘NAV’)
Also described as shareholders’ funds, the NAV is the value of total assets less liabilities. Liabilities for this purpose include current and long-term liabilities. The NAV per ordinary share is calculated by dividing the net assets by the number of ordinary shares in issue. For accounting purposes assets are valued at fair (usually market) value and liabilities are valued at par (their repayment – often nominal – value).
Return
The return generated in a period from the investments including the increase and decrease in the value of investments over time and the income received.
Total Return
Total return is the theoretical return to shareholders that measures the combined effect of any dividends paid together with the rise or fall in the share price or NAV. In this Half-Yearly Financial Report these return figures have been sourced from LSEG Data & Analytics who calculate returns on an industry comparative basis, taking the Net Asset Values and Share Prices for the opening and closing periods and adding the impact of dividend reinvestments for the relevant periods.
Net Asset Value Total Return (‘APM’)
Total return on net asset value per share, with debt at market value, assuming dividends paid by the Company were reinvested into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend.
Share Price Total Return (‘APM’)
Total return to shareholders, on a mid-market price basis, assuming all dividends received were reinvested, without transaction costs, into the shares of the Company at the time the shares were quoted ex-dividend.
| Net Asset | Share | ||
| Six Months Ended 30 June 2026 | Value | Price | |
| As at 30 June 2026 | 171.46p | 174.00p | |
| As at 31 December 2025 | 172.87p | 175.00p | |
| Change in period | a | –0.8% | –0.6% |
| Impact of dividend reinvestments(1) | b | 3.6% | 3.6% |
| Total return for the period | c = a+b | 2.8% | 3.0% |
| Net Asset | Share | ||
| Year Ended 31 December 2025 | Value | Price | |
| As at 31 December 2025 | 172.87p | 175.00p | |
| As at 31 December 2024 | 170.87p | 174.00p | |
| Change in year | a | 1.2% | 0.6% |
| Impact of dividend reinvestments(1) | b | 7.5% | 7.4% |
| Total return for the year | c = a+b | 8.7% | 8.0% |
(1) Total dividends paid during the period of 6.125p (31 December 2025: 12.250p) reinvested at the NAV or share price on the ex-dividend date. NAV or share price falls subsequent to the reinvestment date consequently further reduce the returns, vice versa if the NAV or share price rises.
Directors, Investment Manager and Administration
Directors
Mark Bridgeman (Chairman)
Heather MacCallum (Audit & Risk Committee Chair and Senior Independent Director)
Christine Johnson
Caroline Dutot
Arun Kumar Sarwal
Alternative Investment Fund Manager (Manager)
Invesco Fund Managers Limited
Perpetual Park
Perpetual Park Drive
Henley-on-Thames
Oxfordshire RG9 1HH
+44 (0) 1491 417 000
www.invesco.co.uk/investmenttrusts
Manager’s Website
Information relating to the Company can be found on the Manager’s website, at https://www.invesco.com/uk/en/investment-trusts/invesco-bond-income-plus-limited.html
The contents of websites referred to in this document, or accessible from links within those websites, are not incorporated into, nor do they form part of, this interim report.
Company Secretary, Administrator and Registered Office
JTC Fund Solutions (Jersey) Limited
PO Box 1075
28 Esplanade
St Helier
Jersey JE4 2QP
Company Secretarial Contact: Claire Brazenall
+44 (0) 1534 700000
invesco@jtcgroup.com
Corporate Broker
Winterflood Investment Trusts
Riverbank House
2 Swan Lane
London
EC4R 3GA
Independent Auditor
From 17 June 2026:
KPMG Audit Limited
37 Esplanade
St Helier
Jersey JE2 3QE
Depositary, Custodian & Banker
The Bank of New York Mellon (International) Limited
160 Queen Victoria Street
London EC4V 4LA
Invesco Client Services
Invesco has a Client Services Team available from 8.30am to 6.00pm every working day. Please feel free to take advantage of their expertise by ringing:
0800 085 8677
www.invesco.co.uk/investmenttrusts
Registrar
Computershare Investor Services (Jersey) Limited
13 Castle Street
St Helier
Jersey JE1 1ES
+44 (0) 370 707 4040
Shareholders who hold shares directly and not through a Savings Scheme or ISA and have queries relating to their shareholding should contact the Registrar’s call centre on the above number.
Calls are charged at the standard geographic rate and will vary by provider.
Calls from outside the United Kingdom will be charged at the applicable international rate. Lines are open 8.30am to 5.30pm Monday to Friday (excluding UK public holidays).
Shareholders holding shares directly can also access their holding details via Computershare’s website:
http://www.investorcentre.co.uk/je
The Registrar provides an on-line share dealing service to existing shareholders who are not seeking advice on buying or selling via Computershare’s website http://www.investorcentre.co.uk/je
For queries relating to shareholder dealing contact:
+44 (0) 370 703 0084
Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the United Kingdom will be charged at the applicable international rate. Lines are open 8.30am to 5.30pm Monday to Friday (excluding UK public holidays).
Dividend Re-Investment Plan
The Registrar also manages a Dividend Re-Investment Plan for the Company. Shareholders wishing to re-invest their dividends should contact the Registrar as detailed above.
General Data Protection Regulation
The Company’s privacy notice can be found at:
www.invesco.co.uk/bips
NATIONAL STORAGE MECHANISM
A copy of the Half-Yearly Financial Report will be submitted shortly to the National Storage Mechanism ("NSM") and will be available for inspection at the NSM, which is situated at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Hard copies of the Half-Yearly Financial Report will be posted to shareholders. Copies may be obtained during normal business hours from the Company's Registered Office, JTC Fund Solutions (Jersey) Limited, PO Box 1075, 28 Esplanade, St Helier, Jersey JE4 2QP or the Manager's website via the directory found at the following link: www.invesco.co.uk/bips.
Claire Brazenall
JTC Fund Solutions (Jersey) Limited
Company Secretary
Telephone: 01534 700000
12 August 2026
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