Portfolio Update

Summary by AI ^BETAClose X

BlackRock Energy and Resources Income Trust plc reported a net asset value performance of 2.7% for the month ending April 30, 2026, with share price performance at 1.4%. The trust's net asset value cum income stood at 201.94p, with a share price of 191.00p, resulting in a discount to NAV of 5.4%. Total assets were £204.2 million, and net gearing was 1.8%. The ongoing charges were 1.15%. The portfolio is diversified across Traditional Energy (34.4%), Mining (34.4%), and Energy Transition (31.7%), with the largest investments in Glencore (5.6%), Vale - ADS (5.1%), and Chevron Corporation (4.7%). The investment manager noted that the energy transition sector was the largest contributor to returns, while conventional energy detracted.

Disclaimer*

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

All information is at 30 April 2026 and unaudited.

Performance at month end with net income reinvested

One

Three

Six

One

Three

Five

Month

Months

Year

Years

Net asset value

2.7%

11.3%

30.6%

78.8%

70.2%

146.1%

Share price

1.4%

9.5%

35.4%

88.1%

68.4%

136.7%

Sources: Datastream, BlackRock

At month end

Net asset value – capital only:

201.68p

Net asset value cum income 1 :

201.94p

Share price:

191.00p

Discount to NAV (cum income):

5.4%

Net yield:

2.8%

Net Gearing - cum income:

1.8%

Total assets:

£204.2m

Ordinary shares in issue 2 :

101,109,497

Gearing range (as a % of net assets):

0-20%

Ongoing charges 3 :

1.15%

1 Includes net revenue of 0.26p.

2 Excluding 34,476,697 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 2025. 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

Traditional Energy

34.4%

Mining

34.4%

Energy Transition

31.7%

Other

0.7%

Net Current Liabilities

-1.2%

-----

100.0%

=====

Sector Analysis

% Total Assets^

Country Analysis

% Total Assets^

Mining:

Global

54.0

Diversified

22.9

United States

11.5

Gold

4.3

Latin America

6.6

Copper

3.4

North America

5.5

Industrial Minerals

2.1

Canada

5.2

Aluminium

0.6

France

3.0

Steel

0.6

Germany

2.6

Platinum Group Metals

0.5

Italy

2.5

Subtotal Mining:

34.4

United Kingdom

2.2

China

1.8

Energy Transition:

Spain

1.7

Renewables

11.1

Europe

1.6

Electrification

8.9

Australia

1.2

Storage

6.9

Ireland

1.0

Energy Efficiency

4.8

South Africa

0.5

Subtotal Energy Transition:

31.7

Other Africa

0.3

Traditional Energy:

Net Current Liabilities^

-1.2

Integrated

14.6

-----

Oil Services

9.9

100.0

E&P

5.6

=====

Distribution

2.7

Refining & Marketing

1.6

Subtotal Traditional Energy:

34.4

Other:

Other

0.7

Subtotal Other:

0.7

Net Current Liabilities^

-1.2

-----

100.0

=====

^ Total Assets for the purposes of these calculations exclude bank overdrafts, and the net current assets figure shown in the tables above therefore exclude bank overdrafts equivalent to 0.6% of the Company’s net asset value.

Ten Largest Investments

Company

Region of Risk

% Total Assets

Glencore

Global

5.6

Vale - ADS

Latin America

5.1

Chevron Corporation

Global

4.7

Abaxx Technologies

Global

4.7

Anglo American

Global

4.7

Shell

Global

4.0

TotalEnergies

Global

3.6

EDP Renovaveis

Global

2.6

Elia Group

Germany

2.6

Subsea 7

Global

2.5

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

Performance of the Company’s underlying sector components was mixed in April. Energy transition was the largest contributor to returns, mining also contributed positively, albeit more modestly, while conventional energy detracted. Markets appeared to stabilise following March’s volatility, with improving sentiment and a resumption of market leadership by artificial intelligence (AI)-related equities.

Within the Company’s energy transition component, exposure to the storage sub-sector provided a notable positive contribution. Results reported during April highlighted strong earnings momentum among companies exposed to AI-related capital expenditure, including electric cable manufacturers and electricity transmission system operators.

During the first half of the month, the announcement of a ceasefire between the US, Israel and Iran, alongside growing expectations of a sustained resolution, led to a decline in oil prices. Brent crude fell from US$127/bbl at the start of April to US$99/bbl by 17 April. However, as the month progressed, mixed signals from both sides and continued uncertainty surrounding the Strait of Hormuz drove a renewed increase in prices, with Brent ending the month at US$124/bbl. In this environment, conventional energy equities delivered negative returns, with integrated oil and gas exposure the most significant sub-sector-level detractor for the Company.

Within the Company’s mining component, diversified mining exposure contributed positively, supported by strength in iron ore and copper prices, partly reflecting improved economic data from China. In contrast, gold mining exposure weighed on returns, as higher interest rate expectations continued to pressure gold prices.

Figures sourced from Datastream; prices quoted in US dollar terms unless specified otherwise as at 30 April 2026.

19 May 2026

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.