Blackrock Greater Europe Investment Trust PLC

Net Asset Value • Dec 11, 2025

National Storage Mechanism | Additional information

The information contained in this release was correct as at *31 October 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-news-home.html. 

BLACKROCK GREATER EUROPE INVESTMENT TRUST PLC (LEI - 5493003R8FJ6I76ZUW55)

All information is at *31 October 2025* and unaudited.

Performance at month end with net income reinvested

	One Month	Three Months	One Year	Three Years	Launch (20 Sep 04)
Net asset value (undiluted)	1.9%	3.2%	7.0%	39.7%	790.5%
Share price	0.8%	2.6%	9.9%	40.1%	755.4%
FTSE World Europe ex UK	3.0%	6.9%	21.3%	58.3%	557.5%

Sources: BlackRock and Datastream

At month end

Net asset value (capital only):	625.45p
Net asset value (including income):	631.94p
Share price:	599.00p
Discount to NAV (including income):	5.2%
Net gearing:	1.1%
Net yield1:	1.2%
Total assets (including income):	£593.9m
Ordinary shares in issue2:	93,984,107
Ongoing charges3:	0.95%

1  Based on an interim dividend of 1.75p per share and a final dividend of 5.40p per share for the year ended 31 August 2025.

2  Excluding 23,944,831 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 2025.

Sector Analysis	Total Assets (%)
Industrials	39.6
Technology	18.9
Consumer Discretionary	15.2
Financials	12.7
Health Care	8.5
Basic Materials	4.7
Net Current Assets	0.4
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	100.0
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Country Analysis	Total Assets (%)
France	25.2
Switzerland	16.4
Netherlands	12.4
Germany	11.9
Ireland	6.1
Spain	4.6
Belgium	4.2
Denmark	3.9
United States	3.6
United Kingdom	3.5
Finland	3.4
Sweden	2.5
Norway	1.9
Net Current Assets	0.4
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	100.0
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*Top 10 holdings*	*Country*	*Fund %*
Safran	France	8.0
Schneider Electric	France	5.0
Compagnie Financiere Richemont	Switzerland	4.7
Hermès	France	4.6
Allied Irish Banks (AIB)	Ireland	4.6
Belimo	Switzerland	4.4
SAP	Germany	4.3
KBC Groep	Belgium	4.2
Adyen	Netherlands	4.0
ASML	Netherlands	4.0

Commenting on the markets, Stefan Gries and Alexandra Dangoor, representing the Investment Manager noted:

During the month, the Company’s NAV rose by 1.9% and the share price rose 0.8%. For reference, the FTSE World Europe ex UK market returned by 3.0% during the period.

As the Q3 earnings season kicked off, we continue to navigate a weaker back drop in terms of the real economy, outside of AI spending. The year thus far has been characterised by the corporate ‘haves’ and ‘have nots’, and while there is some incremental change possible through results season, on balance we continue to see a market dichotomy in the near-term. Incredibly strong capex commitments from hyperscalers have re-ignited what was already a dominant AI equity market theme. However, we also continue to see opportunities outside of this singular topic, including real economy stocks such as European banks. The timing of other real economy end-markets such as construction, chemicals, and consumer goods continues to be a debate.

Sector allocation effects were negative over the month, driven by underweight positioning to utilities, energy and consumer staples. An overweight positioning to technology and an underweight position to financials were additive.

Shares in Ferrari fell after a disappointing capital markets day took place. The outlook was underwhelming and while we are used to Ferrari's management team embedding a high degree of conservatism into guidance figures, it posed questions around the long-term growth rate of the company. There has been exceptional growth in personalisation, benefitting the price mix, in recent years but this is expected to moderate going forward. Management communication was bearish and led us to review the valuation warranted for the company going forward. As a result, we have sold our position in favour of higher conviction opportunities in the consumer sector.

Defence holdings - Kongsberg, Thales - pulled back as volatility for the industry remains elevated. Expectations have risen as the market waits for the benefits of the defence spending boost to become evident. Geopolitical news, such as the possibility for a ceasefire in Ukraine, also continues to have a material influence on the share price. Thales reported decent Q3 numbers, however Kongsberg's earnings disappointed. Although orders beat by 9%, revenues and EBIT missed by 11% and 13% respectively. News of the demerger of their Maritime business was also taken negatively by the market. Kongsberg's portfolio remains one of the best in the sector, well geared to the demand for air defence equipment. Although near term volatility in the shares is likely to remain and it will take time for the market to digest the valuation of the split businesses, we do not see a change to the multi-year investment case for their defence division.

MTU was a detractor this month as, after an impressive run of share price performance over the past year, some concerns have risen regarding the longevity of the Company's strong results. MTU delivered impressive Q3 earnings, including a 3% sales beat, a 16% EBIT beat and a guidance raise. We believe the company’s valuation remains attractive compared to civil aerospace peers and these concerns from the market have the potential to turn into alpha opportunities if the company continues to execute well.

Nemetschek and RELX continue to be a drag on returns as fears remain regarding the disruption AI may have on the long-term business models. This negative narrative is hard to disprove immediately and it will take the continuous delivery of solid earning to disperse fears. We have reduced the weights of both holdings over the month as shares are trading on full valuations and appreciate the time it may take for market sentiment to change.

Linde dragged as the company is still yet to see any volume growth or improvement in earnings as manufacturing end markets remain weak. This remains a good defensive business with an exceptional management team.  However, share price performance remains restricted until there is a pick-up in volumes. The delayed recovery was also communicated by Saint Gobain, another company that declined on negative Q3 results. Saint Gobain remains a well-managed cyclical company, trading on an attractive valuation and well positioned once end markets eventually pick up.

After seeing an improved sentiment for the AI theme in September, European semiconductor companies continued to rally this month, benefitting the portfolio's holding in BE Semiconductor. The company reported solid Q3 order numbers, meeting consensus expectations which had risen significantly and pointed towards strong order momentum into Q4 with some improvement in electronics and autos end markets. However, an underweight position in ASML detracted as the share price rose on this theme. 

Despite shares pulling back ahead of a Q3 trading update, Adyen was a positive contributor as a higher take rate led to a 1% beat in revenues versus consensus expectations. Focus now turns to the company’s capital markets day in November where more details on medium term targets are expected to be given.

Chemometec was a positive contributor as the underlying business continues to operate well, despite broader concerns regarding early-stage funding for life sciences. Confidence in the company's future performance was confirmed through a guidance raise of 3% for sales and 7% for EBITDA. We remain impressed by the new CEO who is driving improvements, particularly around culture.

Outlook

We expect to see inflation on a continued path of normalisation, central banks that provide easing financial conditions, a declining oil price – equivalent to a tax cut for global consumers – as well as employment levels that remain healthy both in the US and Europe. Adding to this, increased fiscal spend in Europe’s largest economy in Germany and a trade agreement between Europe and the US all points to a much-improved investment environment for corporates over the coming quarters. Drawing a line under tariff related volatility and removing trade uncertainty should equally result in market leadership finally broadening out, which would be welcome news after a long period of exceptionally narrow markets.

Europe remains home to many world-class franchises, companies owning core technologies that make them the enablers of some of the large transformational changes going on around us. We aim to align shareholder capital to those businesses that are exposed to large and enduring spending streams. 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.

11 December 2025

ENDS

Latest information is available by typing www.blackrock.com/uk/brge 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.

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