JUPITER GREEN INVESTMENT TRUST PLC

Interim / Quarterly Report • Dec 19, 2024

JUPITER GREEN INVESTMENT TRUST PLC

101488 Jupiter Green Investment Trust annual report 31.03.22.indd 3 13/04/2022 14:33:09

Annual Report & Accounts For the year ended 31 March 2022 Half Yearly Financial Report for the half year ended 30 September 2024

101488 Jupiter Green Investment Trust annual report 31.03.22.indd 4 13/04/2022 14:33:16

Contents
Corporate Purpose, Strategic and Investment Objectives and Investment Approach	2
Financial Highlights	4
Chairman's Statement	5
Why invest in Jupiter Green?	7
Investment Adviser's Review	8
Company Profi les for Top Twenty Investments	10
Investment Portfolio and Cross Holdings in other Investment Companies	12
Dividend Policy, Planned Life of the Company, Discount Control and Subscription Rights	14
Interim Management Report	15
Statement of Comprehensive Income	17
Statement of Financial Position	18
Statement of Changes in Equity	19
Cash Flow Statement	20
Notes to the Financial Statements	21
Company Information	26
Investor Information	27
Important Risk Warnings	29
Glossary of Terms	30

Corporate Purpose, Strategic and Investment Objectives and Investment Approach

Corporate Purpose

Jupiter Green Investment Trust PLC (the 'Company') exists to invest in companies which are developing and implementing solutions for the world's environmental challenges.

Strategic Objectives

2

The strategic objectives of the Company are:

JUPITER GREEN INVESTMENT TRUST PLC IHALF YEARLY FINANCIAL REPORT

• 1. to achieve its Investment Objective;
• 1. to market and explain the attractions of the Company to existing and potential investors; and
• 1. to increase the size of the Company so that it reaches a size which is attractive to institutional and wealth management investors.

Investment Objective

The investment objective of the Company is to achieve capital growth and income, both over the long term, through investment in a diverse portfolio of companies providing environmental solutions.

Investment Policy

To achieve its investment objective, the Company invests globally in companies which have a signifi cant focus on environmental solutions. Specifi cally, the Company looks to invest across six environmental themes;

From the year ended 31 March 2021, the Company's investment focus was adjusted towards companies which are innovating technological solutions to sustainability challenges ('innovators') and companies that are already rapidly delivering proven sustainable solutions in their markets ('accelerators'), while reducing exposure to more established companies ('established leaders') that are focused on delivering environmental solutions. A by-product of these changes is a greater focus on smaller companies which are at the forefront of the innovation driving sustainable solutions.

Investment Approach

The investment approach employed by the company was established in 1988, making it one of the fi rst sustainable investment strategies in the world. The underlying investment philosophy of the strategy has remained unchanged from that date: To identify long-term investment opportunities in companies that provide solutions to environmental challenges. In our opinion, the increasingly pivotal role that sustainability plays in global development means that this philosophy is more relevant to investors today than ever before.

In essence, we believe that companies focused on providing solutions in areas such as climate change mitigation, pollution prevention, the circular economy, and the sustainable use and protection of water and natural ecosystems present multi-decade investment opportunities. The Company off ers clients focused and specialist exposure to these companies, generating both positive investment returns and benefi cial outcomes for society.

The Company uses a benchmark, the MSCI World Small Cap Index, as a basis to assess and compare its investment performance. However, the Company does not necessarily seek to replicate the constituent companies of the benchmark in the Company's investment portfolio. As a result, there is likely to be signifi cant variation between the Company's performance and that of the benchmark.

Financial Highlights

for the six months to 30 September 2024

Capital Performance

	30 September 2024	31 March 2024
Total assets less current liabilities (£'000)	51,243	50,318

Ordinary Share Performance

	30 September 2024	31 March 2024	% change
Mid market price (p)	216.00	181.00	+19.3
Undiluted net asset value per ordinary share (p)	270.05	263.59	+2.5
Diluted net asset value per ordinary share (p)*	269.46	263.13	+2.4
MSCI World Small Cap Total Return Index	432.13	435.48	-0.8
Discount to net asset value (%)	20.01	31.33
Ongoing charges ratio (%) excluding fi nance costs	1.64	1.54

* Being the net asset value per share assuming that all annual subscription rights are taken up.

Chairman's Statement

I am pleased to present the Interim Report and Accounts for the Jupiter Green Investment Trust PLC ('the Company') for the six months to 30 September 2024 and to outline a strategic update relating to our future plans.

Performance

The Net Asset Value of the Company delivered a total return of 2.5%, vs – 0.8% for the MSCI World Small Cap (£) Index whilst the share price total return delivered 19.3% over the period.

The market context during the period was broadly supportive for the Company's investment universe of environmental solutions businesses. Structural growth drivers supported by electrifi cation, energy effi ciency, water infrastructure development and circular economy proved resilient, establishing bifurcation of performance against broader industrial end-markets where slowing manufacturing and services activity levels were observed. Weakening consumer sentiment continued to impact the automotive industry, resulting in deceleration of capital investment plans linked to vehicle electrifi cation. The falling interest rate environment was supportive of manufacturers of renewable energy equipment, as well as developers and operators of renewable energy projects.

Further commentary on the portfolio's performance and investment outlook is provided in the Investment Advisor's report.

Scheme of Reconstruction

The Company was launched in 2006 as amongst the fi rst collective investment funds with a sole focus on Environmental Solutions investing. Since that time, the Board has sought to diff erentiate the Company, making long-term strategic decisions including most recently in September 2020 when the Company's portfolio pivoted towards a smaller-company focus that included an emphasis on earlier-stage innovation.

While the Board remains confi dent in the long-term prospects for Environmental Solutions investing, I noted within the 2024 Annual Report & Accounts that owing to the Company's relatively small size and a challenging environment for Investment Trusts,

the Board was evaluating options for the future of the business in recognition that it may be in the best interests of all shareholders for the Company not to continue in its present form.

The Board has therefore concluded the evaluation of the options available to us and today announces it has decided to propose a scheme of reconstruction and voluntarily liquidation of the Company (the "Scheme").

Whilst the Board has taken steps to enhance value for shareholders through the ongoing share buyback programme, we have nonetheless concluded that due to the structural nature of the Company's challenges – in particular the persistent discount to Net Asset Value and relatively low liquidity that prevents larger investors from buying Company shares – the interests of shareholders are best served through a reconstruction that also provides our shareholders with the option of continuity for those wishing to retain exposure to the compelling opportunities presented by the environmental solution thematic.

Under the Scheme, shareholders will have the option of electing to (a) roll over their investment into units in the Jupiter Ecology Fund, a unit trust providing investors access to the same underlying environmental solutions themes as the Company and managed by the same investment team, with a superior performance profi le, the daily liquidity of an open ended fund and lower ongoing costs; or (b) an uncapped cash exit at a modest discount to Net Asset Value.

It is expected that the Scheme will take eff ect during the fi rst quarter of 2025. A shareholder Circular and Notice of General Meetings setting out the full details of the Scheme will be sent to shareholders in due course.

The detailed proposals in respect of the Scheme will be contained in a separate Circular and shareholders are directed towards that document for the calculation of their entitlements under the Scheme. Shareholders are encouraged to vote their shares at the General Meetings to be held in respect of the Scheme and as will be set out in the Circular.

Chairman's Statement (continued)

Discount management

The Board remains committed to its stated policy of using share buy-backs with the intention of ensuring that, in normal market conditions, the market price of the company's shares will track their underlying net asset value. The Board continued to monitor the level at which the Company's shares traded throughout the review process, and sought to minimise future volatility through the prudent use of share buybacks, as the circumstances required. The Company bought back a total of 111,012 shares for treasury.

Conclusion

The Board's conviction long-term prospects for Environmental Solutions investing remains high, but we recognise that in the current market environment, a pragmatic approach is required. The plan outlined today will provide investors with the opportunity to continue their investment through a rollover option.

Should the General Meetings planned for early next year, as to be set out in the Shareholder Circular, not result in the Scheme of Reconstruction being completed, the Company will in due course convene an Annual General Meeting to consider the resolutions necessary for the Company to continue.

Michael Naylor

Chairman 18 December 2024

Why invest in Jupiter Green?

Jupiter Green provides:

• the potential for capital growth; and
• benefi cial outcomes for the planet and society

by investing in a diversifi ed portfolio of companies which are developing and implementing solutions for the world's environmental challenges.

One of the fi rst sustainable investment strategies in the world

Established in 1988, the underlying investment philosophy of the Jupiter Environmental Solutions team has remained unchanged, namely: To identify long-term investment opportunities in companies that provide solutions to environmental challenges.

A focus on six sustainable investment themes

We concentrate our investments in six sustainable themes which are specifi cally focused on solutions for the world's environmental challenges. Each of these themes is described in more detail on page 8.

A focus on innovation

We focus our investment on companies which are innovating technological solutions to sustainability challenges and companies that are rapidly delivering proven sustainable solutions in their markets. We describe these companies as 'Innovators and 'Accelerators'. The proportion of the portfolio held in innovators and accelerators is set out on page 1 2.

A global focus

We seek out the very best and most innovative companies from around the world irrespective of market capitalisation. The countries and economic sectors in which we invest are set out on page 1 2.

A large and experienced investment team

The four-strong Environmental Solutions team that manages Jupiter Green Investment Trust PLC works alongside six dedicated sustainability specialists. Together, Jupiter's expertise amounts to over 120 years of experience in sustainable investing.

Investment Adviser's Review

Policy Review

The Company's approach to investing in environmental solutions remains focussed on six environmental solutions themes:

• Clean Energy: Solutions enabling the decarbonisation of energy systems with renewable sources
• Green Mobility: Solutions enabling the decarbonisation of transport systems using sustainable alternatives
• Green Buildings & Industry: Solutions enabling the decarbonisation of the built environment and industrial processes through greater energy and resource effi ciency
• Sustainable Agriculture & Land: Solutions enabling sustainable food production, land-use, and protection of terrestrial habitats
• Sustainable Oceans & Freshwater Systems: Solutions enabling sustainable water management and protection of marine and freshwater habitats
• The Circular Economy: Solutions enabling a growing share of resource circularity in the global economy.

The period saw particularly strong performance contribution from the Green Buildings & Industry and Sustainable Water themes. As noted in the Chairman's statement, a step-up in investments into water technologies able to tackle pollutants continues to boost leading solution providers in this area. Green Buildings & Industry is the portfolio's largest allocation and has extended a long period of positive portfolio contribution, partly given the prospect of power demand growth to meet the energy needs of Artifi cial Intelligence (AI).

This bolstered an already signifi cant step up in investment into energy grid and power management solutions. We have been relatively early movers to recognise the gap between the level of investment needed to make energy markets aff ordable, secure and green, with what the broader investment market is anticipating. This has helped drive returns in this

theme as well as pockets of the Clean Energy theme that sell into this high-growth, high-return market. AI energy needs are particularly diffi cult to predict however, and so we have continued to trim some of our holdings that have benefi tted most from the change in expectations, namely Prysmian and Monolithic Power.

Signifi cant portfolio changes during the period also include a new position in Belimo, a leading Heating, Ventilation and Air Conditioning (HVAC) control device manufacturer and is set to benefi t from the growing penetration and upgrade of energy effi cient building automation and control system (BACS) for commercial buildings, as well as increasing data centre cooling requirements.

We also initiated a position in the global clean energy developer EDP Renovaies , taking advantage of an opportunity to buy the company at valuation levels implying no future growth, driven by peak negative expectations linked to renewable energy, interest rates and power prices.

We exited our position in Johnson Controls, driven by concerns around business growth prospects versus other HVAC and building control peers after taking into account the announcement of planned divestitures, as well as newly raised questions surrounding management.

Elsewhere, we took profi ts from Veralto, a global water solutions business, on valuation grounds given the company has re-rated since the spin-out from Danaher in late 2023. We're also conscious that Veralto is likely to be amongst the bidders for DuPont's (not held) water solutions business, which we expect may come at a premium.

We added selectively to companies that we felt where the market was taking a short-term view, including Borregaard, a company enabling the substitution of petro-chemical based chemicals with bio-based alternatives. We have been engaging with the company on management succession and are confi dent the business will continue to benefi t from a strong competitive position and sensible strategy into the long-term.

Investment Outlook

We have a long-held conviction that global development is dependent on the natural world. While we remain highly cognisant of geo-political tensions, potential macro-economic weaknesses and regulatory risks that impact upon our investment landscape like any other, we would highlight that observed changes to the environment, not least climate indicators, are more severe than anticipated.

We are also encouraged that technology and innovation is in many respects now setting the pace for policy and regulation – a welcome reversal to the previous relationship and one that will provide resilience should there be a short-term weakening or reversal of political ambitions related to environmental protection.

Jon Wallace

Investment Manager Jupiter Asset Management Limited Investment Adviser 18 December 2024

Company Profi les for Top Twenty Investments

Key to Investment Themes

Clean Harbors	Clean Harbors engages in the provision of environmental, energy, and industrial services. It operates through the Environmental Services and the Safety-Kleen Sustainability Solutions segments.
Prysmian	Prysmian is a global leader in high-voltage cables for energy transfer and distribution and set to benefi t from energy grid investments to improve effi ciency, reliability, and bringing ever-increasing volumes of renewable energy from its source to demand centres.
Novonesis	Novonesis is a global leader in industrial enzymes and microbial solutions that help improve effi ciencies and lower environmental impacts accross sectors including household care products, food and beverages, and bioenergy.
Xylem	Xylem is a global water technology provider with a purpose of helping customers solve the world's toughest water challenges across utility, industrial, commercial, and residential markets worldwide.
Acuity Brands, Inc.	Acuity engages in the provision of lighting and building management solutions and services, with a focus on delivering energy effi ciencies.
Republic Services	Republic Services Inc. provides non-hazardous solid waste collection and disposal services in the United States. The Company provides solid waste collection services for commercial, industrial, municipal, and residential customers. Republic also operates transfer stations, landfi lls, and recycling facilities.
Schneider Electric	Schneider Electric SE manufactures electrical power products to enable energy effi ciency, ranging from car chargers to voltage transformers.
Waste Connections	Waste Connections engages in the provision of non-hazardous waste collection, transfer, and disposal services.
Veolia Environnement	Veolia Environnement is focussed on providing water, waste and energy management services.
Borregaard	Borregaard enables the substitution of oil-based chemicals with natural alternatives derived from wood waste for a wide range of materials.
Veralto	Veralto Corporation provides technology solutions. The Company off ers product quality control systems and water purifi cations equipment. Veralto serves customers worldwide.
Renewi	Renewi is a European waste management business with a focus on recovering resources from waste and working with leading businesses to enable their circular economy eff orts.
DSM-Firmenich	DSM-Firmenich is a multinational life sciences and materials sciences company focussing on health, nutrition & bioscience, applying science to improve the health of people, animals and the planet.

Alfa Laval	Alfa Laval is a leading global provider of heat transfer and fl uid handling technologies, enabling heat exchangers that recycle heat, optimise their customers' energy consumption, and reduce negative environmental impact in the process. Alfa Laval's products are mainly applied to the energy, food and the marine industries.
Infi neon Technologies	Infi neon Technologies AG is a world leader in semiconductor solutions that make life easier, safer and greener.
Stantec	Stantec is engaged in the provision of general design and architectural solutions.
Vestas Wind Systems	Vestas Wind Systems develops, manufactures, and markets wind turbines that generate electricity. The Company also installs the turbines and off ers follow-up and maintenance services of the installations. Vestas produces the wind turbines and its components through subsidiaries and associated companies in many countries, and operates a worldwide sales and service network.
ANSYS	Ansys is the world's leading engineering simulation software provider with diversifi ed end market exposure and strong fi nancial profi le.
Monolithic Power Systems	Monolithic Power Systems, Inc. designs and manufactures power management solutions. The Company provides power conversion, LED lighting, load switches, cigarette lighter adapters, chargers, position sensors, analog input, and other electrical components. Monolithic Power Systems serves customers globally.
Watts Water Technologies	Watts Water Technologies designs, manufactures, and sells solutions for residential and commercial water markets.

Investment Portfolio

as at 30 September 2024

C ompany	Theme	Country of Listing	Market value £'000	Percentage of Portfolio
Clean Harbors		United States of America	1,751	3. 4
Prysmian		Italy	1,720	3.4
Novonesis		Denmark	1,700	3.4
Xylem		United States of America	1,642	3.3
Acuity Brands		United States of America	1,635	3.2
Republic Services		United States of America	1,568	3.1
Schneider Electric		France	1,542	3.1
Waste Connections		Canada	1,527	3.0
Veolia Environnement		France	1,523	3.0
Borregaard		Norway	1,490	3.0
Veralto		United States of America	1,409	2.8
Renewi		United Kingdom	1,381	2.7
DSM-Firmenich		Switzerland	1,370	2.7
Alfa Laval		Sweden	1,297	2.6
Infi neon Technologies		Germany	1,27 5	2.5
Stantec		Canada	1,272	2.5
Vestas Wind Systems		Denmark	1,270	2.5
ANSYS		United States of America	1,221	2.4
Monolithic Power Systems		United States of America	1,205	2.4
Watts Water Technologies		United States of America	1,198	2.4
Trimble		United States of America	1,167	2.3
Belimo Holdings		Switzerland	1,155	2.3
Advanced Drainage Systems		United States of America	1,125	2.2
Eurofi ns Scientifi c		Luxembourg	1,121	2.2
First Solar		United States of America	1,103	2.2
Hannon Armstrong Sustainable Infrastructure Capital, REIT		United States of America	1,080	2.1
TOMRA Systems		Norway	1,003	2.0
Azbil		Japan	987	2.0
Shimano		Japan	962	1.9

C ompany	Theme	Country of Listing	Market value £'000	Percentage of Portfolio
Ormat Technologies		United States of America	955	1.9
Littelfuse		United States of America	917	1.8
Orsted		Denmark	889	1.8
Atlas Copco		Sweden	867	1.7
Corbion		Netherlands	831	1.7
Brambles		Australia	792	1.6
Aptiv		Jersey	745	1.5
Daiseki		Japan	703	1.4
Flat Glass Group		China	621	1.2
Horiba		Japan	599	1.2
Sensirion Holding		Switzerland	549	1.1
EDP Renovaveis		Spain	54 4	1.1
NextEra Energy Partners		United States of America	538	1.1
Befesa		Luxembourg	492	1.0
Ceres Power Holdings		United Kingdom	492	1.0
Greencoat Renewables		Ireland	428	0.9
Innergex Renewable Energy		Canada	381	0.8
Hoff mann Green Cement Technologies		France	196	0.4
SolarEdge Technologies		United States of America	92	0.2
Agronomics Warrant 08/12/2024		Isle of Man	–	–
Total Investments			50,330	100.0

The holdings listed above are all equity shares unless otherwise stated.

Cross Holdings in other Investment Companies

As at 30 September 2024, 0.9% of the company's total assets was invested in Greencoat Renewables, a UK listed investment company.

Whilst the requirements of the UK Listing Authority permit the company to invest up to 10% of the value of the total assets of the company (before deducting borrowed money) in other investment companies (including investment trusts) listed on the Main Market of the London Stock Exchange, it is the directors' current intention that the company invests not more than 5% in other investment companies.

Dividend Policy, Planned Life of the Company, Discount Control and Subscription Rights

Dividend Policy

The board has not set an objective of a specifi c portfolio yield for the company in relation to the year under review and the level of such yield has historically varied with the sectors and geographical regions to which the company's portfolio is exposed at any given time.

The Articles of Association of the company allow dividends to be fi nanced through a combination of available net income in each fi nancial year and the company's capital reserves and other reserves so that the company may, at the discretion of the board, pay all or part of any future dividends out of this, or other, distributable reserves of the company.

In the meeting of the Board of directors held on 25 July 2024 the Board on the recommendation of the Audit Committee decided that no dividend will be paid for the year ended 31 March 2024.

Planned Life of the Company

The company does not have a fi xed life, however, the board considers it desirable that shareholders should have the opportunity to review the future of the company every three years. Accordingly, an ordinary resolution for the continuation of the company in its current form was passed by shareholders at the AGM held on 14 September 2023. The next scheduled continuation vote will be held at the 2026 AGM. If such resolution is not passed, the directors will formulate proposals to be put to shareholders to reorganise or reconstruct the company or for the company to be wound-up and the assets realised at fair value.

Discount Control

The directors believe that the ordinary shares should not trade at a signifi cant discount to their prevailing net asset value.

The board uses share buy-backs to assist in diluting discount volatility and to seek to narrow the discount to net asset value at which the company's shares trade over time where in normal market conditions, the company's share price does not materially vary from its net asset value per share.

The board, its investment adviser and the broker maintain an active dialogue with the aim of ensuring that the market rating of the Company's shares refl ect the underlying NAV; both share buy back and issuance facilities are in place to help the management of this process.

Subscription Rights

Shareholders have an annual opportunity to subscribe for ordinary shares on the basis of one new ordinary share for every ten ordinary shares held at 31 March of each year. Shareholders voted to continue to off er shareholders the ability to purchase additional shares by way of the annual subscription rights facility at the company's annual general meeting on 14 September 2023. The subscription price will be equal to the audited undiluted net asset value per share as at 31 March 202 4 being 263.59p. The next subscription date will be 31 March 202 5. A reminder will be sent to shareholders prior to the subscription date.

Interim Management Report

Related Party Transactions

During the fi rst six months of the current fi nancial year, no transactions with related parties have taken place which would have materially aff ected the fi nancial position or performance of the company. Details of related party transactions are contained in the Annual Report and Accounts for the year ended 31 March 2024 and on page 2 5 of this report.

Principal Risks and Emerging Uncertainties

The principal risks and emerging uncertainties faced by the company can be divided into the following areas:

• Investment policy and process;
• Investment strategy and share price movements;
• Climate Change;
• Geopolitical;
• Liquidity risk;
• Gearing risk;
• Regulatory risk;
• Credit and counterparty risk;
• Loss of key personnel;
• Operational; and
• Financial.

The board reported on the above principal risks and uncertainties in the Annual Report and Accounts for the year ended 31 March 2024.

Going Concern with material uncertainty

The directors, having considered the company's investment objective, risk management and capital management policies, the diversifi ed portfolio of readily realisable securities which can be used to meet short-term funding commitments and the ability of the company to meet all of its liabilities and ongoing expenses, are satisfi ed that the company has adequate resources to continue in operation for the

foreseeable future. The Board is currently evaluating options for the future of the business in recognition that it may be in the best interests of shareholders for the Company not to continue in its present form. At this point in time, there can be no certainty as to the outcome of this evaluation and the Board will notify the market at the appropriate time. The directors continue to adopt the going concern basis of accounting in preparing the accounts.

The fi nancial statements have been prepared on a going concern basis. In considering this, the Directors took into account the Company's investment objective, risk management policies and capital management policies, the diversifi ed portfolio of readily realisable securities which can be used to meet short-term funding commitments and the ability of the Company to meet all of its liabilities and ongoing expenses. In determining the appropriateness of the going concern basis, the Directors considered the operational resilience and ongoing viability of the Investment Adviser and other key third-party suppliers. The Directors were satisfi ed that all key third-party suppliers continued to operate under business as usual functionality and that regular monitoring of these measures was in place. The directors continue to adopt the going concern basis of accounting in preparing the fi nancial statements.

As part of its assessment, the board has noted that shareholders will be required to vote on the continuation of the company at the 2026 AGM. Further information regarding the planned life of the company can be found on page 14.

Interim Management Report (continued)

Directors' Responsibility Statement

The directors of Jupiter Green Investment Trust PLC confi rm to the best of their knowledge:

• (a) The condensed set of fi nancial statements have been prepared in accordance with applicable UK adopted International Accounting Standards and give a true and fair view of the assets, liabilities, fi nancial position and profi t or loss of the company as at 30 September 202 4.
• (b) The Chairman's Statement, the Investment Adviser's Review and the Interim Management Report include a fair review of the information required by DTR 4.2.7R of the Disclosure and Transparency Rules.
• (c) The Interim Management Report includes a fair review of the information required by DTR 4.2.8R of the Disclosure and Transparency Rules.

The Half Yearly Financial Report has not been audited or reviewed by the company's auditor.

For and on behalf of the board Michael Naylor Chairman 18 December 2024

Statement of Comprehensive Income

	Six months to 30 September 2024			Six months to 30 September 2023
	Revenue	Capital	Total	Revenue	Capital	Total
	£'000	£'000	£'000	£'000	£'000	£'000
Gain/(loss) on investments held at fair value through
profi t or loss (Note 2)	–	1,289	1,289	–	(5,660)	(5,660)
Foreign exchange loss	–	(121)	(121)	–	(4)	(4)
Income	552	–	552	454	–	454
Total income/(loss)	552	1,168	1,720	454	(5,664)	(5,210)
Investment management fee	(45)	(135)	(180)	(44)	(133)	(177)
Other expenses	(268)	–	(268)	(113)	–	(113)
Total expenses	(313)	(135)	(448)	(157)	(133)	(290)
Net return/(loss) on ordinary activities before fi nance
costs and taxation	239	1,033	1,272	297	(5,797)	(5,500)
Finance costs	(20)	(61)	(81)	(24)	(69)	(93)
Return/(loss) on ordinary activities before taxation	219	972	1,191	273	(5,866)	(5,593)
Taxation	(61)	–	(61)	(68)	–	(68)
Net return/(loss) after taxation	158	972	1,130	205	(5,866)	(5,661)
Return/(loss) per ordinary share (Note 3)	0.83p	5.12p	5.95p	0.99p	(28.36)p	(27.37)p

The total column of this statement is the income statement of the Company, prepared in accordance with UK adopted International Accounting Standards . The supplementary revenue return and capital return columns are both prepared under guidance produced by the Association of Investment Companies (AIC). All items in the above statement derive from continuing operations.

No operations were acquired or discontinued during the period.

All income is attributable to the equity holders of Jupiter Green Investment Trust PLC. There are no minority interests.

The fi nancial information does not constitute 'accounts' as defi ned in section 434 of the Companies Act 2006.

Statement of Financial Position

As at 30 September 2024

	30 September 2024 (unaudited) £'000	31 March 2024 (audited) £'000
Non current assets
Investments held at fair value through profi t or loss	50,330	49,686
Current assets
Prepayments and accrued income	123	124
Cash and cash equivalents	921	3,670
	1,044	3,794
Total assets	51,374	53,480
Current liabilities
Other payables	(131)	(3,162)
Total assets less current liabilities	51,243	50,318
Capital and reserves
Called up share capital	34	34
Share premium	2,485	2,485
Redemption reserve*	239	239
Retained earnings (Note 5)*	48,485	47,560
Total equity shareholders' funds	51,243	50,318
Net asset value per ordinary share (Note 6)	270.05p	263.59p
Diluted net asset value per ordinary share	269.46p	263.13p

* Under the company's Articles of Association, dividends may be paid out of any distributable reserve of the company.

Approved by the board of directors and authorised for issue on 18 December 2024 and signed on its behalf by:

Michael Naylor

Chairman

Company Registration number 05780006

Statement of Changes in Equity

For the six months to 30 September 2024

For the six months to 30 September 2024 (unaudited)	Share Capital £'000	Share Premium £'000	Redemption Reserve £'000	Retained Earnings £'000	Total £'000
Balance at 31 March 2024	34	2,485	239	47,560	50,318
Net return for the period	–	–	–	1,130	1,130
Ordinary shares repurchased	–	–	–	(205)	(205)
Balance at 30 September 2024	34	2,485	239	48,485	51,243
For the six months to 30 September 2023 (unaudited)	Share Capital £'000	Share Premium £'000	Redemption Reserve £'000	Retained Earnings £'000	Total £'000
Balance at 31 March 2023	34	2,468	239	51,837	54,578
Net loss for the period	–	–	–	(5,661)	(5,661)
Ordinary shares reissued from treasury	–	17	–	19	36
Ordinary shares repurchased	–	–	–	(1,941)	(1,941)

Cash Flow Statement

For the six months to 30 September 2024 (unaudited)

	2024	2023
	£'000	£'000
Cash fl ows from operating activities
Investment income received (gross)	490	473
Deposit interest received	70	23
Investment management fee paid	(207)	(214)
Other cash expenses	(260)	(144)
Net cash infl ow from operating activities before taxation	93	138
Interest paid	(98)	(93)
Taxation	(63)	(68)
Net cash outfl ow from operating activities	(68)	(23)
Net cash fl ows from investing activities
Purchase of investments	(616)	(3,449)
Sale of investments	1,261	5,719
Net cash infl ow from investing activities	645	2,270
Cash fl ows from fi nancing activities
Shares repurchased	(205)	(1,941)
Shares reissued from treasury	–	36
Repayment of loan	(3,000)	–
Net cash outfl ow from fi nancing activities	(3,205)	(1,905)
(Decrease)/increase in cash	(2,628)	342
Cash and cash equivalents at start of period	3,670	2,954
Realised loss on foreign currency	(121)	(4)
Cash and cash equivalents at end of period	921	3,292

Notes to the Financial Statements

1. Accounting Policies

The accounts comprise the unaudited fi nancial results of the company for the period to 30 September 2024.

The accounts are presented in pounds sterling, as this is the functional currency of the Company. All values are rounded to the nearest thousand pounds (£'000) except where indicated.

The accounts have been prepared in accordance with UK adopted International Accounting Standards.

Where presentational guidance set out in the Statement of Recommended Practice (SORP) for Investment Trusts issued by the Association of Investment Companies (AIC) in July 2022 is consistent with the requirements of UK adopted International Accounting Standards, the directors have sought to prepare the fi nancial statements on a basis compliant with the recommendations of the SORP.

(a) Income recognition

Income includes dividends from investments quoted ex-dividend on or before the date of the Statement of Financial Position.

Dividends receivable from equity shares are taken to the revenue return column of the Statement of Comprehensive Income.

Special dividends are treated as repayment of capital or as revenue depending on the facts of each particular case.

Bank interest and interest on short-term deposits are accrued up to the period end date are taken to the revenue return column of the Statement of Comprehensive Income.

(b) Presentation of Statement of Comprehensive Income

In order to better refl ect the activities of an investment trust company and in accordance with Association of Investment Companies (AIC), supplementary information which analyses the Statement of Comprehensive Income between items of a revenue and capital nature has been presented alongside the statement.

The fi nancial statements have been prepared on a going concern basis, with material uncertainty, and under the historical cost convention modifi ed by the revaluation of investments held at fair value through profi t or loss. In considering this, the directors took into account the Company's investment objective, risk management policies and capital management policies, the diversifi ed portfolio of readily realisable securities which can be used to meet short-term funding commitments and the ability of the Company to meet all of its liabilities and ongoing expenses .

The Board is currently evaluating options for the future of the business in recognition that it may be in the best interests of shareholders for the Company not to continue in its present form. At this point in time, there can be no certainty as to the outcome of this evaluation and the Board will notify the market at the appropriate time. Whilst there can be no certainty as to the outcome of this evaluation , and therefore while there remains a material uncertainty, the Board has prepared the fi nancial statements on a going concern basis. The fi nancial statements do not contain the adjustments that would result if the Company were unable to continue as a going concern.

An analysis of retained earnings broken down into revenue (distributable) items and capital (distributable) items is given in Note 5.

Investment Management fees and fi nance costs are charged 75 per cent. to capital and 25 per cent to revenue (2023: 75 per cent to capital and 25 per cent to revenue). All other operational costs (including administration expenses to capital) are charged to revenue.

(c) Basis of valuation of investments

Investments are recognised and derecognised on a trade date where a purchase and sale of an investment is under contract whose terms require delivery of the investment within the timeframe established by the transaction market concerned, and are initially measured at transaction cost , being the consideration given.

Notes to the Financial Statements (continued)

All investments are classifi ed as held at fair value through profi t or loss. All investments are measured at fair value with changes in their fair value recognised in the Statement of Comprehensive Income in the period in which they arise. The fair value of listed investments is based on their quoted bid price at the reporting date without any deduction for estimated future selling costs.

Foreign exchange gains and losses on fair value through profi t and loss investments are included within the changes in the fair value of the investments.

For investments that are not actively traded and/or where active stock exchange quoted bid prices are not available, fair value is determined by reference to a variety of valuation techniques. These techniques may draw, without limitation, on one or more of: the latest arm's length traded prices for the instrument concerned; fi nancial modelling based on other observable market data; independent broker research; or the published accounts relating to the issuer of the investment concerned.

2. Gain/(loss) on investments

	Six months to 30 September 2024 £'000	Six months to 30 September 2023 £'000
Net gain realised on sale of investments	565	1,333
Movement in unrealised gains/(losses)	724	(6,993)
Gain/(loss) on investments	1,289	(5,660)

3. Earnings per Ordinary Share

The earnings per Ordinary share fi gure is based on the net income for the six months of £1,130,000 (six months to 30 September 2023: net loss £5,661,000) and on 18,993,963 Ordinary shares (six months to 30 September 2023: 20,681,929), being the weighted average number of Ordinary shares in issue during the period.

The earnings per Ordinary share fi gure detailed above can be further analysed between revenue and capital, as below.

	Six months to 30 September 2024 £'000	Six months to 30 September 2023 £'000
Net revenue profi t	158	205
Net capital profi t/(loss)	972	(5,866)
Net total profi t/(loss)	1,130	(5,661)
Weighted average number of Ordinary shares in issue during the period	18,993,963	20,681,929
Revenue earnings per Ordinary share (p)	0.83	0.99
Capital earnings/(losses) per Ordinary share (p)	5.12	(28.36)
Total earnings/(losses) per Ordinary share (p)	5.95	(27.37)

4. Transaction Costs

The following transaction costs were incurred during the period:

	Six months to 30 September 2024 £'000	Six months to 30 September 2023 £'000
Purchases	1	2
Sales	1	2
Total	2	4

Notes to the Financial Statements (continued)

5. Retained Earnings

The table below shows the movement in the retained earnings analysed between revenue and capital items.

	Revenue £'000	Capital £'000	Total £'000
At 31 March 2024	90	47,470	47,560
Movement during the period:
Net return for the period	158	972	1,130
Shares repurchased	–	(205)	(205)
At 30 September 2024	248	48,237	48,485

6. Net asset value per ordinary share

The net asset value per ordinary share is based on the net assets attributable to the ordinary shareholders of £51,243,000 (31 March 2024: £50,318,000) and on 18,975,780 (31 March 2024: 19,089,783) ordinary shares, being the number of ordinary shares in issue at the period end excluding treasury shares.

	Six months to 30 September 2024 £'000	Year ended 31 March 2024 £'000
Undiluted
Ordinary shareholders' funds	51,243	50,318
Number of ordinary shares in issue	18,975,780	19,089,783
Net asset value per ordinary share (pence)	270.05p	263.59p
Diluted
Ordinary shareholders' funds	56,245	55,254
Number of ordinary shares in issue	20,873,358	20,998,761
Net asset value per ordinary share (pence)	269.46p	263.13p

The diluted net asset value per ordinary share assumes that all outstanding dilutive Subscription shares, being one for ten ordinary shares, will be converted to ordinary shares at the end of the fi nancial year.

7. Fair valuation of investments

The fi nancial assets measured at fair value in the Statement of Financial Position are grouped into the fair value hierarchy as follows:

	30 September 2024			31 March 2024
	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000	Level 1 £'000	Level 2 £'000	Level 3 £'000	Total £'000
Equity Investments	50,330	–	–	50,330	49,686	–	–	49,686
	50,330	–	–	50,330	49,686	–	–	49,686

Level 1 refl ects fi nancial instruments quoted in an active market.

Level 2 refl ects fi nancial instruments whose fair value is evidenced by comparison with other observable current market transactions in the same instrument or based on a valuation technique whose variables includes only data from observable markets.

Level 3 refl ects fi nancial instruments whose fair value is determined in whole or in part using a valuation technique based on assumptions that are not supported by prices from observable market transactions in the instrument and not based on available observable market data.

8. Principal risk profi le

The principal risks which the Company faces include exposure to:

• (i) market price risk, including currency risk, interest rate risk and other price risk;
• (ii) credit and counterparty risk; and
• (iii) liquidity risk.

Market price risk – This is the risk that the fair value or future cash fl ows of a fi nancial instrument held by the Company may fl uctuate because of changes in market prices. This market risk comprises three elements – currency risk, interest rate risk and other price risk.

Credit and counterparty risk – This is the exposure to loss from the failure of a counterparty to deliver securities or cash for acquisitions or to repay deposits.

Liquidity risk – This is the risk that the Company will encounter diffi culty in meeting obligations associated with fi nancial liabilities.

Further details of the Company's management of these risks can be found in Note 13 of the Company's Annual report and accounts for the year ended 31 March 2024.

There have been no changes to the management of or the exposure to these risks since that date.

9. Related Parties

Jupiter Unit Trust Managers Limited ('JUTM'), the Alternative Investment Fund Manager, is a company within the same group as Jupiter Asset Management Limited ('JAM'), the Investment Adviser. JUTM receives an investment management fee as set out below.

JUTM is contracted to provide investment management services to the company subject to termination by not less than twelve months' notice by either party. The basis for calculation of the management fee charged to the company to 0.70% of net assets up to £150 million, reducing to 0.60% for net assets over £150 million and up to £250 million, and reducing further to 0.50% for net assets in excess of £250 after deduction of the value of any Jupiter managed investments.

The management fee payable to JUTM for the period 1 April 2024 to 30 September 2024 was £179,694 (year to 31 March 2024: £342,792) with £32,512 (31 March 2024: £58,542) outstanding at period end.

The Company has invested from time to time in funds managed by Jupiter Investment Management PLC or its subsidiaries. There was no such investment during current period (31 March 2024: Nil).

No investment management fee is payable by the Company to Jupiter Asset Management Limited in respect of the Company's holdings in investment trusts, open-ended funds and investment companies in respect of which Jupiter Investment Management Group Limited, or any subsidiary undertaking of Jupiter Investment Management Group Limited, receives fees as investment manager or investment adviser.

Company Information

Directors	Michael Naylor, Chairman
	Jaz Bains, Senior Independent Director
	Simon Baker, Chairman of the Audit Committee
	Baroness Bryony Worthington
Registered Offi ce	The Zig Zag Building
	70 Victoria Street, London SW1E 6SQ
Telephone	020 3817 1000
Website	www.jupiteram.com/JGC
Email	investmentcompanies@jupiteram.com
	Authorised and regulated by the Financial Conduct Authority
Investment Adviser & Secretary	Jupiter Asset Management Limited
	The Zig Zag Building, 70 Victoria Street, London SW1E 6SQ
Telephone	020 3817 1000
	Authorised and regulated by the Financial Conduct Authority
Custodian	Northern Trust Investor Services Limited
	50 Bank Street, London E14 5NT
	Authorised and regulated by the Financial Conduct Authority
Depositary	Northern Trust Investor Services Limited
	50 Bank Street, London E14 5NT
	Authorised and regulated by the Financial Conduct Authority and the
	Prudential Regulation Authority
Brokers	Cavendish Capital Markets Limited
	One Bartholomew Close, London, EC1A 7BL
	+44 (0) 20 7220 0517
	+44 (0) 7872 574 665
Registrars	Equiniti Limited
	Aspect House, Spencer Road, Lancing West Sussex, BN99 6DA
Telephone	+44 (0) 371 384 2030
	Lines are open from 08:30 a.m. to 5:30 p.m. Monday to Friday. Calls are charged
	at the standard geographic rate and will vary by provider.
Website	Shareview.co.uk
Independent Auditors	Ernst & Young LLP
	Atria One, 144 Morrison Street, Edinburgh EH3 8EX
Company Registration Number	05780006
	Registered in England & Wales
	An investment company under s.833 of the Companies Act 2006.
Investor Codes
Sedol Number
Ordinary shares	B120GL7
ISIN
Ordinary shares	GB00B120GL77
Ticker
Ordinary shares	JGC LN
	The company is a member of

Investor Information

MSCI World Small Cap Total Return Index

This document contains information based on the MSCI World Small Cap Index. Neither MSCI nor any other party involved in or related to compiling, computing or creating the MSCI data makes any express or implied warranties or representations with respect to such data (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability or fi tness for a particular purpose with respect to any of such data. Without limiting any of the foregoing, in no event shall MSCI, any of its affi liates or any third party involved in or related to compiling, computing or creating the data have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profi ts) even if notifi ed of the possibility of such damages. No further distribution or dissemination of the MSCI data is permitted without MSCI's express written consent.

Retail distribution of non-mainstream products

The company currently conducts its aff airs so that its shares can be recommended by Independent Financial Advisers to ordinary retail investors in accordance with the FCA's rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The company's shares are excluded from the FCA's restrictions which apply to non-mainstream investment products because they are shares in an investment trust.

Performance Updates

The company publishes a monthly factsheet which contains key information about its performance, investment portfolio and pricing. The factsheets together with electronic copies of the most recent annual and half yearly reports and accounts are available for download from www.jupiteram.com/JGC. Should you wish to be added to an email distribution list for future editions of the monthly factsheet, please send an email to investmentcompanies@jupiteram.com. For investors who do not have access to the internet, these documents are also available on request from Jupiter's Customer Services Team on 0800 561 4000.

Further information about the company is also available from third party websites such as Kepler Trust Intelligence: Home – Trust IntelligenceIKepler Partners – www.trustintelligence.co.uk The Association of Investment Companies – www.theaic.com Morningstar – www.morningstar.co.uk

Dividend Tax Allowance

With eff ect from 6 April 2016 the dividend tax credit was replaced by an annual tax-free dividend allowance. Dividend income in excess of this allowance will be taxed according to your personal income tax bracket. The company's registrar will continue to provide shareholders with confi rmation of dividends paid shareholders should retain such confi rmations to enable them to calculate and report total dividend income received. Shareholders should note that it is their sole responsibility to report any dividend income in excess of their annual tax-free allowance to HMRC.

Further information on the dividend tax allowance can be obtained from the HMRC website at: https://www.gov.uk/tax-on-dividends

Investor Information (continued)

Changes to our Data Privacy Notice

We have updated our Privacy Notice to align with the new data privacy law in the European Union, known as the General Data Protection Regulation (GDPR) to which we are subject. Data protection and the security of your information always has been and remains of paramount importance to us.

Any information concerning shareholders and other related natural persons (together, the Data Subjects) provided to, or collected by or on behalf of, Jupiter Unit Trust Managers Limited (the management company) and/or Jupiter Green Investment Trust Plc (the Controllers) (directly from Data Subjects or from publicly available sources) may be processed by the controllers as joint controllers, in compliance with the GDPR.

You are not required to take any action in respect of this notice, but we encourage you to read our Privacy Notice. Our privacy notice can be found on our website, www.jupiteram.com/Shared-Content/Legalcontentpages/Privacy/Investment-trusts. In the event that you hold your shares as a nominee, we request that you promptly pass on the details of where to fi nd our privacy notice to the underlying investors and/or the benefi cial owners.

Important Risk Warnings

Advice to shareholders

In recent years investment related scams have become increasingly sophisticated and diffi cult to spot. We are therefore warning all our shareholders to be cautious so that they can protect themselves and spot the warning signs.

Fraudsters will often:

• contact you out of the blue
• apply pressure to invest quickly
• downplay the risks to your money
• promise tempting returns that sound too good to be true
• say that they are only making the off er available to you
• ask you to not tell anyone else about it

You can avoid investment scams by:

• Rejecting unexpected off ers Scammers usually cold call but contact can also come by email, post, word of mouth or at a seminar. If you have been off ered an investment out of the blue, chances are it's a high risk investment or a scam.
• Checking the FCA Warning List Use the FCA Warning List to check the risks of a potential investment. You can also search to see if the fi rm is known to be operating without proper FCA authorisation.
• Getting impartial advice Before investing get impartial advice and don't use an adviser from the fi rm that contacted you.

If you are suspicious, report it

• You can report the fi rm or scam to the FCA by contacting their Consumer Helpline on 0800 111 6768 or using their online reporting form.
• If you have lost money in a scam, contact Action Fraud on 0300 123 2040 or www.actionfraud.police.uk

For further helpful information about investment scams and how to avoid them please visit www.fca.org.uk/scamsmart.

Glossary of Terms including Alternative Performance Measures

Alternative performance measures

The European Securities and Markets Authority ('ESMA') published its guidelines on Alternative Performance Measures ('APMs'). APMs are defi ned as being a 'fi nancial measure of historical or future fi nancial performance, fi nancial position, or cash fl ows, other than a fi nancial measure defi ned or specifi ed in the applicable accounting framework.' The guidelines are aimed at promoting the usefulness and transparency of APMs included in regulated information and aim to improve comparability, reliability and/or comprehensibility of APMs. The following APMs (indicated by *) are used throughout the half yearly fi nancial report, fi nancial statements and notes to the fi nancial statements.

Benchmark total return index

A total return index is a type of equity performance index that tracks both the capital gains of a group of stocks over time, and assumes that any cash distributions, such as dividends, are reinvested back into the index.

Diluted NAV per share*

The diluted NAV per share is the net asset value per ordinary share adjusted to assume that all the current subscription rights are taken up in full. Shareholders have the opportunity to subscribe for one new ordinary share for every ten held so the diluted net asset value per share of the company at any point is calculated by dividing the net assets of the company by the number of shares, plus 10%, in issue. The subscription rights of the shareholders are described in more detail on page 1 4.

Discount*

The amount, expressed as a percentage, by which the share price is less than the net asset value per share.

As at 30 September 2024 the share price was 216.00p and the net asset value per share (cum income) was 270.05p, the discount therefore being 20.01%.

Premium*

The amount, expressed as a percentage, by which the share price is more than the net asset value per share.

Treasury shares

Treasury shares are the part of the issued share capital that is held by the company. They do not rank for dividend income and do not have voting rights. The company uses treasury shares for discount management purposes as described above .

Undiluted NAV per share*

The undiluted NAV per share is the net asset value per ordinary share with no adjustment for the assumed exercise of all current subscription rights.

Discount management

Discount management is the process of the buyback and issue of company shares by the company, to and from its own holding or 'treasury' with the intention of managing any imbalance between supply and demand for the company's shares and thereby the market price. The aim is to ensure that, in normal market conditions, the market price of the company's shares will not materially vary from its NAV per share. The authority to repurchase the company's shares is voted upon by the shareholders at each annual general meeting.

Gearing*

Gearing is the borrowing of cash to buy more assets for the portfolio with the aim of making a gain on those assets larger than the cost of the loan. However, if the portfolio doesn't perform well the gain might not cover the costs. The more an investment company gears, the higher the risk.

Gearing is calculated at as the ratio of the company's borrowings to its total assets (less cash) expressed as a percentage, that being 0% at 30 September 2024.

Mid market price

The mid-market price is the mid-point between the buy and the sell prices.

NAV per share

The net asset value ('NAV') is the value of the investment company's assets less its liabilities. The NAV per share is the NAV divided by the number of shares in issue. The diff erence between the NAV per share and the share price is known as the discount or premium.

As shown in note 6 to the Financial Statements , the NAV per share was 270.05p as at 30 September 2024.

Ongoing charges*

Ongoing charges are the total expenses including both the investment management fee and other costs, but excluding fi nance costs and performance fees, as a percentage of NAV.

JUPITER GREEN INVESTMENT TRUST PLC IHALF YEARLY FINANCIAL REPORT

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101488 Jupiter Green Investment Trust annual report 31.03.22.indd 5 13/04/2022 14:33:23

101488 Jupiter Green Investment Trust annual report 31.03.22.indd 5 13/04/2022 14:33:23