Invesco Global Equity Income Trust Plc - Half-year Financial Report

LEI: 549300JZQ39WJPD7U596 INVESCO GLOBAL EQUITY INCOME TRUST PLC HALF-YEARLY FINANCIAL REPORT SIX MONTHS ENDED 30 NOVEMBER 2025 Unless noted below all page numbers refer to the Half-Yearly Financial Report on the Company's website. Period Highlights · Proposed merger with Franklin Global Trust plc (FRGT) announced, with holders representing 96% of FRGT shares subsequently electing to rollover into IGET. · £35.2 million raised through sales of treasury shares. · Average share price premium to NAV of 1.9%. · Yield at period end of 3.7% based on projected annualised dividend for year ending 31 May 2026, compared with benchmark index yield of 1.6%. · Winner of 'Best International Trust' category at Citywire Investment Trust Awards for third consecutive year and `Global Income' category at Investment Week Investment Company of the Year Awards - both awards recognise IGET's strong longer-term performance. Investment Objective The Company's investment objective is to provide an attractive level of predictable income and capital appreciation over the long term, predominately through investment in a diversified portfolio of equities worldwide. Total Return Statistics(1) (dividends reinvested) At At 30 November 31 May 2025 2025 Net asset value (NAV) total return(2) 8.6% 11.9% Share price total return(2) 9.3% 24.6% Benchmark index total return 16.5% 7.4% Capital Statistics At At 30 November 31 May 2025 2025 % Change Net assets (£'000) 260,921 212,283 22.9 NAV per share 359.77p 337.36p 6.6 Share price(1) 367.00p 342.00p 7.3 Premium(2) per ordinary share 2.0% 1.4% Gearing(2): - gross gearing nil 1.2% - net gearing nil 0.0% - net cash 1.6% nil (1)Source: LSEG Data & Analytics. (2) Alternative Performance Measures (APMs). See pages 17 to 18 for the explanation and reconciliations of APMs. Further details are provided in the Glossary of Terms and Alternative Performance Measures in the Company's 2025 Annual Financial Report. Chair's Statement `Global equity markets over the six months ended 30 November 2025 were mainly momentum-driven. This was a more difficult environment for IGET's valuation -focussed strategy and the NAV and share price total returns lagged the benchmark index total return over the period. Despite this, IGET's longer-term performance relative to its benchmark remains very good. Market leadership has begun to broaden beyond a narrow group of stocks with performance increasingly spread across sectors and geographies. This evolving backdrop has the potential to create a more balanced global opportunity set for investors. This shift should provide a more fertile environment for the Portfolio Managers as they position the portfolio for a range of possible outcomes. Their bottom-up, valuation-driven approach has proven robust across market cycles, and the Board remains confident in their ability to continue to deliver attractive long-term returns for shareholders.' Sue Inglis Dear Shareholders I am pleased to present your Company's half-yearly financial report for the six -month period ended 30 November 2025. Market Overview In the months following President Trump's so-called `Liberation Day' announcement on 2April 2025, many of the proposed tariffs were diluted or delayed and, whilst the resulting average effective US tariff rate was still higher, economies, businesses and markets proved versatile and resilient. In addition, cooling inflation allowed most central banks to ease interest rates down at a gradual pace. Within this backdrop, it was another strong period for global equity markets, which were mainly momentum-driven. Performance Valuation-focussed strategies such as IGET's are more challenged in momentum -driven markets and the period under review was no different. The NAV total return per share was +8.6%, lagging IGET's benchmark, the MSCI World Index (£), total return of +16.5%, over the sixmonths ended 30 November 2025. A review of your Company's investment performance during the period, and changes in the portfolio positioning, can be found in the Portfolio Managers' Report. Whilst short-term underperformance is disappointing, as I said in my statement in the 2025 Annual Report, your Board believes that, in assessing your Manager's performance, longer periods are more appropriate. Over the three and five years ended 30 November 2025, the NAV total returns per share were +58.4% and +106.5% respectively, significantly outperforming the benchmark index total returns of +51.9% and +84.8% respectively. Your Company's strong longer-term performance was recognised in November 2025 when it won the `Best International Income Trust' category at the Citywire Investment Trust Awards for the third consecutive year and the `Global Income' category at the Investment Week Investment Company of the Year Awards, The share price total return over the period was +9.3%, slightly ahead of the NAV total return as the share price premium to NAV increased from +1.4% at 31 May 2025 to +2.0% at the period end. The average premium over the period was 1.9%. Revenue and Dividends The net revenue return per share for the period was 2.02p. In accordance with IGET's dividend policy, dividends are paid from revenues and, if needed, capital reserves. Your Company pays dividends quarterly, with the annual dividend target set at a minimum of 4% of the unaudited previous year-end NAV. This ensures shareholders receive regular, predictable distributions. During the period, your Company paid two interim dividends, each of 3.375p per share, in respect of the year ending 31 May 2026. The yield on the shares at 30 November 2025 was 3.7%, based on the projected annualised dividend of 13.50p per share for the year ending 31 May 2026. The yield on the MSCI World Index (£) at 30November 2025 was 1.6%. Share Issues and Buy-backs During the period, to meet strong ongoing demand your Company sold from treasury 9.6million shares (equivalent to 15.3% of the shares in circulation at 31 May 2025) at an average premium of 2.0%, raising £35.2 million in total. No shares were bought back during the period. Proposed Merger with FRGT As I mentioned in my statement in the 2025 Annual Report, a key objective of your Board is to grow the size of your Company which should bring benefits of improved liquidity in the shares and a lower ongoing charges ratio. It was pleasing, therefore, to announce on 13November 2025 the proposed merger of IGET and Franklin Global Trust (ticker: FRGT), with IGET as the continuing company. The merger is expected to increase the net assets of IGET to approximately £460million (based on net assets as at 20February 2026). Most importantly, the merger will not result in any changes to IGET's investment strategy, which is proven to be scalable and, therefore, the significant increase in IGET's size is not expected to compromise its ability to continue to deliver strong performance over the long-term. Shareholders will also benefit from the increase in the Company's size through a reduction in the blended rate of the investment management fee payable to the Manager and by spreading its fixed costs over a larger asset base, resulting in a lower ongoing charges ratio than the figure at 30 November 2025 which was 0.78%. Your Manager has agreed to make a significant contribution towards the costs of the merger (equivalent to 12 months' management fee on the value of the assets to be transferred from FRGT to the Company). This should benefit our existing shareholders as it is expected to cover or exceed the Company's costs of implementing the merger. At a general meeting of the Company held on 18 February 2026 shareholders approved authorities for the Company to issue new shares pursuant to the merger and to renew the general share issuance and buy back authorities to reflect IGET's considerably larger issued share capital following completion of the merger. FRGT shareholders also approved the terms of the merger at a general meeting on 18 February 2026. On 19 February 2026, FRGT announced that holders of 96% of its shares in circulation had elected to rollover into IGET shares. The merger remains subject to a further approval to place FRGT into voluntary liquidation at a general meeting of FRGT to be held on 27February 2026, when it is expected that the merger will become effective. Dealings in the new shares are expected to commence on 2March 2026. A copy of the circular to shareholders dated 21 January 2026, which includes details of the merger isavailable in the key documents section under `Literature' on theCompany's section of the Manager's website https://www.invesco.com/uk/en/investment-trusts/invesco-global-equity-income -trust.html. Investor Engagement and Communication It remains important to ensure that our shareholders remain uptodatewith updates from the Manager as well as announcementsfromyour Board. Therefore, if you have not alreadydone so, I wouldencourage you sign up for updates byscanningthe QR code below with your smartphone/device,visitingthe Company's section of the Manager's website at https://digitalservices.invesco.com/uk/en/investment-trusts -subscriptions or contacting Invesco or the Board directly at [email protected]. Post-period End Update Since 30 November 2025, the net assets had increased to £301m and the NAV and share price total returns per share were +7.0% and +7.5% respectively, compared with the MSCI World Index (£) total return of +1.8% (to 20 February 2026). Since the period end, the Company has sold 6,833,000 shares from treasury (equivalent to 9.4% of the shares in circulation at the period end) at an average premium of +1.5%, raising £25.5 million. At 20 February 2026, the shares were trading at a premium of +2.5% and the yield on the shares was 3.5%, based on the projected annualised dividend for the year ending 31 May 2026. Audit Tender As noted in our 2025 Annual Financial Report, due to auditor rotation requirements, your Company is required toundertake an audit tender process during the current financial year. I am pleased to report that a formal and competitive tender process for its external auditor, overseen by the Audit Committee, has now been completed. Following a detailed evaluation of each participating firm, the Audit Committee has recommended, and the Board has endorsed, the appointment of Johnston Carmichael LLP as the external auditor of the Company for the year-ending 31 May 2027. A resolution to approve this appointment will be put to shareholders at the Company's 2026 Annual General Meeting. Grant Thornton UK LLP, which has been the Company's auditor since 2016, will continue in the role until this year's AGM and will therefore undertake the audit for the year-ending 31 May 2026. Outlook Global economic growth is expected to decelerate modestly in 2026, but remain at a reasonable level. Robust earnings growth, lower interest rates and easing policy headwinds should continue to support global equity markets. In addition, fiscal stimulus measures being implemented in parts of Europe, together with targeted policy support in China, should provide further support to activity, particularly outside the US. While there remains a wide range of outcomes, particularly given President Trump's less predictable nature of policy making, market leadership has begun to broaden beyond a narrow group of stocks with performance increasingly spread across sectors and geographies. This evolving backdrop has the potential to create a more balanced global opportunity set for investors albeit with continued scope for periods of volatility. For IGET with its genuinely global investment mandate, this shift should provide a more fertile environment for your Portfolio Managers as they position the portfolio for a range of possible outcomes. Whilst elevated valuations still present risks, your Portfolio Managers' bottom-up, valuation -driven approach has proven robust across market cycles, and your Board remains confident in their ability to continue to deliver attractive long-term returns for shareholders. Sue Inglis Chair 24 February 2026 Portfolio Managers' Report QHow has the portfolio performed over the period? AOver the six months ended 30November 2026, the Company's net asset value returned +8.6% (totalreturn, in sterling terms), compared with its benchmark, the MSCI World Index, whichdelivered +16.5% over the same period driven by momentum and speculation. Below is an analysis of the main contributors and detractors during the period: 30 Nov 2025 Performance Portfolio Key Impact Weight Contributors % % ASML 1.0 3.0 Standard Chartered 0.7 3.0 Taiwan Semiconductor Manufacturing 0.7 2.7 Rolls-Royce 0.6 4.5 Viking Holdings 0.5 2.6 30 Nov 2025 Performance Portfolio Key Impact Weight Detractors % % 3i -2.3 5.6 Alphabet(1) -1.8 0.0 Canadian Pacific Kansas City -1.5 5.4 Novo-Nordisk - B Shares -1.2 1.4 Azelis -1.2 1.4 Source: Invesco. (1) Not held in the portfolio. Semiconductor equipment manufacturer ASML was a top contributor over the period, benefitting from strong AI-related demand. The company's shares had de-rated to a decade low price-to-earnings (P/E) earlier in the summer, providing an attractive entry point that allowed us to build a position and capture the subsequent rally. Another beneficiary of robust AI-related demand was semiconductor manufacturer Taiwan Semiconductor Manufacturing (TSMC), which also made a strong contribution to relative performance. Meanwhile, Standard Chartered (bank) was a notable outperformer, supported by strong third quarter results that saw profits exceed market expectations. The Asia focussed bank also upgraded its guidance for the year. Rolls-Royce (aerospace and defence) continues to go from strength to strength as the market increasingly recognises the quality of its civil aerospace franchise and its potential for sustained, profitable growth. Together with exposure to rapidly expanding European defence spending and optionality from nuclear Small Modular Reactors (SMRs) (which could play a role in meeting the power demands of AI), the company offers continued potential for high and long duration earnings growth. Cruise operator Viking Holdings saw its shares rise following strong third quarter results, which continued to demonstrate resilient and sustained booking momentum. By contrast, investment firm 3i was the largest detractor. Abrief period of weaker like-for-like sales in France at its key subsidiary, Action, led to a very sharp sell off. The market reaction was extreme relative to the change in fundamentals, and valuations compressed significantly. We understand the concern - retail models can turn quickly - but Action has benefitted from a scaled economics model where size strengthens competitiveness, and the majority of the business has performed very well. Novo-Nordisk (pharmaceuticals) was also a notable detractor after cutting full year sales and profit guidance in July, reflecting weaker demand for Wegovy and Ozempic amid tougher competition. Despite an attractive valuation following a sharp de-rating, ongoing GLP 1 (weight-loss drug) share losses have weighed on the share price and management mis-execution led us to trim the position as conviction softened. Elsewhere, Azelis (speciality chemicals and food ingredients) shares declined alongside other European chemical names during a challenging period for the sector, while freight railway company Canadian Pacific Kansas City slipped on slightly weaker results. Not owning Alphabet (interactive media) also detracted from relative performance. QWhat drove performance over the period? APerformance over the period was shaped by the continuation of the exceptionally strong momentum trends that have characterised global equity markets since late 2024. This backdrop,driven largely by enthusiasm for AI-related companies, proved challenging for our disciplined, valuation-led approach. As markets increasingly rewarded speculative and momentum-oriented business models, our focus on quality companies trading at sensible valuations meant we naturally lagged an environment that did not align with our investment philosophy. Market behaviour during the period, including historically low cash levels among fund managers and elevated valuations being assigned to higher risk business models, further reinforced our cautious stance. Despite this, our open-minded and patient approach allowed us to uncover compelling opportunities in less fashionable areas of the market. Long held positions such as Rolls-Royce and Standard Chartered continued to reward this discipline, demonstrating the value of running high quality winners even when doing so may feel uncomfortable in the short-term. Active management remained central throughout the period. The significant dispersion in share price performance created opportunities to reallocate capital towards areas where implied returns were most attractive. This also highlighted the importance of maintaining conviction in fundamentally strong businesses amid short-term noise, particularly as certain holdings (such as 3i) faced stock specific pressures that did not reflect long-term fundamentals. Overall, the period underscored the benefits of remaining disciplined, valuation aware and genuinely active in a market dominated by momentum. While such conditions can be challenging in the near term, they ultimately provide fertile ground for long-term opportunities as fundamentals reassert themselves. QHas the positioning of the portfolio changed significantly over the period? ASome notable examples of buys and sells can be found below. Bought: · Global consumer internet group and technology investor Prosus offers faster growth exposure through its 26% stake in Tencent, which accounts for around 80% of NAV, yet trades at a material discount despite the assets being largely listed and liquid. Since 2022, management has aggressively addressed this mispricing through over €50 billion of share buybacks. These actions have driven meaningful NAV accretion and materially enhanced shareholder value. · Global technology company Dell Technologies combines a steadily growing dividend with a strategic shift beyond its legacy PC business towards faster growing AI infrastructure, including servers, networking and private cloud storage. Its competitive edge lies in its deep engineering expertise and bespoke data centre solutions, underpinned by strong enterprise relationships and founder-led execution. With Michael Dell retaining c.40% ownership and a commitment to return 80% of cash to shareholders, Dell Technologies offers an attractive blend of income, growth and capital discipline. Sold: · We exited the remainder of our position in semiconductor company Analog Devices (ADI) to fund more attractive opportunities elsewhere. We think ADI is a great company with innovative products and exceptional margins. However, we saw a more compelling opportunity in competitor Texas Instruments, a semiconductor company that designs, manufactures, tests and sells analog and embedded processing chips. · Insurance company Progressive has been a good performer for the portfolio, but we felt the risk/reward opportunities are now better elsewhere. QWhat is your investment strategy looking ahead? AOur philosophy has always been to deliver a portfolio yield above the benchmark index, but not all stocks in our portfolio need to provide a yield. This flexibility allows us to select stocks from across the market, offering diverse opportunities for growth and risk management. We categorise our investments as follows (the percentage ranges refer to the Company's gross assets and are guidelines only): ·Dividend compounders (70-100%): companies with attractive yields that have consistently grown over time. ·Faster growth, low/no yield (0-20%): typically, tech companies with high growth potential but low or no yield. ·Dividend restoration (0-10%): special situations where dividends have been cut but are expected to be restored soon. This diversified approach sets us apart from our peers. We strive to identify market opportunities that will grow your income and capital over the long term, even if it means not having the highest yield in the sector. Being an investment trust, the Company's policy of paying an annual dividend of at least 4% of the previous year-end NAV out of revenues and, when needed, capital reserves means that shareholders can enjoy predictable income without any compromising of the investment team's philosophy. The portfolio is currently allocated 70% to dividend compounders and 30% to faster growth, low/no yield companies, reflecting our aim of delivering a stable income while also seeking meaningful long-term growth. The key priority for us is maintaining a diversified portfolio that can adapt to where we see the most compelling opportunities emerging. In an ideal scenario, we would retain some exposure to companies reinstating their dividends (up to 10%). However, at present, we are finding a greater concentration of opportunities within the faster growth, low/no yield segment, which has led us to increase our allocation beyond the 20% guideline. Below we have provided some examples of holdings that fall into either category: East West Bancorp - dividend yield 2.1%(1) (dividend compounder) East West Bancorp (EWBC) is a regional bank headquartered in Pasadena, California. Founded in 1973 in Los Angeles' Chinatown, the bank is now the largest independent commercial bank to serve the Chinese-American community. We believe this is one of the best banks we have analysed. CEO Dominic Ng has been an exceptional steward of capital for over 30 years. In our view this is a well -managed regional bank with strong growth and high ROE (return on equity), supported by a robust capital buffer and diversified loan book. Viking Holdings - dividend yield 0%(1) (faster growth, low/no yield) Viking Holdings (VIK) offers high-quality, culturally enriching experiences to wealthy retired Americans, with an average customer age of nearly 70. These individuals are recession resilient, loyal and relatively price insensitive. Viking is a gem of a business with a long runway for growth, high returns on capital, and a founder who owns over $10 billion in stock. Viking combines structural demand, scarce supply and repeatable cost/marketing advantages into a high visibility, compounding engine. (1) Source Invesco. Based on 12 month historic dividend yield. QWhat are your thoughts on gearing? AWe use gearing selectively, often taking advantage when markets are most fearful and then reducing as they become more fairly valued. A recent example of this was President Trump's `Liberation Day' announcement in April 2025 where the broad-based sell off provided some exceptional opportunities and so we tactically increased our gearing to take advantage. Since then markets have moved in one direction, and we remain cautious about adding additional risk to the portfolio at a point when expectations are quite high in the market. Gearing added 0.79% positive performance contribution over the six months ending 30 November 2025. QWhat is your outlook for 2026? AWe remain committed to our bottom-up, valuation-driven approach and to building portfolios that can perform across a range of market environments. While we recognise the potentially transformative impact of AI, we continue to find more compelling risk-adjusted opportunities in unloved areas of the market. As a result, we remain underweight the US and are increasing exposure to healthcare, non-US equities and other out of favour segments that offer both attractive valuations and diversification benefits. Our experience continues to underline three enduring principles. First, being different and open-minded is essential in momentum-led markets. Second, allowing high quality investments to compound over time remains a powerful driver of returns, even when the journey is uncomfortable. Finally, active portfolio management is vital, as periods of heightened volatility create opportunities when share prices move far more than underlying cash flows. We believe this disciplined approach leaves the portfolio well positioned to deliver long-term growth. Stephen AnnessJoe Dowling Portfolio ManagerDeputy Portfolio Manager 24 February 2026 List of Investments AT 30 NOVEMBER 2025 Ordinary shares unless stated otherwise Market Value % of Company Sector(1) Country £'000 Portfolio 3i Financial Services United 14,400 5.6 Kingdom Canadian Pacific Transportation Canada 13,951 5.4 Kansas City Microsoft Software & Services United 12,246 4.8 States AIA Insurance Hong Kong 12,245 4.8 Texas Instruments Semiconductors & United 12,031 4.7 Semiconductor Equipment States Rolls-Royce Capital Goods United 11,448 4.5 Kingdom Coca-Cola Food, Beverage & United 10,203 4.0 Europacific Tobacco Kingdom Partners Standard Chartered Banks United 7,673 3.0 Kingdom ASML Semiconductors & Netherlands 7,666 3.0 Semiconductor Equipment XPO Transportation United 7,194 2.8 States Top Ten Holdings 109,057 42.6 Prosus Consumer Discretionary Netherlands 7,040 2.7 Distribution & Retail Taiwan Semiconductors & Taiwan 6,898 2.7 Semiconductor Semiconductor Equipment Manufacturing London Stock Financial Services United 6,732 2.6 Exchange Kingdom East West Bancorp Banks United 6,727 2.6 States Viking Holdings Consumer Services United 6,637 2.6 States Union Pacific Transportation United 6,496 2.4 States Universal Music Media & Entertainment Netherlands 6,307 2.4 Tractor Supply Consumer Discretionary United 6,254 2.4 Distribution & Retail States American Tower Equity Real Estate United 5,995 2.3 Investment Trusts States (REITs) QXO Capital Goods United 5,834 2.3 States Top Twenty Holdings 173,977 67.6 Herc Holdings Capital Goods United 5,828 2.3 States Novonesis - B Materials Denmark 5,574 2.2 Shares Aker BP Energy Norway 5,390 2.1 Broadcom Semiconductors & United 5,327 2.1 Semiconductor Equipment States Dell Technologies Technology Hardware & United 5,068 2.0 Equipment States Recordati Pharmaceuticals, Italy 4,905 1.9 Biotechnology & Life Sciences Abbott Laboratories Health Care Equipment & United 4,771 1.9 Services States LVMH Consumer Durables & France 4,660 1.8 Apparel KKR & Co Financial Services United 4,021 1.6 States Estee Lauder - A Household & Personal United 3,814 1.5 Shares Products States Top Thirty Holdings 223,335 87.0 Ametek Capital Goods United 3,778 1.5 States Amentum Commercial & United 3,773 1.5 Professional Services States Itochu Capital Goods Japan 3,746 1.5 Zurich Insurance Insurance Switzerland 3,743 1.5 Azelis Capital Goods Belgium 3,729 1.4 Novo-Nordisk - B Pharmaceuticals, Denmark 3,578 1.4 Shares Biotechnology & Life Sciences Elis Commercial & France 3,457 1.3 Professional Services Aviva Insurance United 3,038 1.2 Kingdom Corpay Financial Services United 2,237 0.9 States Rosebank Industries Financial Services United 2,141 0.8 Kingdom Top Forty Holdings 256,555 100.0 Sberbank(2) - ADR Banks Russia - - Harbinger - Hedge Funds Cayman - - Streamline Offshore Islands Fund(3) Total Holdings 42 256,555 100.0 (31 May 2025: 43) ADRAmerican Depositary Receipts - certificates that represent shares in the relevant company and are issued by a US bank. They are denominated and pay dividends in USdollars. (1)MSCI and Standard & Poor's Global Industry Classification Standard. (2)The investment in Sberbank - ADR has been valued at zero as secondary listings of the depositary receipts on Russian companies have been suspended from trading. (3)The hedge fund investment is a residual holding of the previous investment strategy, transferred from the Balanced Risk Allocation Portfolio as part of the Company's restructure in May 2024, which is awaiting realisation of underlying investments. Given lack of availability of recent valuation, the market value has been written-down to zero. Governance Principal Risks and Uncertainties The principal risks and uncertainties facing the Company fall into the following broad categories: market risk, geopolitical risk, investment objective and strategy risk, discount risk, performance risk, ESG (including climate risk), currency fluctuation risk, information technology resilience and security risk, operational resilience risk and regulatory and tax-related risk. An explanation of these risks (as well as emerging risks) and how they are managed is set out on pages 26 to 29 of the Company's Annual Report and Financial Statements for the year ended 31 May 2025 which is available on the Company's section of the Manager's website: www.invesco.com/uk/en/investment-trusts/invescoglobal-equity -income-trust.html. 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. Going Concern The financial statements have been prepared on a going concern basis. The Directors consider this to be appropriate as the Company has adequate resources to continue in operational existence for the foreseeable future, taken as 12 months from the signing of the financial statements for this purpose. This conclusion is consistent with the longer term viability statement on page 29 of the Company's Annual Report and Financial Statements for the year ended 31 May 2025 and in reaching it the Directors took into account: the value of net assets; the Company's investment policy; its risk management policies; the diversified portfolio of readily realisable securities which can be used to meet funding commitments; the credit facility and the overdraft which can be used for short-term funding requirements; the liquidity of the investments which could be used to repay the credit facility in the event that the facility could not be renewed or replaced; the Company's revenue; the current economic outlook; and the ability of the Company in the light of these factors to meet all its liabilities and ongoing expenses. At the Company's 2026 Annual General Meeting, the Board will put forward a vote on the continuation of the Company (the 2026 Continuation Vote). Based on current information including, but not limited to, the following points, the Board is of positive opinion as to the outcome of 2026 Continuation Vote: the robust demand for the Company's shares evidenced by regular share issuance, with the shares mostly trading at a premium to NAV over the last six months and the proposed merger with Franklin Global Trust plc which will result in an enlargement of the Company and should create additional demand for the shares, and result in higher trading volumes and market liquidity. The Directors also took account of the 2026 Continuation Vote when considering this going concern assessment. Related Party Transactions Under United Kingdom Generally Accepted Accounting Practice (UKAccounting Standards and applicable law), the Company has identified the Directors and their dependents as related parties. No other related parties have been identified during the period. No transactions with related parties have taken place which have materially affected the financial position or the performance of the Company. Statement of Directors' Responsibilities (in respect of the preparation of the half-yearly financial report) The Directors are responsible for preparing the half-yearly financial report using accounting policies consistent with applicable law and UK Accounting Standards. The Directors confirm that, to the best of their knowledge: - the condensed set of financial statements contained within the half-yearly financial report has been prepared in accordance with the FRC's FRS 104 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 any 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. Sue Inglis Chair 24 February 2026 Condensed Income Statement For the For the Six Six Months Months Ended Ended 30 30 November November 2025 2024 Revenue Capital Total Revenue Capital Total £'000 £'000 £'000 £'000 £'000 £'000 Gains on - 17,197 17,197 - 20,183 20,183 investments held at fair value Losses on - (1) (1) - (19) (19) foreign exchange Income - note 2 2,110 - 2,110 1,803 - 1,803 Investment (197) (458) (655) (165) (384) (549) management fees - note 3 Other expenses (333) (24) (357) (322) 10 (312) Net return 1,580 16,714 18,294 1,316 19,790 21,106 before finance costs and taxation Finance costs - (12) (28) (40) (12) (27) (39) note 3 Return before 1,568 16,686 18,254 1,304 19,763 21,067 taxation Tax - note 4 (198) - (198) (163) - (163) Return after 1,370 16,686 18,056 1,141 19,763 20,904 taxation for the financial period Return per ordinary share: Basic 2.02p 24.60p 26.62p 1.81p 31.36p 33.17p Weighted average 67,827,167 63,014,375 number of ordinary shares in issue during the period The total columns of this statement represent the Company's profit and loss account, prepared in accordance with UK Accounting Standards. The return on ordinary activities after taxation is the total comprehensive income and therefore no additional statement of other comprehensive income is presented. The supplementary revenue and capital columns are presented for information purposes 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 Capital Share Redemption Special Capital Revenue Capital Reserve Reserve Reserve Reserve Total £'000 £'000 £'000 £'000 £'000 £'000 Six months ended 30 November 2025 At 31 May 2025 800 1,285 108,533 101,665 - 212,283 Return after taxation - - - 16,686 1,370 18,056 per the income statement Dividends paid - note 5 - - (3,266) - (1,370) (4,636) Shares sold from - - 35,218 - - 35,218 treasury At 30 November 2025 800 1,285 140,485 118,351 - 260,921 Six months ended 30 November 2024 At 31 May 2024 800 1,285 113,296 82,072 102 197,555 Return after taxation - - - 19,763 1,141 20,904 per the income statement Dividends paid - note 5 - - (2,803) - (1,141) (3,944) Shares bought back and - - (315) - - (315) held in treasury At 30 November 2024 800 1,285 110,178 101,835 102 214,200 Condensed Balance Sheet Registered Number 5916642 AS AT 30 NOVEMBER 2025 At At 30 November 31 May 2025 2025 £'000 £'000 Fixed assets Investments held at fair value through profit or loss 256,555 211,444 Current assets Share reissues from treasury awaiting settlement - 510 Tax recoverable 333 353 Prepayments and accrued income 469 451 Cash and cash equivalents 4,047 2,618 4,849 3,932 Creditors: amounts falling due within one year Bank facility - (2,650) Accruals (483) (443) (483) (3,093) Net current assets 4,366 839 Net assets 260,921 212,283 Capital and reserves Share capital 800 800 Other reserves: Capital redemption reserve 1,285 1,285 Special reserve 140,485 108,533 Capital reserve 118,351 101,665 Revenue reserve - - Total shareholders' funds 260,921 212,283 Net asset value per ordinary share 359.77p 337.36p Signed on behalf of the Board of Directors. Sue Inglis Chair 24 February 2026 Condensed Statement of Cash Flows For the For the six months six months ended ended 30 November 30 November 2025 2024 £'000 £'000 Cash flows from operating activities Net return before finance costs and 18,294 21,106 taxation Tax on overseas income (198) (163) Adjustments for: Purchase of investments (79,234) (40,593) Sale of investments 51,320 40,373 (27,914) (220) Gains on investments (17,197) (20,183) Decrease/(increase) in debtors 2 (20) Increase/(decrease) in creditors 40 (6) Net cash (outflow)/inflow from (26,973) 514 operating activities Cash flows from financing activities Interest paid on bank borrowings (40) (47) (Decrease)/increase in bank facility(1) (2,650) 2,950 Shares sold from treasury 35,728 - Shares bought back and held in treasury - (315) Dividends paid - note 5 (4,636) (3,944) Net cash inflow/(outflow) from 28,402 (1,356) financing activities Net increase/(decrease) in cash and 1,429 (842) cash equivalents Cash and cash equivalents at the start 2,618 1,859 of the period Cash and cash equivalents at the end of 4,047 1,017 the period Reconciliation of cash and cash equivalents to the Balance Sheet is as follows: Cash held at custodian 567 457 Invesco Liquidity Funds plc - Sterling, 3,480 560 money market fund Cash and cash equivalents 4,047 1,017 Cash flow from operating activities includes: Dividends received 1,849 1,577 Interest received 11 18 (1)Due to the nature of the bank facility allowing weekly marginal changes to the amount borrowed, rather than full repayment and new drawdown amount, management judges it appropriate to show the net increase/(decrease) over the period rather than the gross repayments and drawdowns separately, as defined in FRS 102 section 7.10A (b). At At 1 June Cash 30 November 2025 flows 2025 £'000 £'000 £'000 Reconciliation of net debt Cash and cash equivalents 2,618 1,429 4,047 Bank facility (2,650) 2,650 - Total (32) 4,079 4,047 Notes to the Condensed Financial Statements 1.Accounting Policies The condensed financial statements have been prepared in accordance with applicable United Kingdom Accounting Standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland, FRS 104 Interim Financial Reporting and the Statement of Recommended Practice Financial Statements of Investment Trust Companies and Venture Capital Trusts issued by the Association of Investment Companies in July 2022. The financial statements are prepared on a going concern basis. The accounting policies applied to these condensed financial statements are consistent with those applied in the Company's 2025 Annual Financial Report for the year ended 31 May 2025. 2.Income Six Months to Six Months to 30 November 30 November 2025 2024 £'000 £'000 Income from investments: UK dividends 588 468 Overseas dividends - ordinary 1,511 1,219 Overseas dividends - special - 98 2,099 1,785 Other income: Deposit interest 11 18 2,110 1,803 No special dividends have been recognised in capital during the period (2024: £nil). 3.Management Fee and Finance Costs Investment management fee and finance costs on any borrowings are charged 70% to capital and 30% to revenue. A management fee is payable quarterly in arrears and is equal to 0.55% per annum of the value of the Company's net assets at the end of the relevant quarter and 0.50% per annum for any net assets over £100million. The Manager has agreed to waive the investment management fee which would otherwise have been payable to the Manager in respect of the value of the assets transferred by Franklin Global Trust plc to the Company pursuant to the merger, and based on the value of those assets as at the calculation date for the merger, for the 12 months following the effective date of the merger. 4.Investment Trust Status and Tax It is the intention of the Directors to conduct the affairs of the Company so that it satisfies the conditions for approval as an investment trust company. As such, the Company has not provided for any UK corporation tax on any realised or unrealised capital gains or losses. The tax charge represents withholding tax suffered on overseas income for the period. 5.Dividends Paid on Ordinary Shares A first interim dividend of 3.375p per share was paid on 14 August 2025 to shareholders on the register on 25 July 2025. Shares were marked ex-dividend on 24 July 2025. A second interim dividend of 3.375p was paid on 21November 2025 to shareholders on the register on 31 October 2025. Shares were marked ex-dividend on 30 October 2025. In accordance with accounting standards, dividends payable after the period end have not been recognised as a liability. On 4 December 2025 the Company announced the third quarterly interim dividend for the year ending 31 May 2026. The dividend declared of 3.375p was paid on 13 February 2026 to shareholders on the register on 16 January 2026. Shares were marked ex-dividend on 15 January 2026. 6.Share Capital, Including Movements Share capital represents the total number of shares in issue, including treasury shares. (a)Ordinary Shares of 1p Each(1) Six Months to Year to 30 November 31 May 2025 2025 Number of ordinary shares in issue Brought forward 62,924,182 63,056,464 Shares bought back into treasury - (1,342,282) Shares sold from treasury 9,600,000 1,210,000 Carried forward 72,524,182 62,924,182 (b)Treasury Shares Six Months to Year to 30 November 31 May 2025 2025 Number of treasury shares held: Brought forward 17,062,404 16,930,122 Shares brought back in treasury - 1,342,282 Shares sold from treasury (9,600,000) (1,210,000) Carried forward 7,462,404 17,062,404 Total shares in issue 79,986,586 79,986,586 (1)       Following shareholder approval at the Annual General Meeting held on 21 November 2024, the Company's Global Equity Income Shares of £0.01 each were redesignated as ordinary shares of £0.01 each. During the period the Company sold, from treasury, 9,600,000 ordinary shares at a total consideration of £35,218,000 (31 May 2025: 1,210,000 ordinary shares at a total consideration of £4,110,000). No ordinary shares were bought back during the period (31 May 2025: 1,342,282 ordinary shares bought back into treasury at a total cost of £4,270,000). Subsequent to the period end, 6,833,000 ordinary shares were sold from treasury for a total consideration of £25,502,000. 7.Classification Under Fair Value Hierarchy FRS 102 sets out three fair value levels. These are: Level 1 - The unadjusted quoted price in an active market for identical assets that the entity can access at the measurement date. Level 2 - Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly. Level 3 - Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability. All of the Company's non-zero valued investments are quoted equity investments which are deemed to be Level 1. The fair value hierarchy analysis for investments held at fair value at the period end is as follows: 30 November 31 May 2025 2025 £'000 £'000 Financial assets designated at fair value through profit or loss: Level 1 256,555 211,444 Level 2 - - Level 3 - - Total for financial assets 256,555 211,444 8.Status of Half-Yearly Financial Report The financial information contained in this half-yearly report does not constitute statutory accounts as defined in section 434 of the Companies Act 2006. The financial information for the half years ended 30 November 2025 and 30 November 2024 has not been audited. The figures and financial information for the year ended 31 May 2025 are extracted and abridged from the latest audited accounts and do not constitute the statutory accounts for that year. Those accounts have been delivered to the Registrar of Companies and included the Report of the Independent Auditor, which was unqualified and did not include a statement under section 498 of the Companies Act 2006. By order of the Board Invesco Asset Management Limited Company Secretary Date: 24 February 2026 Glossary of Terms and Alternative Performance Measures (Discount)/Premium 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. Conversely, 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. In this half-yearly financial report the discount or premium is expressed as a percentage of the net asset value per share and is calculated according to the formula set out below. 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. 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 be expected to 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 in the Alternative Performance Measures section below. Net Asset Value (NAV) Also described as shareholders' funds, the NAV is the value of total assets less liabilities. The NAV per share is calculated by dividing the net asset value by the number of ordinary shares in issue. The number of ordinary shares for this purpose excludes those ordinary shares held in treasury. Volatility Volatility refers to the amount of uncertainty or risk about the size of changes in a security's value. It is a statistical measure of the dispersion of returns for a given security or market index measured by using the standard deviation or variance of returns from that same security or market index. Commonly, the higher the volatility, the riskier the security. 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 which calculates returns on an industry comparative basis. The figures calculated below are six month and one year total returns; however the same calculation would be used for three, five and ten year total returns where quoted in this report, taking the respective net asset values and share prices for the opening and closing periods and adding the impact of dividend reinvestments for the relevant periods. NAV Total Return Total return on net asset value per share, assuming dividends paid by the Company were reinvested, without transaction costs, into the shares of the Company at the NAV per share at the time the shares were quoted ex-dividend. Share Price Total Return 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. Benchmark Total Return The benchmark of the Company is the MSCI World Index (total return in sterling terms). Total return on the benchmark is on a mid-market value basis, assuming all dividends received were reinvested, without transaction costs, into the shares of the underlying companies at the time the shares were quoted ex -dividend. Alternative Performance Measure 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 November 2025 and the year ended 31 May 2025. The APMs listed here are widely used in reporting within the investment company sector and consequently aid comparability. Premium (APM) 30 November 31 May Page 2025 2025 Share price 1 a 367.00p 342.00p Net asset value per share 1 b 359.77p 337.36p Premium c = (a-b)/b 2.0% 1.4% 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 November 31 May 2025 2025 Page £'000 £'000 Bank facility 12 - 2,650 Gross borrowings a - 2,650 Net asset value 12 b 260,921 212,283 Gross gearing c = a/b nil 1.2% 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 November 31 May 2025 2025 Page £'000 £'000 Bank facility 12 - 2,650 Less: cash and cash 12 (4,047) (2,618) equivalents including margin Net (cash)/borrowings a (4,047) 32 Net asset value 12 b 260,921 212,283 Net (cash)/gearing c = a/b (1.6)% 0.0% Total Return (APM) Net Asset Six months ended 30 November 2025 Page Value Share Price As at 30 November 2025 1 359.77p 367.00p As at 31 May 2025 1 337.36p 342.00p Change in period a 6.6% 7.3% Impact of dividend reinvestments(1) b 2.0% 2.0% Total return for the period c = a+b 8.6% 9.3% Net Asset Year ended 31 May 2025 Page Value Share Price As at 31 May 2025 1 337.36p 342.00p As at 31 May 2024 313.30p 286.00p Change in period a 7.7% 19.6% Impact of dividend reinvestments(1) b 4.2% 5.0% Total return for the period c = a+b 11.9% 24.6% (1)Total dividends paid during the six months to 30 November 2025 of 6.75p (year to 31 May 2025: 12.52p). 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 Sue Inglis (Chair of the Board and Nomination Committee) Helen Galbraith (Chair of the Audit Committee) Tim Woodhead (Senior Independent Director and Chair of the Management Engagement Committee) Mark Dampier (Chair of the Marketing Committee) All the Directors are, in the opinion of the Board, independent of the management company. All Directors are members of the Audit, Management Engagement, Nomination and Marketing Committees. Registered Office and Company Number Perpetual Park Perpetual Park Drive Henley-on-Thames Oxfordshire RG9 1HH Registered in England and Wales Number 05916642 Alternative Investment Fund Manager (Manager) Invesco Fund Managers Limited Company Secretary Invesco Asset Management Limited Company Secretarial contact: James Poole 020 7543 3559 email: [email protected] Correspondence Address 3rd Floor, 60 London Wall, London EC2M 5TQ 020 3753 1000 email: [email protected] Depositary and Custodian The Bank of New York Mellon (International) Limited 160 Queen Victoria Street London EC4V 4LA Corporate Broker Cavendish Capital Markets Limited 1 Bartholomew Close London EC1A 7BL General Data Protection Regulation The Company's privacy notice can be found at www.invesco.co.uk/investmenttrusts Invesco Client Services Invesco has a Client Services Team, available to assist you from 8.30am to 6.00pm Monday to Friday (excluding UK Bank Holidays). Please note no investment advice can be given. 0800 085 8677. www.invesco.com/uk/en/investment-trusts.html Registrar MUFG Corporate Markets Central Square 29 Wellington Street Leeds LS1 4DL 0371 664 0300 If you hold your shares directly as a paper share certificate and not through an investment platform or savings scheme and have queries relating to your shareholding you should contact the Company's Registrar, MUFG Corporate Markets, [email protected] or on 03716640300. Calls are charged at the standard geographic rate and will vary by provider. MUFG Corporate Markets provides an on-line and telephone share dealing service for paper share certificates to existing shareholders who are not seeking advice on buying or selling. This service is available at dealing.cm.mpms.mufg.com or 0371 664 0445. Calls are charged at the standard geographic rate and will vary by provider. Calls from outside the UK will be charged at the applicable international rate. Lines are open 9.00am to 5.30pm Monday to Friday (excluding bank holidays in England and Wales. Shareholders holding paper share certificates can also access their holding details via the Investor Centre app or the website at https://uk.investorcentre.mpms.mufg.com. MUFG Corporate Markets is the business name of MUFG Corporate Markets (UK) Limited, a division of MUFG Pension & Market Services. Alternatively, you can also buy and sell shares yourself through a wide variety of `execution-only' investment platforms - where you make the investment decisions and your shares are held electronically in an account on your behalf. These tend to also mean you do not need to worry about losing your certificate. Most investment platforms allow you to manage your investment company holdings online, as well as access to a wide range of investment options. Platforms generally charge fees for holding and trading shares. You can find a list of the major platforms at www.invesco.com/uk/en/investment-trusts/invesco -insights/how-to-invest-in-investment-trusts.html. The Association of Investment Companies The Company is a member of the Association of Investment Companies. Contact details are as follows: 020 7282 5555 Email: [email protected] Website: www.theaic.co.uk Website Information relating to the Company can be found on the Company'ssection of the Manager's website at www.invesco.com/uk/en/investment-trusts/invesco-global -equity-income-trust.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 document. The Company's ordinary shares qualify to be considered as a mainstream investment product suitable for promotion to retail investors. 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 and can be requested from the Company Secretary by email at [email protected] or at the Company's correspondence address, 60 London Wall, London EC2M 5TQ. For further information, please contact: James Poole For and on behalf of Invesco Asset Management Limited Corporate Secretary to Invesco Select Trust plc Email: [email protected] Will Ellis Head of Specialist Funds - Invesco Email: [email protected] Invesco Asset Management Limited Corporate Company Secretary 24  February 2026 This information was brought to you by Cision http://news.cision.com