Bankers Investment Trust – Annual Financial Report

THE BANKERS INVESTMENT TRUST PLC

Financial results for the year ended 31 October 2025

This announcement contains regulated information

PERFORMANCE HIGHLIGHTS¹

	31 October 2025	31 October 2024
Net asset value (NAV) per share total return2,7	18.1%	21.1%
Share price at year end3	133.0p	110.8p
NAV per ordinary share with debt at fair value2	147.9p	127.9p
Dividend per share for year4	2.744p	2.688p
Dividend growth for the year5	2.1%	5.0%
Discount with debt at fair value at year end2	10.1%	13.4%
Net gearing at year end6	5.6%	1.5%
Ongoing charge for the year	0.51%	0.51%

Total return performance for 15 years to 31 October 2025

Total Return7	1 year %	3 years %	5 years %	10 years %	15 years %
NAV2	18.1	50.4	68.6	194.5	370.9
Share price2	22.8	48.0	51.9	170.6	406.4
FTSE World Index8	21.0	61.2	107.2	221.8	354.2

1 A glossary of terms can be found in the Annual Report

2 The alternative performance measures can be found in the Annual Report

3 Share price is the mid-market closing price

4 Comprising 3 interim dividends paid in May, August and November 2025 and a recommended final dividend of 0.686p due for payment on 2 March 2026

5 This represents the 4 ordinary dividends paid or recommended for the year to 31 October 2025 as compared to the previous year

6 Net gearing calculated in accordance with the gearing definition in the alternative performance measures in the Annual Report

7 Total return assumes dividends reinvested and debt at fair value

8 FTSE World Index in Sterling terms. A composite benchmark is used for longer periods comprising the FTSE All-Share Index for the period to 31 October 2017 and the FTSE World Index from 1 November 2017 to 31 October 2025

CHAIR’S STATEMENT

Dear Shareholder,

We are very grateful for your ongoing support and investment in The Bankers Investment Trust. Alongside our investment manager, Janus Henderson Investors, we continue to strive to make improvements in how Bankers is invested and the outcomes for shareholders. In the past 18 months, the portfolio has been concentrated, reducing the number of holdings and regions, whilst allocating more capital to those investments with the managers’ greatest conviction. We have also strengthened the investment team by announcing Richard Clode as Co-Fund Manager, alongside our long-standing manager, Alex Crooke. The revolution in technology is affecting companies in all sectors, and we believe Richard’s knowledge and experience can help Bankers to make the right tactical decisions for many years to come.

Performance

This has been another strong year for returns, with a second year of double-digit growth in both net asset value and share price. It is particularly good news that the share price total return of 22.8% (2024: 21.4%) has outperformed the benchmark, FTSE World Index of 21.0% (2024: 26.1%). The net asset value total return of 18.1% (2024: 21.1%) was slightly behind the index as a result of underperformance in the month of November following the US presidential elections in 2024. In the 12 months since 1 January 2025 the portfolio is broadly in line with the index. Our managers have done well to focus on the key trends at a time when the share price of some competitors has barely grown.

The markets largely shrugged off the worry that US trade tariffs would result in higher price inflation, thus forcing US interest rates upwards and causing a global recession. In fact, the US Federal Reserve cut interest rates in the second half of the year and is expected to cut further in the coming twelve months, a move that traditionally supported equity markets. We have raised the investment allocation in the US as we expect companies there to increase capital investment and profit forecasts next year. Richard Clode has a strong record of investing in US growth stocks and has now taken over management of the US portfolio. Alex Crooke and Richard Clode now directly manage 80% of the portfolio and we expect there will be further progress unifying decision making across the whole portfolio.

Dividends

The Board announces the 59th consecutive annual increase in dividends to shareholders and recommends a final quarterly dividend of 0.686p per share, resulting in total dividends per share for the year of 2.744p (2024: 2.688p), an increase over last year of 2.1%. The final dividend will be paid on 2 March 2026 to shareholders on the register of members at the close of business on 23 January 2026.

As I indicated last year, revenue reserves will be used to support dividend growth this year. These reserves have been built up in the good years and allow us the flexibility to own lower yielding equities which have greater potential for share price appreciation. Our Co-Fund Managers’ investment process is designed to seek out companies that generate high levels of free cash generation. We therefore expect over time that dividends from our investments will grow quicker than UK inflation and ultimately restore a surplus in income. In the meantime, revenue reserves are a unique aspect of the investment trust capital structure and provide a helpful tool to preserve our long-term objective of increasing dividends in real terms.

For the current financial year, the Board expects to recommend dividend growth of at least 3%, which equates to a full year dividend of 2.826p per share.

Governance

The Board, in line with other investment trusts, is developing the way in which we operate. Aside from the planned schedule of board and committee meetings, the Directors increasingly meet informally with the Manager to discuss a variety of issues during the year. Matters we have allocated additional time to this year include economic and market deep dives, performance, succession planning, marketing and corporate governance. Greater interaction between the Board and Manager has resulted in both increased challenge and closer engagement from the team supporting Bankers at the Manager. An independent review of the Board’s effectiveness was carried out in 2025 and its recommendations have been adopted.

Discount management

Buying back shares is an increasingly common exercise for many companies in our portfolio, and this is the case for most UK investment trusts. This provides liquidity in the market and, when buying at a discount, provides a small but beneficial impact to the net asset value. We increased the scale of our buyback this year as we felt the discount was persistently too wide and we are currently targeting a single digit discount. Wealth advisors, who have historically been the largest investors in the sector, are withdrawing their support and retail investors trading on self-select platforms are replacing them. We believe that our low fees, exposure to the foremost companies, combined with a market-leading record of dividend growth, create the ideal investment vehicle for individuals saving for the long term.

In the coming year …

Although valuations are high in the US, our primary market, lower interest rates combined with steady economic progress are supportive of share prices. I believe the portfolio is well positioned to take advantage of opportunities that may arise during the next year.

I look forward to welcoming shareholders to the Company’s AGM, scheduled to take place at 12 noon on Wednesday, 25 February 2026 at the offices of Janus Henderson Investors at 201 Bishopsgate, London EC2M 3AE. Light refreshments will be served. All voting will be on a poll and therefore we would ask that you submit your proxy votes in advance of the meeting. Details on attendance are provided in the Notice of Annual General Meeting in the Annual Report.

If you are unable to attend in person, you can visit www.janushenderson.com/bnkr-agm to watch the meeting live on the internet. If you have any questions about the Annual Report, the Company’s performance over the year, the investment portfolio or any other matter relevant to the Company, please write to us via email at itsecretariat@janushenderson.com in advance of the AGM.

I do hope that many of you will join us. We will give you a warm welcome.