BlackRock Energy and Resources Income Trust Plc – Portfolio Update

BLACKROCK ENERGY AND
RESOURCES INCOME TRUST plc
(LEI:54930040ALEAVPMMDC31)
All information is at 31
March 2026 and unaudited.

Performance at month end
with net income reinvested

One Three Six One Three Five
Month Months Months Year Years Years
Net asset value -0.1% 19.4% 36.6% 63.2% 63.4% 150.2%
Share price -1.6% 21.4% 41.4% 72.8% 62.2% 149.6%
Sources: Datastream,
BlackRock

At month end
Net asset value – capital 197.00p
only:
Net asset value cum    198.26p
income1:
Share price: 190.00p
Discount to NAV (cum 4.2%
income):
Net yield: 2.8%
Net Gearing – cum income: 5.0%
Total assets: £201.0m
Ordinary shares in issue2: 101,389,497
Gearing range (as a % of 0-20%
net assets):
Ongoing charges3: 1.15%

1 Includes net revenue of
1.26p.

2 Excluding 34,196,697
ordinary shares held in
treasury.

3 The Company’s ongoing
charges are calculated as
a percentage of average
daily net assets and using
the management fee and all
other operating expenses
excluding finance costs,
direct transaction costs,
custody transaction
charges, VAT recovered,
taxation and certain other
non-recurring items for
the year ended 30 November
2025. In addition, the
Company’s Manager has also
agreed to cap ongoing
charges by rebating a
portion of the management
fee to the extent that the
Company’s ongoing charges
exceed 1.15% of average
net assets.

Sector Overview
Traditional Energy 38.0%
Mining 32.3%
Energy Transition 30.5%
Other 0.6%
Net Current Liabilities -1.4%
—–
100.0%
=====

Sector Analysis % Total Country % Total
Assets^ Analysis Assets^

Mining: Global 52.8
Diversified 20.4 United 14.2
States
Copper 4.3 Latin 6.7
America
Gold 3.8 Canada 6.1
Industrial Minerals 2.0 North 3.7
America
Aluminium 0.6 Germany 3.5
Platinum Group Metals 0.6 United 3.4
Kingdom
Steel 0.6 France 2.7
Subtotal Mining: 32.3 Italy 1.9
Spain 1.8
Energy Transition: China 1.7
Renewables 12.6 Australia 1.2
Electrification 9.2 Ireland 0.9
Storage 6.0 South Africa 0.5
Energy Efficiency 2.7 Other Africa 0.3
Subtotal Energy 30.5
Transition:
Net Current -1.4
Liabilities^
Traditional Energy: —–
Integrated 16.6 100.0
Oil Services 9.2 =====
E&P 6.3
Distribution 3.0
Refining & Marketing 2.9
Subtotal Traditional 38.0
Energy:

Other:
Other 0.6
Subtotal Other: 0.6

Net Current Liabilities^ -1.4
—–
100.0
=====

^ Total Assets for the
purposes of these
calculations exclude bank
overdrafts, and the net
current assets figure
shown in the tables above
therefore exclude bank
overdrafts equivalent to
3.6% of the Company’s net
asset value.

Ten Largest Investments

Company Region % Total
of Risk Assets

Chevron Corporation Global 5.6
Glencore Global 5.5
Vale – ADS Latin 5.0
America
Shell Global 4.6
Anglo American Global 4.1
TotalEnergies Global 4.0
Abaxx Technologies Global 3.2
EDP Renovaveis Global 3.0
Nextpower United 2.9
States
Valero Energy United 2.9
States

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

The Company’s conventional
energy exposure performed
strongly during March,
although this was offset
by weakness in the mining
and energy transition
components. Overall, the
Company outperformed
broader equity markets on
both a NAV and share price
basis, with the MSCI ACWI
Net TR Index falling 5.3%
in sterling terms over the
month.

Market performance was
dominated by the
escalating conflict
involving the US, Israel
and Iran, which
effectively led to a
closure of the Strait of
Hormuz-a critical transit
route for oil, liquefied
natural gas (LNG) and
other commodities.
Commodity prices rose
sharply as a result, with
Brent crude, for example,
increasing from US$73 per
barrel to US$104 per
barrel over the month.
Against this backdrop, the
Company’s exposure to
integrated oil & gas and
exploration & production
companies supported
returns.

Within the Company’s
energy transition
allocation, energy
efficiency and
electrification holdings
detracted from
performance, while
renewable energy exposure
contributed positively. We
have long argued that
meeting the world’s
growing power demands will
require an
«all-of-the-above» energy
solution encompassing
conventional energy,
renewables and nuclear.
The renewed focus on
energy security stemming
from this conflict further
reinforces that view. This
comes at a time when
global power demand is
beginning to grow
following a prolonged
period of relative
stability, in part driven
by the expansion of
artificial intelligence.
We believe the Company’s
mandate leaves investors
well positioned for this
environment.

Within the mining
component, gold equity
exposure was the largest
detractor over the month.
The conflict appeared to
trigger a flight to
liquidity and interest
rate expectations
increasing, which weighed
on gold prices. For
reference, the gold price
fell 12.0% over the month.
In our view, the factors
driving this move are
temporary, while the
longer-term structural
tailwinds for gold remain
firmly intact.

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

20 April 2026
ENDS
Latest information is
available by typing
www.blackrock.com/uk/beri
on the internet,
«BLRKINDEX» on Reuters,
«BLRK» on Bloomberg or
«8800» on Topic 3 (ICV
terminal). Neither the
contents of the Manager’s
website nor the contents
of any website accessible
from hyperlinks on the
Manager’s website (or any
other website) is
incorporated into, or
forms part of, this
announcement.

This information was brought to you by Cision http://news.cision.com
The following files are available for download:
https://mb.cision.com/Main/22395/4337097/4046491.pdf Release