Premier Miton Group (PMI) AGM 2025 summary

Opening remarks and agenda

• The meeting welcomed investors, outlined the listen-only format, and encouraged questions via the Q&A tab.

• The presentation was a repeat of the AGM session held earlier in the day, with key personnel present.

• Emphasis on the ongoing challenges and opportunities in the renewable energy sector, with a focus on responsible investment principles and market context.

Financial performance review

• Total assets total return for 2024 was -14%, following -7.5% in 2023, outperforming the S&P Global Clean Energy Transition Index.

• Net Asset Value (NAV) total return was -26.1% for 2024, compared to -13.5% in 2023.

• Earnings per share were GBP 0.0755, down 6.9% from 2023, mainly due to two battery storage holdings suspending dividends.

• Dividend for the year was GBP 0.08, up 8.1% from 2023, with underlying income remaining robust.

• Gross assets stood at GBP 36.5 million, with equity shareholders' funds just over GBP 18 million at year-end 2024.

• Gearing increased to 93.6% due to negative investment performance.

• Share price total return since current manager is 131.1%, with an average compound return of 6.9% per year.

• NAV at year-end was 101.61p, with a slight increase since then; dividends remain covered by earnings and a healthy revenue reserve.

Dividend announcements

• Four quarterly dividends of GBP 0.02 each were paid, totaling GBP 0.08 for the year, an increase from 7.40p in 2023.

• Dividends have increased naturally as portfolio earnings have grown, and remain well covered despite market volatility.