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

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