BIT - Financial results for the year ended 31 October 2025

PLEASE REFER TO THE PDF TO VIEW THE FULL ANNOUNCEMENT LEGAL ENTITY IDENTIFIER: 213800B9YWXL3X1VMZ69 THE BANKERS INVESTMENT TRUST PLC Financial results for the year ended 31 October 2025 This announcement contains regulated information PERFORMANCE HIGHLIGHTS (1) 31 October 2025 31 October 2024 Net asset value (NAV) per share total return (2 & 7) 18.1% 21.1% Share price at year end (3) 133.0p 110.8p NAV per ordinary share with debt at fair value (2) 147.9p 127.9p Dividend per share for year (4) 2.744p 2.688p Dividend growth for the year (5) 2.1% 5.0% Discount with debt at fair value at year end (2) 10.1% 13.4% Net gearing at year end (6) 5.6% 1.5% Ongoing charge for the year 0.51% 0.51% Total return performance for 15 years to 31 October 2025 1 year% 3 years% 5 years% 10 years% 15 years% Total Return (7) NAV (2) 18.1 50.4 68.6 94.5 370.9 Share price(2) 22.8 48.0 51.9 170.6 406.4 FTSE World Index(8)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 Sources: Morningstar Direct, Janus Henderson, LSEG Datastream   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. Simon Miller Chair 14 January 2026 CO-FUND MANAGERS’ REPORT Market Review This year there have been few weeks without excitement due to some significant policy announcements by President Trump. The zenith of the drama was Liberation Day in April when he announced tariffs on US trading partners that ranged from 10% to over 50% which shocked long-term allies and lacked a clear logic. Stock markets fell sharply following the press conference as investors worried about economic stasis and companies pulled forecasts. Global economic growth has been weaker and more volatile quarter-to-quarter as sales were brought forward to avoid rising tariffs. However, throughout the summer an increasing number of trade deals were struck at far more reasonable tariff levels and markets began to price in recovery and improving sentiment. The stock markets across the world have posted strong gains over the year, driven by several themes, most notably Artificial Intelligence (AI). Investment in data centres has accelerated over the year, helping to support share prices for those companies that benefit from this infrastructure spending. However, there has been a more careful inspection of business models compared to last year, with investors starting to question several companies in the software sector, where their future growth is in doubt in an increasingly AI-centric world. On a positive note, companies across a wide number of sectors are starting to showcase examples of productivity improvements through adoption of AI technologies. The US dollar weakened from February to June during the uncertainty over US trade tariffs, which impacted our returns in Sterling from the US stock market. Other markets such as Europe and Japan were less affected, and their returns were higher during this period but have since moved back in step with the US market in Sterling terms. Europe has its own trade tensions, particularly with Chinese imports displacing domestic production in key industries like autos. Germany has signalled a significant investment programme to lift productivity and growth, but the benefits will not be immediately apparent. Japan was the highest-returning market, where share prices have responded well to ongoing improvements in corporate governance, higher inflation and wages leading to better consumer spending. Performance The portfolio was slimmed down last year to focus on our highest conviction positions and reduce the number of holdings to approximately 100. The first month of the year proved very challenging as the US market responded to President Trump’s election in November 2024 by rewarding companies closely aligned towards Republican party affiliation and policies. The portfolio lost 2.6% relative to the index in November 2024, as we held few of the best performing stocks. Since then, we have repositioned the portfolio to benefit more from positive news from companies, raising the portfolio beta, and performance has largely been in line with the benchmark. We reduced exposure to defensive, lower growing sectors such as healthcare, real estate and consumer staples and raised the exposure to selected technology companies. Through the year we have also increased the US allocation in the portfolio from 50% at the start of the year to 65% by the year end. The US regional performance mirrored the portfolio’s performance, losing relative to the US benchmark index in November 2024 but then outperforming the market in the period since, driven by strong returns from companies such as Broadcom, Alphabet and Microsoft. These and the other major US tech companies continued to produce results that exceeded market forecasts and are deploying the cash they generate to support future investments in AI infrastructure. Capital expenditure, as a percentage of cash flow, in the Technology sector is forecast to be 40% in 2025, roughly half the level at the height of the last dot com boom in 1999. The fact that capex is largely funded by cash generation rather than debt supports our view that we are still some way from the peak level of investment. While the US market was dominated by the AI theme, markets outside the US were driven by defensive sectors rather than growth ones. Domestically focused sectors such as financials, utilities and telecommunications were the best performing. In contrast, stocks with US exposure derated on worries about the trade tariff impact, losing out to US competitors and downgrades to forecasts due to the weaker US dollar. The non-US regional portfolios struggled against their local benchmarks because of the under representation of these domestically exposed companies. Performance has been better in recent months and into the new year, as investors are less concerned with the impact of tariffs on global trade. Gearing and Income As our view on markets improved, we raised gearing from 1.5% at the start of the period, to 5.6% at the end of the year. We no longer have a short-term borrowing facility due to the high cost of borrowing short term and have retained a degree of cash in the portfolio to support the share buyback and take advantage of market opportunities. As we have indicated before, with an increased investment in both technology and the US market, the portfolio’s income was expected to decline this year. We have spent many years steadily building revenue reserves for just these occasions when we wish to be more dynamic in terms of investing for capital growth rather than income. Outlook The dominant investment theme of recent years has been the advancements in processing power, supporting the development towards Artificial Intelligence. There are concerns that the adoption of AI and the investment in its infrastructure is about to fade. We believe that the investment phase is still in its early stages and that the adoption of AI will significantly improve productivity and economic growth across the globe. The market’s valuation of the largest tech companies remains significantly lower than at previous market peaks and the companies themselves operate highly cash generative business models that are hard to disrupt. We have already observed that markets are broadening out in terms of the number of companies outperforming the benchmark indices. This is a positive development and to be expected as interest rate cuts benefit consumers through lower borrowing costs and improve market sentiment. Economic activity should pick up as the uncertainty regarding US trade eases, allowing greater investment spending from companies. The recovery in consumer related sectors will take longer as new job creation has been impacted by higher taxes in many parts of the world. Our largest sector exposures relative to the benchmark are technology, financials and industrials, all areas we expect to perform well in the coming year. Alex Crooke and Richard Clode Co-Fund Managers 14 January 2026 PLEASE REFER TO THE PDF TO VIEW THE FULL ANNOUNCEMENT For further information please contact: Harriet Hall PR Director, Investment Trusts Janus Henderson Investors Telephone: 020 7818 2919 Neither the contents of the Company’s website nor the contents of any website accessible from hyperlinks on the Company’s website (or any other website) are incorporated into, or form part of, this announcement.