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NextEnergy Solar Fund (NESF) investor relations material
NextEnergy Solar Fund H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H2 2025 earnings summary16 Jun, 2025
Executive summary
Portfolio consists of 101 operating solar and battery storage assets, with a $50M investment in a private solar infrastructure fund, supporting diversification and international expansion.
Achieved 1GW milestone of installed net capacity, powering approximately 254,000 homes annually.
Eleven consecutive years of fully cash covered dividends, totaling £395M returned to shareholders, with a maintained dividend target of 8.43p per share for FY26.
Share price trades at a 27% discount to NAV, reflecting sector-wide trends, but offers a 12% yield, among the highest in the FTSE 350.
Board and management emphasize strong governance, transparency, and a disciplined approach to capital allocation and strategic options.
Financial highlights
Gross asset value at £1,061M as of 31 March 2025; NAV per share declined to 95.1p from 104.7p year-over-year, with NAV at £547.4M.
Portfolio generated £73.2M in cash income, with a dividend cover of 1.1x, supporting robust dividend payments.
Financial debt gearing (excluding preference shares) at 29.7%; total gearing including preference shares and look-through debt at 48.4%.
70% of debt is fixed rate, including £200M in preference shares at 4.75%, providing long-term interest rate stability.
Share buyback program acquired over 15M shares at an average price of 74p, totaling £11.2M.
Outlook and guidance
Dividend target of 8.43p per share maintained for FY26, with forecasted dividend cover of 1.1–1.3x post debt amortization.
UK government targets tripling solar capacity and a fivefold increase in battery storage by 2030, providing a strong growth backdrop.
Pipeline includes £500M in development projects (>400MW solar, >250MW storage) with right of first offer on additional assets.
Ongoing focus on discount management, capital recycling, and portfolio optimisation to drive NAV growth.
Softening inflation and expected lower interest rates seen as tailwinds for infrastructure valuations.
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Next NextEnergy Solar Fund earnings date
H1 202619 Nov, 2025
Next NextEnergy Solar Fund earnings date
H1 202619 Nov, 2025
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Frequently asked questions
NextEnergy Solar Fund (NESF) is a investment company focusing on solar photovoltaic assets primarily in the United Kingdom and Italy. NESF's investment strategy is geared towards utility-scale solar power plants, leveraging the expertise of its investment advisor, NextEnergy Capital Limited. The company has a significant portfolio, comprising numerous operating solar assets across its targeted regions. It aims to provide shareholders with a sustainable and attractive return through a combination of its diversified asset base and the operational expertise of its management team. In addition to its core investments in solar power, NESF is actively exploring expansion into international solar markets and energy storage to enhance its portfolio and strategic growth. The company is headquartered in Guernsey, and its shares are listed on the London Stock Exchange.
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