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The Renewables Infrastructure Group (TRIG) investor relations material
The Renewables Infrastructure Group H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Net asset value per share declined to 108.2p at 30 June 2025, mainly due to lower power price forecasts and low wind resource.
Dividend target for 2025 reaffirmed at 7.55p per share, with net dividend cover at 1.0x and gross cover at 2.2x.
Over €100m from partial sale of Gode offshore wind farm and £105m of debt repaid, prioritizing shareholder returns.
2.7TWh of clean electricity generated, displacing 0.9 million tonnes of CO2.
Share buybacks of 51m shares for £40m in H1 2025, adding 0.6p to NAV per share.
Financial highlights
NAV at June 30, 2025, was 108.2p per share, with a portfolio value of £2.9bn.
IFRS earnings per share for H1 2025 was -4.7p; distributable cash flow per share was 3.8p.
Portfolio value fell by £220m in H1, mainly due to power price forecast reductions and low wind resource.
Ongoing charges reduced to 0.90% (from 1.03% in H1 2024).
Dividend cover before project debt repayments was 2.2x; after repayments, 1.0x.
Outlook and guidance
Dividend cover expected to remain tight in 2025, with improvement to 1.1–1.2x targeted from 2026.
Prospective annualized total return implied by share price is 10%, with a dividend yield over 9%.
1GW proprietary development pipeline (~£650m capex) progressing, including battery storage and wind repowering.
81% of forecast revenues fixed for next 12 months; 55–70% fixed or inflation-linked over next 10 years.
Focus on prudent capital allocation, portfolio rotation, and operational improvements.
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