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The Renewables Infrastructure Group (TRIG) investor relations material
The Renewables Infrastructure Group H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
2025 was a challenging year with declines in share price and NAV, mainly due to low wind speeds, regulatory changes, and reduced power price forecasts, but resilient cash flows enabled dividend targets to be met and a sustainable dividend was maintained.
The portfolio remains diversified across geographies and technologies, with 41% of assets in the UK and 59% in continental Europe, and increasing exposure to solar and battery storage.
Strategic execution included debt refinancing, active share buybacks, asset disposals, and a GBP 200 million private placement debt issuance to strengthen the balance sheet.
Dividend targets were met for 2025, with a 7.55p per share target for 2026 reaffirmed, supported by strong underlying cash flows and a high proportion of fixed-price revenues.
Strategic focus remains on delivering a sustainable, progressive dividend and long-term NAV growth, with a continuation vote scheduled for June 2026.
Financial highlights
NAV per share at year-end 2025 was GBP 1.04 (104.0p), with a portfolio value of GBP 2.9 billion (£2,875m).
Operating cash generation reached GBP 375 million, funding GBP 192 million in portfolio debt repayment; net dividend cover was 1.0x.
EBITDA for 2025 was GBP 459 million, slightly lower than 2024 due to asset disposals and low wind speeds.
Dividend per share target for 2026 is 7.55p, with gross cash cover at 2.1x and net dividend cover at 1.0x.
Annualised NAV total return since IPO is 7.0%; annualised share price total return is 3.2%.
Outlook and guidance
2026 outlook is more positive, with early signs of improved wind speeds and electricity prices.
Dividend cover is expected to return to 1.1x–1.2x in 2026 and future years, supporting the sustainability of the dividend.
EBITDA for 2026 is projected to be GBP 500 million–GBP 550 million, assuming normal weather and no major disposals.
Five-year distributable cash flow per share CAGR projected at c.4% with accretive investments and share buybacks.
The company aims for an average annual NAV return of over 10% in the long term.
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