Aquila European Renewables (AERI) H1 2026 earnings summary

Executive summary

• Continued managed wind-down with EUR 54.4 million returned to shareholders in H1 2026, following asset sales in Greece, Portugal, Denmark, and Norway.

• Remaining portfolio consists of two wind farms (Finland, Norway) and five solar PV assets (Spain, Portugal).

• NAV fell to EUR 146.1 million (from EUR 279.3 million in H1 2025), with NAV per share at 38.6 cents.

• Share price traded at a significant discount to NAV, reaching as wide as 63% in June 2026.

Financial highlights

• NAV per share declined 6.4% in H1 2026 after adjusting for capital returns; total NAV return per share was -6.4%.

• Net assets dropped by EUR 68.2 million, driven by capital returns and portfolio value decline.

• Ongoing charges increased to 1.6% (from 1.0% in 2025).

• No dividend declared for H1 2026.

• Loss after tax for the period was EUR 13.7 million.

Outlook and guidance

• Board prioritizes completing the wind-down and returning capital efficiently.

• Future disposals are unlikely to achieve NAV due to market conditions and indicative pricing.

• Challenging market conditions in Finland, Spain, and Portugal expected to persist, constraining cash distributions.