Aquila European Renewables (AERI) H2 2025 earnings summary

Executive summary

• Entered managed wind-down following a shareholder vote in September 2024, focusing on orderly asset realisation and capital return to shareholders.

• NAV declined 33% to €214.3m as at 31 Dec 2025, with share price falling 45% to €0.37 and discount to NAV widening to 35.6%.

• Major asset disposals included Sagres hydropower (Portugal), Holmen II & Svindbaek wind (Denmark), and Desfina wind (Greece), with proceeds used for capital distributions.

• Dividend payments reduced to €0.03 per share in 2025, reflecting lower earnings and asset base.

Financial highlights

• Net loss after tax of €94.5m (2024: €29.7m loss), driven by €101.2m capital losses on investments.

• Revenue increased to €15.3m (2024: €13.7m), but total portfolio revenues fell 33% year-over-year due to underperformance.

• NAV per share dropped to 56.7 cents (2024: 84.7 cents); total NAV return -29.5% (2024: -8.2%).

• Ongoing charges increased to 1.2% of average NAV (2024: 1.1%).

• Dividend yield at 6.1% (2024: 7.8%).

Outlook and guidance

• Board expects continued challenging market conditions, with further asset sales likely below NAV.

• No forward dividend guidance; distributions will depend on earnings and liquidity.

• Semi-annual NAV reporting to replace quarterly updates.