Octopus Renewables Infrastructure Trust (ORIT) H1 2026 earnings summary

Executive summary

• Interim and H1 2026 results showed resilient cash performance, with revenue and EBITDA ahead of budget despite sector-wide valuation pressures, lower onshore wind forecasts, lower power price assumptions, and higher discount rates, resulting in a NAV total return of -5% year-over-year.

• Portfolio diversification across five countries and technologies, with 95% operational assets and 5% developer investments, supported income stability and future growth.

• Dividend cover increased to 1.38x after scheduled debt amortization, with dividends fully covered by operational cash flow and the FY 2026 dividend target of 6.23p per share on track.

• Long-term assumption changes, especially in onshore wind, led to a reduction in NAV.

• Strategic focus remains on disciplined capital allocation, asset recycling, and progressing the ORIT 2030 plan for long-term NAV growth and impact.

Financial highlights

• NAV at 30 June 2026 was £454.7m (86.2p/share), down from £494.8m (93.8p/share) at year-end 2025.

• Share price total return was 13.7% for the period; since IPO, NAV total return is 21.7%.

• Gross asset value at period end was £852m, down from £897m at year-end 2025.

• Revenue was £67.2m (3% ahead of budget, but 2% below H1 2025); EBITDA was £42.1m (6% above budget, 5% below H1 2025).

• Dividend per share for H1 2026 was 3.11p, with a dividend yield of 9.5% and cover of 1.38x.

Outlook and guidance

• FY 2026 dividend target of 6.23p per share is expected to be fully covered by operational cash flows.

• Asset sales are planned to reduce gearing towards the 40% GAV anchor and fund new construction-stage investments.

• NAV growth expected to accelerate from 2027 as construction-stage investments become operational.

• 86% of forecast revenues for the next two years are fixed, providing significant revenue visibility.

• The Board expects continued market uncertainty but sees strong long-term demand for renewables.