The Renewables Infrastructure Group (TRIG) H1 2025 earnings summary

Executive summary

• Net asset value (NAV) per share declined to 108.2p at 30 June 2025 from 115.9p at year-end 2024, mainly due to lower power price forecasts and low wind resource.

• Operational cash flow reached £199m in H1 2025, covering dividends 2.2x gross and 1.0x net after £105m debt repayment.

• 2.7TWh of clean electricity generated, displacing 0.9 million tonnes of CO2.

• 51m shares repurchased for £40m, adding 0.6p to NAV per share.

• Dividend target of 7.55p/share for FY 2025 reaffirmed, with net dividend cover expected to be tight.

Financial highlights

• NAV per share at 108.2p, with a total return of -3% for H1 2025.

• Portfolio value declined from £3.16bn to £2.9bn, mainly due to lower power price forecasts and low wind generation.

• IFRS earnings per share for H1 2025 was -4.7p.

• Gross cash cover of the dividend at 2.2x, or 1.0x after £105m project-level debt repayment.

• Ongoing charges reduced to 0.90% (from 1.03% in H1 2024).

Outlook and guidance

• Dividend cover for 2025 expected to be tight due to continued low wind speeds, but improvement to 1.1x–1.2x anticipated from 2026.

• Implied long-term annualized return of 10% and dividend yield over 9% at 31 July 2025 share price.

• 1GW proprietary development pipeline (~£650m capex) progressing, including battery storage and wind repowering.

• 81% of forecast revenues fixed for the next 12 months; 70% fixed over the next 10 years.

• Additional growth levers include portfolio rotation, revenue management, and operational enhancements.