The Renewables Infrastructure Group (TRIG) H1 2026 earnings summary

Executive summary

• H1 2026 saw resilient cash generation, strong dividend cover, and disciplined capital allocation, with significant progress on a £400m capital realisation target through asset disposals and debt management, including the £155m Beatrice offshore wind farm stake sale.

• NAV per share declined to 101.1p at 30 June 2026 from 104.0p at year-end 2025, mainly due to lower power price forecasts and green certificate income.

• Operational cash generation was £209m, supporting a net dividend cover of 1.1x after £111m of project-level debt repayments.

• Portfolio produced 2.9TWh of renewable electricity in H1 2026, powering 1.6m homes and avoiding 0.9m tonnes of CO2.

• Continuation vote passed with 99.3% shareholder support, reaffirming confidence in the company’s strategy.

Financial highlights

• NAV per share at 30 June 2026 was 101.1p, with a portfolio value of £2,817m, reflecting lower medium-term power price forecasts and FX movements.

• IFRS earnings per share for H1 2026 was 0.1p, a significant improvement from -4.7p in H1 2025.

• Dividend cover before project debt repayments was 2.3x, and 1.1x after; the board reaffirmed the 2026 dividend target of 7.55p per share (~10% yield).

• Operational cash flow of £209m and distributable cash flow of £99m in H1 2026.

• Operating expenses ratio improved to 0.92% from 0.98% year-over-year.

Outlook and guidance

• Dividend target of 7.55p per share for FY 2026 reaffirmed, with dividend cover expected to remain at or above 1.1x.

• £400m of asset realisations targeted by May 2027, with £155m already agreed.

• Over 150MW of new investment decisions expected in H2, with 100MW of new generation and storage capacity scheduled for H2 2026.

• Board expects to continue share buybacks beyond the current £150m programme, subject to capital realisation progress.

• Portfolio is well-positioned for the energy transition, with ongoing development in battery storage and wind repowering.