The Renewables Infrastructure Group (TRIG) H2 2024 earnings summary

Executive summary

• Delivered resilient results in a challenging market, with strong cash flow supporting debt reduction, share buybacks, and increased dividends.

• Portfolio value declined to £3,116m as of 31 December 2024, with NAV per share at 115.9p, reflecting market headwinds and disposals.

• Portfolio remains diversified across six power markets and four technologies, with over 50% of projected 10-year revenues inflation-linked.

• Management remuneration structure changed to better align with long-term value creation.

• 2.7GW diversified portfolio generated 6TWh of renewable electricity in 2024, with 80% of 2025 revenues fixed or indexed.

Financial highlights

• Portfolio value: £3,116m; NAV per share: 115.9p; EBITDA for 2024: £493m; revenues: £671m, both down year-over-year.

• Dividend per share increased to 7.55p, with projected cover to improve in 2025.

• Disposals of £210m at a >10% premium to carrying value, supporting over £500m debt reduction in two years.

• Dividend cover before project-level debt repayments: 2.1x; after repayments: 1.0x.

• Ongoing charges: 1.04%; market capitalisation: c.£2.1bn as of 31 December 2024.

Outlook and guidance

• EBITDA expected to improve in 2025 as grid issues are resolved.

• Target dividend for 2025 is 7.55p, a 1.1% increase.

• Buyback program tripled to £150m, about 8% of shares at current price.

• Further divestments and refinancings expected, with >£300m targeted.

• 1GW near-term development pipeline and proprietary growth opportunities to 2030.