Triple Point Energy Transition (TENT) H1 2025 earnings summary

Executive summary

• Shareholders approved a managed wind-down in March 2024; over 92% of assets sold within six months, with remaining assets expected to be sold by Q1 2025.

• NAV per share declined to 77.24p at 30 September 2024 from 86.66p at 31 March 2024, mainly due to a £6.6m fair value reduction in the Hydroelectric Portfolio.

• Special dividend of 25p per share paid in October 2024, alongside two interim dividends totaling 2.75p per share.

• Board changes: John Roberts stepped down as Chair, succeeded by Rosemary Boot, as the company prepares for voluntary liquidation.

Financial highlights

• NAV at 30 September 2024: £77.3m, down 11% from £86.7m at 31 March 2024.

• Loss for the six months ended 30 September 2024: £6.7m, compared to £1.6m loss in the same period last year.

• Portfolio valuation at 30 September 2024: £47.2m, down from £83.4m at 31 March 2024.

• Operating expenses for the period: £0.9m; annualised ongoing charges ratio reduced to 1.68% from 2.19% year-over-year.

• Cash and cash equivalents at period end: £4.2m.

Outlook and guidance

• Remaining asset disposals, including TENT Holdings, expected to complete in Q1 2025, after which a members' voluntary liquidation and delisting will proceed.

• Board expects to maximize cash returned to shareholders and make prompt capital distributions post-liquidation.