VH Global Energy Infrastructure (ENRG) H1 2024 earnings summary

Executive summary

• GSEO invests in a diversified global portfolio of sustainable energy infrastructure, supporting the energy transition and SDGs, with assets across seven countries and six technologies.

• Despite turbulent markets, the portfolio continues to generate predictable income, supporting dividends and offering capital growth potential.

• The company remains resilient, with a focus on disciplined capital allocation and active management to enhance shareholder returns.

Financial highlights

• Net Asset Value (NAV) at 30 June 2024 was £447.7m, down from £483.8m at 31 Dec 2023, mainly due to unrealised FX losses.

• NAV per share decreased to 110.84p from 116.46p; total annualised NAV return since IPO is 8.0%, but H1-24 return was -1.2%.

• Dividend coverage remained at 1.1x, with a target dividend per share for FY 2024 of 5.68p (up from 5.52p in 2023).

• Dividend yield stood at 7.5% based on share price at 30 June 2024; company traded at a 31.8% discount to NAV.

• Ongoing charges ratio was 1.5%; total leverage remained low at 1.9% of NAV.

Outlook and guidance

• GSEO is well positioned to benefit from global energy transition trends, with a focus on completing construction of existing assets and active management.

• The board expects share price recovery and remains committed to long-term value creation and disciplined capital allocation.