VH Global Energy Infrastructure (ENRG) H1 2025 earnings summary

Executive summary

• NAV per share decreased 2.2% to 100.90p as of 30 June 2025, mainly due to adverse FX movements and dividend payments.

• Asset Realisation Strategy approved, aiming to sell all assets within three years and return capital to shareholders.

• Portfolio is 84% operational, with 5 new assets reaching operational status in 2025.

• Over 90% of underlying revenues are contracted and inflation-linked.

• Dividend per share for H1 2025 increased 2.1% year-over-year to 2.90p.

Financial highlights

• NAV at 30 June 2025: £399.4m, down from £408.5m at 31 Dec 2024.

• Dividend yield at 8.0% (down from 8.7% at year-end 2024).

• Dividend coverage at 0.84x, reflecting lower cash generation.

• Total leverage at 7.0% of NAV.

• Ongoing charges ratio at 1.5%.

• H1 2025 profit after tax: £2.35m (vs. £-16.1m in H1 2024).

Outlook and guidance

• Asset Realisation Strategy to be completed within three years, with ongoing quarterly dividends dependent on asset cash generation.

• Focus on maximising value through active management and completion of construction projects.

• Market environment remains challenging with persistent discount to NAV.