VH Global Energy Infrastructure (ENRG) H1 2026 earnings summary

Executive summary

• Interim results for the six months ended 30 June 2026 reflect progress on the asset realisation strategy, with two major disposals agreed post-period: US liquid storage terminals and six Brazilian solar PV assets.

• NAV per share decreased 3.4% to 98.84p, primarily due to revaluation of assets to agreed sale prices.

• The company paid two interim dividends (total 2.90p per share) but will not declare a Q2 2026 dividend due to insufficient distributable income.

• Asset realisation strategy aims to maximise value and return capital to shareholders by August 2028.

Financial highlights

• Net Asset Value (NAV) at 30 June 2026: £391.2m (down from £404.8m at 31 Dec 2025).

• NAV per share: 98.84p (down from 102.28p at 31 Dec 2025).

• Total leverage: 14.6% of NAV (up from 7.6%).

• Dividend coverage: 1.43x; dividend yield: 8.0%.

• Total revenue for H1 2026: £10.4m; loss before tax: £2.1m.

• Ongoing charges ratio: 1.59%.

Outlook and guidance

• No forward dividend guidance; future distributions will depend on realised income and asset sales.

• Remaining portfolio assets are being actively marketed, with further disposals expected.

• Asset realisation strategy expected to complete by August 2028, with capital returned via B share scheme.