THE RENEWABLES INFRASTRUCTURE GROUP LIMITED - Interim Results for the six months ended 30 June 2026

The Renewables Infrastructure Group Limited (TRIG) reported resilient performance for the six months ended 30 June 2026, supported by improved UK wind conditions, stronger power prices and disciplined capital allocation. Operational cash generation reached £209 million, delivering gross dividend cover of 2.3x and net dividend cover of 1.1x after £111 million of project-level debt repayments. The Board reaffirmed its 2026 dividend target of 7.55p per share, representing a yield of approximately 10%. TRIG’s net asset value (NAV) declined to 101.1p per share, principally reflecting lower medium-term power price forecasts and renewable certificate income, while the investment portfolio was valued at approximately £2.8 billion. The company continues to optimise its balance sheet and portfolio, signing the £155 million disposal of the Beatrice offshore wind farm as it progresses towards its £400 million capital realisation target by May 2027. Long-term gearing is expected to fall to 39% following the disposal, with further asset sales underway. TRIG is also advancing its growth strategy through battery storage, wind repowering and portfolio diversification, with around 200MW currently under construction and more than 150MW of potential investment decisions targeted for the second half. Despite generation being 3% below budget, stronger electricity prices helped revenues remain broadly in line with budget. Management remains confident in TRIG’s long-term cash flow resilience, dividend sustainability and investment outlook, supported by diversified renewable energy assets, predominantly fixed-price revenues, disciplined debt management and continued investment in higher-return battery and repowering projects.