Q1 2026 Factsheet and Net Asset Value
7 May 2026
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
("ORIT" or the "Company")
Q1 2026 Factsheet and Net Asset Value
Octopus Renewables Infrastructure Trust plc, the diversified renewables infrastructure company, announces that its unaudited Net Asset Value ("NAV") as at 31 March 2026, on a cum-income basis, was £491.5 million or 93.15 pence per Ordinary Share (31 December 2025: £494.8 million or 93.79 pence per Ordinary Share). This reflects a positive NAV total return of 1% over the quarter.
|
|
|
Pence per Ordinary Share* |
£m |
|
Unaudited NAV as at 31 December 2025 |
93.79 |
494.8 |
|
|
Market price assumptions |
0.16 |
0.8 |
|
|
Macroeconomic assumptions |
(0.35) |
(1.9) |
|
|
Q4 2025 interim dividend |
|
(1.55) |
(8.2) |
|
Other movements |
|
1.13 |
5.9 |
|
Unaudited NAV as at 31 March 2026 |
93.15 |
491.5 |
|
* Totals may not sum exactly due to rounding
Market price assumptions
Updates to market price assumptions increased NAV by a net £0.8 million, equivalent to 0.16 pence per Ordinary Share, during the quarter.
The majority of this valuation uplift arose from an increase in short-term power prices, reflecting market movements towards the end of Q1, driven by geopolitical developments in the Middle East which impacted global gas markets and increased uncertainty around LNG (Liquefied Natural Gas) supply. However, this was partially offset by modest reductions in medium to long-term power price forecasts. Changes in green certificate and capacity market assumptions were immaterial.
The limited impact of short-term volatility on this quarter's valuation is supported by the Company's high proportion of fixed and contracted revenues (86% over the two-year period to 31 March 2028). In addition, to avoid artificial movements driven by short-term price volatility a five-week average to 31 March 2026 is used in the valuation.
Subsequent to the period end, the UK Government announced the removal of Carbon Price Support, effective April 2028. Based on initial analysis using external advisor inputs, the estimated impact on NAV is less than 0.5 pence per Ordinary Share. As a post-period event, this impact will be reflected in the Q2 2026 NAV. The Company also notes the broader package of UK energy policy measures announced on 21 April 2026, which are not currently expected to have a material impact on valuation.
Macroeconomic assumptions
Changes to macroeconomic assumptions had a net negative impact on NAV in the quarter, decreasing valuation by £1.9 million or 0.35 pence per Ordinary Share.
This was largely driven by an increase in the level of French local infrastructure tax ("IFER") applicable to the Company's solar portfolio. Updates to inflation, interest rate and foreign exchange assumptions together broadly offset each other, culminating in a neutral impact overall.
Other movements
A net increase of £5.9 million or 1.13 pence per Ordinary Share was recorded from other valuation movements.
This includes a c. £10 million uplift relating to the expected return on the assets, reflecting the net present value of future cash flows being brought forward over the period. This was offset by plc costs and interest on debt facilities at the holding company level totalling c. £4 million.
Gearing
As at 31 March 2026, gearing (total debt drawn as a percentage of Gross Asset Value ("GAV"¹) stood at 44.8%, remaining flat over the quarter.
Notes
1. "Gross Asset Value" means the aggregate of (i) the fair value of the Company's underlying investments (whether or not subsidiaries), valued on an unlevered basis, (ii) the relevant assets and liabilities of the Company (including cash) valued at fair value (other than third party borrowings) to the extent not included in (i) or (ii) above.
Factsheet
The Company's Q1 2026 factsheet has been published today and is available to download at:
https://www.octopusrenewablesinfrastructure.com/all-reports-publications
For further information please contact:
|
Montfort Communications (Public Relations) Imogen Saunders
Octopus Energy Generation (Investment Manager) Chris Gaydon, David Bird Charlotte Edgar (Investor Relations)
|
orit@montfort.london +44 (0)7826 547304
orit@octopusenergygeneration.com
|
|
|
Peel Hunt (Broker) Luke Simpson, Huw Jeremy (Investment Banking) Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)
|
020 7418 8900 |
|
|
Apex Listed Companies Services (UK) Limited (Company Secretary) |
020 3327 9720 |
|
|
|
|
|
|
|
|
|
Notes to editors
About Octopus Renewables Infrastructure Trust
Octopus Renewables Infrastructure Trust ("ORIT") is a London-listed closed-ended investment company incorporated in England and Wales focused on providing investors with an attractive and sustainable level of income returns, with an element of capital growth, by investing in a diversified portfolio of renewable energy assets in Europe and Australia. As an impact fund, ORIT is helping accelerate the transition to net zero by investing in green energy, whilst also contributing to a broader set of UN Sustainable Development Goals through its impact initiatives. ORIT's investment manager is Octopus Energy Generation. Further details can be found at www.octopusrenewablesinfrastructure.com.
About Octopus Energy Generation
Octopus Energy Generation is driving the renewable energy agenda by building green power for the future. Its specialist renewable energy fund management team invests in renewable energy assets and broader projects helping the energy transition, across operational, construction and development stages. The team was set up in 2010 based on the belief that investors can play a vital role in accelerating the shift to a future powered by renewable energy. It has a 14-year track record with approximately £7.0 billion of assets under management (as at 31 December 2025) across 21 countries and with a total c.4.9 GW capacity under management. Octopus Energy Generation is the trading name of Octopus Renewables Limited. Further details can be found at www.octopusenergygeneration.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
Latest directors dealings
- 2 minutes ago Vanquis Banking Group 20
- 2 hours ago Frasers Group
- 2 hours ago Cavendish Financial
- 2 hours ago Diaceutics
- 2 hours ago AB Dynamics