Q2 2026 Factsheet and Net Asset Value

Octopus Renewables Infra Trust PLC

03 August 2026

 

3 August 2026

THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION

LEI: 213800B81BFJKWM2JV13

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

Q2 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 30 June 2026, on a cum-income basis, was £454.7 million or 86.18 pence per Ordinary Share (31 March 2026: £491.5 million or 93.15 pence per Ordinary Share). On a NAV total return basis this reflects a decrease of 5.8%, driven primarily by lower long-term power price forecasts, a comprehensive review of long-term energy yield assumptions for the onshore wind portfolio and an increase in discount rates to reflect the latest transactional activity in the broader market.

David Bird and Chris Gaydon, co-fund managers of ORIT, commented: "During the quarter, and in line with the approach set out in the 2024 Annual Report, we completed a comprehensive review of the long-term energy yield assumptions across our entire onshore wind portfolio, reflecting its operational track record. While this resulted in a reduction in NAV, the approach ensures our valuations are based on actual data and the latest technical evidence, with none of our wind assets now valued using pre-construction forecasts. With this review now complete, we are well positioned to focus on disciplined capital allocation and long-term value creation. Across the solar and offshore wind portfolio, performance remains in line with, or ahead of, expectations.

"While revised long-term power price forecasts and the previously announced changes to UK Carbon Price Support also reduced NAV, these were partially offset by supportive macroeconomic assumptions. Despite these impacts during the quarter, we remain confident in the quality and resilience of the portfolio and its ability to generate long-term value for shareholders."

		Pence per Ordinary Share*	£m
Unaudited NAV as at 31 March 2026		93.15	491.5
Market price assumptions		(1.80)	(9.5)
Macroeconomic assumptions		0.64	3.4
Discount rates		(2.00)	(10.6)
Onshore wind energy yield assessments		(5.77)	(30.4)
End of asset life assumptions		1.08	5.7
Q2 2026 interim dividend		(1.55)	(8.2)
Other movements		2.43	12.8
Unaudited NAV as at 30 June 2026		86.18	454.7

* Totals may not sum exactly due to rounding

Market price assumptions

Updates to market price assumptions reduced NAV during the quarter by £9.5 million.

This primarily reflected lower long-term wholesale power price forecasts (-£8.2 million), particularly in the UK and Ireland. The changes to the forecasts were driven primarily by advisor´s expectations of increased renewables deployment and lower long term gas prices compared with prior forecasts. Short-term forward power prices were broadly unchanged over the period.

This valuation movement also includes the actual impact of the UK Government's decision not to extend Carbon Price Support beyond the current legislative period, reducing NAV by approximately £1.8 million or 0.35 pence per Ordinary Share (less than the 0.5 pence per Ordinary Share estimated in the Company's previous announcement on 22 April 2026).

The balance (+£0.5 million) was the net impact of updating green certificate price assumptions and long-term capacity market forecasts.

Macroeconomic assumptions

Macroeconomic assumptions increased NAV by £3.4 million during the quarter. Inflation assumptions were revised slightly higher across several of ORIT's markets, partially offset by modest increases in interest rate assumptions and foreign exchange movements.

Discount rates

Increases to discount rates reduced NAV by £10.6 million during the quarter following the Investment Manager's quarterly review of the valuation assumptions. The review resulted in the adjusted weighted average discount rate ("AWADR" ¹) increasing from 8.2% to 8.8% driven by the European assets where sustained changes in market conditions and evolving transaction evidence warranted increases to discount rates.

UK discount rates were unchanged during the quarter and continue to be reviewed as part of the Investment Manager's regular valuation process.

Onshore wind energy yield assessments

When renewable energy projects are first valued, long-term generation assumptions are based on independent engineering assessments prepared before construction. As projects mature and establish sufficient operating data, it is standard market practice to review these original forecasts and, where appropriate, update them using actual operational performance and the latest technical evidence, including the impact of the most up-to-date historical weather data.

ORIT's onshore wind portfolio has now reached this stage. As outlined in the 2024 Annual Report, the Company's approach is to review long-term operating assumptions as assets mature and sufficient operational evidence becomes available. Consistent with this approach, the Board and the Investment Manager agreed to undertake a comprehensive review of the long-term energy yield assumptions for ORIT's entire onshore wind portfolio.

Updated long-term energy yield assumptions for onshore wind assets reduced NAV by £30.4 million during the quarter. This reflects a circa 10% reduction in forecast onshore wind generation, equivalent to approximately 5% of the Company's total generation. More detail will follow in the Company's forthcoming interim report.

By contrast, much of ORIT's solar and offshore wind portfolio is either already valued using mature operational assumptions, or, for more recently commissioned solar assets, continues to perform broadly in line with or ahead of the original engineering forecasts. No updates to energy yield assumptions have been made for these assets. The Investment Manager will continue to review long-term operating assumptions across the portfolio as assets mature and additional operational evidence becomes available.

End of asset life assumptions

Updated end of life assumptions increased NAV by £5.7 million during the quarter.

As renewable energy assets mature, it is increasingly recognised that many onshore wind farms can continue operating beyond their original design life, subject to appropriate investment and the necessary planning and land rights. In-line with these market trends, the Investment Manager has extended the assumed operating life of selected onshore wind assets from approximately 30 years to 35 years. Cash flows beyond the original operating life are discounted at a 5% premium to the typical rate for uncontracted cash flows to reflect the additional uncertainty associated with planning consents, lease costs and long-term operating assumptions.

The Investment Manager also completed a review of end-of-life cost assumptions across the portfolio. Following benchmarking against prevailing market practice, the valuation now assumes that, where appropriate, the scrap value of equipment at the end of an asset's life broadly offsets expected decommissioning costs. This aligns ORIT's approach with wider market practice and the methodologies adopted by comparable renewable infrastructure investors.

Other movements

Other movements increased NAV by £12.8 million during the quarter. This primarily reflects the expected return generated by the portfolio as assets move one quarter closer to the receipt of future cash flows, together with routine valuation updates including operational performance and other asset-level assumption reviews. These positive movements were partly offset by Company operating costs, financing costs and other holding company expenses incurred during the quarter.

Gearing

As at 30 June 2026, gearing (total debt drawn as a percentage of Gross Asset Value ("GAV"²) increased from 44.8% to 46.6%, primarily reflecting the reduction in NAV over the quarter, partially offset by a modest decrease in total debt.

Phil Austin, Chair of ORIT, commented: "As the onshore wind portfolio has matured and established an operational track record, the Board, together with the Investment Manager, took decisive and proactive action to ensure its valuation reflects the best available evidence. While this has contributed to a lower NAV this quarter, the review reinforces our conservative approach to valuing the underlying assets. We remain confident in the strength of the portfolio's fundamentals to deliver on the Company's strategic priorities. These fundamentals include predictable cash generation (approximately 86% of revenues to June 2028 are fixed), a fully covered dividend, and a diversified asset base. The Board remains committed to its progressive dividend policy, with a core focus on ensuring that dividends are fully covered by operational cash flows on an annual basis."

Factsheet

The Company's Q2 2026 factsheet has been published today and is available to download at:

https://www.octopusrenewablesinfrastructure.com/all-reports-publications

The person responsible for making this announcement is Hannah Shaw of Apex Listed Companies Services (UK) Limited, the Company Secretary.

Notes

1.    "Adjusted Weighted Average Discount Rate" (8.8%) comprises the weighted average discount rate applied to the operational portfolio (8.3%), adjusted to reflect the expected return on development-stage investments and the additional return associated with Company-level leverage.

2.    "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.

For further information please contact:

Montfort Communications (Public Relations) Imogen Saunders Octopus Energy Generation (Investment Manager) Chris Gaydon, David Bird Charlotte Edgar (Investor Relations)	[e-mail] [phone] [e-mail]
Peel Hunt (Broker) Luke Simpson, Tom Yeadon, 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 £8.5 billion of assets under management (as at 31 March 2026) across 19 countries and with a total c.5.3 GW potential generation capacity once fully constructed. Octopus Energy Generation is the trading name of Octopus Renewables Limited. Further details can be found at www.octopusenergygeneration.com.    

 

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