Q3 2026 Factsheet and Net Asset Value
Summary by AI BETAClose X
2 November 2026
LEI: 213800B81BFJKWM2JV13
Octopus Renewables Infrastructure Trust plc
(“ORIT” or the “Company”)
Q3 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 September 2026, on a cum-income basis, was £449.3 million or 85.17 pence per Ordinary Share (30 June 2026: £454.7 million or 86.18 pence per Ordinary Share). This represents a NAV total return of approximately 0.6%[1] over the quarter.
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Pence per Ordinary Share* |
£m |
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Unaudited NAV as at 30 June 2026 |
86.18 |
454.7 |
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Market price assumptions |
0.11 |
0.6 |
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Macroeconomic assumptions |
0.15 |
0.8 |
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Other movements |
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0.28 |
1.5 |
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Q2 2026 interim dividend |
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(1.55) |
(8.2) |
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Unaudited NAV as at 30 September 2026 |
85.17 |
449.3 |
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* Totals may not sum exactly due to rounding
Market price assumptions
Market price assumptions increased NAV by £0.6 million during the quarter. Short-term forward power prices increased NAV by £2.6 million. This was partly offset by a £2.0 million reduction from lower medium- and long-term power price forecasts, reflecting revised assumptions for future capture prices, including the impact of increasing renewable generation and price cannibalisation in later periods. Other energy market assumptions, including green certificate and capacity market forecasts, were broadly unchanged during the quarter.
Macroeconomic assumptions
Macroeconomic assumptions increased NAV by £0.8 million during the quarter, primarily reflecting an increase in the value of ORIT’s currency hedges, following movements in spot rates and interest rate differentials in the forward rates. This was partially offset by sterling appreciation, which reduced the translated value of the European assets, and refreshed interest rate curves. Inflation assumptions and discount rates were unchanged from the previous quarter.
Other movements
Other movements drove a net increase in NAV of £1.5 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 operational performance and other routine valuation updates.
These positive movements were partially offset by asset-specific valuation adjustments. The largest movement was a £3.2 million reduction relating to the Company’s Irish solar portfolio following the regular update of independent forecasts of curtailment and constraints ("dispatch down”). Since 2023, approximately 43,000 MWh of curtailment on this portfolio has been uncompensated. Proceedings before the Court of Justice of the European Union will determine if these historic losses will become eligible for compensation. No value has been attributed to potential compensation in the Company’s current valuation, and any compensation received would represent upside.
Other offsetting movements include Company operating costs, financing costs and other holding company expenses incurred during the quarter.
Gearing
As at 30 September 2026, gearing (total debt drawn as a percentage of Gross Asset Value (“GAV”2) increased from 46.6% to 46.9%, primarily reflecting the reduction in NAV over the quarter, partially offset by a small decrease in total debt.
Post period
UK Government consultation
The Company notes the consultation published by the UK Government on 28 October 2026 on the proposed introduction of Wholesale Contracts for Difference for existing low-carbon generators in Great Britain. The proposals, which sit alongside a wider package of reforms being considered by the Government, could, if implemented, offer eligible generators an alternative source of long-term, predictable revenue and reduce exposure to wholesale price volatility. The Company will review the proposals carefully. However, as they remain subject to further detail, consultation, detailed design and legislative approval, it is too early to assess any potential impact on ORIT.
Factsheet
The Company's Q3 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. NAV total return is calculated as the change in NAV per Ordinary Share during the period, including dividends paid: (closing NAV per Ordinary Share + dividends paid per Ordinary Share – opening NAV per Ordinary Share) ÷ opening NAV per Ordinary Share. For Q3 2026, this equates to (85.17p + 1.55p – 86.18p) ÷ 86.18p = 0.6%.
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:
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Montfort Communications (Public Relations) Imogen Saunders
Octopus Energy Generation (Investment Manager) Chris Gaydon, David Bird Charlotte Edgar (Investor Relations)
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+44 (0)7826 547304
orit@octopusenergygeneration.com
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Peel Hunt (Broker) Luke Simpson, Tom Yeadon, Huw Jeremy (Investment Banking) Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)
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020 7418 8900 |
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Apex Listed Companies Services (UK) Limited (Company Secretary) |
020 3327 9720 |
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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 £8.8 billion of assets under management (as at 30 June 2026) across 20 countries and with a total c.5.4 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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