Results analysis from Kepler Trust Intelligence

Octopus Renewables Infra Trust PLC

25 September 2026

 

Octopus Renewables Infrastructure

25/09/2026

Results analysis from Kepler Trust Intelligence

Octopus Renewables Infrastructure's (ORIT) interim results to 30/06/2026 show a NAV total return of -5.0% and a share price total return of 13.7%.

ORIT remains on track to meet its dividend target for the financial year ending 31/12/2026 of 6.23p (2025: 6.17p), with two interim dividends totalling 3.11p already declared. In the first half, dividend cover from operational cash flows increased to 1.38x (H1 2025:  1.19x). At the current share price (as at 24/09/2026), the yield is c. 10%.

The NAV per share was 86.2p (31/12/2025: 93.8p), a c. 8% decline. Net assets therefore fell to £455m from £495m. The main components of this reduction were a review of ORIT's onshore wind assets, which updated future assumptions about their yield using the latest operational and technical data. This led to a reduction in net assets of ~£30m. Other contributors were lower long-term power price forecasts and increased discount rates.

Kepler view

An understandable investor frustration with the listed sector is that 2026 also saw power price spikes caused by the unstable, difficult-to-predict crisis in the Persian Gulf, which continues to haunt energy markets. ORIT's strategy of fixing the majority of its revenues (86% are fixed over the next two years to 30 June 2028) means it has limited exposure to short-term power-price spikes, but this is a function of one of its core propositions: a stable, growing dividend. It's notable that although overall power generation was broadly on budget, revenue and EBITDA were slightly ahead as a result of incremental management actions. As a result, dividend cover has increased, and thus ORIT has delivered on one of its central objectives.

So, without downplaying that this has been a tough first half, ORIT now has a portfolio diversified across multiple European jurisdictions and operates a range of technologies that are all well understood from an operational and construction point of view, with relatively predictable economics. This is against a backdrop where electricity demand is starting to ramp up as the AI-datacentre build-out continues at pace. If that demand scenario plays out, then ORIT's discount of 30% and yield of 10% could prove to be a very attractive entry point.

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