Highlights

  • TRIG’s estimated unaudited NAV decreased by 5.7 pence per share in Q4 2025 to 104.0 pence per share.
  • The company met its 2025 dividend target of 7.55 pence per share, supported by a gross cash cover of 2.1x before debt repayment.
  • TRIG completed a GBP 200 million private placement debt issuance, reducing revolving credit facility borrowings to approximately GBP 200 million.

The Renewables Infrastructure Group Limited (LSE:TRIG), a London-listed investment company specialising in renewable energy infrastructure, has announced its Q4 2025 net asset value (NAV), dividend, and portfolio update. Despite a decrease in NAV during the quarter, TRIG has delivered on its 2025 dividend target while continuing to advance its strategy through portfolio enhancements and debt refinancing initiatives.

Q4 NAV Movement and Portfolio Performance

The 5.7p decline in NAV per share during Q4 was driven by multiple factors, including lowered revenue forecasts (-1.8p), low power prices and grid outages in Sweden and the UK (-1.8p), higher discount rates on UK offshore wind projects (-1.2p), and regulatory changes related to indexation and taxation (-0.9p combined).

Generation across TRIG’s portfolio was 5% below budget for the quarter, with encouraging offshore wind output offset by challenges in Sweden and UK onshore wind due to economic and grid curtailments. The ongoing legal dispute regarding the Vannier onshore wind farm in France led to suspended generation and a provision of 0.3p per share in NAV.

Despite these challenges, TRIG added GBP 3 million in portfolio valuation during the quarter, contributing to GBP 32 million of value enhancements in 2025. Highlights included progress on battery storage projects in the UK and solar and wind repowering developments in Spain and France.

Dividend and Capital Management

TRIG declared a dividend of 7.55 pence per share for 2025, fulfilling its target with a gross cash cover ratio of 2.1x prior to repaying GBP 192 million in project-level debt. The company’s net dividend cover for the year was 1.0x, demonstrating resilience amidst market challenges. The Board has confirmed the 2026 dividend target at 7.55 pence per share, with a focus on improving net dividend cover to between 1.1x and 1.2x.

In February 2026, TRIG completed a GBP 200 million private placement debt issuance to convert short-term floating debt into long-term fixed-rate debt maturing in 2038. This transaction extended TRIG’s debt maturity profile and lowered revolving credit facility borrowings from GBP 398 million to around GBP 200 million.

The company’s ongoing GBP 150 million share buyback programme reached GBP 80 million deployment by February 2026, contributing 0.1p per share to NAV.

TRIG’s Q4 2025 results reflect the complexities of operating a diversified renewable energy portfolio amid market fluctuations and regulatory changes. The company’s ability to meet dividend targets and advance strategic value enhancements underscores its commitment to shareholder value and long-term growth.

FAQs

Q1: What caused the decline in TRIG’s NAV per share in Q4 2025?
A1: The NAV decline of 5.7p was mainly due to reduced revenue forecasts, lower power prices and grid curtailments, increased discount rates on UK offshore wind, and regulatory changes affecting tariffs and taxes.

Q2: Has TRIG met its dividend target for 2025?
A2: Yes, TRIG declared a dividend of 7.55 pence per share for 2025, achieving its target with a gross cash cover of 2.1x before debt repayments.

Q3: How is TRIG managing its debt and capital structure?
A3: In February 2026, TRIG issued GBP 200 million in long-term fixed-rate debt, reducing revolving credit borrowings to around GBP 200 million and extending debt maturity to 2038. The company also continues a GBP 150 million share buyback programme to return value to shareholders.