Renewables Infrastructure Group Limited GBP Red.Shs · LSE:TRIG
Renewables Infrastructure Group Limited GBP Red.Shs — The Renewables Infrastructure Group — FY2025 Earnings Presentation
62 slides from Renewables Infrastructure Group Limited GBP Red.Shs's earnings presentation, Feb 27, 2026
Slide 1: The Renewables Infrastructure Group Annual Results 2025
The Renewables Infrastructure Group Annual Results 2025 Renewables Infrastructure for a clean and secure future 27 February 2026 www.trig-ltd.com 20260226-5254315
Slide 2: Important Information
Important Information For Investment Professionals (as defined under FSMA 2000). Individuals without professional experience in matters relating to investments should not rely on this information By attending the meeting where this presentation is made, or by reading the presentation slides, you agr
Slide 3: Investment Proposition & 2025 Highlights
Investment Proposition & 2025 Highlights www.trig-ltd.com 3 20260226-5254315
Slide 4: A challenging 2025 with a more positive outlook for 2026
A challenging 2025 with a more positive outlook for 2026 Portfolio Contracted Resilient investment proposition diversification revenues Robust cash flows and a sustainable dividend 6 power markets 75% revenues fixed price 4 over next 5 years Strategic execution technologies Debt refinancing complete
Slide 5: Resilient cash generation in a challenging year for UK and European renewables investments
Resilient cash generation in a challenging year for UK and European renewables investments 2025 Resilient Intrinsic results characteristics shareholder value Project-level Dividend per share 104.0p NAV per share £192m debt repaid 7.55p target for 2026 NAV total return Revenues fixed over -3.9% for t
Slide 6: Accretive reinvestment significantly boosts distributable cash flow per share
Accretive reinvestment significantly boosts distributable cash flow per share 16p Distributable cash flow (pence per share) 14p 12p 10p 8p 6p 4p 2p 0p 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Projected distributable cash flow Distributable cash flow with reinvestmen
Slide 7: Next five years: accretive investments and share buybacks could double organic cashflow growth rate
Next five years: accretive investments and share buybacks could double organic cashflow growth rate to c. 4% 10p 9p 2026 Distributable cash flow 8p dividend (pence per share) 7p target 6p 5p 4p 3p 2p 1p 0p 2025 2026 2027 2028 2029 2030 Current portfolio Projects in construction Future construction p
Slide 8: Disciplined capital allocation responding to market conditions
Disciplined capital allocation responding to market conditions Uses of cash 2026 Uses1,2 Reduce gearing £103m 30% £253m £260m Shareholder £240m Returns 50% £176m 40% to 45% £205m Funding growth £116m £92m 20% £49m 5% to 10% 2023 2024 2025 Funding growth Shareholder returns Reduce gearing 1. Projecti
Slide 9: 1.3p per share added to NAV in 2025 from active management initiatives
1.3p per share added to NAV in 2025 from active management initiatives with a further 0.8p per share from share buybacks Debt capacity and Development Revenue Operational portfolio rotation and construction management enhancements ▪ Successful £200m debt private ▪ Ryton battery storage project in fi
Slide 10: Diversification of TRIG's portfolio across geographies and technologies underpins business model resilience
Diversification of TRIG’s portfolio across geographies and technologies underpins business model resilience 41% UK 59% Rest of Europe Diversified UK & 2.7GW European portfolio1 8% 13% Onshore Wind Offshore Wind Renewable electricity 47% Solar PV 5.4TWh generated in 2025 32% Battery storage Near-term
Slide 11: Financial Highlights & Valuation
Financial Highlights & Valuation www.trig-ltd.com 11 20260226-5254315
Slide 12: Financial highlights
Financial highlights Year ended 31 December 2025 104.0p NAV per share £2,875m £192m (2024: 115.9p) Project-level debt Portfolio Value repayments (2024: £3,116m) -5.4p IFRS earnings per share (2024: £206m) (2024: -4.7p) 2.1x / 1.0x 7.55p £459m Gross cash cover1 / 2026 Dividend per share target Pro-fo
Slide 13: Portfolio valuation bridge (1/2)
Portfolio valuation bridge (1/2) Valuation movement in the year to 31 December 2025 £3,500m 1. New Investments £116m 116 3,116 ▪ Construction spend principally relating to Ryton and (84) Spennymoor battery storage projects and repowering £3,000m 2,929 (220) of Cuxac onshore wind farm ▪ New investmen
Slide 14: Portfolio valuation bridge (2/2)
Portfolio valuation bridge (2/2) Valuation movement in the year to 31 December 2025 2,929 59 16 75 2,875 £3,000m Valuation (£m) (128) (58) (18) Portfolio £2,000m £1,000m £m 31-Dec-25 Movement in Change in Movement in Change in Regulatory Changes Portfolio 31-Dec-25 Rebased Foreign Power Price Discou
Slide 15: Reduction in near-term power prices predominately due to lower gas prices
Reduction in near-term power prices predominately due to lower gas prices TRIG blended cannibalised power price curve1,2 Average assumed cannibalised power prices3 70 Average Average Average Average 60 Region Real 2024 GBP/MWh 2026-2030 2031-2035 2036-2050 2051-2060 50 GB (Real 2024 £/MWh) 60 54 52
Slide 16: Discount rates include >5% risk premium vs reference rates
Discount rates include >5% risk premium vs reference rates 31 Dec 30 Jun 31 Dec 24 Feb 2024 2025 2025 2026 Benchmark government bond yields1 Weighted average discount rate 9.0% (40bps increase year-on-year), a result of: UK 4.6% 4.5% 4.5% 4.3% European discount rate increase ▪ 30bps increase in Euro
Slide 17: Value enhancement initiatives and share buybacks partly offset lower than forecast generation
Value enhancement initiatives and share buybacks partly offset the impact of lower than forecast generation Inflation Other significant items impacting NAV per share ▪ UK RPI and CPI higher than Dec 24 forecasts, increasing cash flows Active management enhancements (p/share) ▪ European inflation sli
Slide 18: Active management initiatives reduced the impact of macro factors on NAV per share
Active management initiatives reduced the impact of macro factors on NAV per share 140p 120p (7.6) (6.3) + 2.0 100p Pence per Ordinary Share Actuals & changes Macro 80p to budgets Development and 115.9 - Power prices - Lower generation + 104.0 and external grid construction activity 31 Dec 2024 NAV
Slide 19: Creating greater balance sheet capacity to drive shareholder returns
Creating greater balance sheet capacity to drive shareholder returns 2025 actual movements 2026 projected movements3 Retained cash flow Share buybacks Disposal proceeds £309m Construction investment £100m – £198m £200m Private Construction placement RCF at investment & debt issuance 31 Dec 25 buybac
Slide 20: Conservative balance sheet through fixed-rate, amortising debt structure
Conservative balance sheet through fixed-rate, amortising debt structure to manage interest rate and refinancing risks Debt private placement Portfolio gearing profile 2,500 50% ▪ £200m private placement secured with high-quality institutional lenders 2,000 40% ▪ Strong investor demand resulted in u
Slide 21: Resilient underlying cash generation
Resilient underlying cash generation Key underlying portfolio metrics 2024 2025 Commentary 2026 outlook Reduction due to low wind resource in Expected to improve if weather resource Pro-forma portfolio revenue1 (£m) 671 642 H1 2025 and grid downtime; lower share is normal and grid downtime lower of
Slide 22: Operational Excellence
Operational Excellence www.trig-ltd.com 22 20260226-5254315
Slide 23: Generation 7% below budget due to low wind levels and one-off grid outages
Generation 7% below budget due to low wind levels (particularly in the UK) and one-off grid outages Main drivers of performance variance: 2025 Net 2025 load Electricity Performance ▲ 2% due to below budget wind in westerly Technology Region capacity factor production vs. Budget regions, particularly
Slide 24: Balanced weather resource since IPO relative to the longer-term average
Balanced weather resource since IPO relative to the longer-term average Wind & solar irradiation, by region, compared to the long-term mean1 20% 15% 10% 5% 0% -5% -10% -15% -20% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2013-2025 2026 compared to 2002-2025 France Onshore Wind
Slide 25: RES's best-in-class operational expertise
RES’s best-in-class operational expertise Greenfield Minimise development downtime Increase ▲ RES’ deep experience of the whole project Co-location yield lifecycle provides unparalleled capabilities (MWh/Yr) ▲ Structured framework to identify, appraise Add and implement enhancements Evolve the Incre
Slide 26: 900MW development pipeline provides significant growth opportunity
900MW development pipeline provides significant growth opportunity; investment decisions benchmarked vs share buybacks Repowering Repowering Co-location Greenfield Replace existing infrastructure with newer more-efficient 160MW 300MW 440MW plant; often with new long-term, inflation-linked revenue ▪
Slide 27: Continued progress of TRIG's development, construction and enhancement activities
Continued progress of TRIG’s development, construction and enhancement activities 2025 February April May Summer Capacity Market contracts Batteries delivered to the 25MW Cuxac repowering Rollout of software and secured for three projects 78MW Ryton project approved aerodynamic hardware totalling 20
Slide 28: Case study: 25MW Cuxac onshore wind farm repowering
Case study: 25MW Cuxac onshore wind farm repowering Strategy Execution New larger turbines selected to boost capacity Increase in site capacity from 12MW to 25MW Re-use site infrastructure to reduce construction Re-used turbine locations, site tracks, and crane costs pads to significantly reduce con
Slide 29: Concluding Remarks
Concluding Remarks www.trig-ltd.com 29 20260226-5254315
Slide 30: Structural trend towards greater electricity demand continues to support the renewables investment case
Structural trend towards greater electricity demand continues to support the renewables investment case Heating EVs AI / Data Re-industrialisation Increase in existing New demand demand 1. Gosden, E. (2025, December 29). ‘Demand for electricity in UK surges after two decades of decline’. The Times.4
Slide 31: A business model designed to deliver resilient income for shareholders
A business model designed to deliver resilient income for shareholders Restoring net dividend cover Accretive investment pipeline Additional growth levers 1.1x - c.1.1x 1.2x Portfolio rotation >10% Revenue reinvestment management Dividend 2026 2027 projected onwards returns2 cover1 projected Operati
Slide 32: Robust underlying fundamentals enhanced through active management
Robust underlying fundamentals enhanced through active management Large, diversified portfolio across power markets and mature technologies Balanced Resilient inflation-linked cashflows with systematic debt repayment portfolio Dividend covered and £192m project level debt repaid in a challengi
Slide 33: Appendices
Appendices www.trig-ltd.com 33 20260226-5254315
Slide 34: Summary 2025 Financial Statements
Appendix 1 – Financials & Valuation Summary 2025 Financial Statements Year to Year to As at As at Year to Year to Income 31 December 31 December Balance 31 December 31 December 31 December 31 December Cash Flow Statement 2025 2024 Statement 2025 2024 Sheet 2025 2024 £m £m £m £m £m £m Cash from inves
Slide 35: Disciplined approach to balance sheet management
Appendix 1 – Financials & Valuation Disciplined approach to balance sheet management Term Project Debt TRIG’s portfolio at 31 Dec 2025 Project Category ▲ Limited to 50% of portfolio enterprise value (Younger = <10yrs) % of Average gearing1 # of projects2 portfolio ▲ Fully amortising within the subsi
Slide 36: Long-term debt represents 41% of enterprise value
Appendix 1 – Financials & Valuation Long-term debt represents 41% of enterprise value with the aim to reduce short-term debt further through disposals Project-level gearing 31 Dec 2025 – adjusted for £bn £200m private placement ▲ The vast majority of TRIG’s debt is long-term, fixed-rate, amortising
Slide 37: Valuation – key assumptions
Appendix 1 – Financials & Valuation Valuation – key assumptions As at 31 December 2025 As at 31 December 2024 Discount Rate Portfolio average 9.0% 8.6% Power Prices Weighted by market Based on third party forecasts Based on third party forecasts UK (RPI) 4.2% (2025 Actual), 3.25% to 2029, 2.5% there
Slide 38: Government bond yield and portfolio discount rate analysis
Appendix 1 – Financials & Valuation Government bond yield and portfolio discount rate analysis Benchmark government bond 31 Dec 2024 31 Dec 2025 24 Feb 2026 yields1 UK 4.6% 4.5% 4.3% EU markets weighted average 2.7% 3.1% 2.9% Germany 2.4% 2.9% 2.7% France 3.2% 3.6% 3.3% Sweden 2.4% 2.8% 2.7% Spain 3
Slide 39: GB forward power prices 2026 – 2028
Appendix 1 – Financials & Valuation GB forward power prices 2026 – 2028 UK forward prices have been variable since the reporting date1 90 31 Dec 2025 85 80 Forward power price £/MWh 75 70 65 60 The three dots above represent the cannibalised 55 GB onshore wind prices forecast in the TRIG valuation f
Slide 40: Regional price forecasts and cannibalisation assumptions
Appendix 1 – Financials & Valuation Regional price forecasts and cannibalisation assumptions Forecast power prices major TRIG markets - £/MWh (real 2024) 70 60 % Portfolio value Cannibalisation Major markets (Dec 25) (Average) 50 GB offshore 26% -20% GB onshore 24% -24% 40 Spain solar 7% -51% German
Slide 41: Power price forecasts by region (1/2)
Power price forecasts by region (1/2) The following tables show the power price forecasts for major TRIG markets, as presented in the previous slide. These curves are in real 2024 prices, and are post-cannibalisation and pre-PPA discount. GB offshore, £/MWh (real 2024) ‘26 ‘27 ‘28 ‘29 ‘30 ‘31 ‘32 ‘3
Slide 42: Power price forecasts by region (2/2)
Power price forecasts by region (2/2) Spain solar, €/MWh (real 2024) ‘26 ‘27 ‘28 ‘29 ‘30 ‘31 ‘32 ‘33 ‘34 ‘35 ‘36 ‘37 ‘38 ‘39 ‘40 ‘41 ‘42 ‘43 ‘44 ‘45 ‘46 ‘47 ‘48 ‘49 ‘50 26.60 23.37 24.97 28.30 33.14 36.15 34.36 34.63 36.68 37.75 38.50 38.45 37.39 37.61 36.19 36.39 35.94 35.17 35.18 35.67 35.76 35.31
Slide 43: GB onshore wind – spread of power price forecasts
GB onshore wind – spread of power price forecasts 90 80 GB Onshore Cannibalised Price1 Real 2024 GBP/MWh 70 60 50 40 30 Dec 24: TRIG curve Dec 25: TRIG curve 20 10 Dec 24: Range of forecasts Dec 25: Range of forecasts 0 2026 2029 2032 2035 2038 2041 2044 2047 2050 Impact on Lowest Highest ▪ TRIG use
Slide 44: The variability of power prices with EU gas storage levels
Appendix 1 – Financials & Valuation The variability of power prices with EU gas storage levels Weather-driven gas supply and demand heavily influence near-term power prices ▲ Gas supply and demand moves with storage targets and weather conditions, and is heavily influencing power prices for markets
Slide 45: Renewable Energy Guarantee of Origin certificates
Appendix 1 – Financials & Valuation Renewable Energy Guarantee of Origin certificates Guarantees of Origin certificate forecasts REGOs (£/MWh, 2024 real) 3.5 3.0 2.5 ▲ REGOs (Renewable Energy Guarantees of Origin) in the UK and 2.0 GoOs (Guarantee of Origin) are certificates which are intended to 1.
Slide 46: Power price forecasting – GB power forecast
Appendix 1 – Financials & Valuation Power price forecasting – GB power forecast Valuation based on the range provided by mainstream forecasters 120 GB onshore wind curve (£/MWh, real) Carbon price (£/tCO₂) Gas price (£/MWh) 35 200 100 30 80 25 20 60 100 15 40 10 20 5 0 0 0 2026 2050 2026 2050 2026 2
Slide 47: NAV sensitivities
Appendix 1 – Financials & Valuation NAV sensitivities Based on portfolio at 31 December 2025 Discount rate +/- 0.5% -3.4p 3.6p Output P90 / P10 (10 year) -15.5p 16.3p Power price -/+ 10% -7.3p 7.4p Reduction in Inflation -/+ 0.5% -4.0p 4.8p assumption Operating costs +/- 10% -5.0p 5.2p Increase in a
Slide 48: Diversified portfolio across geographies and technologies
Appendix 2 – Portfolio construction Diversified portfolio across geographies and technologies Diversification across multiple countries1,2,3 Low single asset concentration2,3 Hornsea One 10% 36% 22% 2% 7% 9% 11% 14% Merkur 7% England & Wales Scotland N. Ireland Spain Germany France Sweden Establishe
Slide 49: Portfolio breakdown
Appendix 2 – Portfolio construction Portfolio breakdown Across technologies and geographies England & UK Total per Scotland N. Ireland Sweden France Germany Spain Wales subtotal1 technology1 Onshore 5% 17% 2% 24% 14% 9% - - 47% Wind Offshore 18% 5% - 23% - - 9% - 32% Wind Solar 5% - - 5% - 2% - 7% 1
Slide 50: Constructing a balanced portfolio
Appendix 2 – Portfolio construction Constructing a balanced portfolio Understanding the range of revenue types available for wind and solar generation Revenue Profile FiT & CfD UK ROC Unsubsidised 100% Investment 100% 100% Fixed1 Type Power sales 1 years 30 1 years 30 1 years 30 Revenue Risk lower h
Slide 51: Revenue profile
Appendix 2 – Portfolio construction Revenue profile Medium-term project-level revenues mainly fixed and indexed Breakdown Breakdown of forecast of forecast revenues revenues over over thethe next next 1212 months months PPA Market PPA Market Revenue Revenue 18% 14% PPA MarketPPA Market RevenueRevenu
Slide 52: Battery and onshore wind revenues are inversely correlated
Appendix 2 – Portfolio construction Battery and onshore wind revenues are inversely correlated Average weekly GB Onshore Wind and 2h duration battery (excl. CM) achieved price 200 180 160 ▲ Periods of high wind relative to demand reduce wind Revenue price (£/MWh) 140 capture price, but increase hour
Slide 53: Moderated operational revenues assumed
Appendix 2 – Portfolio construction Moderated operational revenues assumed ▲ Prices have recovered over the course of 2025 from historic Core battery revenues* actual and forecast low levels in 2024 (£k/MW annualised real 2024 prices) 300 ▲ Balancing Mechanism revenues hit historic highs in Q1 25 as
Slide 54: A commitment to sustainability
Appendix 3 – Sustainability A commitment to sustainability Mitigate adverse climate change Preserve our natural environment 1.8m 58 Number of active Tonnes of CO2 Environmental emissions avoided1 (2024: 2.0m) Management Projects2 (2024: 53) Positively impact the communities in which we work Maintain
Slide 55: Short-run marginal cost supply curve (merit order)
Appendix 4 – Market backdrop Short-run marginal cost supply curve (merit order) Gas-fired power tends to set the marginal price 160 Average Key elements of the power price: Low Demand Demand High Demand natural gas and carbon prices 140 Peaking 120 Capacity 100 Gas CCGT Coal £/MWh 80 Market Price 60
Slide 56: Experienced Board and Management team
Appendix 5 – Management team Experienced Board and Management team Independent Board Richard Morse Chair Investment Manager Operations Manager Key roles: Key roles: Tove Feld Overall responsibility for day-to-day management Managing performance of the portfolio SID Advising the Board on strate
Slide 57: InfraRed Capital Partners – Investment Manager
Appendix 5 – Management team InfraRed Capital Partners – Investment Manager Over 25 years’ pedigree in infrastructure Frankfurt London New York Madrid Seoul Miami KEY - InfraRed Office Sydney II InfraRed III IV VI VII infrastructure InfraRed InfraRed Infrastructure Fund III V InfraRed InfraRed I Fun
Slide 58: RES – Operations Manager
Appendix 5 – Management team RES – Operations Manager World’s largest independent renewable energy company +40 YEARS’ 24 COUNTRIES #1 WORLDWIDE Experience in Worldwide The world’s largest renewable energy independent renewable company 29GW 45GW OVER 4,500 Projects developed Operational assets World
Slide 59: Diversified shareholder base
Appendix 6 – Company information Diversified shareholder base Shareholders by type, as % of Register1 10% Selected segments of TRIG’s shareholder base1 7% ▲ Top five holders account for c.25% of TRIG’s issued share capital 34% ▲ Top 10 holders account for c.40% of TRIG’s issued share capital 10% ▲ R
Slide 60: Track record
Appendix 6 – Company information Track record NAV total return1,2 200p 160p Annualised NAV total return since IPO: 7.0% Pence per share 120p 80p 40p 0p IPO 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Cumulative Dividends NAV per share Share price performance and Beta3,4 290p 4 Cumula
Slide 61: Key facts
Appendix 6 – Company information Key facts Fund Structure ▲ Guernsey-domiciled closed-end investment company Performance ▲ Dividends to date paid as targeted for each period ▲ NAV per share of 104.0p (31 December 2025) Issue / Listing ▲ Premium listing of ordinary shares on the Main Market of the Lo
Slide 62: Contacts
Appendix 6 – Company information Contacts Investment Manager Operations Manager Renewable Energy Systems Limited InfraRed Capital Partners Limited Beaufort Court Level 7, One Bartholomew Close, Egg Farm Lane Barts Square, Kings Langley London, EC1A 7BL Hertfordshire, WD4 8LR +44 (0)20 7484 1800 +44
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