Renewables Infrastructure Group Limited GBP Red.Shs · LSE:TRIG
Renewables Infrastructure Group Limited GBP Red.Shs — The Renewables Infrastructure Group — Investor Day (May 2026)
61 slides from Renewables Infrastructure Group Limited GBP Red.Shs's investor day presentation, May 11, 2026
Slide 1: The Renewables Infrastructure Group Capital Markets Seminar 2026
The Renewables Infrastructure Group Capital Markets Seminar 2026 11 May 2026 www.trig-ltd.com 20260511-5477068
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: Agenda for today
Agenda for today Session Speaker Chair’s welcome, strategic context and objectives Richard Morse, Chairman 01 Setting today's themes and the strategic backdrop for TRIG. TRIG Renewables: market overview Gianluca Minella, Head of Research 02 How energy security, demand growth and a renewables-led mar
Slide 4: Chair's welcome, strategic context & objectives
Chair’s welcome, strategic context & objectives www.trig-ltd.com 4 20260511-5477068
Slide 5: Why TRIG – three commitments
Why TRIG – three commitments Sustainable & Accelerated capital Balance sheet progressive dividend realisation strategy flexibility ‒ Complete and extend £150m 1.1x – 1.2x £400m share buyback programme2 ‒ Repay £240m RCF Target net to be raised in the dividend cover next 12 months1 ‒ £50m to be inves
Slide 6: Capital allocation and revised management fees
Capital allocation and revised management fees Capital allocation framework Revised management fees Share 69p 104p price ‒ Fee structure to move to a pure market capitalisation Discount: 34% Discount: 0% basis from 1 July 2026 Buyback net IRR1: c.13% Buyback net IRR: c.8% Focus: more tactical, short
Slide 7: Track record and long-term proposition
Track record and long-term proposition Dividend Share buyback Conservative gearing profile FY 2025 dividend £101m of £150m 90% of debt has a fixed interest cash covered already deployed rate and is amortising Diversified, defensive renewable portfolio positioned at the heart of the energy transition
Slide 8: Renewables: market overview
Renewables: market overview www.trig-ltd.com 8 20260511-5477068
Slide 9: Renewables and the energy transition
Renewables and the energy transition Three forces reshaping power markets ‒ Reduced tolerance for supply shocks and external dependency Energy security & ‒ Power markets re-centred on resilience system resilience ‒ Renewables as core infrastructure ‒ Power demand rising faster than historical trend
Slide 10: Energy security and system resilience now a priority
Energy security and system resilience now a priority EU gas price (LNG), spot, EUR/MWh Power markets priorities are changing 60 Middle East ‒ Domestic generation to mitigate geopolitical shocks conflict linked to fossil fuels 50 ‒ From affordability to also resilience and sovereignty 40 ‒ Power avai
Slide 11: Power demand enters a structural uplift
Power demand enters a structural uplift Electricity demand growth (CAGR to 2035) Electrification and digitalisation reshape power demand UK c.2.2% ‒ EVs, heat pumps and electrified industrial processes lift electricity demand and peak-load ‒ AI introduces concentrated and inflexible loads ‒ EV charg
Slide 12: Renewables supply is scaling, flexibility is lagging
Renewables supply is scaling, flexibility is lagging Power Mix, Europe (%)1 Renewables-led supply system reshapes price formation and flexibility needs EU UK 40 ‒ Low-cost renewables dominate supply growth ‒ Coal and nuclear decline reduces baseload capacity 30 ‒ Gas often still sets prices, but its
Slide 13: Policy and regulation
Policy and regulation From subsidising capacity to enabling system delivery and flexibility Phase 1 – Subsidise ‒ Long-term price support accelerated renewable deployment capacity Phase 2 – ‒ PPAs and offtake agreements more market-linked Transition to market ‒ Renewable build-out outpaces grid capa
Slide 14: Renewables: the next phase
Renewables: the next phase From long-term contracts to active businesses driving value creation ‒ Value creation in renewables is increasingly focused on active asset management ‒ Value driven increasingly by: ‒ Operational optimisation ‒ Battery storage and flexibility through co-location1 ‒ Active
Slide 15: Disciplined capital allocation
Disciplined capital allocation www.trig-ltd.com 15 20260511-5477068
Slide 16: Capital allocation towards shareholder returns and balance sheet flexibility
Capital allocation towards shareholder returns and balance sheet flexibility Sources Capital pool Uses Complete buyback £60m programme Surplus £25m cash flows Capital £240m RCF reduction allocation over the next £50m Construction & development £400m Capital 12 months2 realisation1 Future £75m alloca
Slide 17: Highly cash generative portfolio
Highly cash generative portfolio 10p 9p 8p 2026 dividend 7p target Distributable cash flow (pence per share) 6p 5p 4p 3p 2p 1p 0p 2025 2026 2027 2028 2029 2030 Current portfolio Projects currently in construction Future construction projects Share buybacks There can be no assurance that targets will
Slide 18: Portfolio rotation to evolve portfolio construction, manage risk and create value
Portfolio rotation to evolve portfolio construction, manage risk and create value Divestment scorecard £210m 2023 to date1 Gode, €100m Little Raith & Forss, £51m 50 MW, 32 MW, German wind UK wind Yield and Operational return factors Balanced scorecard Diversification Enhancement potential Pallas, €6
Slide 19: Conservative balance sheet is the foundation of resilience
Conservative balance sheet is the foundation of resilience Project level debt (fully amortising, non-recourse) Look through EV gearing % £1.7bn 3.5% 5,000 46% March 2026 current average fixed portfolio level debt interest rate 4,000 Private Placement (amortising Aug-33 to Feb-38) 3,000 £200m 5.2% £m
Slide 20: Conservative balance sheet creates long-term optionality
Conservative balance sheet creates long-term optionality Look through debt (£m) Gearing 2,500 50% ‒ By 2038, if no action taken, no debt outstanding 2,000 ‒ Debt capacity on a fully merchant, diversified portfolio 40% estimated at c.£600m 1,500 30% 1,000 20% 500 10% 0 0% 2025 2026 2027 2028 2029 203
Slide 21: Conservative balance sheet creates long-term optionality
Conservative balance sheet creates long-term optionality Look through debt (£m) Gearing 2,500 Adding one 10-year Corporate Power Purchase Agreement 50% for 2% of generation capacity1 annually equates to c.£10m p.a. of fixed price revenues and, conservatively, c.£20m of incremental debt capacity 2,00
Slide 22: Capital allocation discipline governs investment decisions
Capital allocation discipline governs investment decisions Dividend Buybacks Reinvestment ✓ Provide reliable income stream ✓ Can deliver immediate NAV / ✓ Return and cash flow accretive for shareholders share uplift once built and operational ✓ Reflects strong portfolio cash ✓ Retires a future divid
Slide 23: Capital is recycled with discipline
Capital is recycled with discipline ▲91 ▲24 5% 8% £200m 14% 13% Portfolio value (£m) Existing commitments: Ryton battery 34% 32% New investment Drakelow battery appraised vs. buybacks Spennymoor battery Cuxac wind 47% repowering 47% Operational Building Repowering Committed Portfolio: Dec UK
Slide 24: Capital is recycled with discipline
Capital is recycled with discipline ▲91 ▲24 ▲300 5% 8% £200m £700m Capital ▲200 to 14% 13% 15% Portfolio value (£m) Existing commitments: ▼400 allocate ▼300 11% Ryton battery 25% 34% 32% 17% New investment Drakelow battery appraised vs. buybacks Spennymoor battery Cuxac wind 71% 60% 47% repo
Slide 25: Capital is recycled with discipline
Capital is recycled with discipline Capital to ▲91 ▲24 allocate ▲300 5% 8% £200m £700m ▲200 14% 13% 15% Portfolio value (£m) Existing commitments: ▼400 ▼300 11% Ryton battery 25% 34% 32% 17% New investment Drakelow battery appraised vs. buybacks Spennymoor battery Cuxac wind 71% 60% 47% repo
Slide 26: Positioned to perform across market cycles
Positioned to perform across market cycles Target proceeds Return hurdle for to be raised reinvestment £400m c.13% to be raised in the IRR implied by share next 12 months buyback There can be no assurance that targets will be met or that the Company will make any distributions, or that investors wil
Slide 27: Break
Break Merkur, Germany www.trig-ltd.com 27 20260511-5477068
Slide 28: Long-term growth through active management
Long-term growth through active management Operational Debt capacity and enhancements portfolio rotation Delivering capital and income growth Revenue Development management and construction www.trig-ltd.com 28 20260511-5477068
Slide 29: Reinvestment and cash flow visibility
Reinvestment and cash flow visibility www.trig-ltd.com 29 20260511-5477068
Slide 30: TRIG's capital structure and dividend cover
TRIG’s capital structure and dividend cover Definition: What we mean by net dividend cover Cash flow visibility and net dividend cover 1. 90% of TRIG’s debt is long-term and amortising at a fixed interest rate 1 2 2. Project level debt is only placed against assets with fixed revenues such as Necess
Slide 31: Reinvestment is central to both income and capital growth
Reinvestment is central to both income and capital growth Base case projected dividend cover1 Reinvestment of surplus cash at an IRR of c.13%: +50% ✓ Grows income 1.5x +20% ✓ Increases cash flow resilience +5% ✓ Delivers strong sustainable dividend cover 1.0x ✓ Grows capital ✓ Extends portfolio dura
Slide 32: Accretive reinvestment at 13%+ IRRs materially increases distributable cashflows
Accretive reinvestment at 13%+ IRRs materially increases distributable cashflows Dividend cover with and without reinvestment 3.0 Cover of FY 2026 dividend target 2.5 With reinvestment 2.0 100%+ growth in 1.5 dividend cover 1.0 Without reinvestment 0.5 0.0 2026 2027 2028 2029 2030 2031 2032 2033 203
Slide 33: The dividend is covered under the lowest of the three forecast curves used by TRIG
The dividend is covered under the lowest of the three forecast curves used by TRIG Projected dividend cover scenarios1 TRIG takes the average of three cannibalised2 power price forecasts: 2.0x 1. Under the lowest power price forecast, the dividend is covered for the duration of the forecast period,
Slide 34: Dividend covered across the range of power price forecasts used
Dividend covered across the range of power price forecasts used Dividend cover after reinvestment under different power curves 3.0 Highest power curve Cover of FY 2026 dividend target 2.5 2.0 Base case with reinvestment 1.5 1.0 Lowest power curve 0.5 0.0 2026 2027 2028 2029 2030 2031 2032 2033 2034
Slide 35: Why we lock in power prices through revenue fixes
Why we lock in power prices through revenue fixes Cashflow visibility Cheaper capital Risk management Reinvestment ‒ Aids cash flow ‒ Greater cashflow visibility ‒ Reduces merchant ‒ Predictable surplus funds management unlocks longer-tenor debt exposure within bands new commitments ‒ Supports stabl
Slide 36: Adding revenue fixes protects today's dividend and tomorrow's growth
Adding revenue fixes protects today’s dividend and tomorrow’s growth Impact of revenue fixes on dividend cover1 Corporate PPA and new subsidy revenue streams provide cash flow visibility through fixing revenues. Taking the Virgin Media O2 PPA and assume that we agree a similar level of fixing each y
Slide 37: Significant progression of revenue management initiatives over the past twelve months
Significant progression of revenue management initiatives over the past twelve months Annual volume Valuation Cash flow Fixes Term Inflation linkage Counterparty (approx) accretive? accretive? Virgin Media O2 CPPA 2% of generation 10 years Fixed escalator Corporate 🗸 🗸 🗸 🗸 🗸 Claves repowering…
Slide 38: Actively managing revenues to narrow the range of outcomes
Actively managing revenues to narrow the range of outcomes from the portfolio improves resilience Future initiatives Our approach ‒ 10 year corporate PPA ‒ Regular short-term fixing to improve cash flow visibility ‒ 5+ year framework agreement to enable portfolio level fixes ‒ Targeted corporate PPA
Slide 39: Presenting dividend cover under different revenue assumptions and capital structures
Presenting dividend cover under different revenue assumptions and capital structures Projected dividend cover on gross basis1 Dividend cover can look very different under different revenue assumptions and capital structures Looking at dividend cover on a gross basis (before the 3.0x repayment of pro
Slide 40: Conservative cash flows with reinvestment upside
Conservative cash flows with reinvestment upside Conservative base Reinvestment case forecasts increases resilience 1.1x+ 100% Net dividend cover Dividend cover in the near term growth over 20 years There can be no assurance that targets will be met or that the Company will make any distributions, o
Slide 41: Portfolio optimisation
Portfolio optimisation www.trig-ltd.com 41 20260511-5477068
Slide 42: 900MW development pipeline provides significant growth opportunity
900MW development pipeline provides significant growth opportunity; investment decisions benchmarked vs share buybacks 900MW total pipeline | Repowering 160MW + Co-location 300MW + Greenfield 440MW 20% 30% 50% 160MW + 300MW + 440MW Repowering Co-location Greenfield Replace existing infrastructure wi
Slide 43: Repowering is value accretive and extends portfolio life
Repowering is value accretive and extends portfolio life The original Cuxac site Development started: c.1998 Bought by TRIG: 2013 Dismantled: 2026 Government tariff expiry Built & financed by RES: 2006 & final debt repayment: 2022 Past performance does not guarantee or indicate future results. This
Slide 44: Repowering is value accretive and extends portfolio life – replacing old infrastructure
Repowering is value accretive and extends portfolio life – replacing old infrastructure with more efficient modern technology N Larger turbines 20 Year Site layout: C4 Increasing capacity from Inflation-linked tariff 12MW to 25.5MW C3 C2 - A highly efficient, lower risk approach to development - Re-
Slide 45: Batteries provide a natural power price hedge to a renewables generation portfolio
Batteries provide a natural power price hedge to a renewables generation portfolio Power prices in the UK Market 200 180 160 Electricity prices for wind projects: 140 - Generally higher in winter than Price (£ / MWh) 120 summer 100 - But decreases when lots of 80 other wind farms are also 60 generat
Slide 46: Batteries provide a natural power price hedge to a renewables generation portfolios
Batteries provide a natural power price hedge to a renewables generation portfolios Power prices in the UK Market 200 180 160 Battery revenues show a clear inverse correlation to wind pricing 140 Price (£ / MWh) 120 Batteries located at grid 100 pinchpoints 80 60 40 20 0 Onshore wind capture price (
Slide 47: Co-located batteries in Spain provide enhanced pricing to existing solar portfolio
Co-located batteries in Spain provide enhanced pricing to existing solar portfolio Spanish typical electricity price profile throughout the day 120 Co-located batteries trade 100 the intraday spread between peak generation and peak 80 Price (€/MWh) Spread traded consumption by co-located 60 batterie
Slide 48: Development activities deliver growth and portfolio longevity
Development activities deliver growth and portfolio longevity; c.100MW p.a. of internally generated, proprietary opportunities 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 Today Greenfield Batteries 440MW Battery Co-location 300MW Wind Repowering 160MW No guarantees or assurances all pipel
Slide 49: Performance enhancements delivered as standard
Performance enhancements delivered as standard Blade hardware Ancillary Services Enhanced monitoring Software upgrades www.trig-ltd.com 49 20260511-5477068
Slide 50: Case study: generation curve upgrades
Case study: generation curve upgrades 400 350 300 250 Indicative distribution of Hours 200 windspeeds across 150 hours in a given year 100 50 0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 Wind speed (m/s) Projections are subject to actual performance. See ‘Important Information’ Note 1, slide 2 www.trig-lt
Slide 51: Case study: generation curve upgrades
Case study: generation curve upgrades 450 9000 400 8000 350 7000 300 6000 Power (kW) 250 5000 Obtaining more output, Hours 200 4000 at the same windspeed, 150 3000 by adjusting turbine 100 2000 software 50 1000 0 0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 Wind speed (m/s) Hours Pre-upgrade power curve P
Slide 52: Case study: generation curve upgrades
Case study: generation curve upgrades 450 9000 400 8000 350 7000 300 6000 Power (kW) 250 5000 Generation curve Hours 200 4000 upgrades deliver 1-2% 150 3000 of energy yield uplift 100 2000 50 1000 0 0 2.0 5.0 8.0 11.0 14.0 17.0 20.0 23.0 Wind speed (m/s) Hours Pre-upgrade power curve Post-upgrade po
Slide 53: Scalable growth opportunities and proven operational enhancements
Scalable growth opportunities and proven operational enhancements Repowering We have the right skills to exploit: ‒ lower risk ‒ value enhancing ‒ will continue to naturally arise Batteries Sit well within a wider renewables portfolio: ‒ a GB price hedge; or ‒ a Spanish price uplift Enhancements Lot
Slide 54: Positioned to perform across market cycles
Positioned to perform across market cycles Projects becoming Improving project operational generation 100MW p.a. Active internal, proprietary enhancement development programme opportunities continues There can be no assurance that targets will be met or that the Company will make any distributions,
Slide 55: Session highlights
Session highlights www.trig-ltd.com 55 20260511-5477068
Slide 56: Renewables and the energy transition
Renewables and the energy transition An embedded Structural demand driven by electrification, data growth and energy energy transition security underpinning long-term power demand and pricing Renewables critical to Domestic, non-fossil generation central to UK and Europe’s security and energy indepe
Slide 57: Significant advancement of 2025 Capital Markets Seminar strategy
Significant advancement of 2025 Capital Markets Seminar strategy Disciplined £101m £116m £192m capital allocation Share buybacks completed to date Growth capex in 2025 Project level debt repaid in 2025 Revenue contracts secured for 6% of generation including: Active cash flow 20-year Feed-in Tariff
Slide 58: Enhancing and accelerating TRIG's strategy
Enhancing and accelerating TRIG’s strategy Disciplined £400m c.13% capital allocation to be raised in the IRR implied by share next 12 months buyback Active revenue 1.1x+ 100% management Net dividend cover Dividend cover in the near term growth over 20 years 100MW p.a. Active Portfolio internal, pro
Slide 59: Chair conclusion
Chair conclusion www.trig-ltd.com 59 20260511-5477068
Slide 60: Why TRIG – three commitments
Why TRIG – three commitments Sustainable & Accelerated capital Balance sheet progressive dividend realisation strategy flexibility ‒ Complete and extend £150m 1.1x – 1.2x £400m share buyback programme2 ‒ Repay £240m RCF Target net to be raised in the dividend cover next 12 months1 ‒ £50m to be inves
Slide 61: Capital Markets Seminar 2026 Q&A
The Renewables Infrastructure Group Capital Markets Seminar 2026 Q&A 11 May 2026 www.trig-ltd.com 20260511-5477068
The Renewables Infrastructure Group — Investor Day (May 2026) on 6ix