Renewables Infrastructure Group Limited GBP Red.Shs · LSE:TRIG
Renewables Infrastructure Group Limited GBP Red.Shs — The Renewables Infrastructure Group — H1 2025 Earnings Presentation
53 slides from Renewables Infrastructure Group Limited GBP Red.Shs's earnings presentation, Aug 8, 2025
Slide 1: The Renewables Infrastructure Group Interim Results 2025
The Renewables Infrastructure Group Interim Results 2025 8 August 2025 www.trig-ltd.com
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 & H1 2025 highlights
Investment Proposition & H1 2025 highlights www.trig-ltd.com 3
Slide 4: Interim results for the six months ended June 2025
Interim results for the six months ended 30 June 2025 H1 2025 Resilient Intrinsic results characteristics shareholder value Portfolio level Dividend per share 108.2p NAV per share £105m debt repaid 7.55p target for 2025 NAV total return Revenues fixed Progressive -3% for the period >80% over next 12
Slide 5: Disciplined capital allocation approach that is responsive to market conditions
Disciplined capital allocation approach that is responsive to market conditions Uses of cash H1 2025 Uses Reduce gearing 45% to 50% 40% Shareholder 40% to 45% Returns 46% Funding growth 5% to 10% 14% 2021 2022 2023 2024 2025 Expected* Funding growth Shareholder returns Reduce gearing * As presented
Slide 6: Diversified portfolio across geographies and technologies
Diversified portfolio across geographies and technologies Diversified UK & 40% UK 2.7GW European portfolio1 60% Rest of Europe Renewable electricity 2.7TWh generated in H1 2025 6% 14% Onshore Wind Offshore Wind 47% Solar PV Near-term 33% Flexible Capacity 1GW development pipeline Countries where TRI
Slide 7: Strategic progress through active management to ensure long-term success
Strategic progress through active management to ensure long-term success Debt capacity and portfolio rotation Development and construction ▪ €100m of proceeds received from partial sale of a ▪ Final investment decision for Cuxac onshore stake in Gode offshore wind farm wind farm repowering approved,
Slide 8: Financial Highlights & Valuation
Financial Highlights & Valuation www.trig-ltd.com 8
Slide 9: Financial highlights
Financial highlights Half year ended 30 June 2025 108.2p £2,896m -4.7p NAV per share Portfolio Value IFRS earnings per share (31 Dec 2024: 115.9p) (31 Dec 2024: £3,116m) (FY 2024: -4.7p) 2.2x / 1.0x 7.55p £105m Gross cash cover / FY25 Dividend per share target Portfolio level debt repayments Net div
Slide 10: Portfolio valuation bridge
Portfolio valuation bridge Valuation movement in the half year to 30 June 2025 £3,400m Portfolio Valuation £3,200m 3,116 39 2,962 44 £3,000m (84) 7 36 2,896 (109) (£m) £2,800m (124) (29) £2,600m £2,400m £2,200m 1. 2. 3. 4. 5. 6. £2,000m 31-Dec-24 New Disposal Cash Rebased Movement in Change in Movem
Slide 11: Change in one forecaster's projection accounts for half of power price movement
Change in one (of three) forecaster's projection accounts for half of power price valuation movement ▪ TRIG uses the average of three power price forecasters to capture a breadth of views Impact on Lowest Highest ▪ Significant reduction in medium-term power price forecasts implied power power ▪ Half
Slide 12: Reduction in GB forecasts reflects majority of adverse power price movement
Reduction in GB forecasts reflects majority of the overall adverse power price related valuation movement GB Onshore Wind - Cannibalised Price1 90 80 70 60 Real 2024 GBP/MWh 50 40 Lower end of the power price range has materially declined 30 Variation in Net Present Value (NPV)2 20 Dec 24 Jun 25 Dec
Slide 13: Power prices and fixed revenues
Power prices and fixed revenues TRIG blended power price curve1,4 Average assumed power prices5 70 Average Average Average Average Region 60 2025-2029 2030-2034 2035-2050 2051-2060 GB Real 2024 GBP/MWh 50 (Real 2024 £/MWh) 63 54 49 48 2 40 EU jurisdictions (Real 2024 €/MWh) 48 52 51 48 30 20 ▪ Avera
Slide 14: Discount rates and inflation
Discount rates and inflation Discount rates Inflation ▪ Weighted average discount rate increased to 8.8% from 8.6% reflecting 30bps ▪ 2025 full-year equivalent UK RPI and CPI assumptions increased slightly increase in European discount rates aligned with increasing govt. bond yields ▪ Inflation upli
Slide 15: Other portfolio return items
Other portfolio return items ▪ +0.8p per share impact from energy yield Other significant items impacting NAV per share enhancements incorporated into valuation ▪ Technical enhancements relating to blade hardware Active management enhancements (p/share) Energy yield and software upgrades now validat
Slide 16: Active portfolio management reduces the impact on NAV of macro headwinds
Active portfolio management reduces the impact on NAV of macro headwinds and low in-period weather resource 140p 120p + 1.5 -5.8 -3.3 100p Pence per Ordinary Share 80p Macro Actuals 115.9p 108.2p 60p 31 Dec 2024 NAV 30 June 2025 NAV* - Power prices - Low wind resource + Value enhancement - Discount
Slide 17: Creating greater capacity to drive shareholder returns through disposals and financings
Creating greater capacity to drive shareholder returns through disposals and financings H1 2025 actual movements Projected movements3 Retained cash, disposal proceeds, £309m £301m refinances £230m Construction Construction Retained cash investment and investment1 and disposal Share buybacks & share
Slide 18: Systematic debt repayment creates material gearing headroom
Systematic debt repayment creates material gearing headroom Debt private placement Portfolio gearing profile ▪ £150m private placement £2,500m 50% progressed since TRIG’s CMS £2,000m 40% ▪ Joint placement agents appointed Gearing % £1,500m 30% ▪ Floating-rate RCF debt to be Debt (£m) converted to lo
Slide 19: Operational Excellence
Operational Excellence www.trig-ltd.com 19
Slide 20: Generation 10% below budget driven by low wind speeds
Generation 10% below budget driven by low wind speeds with underlying asset performance consistent with budgets ▲ Overall generation 10% below budget, H1 2025 driven by poor wind resource across the Net capacity Electricity Performance UK, Germany and France Technology Region (MW) production vs. Bud
Slide 21: Balanced split of annual weather resource since IPO
Balanced split of annual weather resource since IPO, above and below the 30-year average 20% Wind & solar irradiation, by region, compared to the long-term mean1 15% 10% 5% 0% -5% -10% -15% -20% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025* France Onshore Wind Germany Offshore Wi
Slide 22: Enhancements rollout progressing
Enhancements rollout progressing MWs Expected Enhancement 2020 2025 2030 energy yield enhancement1 Blade hardware Trial at 2 sites 9 sites 201 1-5% Turbine software Trial & roll out at 1 site 10 sites 219 ~1% Wind Wake steering Inc. Altahullion trial Altahullion Onshore sites 74 ~1% Site & enhanceme
Slide 23: 1GW proprietary pipeline provides significant growth opportunity
1GW proprietary pipeline (c. £650m capex) provides significant growth opportunity; benchmarked vs share buybacks 1GW Exclusive development opportunities to 2030 Brownfield 350MW+ Spennymoor 100MW Drakelow 90MW Final Investment Decision H2 2025 Templeton Final Investment Decision 30MW 2026 Claves 10M
Slide 24: Concluding Remarks
Concluding Remarks www.trig-ltd.com 24
Slide 25: Conditions for capital and income growth
Conditions for capital and income growth Retained cash for reinvestment Scaling investment pipeline Additional growth levers 1.1x - 1.2x Portfolio rotation >10% Revenue reinvestment management Dividend H1 2025 2026 cover onwards returns1 projected Operational cover1 enhancements 1. Past performance
Slide 26: Strong underlying fundamentals enhanced through active management
Strong 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 Prudent capital allocation: share buybacks benchmark investment dec
Slide 27: Appendices
Appendices www.trig-ltd.com 27
Slide 28: Summary June 2025 Financial Statements
Appendix 1 – Financials & Valuation Summary June 2025 Financial Statements Six months to 30 Six months to 30 Six months to 30 Six months to 30 Balance Income 31 December Cash Flow Statement June 2025 June 2024 June 2025 June 2024 £m £m Statement £m £m Sheet 30 June 2025 2024 £m £m Cash from investme
Slide 29: Valuation – key assumptions
Appendix 1 – Financials & Valuation Valuation – key assumptions As at 30 June 2025 As at 31 December 2024 Discount Rate Portfolio average 8.8% 8.6% Power Prices Weighted by market Based on third party forecasts Based on third party forecasts UK (RPI) 3.65%1 (2025), 3.25% to 2030, 2.5% thereafter 3.2
Slide 30: 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 30 Jun 2025 1 Aug 2025 yields1 UK 4.6% 4.5% 4.6% EU markets weighted average 2.7% 2.8% 2.9% Germany 2.4% 2.6% 2.7% France 3.2% 3.3% 3.4% Ireland 2.7% 2.9% 2.9% Sweden
Slide 31: GB forward power prices H2 2025 – 2027
Appendix 1 – Financials & Valuation GB forward power prices H2 2025 – 2027 UK forward prices have moderated since the reporting date1 95 30 June 2025 90 85 Forward power price £/MWh 80 75 70 65 The three dots above represent the cannibalised 60 GB onshore wind prices forecast in the TRIG valuation f
Slide 32: 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) 80 70 % Portfolio value Cannibalisation Major markets 60 (June 25) (Average) GB offshore 28% -20% 50 GB onshore 24% -24% 40 Spain solar 8% -50% Ge
Slide 33: 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) 200 Carbon price (£/tCO₂) 35 Gas price (£/MWh) 30 100 25 80 20 100 60 15 40 10 20 5 0 0 0 2026 2050 2026 2050 2026 2
Slide 34: NAV sensitivities
Appendix 1 – Financials & Valuation NAV sensitivities Based on portfolio as at 30 June 2025 Discount rate +/- 0.5% -3.4p 3.6p Output P90 / P10 (10 year) -15.0p 15.6p Power price -/+ 10% -7.2p 7.1p Reduction in Inflation -/+ 0.5% -4.3p 4.9p assumption Operating costs +/- 10% -5.0p 4.9p Increase in as
Slide 35: Disciplined approach to gearing
Appendix 1 – Financials & Valuation Disciplined approach to gearing TRIG’s portfolio as at 30 Jun 2025 Project Category Term Project Debt (Younger = <10yrs) % of Average gearing1 # of projects2 portfolio ▪ Limited to 50% of portfolio enterprise value Younger projects 56% 37% 11 ▪ Fully amortising wi
Slide 36: Diversified portfolio across geographies and technologies
Appendix 2 – Portfolio construction Diversified portfolio across geographies and technologies1 Diversification across multiple countries2 Low single asset concentration2,3 Hornsea One 11% 35% 23% 2% 7% 8% 11% 14% Merkur 7% England & Wales Scotland N. Ireland Spain Germany France Sweden Established t
Slide 37: Portfolio breakdown
Appendix 2 – Portfolio construction Portfolio breakdown Across technologies and geographies England & Total per Scotland N. Ireland UK subtotal Sweden France Germany Spain Wales technology Onshore 5% 17% 2% 24% 14% 9% - - 47% Wind Offshore 19% 5% - 24% - - 8% - 33% Wind Solar 5% - - 5% - 2% - 7% 14%
Slide 38: 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 39: Revenue profile
Appendix 2 – Portfolio construction Revenue profile Medium-term project-level revenues mainly fixed and indexed Breakdown of forecast revenues over the next 12 months PPA Market Revenue 16% PPA Market Revenue at Floor 3% REGO, GoO and Other Next 12 2% Months Indexed Fixed PPAs & FITs Indexed ROC 63%
Slide 40: Introduction to battery storage revenues
Appendix 2 – Portfolio construction Introduction to battery storage revenues ▲ Batteries capture value through their ability to respond to the needs of increasingly intermittent electricity systems. In practice, this means that the primary revenue drivers for battery assets are a function of power p
Slide 41: 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 ▲ Periods of high wind relative to demand reduce wind 140 140 capture price, but increase hourly wholesale price spreads Ons
Slide 42: Moderated operational revenues assumed
Appendix 2 – Portfolio construction Moderated operational revenues assumed ▲ Prices have recovered over the course of H1 2025 from Core battery revenues* actual and forecast historic low levels in 2024 (£k/MW annualised real 2024 prices) 300 ▲ Balancing Mechanism revenues hit historic highs in Q1 as
Slide 43: Continuing price improvement over the medium-term
Appendix 2 – Portfolio construction Continuing price improvement over the medium-term ▲ Battery revenues H1 2025 have rebounded from their all-time lows in 2024, this improvement was due to: Wholesale arbitrage is expected to become a more significant ▪ The launch of Quick Reserve in December 2024 c
Slide 44: A commitment to sustainability
Appendix 3 – Sustainability A commitment to sustainability Mitigate adverse climate change Preserve our natural environment Number of active Tonnes of CO2 Environmental emissions avoided1 (H1 2024: 1m) Management Projects2 (H1 2024: 38) Positively impact the communities in which we work Maintain eth
Slide 45: Evolution of GB electricity market design
Appendix 4 – Market backdrop Evolution of GB electricity market design UK Government Review of Electricity Market Arrangements (REMA) The UK Government has confirmed it will not pursue zonal pricing for the electricity wholesale market. Instead, it will retain a single national GB-wide pricing model
Slide 46: 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: High Demand 140 Low Demand Demand natural gas and carbon prices Peaking 120 Capacity 100 Market Price £/MWh Gas CCGT 80 60 40 B
Slide 47: 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 48: InfraRed Capital Partners – Investment Manager
Appendix 5 – Management team InfraRed Capital Partners – Investment Manager Over 25 years’ pedigree in infrastructure Germany1 London New York Madrid Seoul KEY - InfraRed Office - InfraRed Managed Investments Sydney II InfraRed III IV VI infrastructure InfraRed InfraRed Infrastructure Fund III V Inf
Slide 49: RES – Operations Manager
Appendix 5 – Management team RES – Operations Manager World’s largest independent renewable energy company ACTIVITIES TECHNOLOGIES Develop Construct Services Digital Wind Solar Storage T&D Green Hydrogen +40 24 #1 28GW 43GW OVER 4,500 YEARS COUNTRIES Experience in Worldwide The world’s largest Proje
Slide 50: Diversified shareholder base
Appendix 6 – Company information Diversified shareholder base Shareholders by type, as % of Register1 Selected segments of TRIG’s shareholder base1 6% 8% ▲ Top five holders account for c.27% of TRIG’s issued share capital ▲ Top 10 holders account for c.42% of TRIG’s issued share capital 9% 38% ▲ Ret
Slide 51: Significant track record established over eleven years
Appendix 6 – Company information Significant track record established over eleven years NAV total return1,2 200p Annualised NAV total return since IPO: 7.2% 160p 120p 80p 40p 0p IPO 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1 2025 Cumulative Dividends NAV per share Share price performa
Slide 52: 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 108.2p (30 June 2025) Issue / Listing ▲ Premium listing of ordinary shares on the Main Market of the London
Slide 53: 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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