Renewables Infrastructure Group Limited GBP Red.Shs · LSE:TRIG
Renewables Infrastructure Group Limited GBP Red.Shs — The Renewables Infrastructure Group — H1 2026 Earnings Presentation
53 slides from Renewables Infrastructure Group Limited GBP Red.Shs's earnings presentation, Aug 7, 2026
Slide 1: The Renewables Infrastructure Group Interim Results 2026
The Renewables Infrastructure Group Interim Results 2026 7 August 2026 www.trig-ltd.com 20260807-5819549
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 2026 highlights
Investment Proposition & H1 2026 highlights www.trig-ltd.com 3 20260807-5819549
Slide 4: Resilient cash generation, disciplined capital allocation and active management
Resilient cash generation, disciplined capital allocation and active management H1 2026 Resilient Intrinsic results characteristics shareholder value Project-level Dividend per share 101.1p NAV per share £111m debt repaid 7.55p target for 2026 NAV total return Revenues fixed over 1.7% for the period
Slide 5: Disciplined capital allocation
Disciplined capital allocation Uses of cash FY 2026 expected uses1,2 Reduce gearing 15% 22% 45% 49% 51% Shareholder 61% Returns 52% 45% 34% 40% to 45% 40% 25% 23% Funding growth 18% 5% to 10% 10% 10% 2023 2024 2025 H1 2026 Funding growth Shareholder returns Reduce gearing 1. Projections are subject
Slide 6: Strong start towards TRIG's near-term objectives
Strong start towards TRIG’s near-term objectives May 2026 Capital Markets Seminar objective Progress to date ‒ £155m Beatrice disposal agreed (c.40% of the realisation objective) Disciplined £400m ‒ Further disposal processes underway capital allocation to be realised ‒ £200m private placement issue
Slide 7: Diversification of TRIG's portfolio across geographies and technologies
Diversification of TRIG’s portfolio across geographies and technologies underpins business model resilience 44% UK 56% Rest of Europe Diversified UK & 2.7GW European portfolio1 8% 14% Onshore Wind Renewable electricity 2.9TWh Offshore Wind 49% Solar PV generated in H1 2026 29% Battery storage Near-t
Slide 8: Financial Highlights & Valuation
Financial Highlights & Valuation www.trig-ltd.com 8 20260807-5819549
Slide 9: Financial highlights
Financial highlights Half year ended 30 June 2026 101.1p £2,817m £111m Project-level debt NAV per share Portfolio Value repayments (31 Dec 2025: 104.0p) (31 Dec 2025: £2,875m) (H1 2025: £105m) 2.3x / 1.1x 7.55p 0.1p Gross cash cover1 / FY 2026 Dividend IFRS earnings per share Net dividend cover2 per
Slide 10: Valuation
Portfolio valuation bridge Valuation movement in the period to 30 June 2026 £3,000m 2,875 49 2,807 9 55 2,817 (116) (14) (41) Valuation Portfolio £2,000m £1,000m £m 31-Dec-25 New Cash Rebased Movement in Change in Change in Portfolio 30-Jun-26 Valuation Investments Distributions Valuation Foreign Po
Slide 11: TRIG captures the range of views on energy market power price assumptions
TRIG captures the range of views on the evolution of the energy market in its power price assumptions 90 GB Onshore Cannibalised Price1 80 70 Real 2025 GBP/MWh 60 50 40 30 Dec 25: TRIG curve Jun 26: TRIG curve 20 10 Dec 25: Range of forecasts Jun 26: Range of forecasts 0 2026 2029 2032 2035 2038 204
Slide 12: Reduction in short to medium-term power prices due to lower gas price expectations
Reduction in short to medium-term power prices predominately due to lower gas price expectations TRIG blended cannibalised power price curve1,2 Average assumed cannibalised power prices3 70 Average Average Average Average Region Real 2025 GBP/MWh 60 2026-2030 2031-2035 2036-2050 2051-2060 50 GB (Rea
Slide 13: Discount rates include 5% risk premium vs reference rates
Discount rates include 5% risk premium vs reference rates 30 Jun 31 Dec 30 Jun 4 Aug 2025 2025 2026 2026 Benchmark government bond yields1 UK 4.5% 4.5% 4.8% 4.9% Weighted average discount rate 9.1% (10bps increase in the six EU markets weighted average 2.8% 3.1% 3.1% 3.3% months) Discount rates incr
Slide 14: Inflation and other portfolio return items
Inflation and other portfolio return items Inflation Other items impacting NAV per share ▪ UK RPI and CPI significantly higher than Dec 25 forecasts ▪ European inflation slightly higher than Dec 25 forecast Actuals and other changes(p/share) ▪ Longer-term forecast inflation rates remain unchanged Lo
Slide 15: Active management limits NAV impact from external factors
Active management limits NAV impact from external factors including revenue forecast reductions 120p (2.4) (1.3) + 0.8 100p 80p Pence per Ordinary Share Actuals & company Macro costs 60p 104.0 - Power prices Revenue 101.1 - Lower generation + management 31 Dec 2025 NAV 30 June 2026 NAV - REGOs & GoO
Slide 16: Creating greater balance sheet capacity to drive shareholder returns
Creating greater balance sheet capacity to drive shareholder returns H1 2026 actual movements H2 2026 projected movements3 Retained cash flow £398m Share buybacks Construction investment £276m Private placement debt issuance c. £100m to £150m £121m Beatrice Construction Retained proceeds RCF post- i
Slide 17: 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 2,000 50% ▪ £200m private placement secured with high-quality institutional lenders 40% 1,500 ▪ Strong investor demand resulted in u
Slide 18: Conservative balance sheet is the foundation of TRIG's resilience
Conservative balance sheet is the foundation of TRIG’s resilience Revolving Credit Facility Look through EV gearing % £121m 4.8% 5,000 47% Drawings post- average interest Beatrice rate 42% 4,000 Private Placement (amortising Aug-33 to Feb-38) 3,000 £199m 5.2% £m Drawings post- average interest Beatr
Slide 19: Operational Excellence
Operational Excellence www.trig-ltd.com 19 20260807-5819549
Slide 20: Robust financial performance with below budget generation offset by elevated power prices
Robust financial performance with below budget generation offset by elevated power prices Main drivers of performance: H1 2026 Net capacity Electricity Performance ▲ Low wind speeds in Sweden and France Technology Region more than offset by higher power prices (MW) production vs. Budget (GWh)1 ▲ UK
Slide 21: Balanced weather resource since IPO relative to the longer-term average
Balanced weather resource since IPO relative to the longer-term 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 2026 France Onshore Wind Germany Offshore Wind Scandinavi
Slide 22: 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 23: 100MW generation and storage capacity scheduled to come online in H2 2026
100MW generation and storage capacity scheduled to come online in H2 2026, adding to cash flows from 2027 Secured H1 2026 Spennymoor construction commenced Cadiz battery co-location import capacity applications submitted Garreg and Earlseat 10-year CPPA commenced Grönhult ancillary grid services com
Slide 24: Concluding Remarks
Concluding Remarks www.trig-ltd.com 24 20260807-5819549
Slide 25: Strong strategic progress
Strong strategic progress £400m tobybeMayrealised 2027 Disciplined Resilient investment proposition capital allocation £155m Beatrice disposal signed Robust cash flows and a sustainable dividend from a diversified portfolio Net dividend cover 1.1x in 2026 Strategic execution Active revenue managemen
Slide 26: Appendices
Appendices www.trig-ltd.com 26 20260807-5819549
Slide 27: Summary June 2026 Financial Statements
Appendix 1 – Financials & Valuation Summary June 2026 Financial Statements Income Six months to Six months to Six months to Six months to Six months to Six months to Balance Sheet 30 June 2026, £m 30 June 2025, £m Cash Flow Statement 30 June 2026, £m 30 June 2025, £m Statement 30 June 2026, £m 30 Ju
Slide 28: Valuation – key assumptions
Appendix 1 – Financials & Valuation Valuation – key assumptions As at 30 June 2026 As at 31 December 2025 Discount Rate Portfolio average 9.1% 9.0% Power Prices Weighted by market Based on third party forecasts Based on third party forecasts UK (RPI) 4.5% for the rest of 2026, 3.25% to 2029, 2.5% th
Slide 29: 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 2025 30 Jun 2026 4 Aug 2026 yields1 UK 4.5% 4.8% 4.9% EU markets weighted average 3.1% 3.1% 3.3% Germany 2.9% 2.9% 3.1% France 3.6% 3.6% 3.9% Sweden 2.8% 2.7% 3.0% Spain 3.
Slide 30: GB forward power prices H2 2026 – 2028
Appendix 1 – Financials & Valuation GB forward power prices H2 2026 – 2028 UK forward prices have been variable since the reporting date1 GB Forward Price (£/MWh Nominal) 30 June 2026 110.0 The three dots below represent the cannibalised GB onshore wind prices forecast in the TRIG valuation for the
Slide 31: Regional price forecasts and cannibalisation assumptions
Appendix 1 – Financials & Valuation Regional price forecasts and cannibalisation assumptions Forecast power prices major TRIG markets - £/MWh (real 2025) 90.0 80.0 70.0 % Portfolio value % Cannibalisation Major markets (Jun 26) (Average) 60.0 GB offshore 25% -20% GB onshore 24% -24% 50.0 Sweden onsh
Slide 32: 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 2025 prices, and are post-cannibalisation and pre-PPA discount. GB offshore, £/MWh (real 2025) ‘26 ‘27 ‘28 ‘29 ‘30 ‘31 ‘32 ‘3
Slide 33: Power price forecasts by region (2/2)
Power price forecasts by region (2/2) Spain solar, €/MWh (real 2025) ‘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 18.51 21.53 22.15 25.54 27.38 30.98 31.02 34.15 36.05 38.92 39.06 39.77 39.09 38.76 38.33 38.29 36.46 35.94 36.36 35.63 36.16 36.09
Slide 34: 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 100 GB onshore wind curve (£/MWh, real) Carbon price (£/tCO₂) Gas price (£/MWh) 35 200 80 30 25 60 20 100 40 15 10 20 5 0 0 0 2027 2050 2027 2050 2027 2050
Slide 35: NAV sensitivities
Appendix 1 – Financials & Valuation NAV sensitivities Based on portfolio at 30 June 2026 -300.0p -200.0p -100.0p 0.0p 100.0p 200.0p 300.0p Discount rate +/- 0.5% -3.3p 3.5p Output P90 / P10 (10 year) -13.5p 14.5p Power price -/+ 10% -7.4p 7.5p Reduction in Inflation -/+ 0.5% -3.5p 4.3p assumption Op
Slide 36: Disciplined approach to balance sheet management
Appendix 1 – Financials & Valuation Disciplined approach to balance sheet management TRIG’s portfolio at 30 June 2026 Term Project Debt Project Category ‒ Limited to 50% of portfolio enterprise value (Younger = <10yrs) % of Average gearing1 # of projects2 portfolio ‒ Fully amortising within the subs
Slide 37: Diversified portfolio across geographies and technologies
Appendix 2 – Portfolio construction Diversified portfolio across geographies and technologies Diversification across multiple countries Low single asset concentration1 Hornsea One 11% 38% 17% 1% 7% 10% 12% 15% Merkur 8% England & Wales Scotland N. Ireland Spain Germany France Sweden Established tech
Slide 38: Portfolio asset life
Appendix 2 – Portfolio construction Portfolio asset life Average asset age1 Remaining asset life1 1% 10% 6% 27% <5 years 9% <5 years 5-10 years 5-10 years 26% 10-15 years 10-15 years >15 years >15 years 38% 85% Average asset age 8.5 years Average remaining asset life 23 years 1. As a percentage of p
Slide 39: Portfolio breakdown
Appendix 2 – Portfolio construction Portfolio breakdown Across technologies and geographies England & Total per O Scotland N. Ireland UK subtotal Sweden France Germany Spain Wales technology Onshore 6% 17% 1% 24% 15% 10% - - 49% Wind Offshore 19% - - 19% - - 10% - 29% Wind Solar 5% - - 5% - 2% - 7%
Slide 40: 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 41: Revenue profile
Appendix 2 – Portfolio construction Revenue profile Medium-term project-level revenues mainly fixed and indexed Revenue for the next 12 months PPA market revenue 19% PPA market revenue at floor 3% REGO, GoO and Other 1% Fixed PPA and FiTs 59% ROC revenue 18% £800m £600m £400m £200m - 26 27 28 29 30
Slide 42: 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 43: Moderated operational revenues assumed
Appendix 2 – Portfolio construction Moderated operational revenues assumed ▲ Price spreads reduced from Autumn 2025 into Winter 2025-26 as ▲ Forecasts have converged in the near-term, with long-term seasonally higher demand resulted in prices remaining higher revenue forecasts diverging throughout t
Slide 44: Key near-term energy market and public policy opportunities and risks
Appendix 2 – Portfolio construction Key near-term energy market and public policy opportunities and risks (next 12 months) In addition to the principal risks and macro-economic sensitivities to valuation covered in the Principal Risks and Uncertainties and Valuation of Portfolio sections of TRIG’s 3
Slide 45: A commitment to sustainability
Appendix 3 – Sustainability A commitment to sustainability Mitigate adverse climate change Preserve our natural environment 801k 58 Number of active Tonnes of CO2 environmental emissions avoided1 (H1 2025: 755k) enhancement initaitives2 (H1 2025: 53) Positively impact the communities in which we wor
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 Low Average High Demand Demand Demand Key elements of the power price: Peaking natural gas and carbon prices 140 capacity Battery & Pumped Storage 120 Gas CCGT Market 1
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 London Frankfurt 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 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 +45 24 #1 29GW 45GW 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 9% Selected segments of TRIG’s shareholder base1 8% 32% ▲ Top five holders account for c.24% of TRIG’s issued share capital ▲ Top 10 holders account for c.40% of TRIG’s issued share capital 15% ▲ Re
Slide 51: Track record
Appendix 6 – Company information Track record NAV total return1,2 200p 160p Annualised NAV total return since IPO: 6.8% 120p 80p 40p 0p IPO 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Cumulative Dividends NAV per share Share price performance and Beta3,4 290p 4 Cumulative total
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 101.1p (30 June 2026) 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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