REG - Octopus Renewables - Q1 2026 Factsheet and Net Asset Value

Octopus Renewables Infrastructure TrustAnnouncement

07/05/2026 07:00

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RNS Number : 3098D  Octopus Renewables Infra Trust PLC  07 May 2026

7 May 2026

 

LEI: 213800B81BFJKWM2JV13

 

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

 

Q1 2026 Factsheet and Net Asset Value

 

Octopus Renewables Infrastructure Trust plc, the diversified renewables
infrastructure company, announces that its unaudited Net Asset Value ("NAV")
as at 31 March 2026, on a cum-income basis, was £491.5 million or 93.15
pence per Ordinary Share (31 December 2025: £494.8 million or 93.79
pence per Ordinary Share). This reflects a positive NAV total return of 1%
over the quarter.

 

                                                Pence per Ordinary Share*  £m
 Unaudited NAV as at 31 December 2025           93.79                      494.8
 Market price assumptions                       0.16                       0.8
 Macroeconomic assumptions                      (0.35)                     (1.9)
 Q4 2025 interim dividend                       (1.55)                     (8.2)
 Other movements                                1.13                       5.9
 Unaudited NAV as at 31 March 2026              93.15                      491.5

* Totals may not sum exactly due to rounding

 

Market price assumptions

 

Updates to market price assumptions increased NAV by a net £0.8 million,
equivalent to 0.16 pence per Ordinary Share, during the quarter.

 

The majority of this valuation uplift arose from an increase in short-term
power prices, reflecting market movements towards the end of Q1, driven by
geopolitical developments in the Middle East which impacted global gas markets
and increased uncertainty around LNG (Liquefied Natural Gas) supply. However,
this was partially offset by modest reductions in medium to long-term power
price forecasts. Changes in green certificate and capacity market assumptions
were immaterial.

 

The limited impact of short-term volatility on this quarter's valuation is
supported by the Company's high proportion of fixed and contracted revenues
(86% over the two-year period to 31 March 2028). In addition, to avoid
artificial movements driven by short-term price volatility a five-week average
to 31 March 2026 is used in the valuation.

 

Subsequent to the period end, the UK Government announced the removal of
Carbon Price Support, effective April 2028. Based on initial analysis using
external advisor inputs, the estimated impact on NAV is less than 0.5 pence
per Ordinary Share. As a post-period event, this impact will be reflected in
the Q2 2026 NAV. The Company also notes the broader package of UK energy
policy measures announced on 21 April 2026, which are not currently expected
to have a material impact on valuation.

 

 

Macroeconomic assumptions

 

Changes to macroeconomic assumptions had a net negative impact on NAV in the
quarter, decreasing valuation by £1.9 million or 0.35 pence per Ordinary
Share.

 

This was largely driven by an increase in the level of French local
infrastructure tax ("IFER") applicable to the Company's solar portfolio.
Updates to inflation, interest rate and foreign exchange assumptions together
broadly offset each other, culminating in a neutral impact overall.

 

Other movements

 

A net increase of £5.9 million or 1.13 pence per Ordinary Share was recorded
from other valuation movements.

 

This includes a c. £10 million uplift relating to the expected return on the
assets, reflecting the net present value of future cash flows being brought
forward over the period. This was offset by plc costs and interest on debt
facilities at the holding company level totalling c. £4 million.

 

Gearing

 

As at 31 March 2026, gearing (total debt drawn as a percentage of Gross Asset
Value ("GAV"¹) stood at 44.8%, remaining flat over the quarter.

 

 

 

Notes

1.    "Gross Asset Value" means the aggregate of (i) the fair value of the
Company's underlying investments (whether or not subsidiaries), valued on an
unlevered basis, (ii) the relevant assets and liabilities of the Company
(including cash) valued at fair value (other than third party borrowings) to
the extent not included in (i) or (ii) above.

 

Factsheet

 

The Company's Q1 2026 factsheet has been published today and is available to
download at:

https://www.octopusrenewablesinfrastructure.com/all-reports-publications
(https://www.octopusrenewablesinfrastructure.com/all-reports-publications)

 

 

For further information please contact:

 

 Montfort Communications (Public Relations)                       orit@montfort.london

 Imogen Saunders                                                  +44 (0)7826 547304

 Octopus Energy Generation (Investment Manager)

 Chris Gaydon, David Bird                                         orit@octopusenergygeneration.com

 Charlotte Edgar (Investor Relations)

 Peel Hunt (Broker)                                               020 7418 8900

 Luke Simpson, Huw Jeremy (Investment Banking)

 Alex Howe, Chris Bunstead, Ed Welsby, Richard Harris (Sales)

 Apex Listed Companies Services (UK) Limited (Company Secretary)   020 3327 9720

Notes to editors

 

About Octopus Renewables Infrastructure Trust

 

Octopus Renewables Infrastructure Trust ("ORIT") is a London-listed
closed-ended investment company incorporated in England and Wales focused
on providing investors with an attractive and sustainable level of income
returns, with an element of capital growth, by investing in a diversified
portfolio of renewable energy assets in Europe and Australia. As an impact
fund, ORIT is helping accelerate the transition to net zero by investing in
green energy, whilst also contributing to a broader set of UN Sustainable
Development Goals through its impact initiatives. ORIT's investment manager is
Octopus Energy Generation.  Further details can be found
at www.octopusrenewablesinfrastructure.com
(http://www.octopusrenewablesinfrastructure.com/) .

 

About Octopus Energy Generation

 

Octopus Energy Generation is driving the renewable energy agenda by building
green power for the future. Its specialist renewable energy fund management
team invests in renewable energy assets and broader projects helping the
energy transition, across operational, construction and development stages.
The team was set up in 2010 based on the belief that investors can play a
vital role in accelerating the shift to a future powered by renewable energy.
It has a 14-year track record with approximately £7.0 billion of assets under
management (as at 31 December 2025) across 21 countries and with a total c.4.9
GW capacity under management. Octopus Energy Generation is the trading name of
Octopus Renewables Limited. Further details can be found
at www.octopusenergygeneration.com (http://www.octopusenergygeneration.com/)
.

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