REG - Octopus Renewables - Q3 2025 Factsheet and Net Asset Value

Octopus Renewables Infrastructure TrustAnnouncement

03/11/2025 07:00

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RNS Number : 7813F  Octopus Renewables Infra Trust PLC  03 November 2025

3 November 2025

 

LEI: 213800B81BFJKWM2JV13

 

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

 

Q3 2025 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 30 September 2025, on a cum-income basis, was £523.4 million or 98.46
pence per Ordinary Share (30 June 2025: £540.4 million or 99.46 pence per
Ordinary Share).

 

                                                Pence per Ordinary Share*  £m
 Unaudited NAV as at 30 June 2025               99.46                      540.4
 Power prices and green certificates            (1.42)                     (7.7)
 Macroeconomic assumptions                      0.65                       3.5
 Share buybacks                                 0.64                       (8.2)
 Q2 2025 interim dividend                       (1.52)                     (8.3)
 Other movements                                0.66                       3.6
 Unaudited NAV as at 30 September 2025          98.46                      523.4

* Totals may not sum exactly due to rounding

 

Power prices and green certificates

 

Net movements in power prices and green certificates reduced NAV by £7.7
million over the quarter.

·    The reduction reflects a recalibration of green certificate
assumptions to adopt a more conservative external long-term forecast curve
which is closely aligned with recent market trends. This led to a reduction in
NAV of £12.9 million.

·    Short-term and medium- to long-term power price forecasts increased
slightly across ORIT's core markets, partially offsetting the overall
valuation reduction with a positive impact of £5.2 million.

 

ORIT's portfolio continues to benefit from a high level of contracted revenue.
As at 30 September 2025, 86% of the Company's forecast revenue over the next
24 months was fixed or contracted, up from 85% at the end of June 2025. This
strong degree of revenue visibility continues to provide robust protection
against any short-term market volatility.

 

Macroeconomic assumptions

 

Macroeconomic updates had a positive impact on valuations during the quarter.

·      Short-term UK inflation forecasts increased marginally,
supporting inflation-linked revenue across the portfolio.

·    Sterling weakened against the euro, generating a gross valuation gain
of £7.3 million before currency hedging. After accounting for the Company's
FX hedges, the net impact of foreign exchange movements was a gain of £1.7
million.

 

Overall, the combined impact of these macroeconomic factors resulted in a net
valuation increase of £3.5 million, equivalent to 0.65 pence per Ordinary
Share.

 

 

Share buybacks

( )

During Q3 2025, ORIT repurchased 11.8 million shares for approximately £8.2
million, at an average price of 69.4 pence per Ordinary Share. As at 30
September 2025, the Company had deployed £23.6 million of its £30 million
buyback programme.

 

Following these repurchases, the total number of voting rights in the Company
stood at 543,370,568. The reduction in shares in issue was accretive to NAV
per share, resulting in an uplift of 0.64 pence in the quarter and 1.8 pence
cumulatively since the programme began in June 2024.

 

The Company's recently launched 'ORIT 2030' strategy sets a renewed focus on
long-term shareholder value creation, prioritising capital deployment into
construction and development-stage projects which are expected to deliver
higher returns and sustainable NAV growth. While buybacks remain an available
tool, future capital allocation will be more strongly weighted towards
investments that enhance scale, resilience, and dividend sustainability.

 

Other movements

 

An increase of £3.6 million or 0.66 pence per Ordinary Share was recorded
from other valuation movements.

 

This increase reflects a £14.0 million uplift relating to the expected return
on the assets, driven by the net present value of future cash flows being
brought forward from 30 June 2025 to 30 September 2025. However, this gain was
largely offset by lower-than-expected cash generation, principally due to low
wind speeds, adjustments to future Capex and operational assumptions for some
sites, and fund-level expenses, mainly related to the Company's operating and
transaction costs (including RCF interest).

 

Gearing

 

As at 30 September 2025, ORIT had total gearing (total debt drawn as a
percentage of Gross Asset Value ("GAV"¹) of 47.8%, up slightly from 46.5% as
at 30 June 2025. This temporary increase reflects the continued execution of
the Company's share buyback programme. ORIT remains on track to reduce total
gearing to below 40% by the end of 2025, supported by scheduled debt
amortisation of project-level term loans and active portfolio management
through the ongoing asset recycling programme.

 

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 Q3 2025 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:

 

 Octopus Energy Generation (Investment Manager)                   Via Burson Buchanan or

 Chris Gaydon, David Bird                                         orit@octopusenergygeneration.com (mailto:orit@octopusenergygeneration.com)

 Charlotte Edgar (Investor Relations)

 Peel Hunt (Broker)                                               020 7418 8900

 Liz Yong, Luke Simpson, Huw Jeremy (Investment Banking)

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

 Burson Buchanan (Financial PR)                                     020 7466 5000

 Charles Ryland, Nick Croysdill, Jude Stokes

 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 premium-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 (AUM) (as at 30 June 2025) across 21 countries and with a total 4.4
GW of capacity managed. 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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