REG - Octopus Renewables - Q4 2025 Factsheet and Net Asset Value

Octopus Renewables Infrastructure TrustAnnouncement

02/02/2026 07:00

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RNS Number : 1909R  Octopus Renewables Infra Trust PLC  02 February 2026

2 February 2026

 

LEI: 213800B81BFJKWM2JV13

 

Octopus Renewables Infrastructure Trust plc

("ORIT" or the "Company")

 

Q4 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 31 December 2025, on a cum-income basis, was £494.8 million or 93.79
pence per Ordinary Share (30 September 2025: £523.4 million or 98.46
pence per Ordinary Share).

 

                                                Pence per Ordinary Share*  £m
 Unaudited NAV as at 30 September 2025          98.46                      523.4
 Market price assumptions                       (1.67)                     (8.9)
 Macroeconomic assumptions                      0.31                       1.6
 ROC indexation impact                          (0.93)                     (5.0)
 Q3 2025 interim dividend                       (1.53)                     (8.1)
 Share buybacks                                 0.23                       (2.5)
 Other movements                                (1.09)                     (5.8)
 Unaudited NAV as at 31 December 2025           93.79                      494.8

* Totals may not sum exactly due to rounding

Market price assumptions

 

Updates to market price assumptions reduced NAV by £8.9 million, equivalent
to 1.67 pence per Ordinary Share, during the quarter. This movement reflects
the net impact of updates to power price, green certificate and capacity
market assumptions across the portfolio:

 

·      The majority of the valuation impact arose from a downward
revision to medium- to long-term power price forecasts, following updates to
external reference curves.

·      Longer-term green certificate and capacity market price
assumptions were revised slightly downwards, though these movements were not
material individually and had only a modest incremental impact on NAV.

·      Short-term forward power prices and green certificate assumptions
were also revised modestly downwards, reflecting prevailing market conditions.
These changes had a limited impact on valuation given the Company's high level
of contracted and hedged revenues in the near term.

 

Overall, the revenue forecast update reflects a more conservative view of
longer-term merchant pricing. However, the Company's market-leading contracted
revenue profile (88% over the two-year period to 31 December 2027) continues
to provide strong protection against short-term market volatility.

 

Macroeconomic assumptions

 

Changes to macroeconomic assumptions had a marginal positive impact on NAV in
the quarter, increasing valuation by £1.6 million or 0.31 pence per Ordinary
Share.

 

Movements in inflation, interest rates and foreign exchange assumptions were
broadly offsetting and did not materially affect the portfolio valuation.

 

Renewables Obligation Certificate ("ROC") indexation impact

 

The valuation reflects a £5.0 million (0.93 pence per share) reduction
arising from the outcome of the UK Government's consultation on the indexation
of Renewables Obligation Certificates ("ROCs"), published on 28 January 2026.
The Government confirmed that it will adopt option 1, switching indexation of
the ROC buyout price from the Retail Price Index ("RPI") to the Consumer Price
Index ("CPI") effective March 2026. ORIT has therefore reflected the full
impact of this change on its Q4 2025 NAV. The resulting outcome of 0.93 pence
per share is slightly lower than the estimated figure published by the Company
in a statement on the consultation in November due to increased CPI forecasts
included in the Q4 2025 NAV.

 

Share buybacks

( )

During Q4 2025, ORIT repurchased 3,966,014 shares for approximately £2.5
million, at an average price of 62.4 pence per Ordinary Share. As at 31
December 2025, the Company had deployed £26 million of its £30 million
buyback programme. Following these repurchases, the total number of voting
rights in the Company stood at 527,576,939. The reduction in shares in issue
was accretive to NAV per share, resulting in an uplift of 0.23 pence per
Ordinary Share in the quarter and 2.0 pence cumulatively since the programme
began in June 2024.

 

The Company's 'ORIT 2030' strategy launched in September 2025 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

 

A net decrease of £5.8 million or 1.09 pence per Ordinary Share was recorded
from other valuation movements. This includes:

 

·    A £12.4 million uplift (+2.34 pence per share) relating to the
expected return on the assets, driven by the net present value of future cash
flows being brought forward from 30 September 2025 to 31 December 2025, and a
modest uplift relating to the sale of operational assets completed in December
2025.

This gain was more than offset by a combination of factors, including:

·    Lower-than-expected cash generation in the quarter (-0.47 pence per
share).

·    A one-off adjustment arising from the year-end reconciliation of
full-year performance (-1.15 pence per share).

·    Refinements to future operational and cost assumptions at certain
sites (-0.15 pence per share).

·    Conservative discounts applied to deferred consideration on sales of
developer investments, reflecting time value and remaining uncertainty on
delivery of milestones - these discounts are expected to unwind as milestones
are achieved (-0.69 pence per share).

·    Fund-level expenses, primarily related to the Company's operating and
financing costs, including interest on the revolving credit facility (-0.96
pence per share).

 

Gearing

 

As at 31 December 2025, ORIT had total gearing (total debt drawn as a
percentage of Gross Asset Value "GAV"¹) of 44.8%, a reduction of 3% from
47.8% as at 30 September 2025.

 

The Board and the Investment Manager remain committed to the stated objective
of reducing gearing to below 40% and anchoring it at this level over the
medium term; further progress is expected as additional asset sales complete
and scheduled debt amortisation continues. As the Company executes its 'ORIT
2030' strategy, gearing may temporarily move above or below the target level
as capital allocation from asset sales is balanced between debt reduction and
selective reinvestment, while also maintaining a prudent capital structure.

 

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 Q4 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

 Henry Harrison-Topham, Henry Wilson, Nick Croysdill, Jesse McNab

 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 £6.8 billion of assets under
management (AUM) (as at 30 September 2025) across 20 countries and with a
total c.4.8 GW potential generation capacity. 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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