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Aquila European Renewables (AERI) investor relations material
Aquila European Renewables H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Continued managed wind-down with EUR 54.4 million returned to shareholders in H1 2026, following asset sales in Greece, Portugal, Denmark, and Norway.
Remaining portfolio consists of two wind farms (Finland, Norway) and five solar PV assets (Spain, Portugal).
NAV fell to EUR 146.1 million (from EUR 279.3 million in H1 2025), with NAV per share at 38.6 cents.
Share price traded at a significant discount to NAV, reaching as wide as 63% in June 2026.
Financial highlights
NAV per share declined 6.4% in H1 2026 after adjusting for capital returns; total NAV return per share was -6.4%.
Net assets dropped by EUR 68.2 million, driven by capital returns and portfolio value decline.
Ongoing charges increased to 1.6% (from 1.0% in 2025).
No dividend declared for H1 2026.
Loss after tax for the period was EUR 13.7 million.
Outlook and guidance
Board prioritizes completing the wind-down and returning capital efficiently.
Future disposals are unlikely to achieve NAV due to market conditions and indicative pricing.
Challenging market conditions in Finland, Spain, and Portugal expected to persist, constraining cash distributions.
- NAV dropped 33% as asset sales and market headwinds drove losses and capital returns.AERI
H2 2025 - NAV fell, share price hit a 43% discount, and asset sales continue amid a managed wind-down.AERI
H1 2025 - NAV fell 7.1% in 1H24, but dividend yield rose to 8.9% as wind-down looms.AERI
H1 2024 - Net assets declined 14% as the company began a managed wind-down and sold key assets.AERI
H2 2024
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