The Renewables Infrastructure Group (TRIG) Investor update summary

Strategic Overview and Capital Allocation

• Targeting a progressive dividend policy with a 2026 goal of £0.0755 per share and sustainable cover of 1.1x–1.2x.

• Plan to raise £400 million over 12 months, mainly via asset disposals and modest debt issuance, to fund share buybacks, debt reduction, and internal investments exceeding a 13% hurdle rate.

• £150 million share buyback program underway, with £101 million completed and £49 million remaining as of May 2026; surplus liquidity of £75 million expected after buybacks and investments.

• Management fees to be based solely on market capitalization from July 2026, with a 19% fee reduction and annual savings of £3.4 million, conditional on a continuation vote.

• Board prioritizes narrowing the NAV discount and supporting share price recovery ahead of the June continuation vote.

Market Context and Portfolio Positioning

• Energy transition, electrification, and security are driving structural power demand growth in Europe and the UK.

• Renewables are now core infrastructure, with policy shifting from subsidizing capacity to enabling system flexibility, grid resilience, and battery storage.

• Portfolio spans wind, solar, and battery storage across six European markets, with 2.3GW net operational capacity.

• Conservative leverage approach: 90% of debt fixed rate, repaid over fixed-price revenue terms, supporting resilience through market cycles.

• Value creation is shifting to active asset management, operational optimization, and co-located battery storage.

Cash Flow, Dividend Cover, and Reinvestment

• Portfolio expected to generate £2 billion operational cash flow from 2026–2030, repaying £1 billion debt and paying £850 million dividends.

• Dividend cover projected at 1.1x–1.2x, resilient across power price scenarios, with 85% of next 12 months’ revenues fixed.

• Reinvestment at c.13% IRR is central to income and capital growth, extending portfolio duration and resilience.

• Five-year distributable cash flow per share CAGR of ~4%.

• Dividend is covered under all power price scenarios, with revenue fixes (e.g., corporate PPAs) enhancing cash flow visibility.