08 aug 25   renew infra grp ld - announcement of interim results renewables infrastructure group limited gbp red.shs | trig | 81.8 -0.50 (-0.6%) | mkt cap: 1,969m    rns number : 5005u renewables infrastructure grp (the) 08 august 2025                     8 august 2025 the renewables infrastructure group limited  "trig" or "the company", a london-listed renewables investment company advised by infrared capital partners ("infrared") as investment manager and renewable energy systems ("res") as operations manager. announcement of interim results for the six months to 30 june 2025 £199m of operational cash generated despite low wind resource in the uk, france and germany: ·      in line with the expectation set out in the q1 2025 net asset value ("nav") update, dividend cover was 1.0x in the period (30 june 2024: 1.1x), or 2.2x before the repayment of £105m of project level debt. trig's dividend guidance of 7.55p/share for fy 2025 is reaffirmed by the board. ·      generation in the period was 10% below budget driven by poor wind resource. ·      offshore export cable faults are now fixed. further insurance payments on account received in the period and expected in h2 2025 for east anglia 1. insurance claim continues to be progressed for hornsea 1. financial impact of beatrice ofto outage non-material given commercial protections in place. ·      trig's balance sheet strength underpinned by amortising and fixed interest rate debt, with no significant interest rate or refinancing risk1. forecast revenues benefit from 81% fixed per unit of electricity generated for the next 12 months. ·      h1 2025 saw a 7.7p reduction in nav per share to 108.2p as at 30 june 2025 (31 december 2024: 115.9p), predominantly due to external factors including lower power price forecasts. ·      the positive impact of technical enhancements relating to turbine hardware and software upgrades on several projects across the portfolio added £19m to portfolio value. ·      the weighted average portfolio discount rate increased by 0.2% in the period to 8.8% (31 december 2024: 8.6%), with discount rates for projects based in mainland europe having been increased by 30 basis points in the period. 1.     as at 30 june 2025, trig had £1.8bn of fixed-rate, amortising project level debt and £0.3bn rcf borrowings. the rcf was refinanced in the period and has a maturity date of 31 march 2028 disciplined capital allocation: ·      share price materially improved since publication of 2024 annual results but recognition from the board and managers that more needs to be done to deliver further improvement. ·      action being taken includes progressing new debt financings and further disposals. share buybacks continue to set the hurdle rate for new investments. the pace of the buyback programme is regularly reviewed by the board and amongst other factors will reflect the prevailing share price and the company's resources. ·      since commencement of trig's share buyback programme, 80m shares have been repurchased for £67m, recognising the accretive investment opportunity presented by acquiring trig's shares when they are trading at their current discount to nav. share buybacks added 0.6p to the company's nav per share in the period to 30 june 2025. ·      during the period the board and managers approved the repowering of the cuxac onshore wind farm in france. the repowered site will be 25mw, which is more than twice the generation capacity of the current project and it will benefit from a new 20-year, inflation linked tariff. a large, diversified portfolio of renewable energy assets, with a significant 1gw development pipeline: ·      2.7twh of clean electricity was generated during the period (30 june 2024: 2.9twh), which is the equivalent of displacing 0.9 million tonnes of carbon emissions. ·      construction of the 78mw two-hour ryton battery storage project in the uk remains on time and on budget, with batteries now being installed ahead of energisation towards the end of the year. ·      the 100mw two-hour spennymoor battery storage project in the uk is being prepared for final investment decision in q3 2025. ·      we welcome the uk government's decision to extend the term of new contracts-for-difference ("cfd") from 15 to 20 years as well as allow repowered projects to bid for new cfds. whilst no residual value is assumed for the vast majority of the portfolio this policy change improves the prospects for the company beyond the lifespan of the current asset base. ·      operational and technical enhancements to deliver capital growth through enhanced energy yields are being rolled out across the portfolio this summer, with the programme for 2026 being developed. ·      trig's expert management team draws from the investment pedigree of infrared and operational excellence of res to enhance the value of trig's portfolio and enhance the company's growth potential. richard morse, chair of trig, said: "of fundamental importance for investment companies to succeed in this uncertain environment is a close attention to risk management, with diversification and scale being important components, and the execution of a growth strategy, to provide the risk and reward balance that shareholders seek. trig is already well placed and the board and managers are committed to furthering these fundamentals to provide resilient and attractive returns to our investors." enquiries infrared capital partners limited                              +44 (0) 20 7484 1800 minesh shah phil george mohammed zaheer   brunswick                                                             +44 (0) 20 7404 5959 / trig@brunswickgroup.com diana vaughton charles malissard   investec bank plc                                                 +44 (0) 20 7597 4000 lucy lewis tom skinner   bnp paribas                                                         +44 (0) 20 7595 9444 virginia khoo carwyn evans   notes the company the renewables infrastructure group ("trig" or the "company") is a leading london-listed renewable energy infrastructure investment company. the company seeks to provide shareholders with an attractive long-term, income-based return with a positive correlation to inflation by focusing on strong cash generation across a diversified portfolio of predominantly operating projects.   trig is invested in a portfolio of wind, solar and battery storage projects across six markets in europe with a net operational capacity of 2.3gw. during 2024 trig's portfolio generated enough clean energy to power the equivalent of 1.6 million homes and avoid 2.0 million tonnes of carbon emissions.   further details can be found on trig's website at www.trig-ltd.com.   investment manager   infrared capital partners is an international infrastructure asset manager, with more than 160 professionals operating worldwide from offices in london, new york, madrid, munich,2 sydney and seoul. over the past 25 years, infrared has established itself as a highly successful developer and steward of infrastructure assets that play a vital role in supporting communities. infrared manages us$13bn of equity capital1 for investors around the globe, in listed and private funds across both core and value-add strategies. infrared is part of slc management, the institutional alternatives and traditional asset management business of sun life. for more information, please visit www.ircp.com.   1 uses five-year average fx as at 31 december 2024 of gbp/usd of 1.2818; eur/usd 1.1092. eum is usd 13.186bn. 2 being launched in 2025   operations manager   trig's operations manager is res ("renewable energy systems"). res is the world's largest independent renewable energy company, working across 24 countries and active in wind, solar, energy storage, biomass, hydro, green hydrogen, transmission, and distribution. an industry innovator for over 40 years, res has delivered more than 24gw of renewable energy projects across the globe and plans to bring more than 22gw of new capacity online in the next five years. as a service provider, res has the skills and experience in asset management, operations and maintenance (o&m), and spare parts - supporting 41gw of renewable assets across 1,300 sites. res brings to the market a range of purposeful, practical technology-based products and digital solutions designed to maximise investment and deployment of renewable energy. res is the power behind a clean energy future where everyone has access to affordable zero carbon energy bringing together global experience, passion, and the innovation of its 4,500 people to transform the way energy is generated, stored and supplied. further details can be found on the website at www.res-group.com.   chair's statement the renewables infrastructure group is a large and diversified london-listed renewables investment company. in the first half of 2025, our 2.3gw portfolio produced 2.7twh of clean electricity. cash generated from the portfolio and disposal proceeds received funded the payment of £92m in dividends, the repurchase of 51m shares for £40m, the reduction in debt by £113m and £39m of construction and development activities. we are pleased to have set out our disciplined approach to capital allocation and our clear vision for growth at the company's capital markets day in may 2025, and are grateful to shareholders for their ongoing support. whilst it is encouraging that the share price discount to nav has narrowed, we consider the current 21% discount to be disappointing and remain focused on ensuring that the share price properly reflects the value of trig's portfolio. we are progressing trig's disposal programme alongside raising new debt financing to drive further accretive capital rotation. the pace of the buyback programme is regularly reviewed by the board and amongst other factors will reflect the prevailing share price and the company's cash resources. trig's managers have successfully continued to deliver value with development activities and a range of technical enhancements adding to portfolio value in the period. their initiatives are supported by the company's robust balance sheet. the vast majority of debt bears a fixed interest rate and is being fully repaid in line with an amortisation schedule, thus largely mitigating interest rate and refinancing risks. this structure provides the foundations for trig to self-fund growth without reliance on equity markets - a key competitive edge for future growth. low wind resource meant that the company's underlying portfolio generation was 10% below budget for the half year. the portfolio delivered £199m of operational cash flows1 in the period. this cash generation represents gross cash cover of 2.2x of the 7.55p dividend target for 2025, or 1.0x net dividend cover after the repayment of £105m portfolio-level debt across the group2. this is in line with expectations set out in the q1 2025 nav update published on 6 may 2025. low generation as a result of particularly poor wind speeds in h1 can be expected to impact h2 cash flows meaning that covering the fy 2025 dividend may be tight. the board reaffirms the dividend target for 2025 of 7.55p per share, and will aim to rebuild net dividend cover in 2026 back towards the steady-state, long-term average of 1.1x to 1.2x. trig's managers, infrared and res, continue to take an active approach to revenue management, with 81% of forecast revenues fixed per unit of electricity generated for the next 12 months and 70% over the next 10 years. the management team continues to progress securing a 10-year corporate power purchase agreement for c. 2% of trig's annual generation, at a price consistent with trig's long term power price forecast, which is expected to be signed in q3 2025. additionally, 58% of portfolio revenues are directly linked to inflation over the next 10 years. both of these attributes provide good revenue stability and support the funding of reinvestment to ensure long-term success of the business. the managers continue to pursue debt issuance and further strategic disposals, with the aim of raising £300m to support the board's capital allocation objectives - with share buybacks providing a hurdle rate for new investments. as set out at the capital markets seminar in may 2025, the investment manager has been progressing a £150m debt private placement, which is expected to be concluded in h2 2025. nab and natwest have been appointed as joint placement agents for the company. the company's net asset value (nav) per share as at 30 june 2025 was 108.2p, a 7.7p reduction from 31 december 2024. this reduction has largely been driven by external factors including lower power price forecasts (-5.1p), increases in discount rates (-1.2p) and particularly low wind resource in the period (-2.6p). the significant reduction in medium-term power price forecasts was dominated by reduced growth in the electricity demand assumptions by one of trig's three forecasters. the political and regulatory backdrop has weighed on asset pricing and transaction liquidity in the sector, as reflected in the increase of the portfolio average discount rate to 8.8%. the positive impact of technical enhancements relating to turbine hardware and software upgrades on several projects across the portfolio, added £19m to portfolio value. the managers are developing their 2026 enhancements programme. looking forward, the managers are progressing trig's 1gw development pipeline. this period saw the final investment decision for repowering the cuxac onshore wind farm in france approved, with a new 20-year inflation-linked tariff secured alongside the deployment of new turbines in place of the original turbines to increase the site capacity from 12mw to 25mw. in the uk, construction of the ryton battery storage project near newcastle remains on time and on budget with the batteries delivered to the site and being installed ahead of energisation, which is expected towards the end of the year. as with the wider development and construction pipeline, both projects are financed organically from trig's own resources. i am pleased to report that during the period, the board reached an agreement with the managers to adjust the basis and improve the alignment of the investment and operations management fees to an equal weighting of net asset value and market capitalisation. this new arrangement was announced to the market on 26 march 2025 at which time it was expected to reduce the annualised fee by 28%, compared to the management fee paid in 2024. further, the board tabled a motion to introduce a continuation vote into the company's articles, which was approved by shareholders at trig's 2025 annual general meeting. the board commissioned a third-party adviser to review the process by which the new management fee was negotiated and presented to the market. the key observation was that in addition to the extensive engagement by the board with investors during the autumn and winter of 2024 on the principles of the new arrangements, some of the company's shareholders would have liked to have been consulted on the proposed changes to the fee arrangements under negotiation with the managers before they were announced to the market. the board has been receptive and responsive to the feedback and recommendations received and looks forward to continuing proactive engagement with the company's shareholders. outlook political support for the energy transition across europe remains; however, in recent times the uk has suffered from the uncertainty caused in the sector linked to potential changes to future electricity market arrangements by the uk government. we are pleased with the announcement that the government intends to continue with a single national wholesale market and look forward to this bringing greater liquidity to the transaction market. trig is well placed to support the uk's ambition to deliver its clean power 2030 ambitions, and has submitted 1gwh battery storage capacity into the gate 2 process with revised grid connection dates expected to be communicated to developers by the end of the year. one of trig's distinctive strengths is that it offers liquid access to a diversified portfolio of uk and european renewables infrastructure projects at scale. our aim is to deliver attractive total returns to shareholders through resilient income and capital growth. an investment at trig's 31 july 2025 share price would have an implied long-term annualised return of 10%3, with a dividend yield of over 9%4. underpinned by trig's robust balance sheet, we are able to buy back shares while investing accretively where new investments beat the hurdle rate set by share buybacks. of fundamental importance for investment companies to succeed in this uncertain environment is a close attention to risk management, with diversification and scale being important components, and the execution of a growth strategy, to provide the risk and reward balance that shareholders seek. trig is already well placed and the board and managers are committed to furthering these fundamentals to provide resilient and attractive returns to our investors. richard morse chair 7 august 2025 1.     on an expanded basis. please refer to the financial review section for an explanation of the expanded basis. operational cash flow generated is reconciled to the cash flow statements as follows: cash received from investments £116m less company (including its immediate subsidiaries trig uk and trig uk i) expenses £23m plus project-level debt repayments £105m 2.     the company, trig uk, trig uk i and its portfolio of investments are known as the "group" 3.     portfolio discount rate less ongoing charges, adjusted for share price discount to nav on the 31 july 2025 of 21% 4.     the 2025 target represents a 9% dividend yield when referenced to the share price of 85p per share at 31 july 2025. the 2025 target should not be seen as an indication of the company's expected results or returns investment report cash flows the group's operational cash flow in the first half of 2025 was £199m, which represents 2.2 times cover of the £92m cash dividend paid to shareholders. operational cash flows were used to repay £105m portfolio-level debt. after operating, finance costs and working capital, the group's distributable cash flow of £93m (h1 2024: £100m) covered the cash dividend 1.0 times (h1 2024: 1.1 times). the group continues to benefit from limited cash flow exposure to interest rates, due to fixed interest rate borrowings and limited refinancing risk across the project companies. portfolio-level debt, which represents c.90% of debt across the group, has an average fixed interest rate of 3.5% and amortises c. £190m per annum with no refinancing risk. valuation the company's net asset value as at 30 june 2025 was 108.2p per share (31 december 2024: 115.9p per share) and the company's portfolio valuation was £2,896m. ifrs earnings for the period were -4.7p per share (h1 2024: -0.6p per share), reflecting the movement in valuation. infrared and res continue to actively manage trig's portfolio to reduce the impact of the macro environment and external factors on the portfolio valuation, adding c.£20m in the period to portfolio valuation including: ·      technical enhancements relating to turbine hardware and software upgrades on several projects across the portfolio; and ·      fixing of revenues for selected projects within the portfolio at favourable power prices. macroeconomic movements that adversely impacted the portfolio valuation, and therefore earnings, by 6.3p per share were: ·      reductions in power price forecasts, which reduced the nav by 5.1p per share; and ·      increases in european discount rates by 30 basis points, which reduced the nav by 1.2p per share. the portfolio's weighted average discount rate increased to 8.8% as at 30 june 2025. as at 30 june 2025, the implied equity risk premium above long-term government benchmark yields was 5.0% (31 december 2024: 4.7%). other factors impacting the portfolio valuation, which principally related to lower than forecast generation as a result of low uk wind speeds, reduced the nav by 2.6p per share. greater detail on trig's approach to power price forecasting is set out in the revenue profile section on page 9 of trig's 2025 interim report and on the valuation movements during the six months to 30 june 2025 in the valuation of the portfolio section on page 18 of trig's 2025 interim report. capital allocation trig's share price has improved significantly since publication of the company's 2024 annual results, but there is recognition from both the board and managers that more needs to be done to address the 21% discount as at 31 july 20251. responsible balance sheet management and disciplined capital allocation are central to the board's strategy. in march 2025, €100m of proceeds were received from partial sale of a stake in the gode offshore wind farm at a premium to nav. the managers continue to progress raising a further £300m capital through debt financings and further divestments to progress the board's capital allocation priorities. as detailed above and at the company's capital markets seminar on 28 may 2025, the investment manager is in the process of arranging a longer-term, debt private placement of approximately £150m, included with the £300m of capital to be raised. nab and natwest have been appointed as joint placement agents for the company. such debt is expected to be drawn in tranches with a series of maturity dates to mirror an amortisation profile. it is expected that this issuance will close in h2 2025. the board has progressed its capital allocation priorities in the period: ·      share buybacks: share buybacks have delivered 0.6p of nav per share accretion in the six months to 30 june 2025 from the repurchase of 51m shares for £40m. buybacks at a significant discount to nav are accretive to nav per share and distributable cash flow per share. the cadence of buying back the company's own shares is managed such that more shares are repurchased when the discount to nav is greater. ·      durable balance sheet: the majority of trig's debt is long-term, fixed-rate, amortising project-level debt. the average interest rate on this debt is 3.5%. project-level debt was reduced by £105m in the period and was £1.8bn as at at 30 june 2025, which represents 38% of enterprise value. trig's exposure to floating rate debt and refinancing risk is limited to the company's revolving credit facility ("rcf"). borrowings under the rcf were £301m at 30 june 2025. the rcf was refinanced on 5 february 2025 and has a maturity of 31 march 2028. the interest rate on the rcf is currently c.5.0%, which is drawn in both sterling and euros. ·      construction spend: £39m of construction spend was incurred during the period relating to the ryton battery storage project and the commencement of repowering cuxac onshore wind farm. development and construction stage investments are a strategic priority of the company to enhance returns and progress technology diversification. new investment decisions are benchmarked against alternative uses of capital, particularly share buybacks. as at 30 june 2025, the company had outstanding investment commitments of £94m, principally relating to the construction of uk battery storage projects, the repowering of the cuxac onshore windfarm in france and the financing of the fig power platform.  h2 2025 2026 2027 total outstanding commitments (£m) 29 29 36 94   investment highlights trig's portfolio balance is carefully managed to position the company across different geographies, technologies, revenue types and project stages. this approach manages risk, and means that shareholders benefit from access to a large, diversified portfolio. a key route to creating value for shareholders is the delivery of projects through development and construction stages into operations. for trig, this means leveraging the collective experience of its managers, infrared and res, to support the effective management of risk and optimisation of returns. trig has a 1gw development pipeline of projects that could all start construction by 2030. the process of bringing these projects from development into construction continues to progress well: construction of the ryton battery storage project in the uk remains on time and on budget with all batteries having arrived on site and installation having begun ahead of energisation towards the end of the year. the final investment decision for the repowering of the cuxac onshore wind farm in france was approved, which will see the site benefit from a new 20-year inflation-linked feed-in-tariff and its generation capacity doubled from 12mw to 25mw. the company's 1gw pipeline includes over 650mw of battery storage development projects. battery storage assets are critical to the energy transition and are particularly complementary within a portfolio of renewables generation assets, which can absorb the higher volatility commensurate with the higher returns battery storage investment offers. recent market transactions have been supportive of sector valuations.  trig retains the option to build or sell assets in the development pipeline, with investment decisions being appraised against alternative uses of capital. opportunities to sell developed projects to third parties and crystallise development profit for trig are anticipated. the managers will continue to actively monitor and assess these opportunities as they arise. revenue profile trig benefits from diversification across several power markets, with projects in great britain, the single electricity market (northern ireland), the main continental european power market (france and germany), the nordic market (sweden) and the iberian market (spain). trig's portfolio cash revenues have substantial medium-term protection from movements in power prices as the portfolio receives a high proportion of its revenue from government subsidies such as feed-in tariffs ("fits"), contracts for difference ("cfds"), renewable obligation certificates ("rocs") or from selling electricity generated via power purchase agreements ("ppas") with fixed prices or from other hedges, together referred to as fixed revenues. the managers take an active approach to revenue management, during the period fixes were applied to generation across the uk, france, spain and sweden. the management team continues to progress securing a 10-year corporate power purchase agreement for c. 2% of trig's annual generation, at a price consistent with trig's long term power price forecast, which is expected to be signed in q3 2025. 70% of projected revenues over the next 10 years are fixed price per mwh generated. 58% of projected revenues over the next 10 years are directly linked to inflation through government-backed revenue contracts. power price forecasting trig uses the average of three power price forecasters' projections adjusted for the lower price that a variable renewables project captures compared to a baseload generator (the resulting discount is known as cannibalisation). this means that trig captures the breadth of views on the evolution of the electricity market and supply-demand dynamics. this is important as these views may diverge over time. of particular note in this period, the lowest of the three forecasters has materially reduced their power price projections principally from reduced expected growth in electricity demand. of the other two forecasters, one broadly maintained price levels and the other slightly increased their projections overall in q2, thus increasing the spread of power price forecasts. the potential impact on projected returns from the spread of forecasts around the average adopted by trig has increased from (-0.8% to +0.9%) at december 2024 to (-1.4% to +1.0%) at june 2025 for the portfolio as a whole; and increased from (-1.5% to +1.5%) at december 2024 to (-2.2% to +1.6%) at june 2025 for the gb wind portfolio. the additional caution introduced by the lowest forecaster during q2 2025 is estimated to have negatively impacted the portfolio valuation by c.£60m or c.2.5p per share. had the lowest forecaster moved their q2 forecasts in line with the other two forecasters, the overall valuation impact from power prices would have been around half of the £124.2m adverse impact which resulted from taking an average of the three forecasters. the vast majority of the impact was due to significant reductions in the uk and swedish power price forwards and forecasts. competitive forces can result in assets trading on the higher curves when there is healthy buyer competition. trig's current approach of incorporating a range of market views through three power price forecasters and a high level of assumed cannibalisation is not adopted by all renewables investment companies, which may lead to differences in impact on portfolio valuations. should either of the two higher power price forecasts come to pass, this could present a material upside to trig's projected returns as demonstrated by the sensitivities provided in the valuation of the portfolio section of trig's 2025 interim report. in addition, trig's approach of using a more cautious average of the main forecasters means that our cash flow forecasting is undertaken on a more conservative basis resulting in a more sustainable dividend policy. market participants that use one or two power price forecasts typically do not use the lowest of the three forecasters. the chart on page 10 of trig's 2025 interim report sets out trig's power price forecasts by region and technology, net of cannibalisation and before ppa discounts. foreign exchange the group2 receives a portion of its revenues in euros. 40% of the portfolio by value is invested in euro-denominated assets23. the group employs foreign exchange hedging to significantly mitigate the cash flow and valuation exposure to this risk, as expanded upon in the valuation of the portfolio section of trig's 2025 interim report. the investment manager implements the company's foreign exchange hedging policy through sterling-euro swaps for up to four years forward. as a result of the interest rate differential between uk and the eurozone, forward foreign exchange contracts over the next four years have been struck at levels better, in sterling terms, compared to the foreign exchange rate as at 30 june 2025 and used in the portfolio valuation. principal risks and uncertainties trig's principal risks for h2 2025, approach to risk management and counterparty exposures are unchanged to those set out in the risk and risk management section of the 2024 annual report on page 56. trig continues to have four enduring principal risks with a high residual impact which are: political / regulatory risk, power prices; production performance and counterparty credit. below is a commentary on the key movements in these risks in the period. in a macroeconomic environment where inflation and interest rates have been elevated, the correlation of portfolio returns to inflation and the company's approach to long-term, fixed-rate and amortising structural debt are key risk mitigants. political / regulatory the risk of government or regulatory support for renewables changing adversely. the energy transition is recognised as being of critical importance across most of the european political spectrum whether for reasons of energy security or decarbonisation. however, changes to existing policies create risks in relation to renewables rollout rates, electrification and assumptions for existing projects. this may impact power price forecasts and the financing of renewables build out. in the uk, the government's energy policy priorities include changes to the next contract for difference auction round (ar7), such as extending the contract term to 20 years and making repowering projects eligible to participate. these measures are designed to promote new investment and accelerate the buildout of renewables, and may provide trig with a route to new government-backed, inflation-linked revenues as the generation fleet in gb matures. it was welcome that post period end that the uk government announced it would not be upheaving the electricity market through a move to zonal pricing. there is also a strong recognition of the importance of reforms to improve the effectiveness of the uk's electricity markets through 'reformed national pricing' designed to provide a transparent and predictable upfront signal ahead of the point of investment decision about the relative system value of investing in different locations. this will be centered around a strategic spatial energy plan ("ssep") designed to support network investment, and assess the optimal locations, quantities and types of infrastructure required to transition to a cleaner, secure energy system. whilst aligning locational investment signals to reflect the ssep is intended to reduce risks for new investment, a shift towards a more centrally planned approach to system design carries inherent political and regulatory risks during implementation. the managers are encouraging the uk government to maintain an open dialogue with investors to manage these risks and, in particular, to ensure that appropriate transitional arrangements are put in place to protect operational projects from changes to transmission and distribution use of system charges that would have been unforeseeable at the point of investment decision. 'windfall' taxes and levies on generators were introduced in 2022 on the back of particularly elevated power prices to help fund financial support to ease the cost of electricity to end users. in the uk, the electricity generator levy is in place until 2028. all levies in the eu have now expired. there remains a risk that further intervention may result if electricity prices were to increase significantly again. power prices the risk of electricity prices falling or not increasing as expected. following a rally in the first three months of 2025, european near-term power prices trended lower driven by a reduction in commodity prices following a mild winter and spring, high hydroelectricity levels in the nordics and iberia, expected flexibility in eu gas storage requirements and weak demand from asian markets for liquified natural gas ("lng"). the impact of gas price weakness on power was partially offset in the uk following confirmation of the linking of the eu and uk emissions trading schemes ("ets") providing support to uk carbon prices. european gas and power price action is expected to remain volatile in the near-term, due to uncertainty over the scope, timing and duration of us reciprocal tariffs, and continuing tensions in the middle east. there remains an inherent risk of adverse movements in wholesale electricity prices reducing revenues in the medium to long term, which may result from higher than expected renewables build-out, lower than expected natural gas and carbon prices, and lower than expected electricity demand amongst other factors. these risks are partially mitigated through trig's power price management and portfolio diversification strategies. this includes negotiating fixed-price ppas or other hedges which, taken together with subsidies, results in 70% of trig's revenues (per unit of electricity generated) being fixed over the next 10 years. the valuation of the company's portfolio considered the market derived forward prices in the shorter term in conjunction with a blend of cannibalised4 power price forecast curves produced by three independent forecasters. production performance the risk that portfolio electricity production falls short of expectations. weather resource was mixed over the period, with wind levels experienced by trig's uk, french and german wind projects being materially below the long-term average. wind levels in sweden and solar irradiation in the uk were above average. this variation between regions demonstrates the importance of geographic and technology diversification in a balanced portfolio. the beatrice offshore wind project required repairs to the ofto-owned cables, which were promptly completed post period end, with limited downtime due to the outage occurring in the summer months and trig's use of contingent business interruption insurance. trig's approach to low single asset concentration limits the impact of issues at any one project on the portfolio as a whole. counterparty credit the risk of failure of a major supplier trig's portfolio is weighted towards wind-power assets, a sector that is dominated by a small number of high quality equipment manufacturers. counterparty failure could result in equipment not being supplied to construction projects or operational and maintenance services not being provided to commissioned projects or being disrupted. construction activities are limited by trig's investment policy cap of 25% of portfolio value and were 7% of portfolio value at 30 june 2025 (30 june 2024: 5%). the increase in independent operations and maintenance service suppliers reduces dependence on the original equipment manufacturers, particularly with respect to onshore technologies. market developments uk in july 2025, the uk government issued an update on its review of electricity market arrangements ("rema"). the update dismissed the introduction of zonal pricing, which would have split the wholesale electricity market in great britain into several price zones, in favour of reformed national pricing alongside greater strategic and planning co-ordination. reformed national pricing is intended to provide upfront predictable signals ahead of the point of investment decision about the relative value of investing in different locations. these reforms will be centered around a strategic spatial energy plan ("ssep") which will adopt a whole system approach to planning and identify the optimal locations, quantities and types of infrastructure needed to transition to a cleaner energy system. this will include a review of the annual charges used to recover the costs of maintaining and operating the transmission network (transmission network use of system, "tnuos" charges), and the one off connection charges paid by new generators to connect to the network are anticipated, and will be aligned with the needs identified in the ssep. amongst other things, the review will consider the balance between connection charges and tnuos, with a view to deepening connection charges, and a review of the charges levied on storage and demand. the managers will continue to monitor and engage with government in this process. the uk government will publish details on delivery timelines and key activities for implementing reformed national pricing later this year, along with a separate consultation on proposals to make changes to the capacity market and a call for evidence to explore how the corporate power purchase agreement ("ppa") market can evolve. eu discussion of electricity market reform in the eu remains ongoing, in particular a review of alternative bidding zone configurations across europe. currently, bidding zones in europe are mostly defined by national borders, however the european electricity target model requires bidding zones to be defined based on network congestion. as in the gb electricity market, changes to electricity price areas could adversely impact renewable generation merchant revenues located in regions with higher proportions of supply relative to demand. two proposals on the future configuration of bidding zones in europe were published in april 2025. no changes are recommended to the existing configuration of the nordic market. however, the proposals recommended splitting germany and luxembourg into five zones. germany's four transmission system operators (tsos)have questioned the suitability of the study, citing challenges that a bidding zone split could reduce futures market liquidity, increase balancing costs, increase revenue uncertainty for renewables projects located in the north of the country, and increase electricity costs in industrial regions. the countries have six months to decide whether to accept or reject the tso's recommendation. if they fail to reach a unanimous decision, the european commission has a further six months to decide. the overall implications of this review are not expected to be significant for the trig portfolio if enacted. trig's approach to portfolio diversification across markets, technologies, and revenue contract type (balance of government-backed contracts and merchant exposure) help to reduce the impact of market reform at a portfolio level. 1.     trig's share price of 85p per share as at 31 july 2025 represents a 21% discount to the 30 june 2025 net asset value per share of 108.2p 2.     the company, trig uk, trig uk i and its portfolio of investments are known as the "group" 3.     including sweden which receives electricity revenues from nord pool in euros 4.   cannibalisation describes the effect that renewables (an intermittent generator) can have on the overall power prices, whereby the marginal cost of generation, which in turn drives the power prices, is lower than the average which would be expected of a continuous base load generator as a result of the additional supply when renewables are generating. rates differ over time and between markets but all are affected operations report operational performance technology region net capacity (mw) h1 2025 electricity production (gwh)* performance vs budget onshore wind uk 548 627 -16% france 259 223 -20% sweden 401 572 7% offshore wind gb 376 648 -12% germany 232 256 -21% solar gb, france 156 91 5%  spain 363 321 -6% total portfolio  2,335 2,738 -10.3%   *           balance does not cast due to rounding underlying portfolio generation during the period was principally impacted by low wind speeds throughout the period, particularly in the uk, with low wind resource also in france and germany. onshore wind uk performance in the region was impacted by poor wind resource and some grid outages. four sites in the region experienced a low level of uncompensated grid outages to enable the grid operator to perform network upgrades, reducing generation by 5.5gwh for the half year. insurance proceeds have been received for a further outage which was caused by a grid fault, with the final payment expected in q3 2025. the operations manager continues to actively manage technical and commercial arrangements within the region, performing a range of contract tenders, progressing strategic spares initiatives and evaluating opportunities and addressing challenges as they arise in order to preserve asset integrity. operational enhancements have been successfully deployed and validated at several sites, with new trials also commenced at multiple additional sites. france low wind resource in the region was the predominant driver for an adverse production variance of 20% in the period. development activities are ongoing ahead of the repowering of older sites in the south of france, as described in the development & construction section on page 14 of trig's 2025 interim report. a legal challenge relating to environmental authorisation continues at vannier onshore wind farm. all necessary environmental studies have been completed and submitted to the local authority for review. it is expected the wind farm will be permitted to resume generation before the end of 2025. commercial protections are in place. sweden sweden experienced good wind resource in the period, although this was mostly offset by large volumes of economic curtailment - when it is not economically attractive to continue operating - reflecting lower power prices in the region linked to high hydroelectricity production levels. site availability has increased across the region, with the recently commissioned ranasjö, salsjö and grönhult projects all achieving good contractual availability during the second half of the period. jädraås continues to experience grid constraints due to wider grid reinforcement works, which are expected to be completed by q3 2025. offshore wind good asset performance across the uk and germany but adverse variance in generation of 12% and 21% respectively was driven by low wind resource across the regions. east anglia one anticipates receiving the final payment from insurers in q3 2025, following the ofto-owned export cable faults in h1 2024. the financial investors of hornsea one continue to pursue an insurance claim in relation to the export cable outage on that project. a fault on one of the two ofto-owned beatrice export cables occurring in the period was repaired in july, prior to which output had been re-directed via the offshore transmission infrastructure owner's remaining cable to minimise losses. commercial protections are in place. summer servicing of the offshore projects has progressed well and has made good use of the more benign weather conditions for main component replacements where required, which are generally performed under warranty by the original equipment manufacturer. solar spain asset level performance across the five projects in spain remains very good but generation was impacted by low solar irradiance. new five year operations and maintenance contracts were signed with res for the cadiz projects following a competitive tender process. the sites also achieved their final acceptance certificates (fac), after a thorough end of warranty process to ensure that any required remedial works were completed by the construction contractor. gb good irradiation resulted in the gb solar generation being above budget. operations and maintenance contracts were extended in the period for a further five years. following a successful warranty claim, a module procurement agreement has been signed to replace all modules at one of the smaller, older sites, with works to be completed in h2 2025. this operation is akin to a repowering process, preserving long-term asset value and performance. france module replacements have progressed at two sites - with all module replacements complete at one site and the second site expected to complete in q3 2025. having installed newer, larger, modules the sites are expected to see a cumulative increase in export capacity of 9%, underpinning long term performance of the sites, and in turn adding to asset value. development & construction construction of the 78mw two-hour ryton battery storage project near newcastle is progressing on schedule. all batteries have been delivered to site in the period, installed and electrically connected, ahead of energisation towards the end of the year. the next three consented battery projects in trig's 1gw development pipeline are spennymoor, templeton and drakelow. these are each of at least two hour duration, and currently undergoing pre-construction activity including site design, procurement and planning condition discharge. a construction contract has been signed for the repowering of cuxac onshore wind farm in france. the repowered project will have an installed capacity of 25mw, more than double that of the existing site. decommissioning of the existing project is set to commence in q3 2025, with commercial operations for the repowered site targeted for q3 2026. investment decisions in relation to development and construction activities are benchmarked against share buybacks as an alternative use of capital, taking into account the relative risk-reward, as part of the project appraisal process. this is to ensure that capital is allocated appropriately. health, safety and environment delivering high quality of health, safety and environmental ("hse") standards remains the top priority across all portfolio activities. the operations manager plays a key role in maintaining and enhancing these standards, engaging closely with asset managers of each project to ensure best practice is shared through collaboration. active measures such as safety drills, scenario-based exercises and targeted training are promoted across all levels to reinforce the core safety frameworks in place. during the first half of 2025, there were two lost time accidents during the period, the same number as for h1 2024. there is an ongoing emphasis on positive leading indicators, including the frequency of independent and internal safety audits, assurance reviews, hazard identifications, and safety walks. such leading indicators help to reduce the risk of circumstances arising in the first place that would enable an accident to happen, as opposed to lagging indicators. trig continues to host biannual portfolio hse coordination groups to strengthen relationships among asset managers, facilitate information sharing, and address emerging issues within the portfolio and the broader industry. highlights of proactive measures taken in 2025 to date include: continued visits by project company directors across portfolio sites. these engagements serve as an opportunity to reinforce health and safety priorities alongside broader operational themes on site whilst also maintaining site familiarisation and working environments. res' global safety focus event took place in june 2025, bringing together 4,500 colleagues from 24 countries. this year's theme was 'the butterfly effect' which focusses on how small changes in preparation, culture or behaviour can have profound consequences for operational health and safety. an hse assurance process focused on desk-based management systems and site-based inspections. six projects were visited representing 7% of the portfolio. the assurance process is built upon core iso standards and is overseen by the operations manager. enhancements the managers of the renewables infrastructure group are dedicated to enhancing portfolio performance, shareholder returns and stakeholder value through both commercial and technical initiatives. these initiatives are a key value driver for trig. in particular, technical enhancements relating to turbine hardware and software on several projects across the portfolio added £19m to portfolio value in the period. examples of enhancement initiatives progressed during h1 2025 include: increasing revenues: blade upgrades to reduce drag, increase lift and improve generation: ·      further deployment of aerodynamic blade hardware enhancements at nine sites in the uk and french regions. aerodynamic upgrades have now been installed across 91mw of capacity. these upgrades include winglet tips, gurney flaps and vortex generators all of which help to better manage air flow and enhance performance by extracting additional energy yield. deployment and validation will be ongoing through h2 2025. wind turbine software enhancements: ·      a suite of parameter changes (associated with the blade upgrades) to the turbine controller that uses high frequency data to optimize aerodynamics has been deployed at two sites. the analysis of data works alongside the blade enhancements to optimise the way the turbines pitch towards the wind and how each blade is yawed to extract the highest energy yield. deployment is underway at a further eight sites. ·      full deployment of the wake steering and dynamic yaw programme at altahullion onshore wind farm in northern ireland, with a validated yield uplift of 0.7%. this enhancement is an innovative retrofitted upgrade to increase production and reduce turbine loads. further deployment is underway at hill of towie onshore wind farm in scotland, representing 48mw of capacity across 21 turbines. ·      continued roll-out of offshore wind power curve and power boost upgrades that optimise the pitch of the blades at wind speeds below rated power at both beatrice and hornsea one. a validation programme is ongoing. additional revenue streams: ·      four of the company's southern french wind farms are providing grid-balancing ancillary services in the french balancing market. these sites are also identified to participate in further ancillary services markets, all of which offer an additional revenue stream for the remaining operating life of these projects. optimising operations: ·      to support the recently renewed operations and maintenance contracts at altahullion, lough hill and lendrum's bridge onshore wind farms, a comprehensive spares strategy has been developed and approved. this strategy will limit downtime and mitigate ongoing supply chain challenges, particularly prevalent in northern ireland, to improve availability. following a tender process in june, inventory stocking has begun. spares will be sourced from three suppliers based on both price and lead time. ·      gb solar inverter software optimisation opportunities are being trialled across three gb solar sites. these enhancements control power output on site to reduce overheating, and can result in a 20% increase in yield on hot weather days, and a potential 50% reduction in inverter replacement rates by avoiding degradation. directors' statement of responsibilities we confirm that to the best of our knowledge: 1.   the condensed set of financial statements has been prepared in accordance with ias 34 interim financial reporting; and 2.   the chairman's statement and the managers' report meets the requirements of an interim managers' report, and includes a fair review of the information required by a.   dtr 4.2.7r, being an indication of important events during the first six months and description of principal risks and uncertainties for the remaining six months of the year; and b.   dtr 4.2.8r, being the disclosure of related parties' transactions and changes therein. by order of the board richard morse chair 7 august 2025 publication of documentation the above information is an extract from trig's 2025 interim report. the interim report has been submitted to the national storage mechanism and will shortly be available for inspection at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. it can also be obtained from the company secretary or from the reports & publications section of the company's website, at https://www.trig-ltd.com/.   this information is provided by rns, the news service of the london stock exchange. rns is approved by the financial conduct authority to act as a primary information provider in the united kingdom. terms and conditions relating to the use and distribution of this information may apply. for further 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Label: Neutral