Octopus Renewables Infrastructure Trust plc
Q1 2026 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 March 2026, on a cum-income basis, was £491.5 million or 93.15 pence per Ordinary Share (31 December 2025: £494.8 million or 93.79 pence per Ordinary Share). This reflects a positive NAV total return of 1% over the quarter.
| Pence per Ordinary Share* | £m | ||
| Unaudited NAV as at 31 December 2025 | 93.79 | 494.8 | |
| Market price assumptions | 0.16 | 0.8 | |
| Macroeconomic assumptions | (0.35) | (1.9) | |
| Q4 2025 interim dividend | (1.55) | (8.2) | |
| Other movements | 1.13 | 5.9 | |
| Unaudited NAV as at 31 March 2026 | 93.15 | 491.5 | |
* Totals may not sum exactly due to rounding
Market price assumptions
Updates to market price assumptions increased NAV by a net £0.8 million, equivalent to 0.16 pence per Ordinary Share, during the quarter.
The majority of this valuation uplift arose from an increase in short-term power prices, reflecting market movements towards the end of Q1, driven by geopolitical developments in the Middle East which impacted global gas markets and increased uncertainty around LNG (Liquefied Natural Gas) supply. However, this was partially offset by modest reductions in medium to long-term power price forecasts. Changes in green certificate and capacity market assumptions were immaterial.
The limited impact of short-term volatility on this quarter’s valuation is supported by the Company’s high proportion of fixed and contracted revenues (86% over the two-year period to 31 March 2028). In addition, to avoid artificial movements driven by short-term price volatility a five-week average to 31 March 2026 is used in the valuation.
Subsequent to the period end, the UK Government announced the removal of Carbon Price Support, effective April 2028. Based on initial analysis using external advisor inputs, the estimated impact on NAV is less than 0.5 pence per Ordinary Share. As a post-period event, this impact will be reflected in the Q2 2026 NAV. The Company also notes the broader package of UK energy policy measures announced on 21 April 2026, which are not currently expected to have a material impact on valuation.
Macroeconomic assumptions
Changes to macroeconomic assumptions had a net negative impact on NAV in the quarter, decreasing valuation by £1.9 million or 0.35 pence per Ordinary Share.
This was largely driven by an increase in the level of French local infrastructure tax (“IFER”) applicable to the Company’s solar portfolio. Updates to inflation, interest rate and foreign exchange assumptions together broadly offset each other, culminating in a neutral impact overall.
Other movements
A net increase of £5.9 million or 1.13 pence per Ordinary Share was recorded from other valuation movements.
This includes a c. £10 million uplift relating to the expected return on the assets, reflecting the net present value of future cash flows being brought forward over the period. This was offset by plc costs and interest on debt facilities at the holding company level totalling c. £4 million.
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