Resilient cash generation and dividend cover:

Net dividend cover restored to 1.1x for H1 2026, in line with TRIG’s long-term target and up from 1.0x for 2025. Net dividend cover is stated after the scheduled repayment of £111m of project-level debt for the half year and is supported by £209m of operational cash generation. Gross cash cover before debt amortisation was 2.3x for the half year.

2026 dividend target reaffirmed at 7.55p per share, representing a c. 10% dividend yield at the current share price

Chair’s Statement

The Renewables Infrastructure Group’s strategy is focused on offering shareholders a compelling total return proposition underpinned by resilient income. Our H1 2026 underlying portfolio performance demonstrates progress against this. Looking ahead, I am confident that we will maintain this strategic momentum through active management of our diversified portfolio, disciplined capital allocation and by reinvesting into higher-returning proprietary opportunities that are funded through retained cash, debt capacity and portfolio rotation.

At TRIG’s 2026 Annual General Meeting, the Company held its first continuation vote, which passed with a 99.3% majority. This demonstrates strong shareholder support for the strategy we set out at our Capital Markets Seminar in May 2026, when we articulated our disciplined approach to capital allocation and the Managers detailed the key levers to support resilient income generation and long-term capital growth creation. I would like to extend my thanks to our shareholders for their support and extensive engagement.

While the share price discount to NAV has narrowed in the first half of the year, it remains elevated, and we continue to take action to support a sustainable share price recovery. In May 2026, a clear capital realisation target was set of £400m over the subsequent 12 months to May 2027, principally from asset disposals and complemented by modest debt issuance. We are pleased with the strong start made against this objective, having signed an agreement to sell TRIG’s 17.5% stake in the Beatrice offshore wind farm for c. £155m. The sale process benefited from price competition from a number of bidding parties. Nonetheless, the market for asset sales remains challenging. Further divestment processes are underway.

Capital realised will be deployed in line with the Board’s capital allocation priorities of reducing RCF borrowings, returning capital to shareholders and investing in higher-returning proprietary internal opportunities within TRIG’s existing portfolio. The Board remains focused on disciplined capital allocation to drive shareholder returns and will continue to consider carefully the right balance between retaining capital for accretive growth and returning capital to shareholders through dividends and share buybacks. At the current share price, and subject to meeting the capital realisation target, the Board expects to continue to buy back the Company’s shares beyond the current £150m programme, of which £123m had been deployed at 6 August 2026 having repurchased 158 million shares.

The resilience and robustness of TRIG’s underlying business model is reflected in our Interim Results for the first half of the year, with £209m of operational cash generated,1 which restores net dividend cover to 1.1 times in line with our long-term target. Net dividend cover is stated after the scheduled repayment of £111m of project-level debt for the half year. Gross cash cover before project-level debt repayment was 2.3 times. The structure of TRIG’s balance sheet remains conservative with long-term debt representing 39% of enterprise value, once the announced disposal is completed. Approximately 90% of debt across the Group is fixed interest rate and amortising over the period of fixed-price revenues. TRIG’s RCF balance as at 30 June 2026 was £276m, with £155m disposal proceeds from the sale of Beatrice expected in H2 2026 to be applied principally to reduce this balance further.

The Board remains committed to delivering resilient income to shareholders and I am pleased to reaffirm the dividend target for 2026 of 7.55p per share, which represents a c. 10% dividend yield at the current share price.2

The Company’s NAV per share as at 30 June 2026 was 101.1p, a 2.9p reduction to the 31 December 2025 NAV, driven principally by the mechanical flow through of reductions in third-party revenue price forecasts from both projected power prices (including the UK Government’s announcement of the early removal of Carbon Price Support in April 2026) and green certificate income across all countries in which TRIG has investments. While power prices are currently elevated, commodity market pricing assumes swift resolution of the conflict in the Middle East. In the medium term, independent forecasters expect greater US gas supply to result in lower gas prices and also faster renewables build-out reducing the price captured by renewables generators. Earnings per share for the period was 0.1p, reflecting the movement in portfolio valuation.

There have been two policy announcements in the UK in 2026 that are potentially helpful for renewables valuations but are yet to be reflected in the portfolio valuation. Power price forecasts do not yet include the potential benefit from the high volume of long-duration storage contracts expected to be awarded in the UK, which could increase the price captured by renewables generators. TRIG’s valuation does not include the potential benefit from use of the Wholesale Contract-for-Difference in the UK, which is expected to provide an additional path to fixed price revenues in the medium term.

Active portfolio management remains central to TRIG’s strategy, supported by disciplined portfolio rotation and reinvestment, developing and constructing new projects, revenue management and operational enhancements.

Key highlights of strategic progress made by the Managers include:

sale of TRIG’s 17.5% interest in the Beatrice offshore wind farm for c. £155m;

issuance of £200m of amortising private placement debt at a 5.23% interest rate, maintaining low interest rate risk and low refinancing risk, terming out a significant portion of the RCF;

build-out of our development pipeline, with c. 200MW in construction. The Ryton battery project is expected to be energised in autumn 2026, while the repowering of the Cuxac onshore wind farm in France is progressing well with the new, higher-capacity turbines now being installed on site;

placing of revenue price fixes to improve revenue visibility. In June, the Gode offshore wind farm signed a new seven-year offtake agreement with Ørsted; and in February and March, when power prices were relatively elevated, a number of projects entered into short-term price fixes for 560GWh of expected generation out to the end of 2028; and

progression of operational enhancements programme with blade hardware and software upgrades continuing to be rolled out across the portfolio.

In total, value enhancement activities have added £40m to the portfolio valuation from 1 January 2025 to 30 June 2026. However, the £70m value enhancement target across 2025 and 2026 has been revised to £55m. This results from a delay in the rollout of hardware and software upgrades to turbines made by a particular manufacturer; delays to grid connection dates; and capital allocation decisions. Beyond 2026, the Managers will continue to drive value enhancements through active portfolio management, in particular from TRIG’s development and construction pipeline, which is subject to capital allocation decisions.

Value enhancement activities optimise TRIG’s high-quality portfolio of renewables assets located across the UK and Europe. In H1 2026, our 2.3GW portfolio of renewables infrastructure assets produced 2.9TWh of clean electricity. Of the portfolio’s revenue 64%3 are fixed per MWh generated over the next ten years. Together with conservative gearing, this deliberate approach to revenue and balance sheet management is unique among listed renewables investment companies and gives the Board flexibility when evolving the strategy and maximising long-term returns for shareholders.

On 1 July 2026, the Company’s investment and operations management fees were altered to be based solely on market capitalisation. This equates to a further 19% reduction in fees in addition to the 28% reduction secured by the Board in 2025. This change in fee basis further aligns the interests of the Managers with those of shareholders. The pro forma operating expenses ratio is expected to reduce to 0.83% following the implementation of the new fee basis.

Outlook

The relevance of the energy transition has never been greater with macroeconomic events and the growing adoption of energy-intensive technologies, including AI, increasing demand for secure and domestically generated electricity across the UK and Europe. Renewables and batteries remain central to this shift, reflected in the policies of governments and strategies of corporates. The UK Government’s recent Call for Evidence in relation to the use of Corporate Power Purchase Agreements is aligned with TRIG’s strategy and highlighted the importance of such agreements with renewables generators in achieving long-term and affordable energy resilience for corporates, independent of their additional sustainability benefits.

TRIG’s portfolio provides investors with immediate access to this key megatrend as Europe’s energy market accelerates towards energy security at scale. TRIG offers value and scale through its diversified portfolio and sizeable development pipeline, both of which are actively managed by two expert Managers. As set out at the Capital Markets Seminar, the TRIG Board continues to believe that the Company has the key characteristics to deliver long-term attractive value to shareholders.

Richard Morse

Chair