Capital Markets Event

Research evidence excerpt

Capital Markets Event

UK | Investment Companies

The Renewables Infrastructure Group EquityMayResearch12, 2026

FLASH NOTECapital Markets Event

The event provided colour on the assets that are due to be realised from RATING HOLD

the portfolio, but crucially with the uses of capital (largely comprising of PRICE 70.00p^

reinvestment versus buybacks) heavily dependent upon the prevailing level PRICE TARGET | NA |

of share price discount. Here the intention is to demonstrate the intended 52W HIGH-LOW 91p - 63p

capital discipline of the fund should the forthcoming continuation vote be FLOAT (%) | ADV MM (USD) 99.4% | 8.64

passed, but also the longer-term optionality from its conservative capital MARKET CAP £1.7B | $2.3B

structure. TICKER TRIG LN

^Prior trading day's closing price unless otherwise

noted.

Capital markets event: The event followed the capital allocation update announced yesterday

(here). Here the £400m targeted to be realised over the next 12 months (including modest

debt issuance) will be assessed on the basis of yield/return, diversification, operational factors,

and extension potential. This points to wind assets, those that are later life, and those with

less scope for repowering and co-location. We also note that while TRIG's disposals to date

have been conducted at NAV or higher, 'pricing flexibility is required', potentially indicating small

discounts to NAV could be taken for forthcoming disposals that fit these criteria. This is likely

to be bourne out in the near-term given that TRIG has 'already received an acceptable offer price'

on a UK offshore wind asset, as indicated at the time of the Q1 NAV release.

A longer-term view on capital allocation: The longer-term optionality of having a conservative

balance sheet was emphasised.