Report published September 25, 2026

Results Analysis: Octopus Renewables Infrastructure (ORIT) – Kepler Partners Research

Kepler Partners LLP · September 25, 2026

Octopus Renewables Infrastructure reported an 8% NAV per share decline to 86.2p in H1 2026, primarily caused by re-evaluating onshore wind yield assumptions, lower long-term power prices, and higher discount rates. However, dividend cover strengthened to 1.38x, reaffirming the 6.23p FY 2026 dividend target alongside an attractive c. 10% yield and 30% discount to NAV.

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Key Takeaways

1.ORIT's interim results to 30/06/2026 showed a NAV total return of -5.0% and an 8% NAV per share decline to 86.2p, driven by a ~£30m reduction from revised onshore wind technical assumptions, lower power price forecasts, and higher discount rates.
2.ORIT remains on track to deliver its FY 2026 dividend target of 6.23p, supported by operational cash dividend cover improving to 1.38x and 86% of revenues fixed over the next two years.
3.Gearing rose to 46.6% of GAV (87% of NAV) due to lower asset valuations despite £5.3m in debt repayments, while management targets 40% gearing over the medium term and expects asset sales to close in late 2026 or early 2027.

Results analysis: Octopus Renewables Infrastructure
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Report data

Key figures extracted from this report — as of June 30, 2026.

Metric	Estimate	Context
NAV total return	-5.0%	ORIT interim results to 30/06/2026
Share price total return	13.7%	ORIT interim results to 30/06/2026
NAV per share	86.2 pence	Down c. 8% from 93.8p at 31/12/2025
Dividend cover from operational cash flows	1.38 x	Up from 1.19x in H1 2025
Weighted average discount rate (operational assets)	8.3%	Up from 7.8% at 31/12/2025