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NextEnergy Solar Fund (NESF) investor relations material
NextEnergy Solar Fund H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary3 Dec, 2025
Executive summary
Interim results for the six months ended 30 September 2025 showed strong operational outperformance, with additional revenue generated versus forecast.
The board is finalizing a strategic review to enhance shareholder value and address the share price discount, with findings to be released in the new year.
Appointment of Tony Quinlan as new Chair brings significant sector and governance experience.
Operational performance optimization, debt repayment, and reliable, well-covered dividends remain key priorities.
Delivered strong operational performance and focused capital allocation despite challenging market and regulatory conditions.
Financial highlights
NAV per ordinary share decreased to 88.8p (from 95.1p at 31 March 2025), mainly due to lower power price forecasts; Ordinary Shareholders' NAV at £510.9m (down from £547.4m); Gross Asset Value at £1,029m.
Cash income for the period was £48.3m, up from £45m year-over-year.
Dividend target for FY25/26 maintained at 8.43p per share, with forecast cover of 1.1x–1.3x and a yield of approximately 16%.
Operating portfolio generated £48.3m in cash, supporting a dividend cash cover of 1.7x for the period.
Total gearing, including preference shares, was 49.2%, with 69% of debt at fixed rates.
Outlook and guidance
Dividend target for FY25/26 reaffirmed at 8.43p per share, with full-year dividend cover expected between 1.1x and 1.3x.
The board and investment advisor remain optimistic about medium-term growth, focusing on strategic review, operational optimization, and capital unlocking.
The company is well-positioned to benefit from the UK’s Clean Power 2030 and Solar Roadmap, despite current capital constraints.
Strategic review to address NAV discount and explore capital recycling expansion.
Board confident in future opportunities and capitalizing on sector tailwinds.
How will strategic review address USS gearing?
Mitigation plan for ROC/FiT consultation impact?
Expand capital recycling program timeline?
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Next NextEnergy Solar Fund earnings date
H2 202615 Jun, 2026
Next NextEnergy Solar Fund earnings date
H2 202615 Jun, 2026
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Frequently asked questions
NextEnergy Solar Fund (NESF) is a investment company focusing on solar photovoltaic assets primarily in the United Kingdom and Italy. NESF's investment strategy is geared towards utility-scale solar power plants, leveraging the expertise of its investment advisor, NextEnergy Capital Limited. The company has a significant portfolio, comprising numerous operating solar assets across its targeted regions. It aims to provide shareholders with a sustainable and attractive return through a combination of its diversified asset base and the operational expertise of its management team. In addition to its core investments in solar power, NESF is actively exploring expansion into international solar markets and energy storage to enhance its portfolio and strategic growth. The company is headquartered in Guernsey, and its shares are listed on the London Stock Exchange.
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