Aquila European Renewables (AERI) H1 2025 earnings summary

Executive summary

• The company is in a managed wind-down, aiming to realise all existing assets in an orderly manner, with significant asset sales completed and further disposals in progress.

• Net asset value (NAV) per share fell to 73.9 cents as of 30 June 2025, down from 84.7 cents at year-end 2024, with a total NAV return of -10.9% for the period.

• The share price declined to 62.6 cents at 30 June 2025 and further to 42 cents by late September, reflecting a 43% discount to NAV.

• The company paid dividends of 1.58 cents per share in the first half of 2025, with a dividend yield of 5.0%.

Financial highlights

• Net assets decreased to €279.3 million from €320.2 million at year-end 2024.

• Total revenue was 31.2% below budget due to lower electricity prices and subdued production.

• Operating loss for the period was €34.9 million, with a capital loss of €40.1 million and a revenue profit of €5.2 million.

• Ongoing charges reduced to 1.0% of average NAV.

• Gearing stood at 34.1% of gross asset value, with €144.7 million in project debt.

Outlook and guidance

• The board remains confident in the long-term fundamentals of European renewables, citing regulatory support and rising demand from electrification and AI.

• The priority is to complete the asset sale programme efficiently and return capital to shareholders.

• Market conditions are expected to gradually improve, but inflation and commodity price volatility remain risks.