Bluefield Solar Income Fund (BSIF) H1 2025 earnings summary

Executive summary

• Strategic partnership with GLIL enabled £70m of operational asset disposals, enhanced liquidity, and supported new investments, returning £91m to shareholders and enabling future development collaborations.

• Disciplined capital allocation included £20m in share buybacks, over £50m in RCF repayments, and the announced disposal of up to 700MW of solar and battery assets.

• Achieved over a decade of sustainable returns, focusing on UK solar PV and renewables, with a progressive dividend policy.

• NAV at 31 Dec 2024 was £746.5m, down from £781.6m at 30 Jun 2024; NAV per share fell to 126.03p from 129.75p.

• Focus remains on protecting and creating value amid a persistent discount to NAV, with ongoing review of strategic options.

Financial highlights

• Gross Asset Value at £1,312m and NAV per share at 126.03p as of 31 December 2024, down from 129.75p at FY24.

• Operational cash flow for H1 FY25 was £40.4m (H1 FY24: £44m); EBITDA for the period was £56.5m, down from £69.6m year-over-year.

• Dividend cover at 1.1x for the period, rising to 1.5x with reserves; dividend yield stands at 10.3% based on 8.90p target and 86.1p share price.

• Gearing at 43% of GAV, with total outstanding debt of £565.6m and weighted average cost of long-term debt at 3.4%.

• Total distributable reserves of £106.5m, with £37.9m surplus before the first FY25 interim dividend.

Outlook and guidance

• Board is exploring strategic initiatives to address persistent share price discount to NAV, including fee arrangement reviews.

• Dividend for FY24/25 expected to be fully covered by cash generation.

• Ongoing capital recycling and pipeline optimization, with 568MW of solar and battery developments flagged for disposal in H2 FY25.

• Future stability underpinned by high proportion of fixed, inflation-linked revenues and robust PPA strategy.

• Development pipeline of 1.5GW, with 182MW of planning permissions secured post period-end.