Bluefield Solar Income Fund (BSIF) H1 2026 earnings summary

Executive summary

• Strategic partnership with GLIL advanced to phase three, supporting capital recycling and growth, including the sale of a 25% stake in a 250MW portfolio and addition of 183 MW of development assets.

• Acquisition of 249 MW of solar assets in North East England completed, expanding the development pipeline to over 1.2 GW of consented sites.

• Formal sale process announced in November 2025 remains ongoing, with strong interest from potential bidders and ongoing due diligence.

• Success in AR7 auctions, securing over 200 MW, and progress on a 2.9 GW development pipeline.

• Total shareholder return for the period was -24.9%, with a total return of -3.65% due to share price decline and lower NAV.

Financial highlights

• Gross asset value stands at £1,191.7m as of December 2025, down from £1,271m in FY25.

• NAV per share declined to 107.80p at 31 Dec 2025 from 116.56p at 30 Jun 2025, mainly due to dividend payouts, lower power prices, and increased discount rate.

• Operational cash flow for H1 FY26 was £37.2m; full-year expected slightly below FY2025's £95.3m.

• Dividend target for FY26 set at 9.00p per share, with a yield exceeding 12% at year-end.

• Total return to shareholders since IPO stands at 107%, with £407m in dividends paid or announced.

Outlook and guidance

• Dividend guidance for the full year set at 9.00p per share, with distributions fully covered by underlying earnings.

• Ongoing monitoring of discount rate adjustments and policy changes, including ROC/FIT indexation to CPI from April 2026, expected to reduce NAV by ~2%.

• Continued focus on leveraging the development pipeline, strategic partnerships, and high proportion of fixed, inflation-linked revenues, with 68% of revenue fixed out to 2035.

• Board expects continued challenges in capital raising due to persistent share price discount to NAV.

• Strategic Review and Formal Sale Process ongoing, with a narrowed list of bidders and further updates expected.