Downing Renewables & Infrastructure Trust (DORE) Q2 2025 earnings summary

Executive summary

• Agreement reached for a recommended cash acquisition at a 23.62% premium to the prior closing price, with 87.85% shareholder approval; completion expected in H2 2025.

• NAV as of 30 June 2025 was £188.9m (111.0p/share), down from £199.9m at year-end 2024, mainly due to lower power price forecasts and macroeconomic changes.

• Total shareholder return was 35.6% for the six months to 30 June 2025 and 24.0% since IPO.

• Interim dividends of 2.9375p/share paid, with a special dividend of 0.5p/share declared post-period.

• Portfolio generated 151 GWh of renewable energy, avoiding 70,798 tonnes of CO₂e and powering 112,414 UK homes.

Financial highlights

• Market capitalisation rose to £172m (from £140m YoY); share price increased to 101.0p (from 79.4p YoY).

• NAV per share decreased to 111.0p (from 117.9p YoY); GAV was £310m (down from £348m YoY).

• Loss for the period was £5.0m, with EPS of -2.92p (vs. profit of £3.9m and EPS of 2.22p YoY).

• Operating profit from the portfolio was £13.3m, 17.4% above expectations.

• Ongoing charges ratio was 2.28% of average NAV.

Outlook and guidance

• Acquisition by Bagnall expected to complete in H2 2025, subject to court sanction and other conditions.

• Board and manager remain focused on disciplined portfolio management and capital preservation.

• Dividend policy continues, with special dividend declared due to acquisition timing.