Downing Renewables & Infrastructure Trust (DORE) Trading Update summary

Net asset value and financial performance

• NAV as of 31 March 2025 was £191.2m (112.36p/share), down 3.7% from December 2024 due to lower power price forecasts, FX losses, and higher financing costs.

• Portfolio performance contributed +£3.6m, but power price forecast updates reduced NAV by £3.2m, and FX by £2.4m.

• GAV stood at £310.0m, down from £319.0m at year-end 2024.

• 64% of UK revenues are fixed for the next 10 years, representing 41% of total revenues.

• Weighted average discount rate remains at 8.0%.

Operational highlights

• Revenue rose 6.7% in Q1 2025, driven by higher than expected realised prices.

• Hydropower generation was 5% below budget due to low rainfall, but achieved prices were 6.6% above budget.

• Ongoing hydropower optimisation improved capture price ratios, with 2024 portfolio average at 111% and dispatchable assets at 115%.

• Solar generation slightly exceeded budget due to higher irradiation.

• Grid assets Mersey and Blåsjön performed in line with expectations.

Power price and inflation assumptions

• Decrease in long-term power price forecasts, especially impacting Swedish hydropower, led to a £3.2m NAV reduction.

• Inflation forecasts for 2025 and 2026 were updated, with UK RPI for 2025 at 4.0% and UK CPI at 3.0%.

• No changes to discount rates during the period.