VH Global Energy Infrastructure (ENRG) H2 2025 earnings summary

Executive summary

• Transitioned to an asset realisation strategy, aiming to return capital to shareholders over up to three years while maximising value and maintaining sustainability objectives.

• Six new assets reached operational status in 2025, increasing operational portfolio share to 87%.

• Portfolio remains diversified across 34 assets in 7 jurisdictions and 6 technologies.

• Share price discount to NAV widened to -35.7% as of year-end, reflecting sector-wide sentiment.

Financial highlights

• Net Asset Value (NAV) at year-end: £404.8m, down from £408.5m in 2024.

• NAV per share: 102.28p, a decrease of 0.9% year-over-year.

• Total NAV return for the year: 5.72%.

• Dividend per share for 2025: 5.80p, in line with target (2024: 5.71p).

• Dividend yield: 8.8% (2024: 8.7%).

• Dividend coverage ratio: 0.96x.

• Ongoing charges ratio: 1.5%.

• Total leverage: 7.6% of NAV, among the lowest in the sector.

• Profit after tax: £13.5m (2024: loss of £37.8m).

Outlook and guidance

• Asset realisation strategy to be executed over up to three years, with all capital expected to be returned to shareholders.

• Dividend size will depend on net income from remaining assets as realisation progresses.

• Market outlook is supported by expectations of moderating inflation and robust demand for sustainable infrastructure, especially from data centers.

• M&A market signals remain strong for key asset classes.