## TRIG Annual Report 2025 ## Renewables ## Infrastructure ## for a clean and ## secure future ## Contents | STRATEGIC REPORT | GOVERNANCE | | --- | --- | | 2025 Highlights 2 | Compliance with the AIC Code 83 | | At a Glance 4 | Board of Directors 84 | | Chair’s Statement 6 | Corporate Culture 88 | | Our Management Structure and Business Model 9 | Corporate Governance Statement 93 | | Key Performance Indicators 16 | Committees of the Board 97 | | Investment Report 18 | Audit Committee Report 99 | | Market Trends and Developments 24 | Remuneration Committee Report 103 | | Operations Report 28 | Report of the Directors 106 | | Sustainability 35 | Directors’ Statement of Responsibilities 110 | Valuation of the Portfolio 37 FINANCIALS Financial Review 48 Independent Auditor’s Report to TRIG 112 Viability Statement 54 Financial Statements 120 Risk and Risk Management 56 Notes to the Financial Statements 124 TCFD 69 Strategic Report Disclosures 80 APPENDICES Appendices (unaudited) 153 Glossary 160 Directors and Advisers 161 Key Company Data 162 Front cover image: Garreg Lwyd, Wales Inside cover: Malabrigo, Spain ## Renewable energy is ## essential to promote ## energy security and for the ## decarbonisation of economies. ## TRIG develops, constructs ## and operates a portfolio ## of renewable energy ## infrastructure that creates ## value for its shareholders ## and generates secure, clean ## electricity that benefits both ## society and the environment. TRIG Annual Report 2025 1 # 2025 Highlights 104.0p Net Asset Value (“NAV”) per share¹ (2024: 115.9p) 7.55p 2026 Dividend target² (2025 target: 7.55p) 7.6p Distributable cash flow per share³ (2024: 7.5p) £2,875m Directors’ portfolio valuation⁵ (2024: £3,116m) £2,488m Net assets (2024: £2,856m) -5.4p Earnings per share (2024: -4.7p) 1.0x Net dividend cover⁴ (2024: 1.0x) £103m Debt reduction⁶ (2024: £261m) This Annual Report and Financial Statements contain Alternative Performance Measures (“APMs”), which are financial measures not defined in International Financial Reporting Standards (“IFRS”). The definition of each of these measures is shown on page 53. 1 The NAV per share as at 31 December 2025 is calculated on the basis of the 2,392,465,971 Ordinary Shares in issue as at 31 December 2025 (see Note 11). 2 The 7.55p per share dividend delivered related to performance during the 2025 financial year. The 7.55p is a dividend per share target for financial performance during 2026. This is a target only and not a profit forecast, and there can be no assurance that this target can, or will, be achieved. It should not be seen as an indication of the Company’s expected or actual results or returns. 3 This is the distributable cash flow figure reported on an Expanded basis shown in the Financial Review section on page 51, divided by the weighted average number of shares in issue during the year of approximately 2,415.8 million shares. 4 Dividend cover reported on an Expanded basis, being distributable cash flow divided by dividends paid during the period. Please refer to the Financial Review section for an explanation of the Expanded basis. The figure of 1.0x (2024: 1.0x) is stated after repayments of project debt and is on the basis of dividends paid during the year. 5 On an Expanded basis. Please refer to the Financial Review section for an explanation of the Expanded basis. 6 Includes repayments of project-level debt of £192m (2024: £206m) and £89m increase (2024: £55m reduction) of revolving credit facility drawings during the year. Debt reduction figure of £340m reported in the 2024 Annual Report highlights included £84m of value achieved from the part disposal of Gode, which exchanged in 2024. # Debt capacity ![img-0.jpeg](img-0.jpeg) Successful £200m private debt placement signed post-period-end, upsized from £150m with significant over-subscription. Ungeared projects with fixed price revenues, such as Egmore Airfield solar park, provide debt capacity to the group # Portfolio rotation ![img-1.jpeg](img-1.jpeg) Proceeds of €100m received during the year for 15.2% stake sold in Gode 2 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Development and construction Revenue management Ryton battery project, Garreg Lwyd onshore UK wind farm, Wales ## 78MW 34MW Construction substantially complete with the project entering the final stages of being energised Cuxac onshore wind farm, France ## 25MW Signing of a ten-year corporate power purchase agreement with Virgin Media O2, fixing the price for 2% of TRIG’s annual generation ## Operational enhancements Roos onshore wind farm, England ## 17MW Repowering commenced with the old turbines dismantled, foundations upgraded and new equipment arriving on site ahead of installation Spennymoor battery project, UK ## 100MW Operational enhancements for blades rolled out across 224MW of onshore wind generation capacity, increasing the energy Groundworks underway produced by each wind turbine 3TRIG Annual Report 2025 At a Glance # A robust investment proposition TRIG has a 12-year track record, of providing a resilient dividend to shareholders. Through active management of a diversified operational portfolio and development pipeline, TRIG has a clear route to delivering long-term earnings and cash flow growth. These returns are generated by TRIG's Managers through the active management of our portfolio of renewables infrastructure that is diversified across technologies, geographies and revenue types. TRIG's two Managers, InfraRed and RES, bring extensive expertise in investments and operations to the delivery of the Company's business model. The Managers create value for shareholders through: - The successful delivery of development and construction projects through to operations - Rotation of the portfolio to maximise investment value - Implementation of commercial and operational enhancements ▶ Learn more about our Management team on page 9. Resilient income 7.55p dividend per share target for 2026, which represents an 11% dividend yield¹ Strong cash flow generation 2.1x gross cash cover of the 2025 dividend Inflation correlation Over the next ten years, 56% of projected portfolio revenues are directly linked to inflation indices Diversification Our shares provide liquid access to a 2.7GW diversified portfolio of over 80 renewables infrastructure assets, with 5.4TWh of clean electricity generated in 2025 Growth pipeline 900MW of projects within the portfolio that could enter construction by 2030 and be fully funded from retained cash and debt capacity Prudent balance sheet Average cost of debt²: 3.8% c.90% of debt is fixed rate and amortising over duration of government or corporate-backed fixed-price revenue contracts 1 The 2026 target represents an 11.0% dividend yield when referenced to the share price at 31 December 2025. The 2026 target should not be seen as an indication of the Company's expected results or returns. 2 Figure includes project level debt, private placement and current drawings and cost of the RCF. 4 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## 1 ## A diversified investment portfolio ## TRIG owns a large portfolio of renewable energy investments ## that is geographicallyand technologically diverse. Our portfolio ## provides investmentexposure to established technologies including ## operational onshoreand offshorewind farms, solar parks and ## battery storage projects intheUK andacross mainland Europe. Income from the Company’s portfolio is correlated to inflation both through government-backed revenue contracts and exposure to energy prices. Disciplineddebt management ensures that the portfolio has minimal cashflowexposure to changes in interest rates or refinancing risk. Established Multiple renewable countries technologies | England and Wales 36% | 1. Hornsea One 10% | Solar PV 13% | Fixed price 75% | | --- | --- | --- | --- | | Scotland 22% | 2. Merkur 7% | Onshore Wind 47% | Merchant 23% | | Sweden 14% | 3. Jädraås 6% | Offshore Wind 32% | Battery revenues 2% | | France 11% | 4. East Anglia One 5% | Battery 8% | | | Germany 9% | 5. Beatrice 5% | | | | Spain 7% | 6. Garreg Lwyd 4% | | | | N. Ireland 2% | 7. Grönhult 3% | | | | Balance does not cast due to rounding. | 8. Solwaybank 3% | | | 9. Ranasjö 3% 10. Blary Hill 2% Other projects 50% Balance does not cast due to rounding. Read more about our investment portfolio on page 45. Revenues to 1 Segmentation by Portfolio Value as at 31 December 2025 on a fully committed basis. 2 Top 10 assets Dec 2030 2 Colours indicate jurisdiction / power market. 5TRIG Annual Report 2025 # Chair's Statement The Renewables Infrastructure Group's strategy presents a vision to offer a compelling total return proposition for shareholders. We seek to do this by enhancing the existing portfolio and reinvesting at double-digit returns. This is funded organically through retained cash, portfolio rotation and debt capacity. ## Overview 2025 was, in many ways, a frustrating year for The Renewables Infrastructure Group and I would like to extend my thanks to our shareholders for their support throughout. A combination of external factors including macroeconomic and public policy uncertainty (particularly in the United Kingdom); exceptionally low wind speeds; and reductions in power price forecasts all resulted in a lower Net Asset Value ("NAV") of the Company and a tightening of the dividend cover. The withdrawal of HICL from the proposed combination with TRIG late in the year was disappointing. While the combination process has delayed the implementation of TRIG's standalone strategy that was set out at the Capital Markets Seminar in May 2025, including targeted asset sales and debt financing, the Board remains convinced that TRIG is well positioned as an independent business. Our confidence is underpinned by a clear strategy, a high-quality portfolio and shareholder support. Our 2025 results reinforce the resilience and robustness of TRIG's business model, reflected in £375m of operational cash generated¹, which funded a fully covered dividend in line with expectations and the repayment of £192m of project-level debt. We are pleased to have completed the £200m private placement debt issuance, which was announced on 12 February 2026. Disposal activity remains a key priority. The Board remains committed to delivering capital and income growth to shareholders. Central to this is our policy of increasing the dividend to the extent it is prudent to do so, while retaining the flexibility to invest for attractive capital growth and desire to build cash dividend cover². The Board has decided to maintain the target dividend for 2026 at 7.55p per share. Having discussed the rate of dividend progression with shareholders over recent months, the Board has concluded that there is recognition that the current dividend level is already at a highly attractive level, which represents 7% of NAV and a c.11% dividend yield.³ The Board considers it important to prioritise restoring net dividend cover to the range 1.1x-1.2x to generate sufficient cash to fund investments that will drive future growth of the NAV. The Board will continue its open dialogue with shareholders on the Company's strategy in 2026. Facilitating long-term growth through active portfolio management is core to TRIG's strategy. This strategy is underpinned by debt capacity and active portfolio rotation, accretive reinvestment and additional commercial and operational levers. It is anchored by a robust approach to capital allocation and a resilient dividend. Feedback from shareholders has been supportive of this strategy. ![img-2.jpeg](img-2.jpeg) Key highlights of strategic progress made by the two Managers in 2025: - Rolled out £32 million of value-enhancing commercial and operational enhancements developed by InfraRed, TRIG's Investment Manager, and RES, TRIG's Operations Manager - Secured a value-accretive, ten-year, fixed-price power purchase agreement with Virgin Media O2, being TRIG's fifth offtake arrangement signed with a corporate counterparty. It is encouraging that corporate counterparties still very much value clean energy offering - Progressed our development projects with over 200MW of TRIG's pipeline now in construction. Batteries for the Ryton project are onsite with energisation expected in the summer. The Cuxac project is now decommissioned ahead of repowering in 2026 - Completed the €100m partial sell-down of Gode offshore wind farm - Post-period-end, the Company raised £200m private placement debt with a repayment profile that ensures TRIG continues to have low interest rate and low refinancing risks. In 2025, our 2.3GW portfolio generated 5.4TWh of clean electricity, the equivalent of 2% of the UK's total electricity generation.⁴ TRIG's high-quality portfolio located across the UK and Europe is the Company's bedrock. Over 65% of the portfolio's revenues are fixed per MWh generated over the next ten years, and c.90% of debt is fixed rate and fully amortising in line with the profile of fixed-price revenues. This deliberately considered approach to revenue and balance sheet management is unique among listed renewables investment companies and gives the Board maximum flexibility when evolving the strategy and appraising the options for the Company in order to maximise long-term returns for shareholders. During the year, the Board secured a reduction in management fees for TRIG, amounting to c.£8m p.a. (a 28% reduction), which contributes to the cost efficiency of the Company.⁵ The total operating expenses ratio for 2025 was 0.94%. Good and efficient governance remains a focus and the breadth of skills of the Directors means that TRIG is able to deliver a diversified, active-management strategy at scale with a lean Board of Directors. 6 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices “TRIG’s portfolio is highly cash generative with operational cash flows generated in 2025 totalling £375m, representing 2.1 times gross cash cover of the 2025 dividend” ## Financial performance TRIG’s portfolio is highly cash generative with operational cash flows generated in 2025 totalling £375m, representing 2.1 times gross cash cover of the 2025 dividend. After project-level debt repayments of £192m across the Group$^{6}$, net dividend cover was 1.0 times. As signalled in the Company’s 2025 Interim Results, dividend cover for 2025 was moderated by below budget portfolio generation predominantly due to significantly lower than average wind speeds in H1. Meanwhile, actual power price levels achieved during the year were broadly in line with budgeted levels. The Company’s Net Asset Value per share as at 31 December 2025 was 104.0p, an 11.9p reduction to the prior year driven principally by macro and external factors. The external factors that weighed on the valuation included lower revenue price forecasts (-6.5p), low wind resource in the year and unscheduled, uncompensated grid outages (-4.2p) and higher discount rates reflecting the increase in European reference rates and the softer market for UK offshore wind investments (-2.4p). The Managers’ value enhancement activities including improving energy yields through software and hardware upgrades and entering into fixed power price arrangements added 1.3p to NAV. Earnings per share for the year was -5.4p, reflecting the reduction in valuation. ## Capital allocation Given the prevailing weakness in the TRIG share price, which is consistent with the broader sector, the Board recognises the extraordinary value offered through buying back the Company’s shares. £80m of the Company’s £150m share buyback programme has been completed, consistent with the proceeds from the €100m partial sell-down of the Gode offshore windfarm. The Board has varied the pace of the buyback programme throughout the year in response to TRIG’s share price, while being mindful of the Company’s cash resources. New investments entered into exceeded the hurdle rate set by share buybacks. With the private placement debt now raised, the Board is increasing the pace of the buyback. A further assessment will be made as to the size and pace of the share buyback programme as disposals are executed. The Board remains focused on disciplined capital allocation to drive shareholder returns and will continue to consider carefully the right balance between retaining capital for accretive growth and returning capital to shareholders through dividends and share buybacks. ## Construction at Ryton battery storage project Equipment arriving on site ahead of installation. Transformer foundations are shown in the bottom right of the image. ![img-3.jpeg](img-3.jpeg) Installed battery and Power Conversion Systems (“PCS”) units in place. An acoustic barrier has been installed around the perimeter of the site, which can be seen in the back of the image. ![img-4.jpeg](img-4.jpeg) PCS being put in place with foundations in the foreground. The Ryton project uses screw pile foundations instead of traditional concrete foundations, a lower carbon and more cost efficient groundwork solution. ![img-5.jpeg](img-5.jpeg) TRIG Annual Report 2025 7 Chair's Statement continued "Renewables capacity continues to grow, with capacity expansions setting records for 22 years running. TRIG is actively participating in this transition, reinvesting into new capacity to extend the life of our portfolio, while continuing to offer shareholders an attractive, resilient dividend alongside the potential for capital growth" # Outlook Every asset class is defined by its return relative to the risk taken. It is how opportunities are pursued and risk is managed that defines the success of any investment strategy over the longer term. Renewables assets are subject to the same principal risks today as in 2013, when the first renewables infrastructure investment companies, including TRIG, were launched. This principally includes exposure to movements in power prices, underlying portfolio performance, and regulatory and public policy risk. The increased risks have weighed on sector NAVs and sentiment over the past 24 months, overlaid with an increase in the cost of capital to levels not seen for almost 20 years. The TRIG Board believes the companies that will weather these challenges and deliver long-term value to shareholders are those that can operate at scale with a growth investment pipeline, remain diversified across geographies and technologies, provide clear cash flow visibility, resilient portfolio earnings and a robust capital structure. TRIG is the only London-listed renewables investment company fulfilling all of these criteria, managed by its unique dual manager structure. The Company will have its first Continuation Vote at the Annual General Meeting in June 2026. Ahead of that vote, the Board will present a fulsome update on strategy to shareholders at a Capital Markets Seminar in May 2026, which will seek to give investors the opportunity to support the Company's long term future with confidence. Looking forward, the energy transition remains embedded within government policy and central to corporate strategies across Europe. Society continues to demand more secure and cleaner electricity generation. TRIG provides investors with access to the megatrend of global electrification and the UK's desire for a cleaner, secure and affordable energy system. In 2025, energy demand in the European Union returned to growth for the first time since 2017 and electricity demand is forecast to increase by around 2% per year through 2030. While Britain recorded a second consecutive year of power demand growth and the fastest annual growth for the first time in over two decades.7 Renewables capacity continues to grow, with capacity expansions setting records for 22 years running.8 TRIG is actively participating in this transition, reinvesting into new capacity to extend the life of our portfolio, while continuing to offer shareholders an attractive, resilient dividend alongside the potential for capital growth. Richard Morse, Chair 26 February 2026 1 On an Expanded basis. Please refer to the Financial Review section for an explanation of the Expanded basis. Operational cash flow generated is reconciled to the cash flow statements as follows: cash received from investments £228m less Company (including its immediate subsidiaries TRIG UK and TRIG UK I) expenses £65m plus project-level debt repayments £192m. 2 The Company's dividend policy is to increase the dividend when the Board considers it prudent to do so, considering forecast cash flows, expected dividend cover, inflation across TRIG's key markets, the outlook for electricity prices and the operational performance of the Company's portfolio. 3 Referenced to TRIG's 65.0p share price as of 25 February 2026. 4 5.4TWh represents 1.86% of the UK's 285TWh total electricity generated in 2024 (Department for Energy Security and Net Zero ("DESNZ"), UK Energy in Brief 2025). 5 Upon announcement 26 March 2025, at the prevailing share price, the change represented a reduction in the ongoing, annualised Management Facility 2025 of 0.3p per share, compared to the Management fee paid in 2024. The Management fees are paid by TRIG Limited and TRIG UK Limited, and so the number quoted refers to the sum of both and is on the Expanded Basis. 6 The Company, TRIG UK, TRIG UK I and its portfolio of investments are known as the "Group". 7 Imperial College London for Oras Electric Insights, Quarterly Electric Insights, December 2025. 8 International Energy Agency, Global Energy Review 2025, March 2025, and Electricity 2026, February 2026. 8 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Our Management Structure ## We seek to protect and grow the income from, and the capital value of, TRIG’s ## portfolio through active management and new investments. This is achieved ## through the expertise of TRIG’s Managers, InfraRed and RES. ### Key roles – Manage the governance of the Company, in the interests of shareholders and other stakeholders Independent Board of Directors – Monitor adherence to the Investment Policy and corporate policies – Set the Company’s capital allocation priorities – Determine the risk appetite of the Group (the Company, all of its subsidiaries, and investments) – Monitor the performance See the Board of Directors of the Investment Manager, section for biographies of the Operations Manager and the TRIG Board. other key service providers Minesh Shah ### Key roles Managing – Overall responsibility for – Origination and Director day-to-day management execution ofelectricity Investment Manager sales opportunities – Advising the Board InfraRed Capital on strategy and – Capital raising, Partners Limited dividend policy investor relations and investor reporting – Sourcing, transacting and approving – Risk management and Phil George new investments financial administration Chief Financial ## 25+ – Investment decisions under – Appoints all members Officer delegated authorities from the of the Investment years track record Board, including in relation to Committee new investments, divestments and development activities See page 10 for more detail on the Investment Manager. Chris Sweetman ### Key roles Chief Operations – Managing performance – Supporting technical Officer of the portfolio due diligence for potential Operations Manager acquisitions (where – Collaborating with asset Renewable Energy managers to target RES isnot the seller) Systems Limited best practice – Appointing senior – Health and safety individuals to the and sustainability Advisory Committee David Bruce alongside InfraRed – Advising on and implementing ## 40+ Director, the electricity sales strategy – Appointing experienced Operations personnel to act as years heritage – Securing portfolio Management directors on all scale benefits project companies – Identifying and driving – TRIG benefits from a technical and commercial right of first offer on value enhancements RES’s UK and Irish pipeline – Delivering high-quality of new generation assets See page 12 for more detail project governance on the Operations Manager. 9TRIG Annual Report 2025 ## Our Investment Manager ## InfraRed Capital Partners Limited (“InfraRed”) is ## TRIG’s Investment Manager. InfraRed has day-to-day ## responsibility for the investment management of TRIG. ## InfraRed Capital Partners is a leading InfraRed manages US$13bn of equity 1 | international mid-market infrastructure | capital | for investors around the globe, | | --- | --- | --- | | asset manager with more than 160 | in listed and private funds across both | | | professionals operating worldwide from | core and value-add strategies. | | ## offices in London, Frankfurt, Madrid, ## www.ircp.com ## New York, Miami, Sydney and Seoul. ## Over the past 25 years, InfraRed has ## established itself as a highly successful ## developer, particularly in early-stage ## projects, and an active steward of ## essential infrastructure. 1 Uses five-year average FX as at 30 June 2025 at GBP / USD of 1.2851; EUR / USD 1.1071. EUM is USD 13.217bn. 2 Principles for Responsible Investment (“PRI”) scores are expressed in stars, with five stars being the maximum. The latest scores were received in 2024 and represent an assessment ofInfraRed’sactivities for the calendar year 2023. The PRI conducts the largest global assessment on responsible investment; the methodology is available here: www.unpri.org. 10 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## 25+ ### years track record ## 5* 2 ### PRI rating for infrastructure achieved ### for ten consecutive assessments | $13bn | 160+ | | --- | --- | | equity under | strong expert team made | | management (USD) | upof 25+ nationalities | 11TRIG Annual Report 2025 ## Our Operations Manager ## Renewable Energy Systems Limited (“RES”) is TRIG’s ## Operations Manager. RES’s dedicated management ## team undertake the day-to-day monitoring and ## oversight of operations for the Group’s portfolio ## of investments. RES draws upon a wide range of ## specialist expertise from across their business, in ## addition to having renewables professionals to act ## as TRIG project Company Directors. | RES is the world’s largest independent | RES employs over 4,500 people | | --- | --- | | renewable energy company and is | across 24 countries, including teams | | active in wind, solar, energy storage, | of personnel in every country in which | | green hydrogen, transmission, and | TRIG is invested. | ## distribution. An industry innovator ## www.res-group.com ## for over 40 years, RES has delivered ## more than 29GW of renewable energy ## projects across the globe and supports ## 45GW of renewable assets worldwide. 12 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## 29GW+ 45GW+ ### projects developed operational assets ### and / or constructed supported ## 40+ ### years heritage ### RES Safety Focus Event ## 4,500+ RES’ commitment to the highest safety standards is exemplified through the annual RES Safety Focus Event. In 2025 ### employees across over four thousand colleagues across ### 24 different countries 24 countries all stood down for one day to receive safety training from industry leaders. This event benefits the whole industry, improving the awareness of safety for employees and improving safety performance, something that hasbeen seen year on year since the events were first held. ### The RES factor DNV, a leading independent energy expert, analysed RES’s performance against industry peers. DNV found that projects for which RES is the asset manager, perform roughly 1% better than the industry standard – enabling its clients to achieve £25 million increase in revenue for every GW installed. RES is the asset manager for 35 of the 85 projects owned by TRIG. RES achieves this advantage through a holistic approach to renewables investments, with the capabilities to provide end-to-end services across the full lifecycle of every project. Beyond the headline figure, this advantage speaks to the deep commitment to optimising every facet of TRIG’s assets. RES’ holistic approach, encompassing everything from the initial development to long-term operations allows them to identify andcapitalise on every opportunity. 13TRIG Annual Report 2025 ## Our Business Model ## 1. 2. ## Our investment to deliver on ## criteria… our strategy… ### We invest in infrastructure that generates Our strategy is to provide shareholders ### electricity from renewable sources, with attractive, long-term returns by: ### with a particular focus on wind farms ### andsolarphotovoltaic (“PV”) parks. ## Delivering long-term, The Company also invests in proven technologies ## resilient dividends that support the energy transition, including flexible capacity such as battery storage. Annual aggregate distributions to shareholders of at least that achieved in the prior year, cash covered and supported ## Key investment policies by long-term cash flow projections. – Investments are made in the UK and European countries, with up to 65% of the Portfolio Value invested in projects that are located outside the UK ## Growing Net Asset Value – Investments are predominantly made | in wind farms and solar projects, with | Active management to preserve | | --- | --- | | other energy technologies, such as flexible | and grow the capital value | | capacity, limited to 20% of Portfolio Value | of the investment portfolio. | – Up to 25% of the Portfolio Value may be investedin development or construction projects – No more than 20% of Portfolio Value may be invested in any single project ## Managing risk through – Short-term debt limited to 30% of the ## Portfolio Value and long-term debt limited portfolio diversification to 50% of the Gross Portfolio Value High-quality renewables and supporting infrastructure assets spanning different technologies and European geographies. ## Managing prudently ## and efficiently The key policies above provide a summary of the parameters A self-funded growth strategy built within which investments are made. The full wording of the Investment Policy can be found on the Company’s website: onaconservative balance sheet www.trig-ltd.com/about-us/why-invest-with-trig/business- management approach. model/investment-policy. 14 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## 3. 4. ## through our sustainable to benefit key ## approach to value creation… stakeholders ### The three pillars of TRIG’s business model: Considering the impact ### of our business on our ### key stakeholders is integral ## Balanced portfolio ### to how we do business. ## 1 Our well-diversified renewable infrastructure TRIG has a wide range ### portfolio increases the resilience offinancial of stakeholders: performance by reducing risk across power markets, regulatory frameworks, weather patterns and technologies. ## Shareholders ## Responsible investment ## Partners ## 2 We have a disciplined approach to capital allocation and decision making, focused on delivering attractive shareholder returns. ## Local Weproactively engage with our stakeholders ## communities and integrate sustainability considerations. ## Suppliers ## Operational excellence ## 3 Active asset management by RES preserves ## Customers and enhances investment value, and ensures the successful development of new projects. We aim to minimise the impact on the natural ## Government environment and to be a good neighbour ## throughcommunity engagement. and authorities See page 88 for more detail. A strong health and safety culture and sustainability considerations are at the heart of TRIG’s business model. Read more on page 35 and in our Sustainability Report. 15TRIG Annual Report 2025 ## Key Performance Indicators ## The following metrics Dividends Dividends cover ## measure TRIG’s Net Gross ## financial performance ## 7. 55p | including the results | 2024: 7.47p | 1.0x | 2.1x | | --- | --- | --- | --- | | | | 2024: 1.0x | 2024: 2 .1x | | for the year ended | Aggregate interim dividends declared | | | pershare for the year. Gross cash cover prior to project-level ## 31 December 2025: debt repayments and net dividend 1 cover during the year. Reported on anExpanded basis. Key: Net Gross | 2021 | 6.76p | | 2021 | | 1.1x 2.1x | | | --- | --- | --- | --- | --- | --- | --- | | 2022 | 6.84p | | 2022 | 1.5x 2.6x | | | | 2023 | | 7.18p | 2023 | 1.6x 2.8x | | | | 2024 | | 7.47p | 2024 | | 1.0x | 2.1x | | 2025 | | 7.55p | 2025 | | 1.0x | 2.1x | Dividend yield Net Asset Value (“NAV”) return Operating expenses ratio | 11.0% | 7.0% | 0.94% | | --- | --- | --- | | 2024: 8.7% | 2024: 7.6% | 2024: 1.04% | | Aggregate interim dividends declared | Annualised internal rate of return | Annualised ongoing operating expenses | | per share for the year expressed as a | since IPO based on NAV per share | (i.e., excluding acquisition costs and | | percentage of closing share price for | appreciation plus dividends paid. | other non-recurring items) divided by | | the year. | | the average published undiluted NAV | in the period. | 2021 | 5.1% | | | | 2021 | | | | 9.5% | 2021 | 0.97% | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2022 | 5.5% | | | | 2022 | | | | 9.1% | 2022 | 0.93% | | | 2023 | | 6.6% | | | 2023 | | | 8.4% | | 2023 | | 1.04% | | 2024 | | | 8.7% | | 2024 | | 7.6% | | | 2024 | | 1.04% | | 2025 | | | | 11.0% | 2025 | 7.0% | | | | 2025 | 0.94% | | 1 Net dividend cover is calculated as distributable cash flow divided by Dividends paid in the year. Gross cash cover is this figure prior to the repayment of project-level debt. 16 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Total Shareholder Return Investment concentration Construction and development exposure | 3.2% | 50% | 9% | | --- | --- | --- | | 2024: 4.5% | 2024: 51% | 2024: 6% | | Annualised internal rate of return since | Percentage of Portfolio Value, including | Percentage of Portfolio Value, including | | IPO based on the share price at the | investment commitments, represented | investment commitments, represented | | beginning and end of the financial | by the ten largest investments. | by construction / development assets | | year, together with dividends per share | | where TRIG retains construction or | | reinvested in the Company (share | | development risk. | price basis). | 2021 | | | | | 9.5% | 2021 | 51% | 2021 | | | | | 11% | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 2022 | | | | 8.7% | | 2022 | 49% | 2022 | | | 8% | | | | 2023 | | | 7.1% | | | 2023 | 49% | 2023 | | 7% | | | | | 2024 | | 4.5% | | | | 2024 | 51% | 2024 | 6% | | | | | | 2025 | 3.2% | | | | | 2025 | 50% | 2025 | | | | 9% | | Project-level gearing Investments made Divestments | 37% | £116m | £84m | | --- | --- | --- | | 2024: 37% | 2024: £48m | 2024: £104m | | Project-level gearing as a percentage of | Value of investments made | Value of projects divested during | | enterprise value (calculated as Portfolio | during the year. | the year. | Value plus project-level debt). Post year-end the Company entered into £200m of private placement debt which is long-term and amortising. Project-level debt plus private placement debt as a proportion of Enterprise Value is 41%. The Company intends to reduce the RCF balance remaining through disposals, however if this is included in the ratio this would increase the figure to 46%. | | | | 2021 | | | | 40% | 2021 2021 | £0m | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 2022 | | | 38% | | 2022 2022 | £0m | | | | | | | | 2023 | | | 37% | | 2023 | | £22m | | | | | | | 2024 | | | 37% | | 2024 | | | | £104m | | | | | 2025 | | | 37% | | 2025 | | | £84m | | | 2021 | | | | £479m | | | | | | | | | | 2022 | | | | | £694m | | | | | | | | | | 2023 | | £92m | | | | | | | | | | | | 2024 | £48m | | | | | | | | | | | 17TRIG Annual Report 2025 2025 £116m ## Investment Report ## Financial highlights ### Financial performance and near-term outlook Key underlying portfolio metrics Definition 2024 2025 Commentary 2026 outlook | Pro-forma portfolio | TRIG’s share of revenues for | 671 642 Reduction due to low wind | | | | | Expected to improve if | | --- | --- | --- | --- | --- | --- | --- | --- | | revenue (£m) | each project in the portfolio | | resource in H1 2025 and grid | | weather resource is normal | | | | | | | | downtime. Lower share of | | and lower grid downtime | | Goderevenue post sell down Fixed revenues % 75% 80% 82% Cash and debt metrics | Pro-forma portfolio | | Revenue less operating | | 493 459 Flow through of lower | | | Expected to improve if | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | EBITDA (£m) | | costs such as operations, | | | | revenues;partly offset by | | revenues normalise | | | maintenance, rent, business | | | | | lowertax (reflecting lower | | | | | | | rates and insurance | | profits) and lower percentage | | | | share of debt repayment at Pro-forma portfolio EBTIDA as a percentage 73% 71% Gode post sell down | EBITDA margin | | | of total revenues | | | --- | --- | --- | --- | --- | | Cash from projects | EBITDA less interest payable | | | 444 420 | | before debt | by projects on project finance | | | | | repayments (£m) | | debt, tax payments and | | | working capital movements Operational cash Operational cash flows after 390 375 1 flows (£m) deducting operating and finance costs from the fund Gross cash cover 2.1x 2.1x Distributable cash Operational cash flows less 184 183 flows (£m) project-level debt repayments made during the year Net dividend cover 1.0x 1.0x As above c.1.1x Total project-level £1.8bn £1.7bn c.£190m repaid per annum Reducing further to gearing £1.5bn by December 2026 Revolving credit 309 398 £200m of debt private Expected to be between 2 | facility (£m) | placement proceeds applied | £100m and £200m, | | --- | --- | --- | | | to reduce the RCF borrowings | subjectto disposals | | | toc.£200m post-year-end | quantumandtiming | Achieved merchant power price (£ / MWh) GB 70 68 Lower with reduced gas prices Spain 29 27 Level pricing assumed Sweden 22 23 Expected to improve on theback of lower precipitation reducing hydroelectric output The Company expects to sell assets in line with the portfolio rotation strategy, which can be expected to reduce revenue, EBITDA, projectand fund-level debt. New higher returning projects can be expected to grow revenue and EBITDA as these come into operation oncethrough construction. 1 On an Expanded basis. Please refer to the Financial Review section for an explanation of the Expanded basis. Operational cash flow generated is reconciled to the cash flow statements as follows: cash received from investments £228m less Company (including its immediate subsidiaries TRIG UK and TRIG UK I) expenses £45m plus project-level debt repayments £192m. 2 As at 31 December. 18 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Cash flows and near-term outlook The Group's operational cash flow for the year was £375m, which represents 2.1 times gross cover of the £182m cash dividend paid to shareholders. Operational cash flows were used to repay £192m project-level debt. After operating expenses, finance costs and working capital, the Group's distributable cash flow of £183m (2024: £184m) covered the cash dividend 1.0 times. Pro-forma portfolio EBITDA for the year was £459m (2024: £493m). The table on the previous page shows TRIG's share (pro-rated for TRIG investment %) of revenues, portfolio EBITDA and cash received from investments. The reduction from 2024 is predominantly due to a combination of the partial sale of Gode (c.£25m of the reduction) in addition to low wind resource, low power prices in Sweden (resulting in economic curtailment) and higher uncompensated grid downtime during 2025. The balances on the opposite page are not on a statutory IFRS basis, but are pro-forma portfolio balances, which show the Group's share of the revenue and EBITDA for each of the projects. These balances have been provided to give shareholders more transparency as to the Group's underlying portfolio performance, capacity for investments and resilience to service the dividend. In the absence of any disposals or assets entering operations, and assuming the normalisation of wind resource and recognising that the more significant grid outages experienced in 2025 are being resolved, revenues are expected to improve from 2025 to 2026. Revenues were lower in 2025 compared to 2024, driven by the same factors as covered above for portfolio EBITDA (Gode disposal, wind resource, economic curtailment and grid downtime). Distributable cash flow reduced less than revenue and portfolio EBITDA from 2024 to 2025, principally as a result of taxes and debt service paid at Gode reducing the impact with the sell down of the investment. Portfolio EBITDA margin was strong at 71% reflecting the high capital expenditure and low operational gearing of renewables projects. After servicing project finance interest and debt repayments, tax and working capital, cash is distributed from the portfolio to TRIG. ## Valuation The Company's Net Asset Value as at 31 December 2025 was 104.0p per share (31 December 2024: 115.9p per share) and the Company's portfolio valuation was £2,875m. Earnings for the year were -5.4p per share (2024: -4.7p), principally due to macro and external factors. InfraRed and RES continue to actively manage TRIG's portfolio to reduce the impact of the macro environment and external factors on the portfolio valuation, adding c.£32m in the year to portfolio valuation. Active management of TRIG's financial and operational activities includes: - Energy yield enhancements across several assets have been incorporated into the valuations where they are well progressed, resulted in a positive impact of 0.8p per share - Profit on disposal for the partial stake in Gode resulted in a positive impact of 0.1p per share, which was in addition to profits recognised in 2024 - Active revenue management across the portfolio, including power price fixes struck on Jädraås and Grönhult, as well as entering into a corporate PPA for Garreg Lwyd and Earlsøst with Telefonica UK / Virgin Media O2, resulting in a positive impact of 0.3p per share - Value addition in relation to a planned adjacent battery project to the existing Valdesolar solar farm in Spain with a positive impact of 0.2p per share In addition to the above, which are recognised in the Portfolio Valuation, share buybacks added 0.8p per share to NAV. Macroeconomic movements and changes in government policy adversely impacted the Portfolio Valuation, and, therefore, earnings, by 7.6p per share were: - Reductions in revenue forecasts, which reduced the NAV by 6.5p per share - Increases in European discount rates by 30 basis points, which reduced the NAV by 1.2p per share, and increases in discount rates for UK offshore wind assets by 50 basis points, which reduced the NAV by 1.2p per share. The portfolio's weighted average discount rate increased to 9.0% as at 31 December 2025 (31 December 2024: 8.6%). As at 31 December 2025, the implied equity risk premium above long-term government benchmark yields was 5.1% (31 December 2024: 4.7%) - The impact of the UK Government's change in indexation basis (from RPI to CPI) for Renewable Obligation Certificates and Feed-in-Tariff in the UK reduced the NAV by 0.6p per share. The reduction in capital allowances and increase in business rates announced in the UK Government's Autumn 2025 Budget reduced NAV by an additional 0.3p per share Other factors impacting the Portfolio Valuation, which principally related to lower than forecast generation as a result of low UK wind speeds, reduced the NAV by 6.3p per share. Greater detail on the valuation movements for the year ended 31 December 2025 can be found in the Valuation of the Portfolio section on page 37. ## Capital allocation Responsible balance sheet management and disciplined capital allocation are important factors to help address TRIG's 38% share price discount to Net Asset Value as at 25 February 2026. In March 2025, €100m of proceeds were received from partial sale of a stake in the Gode offshore wind farm at a 9% premium to NAV to the valuation of the investment as at 31 December 2023. In February 2026, TRIG issued a £200m debt private placement. Following strong demand, the issuance was upsized from the £150m target and pricing tightened to a weighted average interest rate of 5.23%. The debt has an amortisation profile aligned with the term of TRIG's current fixed-revenue arrangements that ensures TRIG continues to have low interest rate and low refinancing risks. The market for secondary renewables transactions has evolved over the past couple of years with an oversupply of renewables assets, in particular resulting from developers selling positions to strengthen their balance sheet, relative to the capital looking to deploy into renewables investments. An imbalance partly caused by regulatory uncertainty, which has particularly been the case in the UK. While it was positive for the market that potential plans to overhaul and disrupt the electricity market were abandoned by the UK Government during the summer this was promptly followed by a consultation to retrospectively change the basis of indexation for Renewable Obligation ("RO") and Feed-in-Tariff ("RT") arrangements, which has continued to depress sentiment towards the sector going into 2026 despite robust underlying performance of investments. TRIG Annual Report 2025 19 Investment Report continued During 2025, the Board has progressed its capital allocation priorities. - **Share buybacks:** Share buybacks have delivered 0.8p of NAV per share accretion in the year to 31 December 2025 from the repurchase of 73 million shares for £57m. Buybacks at a significant discount to NAV are accretive to NAV per share and distributable cash flow per share. The buyback programme was suspended from 17 November 2025, while the proposed combination with HICL was announced, before being recommenced on 12 January 2026. - **Durable balance sheet:** The vast majority of TRIG's debt is long-term, fixed-rate, amortising project-level debt. The average interest rate on TRIG's overall debt is 3.8%. This figure includes project level debt, private placement and current drawings and cost of the RCF. Project-level debt was reduced by £192m in the period and was £1.7bn as at 31 December 2025, which represents 37% of enterprise value. If this was to include the £200m private placement, signed post-year-end, which has been designed to mirror the fixed-rate, amortising nature of project finance, then this structural debt would represent 41% of enterprise value. TRIG's exposure to floating-rate debt and refinancing risk is limited to the Company's Revolving Credit Facility ("RCF"). Borrowings under the RCF were £213m on 26 February 2026 following receipt of proceeds from the private placement issuance. The interest rate on the RCF is currently c.5%, which is drawn in both Sterling and Euros. - **Construction spend:** £116m of construction spend was incurred during the year, mostly relating to the Ryton and Spennymoor battery storage projects and the repowering of the Cuxac onshore wind farm. Development and construction stage investments are a strategic priority of the Company to enhance returns, extend the life of the portfolio and progress technology diversification. New investment decisions are benchmarked against alternative uses of capital, particularly share buybacks. As at 31 December 2025, the Company had outstanding investment commitments of £114m, principally relating to construction activities. | | 2026 | 2027 | Total | | --- | --- | --- | --- | | Outstanding commitments (£m) | 76 | 38 | 114 | ## Dividend The Company's dividend policy is to increase the dividend when the Board considers it prudent to do so, considering forecast cash flows, expected dividend cover, inflation across TRIG's key markets, the outlook for electricity prices and the operational performance of the Company's portfolio. The dividend target for 2026 has been set at 7.55p per share, maintaining the level of the 2025 dividend. The Board has discussed the rate of dividend progression in detail with shareholders during 2025 and there is recognition that this dividend level, which represents 7% of NAV, is at a highly attractive level while prioritising restoring net dividend cover to 1.1x-1.2x. The 2026 dividend target represents a c.11% yield to TRIG's closing share price on 25 February 2026. ## Investment highlights The Investment Manager takes a careful and considered approach to portfolio composition, ensuring TRIG maintains a diversified portfolio. Investments are spread across different geographies, technologies, revenue types and project stages to mitigate risk. The Managers' ability to successfully guide projects from development through construction and into operations is an important driver of shareholder value. Doing so from organic cash flows and debt capacity allows TRIG to reinvest at double-digit returns, extend the life of the portfolio and deliver long-term growth. For TRIG, this means leveraging the collective experience of its Managers, InfraRed and RES, to support the effective management of risk and optimisation of returns. TRIG has an attractive development pipeline. The process of bringing these projects from development into construction continues to progress well. - The 78MW Ryton battery storage project in the UK is in the final stages of construction and commissioning. Energisation was scheduled for late 2025; however, grid delays and a change in an electrical contractor towards the end of construction has delayed this into Q2 2026. Despite these challenges, the project is expected to be completed in line with budgeted cost. Challenges in UK supply chains – both with contractors and grid companies – remain among the most significant risks to delivering new energy projects on time. - Construction has commenced for the repowering of Cuxac onshore wind farm in France after final investment decision was approved in 2025. The repowering will increase the project's capacity from 12MW to 25MW. The old site has been decommissioned. The new site's foundations and cabling are in place ahead of turbine equipment arriving on site. - The construction of the 100MW Spennymoor battery storage project in the UK was approved in the year with early ground enabling works now completed. - The 13MW Claves onshore wind repowering project in France secured a new 20-year inflation-linked feed-in-tariff at €87/MWh. - The Ryton, Spennymoor and Templeton projects all secured 15-year Capacity Market contracts in the year. Under NESO's ongoing Connections Reform process in the UK, 419MW of TRIG's two and four-hour battery pipeline met the Gate 2 criteria to secure a pre-2035 grid connection date. While less than the quantum submitted into the process, of this capacity 232MW qualified for priority grid connection before 2030 (known as Gate 2 Phase 1 projects) and 187MW qualified for grid connections between 2031 and 2035 (known as Gate 2 Phase 2 projects). This is in addition to the 178MW two-hour batteries currently in construction (Ryton and Spennymoor). During the year, two battery projects in Spain were added to TRIG's development pipeline. These brownfield projects will be co-located alongside TRIG's existing solar projects and present an opportunity to significantly enhance returns. The batteries will take advantage of existing grid connections and will provide the opportunity to store electricity generated in the middle of the day when prices are lower and export when electricity is needed in the evening and prices are higher. In addition, the batteries will provide grid stabilisation services. The first of these projects is a 200MW two-hour battery being developed with Repsol for the 264MW Valdesolar project, in which TRIG has a 49% shareholding. 20 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Taking into account these changes to the pipeline, TRIG’s portfolio The Managers take an active approach to revenue management. of development projects that are either in construction or could start During the year, the Managers secured: construction by 2030 is now c.900MW, of which 203MW is currently – A ten-year, fixed-price contract to sell the power generated by the in construction and a further 133MW is expected to be presented 34MW Garreg Lwyd and 16MW Earlseat onshore windfarms in the to the Board for final investment decision to start construction UK to Virgin Media O2. This contract, which is accretive to TRIG’s during 2026. TRIG retains the option to build or sell assets in the forecast revenues, represents TRIG’s fifth arrangement with a development pipeline, with investment decisions being appraised corporate secured in the past three years by the Managers against alternative uses of capital, including share buybacks. – The aforementioned long-term, fixed-price, government-backed, and inflation-linked Capacity Market contracts for the Claves, ### Revenue profile Ryton, Spennymoor and Templeton development projects TRIG’s portfolio benefits from diversification across several power markets, with projects in Great Britain, the Single Electricity Market | (Northern Ireland), the main continental European power market | Foreign exchange | | | | --- | --- | --- | --- | | (France and Germany), the Nordic market (Sweden) and the Iberian | | 1 | | | | The Group | receives a portion of its revenues in Euros; 41% of the | | | market (Spain). | | | 2 | | | portfolio by value is invested in Euro-denominated assets | | , the Group | employs foreign exchange hedging to significantly mitigate the cash TRIG’s portfolio cash revenues have substantial medium-term flow and valuation exposure to this risk, as expanded upon in the protection from movements in power prices as the portfolio receives Valuation of the Portfolio section on page 38. a high proportion (in excess of 65% over the next ten years) of its revenue from government subsidies such as Feed-in-Tariffs (“FiTs”), The Investment Manager implements the Company’s foreign Contracts for Difference (“CfDs”), Renewable Obligation Certificates exchange hedging policy through Sterling-Euro swaps for up to four (“ROCs”) or from selling electricity generated via power purchase years forward. As a result of the interest rate differential between agreements (“PPAs”) with fixed prices or from other hedges, together UK and the Eurozone, forward foreign exchange contracts over the referred to as fixed revenues. next four years have been struck at levels better, in Sterling terms, compared to the foreign exchange rate as at 31 December 2025. This carry benefit is not included in the Portfolio Valuation. Split of project revenues by contract type for the portfolio Forecast proportion of fixed vs. merchant revenues 12 months to Dec ‘30 to Dec ‘35 to Dec ‘45 | Fixed 82% | Fixed 75% | Fixed 68% | Fixed 45% | | --- | --- | --- | --- | | Merchant 18% | Merchant 23% | Merchant 30% | Merchant 52% | | Battery revenues 0% | Battery revenues 2% | Battery revenues 2% | Battery revenues 3% | £900m £800m £700m £600m £500m £400m £300m 1 The Company, TRIG UK, TRIG UK I and its portfolio of investments are known as the “Group”. £200m 2 Including Sweden, which receives electricity revenues from Nord Pool in Euros. £100m ’26 ’27 ’28 ’29 ’30 ’31 ’32 ’33 ’34 ’35 ’36 ’37 ’38 ’39 ’40 ’41 ’42 ’43 ’44 ’45 ’46 ’47 ’48 ’49 ’50 TRIG Annual Report 2025 21 Fixed revenue Merchant revenue Investment Report continued ## Power price forecasting Principal risks and uncertainties TRIG uses the average of three power price forecasters’ projections TRIG’s principal risks, approach to risk management and adjusted for the lower price that a variable renewables project counterparty exposures are set out in the Risk and Risk Management captures compared to a baseload generator (the resulting discount section of this report. Below is a commentary on the key movements is known as cannibalisation). This means that TRIG captures the in these risks in the period. breadth of views on the evolution of the electricity market and supply-demand dynamics. This is important as these views may In a macroeconomic environment where inflation and interest rates diverge over time. remain uncertain, the correlation of portfolio returns to inflation and the Company’s approach to long-term, fixed-rate and amortising The spread of forecast power price forecasts has varied during structural debt are key risk mitigants. the year with a particularly large difference between the average and lowest forecast at June 2025 that had reduced somewhat by December 2025. The movements in the power price forecasts are ### Political and regulatory more fully described in the Valuation of the Portfolio section. ### The risk of government or regulatory support The table below shows the spread in portfolio value were the lowest ### and highest forecaster to be adopted alone (relative to the average of for renewables changing adversely. the three forecasters), expressed as a percentage and £m change. In the UK, 2025 saw the outcome of the Review of Electricity Markets Arrangements (“REMA”) consultation with the government 31 December 30 June 31 December confirming that a single national electricity price system will remain 2024 2025 2025 in the UK rather than moving to a zonal system with different prices Lowest forecaster (9)% / £(179)m (14)% / £(290)m (10%) / £(196)m for different regions. This was a positive outcome; avoiding upheaval Highest forecaster 9% / £178m 10% / £207m 8% / £163m of the regulatory framework, which could have undermined investor confidence in the sector. The potential impact on projected returns from the spread of forecasts is shown below. On 28 January 2026, the government also confirmed the outcome of the consultation to change the indexation basis for the Renewable 31 December 30 June 31 December Obligation (“RO”) and Feed-in-Tariff (“FiT”) subsidy regimes from 2024 2025 2025 RPI to CPI. The decision was to bring forward the date on which Potential impact on (0.8)% to 0.9% (1.4)% to 1.0% (1.1)% to 0.8% indexation for the RO and FiT regimes change from 2030 to 2026. projected returns The change has been reflected in TRIG’s 31 December 2025 valuation with an impact of -0.6p, in line with the estimate presented Competitive forces may result in assets trading on the higher in the Q3 2025 NAV announcement and reflecting TRIG’s low curves when there is healthy buyer competition. TRIG’s approach exposure to RO certificate and FiT revenues (19% of 2026 revenues) of incorporating a range of market views through three power given the diversified nature of its portfolio. price forecasters and a high level of assumed cannibalisation is not adopted by all renewables investment companies, which may lead to The Electricity Generator Levy in the UK remains in place until differences in impact on portfolio valuations. Should a higher power 31 March 2028; however, current power price forwards and the price forecast come to pass, this could present a material upside forecasts used in the valuation of the portfolio are below the to TRIG’s projected returns as demonstrated by the sensitivities threshold at which the levy is due (and the now-expired intervention provided above. price levels on TRIG’s other markets). There remains a risk that further intervention may resultifelectricity prices were to increase In addition, TRIG’s approach of using a more cautious average of the significantly again. main forecasters means that our cash flow forecasting is undertaken on a more conservative basis resulting in a more sustainable dividend Public debate and shifting political narratives could translate policy. Equity investors that use one or two power price forecasts into adverse policy changes that reduce long-term support for typically do not use the lowest of the three forecasters. renewables and related infrastructure. For example in the UK, Reform UK’s manifesto pledges to scrap the UK’s 2050 net zero The chart below sets out TRIG’s power price forecasts by region and target, stop further government-backed revenue contracts and technology, net of cannibalisation and before PPA discounts. redirect support towards North Sea oil and gas licenses as they seek to frame clean-energy policy as a driver of higher household costs. Forecast power prices major TRIG markets – £ / MWh (real 2024) % Portfolio Value Cannibalisation Major markets (Dec 25) (Average) 60 | | 55 | GB offshore 26% -20% | | --- | --- | --- | | 70 | 50 | GB onshore 24% -24% | | 65 | 45 | | Spain solar 7% -51% 40 Germany offshore 9% -19% 35 30 France onshore / solar 9% -14% 25 Sweden onshore 15% -19% 20 Blended portfolio -26% 2025 2030 2035 2040 2045 2050 22 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices This narrative has contributed to a broader shift in political rhetoric around climate policy in the UK. Should such positions gain further traction, the risk increases of policy rollbacks and a weakening of the UK's energy policy frameworks. In conversations with industry, Reform UK has indicated its intention to honour existing contracts (pre-CfD Allocation Round 7 – TRIG has no exposure to Allocation Round 7). TRIG's geographically diversified portfolio limits exposure to specific policy interventions in any single market. The Company's approach to active revenue management favours a balanced blend of Power Purchase Agreements ("PPA") of various durations across a mix utility and corporate counterparties, further supporting cash-flow visibility should policy changes weaken existing subsidy frameworks Government support for renewables remains strong in TRIG's core markets, noting in the UK the extension of Contract for Difference terms from 15 to 20 years starting from auction round (AR7) and making repowering projects eligible to participate. These measures evidence that, despite some of the adverse policy measures mentioned above, government continues to promote new investment renewables and provide TRIG with another route to long-term, fixed-price and inflation-linked revenues as the generation fleet in GB matures. In December, the National Energy System Operator ("NESO") also published initial results from its reformed grid connection process (aligned to the UK Government's 2030 Strategic Spatial Energy Plan ("SSEP") and Clean Power 2030 objectives). 232MW of TRIG's pipeline capacity will receive grid dates for connection before 2030, while another 167MW will receive offers in Q4 of 2026 for connection between 2031 and 2035. This, in addition to TRIG's pipeline of repowering projects and co-located battery prospects on existing solar sites in Spain, provides a steady flow of development opportunities over the next five to ten years for TRIG to assess within its capital allocation framework. In France, there continues to be political uncertainty given the lack of clear majority in government; however, long-term support for renewables remains with TRIG having successfully obtained long-term (20-year) government subsidy contracts for two onshore wind repowering projects totalling 38MW of capacity. In Spain, in the wake of the power outage experienced across the Iberian peninsula in April 2025, the Spanish Government has introduced further measures to strengthen the grid against similar risks in future including greater support for battery projects. TRIG is in the process of appraising two co-located battery projects on its Spanish solar sites, which could provide a valuable natural hedge to the power prices captured by the generating plant. The Managers will continue to monitor policy developments and engage on reform consultations across the markets in which TRIG is invested. ## Power prices ### The risk of electricity prices reducing or not increasing as expected. There has been little change in the long-term fundamentals of power prices in the period with power price valuation movements over the year primarily related to near / medium-term assumption changes. Further detail on power price movements during the period is provided in both the Market Developments and Valuation of the Portfolio sections. The valuation of the Company's portfolio overlays market derived forward prices to a blend of cannibalised power price forecast curves produced by three independent forecasters. There is a risk that actual power prices achieved are below these forecasts. As the penetration of renewables increases and, therefore, intermittency of energy systems increases, TRIG will be more actively seeking to provide balancing services to the grid through battery storage. By discharging electricity during periods of low generation and absorbing excess electricity in periods of high renewable availability, batteries are able to smooth the intra-day price volatility associated with variable renewable resource. The inclusion of batteries in TRIG's portfolio therefore, provides a valuable natural hedge against volatility in power prices from generation assets located in the same market. ## Production performance ### The risk that portfolio electricity production falls short of expectations. Overall, generation for the year was down against budget driven by low wind resource in H1 2025 in GB, France and Germany, grid outages, and curtailment due to negative pricing in Sweden. Further detail on operational performance during the year can be found in the Operations Report on page 29. The Operations Manager continues to develop and oversee the deployment of energy yield value enhancements to improve generation output, as detailed in the Enhancements section. ## Counterparty credit ### The risk of failure of a major supplier. TRIG's portfolio is weighted towards wind-power assets, a sector that is dominated by a small number of equipment manufacturers. Counterparty failure could result in equipment not being supplied to construction projects or operational and maintenance services not being provided to commissioned projects or being disrupted. Turbine manufacturers have experienced financial pressure due to cost escalation over the past few years of prolonged high inflation. While this has moderated with trading performance in 2024 and 2025 improving for many of TRIG's key turbine suppliers, counterparty risk is still considered to be elevated and will continue to be monitored closely. Construction activities are limited by TRIG's Investment Policy cap of 25% of Portfolio Value and were 9% of Portfolio Value at 31 December 2025. Construction projects are in the battery storage sector where there is a wider range of equipment suppliers compared to the wind sector. The Ryton battery project in the UK replaced an electrical contractor in the year; the construction of the project is expected to be completed in line with budgeted cost. The increase in independent operations and maintenance service suppliers reduces dependence on the original equipment manufacturers, particularly with respect to onshore technologies. TRIG Annual Report 2025 23 ## Market Trends ## Positioned to leverage the need for ## clean renewable energy. ## Political and Energy security and ## regulatory support decarbonisation The scale of meeting decarbonisation commitments Mitigating adverse climate change is a considerable across Europe requires the public and private sectors challenge for governments and corporations. to work together to achieve this common goal. By generating renewable electricity, renewable energy assets This necessitates an economic environment that is conducive help to reduce the reliance on carbon-intensive fossil fuels to investment, and positive policy initiatives that support through harnessing clean natural resources. This is supported renewable energy. The attitudes of governments and by transmission infrastructure that supports the roll-out of regulators impact planning rules, the availability and pricing renewable energy. of offtake contracts, and cost inflation, all of which affect the What this means for TRIG operations and build-out of renewables. – Ongoing operational management and enhancement What this means for TRIG ofour 2.7GW portfolio of renewables infrastructure – Engagement with ministers and officials on energy – Continued investment in our pipeline of development and market policy construction projects – A balanced approach to portfolio construction across European countries ## Electrification of demand As abundant green electricity supplied by wind and solar power is brought online, there is a public policy desire to electrify traditionally hard-to-abate sectors. This has the potential to significantly increase electricity demand, thereby supporting the roll-out of renewables. New technologies such as cloud computing, artificial intelligence and data centres further solidify the need for large amounts of electricity without the carbon emissions offossil fuels. What this means for TRIG – Deepening relationships with corporate counterparties to support the sale of power and guarantee of origin certificates – Expansion of storage investments such as batteries, recognising that they support electrification and benefit from the greater build-out of renewables 24 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices # Market Developments ## Power prices European power-market fundamentals continued to evolve through 2025. The sharp reduction in Russian pipeline deliveries since 2022, culminating in the end of Russian pipeline gas from 1 January 2025, has increased Europe's reliance on imports of Liquefied Natural Gas ("LNG"). This shift coincided with a structural decline in North Sea output, reinforcing Europe's exposure to global LNG balances. A substantial wave of new liquefaction capacity, and, therefore, LNG export capacity, led by the US and Qatar is expected to come online this decade reducing power forward curves in Europe. Nonetheless, Europe's reduced supply diversification and greater dependence on gas storage to maintain balance leaves European gas and power markets more prone to price volatility driven by unexpected weather events, geopolitical disruptions and competition for global LNG imports. In December 2025, colder than expected temperatures increased EU heating and generation demand. At the same time, temporary weather-related interruptions to North American LNG exports supported gas prices and accelerating gas storage withdrawals are pushing storage levels towards the lower end of the ten-year historical range as shown in the chart below. In the Nordic region, in particular, lower than average precipitation reduced hydrological storage levels relative to recent years. Together, these factors supported higher forward power prices for early 2026 in Sweden's SE3 region, enabling TRIG to extend short-term hedges at favourable prices, thereby strengthening near-term cash flow visibility in line with TRIG's active revenue management strategy. As renewable penetration continues to increase and thermal units exit the system, the generation mix across TRIG's markets is expected to diverge further, driving wider variations in wholesale prices and amplifying regional differences in price volatility underlying the importance of a diversified portfolio. Wholesale electricity prices remained above pre-crisis averages in markets where marginal prices are more frequently set by gas-fired generation such as Great Britain and Germany. By contrast, markets with a higher proportion of inflexible price-taking generation technologies, such as nuclear in the case of France, experienced more subdued spot prices and an increase in the frequency of negative-priced periods during the year, alongside weaker forward prices for 2026. Northern Sweden (SE2 price zone), in particular, experienced extended low-price conditions during the Spring thaw and summer 2025, due to elevated hydrological balance and lower seasonal demand. This resulted in higher levels of economic curtailment and lower captured prices for projects relative to the other markets. Significant rainfall and good wind conditions have dampened power prices in Spain going into 2026. Power spot price volatility continued to increase across several of TRIG's markets during the year, with short-duration price spikes becoming more frequent and beginning to appear in historically more benign summer months. In markets with high renewable penetration, such as Spain, periods of low wind and solar availability reduced system flexibility and tightened supply-demand balances, resulting in sharper price movements and greater sensitivity to short-term weather conditions. TRIG's diversified geographic footprint helps manage exposure to any single power market or marginal-price-setting fuel. The expansion of the Company's battery-storage pipeline beyond Great Britain into Iberia further enhances this diversification by providing a hedge against differing volatility patterns across markets and helping to manage the impact of price cannibalisation in regions with higher merchant exposure or accelerated renewable build-out. After several years of weakness, European electricity demand increased in 2025, suggesting early signs of electrification driven load growth in transport, heat, and emerging data-centre sectors. While short-term temperature and economic effects continued to influence year-on-year demand patterns, structural electrification is expected to support gradual demand growth over the medium to long term. ### European 2025 power baseload forward prices Power price forwards have declined gradually in the year. Power prices remain higher in GB and German markets where gas is typically the marginal price setter; and lower in France, Spain and Sweden markets where gas and carbon prices have less of a marginal price setting impact on power prices. ![img-6.jpeg](img-6.jpeg) Source: InfraRed analysis of Argus Media OTC, and Nasdaq price assessments TRIG Annual Report 2025 25 Market Developments continued European gas storage levels European gas storage levels have declined over the course of the year and are now below the 10-year average. Lower storage levels may provide support to European power prices in 2026. 100 90 80 70 60 50 40 30 Gas Storage Level (%) 20 10 0 DecJan Feb Mar Apr May Sep Oct NovAugJulJun 10 year range 10 year average 2024 2025 Source: InfraRed analysis of Gas Infrastructure Europe Aggregated Gas Storage Inventory (“AGSI”) European 2025 daily average day ahead power prices The heatmap shows average daily spot price by market throughout the year. Difference in colours shows the variability of power spot prices across the markets in which TRIG invests, with lighter colours representing a lower price, while darker red denotes higher prices. Blue denotes days where the average daily power price was below £0/MWh. < £0/MWh £0/MWh > £120/MWh Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Mon Tue Great Britain Wed Thur Avg. £80.65/MWh Fri Sat Sun Mon Tue Germany Wed Thur Avg. £76.81/MWh Fri Sat Sun Mon Tue Spain Wed Thur Avg. £55.91/MWh Fri Sat Sun Mon Tue Wed France Thur Avg. £52.17/MWh Fri Sat Sun Mon Tue Sweden - SE2 Wed Thur Avg. £14.24/MWh Fri Sat Sun Mon Tue Sweden - SE3 Wed Thur Avg. £39.62/MWh Fri Sat Sun Source: European Network of Transmission System Operators for Electricity (“ENTSO-e”) 26 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Policy and regulation ### United Kingdom In its July 2025 Summer Update to the Review of Electricity Market Arrangements ("REMA") Programme, the UK Government confirmed that it will retain a single GB-wide wholesale electricity market and reject zonal pricing proposals. Ministers concluded that the complexity, investor disruption and transitional risks associated with zonal pricing outweighed the potential benefits. They determined instead that market reform can be delivered within the existing national pricing framework. This decision is broadly positive for renewables investors and consumers, providing clarity and stability around future market arrangements and avoiding the introduction of additional risks that would have raised the cost of capital on future investment. The government will proceed with a package of reforms under "Reformed National Pricing", centred initially on the forthcoming Strategic Spatial Energy Plan ("SSEP"), due for publication in 2026. The SSEP aims to introduce further long-term locational investment signals for generation, storage and network build. These reforms will be supported by changes to transmission and connection charging, designed to improve locational efficiency without fracturing the national wholesale market. The Managers continue to engage proactively with policymakers on the design of the GB electricity market. Included in the UK and devolved governments' response to the RO indexation consultation was a reference to the transition from ROCs (both Buyout and Recycle elements) to Fixed Price Certificates ("FPCs"). A longer-term RO wind-down plan was first signalled during the Electricity Market Reform ("EMR") in 2014, which gave the UK Government power to replace traded ROCs with Fixed Price Certificates ("FPCs") bought by a central counterparty after 1 April 2027. Government has re-emphasised their desire for investor confidence. Nonetheless, they have indicated an intention to potentially reduce the tariff. To the extent that a reduction in the tariff is offset by a commensurate reduction of the offtake discount there would be no net impact. Offtake discounts for ROCs are currently being secured at c.2-5%. For each percentage point reduction in the tariff beyond the offtake discount, the estimated impact on TRIG's NAV is c.0.15p per share. The limited impact reflects the diversification of TRIG's portfolio across market and government-backed revenue arrangements. Timelines have yet to be formalised, but industry consultation is expected in 2026. The Managers will continue to engage with policymakers to stress the importance of avoiding additional retrospective changes to existing support schemes, which risks undermining investor confidence in the broader UK renewable energy support framework. In early 2026, the UK Government announced the results of Allocation Round 7 of the Renewables Contracts for Difference ("CfD") scheme. The auction awarded a record 8.4GW of offshore wind and a further 6.2GW of onshore wind, solar and tidal capacity. This unusually large award is expected to slightly accelerate renewable deployment than previously assumed and moderately reduce power prices in the early 2030s. Over the longer term, however, prices are expected to stabilise as electrification of heat and transport, and continued data-centre growth absorb low-carbon generation capacity additions. In addition to extending the contract term from 15 to 20 years, repowering projects are now eligible to participate in future Allocation Rounds. ## European Union ### EU Bidding Zone Review: European transmission system operators ("TSOs") concluded their 2025 Bidding Zone Review, which assessed the efficiency of alternative electricity price zone configurations in the Nordics (and Central Europe). The review concluded that no changes to existing bidding zone configurations were warranted in Sweden. While the analysis identified potential efficiency gains from separating the existing Germany–Luxembourg bidding zone into five smaller zones, any such change would require approval by the relevant Member States and would face significant political and practical barriers. The German Government has rejected proposals to split the existing market, instead prioritising grid reinforcement and increased system flexibility over structural changes to bidding zone configurations. The bidding zone review process is cyclical and is not expected to be revisited until later this decade. TRIG's portfolio benefits from geographic diversification. As a result, the outcomes of the current review are not expected to have a material impact on TRIG's investment strategy or cash flow profile. ### Carbon pricing: As part of negotiations on the EU's 2040 climate target, EU Member States and the European Commission agreed a political compromise on carbon pricing in November 2025. The compromise delayed the implementation of a second carbon market ("ETS2"), mostly applicable to emissions from transport and buildings, while deferring broader ETS1 design considerations to a structured review in July 2026. High carbon prices have drawn criticism from several Member States who argue the EU ETS puts the bloc's industry at a competitive disadvantage. While a complete reversal of the scheme is unlikely, reforms aimed to moderate carbon prices are a possibility, which could reduce power prices when fossil fuel generation is marginal. The UK currently operates a separate emissions trading system, introduced in January 2021. In 2025, the UK and EU agreed to pursue closer cooperation with a view to linking their ETS regimes. Although no timetable has been set, linkage would be expected to support upward convergence of UK carbon prices towards EU levels in the medium term, increasing wholesale power prices in GB. ### Marginal pricing: The European Commission is expected to consider options for electricity market design reform at its meeting in March 2026, including proposals aimed at reducing the influence of gas prices on wholesale power prices. The EU's current electricity market design framework entered into force in 2024 in response to the energy crisis and sought to mitigate short-term price volatility through greater use of long-term contracts, such as power purchase agreements and contracts for difference, alongside increased emphasis on grid reinforcement and interconnection to reduce renewable curtailment and improve cross-border trading. The reforms did not, however, alter the marginal pricing system, under which the most expensive plant required to meet demand, often gas-fired generation, sets the wholesale power price. Any changes to EU electricity market design would be subject to a formal legislative process, including public consultation and approval by both the European Parliament and the European Council, and are, therefore, unlikely to be implemented in the near term. Nevertheless, increased political debate around potential future reforms may contribute to heightened uncertainty. This could temporarily affect power purchase agreement liquidity during 2026, as some market participants may defer entering into long-term contracts pending greater clarity following the Commission's deliberations in the first quarter of the year. TRIG Annual Report 2025 27 ## Operations Report ## Key commercial and operational enhancement milestones in 2025 | January | February | March | May | | --- | --- | --- | --- | | Milestone: Dynamic | Milestone: Replacement | Milestone: TuneUp control | Milestone: Final Investment | | Yaw control implemented | of all solar panels at Chemin | software deployed across | Decision taken at Cuxac | | at Altahullion, 1.3% | Canal, delivering a capacity | the remaining 13 turbines at | to replace the existing | | energy yield uplift | uplift of 9.6% | Hill of Towie, with a validated | turbines and infrastructure, | | | | energy yield uplift of 1.0% | doubling the rated capacity | | Technology: Onshore wind | Technology: Solar | | | to 25.2MW Technology: Onshore wind Technology: Onshore wind | September | July | May | | --- | --- | --- | | Milestone: Final Investment | Milestone: Blade Hardware | Milestone: Power curve | | Decision taken to construct the | Enhancements (vortex Generators | upgrades at Beatrice and Merkur | | 100MW Spennymoor battery | and Gurney Flaps) installed across | achieved 0.9% and 1.15% energy | | | Earlseat, Tallentire and The Grange, | yield uplifts respectively | Technology: Battery storage expected 1.6% energy yield uplift Technology: Offshore wind Technology: Onshore wind | October | December | December | | --- | --- | --- | | Milestone: Corporate electricity | Milestone: Claves secured a | Milestone: Gronhult High | | sales agreement signed with Virgin | high-quality €87MWh government | Wind Operation upgrade applied, | | Media O2 supplying 15% of its | electricity sales agreement ahead | enabling the turbines to safely | | electricity for ten years at a fixed price, | of a Final Investment Decision in | operate in higher wind speeds, | | supplied by two onshore windfarms | 2026 to repower the site | delivering a 3.3% energy yield uplift | | Technology: Onshore wind | Technology: Onshore wind | Technology: Onshore wind | Members of the TRIG team visiting the decommissioning of the Cuxac onshore wind farm in France ahead of its repowering in 2026 28 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Operational performance | | | Weather resource divergence vs P50 | Net capacity (MW) | 2025 Load factor | Electricity production (GWh) | Performance vs budget | | --- | --- | --- | --- | --- | --- | --- | | **Onshore** | UK | -5% | 547 | 27% | 1,274 | -13% | | | France | -4% | 247 | 19% | 440 | -16% | | | Sweden | 7% | 401 | 26% | 926 | -4% | | **Offshore** | GB | -3% | 376 | 43% | 1,420 | -4% | | | Germany | -7% | 179 | 37% | 573 | -11% | | **Solar** | GB, France | 6% | 176 | 10% | 161 | -2% | | | Spain | -1% | 363 | 20% | 637 | 2% | | **Total** | | **-2%** | **2,289** | | **5,431** | **-7.3%** | During the year, 5.4TWh of clean electricity was generated, equivalent to 2% of UK domestic electricity usage. Overall electricity generation was 7% below budget for the year. Electricity generation was impacted by a combination of factors, most notably low wind resource in the first half of the year in the UK, France and Germany and curtailment of generation in Sweden due to negative market prices. Periods of negative and very low prices in Sweden meant that the projects in that region were curtailed and, therefore, unable to take full advantage of the good wind resource. The average weather resource variance for the rest of the portfolio (i.e. excluding Sweden) was -3%. Unplanned grid outages on transmission and distribution equipment owned by third parties impacted the ability to export electricity from various sites during the period. While these events are infrequent they can have a significant impact on individual projects, TRIG's Operations Manager and the affected projects' asset managers actively engage with grid companies to shorten outages or to permit limited electricity to be exported. Where possible, the projects seek to recover some, or all, of the lost revenue via insurance claims where the outage was caused by damage to the grid. Claims are ongoing at several assets including the East Anglia One and Beatrice offshore wind farms, as well as the Mid Hill onshore wind farm. Asset managers will also seek to schedule maintenance work to be performed during outages. Particularly significant outages occurred at the Mid Hill and Jädraås projects, impacting their generation in the year. Commercial and operational enhancements are secured by dedicated resource within the Managers that actively develops, implements and validates such enhancements. In the five-year period to 31 December 2024, the Managers delivered enhancements to the value of approximately £70m. The Managers are targeting adding £70m to portfolio value through enhancement opportunities across 2025 and 2026, of which £32m has been achieved by the end of 2025 with an active pipeline of further enhancements being progressed. Revenue management highlights: - Signed a ten-year contract with Virgin Media O2 to provide them with 15% of their total UK electricity needs at a fixed price with an annual price escalator. This provides price certainty to the 33MW Garreg Lwyd and 16MW Earlsesat onshore wind farms in GB for c.153GWh of annual generation - Secured a three-year contract to provide new balancing services to the French power grid. The participating projects are paid to adjust their output upon request from the grid operator - Further fixes placed under the offtake agreement with a French green hydrogen manufacturer, for 20% of the electricity generated by two French wind farms during 2026 and 2027 - 15-year, government-backed, fixed-price Capacity Market contracts secured for three battery projects totalling 208MW capacity, to support the grid's security of supply during high or low electricity demand periods - New 20-year inflation-linked feed-in-tariff secured at €87/MWh for the repowering of the 13MW Claves onshore wind farm. Subject to final investment decision, this will be TRIG's second repowering project Key operational enhancements during the year include: - Upgrades at a German offshore wind farm, increasing the power output of each turbine from 6.0MW to 6.15MW, and the total site capacity from 396MW to 406MW. This increases the amount of electricity generation that the wind farm can generate, particularly during high wind periods - Analysis of technical data at a Swedish onshore wind farm enabled adjustments to operational parameters to keep the turbines operating in higher winds where they previously would have needed to shut down to protect them from damage. This change is expected to increase annual electricity production by around 3% - Blade hardware aerodynamic enhancements and software upgrades have now been deployed at 164MW of onshore wind sites in the UK and France. Further potential rollouts are underway across the portfolio on both wholly owned and joint venture wind farms for a further deployment of up to 143MW. Additions of hardware to wind turbine blades are often followed by software upgrades to adjust the way in which the blades are controlled given their new aerodynamic properties, to achieve further increases in electricity generation Further detail on these and other initiatives can be found in the Enhancements section on pages 33 to 34. TRIG Annual Report 2025 29 Operations Report continued Repowering at Cuxac, France ### Repowering wind farms ‘Repowering’ is the replacement of existing ageing wind turbines and associated electrical infrastructure with modern, more efficient and higher-capacity technology. Larger wind turbines can often be deployed, significantly increasing electricity generation. Existing infrastructure can also be re-used, such as site tracks, crane pads and grid connection points, alongside existing local relationships and detailed knowledge of the wind resource. The Cuxac onshore wind farm in southern France is TRIG’s first repowering. The project’s 12MW capacity is being increased to 25.2MW. A 20-year, inflation-linked government tariff will provide stable and predictable revenues. Construction began in late 2025 with full operationexpected in 2026. The Claves onshore windfarm, also in southern France, secured a new 20-year, inflation-linked government tariff tosupport the repowering of the 13MW site. ### Onshore wind France The primary challenge in France this year was in the South, where UK older turbine models fell short of their electricity generation targets. Performance in the region across the year was lower than anticipated TRIG is actively addressing performance gaps by refreshing RES’s primarily due to a combination of underlying wind resource being Operations and Maintenance contract and by applying an enhanced below expectations and outages in the third-party managed spares strategy to reduce lead times for parts, and enable a larger grid network. and more competitive procurement process to be performed early. Additionally, a significant proactive maintenance campaign has been Grid outages impacted production as the process to reinforce the completed by RES to address specific reliability issues. UK grid and connect new projects continues. Approximately 3% of production was lost due to these uncompensated outages. TRIG is increasing the value of its French portfolio through a The Operations Manager and project asset managers continue to repowering programme in which pre-existing wind turbines and engage productively with grid operators and successfully negotiated associated infrastructure is replaced with new equipment, securing reductions in outage durations in addition to moving outages to lower future value from the site. The first project to be repowered is the resource periods. Cuxac onshore wind farm. Through the repowering, site capacity is being increased from 12MW to 25MW. The repowered project will Generation was impacted by performance challenges at Crystal benefit from a new 20-year inflation-linked government tariff at €86 Rig 1 due to recurrent technical faults compounded by difficulties in / MWh. A second 12.6MW project, which has secured a similarly sourcing spare parts for the older vintage of wind turbines on this site. high-quality government tariff at €87 / MWh, is expected to reach Additional specialist resources were deployed, resulting in a material aninvestment decision later in 2026. improvement in site performance. The majority of associated costs for additional specialist resource have been absorbed by the Operation As previously reported, the legal challenge in relation to the Vannier and Maintenance contractor. onshore wind farm in France was heard in court and resulted in the regularisation process (reinstatement) of the environmental permit Other highlights for the region include the signing of new electricity being stopped. The case is being escalated through the courts sales agreements in the first half of the year for two projects system. The wind farm’s generation remains suspended. A provision in Northern Ireland. These agreements include provisions for of 0.3p per share is included in the NAV. compensatory payments to mitigate the future impact of grid restrictions experienced in the region. Upgrades to equipment were delivered to three sites where a combined software and hardware upgrade is expected to support a 1.7% annual electricity production increase. Implementation of the software update has been completed at all three projects, while aerodynamic hardware improvements to blades have been completed at one site and significant progress has been made at a second site. Early results have been promising. Installation will be completed in 2026. 30 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Sweden TRIG is actively optimising its Swedish assets to reduce the impact of regional grid limitations and market changes. Despite good wind levels, overall output was tempered by external grid restrictions and low-price periods both resulting in curtailed production. The Jädraås project was impacted by an external grid export curtailment between January and November 2025, causing a generation shortfall across the year of 91GWh. This curtailment limited generation to 80% of total export capacity for the majority of the period. Proactive engagement is ongoing with the grid operator to improve visibility and allow for effective planning of maintenance works. In March 2025, the duration of the grid balancing periods in Sweden was reduced from 60 minutes to 15 minutes and applied individually to each of the four regional pricing zones rather than across the whole country. The significant shortening of delivery periods and reduction in zone size caused an increase in price volatility and imbalance pricing. All projects within TRIG's portfolio were protected from the effects of this volatility by having fixed-price contracts in place for balancing fees; however, the price of such arrangements is increasing on renewal. A campaign to install noise-reducing hardware across all turbines at Grönhult commenced in November 2025 and is scheduled to complete in the first quarter of 2026, enabling the site to maximise generating capacity and reducing the loss of revenue from curtailments. ## Weather analysis The graph below shows hindcast analysis of annual variances of wind speeds and solar irradiation as a percentage variation to the long-term average since 1996 for TRIG's operating portfolio, by region and technology. A long-term analysis of the data reveals that while individual regions and technologies exhibit fluctuations, the total portfolio remains notably stable, and the average over the last ten years is consistent with the long-term mean. This reinforces the benefit of portfolio diversification, with the dashed total portfolio line consistently showing reduced volatility compared to individual regions / technologies. No long-term positive or negative trend is apparent across the diversified portfolio, due to climate change or otherwise. Despite the low wind years of 2010 and 2021, the resource has shown a consistent trend to revert to the mean. Brief periods of notable positive or negative divergence are typically followed by a more stable pattern of variance, consistent with the historical behaviour seen in the early 2010s. This pattern is consistent with TRIG's long-term energy yield forecasts. ![img-7.jpeg](img-7.jpeg) Hindcast analysis based on industry standards using long-term reference data sources including MIERRA-2, ERA-5 and SolarGIS to build localised, site-specific long-term yields. The chart shows how production has varied compared to this long-term average due to resource only. TRIG Annual Report 2025 31 ## Operations Report continued ### Offshore wind Our GB offshore wind farms finished the year with strong performance in the final quarter, which helped to somewhat offset unusually low wind conditions earlier in the year. Beatrice suffered a fault in a third-party owned export cable, which required the project to limit export capacity to 50% between April and July 2025. A cable repair was completed in July, after which the project was able to return to full export capacity. Appropriate insurance to compensate for lost generation, subject to an excess period, is in place. A claim has been submitted, with an advance insurance payout received in late 2025. The balance is expected to be settled in early 2026. Over the period, a repair campaign was also undertaken at Beatrice on the project-owned inter-array cables that sit between groups of turbines to ensure the project can operate at full generation capacity going forward. At Sheringham Shoal, modifications were made to the turbine access arrangements to allow larger and more capable vessels to be used, which can remain in the wind farm vicinity a whole week at a time, thereby removing daily travel times and weather uncertainty. Such vessels also enable technicians to walk across from the vessel to each turbine, which is a safer and faster method to access the turbines. Sheringham is targeting a 20% access improvement, which will reduce wind turbine downtime. A software update has been applied at Hornsea One, which enables the turbines to temporarily increase their rated capacity during peak wind conditions, increasing total windfarm capacity by an extra 16MW. A further update is in the final stages of validation with a potential additional impact of 129MW with the positive effects already being realised. Similar to the GB offshore sites, German offshore wind farms within TRIG's portfolio saw strong wind levels in the final quarter of the year. Overall production was impacted by two main factors: periods where the projects curtailed generation because market prices were negative, and times when the local power grid was unavailable. The affected projects were not compensated for some of these grid-related curtailments, and legal options for recovery are being explored. ### Solar and storage #### Spain TRIG's large Spanish solar sites, which make up 80% of total solar production for the portfolio, delivered excellent reliability in 2025. Generation was adversely impacted by export curtailment in response to low power prices for the Cadiz projects in addition to uncompensated grid curtailments at Cadiz and Valdesolar due to local lines reaching capacity. Some curtailments were allowed for within the respective investment cases at acquisition. The curtailment is anticipated to lessen in future periods as further grid reinforcements progress alongside the transmission system operator's mandatory voltage control service, which will launch in early 2026. The Cadiz and Valdesolar projects are also developing co-located batteries, which is expected to materially improve financial performance by being able to shift electricity export from lower to higher price periods within each day. The Valdesolar project has secured import grid capacity meaning the co-located battery will be able to charge from both the solar plant and the grid, thereby maximising its flexibility and revenues. During the period, following a competitive process with independent oversight, an updated five-year Operation and Maintenance agreement was signed for the Cadiz projects with RES. The Arenosas project in the Cadiz region was also selected to trial a digital monitoring and control platform designed to optimise solar asset performance and operational reliability. The platform operates 24/7, enabling the identification and remediation of potential issues before they cause downtime. The trial commenced in the third quarter of 2025, and results are anticipated during 2026. #### GB GB solar performed above budget across the year. A planned campaign of panel replacements was completed at the Churchtown site in 2025; with a programme of works at the Manor Farm site expected to commence in the first half of 2026. New panels will provide improved overall efficiency and prolong the life of the investments. A trial of inverter temperature management software, initially launched in the first quarter of 2025, was extended through to summer 2026 at GB solar sites in the portfolio. The software seeks to prevent inverters overheating, thereby prolonging inverter life and reduce repowering costs. Third-party validation of performance uplifts is expected post-trial. #### France Module replacement works were completed at Chemin Canal with works ongoing at Marie Galante with new panels bringing the same benefits as seen in the GB solar region. 32 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices By prioritising health and safety, TRIG seeks to promote its supply ### Health and safety chain’s safeguarding of their workforce and supports resilient TRIG’s commitment to a robust health and safety (“H&S”) culture is operations thereby supporting long-term value for shareholders. the cornerstone to delivering operational excellence. The wellbeing of those working on TRIG’s projects is central to how TRIG operates, enhancing operational efficiency and promoting project success. ### Our approach TRIG’s Board and the Manager’s leadership team show their RES believes that safety is a shared responsibility. Upholding the continued support for health and safety by ensuring safety protocols highest safety standards to foster a culture of Zero Harm, placing are rigorously followed across the business and at TRIG’s projects. a strong emphasis on daily safe practices and continuous This includes use of comprehensive assurance frameworks, regular improvement. Achieving Zero Harm requires continuous independent and internal audits, targeted training programmes and dedication to safeguarding the safety, health, and overall proactive engagement with asset managers to share best practice wellbeing of everyone working with RES. and lessons learned. RES has achieved industry-leading health and safety During 2025, TRIG and its Managers have reinforced their performance, including playing a founding role in SafetyOn, commitment to embedding health and safety into every stage of thehealth and safety body for the onshore wind industry. project delivery. From procurement through to commissioning, RES has ISO systems in place across parts of the organisation health and safety requirements are integrated into tender evaluations, where they are certified to ISO 9001 (Quality), ISO 55001 (Asset supplier selection and contractual obligations to ensure alignment Management), ISO 14001 (Environmental Management), and ISO with TRIG’s standards. During construction, robust processes 45001 (Occupational Health and Safety), ensuring a consistent, including detailed risk assessments and site-specific safety plans are high-standard approach to project execution. implemented, these are then monitored through regular audits and inspections. These practices have contributed to the safe delivery of projects throughout 2025 and will remain central to TRIG’s approach ### Enhancements as it builds out its development pipeline. The Managers, RES and InfraRed, are committed to delivering TRIG continues to prioritise communication with its partners and enhanced portfolio performance and shareholder returns through collaborators, ensuring that lessons learned are communicated and optimised technical, commercial and operational initiatives. amplified among all stakeholders. A biannual HSE Coordination The Managers apply a structured framework to identify, appraise Group, to which all asset managers from the TRIG portfolio, in and implement opportunities at both individual site and wider addition to members of the TRIG board, are invited, provides a portfolio levels. Examples of the enhancements progressed space for discussion of matters that have arisen on the portfolio during2025 include: and wider industry. This collaborative approach ensures that safety culture is not only maintained but strengthened across a diverse and Increasing generation output: growing portfolio. Blade hardware improvements, where custom designed parts During 2025, there have been two HSE-reportable accidents across are affixed to specific areas of the blade to improve aerodynamic the portfolio. TRIG’s 12-month rolling average seven day Lost Time performance, have been installed at a range of onshore wind sites. Accident Frequency Rate (“LTAFR”) was 0.27 for the 12 months These improvements are designed to reduce drag and increase lift to December 2025, a c.48% reduction over five years from 0.52 to increase the amount of energy extracted from the wind flow over in 2020. This improvement reflects both a long-term reduction in the blade. higher risk construction activity since 2020 and the shift in recent – Blade improvements have been installed across a range of UK years to lower-risk construction categories such as battery storage. onshore wind projects with energy yield gains ranging from 1.6% While construction activity has increased again in 2025, overall to 3.0%. Further aerodynamic improvements are being trialled portfolio risk levels remain lower than in 2020, supported by ongoing active management of H&S risk by the managers. – Across a sub-set of French sites, installation of blade improvements coupled with an associated software upgrade Highlights of proactive measures taken in 2025 include: areexpected to provide an energy yield uplift of 1.7% – In addition to contracted third parties who conduct regular – Further potential blade and software upgrades are being identified siteinspections and audits on behalf of TRIG, the Operations – Complementary software upgrades were also installed at a Manager directly undertook 12 assurance visits across the combination of French and UK onshore wind sites alongside the portfolio in 2025, utilising the assurance process launched in 2024. The visits covered both in construction and operational assets and blade hardware. The software improvements further augment took place through normal operational periods and in conjunction the blade hardware additions by identifying improved parameter with notable events such as panel replacement works at a GB settings to enhance generation, for example through an adjusted solar site and turbine blade replacements in Sweden angle (pitch) of the blades – A variety of exercises and drills took place throughout the year Additional wind turbine software upgrades have been rolled out including a large-scale helicopter rescue emergency exercise to improve how wind turbines interact both with the wind and with at Merkur in Germany; safety stand down days at East Anglia each other. One and Hornsea One where activities focused on work safety and general everyday emergency situations; and a joint HSE – Two offshore sites in GB and Germany received power curve emergency exercise in Northern Ireland involving neighbouring upgrades in the period allowing more electricity to be generated at wind farms and operators the same wind speeds with uplifts ranging between 0.5% to 1.2% – RES held a UK-Wide safety stand down campaign focusing – Upgrades allowing wind turbines to better align with the wind on the ‘butterflyeffect’, how a minor unsafe act can lead direction have been deployed at several UK sites. These upgrades to a major incident or a small safety-positive activity such improve the way in which the turbines position themselves (yaw) as positive reporting of a hazard can lead to learnings and towards the wind such that they are always facing in the most haveamagnifyingeffect across wider activities 33TRIG Annual Report 2025 Operations Report continued efficient direction, while also optimising the wind flows from one Optimising operations: wind turbine to the next. This approach can increase energy yield In addition to wind turbine improvements, TRIG’s solar sites are uplifts by up to 1.3% alsobeing upgraded to ensure they operate at peak efficiency – Software updates to fine-tune wind turbine parameter settings to whilereducing the long-term wear and tear on critical components. extract more power from the same wind speeds were completed – A campaign to replace older solar panels in the GB solar portfolio across multiple UK onshore wind sites. These upgrades adjust has commenced where performance had begun to decline. how the turbines operate, for example fine-tuning the angle By investing in newer and more efficient panels now, TRIG can (pitch) of blades, to better extract energy resulting in energy yield ensure optimum project performance to take best advantage of increases up to 2.6% higher near-term revenue streams. One project has now returned – In Sweden, an enhancement achieved at an onshore wind site is to operations following panel replacement in Q4 2025 with a anticipated to add an additional 3.3% energy production during second site targeted for late 2026. The investment payback periods of high wind speeds in specific directions, in which the periodfor both projects is less than one year turbines would previously have been unable to generate – A trial is underway of new software at several GB solar sites, – Specialised software collecting live operational data from the whichhelps the inverters to operate more intelligently, particularly wind turbines has been implemented at a number of sites to help in hot weather, by reducing overheating and subsequent need identify and analyse inefficiencies and mechanical issues more to shut-down for a cooling period. This also extends the overall quickly achieving operational cost reductions and reductions in lifespan of this equipment, reducing the ongoing operational costs lost generation Additional revenue streams: In addition to the primary sources of revenue from wind and solar sites relating to the sale of electricity and / or an enabling subsidy, additional smaller ancillary revenues can also sometimes be obtained. – In France, the four southern French sites started providing grid-balancing ancillary services. A further two sites in the North of France are expected to start providing the same services in 2026 – In Spain, TRIG has upgraded systems to help the national grid stay balanced. These solar sites can act as a ‘backup’ source of power when the grid needs extra support. TRIG is also preparing to launch new features that help the grid maintain steady voltage levels, following the schedule set by the national grid operator. These essential services create additional sources ofincome forthe projects The Grange, England 34 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Sustainability As the energy system undergoes rapid transformation, renewable energy and its storage sits at the heart of both decarbonisation and the expansion of electricity generation capacity needed to meet growing demand in a sustainable, secure and affordable way. The Board and TRIG’s Managers recognise that the renewable energy and storage assets within the Company’s portfolio are inherently connected to the communities and environments in which they operate. This reinforces both the importance and commercial benefit of proactively taking a long-term perspective – one that integrates responsible business practices, robust governance and sustainable supply chain management throughout ## TRIG’s business of generating each stage of every project’s lifecycle. ## and storing renewable electricity Full details on the sustainability approaches of TRIG and its ## continues to play a pivotal role Managers can be found on the respective websites. ## towards advancing a sustainable ## and affordable energy future Selina Sagayam Chair, ESG Committee 26 February 2026 TRIG contributes to the Sustainable Development Goals (“SDG”) ## Key contributions to two through its investments in renewable energy infrastructure ## of the UN’s Sustainable and supporting the local communities around its assets. The Company’s portfolio contributes to 11 out of the 17 SDGs, 1 ## Development Goals with the most significant contribution towards: ## Affordable and clean energy Climate action By owning and operating renewable energy infrastructure Climate change considerations are integrated into TRIG’s assets, TRIG is helping to provide clean energy across the UK policies and planning. This includes the assessment, and Europe. Providing investment funding for new greenfield management and reporting of climate-related risks and infrastructure and acquiring operational assets allows opportunities associated with its portfolio, as well as taking developers to recycle capital into the build-out of additional steps to reduce the portfolio’s carbon footprint. TRIG’s | capacity, which in turn contributes to a reduction in the | | operational portfolio contributes towards a net zero carbon | | | | --- | --- | --- | --- | --- | | overall cost of deploying renewables. TRIG’s current 2.3GW | | future. Since 2018, the Company’s portfolio has generated | | | | operational portfolio powered the equivalent of 1.6 million | | 35.8TWh of renewable electricity, helping avoid 11.8 million | | | | | 2 | | | 3 | | homes with clean energy in 2025. | | tonnes of CO | 2 e emissions | . | Read more about Read more about Affordable and Clean Energy Climate Action 1 Source: https://www.un.org/sustainabledevelopment. 2 As at 31 December 2025, calculated using actual generation figures in accordance with the International Financial Institution (“IFI”) Approach to GHG AccountingforRenewableEnergytoaidcomparison with other industry participants. 3 Covers the period 2018-2025. 2018 was the first year for which avoided emissions were measured and reported for the TRIG’s operational portfolio. 35TRIG Annual Report 2025 Sustainability continued This page sets out TRIG’s four sustainability priorities, ## TRIG’s sustainability priorities and the progress achieved towards them during 2025. 2024 2025 Priorities Metrics performance performance Objectives 1 Mitigate adverse Renewable electricity generated 5,915GWh 5,431GWh climate change Number of homes (equivalent) 1.6m 1.6m – Investing in the energy transition the portfolio powered with clean homes homes – Supporting climate resilience electricity during the year 2 | Carbon emissions avoided | 2.0m | | 1.8m | | --- | --- | --- | --- | | | tonnes | | tonnes | | MW of capacity reaching final | | – 125.1 ≥100 per annum | | investment decision (“FID”) | Percentage of total portfolio sourcing | 94% 94% 100% of total | | | --- | --- | --- | | electricity under Renewable Electricity | | portfolio sourcing | | Supply Contracts, or generating for | | electricity under | | ownuse | | Renewable Energy | Supply Contracts, or generating for own use by 2035 | Scope 1 carbon emissions | | | – – | | --- | --- | --- | --- | | – direct emissions (tCO | 2 e) | | | | Scope 2 carbon emissions | | | – – | | – indirect emissions (tCO | 2 e) | | | | Scope 3 carbon emissions – indirect | | 0.03m 0.04m | | emissions, within the Company value chain (tCO 2 e) Preserve our natural Number of active Environmental 53 58 Enhancement projects within environment 3 the portfolio – Reducing resource consumption | – Minimising biodiversity loss | Sites with project activities that | – – Maintain no negative | | | | --- | --- | --- | --- | --- | | | are negatively affecting biodiversity | | biodiversity impacts | | | Positively impact | Number of community funds within | 46 48 Create two | | | | | the TRIG Portfolio, where there is a | | | new voluntary | the communities formal agreement to provide funding community funds we work in to benefit a specific community a year – Community engagement and support Number of sites that have any 4 3 No issues outstanding issues with the local with the local – Promoting responsible community or other non-contractual community / local supply chains stakeholders stakeholders Community contributions £1.8m £1.7m p.a. in £ Maintain ethics and Seven-day Lost Time Accident 0.23 0.27 Maintain an Frequency Rate (“LTAFR”) accident frequency integrity in governance rate under 0.5 – Fostering Diversity, Equity & Inclusion (DE&I) – Maintaining health and safety Number of RES HSQE assurance 3 9 ≥3 per annum reviews conducted across portfolio 1 Includes compensated production due to grid curtailments, insurance and other availability warranties. 2 Values calculated based on actual and curtailed generation for 2025 and 2024, in accordance with the IFI Approach to GHG Accounting for Renewable Energy. 3 Operational TRIG sites engaged in proactive habitat management plans that exceed standard environmental maintenance. 36 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Valuation of the Portfolio The Investment Manager is responsible for carrying out a fair market The valuation for each investment in the portfolio is derived from the valuation of the Group’s investment portfolio, which is presented to application of an appropriate discount rate to reflect the perceived the Directors for their approval and adoption. Valuations are carried risk to the investment’s future cash flows to give the present value of out on a six-monthly basis at 30 June and 31 December each year. those cash flows. The Investment Manager exercises its judgement in assessing the expected future cash flows from each investment For non-market traded investments (being all the investments in based on the project’s expected life and the financial model produced the current portfolio), the valuation principles used are based on by each project entity. In determining the appropriate discount rate adiscounted cash flow methodology and adjusted in accordance to apply to a given investment, the Investment Manager takes into with the International Private Equity and Venture Capital Valuation account the relative risks associated with the revenues, which include (“IPEV”) guidelines adjusted where appropriate to comply with IFRS fixed price per MWh income (lower risk) and merchant power sales 13 and IFRS 9, given the special nature of infrastructure investments. income (higher risk). Where an investment is traded, a market quote is used. ### Valuation movement 1 The Directors’ valuation of the portfolio as at 31 December 2025 was £2,875m (31 December 2024: £3,116m) . The Board regularly engages an independent third-party expert to review the Manager’s valuation and accordingly, the Board commissioned an independent valuation from the accountants BDO as at 30 June 2025, and a discount rate benchmarking exercise as at 31 December 2025. 2 BDO’s independent valuation included a review of the key valuation assumptions including discount rates, power price and its cannibalisation , inflation and other macroeconomic assumptions, operating costs and asset lives. BDO’s work corroborated the TRIG June 2025 valuation and the key underlying assumptions as adopted by the Board and used within the preparation of these accounts. The discount rate benchmarking exercise as at December 2025 further corroborated the discount rates and assumptions used. A breakdown of the movement in the Directors’ valuation of the portfolio in the period is illustrated in the chart and set out in the table below. Valuation movement during the period to 31 December 2025 £3,500m 116.4 (83.7) 58.9 £3,000m 74.8 15.8 (219.5) (127.8) (57.8) (18.2) £2,500m £2,000m 3,115.6 2,928.7 2,874.5 £1,500m Portfolio Valuation £1,000m £500m £0m | 31 Dec 24 | | New | Disposal | | Cash | Rebased | Foreign | Change in | Movement in | | Change in | Regulatory | Balance of | 31 Dec 25 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Valuation | Investments | | Proceeds | Distributions | | Valuation | Exchange | Power Price | | Discount | inflation | Changes | Portfolio | Valuation | | | | | | from Portfolio | | | Movement* | Forecast | | Rates | Assumption | | Return | | Balance does not cast due to rounding. * Foreign Exchange movements in the bridge are stated before the offset of currency hedges, which are held at the Company and its subsidiaries TRIG UK and TRIG UK I. Valuation movement during the period to 31 December 2025 The valuation gain on the portfolio reduces to £33m with the impact of the hedges included. 1 Directors’ Valuation is an Alternative Performance Measure (“APM”). See page 53 for details of APMs. Further, the reconciliation from the Expanded basis financial results is provided intheFinancial Review section on page 48, and a reconciliation of the Directors’ Portfolio Value (APM) to Investments at Fair Value is provided in Note 12 to the Financial Statements. 2 Cannibalisation describes the effect that renewables (an intermittent generator) can have on the overall power prices, whereby the marginal cost of generation, which in turn drives the powerprices, is lower than the average that would be expected of a continuous base load generator as a result of the additional supply when renewables are generating. Rates differ overtimeand between markets but all are affected. 37TRIG Annual Report 2025 ## Valuation of the Portfolio continued ### Valuation movement during the period to 31 December 2025 | | £m | £m | | --- | --- | --- | | **Valuation of portfolio as at 31 December 2024** | | **3,115.6** | | Cash investments | 116.4 | – | | Disposal proceeds | (83.7) | – | | Cash distributions from portfolio | (219.5) | – | | **Rebased valuation of portfolio** | | **2,928.7** | | Movement in foreign exchange* | 58.9 | – | | Change in power price forecast | (127.8) | – | | Movement in valuation discount rates | (57.8) | – | | Change in inflation assumption | 15.8 | – | | Regulatory changes | (18.2) | – | | Portfolio return | 74.8 | – | | **Valuation of portfolio as at 31 December 2025**** | | **2,874.5** | * A net gain of £33m after the impact of foreign exchange hedges held at Company level. ** Table does not cast due to rounding The opening valuation as at 31 December 2024 was £3,116m. Allowing for cash investments of £116m, disposal proceeds of £84m and cash receipts from investments of £220m, the rebased valuation as at 31 December 2025 was £2,929m. Investments in the period predominantly related to the construction of the Ryton and Spennymoor battery projects in the UK and the repowering of the Cuxac onshore wind farm in France, as well as limited development expenditures on other battery assets within the UK, and yield enhancements across a sub portfolio of projects. Each movement between the rebased valuation of £2,929m and the 31 December 2025 valuation of £2,875m is considered below. #### (i) Movement in foreign exchange: Over the year, Sterling has depreciated 5% against the Euro compared to the rate as at December 2024 (31 December 2024: EUR 1.2085; 31 December 2025: EUR 1.1472). In aggregate, this has led to an increase in the valuation of the Euro-denominated investments in the year of £59m. After the loss on forward currency hedges held at Company level, the overall foreign exchange gain reduces to £33m. Euro-denominated investments across France, Germany, Spain and Sweden$^{1}$ comprised 41% of the portfolio by value at the year end. The Company enters into forward hedging contracts (selling Euros, buying Sterling) for an amount equivalent to its expected income from Euro-denominated investments over the next 48 months. In addition, the Company enters into further forward hedging contracts such that, when combined with the income hedges, the overall level of hedge achieved in relation to the Euro-denominated assets has typically been in the range of 80% to 85% of their valuation. Hedging is also effected through drawings under the Company's revolving credit facility in Euros and post-year-end with a level of Euro drawings under the private placement entered into in February 2026. The Investment Manager reviews the level of Euro exposure and utilises hedges with the objective of minimising variability in shorter-term cash flows with a balance between managing the Sterling value of cash flow receipts and potential mark-to-market cash outflow. $^{1}$ The majority of the Swedish wind farm income is from wholesale power sales, which in the Nord Pool are denominated in Euros, accordingly the investment is treated as Euro denominated. 38 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### Illustrative blended power price curve (net of cannibalisation assumptions and PPA discounts) for TRIG's portfolio$^{1}$ ![img-8.jpeg](img-8.jpeg) #### Forecast prices by region (real 2024 price)* | | Average 2026–2030 | Average 2031–2035 | Average 2036–2050 | | --- | --- | --- | --- | | Great Britain (GBP per MWh) | 60 | 54 | 52 | | Average of five Euro-denominated markets (EUR per MWh) | 51 | 56 | 54 | * The average forecast price for 2051–2060 is 50 GBP per MWh in Great Britain and 50 EUR per MWh in Europe. ### (ii) Change in power price forecast: TRIG uses the average of three power price forecasters' projections adjusted for the lower price that a variable renewables project captures compared to a baseload generator (the resulting discount is known as cannibalisation). This means that TRIG captures a breadth of views on the evolution of the electricity market and supply-demand dynamics. This is important as these views may diverge over time. The valuation as at 31 December 2025 is based on updated power price forecasts from the three forecasters in each of the markets in which TRIG invests, with consideration of forward market prices over the next three years. Overall, the forecast prices are significantly lower than previously expected over the short to medium term. The resulting impact is a net overall decrease in valuation of the portfolio by £128m. The vast majority of this impact was due to significant reductions in the average power price forecasts in the UK and Sweden. The drivers of the short to medium-term power price reductions over the year include a reduction in actual and forecast gas prices, primarily due to increased LNG supply (particularly from the United States and Qatar). Starting from the late 2020s, reduced power demand growth expectations from the lowest forecaster begin to reduce forecast prices vs. the forecast at 31 December 2024. Revisions to forecast renewables build-out begin to close the gap to the previous forecast, where longer-term power price forecasts reflect the interplay between increases in the cost of capital and the cost of building new renewable plants as well as the electrification of demand, greater interconnection capacity, and increased data centre demand. Delay in nuclear capacity build-out assumptions in the UK have led to forecast UK electricity prices remaining elevated into the medium term before declining as more renewables generation is expected to be added to the UK system. Of particular note in this year is that the lowest of the three forecasters materially reduced their power price projections in Q2 2025, principally due to reduced expected growth in electricity demand. In Q3 2025, the lowest of the three forecasters revised some assumptions affecting cannibalisation rates that had a positive impact on the valuation, partially offsetting the adverse movement at Q2. In Q4, all three forecasters reduced their forecasts modestly, primarily due to lower commodity prices in the near term. The overall valuation impacts at Q3 and Q4 partially offset each other such that the majority of the power price movement in 2025 is attributable to the impact in H1 2025. The additional caution introduced by the lowest forecaster at June 2025 was estimated to have negatively impacted the portfolio valuation by c.£60m or c.2.5p per share as at June 2025. However, accounting for the revised assumptions referenced above, and the relative movements in other forecasters over the second half of the year, the negative impact over the course of the year is estimated at a reduced level of c.£15m or c.0.6p per share. 1 Power price forecasts used in the Directors' valuation for each of GB, SEM Northern Ireland, France, Germany, Sweden and Spain are based on analysis by the Investment Manager using data from forward prices available in the market and leading power market advisers. In the illustrative blended price curve, the power price forecasts are weighted by P50 estimates of production for each of the projects in the Company's portfolio as at 31 December 2025. Both the December 2024 and December 2025 curves have the same portfolio composition, being the December 2025 portfolio, so that the like-for-like movement can be seen as there have been disposals in the year. TRIG Annual Report 2025 39 ## Valuation of the Portfolio continued The table below shows the spread in portfolio valuation were the lowest and highest forecaster to be adopted alone (relative to the average of the three forecasters), expressed as a percentage and £m change. | | 31 December 2024 | 30 June 2025 | 31 December 2025 | | --- | --- | --- | --- | | Lowest forecaster | (9)% / £(179)m | (14)% / £(290)m | (10)% / £(196)m | | Highest forecaster | 9% / £178m | 10% / £207m | 8% / £163m | The potential impact on projected returns from the spread of forecasts is shown below. | | 31 December 2024 | 30 June 2025 | 31 December 2025 | | --- | --- | --- | --- | | Potential impact on projected returns | (0.8)% to 0.9% | (1.4)% to 1.0% | (1.1)% to 0.8% | Competitive forces may result in assets trading on the higher curves when there is healthy buyer competition. TRIG's approach of incorporating a range of market views through three power price forecasters and a high level of assumed cannibalisation is not adopted by all renewables investment companies, which may lead to differences in impact on portfolio valuations. Should a higher power price forecast come to pass, this could present a material upside to TRIG's projected returns as demonstrated by the sensitivities provided above. In addition, TRIG's approach of using a more cautious average of the main forecasters means that our cash flow forecasting is undertaken on a more conservative basis resulting in a more sustainable dividend policy. Equity investors that use one or two power price forecasts typically do not use the lowest of the three forecasters. The weighted average power price forecast used to determine the Portfolio Valuation is shown on the prior page in real terms. This is comprised of a blend of forecasts for each of the power markets in which TRIG is invested after applying expected PPA power sales discounts and reflecting cannibalisation. Wholesale power price assumptions shown in the table on the previous page are after allowing for cannibalisation and before allowing for PPA discounts, which vary by project and are typically in a range of 2% to 10%. Cannibalisation is assumed within the adopted power price forecasts across each jurisdiction. The reduction in captured wholesale electricity power prices is forecast to be further impacted in each geography over time as the proportion of production coming from renewables in each market increases. ### (iii) Movement in valuation discount rates: Valuation discount rates have been increased for European assets and for UK offshore wind assets during the year. European government bond yields have increased over the year, particularly in the first quarter of 2025, beyond the levels seen at 31 December 2024. To reflect the observed differences, European rates were increased by 0.3% as at 31 March 2025. This increase reflects the same increase previously applied to UK valuation discount rates that were used for the TRIG valuation at 31 December 2024. Increases in the discount rates applied to European investments in Q1 led to a reduction in the valuation of the investments of £29m in 2025. Government bond yields in the UK have remained relatively level over the year, and UK valuation discount rates applied remain unchanged since December 2024 with the exception of offshore wind assets. UK offshore wind discount rates have been increased by 0.5% in Q4 2025 to reflect the greater availability of UK offshore wind investment opportunities in the market relative to the available capital at this scale. Increases in the discount rates applied to UK offshore wind investments in Q4 led to an additional reduction in the valuation of the investments of £28m in 2025. The weighted average portfolio valuation discount rate as at 31 December 2025 was 9.0% as compared to 8.6% as at 31 December 2024. The discount rates used for valuing each investment represents an assessment of the annualised rate of return at which it is estimated infrastructure investments with similar risk profiles using a similar basis for cash flow forecasting would trade on the open market. The 0.4% increase in the weighted average discount rate in 2025 principally reflects: - The progression of time such that assets with fixed-price arrangements in the earlier years will see their future returns become proportionally more exposed to market price movements (unless current arrangements, notably government-backed contracts, are renewed) and consequently contain an increased level of risk - The increase in European valuation discount rates by 0.3% in Q1 2025. At 31 December 2025, European investments represented 41% of Portfolio Value - The increase in UK offshore wind valuation discount rates by 0.5% in Q4 2025. At 31 December 2025, UK offshore investments represented 24% of Portfolio Value During the period, the Investment Manager has continued to see a slow market for transacting renewables infrastructure projects amid a constrained level of capital available to purchase new projects. Benchmarks from transactions that have been publicly reported in the market have been corroborative of the values of TRIG assets in those relevant markets noting that details of cash flow assumptions applicable for those assets transacting are not available and so benchmarks of values per MW adjusted for age / capacity factors may lead to broad ranges. The Company commissioned an independent valuation of the portfolio and a discount rate benchmarking exercise during the year, which confirmed that the portfolio valuation and the discount rates applied were reasonable. The independent valuer also applied benchmarks from transactions they had seen to inform their valuation range provided. 40 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Inflation assumptions used in the Portfolio Valuation | Index | 2025 (Dec on Dec) | 2026–2030 | 2030+ | | --- | --- | --- | --- | | | Actual (Forecast at Jun 25: Dec 24) | Forecasts unchanged | | | UK Retail Price Index | 4.2% (3.65% : 3.25%) | 3.25% | 2.5% | | UK Consumer Price Index | 3.3% (2.8% : 2.5%) | 2.5% | 2.5% | | UK Power Price | 4.2% (3.65% : 3.25%) | 3.25% | 2.5% | | Europe | 1.8% (2.0% : 2.0%) | 2.0% | 2.0% | ### (iv) Change in inflation assumption: Inflation applied to cash flows has been adjusted for actual inflation in all geographies for 2025 (shown above) with the UK RPI and CPI significantly higher than December 2024 forecasts and European inflation slightly lower compared to the December 2024 forecasts. The longer-term forecast inflation rates for the UK and the European assets remain unchanged. The overall impact of changes in actual inflation increased the valuation by £16m. ### (v) Regulatory changes: On 31 October 2025, the UK Government announced a consultation in relation to the indexation on Renewables Obligation ("RO") and Feed-in-Tariff ("FIT") schemes. Post-year-end, in January 2026, the UK Government announced, following the consultation, that it intended to implement a change in the inflation indexation applying to ROCs and FIT rates from RPI to CPI, effective April 2026. This change in future indexation has the effect of reducing the Portfolio Valuation by £14m (or 0.6p per share). TRIG has relatively limited exposure to UK ROC and FIT revenues (19% of projected revenues for 2026) given the nature of its diversified portfolio. In addition, measures introduced in the UK Budget 2025, including a lower capital allowance rate and higher business rates on the largest assets, have resulted in a decrease in valuation by £9m. These were partially offset by a £4m increase in valuation following the reduction of German corporation tax rates by 1% per year until 2032. ### (vi) Portfolio return: This refers to the valuation movements in the period (excluding (i) to (v) above) and represents an uplift of £75m and a 2.6% increase over the rebased value of the portfolio in the year. The majority of the portfolio return reflects the net present value of the cash flows brought forward by 12 months at the prevailing portfolio discount rate, which has increased in the year from 8.6% to 9.0%. In addition to the unwinding of the discount rate, portfolio return includes actual performance for the period, which had a negative impact of c.4.2p per share, with generation materially lower than forecast due to low wind resource levels for TRIG's UK, French, and German wind assets and a more limited net impact from power prices. The remaining movements are predominantly attributed to the following: - Changes in non-power price revenues assumptions including for Renewable Energy Guarantees of Origin ("REGO") / Guarantee of Origin ("GoO") certificates and Capacity Market participation resulted in a negative impact of c.1.2p per share; - Energy yield enhancements across several assets have been incorporated into the valuations where they are well progressed, resulted in a positive impact of 0.8p per share - Profit on disposal for the partial stake in Gode resulted in a positive impact of 0.1p per share - Active revenue management across the portfolio, including power price fixes struck on Jädraäs and Grönhult, as well as entering into a corporate PPA for Garreg Lwyd and Earlseat with Telefonica UK / Virgin Media O2, resulting in a positive impact of 0.3p per share - The development of a co-located 200MW two-hour battery facility alongside the existing Valdesolar solar farm in Spain secured its grid connection with a positive impact of 0.2p per share - Energy yield revisions on existing assets at the half year had a negative impact of 0.5p, principally resulting from the post-construction energy yield assessment for on the Cadiz solar assets in Spain TRIG Annual Report 2025 41 Valuation of the Portfolio continued Hornsea One, England The timeline of outstanding commitments is presented below: ### Investment obligations New construction commitments for the Spennymoor battery 2026 2027 Tota l projectand Cuxac repowering project were made during 2025. Outstanding commitments (£m) £76m £38m £114m This has resulted in the Company having outstanding investment commitments to construct the Ryton, Drakelow and Spennymoor The Managers are progressing further development projects, battery assets and Cuxac repowering project at the balance including greenfield UK batteries, brownfield co-located batteries in sheet date. Spain and wind farm repowering opportunities in the UK and France. Ryton and Drakelow have 78MW and 90MW of flexible capacity. Construction costs in respect of these projects are not included in Challenges with grid supply chains adhering to agreed connection the Company’s outstanding commitments as the final investment dates mean that Ryton is now expected to become fully decision is yet to be made. commissioned in H2 2026 and Drakelow in 2028. Investment decisions will be appraised in line with the Board’s capital Spennymoor is a 100MW two-hour battery project that is currently allocation principles and strategic priorities. undergoing site preparation work and has an estimated operations date in late 2027. Fully invested portfolio valuation The valuation of the portfolio on a fully invested basis can be derived The Cuxac repowering is an onshore wind farm in France. by adding the valuation at 31 December 2025 and the expected The repowering requires dismantling of six existing 2MW wind outstanding commitments as follows: turbines and installing new larger wind turbines at the same site withan overall capacity of 25MW. The construction is scheduled Valuation of portfolio at 31 December 2025 £2,875m tobe completed in H2 2026. Outstanding commitments £114m Portfolio valuation once fully invested £2,989m 42 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### Key sensitivities The following chart illustrates the sensitivity of TRIG’s NAV per share to changes in key input assumptions (with the labels indicating the impact on the NAV in pence per share of the sensitivities): Discounted rate +/- 0.5% -3.4p 3.6p Output P90 / P10 (10 year) -15.5p 16.3p For each of the sensitivities, it is assumed that potential changes In practice, the outstanding commitments may be funded by occur independently of each other with no effect on any other base Power price -/+10% -7.3p 7.4p surplus cash flows and / or proceeds from disposals. If investments case assumption, and that the number of investments in the portfolio disposed are of a similar nature and sensitivity to the portfolio remains static throughout the modelled life. average, this would be expected to yield a similar sensitivity to that Inflation -/+ 0.5% -4.0p 4.8p presented above. The sensitivities assume the portfolio is fully invested. As such, thePortfolio Value for the sensitivity analysis is the sum of the Further detail explaining each of the above key sensitivities can be portfoliovaluation at 31 December 2025 and the outstanding found on pages 133 to 136. Operating costs +/- 10% -5.0p 5.2p commitments and disposal as set out above, of £2,989m. Accordingly, in calculating the sensitivities, which are in the formof NAV per share movement, it is necessary to make some Exchange rate -/+ 10% -0.8p 0.8p assumptions on how the outstanding commitments will be funded. The calculations assume the issue of further shares to fund the balance of these commitments. Interest rate +/- 2% 0.3p -0.3p Tax +/- 2% -1.5p 1.5p Asset Life -/+ 1 yrs -1.1p 0.9p 20p15p10p5p0p-5p-10p-15p-20p Impact of sensitivity on NAV per share 43TRIG Annual Report 2025 Reduction in assumption Increase in assumption Valuation of the Portfolio continued ### Ten largest investments Set out below are the ten largest investments in the portfolio. As at 31 December 2025, the largest investment (Hornsea One) accounted forapproximately 10% of the portfolio. In total, the ten largest projects accounted for approximately half of the project portfolio. The table below sets out the top ten largest investments in the portfolio, including investment commitments: ### Ten largest investments – Committed basis % of portfolio by value at 31 December 31 December Project Location Type 2025 2024 Hornsea One England Offshore wind 10% 10% Merkur Germany Offshore wind 7% 7% Jädraås Sweden Onshore wind 6% 7% East Anglia One England Offshore wind 5% 6% Beatrice Scotland Offshore wind 5% 6% Garreg Lwyd Wales Onshore wind 4% 4% Grönhult Sweden Onshore wind 3% 3% Solwaybank England Onshore wind 3% 3% Ranasjö Sweden Onshore wind 3% 3% Blary Hill Scotland Onshore wind 2% 3% December 2025 largest ten investments 50%* Sheringham Shoal England Offshore wind 3% December 2024 largest ten investments 51%* * Table does not cast due to rounding. Haut Languedoc, France 44 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Investment portfolio The TRIG portfolio as at 31 December 2025 included 83 equity investments in the UK, France, Sweden, Germany and Spain, comprising 45 wind assets, 33 solar PV assets and five battery storage assets. Additionally, the portfolio includes one mezzanine debt investment in a mixed portfolio and the investment in the Fig Power platform. | Project | Market (Region)^{1} | TRIG's equity interest^{2} | Net capacity (MW)^{3} | Year commissioned^{4} | | --- | --- | --- | --- | --- | | **Onshore wind farms** | | | | | | Roos | GB (England) | 100% | 17.1 | 2013 | | Grange | GB (England) | 100% | 14.0 | 2013 | | Tallentire | GB (England) | 100% | 12.0 | 2013 | | Garreg Lwyd | GB (Wales) | 100% | 34.0 | 2017 | | Crystal Rig Two | GB (Scotland) | 49% | 67.6 | 2010 | | Hill of Towie | GB (Scotland) | 100% | 48.3 | 2012 | | Mid Hill | GB (Scotland) | 49% | 37.2 | 2014 | | Blary Hill | GB (Scotland) | 100% | 35.0 | 2022 | | Paul's Hill | GB (Scotland) | 49% | 31.6 | 2006 | | Crystal Rig One | GB (Scotland) | 49% | 30.6 | 2003 | | Solwaybank | GB (Scotland) | 100% | 30.4 | 2020 | | Green Hill | GB (Scotland) | 100% | 28.0 | 2012 | | Rothes One | GB (Scotland) | 49% | 24.8 | 2005 | | Freasdail | GB (Scotland) | 100% | 22.6 | 2017 | | Rothes Two | GB (Scotland) | 49% | 20.3 | 2013 | | Eartseat | GB (Scotland) | 100% | 16.0 | 2014 | | Meikle Carewe | GB (Scotland) | 100% | 10.2 | 2013 | | Neilston | GB (Scotland) | 100% | 10.0 | 2017 | | Altahullion | SEM (N. Ireland) | 100% | 37.7 | 2003 | | Lendrum's Bridge | SEM (N. Ireland) | 100% | 13.2 | 2000 | | Lough Hill | SEM (N. Ireland) | 100% | 7.8 | 2007 | | Haut Vannier | France (North) | 100% | 42.5 | 2022 | | Venelle | France (North) | 100% | 40.0 | 2020 | | Epine | France (North) | 100% | 36.0 | 2019 | | Rosières | France (North) | 100% | 17.6 | 2018 | | Energie du Porcien | France (North) | 42% | 16.3 | 2012 | | Montigny | France (North) | 100% | 14.2 | 2018 | | Fontaine-Mâcon | France (North) | 42% | 5.1 | 2011 | | Rully | France (North) | 42% | 5.0 | 2010 | | Val de Gronde | France (North) | 37% | 4.5 | 2011 | | Les Vignes | France (North) | 42% | 4.2 | 2009 | | Haut Languedoc | France (South) | 100% | 29.9 | 2006 | | Haut Cabardès | France (South) | 100% | 20.8 | 2006 | | Cuxac Cabardès^{5} | France (South) | 100% | 25.2 | 2026 | | Roussas–Claves | France (South) | 100% | 10.5 | 2006 | | Jädraås | Sweden | 100% | 212.9 | 2013 | | Grönhult | Sweden | 100% | 67.0 | 2023 | | Twin Peaks – Ranasjö | Sweden | 50% | 43.4 | 2024 | | Twin Peaks – Salsjö | Sweden | 50% | 77.5 | 2024 | | **Total onshore wind at 31 December 2025** | | | **1,221.0** | | TRIG Annual Report 2025 45 ## Valuation of the Portfolio continued | Project | Market (Region)^{1} | TRIG's equity interest^{2} | Net capacity (MW)^{3} | Year commissioned^{4} | | --- | --- | --- | --- | --- | | **Offshore wind farms** | | | | | | East Anglia One | GB (England) | 14.3% | 102.4 | 2020 | | Hornsea One | GB (England) | 10.2% | 124.2 | 2020 | | Sheringham Shoal | GB (England) | 14.7% | 46.6 | 2012 | | Beatrice | GB (Scotland) | 17.5% | 102.9 | 2018 | | Merkur | Germany | 35.7% | 144.9 | 2019 | | Gode Wind One | Germany | 9.8% | 32.5 | 2017 | | **Total offshore wind at 31 December 2025** | | | **553.5** | | | **Solar photovoltaic parks** | | | | | | Parley Court | GB (England) | 100% | 24.2 | 2014 | | Egmere Airfield | GB (England) | 100% | 21.2 | 2014 | | Stour Fields | GB (England) | 100% | 18.7 | 2014 | | Tamar Heights | GB (England) | 100% | 11.8 | 2014 | | Penare Farm | GB (England) | 100% | 11.1 | 2014 | | Four Burrows | GB (England) | 100% | 7.2 | 2015 | | Parsonage | GB (England) | 100% | 7.0 | 2013 | | Churchtown | GB (England) | 100% | 5.0 | 2011 | | East Langford | GB (England) | 100% | 5.0 | 2011 | | Manor Farm | GB (England) | 100% | 5.0 | 2011 | | Marvel Farms | GB (England) | 100% | 5.0 | 2011 | | Midi | France (South) | 51% | 6.1 | 2012 | | Plateau | France (South) | 49% | 5.9 | 2012 | | Puits Castan | France (South) | 100% | 5.0 | 2011 | | Chateau | France (South) | 49% | 1.9 | 2012 | | Broussan | France (South) | 49% | 1.0 | 2012 | | Pascialone | France (Corsica) | 49% | 2.2 | 2011 | | Olmo 2 | France (Corsica) | 49% | 2.1 | 2011 | | Santa Lucia | France (Corsica) | 49% | 1.7 | 2011 | | Borgo | France (Corsica) | 49% | 0.9 | 2011 | | Agrinergie One & Three | France (Réunion) | 49% | 1.4 | 2011 | | Chemin Canal | France (Réunion) | 49% | 1.3 | 2011 | | Ligne des 400 | France (Réunion) | 49% | 1.3 | 2011 | | Agrisol | France (Réunion) | 49% | 0.8 | 2011 | | Agrinergie Five | France (Réunion) | 49% | 0.7 | 2011 | | Logistisud | France (Réunion) | 49% | 0.6 | 2010 | | Sainte Marguerite | France (Guadeloupe) | 49% | 1.2 | 2011 | | Marie-Galante | France (Guadeloupe) | 49% | 1.0 | 2010 | | Valdesolar | Spain (Badajoz) | 49% | 129.2 | 2021 | | Arenosas | Spain (Cadiz) | 100% | 58.4 | 2022 | | El Yarte | Spain (Cadiz) | 100% | 58.4 | 2022 | | Guita | Spain (Cadiz) | 100% | 58.4 | 2022 | | Malabrigo | Spain (Cadiz) | 100% | 58.4 | 2022 | | **Total solar at 31 December 2025** | | | **519.1** | | 46 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices | Project | Market (Region)^{1} | TRIG's equity interest^{2} | Net capacity (MW)^{3} | Year commissioned^{4} | | --- | --- | --- | --- | --- | | **Battery storage / mixed portfolio** | | | | | | Broxburn | GB (Scotland) | 100% | 20.0 | 2018 | | Ryton^{5} | GB (England) | 100% | 78.0 | 2026 | | Spennymoor^{6} | GB (England) | 100% | 100.0 | 2027 | | Drakelow^{7} | GB (England) | 100% | 90.0 | 2028 | | Drax^{7} | GB (England) | 100% | 89.0 | 2029 | | Fig Platform | GB (Various) | 100% | | Various | | Phoenix SAS^{8} | France | – | – | 2015 | | **Total battery storage / mixed portfolio at 31 December 2025** | | | **377.0** | | | **Total Portfolio at 31 December 2025** | | | **2,670.6** | | | Operating assets | | | 2,288.4 | | | Construction assets^{5} | | | 203.2 | | | Development assets^{7} | | | 179.0 | | | **Total Portfolio at 31 December 2025** | | | **2,670.6** | | 1 SEM refers to the Irish Single Electricity Market. 2 This is TRIG's equity share of the nominal capacity of the asset. 3 This is each project's generation capacity pro-rated for TRIG's share of equity capital and subordinated debt. 4 Where a project has been commissioned in stages, this refers to the earliest commissioning date. For construction assets, this refers to expected completion date. 5 The original project is being decommissioned and construction of a repowering project is ongoing with construction of 25.2MW wind turbines expected to be completed by the end of 2026. 6 The Ryton and Spennymoor battery storage projects and Cuxac orshore wind farm (25.2MW) are classified as under construction. 7 The Drax and Drakelow battery storage projects are in development. 8 This investment is in the form of mezzanine-level bonds where the Company does not have an equity stake. The portfolio comprises five orshore wind farms in Northern France with a combined capacity of 74MW and four operational solar parks with battery storage located on the islands of Corsica and La Réunion with a combined capacity of 29MW ("the Portfolio"). All the Portfolio assets are backed by the French Government's Feed-in Tariff subsidy and have an average year of commission of 2015. TRIG Annual Report 2025 47 ## Financial Review At 31 December 2025, the Group had investments in 85 projects. As an investment entity for IFRS reporting purposes, the Company carries these investments at fair value. The results below are shown on a statutory and on an “Expanded” basis as we have done in previous years. See the box below for further explanation. ## Basis of preparation In accordance with IFRS 10, the Group carries investments at fair value as the Company meets the conditions of being an Investment Entity. In addition, IFRS 10 states that investment entities should measure their subsidiaries that are themselves investment entities at fair value. Being investment entities, The Renewables Infrastructure Group (UK) Limited (“TRIG UK”) and The Renewables Infrastructure Group (UK) Investments Limited (“TRIG UK I”), the Company’s subsidiaries, through which investments are purchased, are measured at fair value as opposed to being consolidated on a line-by-line basis, meaning their cash, debt and working capital balances are included as an aggregate number in the fair value of investments rather than the Group’s current assets. In order to provide shareholders with more transparency into the Group’s capacity for investment, ability to make distributions, operating costs and gearing levels, adjusted results have been reported in the pro-forma tables below. The pro-forma tables that follow show the Group’s results for the year ended 31 December 2025 and the prior year on a non-statutory “Expanded basis”, where TRIG UK and TRIG UK I are consolidated on a line-by-line basis, compared to the Statutory IFRS financial statements (the “Statutory IFRS basis”). The Directors have provided the non-statutory Expanded basis to assist users of the accounts in understanding the performance and position of the Company by including the cash and debt balances carried in TRIG UK and TRIG UK I and expenses incurred in TRIG UK and TRIG UK I. The necessary adjustments to get from the Statutory IFRS basis to the non-statutory Expanded basis are shown for the primary financial statements. The commentary provided on the primary statements of TRIG is on the Expanded basis. ## Income statement Balance sheet Cash flow statement The Statutory IFRS does not include The Statutory IFRS basis includes TRIG The Statutory basis shows cash TRIG UK and TRIG UK I’s costs, UK and TRIG UK I’s cash, debt and movements for the top company including overheads, management fees working capital balances as part of only (TRIG Limited). The Expanded and acquisition costs. The Expanded Portfolio Value. The Expanded basis basis shows the consolidated cash basis includes the expenses incurred shows these balances consolidated on a movements above the investment within TRIG UK and TRIG UK I to enable line-by-line basis. There is no difference portfolio, which are relevant to users users of the accounts to fully understand in net assets between the Statutory IFRS of the accounts. Differences include the Group’s costs. There is no difference basis and the Expanded basis. income received by TRIG UK and in profit before tax or earnings per share TRIG UK I applied to reinvestment and The majority of cash generated from between the two bases. expenses incurred by TRIG UK and investments had been passed up from TRIG UK I that are excluded under the TRIG UK and TRIG UK I to the Company Statutory IFRS basis. at 31 December 2025. The purchase of investments on the At 31 December 2025, TRIG UK I was Expanded basis is funded by both the £397.7m drawn on its revolving credit Company’s revolving credit facility, facility (2024: £309.2m drawn) being disposal proceeds and (if applicable) the majority of the difference between amounts passed down after capital the Statutory IFRS basis and the raises. The remaining balance is that Expanded basis. of reinvestment. This section contains Alternative Performance Measures (“APMs”), which are financial measures not defined in International Financial Reporting Standards (“IFRS”), including the non-statutory Expanded basis results shown overleaf. In addition, APMs discussed in this section include dividend cover, NAV per share and Directors’ Portfolio Valuation. The definition of each of these measures is shown on page 53. 48 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Income statement | | | Year to 31 December 2025 | | | | | | Year to 31 December 2024 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Summary income statement | | | £’m | | | | | | £’m | | | | | | Statutory | | | | Expanded | | Statutory | | | | Expanded | | | | IFRS basis Adjustments | | | 1 | | basis | IFRS basis Adjustments | | | 1 | | basis | Operating (loss) / income (104.2) 50.5 (53.7) (158.4) 48.5 (109.9) Acquisition costs – – – – (0.3) (0.3) Disposal costs – (0.3) (0.3) – (1.4) (1.4) Net operating (loss) / income (104.2) 50.2 (54.0) (158.4) 46.8 (111.6) Fund expenses (6.4) (22.8) (29.2) (2.7) (29.2) (31.9) Foreign exchange gain / (loss) (19.4) (6.4) (25.8) 45.6 8.0 53.6 Finance income / (costs) 0.1 (21.0) (20.9) 0.3 (25.6) (25.3) (Loss) / profit before tax (129.9) – (129.9) (115.2) – (115.2) 2 EPS (5.4)p – (5.4)p (4.7)p – (4.7)p 1 The following were incurred within TRIG UK and TRIG UK I: acquisition costs, disposal costs, the majority of expenses and acquisition facility fees and interest. The income adjustment offsets these cost adjustments. 2 Calculated based on the weighted average number of shares during the year being approximately 2,415.8 million shares. Disposal costs of £0.3m (2024: £1.4m) relate to the disposal of part ## Analysis of Expanded basis ofTRIG’s stake in the Gode German offshore wind farm. ## financial results Fund expenses of £29.2m (2024: £31.9m) includes all operating Loss before tax for the year to 31 December 2025 was expenses and £21.6m (2024: £28.4m) fees paid to the Investment £(129.9)m, generating a loss per share of (5.4)p, which compares andOperations Managers. Management fees were charged as to aloss of £(115.2)m and a loss per share of (4.7)p for the year follows during Q1 2025: at 1% of Adjusted Portfolio Value up to £1bn, to31 December 2024. 0.8% of Adjusted Portfolio Value in excess of £1bn, 0.75% of Adjusted Portfolio Value in excess of £2bn and 0.7% of Adjusted Portfolio Value The EPS of (5.4)p reflects a valuation loss with a reduction in Portfolio in excess of £3bn as set out in more detail in the Related Party and Valuation in the year (which is reflected as an Operating Loss). Key Advisor Transactions note, Note 17 to the financial statements. Factors adversely impacting valuation in the year include a reduction A new fee arrangement was introduced from Q2 2025. From 1 of April in power price forecasts, below budget generation, reduction in 2025, management fees payable to managers are applied to an equal forecasts for renewables guarantee of origin certificates and an weighting of the average of the closing daily market capitalisation increase in valuation discount rates applied to European assets and during each quarter and the published Net Asset Value for the UK offshore wind assets. In addition, the valuation loss includes the quarter. The fees are payable in cash and the previous management adverse impact of the change in ROC and FiT indexation announced fee thresholds and rates are unchanged. The management by the UK Government in January 2026 (which was consulted on in fees are capped at the level they would have beenunder the late 2025). Positive foreign exchange valuation impacts were partly previous methodology. offset by losses on FX hedging at Company level. During the year, Sterling depreciated against the Euro by 5% resulting The weighted average Portfolio Valuation discount rate increased in an increase in the value of the Euro-denominated investments in the year from to 8.6% at 31 December 2024 to 9.0%. The 0.4% by £59.0m (2024: £66.4m loss), partially offset by loss on foreign increase in the weighted average discount rate in the year exchange hedges and cash and debt balances held at Company principally reflects: levelof £25.8m (2024: £53.6m gain). The net foreign exchange gain inthe year is hence £33.2m (2024: £12.8m loss). – The progression of time such that assets with fixed-price arrangements in the earlier years will see their future returns Finance costs relate to the interest and fees incurred relating to the become proportionally more exposed to market price movements Group’s RCF. The RCF interest charge in the year was lower than (unless current arrangements, notably government-backed the prior year due to lower average drawings on the RCF of £309.5m contracts, are renewed) and consequently contain an increased (2024 average: £333.0m) and a lower average interest rate of 5.3% level of risk inthe year (2024 average: 6.4%). – Increase in European valuation discount rates by 0.3% in Q1 2025. Drawings on the RCF are usually made in the currency required to At 31 December 2025, European investments represented 41% of fund the underlying transaction and so are a mix of Sterling and Euro. Portfolio Value. The majority of the drawings were in Sterling at 31 December 2025 (RCF Drawings were 65% Sterling and 35% Euro). The interest rate – The increase in UK offshore wind valuation discount rates by charged on Euro amounts is lower than the interest rate for Sterling, 0.5% in Q4 2025. At 31 December 2025, UK offshore investments which also leads to a slightly lower interest charge than if the drawings represented 24% of Portfolio Value. The factors causing the were entirely in Sterling. movement in the valuation are more fully described in the Valuation of the Portfolio section onpage 37. 49TRIG Annual Report 2025 Financial Review continued ## Operating expenses Year to 31 December 2025 Year to 31 December 2024 Ongoing charges (Expanded basis) £’000s £’000s Investment and Operations Management fees 21,566 28,403 Audit fees 400 414 Directors’ fees and expenses 396 379 Other operating expenses 2,511 2,333 1 Total expenses 24,873 31,529 Average Net Asset Value 2,651,914 3,033,040 Operating Expenses Ratio 0.94% 1.04% 1 Total expenses excludes £4.2m (2024: £0.3m) of lost bid and other abortive and non-recurring spend incurred during the year. The majority of abortive spend in the year (£3.3m) represents professional advisers fees relating to the proposed combination of TRIG with HICL Infrastructure plc that didn’t proceed. The Operating Expenses Ratio for the year is 0.94% (2024: 1.04%). The operating expenses have been calculated in accordance with Association of Investment Companies (“AIC”) guidance and are defined as annualised operating expenses (i.e. excluding acquisition costs and other non-recurring items) divided by the average published undiluted Net Asset Value in the year. The Operating Expenses Ratio has been calculated on the Expanded basis and, therefore, takes into consideration the expenses of TRIG UK and TRIG UK I as well as the Company. The lower Operating Expense Ratio in the year compared to the prior year principally relates to the reduction in management fees applicable from 1 April 2025. There is no performance fee paid to the Managers. ## Balance sheet | | | As at 31 December 2025 | | | | | As at 31 December 2024 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Summary balance sheet | | | £’million | | | | | £’million | | | | | Statutory | | | Expanded | | Statutory | | | Expanded | | | | IFRS basis Adjustments | | | | basis | IFRS basis Adjustments | | | | basis | Portfolio value 2,473.8 400.7 2,874.5 2,800.7 314.9 3,115.6 Working capital (1.1) (3.2) (4.3) – (5.8) (5.8) 1 Hedging asset 7.9 – 7.9 43.9 – 43.9 Debt – (397.7) (397.7) – (309.2) (309.2) Cash 7.1 0.2 7.3 11.7 0.1 11.8 1 Net assets 2,487.7 – 2,487.7 2,856.3 – 2,856.3 Net Asset Value per share 104.0p – 104.0p 115.9p – 115.9p 1 The hedging asset has been shown net above, this consists of current and non-current asset and liability balances relating to FX forward contracts. This is discussed further in Note 16 of the financial statements. ## Analysis of Expanded Basis financial results Portfolio Value has decreased by £241.1m in the year to £2,874.5m, as a result of a reduction in valuation as described above and as described more fully in the Valuation of Portfolio section on page 37, and also as a result of the divestment made in the year. Hedging assets represent the value of outstanding foreign exchange derivatives used to manage the Company’s risk to movements in the foreign exchange rate between Sterling and Euro. Working capital amounts include debtors, liabilities and capitalised financing costs. Group cash at 31 December 2025 was £7.3m (2024: £11.8m) and RCF debt drawn at 31 December 2025 was £397.7m (2024: £309.2m). Net assets decreased by £368.6m in the year to £2,487.7m. The Company, incurred a £129.9m loss in the year, with net assets being stated after accounting for dividends paid in the year of £182.1m. In addition, share buybacks reduced net assets by the £57.1m invested in the period to repurchase 72.8 million shares. Other movements in net assets totalled £1.5m, being Managers’ fees partially paid in shares, which were accrued and settled in the year. During the year, the Company carried out a £250m transfer from Share Premium Reserve to Retained Reserves to optimise reserves balances. 50 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Net Asset Value (“NAV”) and Earnings per share (“EPS”) reconciliation NAV per share as at 31 December 2025 was 104.0p compared to 115.9p at 31 December 2024. NAV per share Shares in issue (m) Net assets (£m) Net assets at 31 December 2024 115.9p 2,463.9 2,856.3 1 (Loss) / EPS to 31 December 2025 (5.4)p – (129.9) Shares issued (net of costs) – 1.3 1.5 Shares repurchased 0.8p (72.8) (57.1) 2 Dividends paid in 2025 (7.5)p – (182.1) 3 Net assets at 31 December 2025 104.0p 2,392.5 2,487.7 1 Calculated based on the weighted average number of shares during the year being 2,415.8 million shares. 2 1.8675p dividend per share paid 31 March 2025 related to Q4 2024 (£45.8m), 1.8875p dividend per share paid 30 June 2025 relating to Q1 2025 (£45.7m), 1.8875p dividend per share paid 30 September 2025 relating to Q2 2025 (£45.4m) and 1.8875p dividend per share paid 31 December 2025 relating to Q3 2025 (£45.2m). 3 Balance may not cast due to rounding. ## Cash flow statement | | | As at 31 December 2025 | | | | | | As at 31 December 2024 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Summary cash flow statement | | | £’million | | | | | | £’million | | | | | | Statutory | | | | Expanded | | Statutory | | | | Expanded | | | | IFRS basis Adjustments | | | | | basis | IFRS basis Adjustments | | | | | basis | | | | 1 | | | | | | 1 | | | | | | Cash received from investments 186.9 | | | | 41.0 227.9 204.8 | | | | | | 33.0 237.8 | | | 1 | Additional funding received from TRIG UKI 52.0 | | (52.0) | | | --- | --- | --- | --- | | | 2 | | 2 | | Operating and finance costs (5.2) | | (39.4) (44.6) (2.0) | (51.4) (53.4) | Distributable cash flow 233.7 (50.4) 183.3 202.8 (18.4) 184.4 Debt arrangement costs – (3.8) (3.8) – – – 3 3 Foreign exchange gains 16.9 (14.4) 2.5 16.3 (1.5) 14.8 Issue of share capital (net of costs) 1.5 (1.5) – 2.0 (2.0) – 5 Shares repurchased (57.6) – (57.6) (20.9) – (20.9) Acquisition facility drawn / (repaid) – 88.5 88.5 – (55.0) (55.0) Purchase of new investments (including acquisition costs) (17.0) (102.2) (119.2) (23.1) (25.8) (48.9) Divestment of investments (including disposal costs) – 83.8 83.8 – 102.5 102.5 Distributions paid (182.1) – (182.1) (183.5) – (183.5) 4 4 Cash movement in year (4.6) – (4.6) (6.4) (0.2) (6.6) Opening cash balance 11.7 0.1 11.8 18.1 0.3 18.4 6 Net cash at end of year 7.1 0.1 7.3 11.7 0.1 11.8 The statutory IFRS basis as disclosed above is derived directly from the statutory cash flow statement included within this Annual Report on page 123. However, it includes certain figures and subtotals that are a summation of a number of the statutory numbers as described in the following footnotes and, therefore, do not tie directly to the statutory IFRS cash flow statement. The Group considers cash received from investments, being the total cash through both interest and dividends from the investments but also capital repayments of investments, to represent a useful metric for users of the financial statements, as it is total cash received from investments. Distributable cash flow is also a useful metric as it includes the impact of the operating and financing costs to provide users of the financial statements the total cash available for reinvestment or distributions. The closest IFRS measure to distributable cash flow is net cash from operating activities. The following footnotes reconcile these measures and also explain how certain statutory cash flow statement line items reconcile to some of the line items included above within the ‘statutory IFRS basis’ column. Cash flow from operating activities of £120.8m (2024: £132.1m) (see page 123) is the £233.8m (2024: £202.8m) distributable cash flow less £130.3m (2024: £87.6m) loan stock repayments received as explained in footnote 1 plus £16.9m (2024: £16.3m) realised exchange gains FX forwards as explained in footnote 3 below. 1 Cash received from investments of £186.9m (2024: £204.8m) under the Statutory IFRS basis is made up of £108.6m (2024: £117.2m) of interest received from investments (included within net cash from operating activities) and £130.3m (2024: £87.6m) of loan stock repayments received (included within net cash from investing activities) less additional funding received from TRIG UKI of £52.0m (2024: £0.0m). 2 Operating and finance costs of £(5.2)m (2024: £(2.0)m) under the Statutory IFRS basis is made up of cash generated by operations of £12.0m (2024: £14.6m) plus interest income from cash on deposit of £0.1m (2024: £0.3m) less the realised exchange gains FX forwards of £17.3m (2024: £16.9m). 3 Foreign exchange gains of £16.9m (2024: £16.3m) is the realised exchange gains FX forwards of £17.3m (2024: £16.9m) plus exchange loss on cash of £(0.4)m (2024: £(0.6)m). 4 Cash movement in the year of £(4.6)m (2024: £(6.4)m) is net decrease in cash and cash equivalents of £(4.1)m (2024: £(5.8)m) plus exchange loss on cash of £(0.5)m (2024: £(0.6)m). 5 Shares repurchased settled in cash of £57.6m (2024: £20.9m), consists of £57.6m (2024: £21.3m) shares repurchased (Note 15) less £0.0m (2024: £0.4m ) shares to be settled after 31 December 2025. 6 Balance does not cast due to rounding. 51TRIG Annual Report 2025 Financial Review continued ## Analysis of Expanded Basis financial results Cash received from investments in the year was £227.9m (2024: £237.8m). The slight decrease in cash received compared with the previous year reflects the decrease in the size of the portfolio following the divestment during the year and also reflects unusually low wind speeds across several geographies during the year. The adjustments reflect working capital movements and cash flow available for reinvestment and proceeds in the year as well as funds advanced from TRIG UK I to TRIG Limited to fund share buybacks. Dividends paid in the year totalled £182.1m. Dividends paid in the prior year totalled £183.5m. Distributable cash flow in the year was £183.3m (2024: £184.4m) and covers dividends paid of £182.1m in the year (2024: £183.5m) by 1.0 times, or 2.1 times before factoring in amounts invested in the repayment in project-level debt. The Group repaid £192m (2024: £206m) of project-level debt (pro-rata to the Company's equity interest) in the year. There were no equity funds raised in the year (2024: nil). 72.8 million shares (£57.6m spent) were repurchased through the share buybacks in the year (2024: £20.9m). In the year, £119.2m (2024: £48.9m) was applied to fund construction spend at existing investments in line with commitments. These were funded by the application of disposal proceeds and drawings under the RCF as were the investment of £57.6m in share buybacks in the year. The RCF balance net increased by £88.5m (2024: £55.0m reduced) in the year, and as explained below, the RCF balance was materially reduced post-year-end in February 2026 with the private placement being used to term out a significant portion of the RCF. Cash balances decreased in the year by £4.5m (2024: £6.6m decrease). The Company had outstanding investment commitments of £114m principally relating to the construction of UK battery storage projects and the repowering of the Cuxac onshore windfarm in France. | | 2026 £'m | 2027 £'m | Total £'m | | --- | --- | --- | --- | | Outstanding commitments | 76 | 38 | 114 | ## Related parties Related party transactions are disclosed in Note 17 of the financial statements. ## Financing The Group's £500m RCF is with a banking group comprising Royal Bank of Scotland International, National Australia Bank, ING, Barclays, Lloyds, BNP Paribas, ABN Amro, Skandinaviska Enskilda Banken ("SEB") and Intesa SanPaolo. The facility expiry date is 31 March 2028 with options to extend (with bank consent) for up to an additional 24 months. The Group has agreed ESG KPIs with the RCF bank group that may lead to future margins increasing or reducing (dependent on whether the targets are met) by up to 0.05%. The base margin before any ESG KPI adjustment is 1.75% over the relevant reference rate. The Group has met the ESG KPI targets for 2025 and hence expects to achieve a 0.05% margin reduction from 1 April 2026. The RCF can be drawn in Sterling or Euros and enables the Group to fund new acquisitions, development and construction activity and to provide letters of credit should they be required. It also includes a working capital element. The short-term financing provided by the RCF is limited to 30% of the Portfolio Value. It is intended that any drawings used to finance acquisitions are repaid, through equity fundraisings, excess cash flows from operations, disposal proceeds and / or new-term debt. The RCF drawings at 31 December 2025 was £397.7m (2024: £309.2m), the balance was increased during the year to fund the share buyback programme and construction spend (predominately related to the Pylion and Spennymoor battery storage projects and the Cuxac wind farm repowering). Post-year-end, in February 2026, the indirect subsidiary of the Company (TRIG UK Investments Limited) entered into a £200m Private Placement ("PP") with a group of high-quality institutional lenders and applied the proceeds to significantly reduce the RCF balance, which itself has been drawn mostly to fund new investments for the Company. The PP has a fixed interest rate (at a similar level to the RCF) and has an amortisation schedule spreading the repayment / refinancing requirement for this fund-level debt equally over five years from 2033 to 2038. The PP provides a long-term source of finance at a competitive cost and reduces short-term financing risk. The Company expects to repay the PP when repayments become due principally from forecast surplus cash flows from the investments but could also expect to fund repayment from disposal proceeds and / or refinancing. The PP has been drawn 50% in Sterling and 50% in Euro and has a weighted average interest rate of 5.23%. In addition to the RCF and the PP, the projects may have underlying project-level debt. There is an additional gearing limit in respect of such debt, which is typically non-recourse to TRIG, of 50% of the Gross Portfolio Value (being the total enterprise value of such portfolio companies), measured at the time the debt is drawn down or acquired as part of an investment. The Group may, in order to secure advantageous borrowing terms, secure a project finance facility over a group of portfolio companies. The majority of the projects within the Company's investment portfolio have underlying long-term debt (by value 54% of the Group's investments have project finance raised against them and 46% are ungeared). The project-level gearing at 31 December 2025 across the portfolio was 37% (December 2024: 37%). Principal repayments in the year totalled £192m (2024: £207m), as the debt is retired over the projects' subsidy periods. The project-level gearing percentage has remained level while repayments in the period have reduced project-level debt as the reduction in valuation has reduced the enterprise value of the portfolio. The majority of the project-level debt is fixed and has an average cost of 3.5% (including margin). This figure is 3.8% when including both the private placement debt entered into post year end and the RCF balance. The project-level debt is fully amortising and repaid in each case over the period of the subsidy term. The portfolio weighted average subsidy life remaining is eight years. Post year-end the Company entered into £200m of private placement debt which is long-term and amortising. Project-level debt plus private placement debt as a proportion of Enterprise Value is 41%. The Company intends to reduce the RCF balance remaining through disposals, however if this is included in the ratio this would increase the figure to 46%. 52 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### Alternative Performance Measures (“APMs”) We assess our performance using a variety of measures that are not specifically defined under IFRS. These Alternative Performance Measures are termed ‘APMs’. The APMs that we use may not be directly comparable with those used by other companies. These APMs are consistent with prior years and are used to present an alternative view of how the Company has performed over the year andare all financial measures of historical performance. These are commonly used by investment companies. The table below defines our APMs and how they relate to the Company’s subsidiaries, The Renewables Infrastructure Group UK Limited (“TRIG UK”) and The Renewables Infrastructure Group UK Investments Limited (“TRIG UK I”). Performance measure Definition Calculation Reconciliation to IFRS | Investments made This is a measure of amounts | | It is calculated as £(119.2)m and is reconciled to the | The IFRS measure of investments | | --- | --- | --- | --- | | | invested into the portfolio of | IFRS measure on page 51 in the summary cash | made £(17.0)m consists of funding | | | investments less any amounts | flowstatement. | into TRIG UK and TRIG UK I which | | | relating to refinance proceeds | | is shown in more detail in Note 12 | | | or sell-downs. | | ofthese financial statements. | | NAV per share Net Asset Value (“NAV”), being the | | It is calculated as the NAV divided by the total number | The calculation uses IFRS measures | | | value of the investment company’s | of shares in issue at the balance sheet date and shares | and is set out in Note 11. | | | assets, less any liabilities it has. The | to be issued. The total number of shares in issue and | | | | Net Asset Value per Ordinary Share | shares to be issued is 2,392,465,971 as at the balance | | | | in the Company. | sheet date. | | | Total shareholder | The Internal Rate of Return upon the share price at 31 December 2024 (85.8p) of dividends | | The dividend of 7.5300p can be | | return for the | (quarterly as paid totalling 7.5300p plus the share price at 31 December 2025 (68.9p). | | reconciled to the sum of the four | | year (share price | | | quarterly dividends from 31 December | | appreciation plus | | | 2024 to 30 September 2025 as | | dividends paid) | | | detailed in Note 10 of the financial | | fortheyear | | | statements. | | Annualised total | The annualised Internal Rate of Return upon the share price at 26 July 2013 (100.0p) of | | There are no IFRS measures in | | shareholder return | dividends (totalling 81.233p) plus the share price at 31 December 2025 (68.9p). This gives | | thisAPM. | | since IPO | anannualised total shareholder return since IPO of 3.2%. | | | | Annualised total return | The movement in the NAV per | It is calculated as the extended IRR (“XIRR”) of the | The calculation of the NAV is in line | | on a NAV per share | Ordinary Share, plus dividends per | starting NAV at IPO being 98.1p and dividends paid | with IFRS measures. | | plus dividends basis | Ordinary Share paid to shareholders | since IPO (79.345p) and the NAV as at balance sheet | | | since IPO | since IPO. | date being 104.0p, plus the quarterly dividend due | | perOrdinary Share being 1.8875p, totalling 105.9p. Thisgives an annualised total return on a NAV per shareplus dividends basis since IPO of 7.0%. Dividend yield The percentage return of the The dividend target for the 2026 financial There are no IFRS measures in dividend relative to the share price. year (7.55p) divided by the share price as at thisAPM. 31 December 2025 (68.9p), totalling an 11.0% dividendyield. | Dividend Cover Dividend Cover when expressed | | Dividend Cover is calculated as distributable cash flow | Distributable cash flow is reconciled to | | --- | --- | --- | --- | | | on a cash basis has cash dividends | (which is an Expanded basis measure explained in | the IFRS measure onpage 51. | | | paid as the denominator and is | the Financial Review section on page 48) divided by | | | | calculated as 1.0 times for 2025. | Dividends paid in the year. | | | Distributable cash | An expression of the Company’s | This is the distributable cash flow figure reported on an | Distributable cash flow is reconciled to | | flowper share | cash flows available for distributions | Expanded basis shown in the Financial Review section | the IFRS measure onpage 51. | | | and / or investment on a per | on page 48, divided by the weighted average number | | | | sharebasis. | ofshares in issue during the year of approximately | | 2,415.8 million shares. | Directors’ Portfolio | TRIG invests in its portfolio through | Directors’ Portfolio Value (or Portfolio Value) is | The IFRS measure of investments at | | --- | --- | --- | --- | | Valuation | its subsidiaries, TRIG UK and | reconciled to investments at fair value through profit | fair value through profit or loss is the | | | TRIG UK I. This is a measure of | orloss in Note 12 of these financial statements. | Directors’ Portfolio Value plus the fair | | | the valuation of the portfolio of | | value of net assets including cash, | | | investments only. It is exclusive of | | working capital and debt held in TRIG | | | cash, working capital and debt | | UK and TRIG UK I. | balances in TRIG UK and TRIG UK I. Debt reduction Total debt repaid during the year Sum of project-level debt repayments during the There are no IFRS measures in year of£192m less the increase in Company RCF thisAPM. borrowings of £89m Project-level gearing This is a measure of the level of Project-level gearing as a percentage of enterprise value The Expanded Basis Portfolio Value debt within the portfolio relative to (calculated as Portfolio Value plus project-level debt) is used within the calculation, this is enterprise value of the portfolio. reconciled to the IFRS measure of Portfolio Value on page 50 53TRIG Annual Report 2025 ## Viability Statement The Directors review significant changes to the Company’s cash ## The Directors have assessed the projections each quarter with the Managers as part of the quarterly ## viability of the Group over a five-year Board meetings. The viability assessment assumes continued government support for existing subsidy arrangements. Generally, ## period to December 2030 subsidy payments, which comprise an important element of the Group’s revenues alongside electricity sales into the wholesale In making this statement, the Directors have considered the market, are considered to be robust as governments continue resilienceof the Group, taking account of its current position, to support the transition towards renewable energy generation. theprincipal risks with a high residual impact facing the business Subsidy earnings are spread across several jurisdictions (currently (being the level of electricity production, including as a result UK, Germany and France) where it is expected that governments of weather resource and operational performance; the level of will act consistently with their promises, especially in a sector which future energy prices; and regulatory change, including continued continues to need to mobilise large amounts of capital. government support for renewable subsidy payments and consideration of intervention by governments in the electricity The Directors believe that, while the risk to the value of the Company’s generation market, and counterparty credit), in severe but plausible investments, its ability to operate its projects and generate revenue downside scenarios and the effectiveness of any mitigating actions. presented by the current environment is significant (such as uncertain These risks are included among other risks faced by the Group in future inflation levels and interest rates, global conflicts, potential theRisk and Risk Management section. global trade tariff increases, regulatory change and global supply chain issues), there has been limited disruption to the business to As part of being a self-managed Alternative Investment Fund, date and the risk-mitigating activities have served to reduce the theDirectors, together with the Managers, rigorously assess the impact. The Directors continue to work with the Managers to ensure risks facing the Group and consider sensitivity analysis against the that the portfolio of investments is able to operate as effectively as principal risks identified. possible. The Managers have performed downside risk scenario The Directors have determined that the five-year period to December planning encompassing a range of potential outcomes and these 2030 is an appropriate period over which to provide this viability demonstrate that, while profitability may be adversely affected, the statement as this period accords with the Group’s business planning Company and its investments are expected to remain viable. exercises and is appropriate for the investments owned by the Group. The Company has assessed its resilience over the five-year period The Group’s risk management processes (described in the Risk and against severe, albeit plausible, individual, and combined stress Risk Management section) consider the key risks during this five-year 1 scenarios covering principal risks the Company faces. period and beyond. These include sustainability-related risks that take into account environmental, social and governance considerations, Of the principal risks, the Directors consider the most significant one of which is climate change (in line with the recommendations of risk affecting financial resilience to be the level of achieved power the Task Force on Climate-related Financial Disclosures (“TCFD”)). price income. See the TCFD section for further details on page 69. The investments in renewable energy projects held by the Company TRIG is the owner of a portfolio of project companies whose generally have low operating costs as a proportion of expected underlying assets are predominately fully constructed and operating income and so a significant reduction in revenues can be sustained renewable electricity generating facilities with economic lives which, while reducing income available to pass up to the Company significantly in excess of the period being considered. As a result, including that available to pay dividends, would not be expected TRIG benefits from resilient, long-term cash flows and a set of to threaten solvency. Where the investments have long-term debt risks that can be identified and assessed, noting that, from time to financing in place, repayments of principal debt are substantially time, risks may manifest that have not been anticipated. Over the covered by projected revenues arising from subsidies and other next five years, 74% of portfolio revenues are fixed per MWh under fixed-price income (per unit of power generated). This assumes government subsidies and fixed-price Power Purchase Agreements normal levels of generation. It is expected that government subsidies (“PPAs”) assuming expected generation levels. Forecast revenues will continue to be in place and, in cases where these have been for wholesale power prices are based upon independent forecasts. amended or withdrawn in the past, these have tended to be isolated The projects are each supported by detailed financial models. or specific cases. The Directors believe that diversification within the portfolio of Withdrawal of specific subsidy income from retroactive government projects (including but not limited to technologies, geographies, action, should it manifest, may threaten the solvency of individual andcounterparties) helps to withstand and mitigate for risks it is projects. The investments with senior debt in place are typically mostlikely to meet. non-recourse to the Company and so should these projects become loss-making, the Company would not have an obligation The Investment Manager prepares and considers, and the Directors tofund these. review, summary five-year cash flow projections each year, which are refreshed quarterly as part of management reporting, business The Company considers wholesale withdrawal of subsidy income planning and dividend approval processes. The projections consider in any of the countries it operates in as very unlikely, and any cash balances and liquidity, key covenants and limits, dividend cover, amendment or reduction would be more likely to be in isolated cases. investment policy compliance and other key financial indicators over The downside scenarios run by the Managers, which include cases the five-year period. Sensitivity analysis considers the potential impact with lower revenues, are considered to have a similar or more severe of the Group’s principal risks occurring (individually and together). impact than limited subsidy withdrawal / amendment, and the viability These projections are based on the Managers’ expectations of future of the Company continues to be demonstrated in these cases as asset performance, income and costs, and are consistent with the described on the following page. methodology applied to produce the valuation of the investments. 1 The combined scenario identifies the downside case for both the P90 case and the Power Price minus 10% case. This downside scenario assumes both lower power prices (-10%) andlowergeneration (P90) across the forecast period. See Note 4 in the Financial Statements for sensitivities. 54 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices The Company has considered an extreme downside case to be assuming significantly lower achieved power prices (at half the level currently forecast). Due to the low operating costs and that the long-term fixed-rate project-level debt is expected to be covered by the subsidy streams that would continue to be paid, this scenario showed that the investments continued to be solvent and able to pass up distributions to the Company. The cash available to the Company to pay dividends and to reinvest would be reduced significantly such that if dividends were not reduced, the dividend coverage (after project-level debt repayment) would reduce to below 1.0x (to an estimated level of c.0.8x) and hence the current level of dividend might not be sustained. However, dividends are discretionary and hence solvency and resilience in this scenario are maintained. The Company takes an average of three power price forecasters' central cases to include in its valuation to estimate future market prices. Forecasters include both high and low cases in their forecasts. A reduction of power prices by half is below the forecasters' low-case scenarios. The probability attached to power prices being lower than the forecasters' low cases would typically be estimated by forecasters to be below 10%, suggesting this would be an unlikely downside case. Less severe downside cases were run assuming 10% lower power price projections compared to the base case, reduced generation levels assuming a P90 case and a combination of these scenarios were assessed. In all scenarios including the combined downside case, the Company remained solvent and could continue to pay dividends at, or close to, current levels. TRIG has a £500m revolving credit facility ("RCF") at fund level. The facility expires on 31 March 2028. The level of amounts drawn is detailed on page 52. Post-year-end, on 11 February 2026, as more fully described on page 52, an indirect subsidiary of the Company (TRIG UK Investments Limited) entered into a £200m Private Placement ("PP") and applied the proceeds to significantly reduce the RCF balance to £213m at 26 February 2026. The PP has a fixed interest rate (at a similar level to the RCF) and has an amortisation schedule spreading the repayment / refinancing requirement for this fund-level debt over five years from 2033 to 2038. The Company expects to repay the PP when repayments become due from forecast surplus cash flows from the investments but could also fund repayment from disposal proceeds and / or refinancing. The Company has historically used the proceeds from equity fund raises to repay the RCF, as well as operational cash from investments. Projected reinvestment flows over the next five years continue to be reasonable. The Company has completed a disposal of an investment in the year and expects to complete further disposals during 2026 and to apply these proceeds to reduce the RCF balance further. In the event that equity fund raises, reinvestment cash flows and disposal proceeds are not sufficient to repay the RCF balance by the expiry date, the Company would anticipate either renewing the RCF and / or raising new debt to repay that balance secured against ungeared projects within the portfolio (that represent 46% of the portfolio by value) and / or strategic disposals or a combination of all three activities. Of the renewable energy projects TRIG owns, 54% have long-term, fixed-rate, amortising senior debt in place. These projects do not need to be refinanced and the debt within these projects is scheduled to be repaid, in the main, from expected revenues arising from subsidies and fixed-price PPAs over the term of that fixed-price per MWh income. Of the renewable energy projects TRIG owns, 46% by value are ungeared. The Company's dividend policy is to increase the dividend when the Board considers it prudent to do so, considering forecast cash flows, expected dividend cover, inflation across TRIG's key markets, the outlook for electricity prices and the operational performance of the Company's portfolio. Dividends are discretionary and declared quarterly. Each year, as the target dividend for the next financial year is set, the Directors consider the expected forward-looking cash flows and consider the sustainability of the proposed dividend. Each quarter, as dividends are declared, the Directors consider the projected cash flows, covenants of the Company and dividend cover levels. Cash dividend cover projections over the five-year period remain reasonable. The Company will hold its Annual General Meeting in summer 2026, which will include an ordinary resolution continuation vote. The Directors intend to recommend that shareholders vote in favour of continuation, and for the Company to continue its business as presently constituted. The Directors and Managers regularly meet shareholders and discuss the Company's performance, plans and strategy. Based on feedback from these meetings, the Directors expect to obtain the support of shareholders for continuation and hence consider that it remains appropriate to assume the Company continues to operate as a going concern across the Viability Statement period. As explained in the Chair's Statement and in the Risk and Risk Management section, the Directors do not consider that the risks to the Company resulting from the current environment (such as uncertain future inflation levels and interest rates, global conflicts, regulatory change, potential global tariff increases and global supply chain issues), significantly affect the principal risks set out above. The Group's projects have continued to operate during this time and the Managers and Directors believe the risks are reducing and continue to be manageable. Based on this review, the Directors confirm that they have a reasonable expectation that the Company will be able to continue in operation and meet its liabilities as they fall due over the five-year period to December 2030. TRIG Annual Report 2025 55 # Risk and Risk Management ## Approach to risk management TRIG's risk management framework covers all aspects of the Group's business. As TRIG is an Investment Company with key services outsourced to the Investment Manager, Operations Manager and other service providers, reliance is placed on the systems and controls of these service providers. The identification, assessment and management of risk are integral elements of the Investment Manager's and the Operations Manager's work in both managing the existing portfolio and in transacting investment opportunities. The Managers use their combined experience and input from the Board of Directors to identify risks through various means, including but not limited to: monitoring of macroeconomic indicators, insight from transaction processes, updates on operational performance from project-level Board meetings, counterparty credit analysis, and monitoring of potential regulatory and policy changes. The Company also has a range of advisers in addition to its Managers that report on key topics and potential events which may present risks that the Board and the Managers need to monitor and, where possible, mitigate. In addition, the Company and its Managers are registered with various industry bodies, which alert both the Board and the Managers of emerging risks as key events and news items unfold. The output of the Managers' risk assessment is incorporated into the risk framework, which is maintained by the Investment Manager and discussed formally on a quarterly basis by the Investment Committee, Advisory Committee and the Board of Directors. The discussion of the risk matrix includes consideration as to whether TRIG is within the Company's risk appetite. Mindful of upcoming changes to the Corporate Code, the Board will be reviewing in 2026 its approach to assessing the completeness of controls and appraising their effectiveness. The Board will report on its findings and against the new requirements of the Corporate Code next year in the 2026 Annual Report and Accounts. The inherent risk of each existing and emerging risk is assessed based on their likelihood of occurring and their potential impact should they manifest. Where necessary and possible, mitigation plans are developed to reduce the residual risk. The Managers utilise their systems, their policies, oversight of the supply chain and third-party input to manage these risks. The strength of mitigants and controls is applied to the inherent risk to determine the residual risk, which is classified as 'high', 'medium', 'low' or 'insignificant'. If a new risk arises or the likelihood of a risk occurring increases, a mitigation strategy is, where appropriate, developed and implemented together with enhanced monitoring by the Investment Manager and / or Operations Manager. Given the stability of the Company's investment policy and focus of its strategy (i.e. investments in renewable energy infrastructure projects in the UK or Europe), the risks in the Group are not expected to change materially from quarter to quarter. The Board's Management Engagement Committee also reviews the performance of the Investment Manager and Operations Manager (as well as all key service providers) annually, which includes a consideration of the sufficiency and effectiveness of the Managers' internal controls and the Investment Manager's maintenance of the risk framework. ## Principal risks and uncertainties The Board and the Managers have considered and reviewed the Company's principal risks. The Company's share price has underperformed in 2025, to some extent reflecting the elevated level of risk in the renewables sector from a combination of macroeconomic and public policy uncertainty, low wind speeds and reduction in power price forecasts. While these remain the same principal risks that have existed since the Company was first launched, headwinds in these areas in addition to increases in cost of capital have been among the key drivers of share price in the period. Portfolio generation can deviate from budget assumptions for a number of reasons, including (but not limited to): weather resource variance (i.e. wind speeds and solar irradiance), third-party grid outages and asset availability. Energy yields are reviewed regularly as part of the portfolio valuation process. Following the more significant updates to assumptions in the December 2024 valuation process, minor adjustments were made in 2025 (noted in the Company's Q3 2025 NAV release) including: a minor reduction at the Cadiz solar sites reflecting the post-construction energy yield study undertaken in the year, and a grid-related outage in 2026 at Mid Hill (a UK onshore wind site) driven by the Distribution Network Operator. Given the dependence of electricity generators on their connection to the grid there remains risks both in relation to the performance of the connection affecting the level of electricity exported and the costs associated with transmission and distribution of electricity, particularly for more remote projects located further from electricity demand centres. Power price forecasts were reduced in the December 2025 valuation compared with December 2024, primarily reflecting lower gas price assumptions driven by projected increases in LNG supply to Europe and, for one forecaster, a material reduction in electricity demand assumptions. Toward the end of the year, colder temperatures across Europe increased heating demand and reduced gas storage levels below the ten-year average, which provided support to near-term forward power prices. In the Nordics, below average precipitation resulted in a hydrological storage deficit, supporting prices across the region, while higher rainfall in Iberia has led to a modest reduction in 2026 forward power prices in Spain. Price volatility remains as increasing variable generation capacity across Europe has led to greater instances of negative intraday pricing highlighting the case for storage (further underpinned by the power outage experienced across the Iberian peninsula in April 2025) and the requirement for an active revenue management strategy. Regulatory and political risk remains elevated as governments continue to consider energy market policy to balance decarbonisation commitments, ensuring energy security and delivering affordable electricity for consumers. The potential for further shocks arising from global geopolitical physical and economic conflicts remains. The UK saw notable policy uncertainty in 2025 with the Review of Electricity Markets Arrangements ("REMA") consultation and latterly with the consultation on changes to indexation for the Renewable Obligation ("RO") and Feed-in-Tariff ("FiT") subsidy regimes. Significant engagement from industry participants, including the Investment Manager, in respect of REMA resulted in government recommitting to evolve the status quo arrangements for the electricity market in the UK rather than upend the electricity market by dividing the country into smaller price zones. However, despite engagement from industry, the UK Government has announced 56 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices thatfrom 1 April 2026, the indexation basis of the RO and FiT regimes – Local supply chains are being stretched as a result of inflationary will change from RPI to CPI, representing a retrospective change pressures and the lack of skilled labour. The Ryton battery project that will adversely impact investors as well as domestic owners of has had to replace one local supplier, which has contributed affected schemes. TRIG’s diversified portfolio has meant the impact to a small delay to the project and use of the construction of this change was limited. A reduction in NAV of 0.6p per share was contingency pot included in the portfolio valuation as at 31 December 2025. – The Managers will continue to closely monitor the portfolio’s supply chain to ensure that improvement is sustained prior to Despite the higher interest rate environment, TRIG has little cash flow anyadjustment being made to the risk rating exposure to interest rates with the vast majority of debt being fixed- rate and amortising, therefore, without interest rate or refinancing – Overall, there have been no material changes to principal risks risk. The recently announced £200m private placement mirrors these faced by the Company principles being fixed rate at 5.23% and with an amortisation profile The tables on the following pages summarise the principal risks that repays the notes from 2033 to 2038. facedby the Group. These are risks, which are either classified as The risks arising from these elements are embedded in risk factors having a residual impact of ‘medium’ or ‘high’, or those identified already identified by the Board and the Managers. As such, the Board by the Managers and the Board as having the potential for high and the Managers have concluded that: reputational risk (even where the residual risk is considered ‘low’). They are not an exhaustive list of risks and uncertainties faced by – There continues to be three enduring risks with a ‘high’ residual the Group; however, risks that are not considered ‘principal risks’ impact for the Company being: (i) energy yield; (ii) electricity are still captured, assessed and monitored through the Company’s pricing; and (iii) political / regulatory risk reporting framework. The Investment Report section provides – At present, counterparty exposure risk is also considered to be additional commentary on how the risk landscape faced by the elevated given the current macro environment. We note that the Company has evolved during the year. financial performance of the major equipment manufacturers that The risks posed by climate change, though not expected to be have supplied wind turbines to projects in TRIG’s portfolio has material to the Company in the short to medium term, are an integral improved across 2024 and 2025 part of the Investment Managers’ risk management framework. – The oversupply of battery equipment manufacturers has resulted in a significant reduction in equipment pricing; however, this risks Further information on the assessment and management of leaving suppliers strained financially as they seek to grow their climate-related risks is disclosed separately in the Task Force order books onClimate-related Financial Disclosure section. 57TRIG Annual Report 2025 Risk and Risk Management continued ## Risk management framework e n t i fi c a t i o n I d ## Risks identified in the Company’s Macro indicators Transaction activity ## riskmanagement framework Project operations Counterparty analysis This section sets out the principal risks faced by the Group Regulatory changes categorised by their residual risk rating. Third party advice The following pages set out the principal risks with a ‘high’, A M ‘medium’ and ‘low’ residual risk categorisation. They relate Quarterly Advisory Impact and s o s Committee and likelihood e to macro factors driven by externalities where the common n i Investment Committees s t Financial and s mitigant is the diversification within TRIG’s portfolio. o r Quarterly Board non-financial (e.g. m i n meetings reputational) impact e g n t Annual deep dive Pre-mitigation/ programme inherent risk Control identification and implementation Post-control risk rating assessed Inclusion on risk dashboard and matrix R e s p o n s e Principal risk Residual risk rating High Link to strategy Balanced Portfolio ## Energy yield Operational Excellence Movement in year Unchanged Description and potential impact – Risk of portfolio electricity production falling short of – The sensitivity of the Company’s NAV to deviations from energy expectations resulting in lower revenues yield expectations is provided in the Valuation of the Portfolio section, and climate change considerations are covered in the – Causes of lower than expected energy yield may include TCFD section weather resource variance (i.e. wind speeds and solar irradiance), third-party grid outages and asset unavailability Risk mitigation – Diversification of the portfolio across a variety of geographies, – Utilisation of the Operations Manager’s and third-party expertise i.e. weather systems, and renewables technologies, including when assessing energy yield estimates during acquisition due the complementary seasonal bias of solar production diligence, and monitoring and reappraising (when appropriate) energy yields throughout ownership – Established nature of wind and solar technologies; typical levels of availability in a given year are around 96% to 99% respectively – Improvements in technology providing future opportunities for enhancement, life extensions and repowering – Experience of Operations Manager in monitoring portfolio production and delivering asset availability Key developments – Overall, generation for the year was down against budget due – Data analytics and adjustments to operational parameters at a to a combination of factors, most notably curtailment in Sweden Swedish onshore wind farm to keep the turbines operating in during periods of negative power prices, uncompensated grid higher winds where they previously would have been shut down. outages (see Single Point of Failure Risk for further detail) and The change is expected to increase annual energy production low wind resource in the first half of the year by around 3% – Blade hardware aerodynamic enhancements and software Good progress with operational enhancement activities in the upgrades were deployed at 164MW (in line with Operations year including: Performance section) of onshore wind sites in theUK and – Upgrades at a German offshore wind farm increasing turbine France. Further deployments are underway across the portfolio output from 6.0MW to 6.15MW, increasing total site capacity on both wholly owned and joint venture wind farms for a further by10MW in turn increasing electricity generation deployment of up to 143MW 58 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Principal risk Residual risk rating High Link to strategy Balanced Portfolio ## Electricity pricing Movement in year Unchanged Description and potential impact – Wholesale electricity prices moving adversely reducing merchant gas prices and carbon pricing being lower than expected, revenues, as a result of factors including: (i) electricity demand reducing costs for the typical marginal thermal generator increasing less than expected; (ii) the volume of renewables and – The sensitivity of the Company’s NAV to changes in power other generation with low marginal costs increasing more than priceforecast assumptions is provided in the Valuation of the expected within the electricity mix (in some instances leading to Portfolio section on page 43 negative pricing and curtailment of generation); and (iii) natural Risk mitigation – A significant portion of TRIG’s near-term portfolio-level applying expected power purchase agreement (“PPA”) sales revenue benefits from government-backed subsidies (e.g. discounts and reflecting cannibalisation Renewable Obligation Certificates, Feed-in-Tariffs and contracts – In the longer term, power price risk arising from the climate for difference), power price fixes or power price financial hedges change-related transition to net zero (expanded upon in the – Forward pricing mechanisms, including through offtake TCFD section) may be mitigated through: agreements with utility or corporate counterparties and hedging – Storage technologies that trade power price volatility and instruments with financial institutions, provide some protection are able to capture higher prevailing prices at times of higher against short-term fluctuations demand (and also serving to stabilise the grid network in – TRIG’s diversification across power markets that can have certain geographies). In the year, co-located battery storage different drivers of power price and technologies that have projects for the portfolio’s solar investments in Spain were differing characteristics in relation to the power price that they added to TRIG’s development pipeline capture, in particular between generation and storage assets – The increasing electrification of the transport and located in the same market heating sector and the commercial development of – The weighted average power price forecast used to determine renewables-generated ‘green’ hydrogen (through either the portfolio valuation is comprised of a blend of the forecasts useasa fuel or as a storage technology) could support for each of the power markets in which TRIG is invested after long-term demand for power Key developments – Power price forecasts in the December 2025 valuation have threshold at which the levy applies and prices in TRIG’s other reduced significantly in the short to medium-term versus those markets remain below recent intervention levels at December 2024, due to lower gas prices, projected increases – Positive steps have been taken to reduce TRIG’s exposure to in LNG supply to Europe and, in the case of one forecaster, power price volatility as part of its power price risk mitigation materially reduced electricity demand assumptions. strategy, including: – Looking forward, colder temperatures this winter have – Entry into a ten-year, fixed-price corporate PPA with Virgin seen higher heating demand, supporting power prices in Media O2 for two of TRIG’s UK onshore wind farms equating the short-term. In the Nordics, lower rainfall has also seen to c.2% of TRIG’s annual generation hydrological storage balances reduce, supporting higher – Fixing prices across Great Britain, Northern Ireland and forwardpower prices. Spain (i.e. on top of existing fixes available under government – In early 2026, the latest UK Contracts for Difference allocation subsidy contracts) round saw record levels of renewables capacity awarded. This is – Extending short-term hedges in Sweden at attractive pricing expected to moderately reduce power prices in the early 2030s. – Securing a new long-term, fixed-price, government-backed, – Finally, alongside the recent ROC and FiT consultation and inflation-linked contract for the Claves onshore wind announcement, the UK Government announced an intention repowering project in France (following similar arrangements to consult on replacing ROCs with Fixed Price Certificates to on the more advanced, neighbouring Cuxac wind project) be bought by a central government counterparty. The impact on TRIG will depend on net reduction to the tariff after – Securing Capacity Market contracts for the Ryton, considering any offsetting benefit from reduced offtake discount. Spennymoor and Templeton battery development projects. Further detail is set out on page 27. The Managers will continue – As at 31 December 2025, 82% of TRIG’s revenues per unit of to engage with policymakers and input to the consultation generation are fixed over the next 12 months and 68% over once formalised. the next ten years are fixed through subsidies, fixed-price – While the Electricity Generator Levy remains in place in the PPAs or other hedges UK, power price forecasts used in the valuation are below the 59TRIG Annual Report 2025 Risk and Risk Management continued Principal risk # Political / regulatory Residual risk rating High Link to strategy Balanced Portfolio Movement in year Unchanged Description and potential impact - Government or regulatory support for renewables changes adversely, including retrospective changes to contracted tariffs, the extension of existing or introduction of new levies or price caps, or changes to established cost frameworks, and potential changes resulting from wider market reform - Adverse change to perceived risk profile of renewables assets flowing through to portfolio valuations. The sensitivity of the Company's NAV to changes in discount rates is provided in the Valuation of the Portfolio section on page 43 Risk mitigation - UK and European economies where opportunities fall within TRIG's acquisition focus have indicated commitments to existing installed capacity - Future subsidies generally track the fall in development costs of maturing technologies, providing appropriate public value for money - Increasing penetration of offtake agreements directly with corporates (known as Corporate PPAs). In the past three years, TRIG has signed arrangements with five corporates, most recently Virgin Media O2 for two projects in the UK - Emphasis on energy security as a key item on the public agenda, in light of both reducing North Sea fossil fuel production and broader geopolitical concerns - Strong public and political momentum in TRIG's markets of focus towards meeting long-term United Nations, European Union and national decarbonisation efforts (e.g. the EU's new Green Deal and the 2023 Net Zero Growth Plan publication in the UK by the Department for Energy Security and Net Zero) - Should Scotland separate from the rest of the UK, an independent Scotland's energy policies may impact the renewables market. The Company's diverse portfolio alongside the Scottish Government's commitment to achieving net zero by 2045 reduces this risk Key developments - In the UK, 2025 saw a positive outcome of the Review of Electricity Markets Arrangements ("REMA") consultation with regards to the government's confirmation that a single national electricity price system will remain in the UK rather than moving to a zonal system with different prices for different regions. The Managers will continue to engagement with government as to the reforms that may be made to the national pricing system - On 28 January 2026, the UK Government announced that it will bring forward the date on which indexation for the Renewable Obligation ("RIO") and Feed-in-Tariff ("FIT") regimes move to CPI from 2030 to 2026 (the lower impact proposal of the two presented in the consultation). The change has been reflected in TRIG's 31 December valuation with an impact of (0.6)p, in line with the estimate presented in the Q3 2025 NAV announcement - Despite this, the UK Government's long-term support for renewables remains strong and was evidenced in the period through the extension of Contract for Difference terms from 15 to 20 years and the inclusion of repowering projects starting from Allocation Round 7 (AR7) - Under NESO's ongoing Connections Reform process in the UK, 419MW of TRIG's two and four-hour battery pipeline met the Gate 2 criteria to secure a pre-2035 grid connection date. Of this capacity, 232MW qualified for priority grid connection before 2030 (known as Gate 2 Phase 1 projects) and 187MW qualified for grid connections between 2031 and 2035 (known as Gate 2 Phase 2 projects). This is in addition to the Ryton and Spennymoor projects - Potential for government intervention into electricity price markets remains a risk in future; however, within TRIG's markets the only price intervention mechanism that remains in force is the Electricity Generator Levy in the UK (until 31 March 2028) where current forecast price curves in the Company's valuation are below the threshold at which the levy applies - In France, there continues to be political uncertainty ahead of the presidential election in April 2027. However, long-term support for renewables remains with TRIG having successfully obtained long-term (20-year) government subsidy contracts for two onshore wind repowering projects totalling 38MW capacity - In Spain, in the wake of the power outage experienced across the Iberian peninsula in April 2025, the Spanish Government has introduced further measures to strengthen the grid against similar risks in future including greater support for battery projects. During the year, the Managers added co-located batteries alongside TRIG's solar projects in Spain to the development pipeline - The Managers regularly monitor public policy developments in the markets TRIG invests in, engage with politicians and government officials, and work closely with other industry participants to respond to government consultations and calls for evidence underpinning decision making in relation to energy policy 60 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Principal risk Residual risk rating High Link to strategy Balanced Portfolio ## Counterparty Responsible Investment Operational Excellence ## credit Movement in year Unchanged Description and potential impact – The risk of a counterparty failing to meet its financial obligations an alternative maintenance provider. In recent years, there has resulting in potential loss for the Company been an increase in the number of alternative providers in an expanding renewables equipment maintenance market – TRIG’s key counterparties include: – PPA counterparties – utility or trading companies purchasing – Original equipment manufacturers (“OEMs”) – responsible power generated by TRIG’s projects for building the original plant and provide guarantees and warranties to cover defects – In the event that a counterparty or guarantor enters insolvency, there is a risk of disruption while counterparties are replaced – Other construction contractors – responsible for building the and a risk of cost overruns / delays for construction projects, balance of plant and other aspects of construction projects distribution lock-ups (where project financed) or reduced beyond the principal equipment. These are typically smaller distributions for operational projects, which could be material local suppliers with weaker credit forthe portfolio – Operations and Maintenance (“O&M”) providers – responsible for maintenance of the plant, can be the OEM or (increasingly) Risk mitigation – Diversification of counterparty exposure through several service – The Operations Manager prepares contingency plans sub-contractors, component suppliers and PPA providers when credit quality deteriorates to prepare for an event ofcounterparty failure – The Investment Manager has a dedicated credit monitoring function. Its analysis is reported to the Board quarterly – Credit quality of project counterparties is assessed and benchmarking of construction and operational costs is undertaken as part of the acquisition due diligence process Key developments – The charts below provide an analysis of exposure turbines has been reset and order books have been worked to counterparties by portfolio value across the three through, counterparty risk remains elevated and will continue main categories identified above. While PPA and O&M to be closely monitored as signs of sustained improvement are counterparties are reasonably well diversified, TRIG’s highest sought into 2026 exposure relates to Siemens and Vestas in their capacity as – The oversupply of battery manufacturers has resulted in a equipment manufacturers significant reduction in equipment pricing; however, this risks – Turbine suppliers have been under financial pressure following leaving suppliers strained financially as they seek to grow their high inflation over 2022 and 2023 increasing costs as they order books. TRIG is diversifying battery suppliers across sought to fulfil largely fixed-price supply contracts. This has its latest development projects to mitigate sole-supplier resulted in renewed focus on improving profitability and concentration risk strengthening balance sheets. While TRIG’s greatest exposures – Local supply chains are being stretched as a result of are to Siemens and Vestas, the largest turbine suppliers in inflationary pressures and the lack of skilled labour. The Ryton Europe, the Company does use a wide range of suppliers to battery project has had to replace one local supplier, which help mitigate concentration risk has contributed to a small delay to the project and use of the – While trading performance improved in 2024 and 2025, relative construction contingency pot to 2023, for TRIG’s key turbine suppliers as pricing of new | | Orsted 13% | | Vestas 23% | | Siemens Energy 45% | | --- | --- | --- | --- | --- | --- | | | Scottish Power 10% | | Siemens Energy 19% | | Vestas 24% | | | Danske Commodities 10% | | RES 15% | | GE Vernova 8% | | Exposure to | | Exposure to | | Exposure | | | PPA Providers | Statkraft 9% | O&M Providers | Orsted 14% | to OEM | Trina Solar 5% | | | EWE 8% | | GE Vernova 8% | | Nordex 4% | | | Axpo 7% | | Natural Power Services 7% | | Other 14% | | | Vattenfall 7% | | Nordex 4% | | | | | SSE 6% | | Equinor 3% | | | | | EDF 6% | | Envision 3% | | | | | Other 24% | | Other 4% | | | Some projects have more than one counterparty in each of the above categories, in which cases the valuation of the project is apportioned between the counterparties. OEMs generally also provide O&M services; however, not in all cases given the increase in the number of alternative providers offering O&M services as noted above. 61TRIG Annual Report 2025 Risk and Risk Management continued Principal risk # Liquidity / treasury management Residual risk rating Medium Link to strategy Responsible Investment Movement in year Unchanged Description and potential impact - Insufficient liquidity to meet dividends, operating expenses or to fund commitments - Includes risk of prolonged periods of share price trading below latest NAV, inhibiting ability to issue new equity capital as a source of funding Risk mitigation - The Investment Manager's policies and controls in relation to cash management - Regular cash monitoring by the Board and Investment Manager - Regular cash flow forecasting and stress testing prepared by the Investment Manager and considered by the Board in setting dividend targets and declaring dividends - Revolving credit facility provides liquidity to finance acquisitions between fundraising - Breadth of routes to funding (subject to market conditions) including retained cash in excess of the dividend, debt capacity, equity issuances and asset disposals Key developments - Net dividend cover for the year was 1.01x as a result of low wind resource and uncompensated grid curtailment, as set out in the Operations Report. Wind resource improving to more typical levels and less uncompensated grid curtailment should, all else being equal, begin to improve full-year dividend cash cover relative to 2025. Net dividend cover is stated after the systematic amortisation of project-level debt, of which £192m was repaid in the year. Before debt amortisation, gross cash cover of the dividend for 2025 was 2.1x - Reduction in RCF drawings from £309m at 31 December 2024 to c.£200m after taking into account the RCF repayment in February 2026 using proceeds of the recently announced £200m private placement - The private placement terms out a portion of the RCF borrowings at an attractive fixed interest rate with a back-ended amortisation profile over the years 2033 to 2038 mitigating refinancing risk. The attractive pricing and significantly oversubscribed issuance demonstrates lenders' confidence in TRIG's financial position of the private placement demonstrates lenders' confidence in TRIG's financial position - Remaining RCF movements in the year comprised drawings to fund TRIG's construction and development pipeline and share buybacks partially offset by €100m proceeds from the partial disposal of the Gode offshore wind farm, which completed in March 2025 - Over the next 12 months, the Company continues to progress disposal opportunities with a view to reducing RCF drawings further in the FY 2026 - It is recognised that share price discounts to NAVs for renewables investment companies, including TRIG, have widened over 2025. Nonetheless, TRIG's underlying operational cash flows, debt raising, continued disposal programme and disciplined approach to capital allocation are expected to meet operational and capital funding requirements. Full details of commitments as at the 31 December 2025 are set out on page 42 62 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Principal risk Residual risk rating Medium Link to strategy Balanced Portfolio ## Macroeconomic factors Responsible Investment Movement in year Unchanged Description and potential impact – The risk of an adverse change in macroeconomic environment – The sensitivity of the Company’s NAV to changes in affecting TRIG macroeconomic factors is provided in the Valuation ofthePortfolio section on page 43 – Risk of adverse valuation and cash flow impacts if inflation reduces below TRIG’s valuation assumptions – Risk of increase to long-term government bond yields if market expectations for timing and quantum of interest rate cuts from central banks not met, potentially flowing through to discount rates reducing valuations Risk mitigation – Foreign exchange: hedging policy established and adhered to – Interest rates: fixed-rate debt or interest rate swaps to reduce interest rate exposure at project level; limited exposure at – Inflation: the income from the portfolio has a correlation with Company level inflation. Most of the subsidy regimes and some costs are linked to inflation. It is expected that power prices have some positive correlation with inflation in the longer term Key developments – Return expectations continue to be elevated given the – Inflation projections in the UK, as inferred from government bond prolonged higher interest rate environment with cuts in the yields, are above the levels assumed in the Portfolio Valuation yearfrom central banks coming at a slower pace than originally – The £200m private placement entered into in February 2026 expected. Long-term government bond yields in the UK remain has been applied to term out the equivalent drawings under approximately in line with those at December 2024, while the revolving credit facility at a fixed interest rate and with an European equivalents increased slightly in the period resulting amortisation profile thereby further reducing the Group’s interest in a 0.3% increase in European discount rates applied in the rate and refinancing risk 30 June 2025 valuation and maintained at 31 December 2025 with no change to UK discount rates in the year 63TRIG Annual Report 2025 Risk and Risk Management continued Principal risk Residual risk rating Medium Link to strategy Balanced Portfolio ## Taxation Responsible Investment Movement in year Unchanged Description and potential impact – The risk of an adverse change in tax legislation or rates in the – The sensitivity of the Company’s NAV to changes in taxation markets in which TRIG invests. Corporation and local tax rates rates is provided in the Valuation of the Portfolio section on are changed by governments and local authorities from time page 43 to time. There is a risk that tax rates are increased to fund government deficits or future spending requirements, to fund increased costs arising to consumers from higher energy pricing or higher interest cost of servicing national debt Risk mitigation – Some mitigation is achieved as a result of the diversification – Relevant tax rules are closely monitored, utilising third-party across geographies and, therefore, different government advisers where necessary Key developments – The Autumn Budget in the UK released in November 2025 saw changes to capital allowances and business rates, which have been reflected in the 31 December 2025 valuation. No other material changes in tax legislation in the year Principal risk Residual risk rating Medium Link to strategy Operational Excellence ## Sub-contractor Movement in year Unchanged Description and potential impact – The risk of a sub-contractor not meeting their obligations, resulting in lost income or other operational losses (e.g., failure tocarry out works to time and budget, disruption to spare parts supply or service) Risk mitigation – Representatives of the Operations Manager sit on the boards – The Operations Manager maintains a regular dialogue with of the project companies. Through this role, and reporting major sub-contractors to ensure that challenges and issues information provided, the Operations Manager reviews projects areresolved proactively and their sub-contractors’ performance – In extremis, sub-contractors can be terminated for poor – Where RES is a sub-contractor to a project or in other specific performance. Replacement sub-contractors are generally circumstances, representatives of the Investment Manager will readily available sit on the board of the project company Key developments – No material changes in risk level in the year – Access to spare parts continuing to be carefully monitored, inparticular in the UK and Ireland, with direct engagement with manufacturers being undertaken where appropriate to minimise risk of delays and downtime 64 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Principal risk Residual risk rating Medium Link to strategy Responsible investment ## Construction and Operational Excellence Movement in year Unchanged ## development Description and potential impact – The risk that construction or development projects fail to progress as planned including additional / unforeseen costs ordelays to start-up and commencement of revenues Risk mitigation For acquisitions of assets at late-stage development stage: – Experience of the Managers and lessons learned / best practice shared on construction stage projects with TRIG having now – Through the acquisition process, the Investment Manager, delivered 15 projects from construction to operations since IPO with input from the Operations Manager, undertakes risk For acquisition of development platforms, assets at development allocation and counterparty due diligence when determining stage for which TRIG (or its subsidiaries) intends to complete the appropriate valuation for, and whether to proceed with, the development, engineering and construction activities: opportunity, utilising input from third-party legal and technical advisers where necessary – An increased hurdle rate to reflect the higher allocation of risk – Partners / suppliers selected with which TRIG has strong toward TRIG relationships, long-term business alignment and a shared – Use of experienced personnel including project managers, commitment to quality. A strong track record and commitment technical advisers, legal advisers to health and safety and sustainability is critical – Allocation of risk through contracts where possible ensuring – The Operations Manager sits on the boards of the project riskand return remain appropriately balanced companies. Through this role, and with reporting information – Robust governance of platforms to ensure alignment with provided, the Operations Manager reviews construction TRIG’s strategy progress and is able to intervene where necessary – The Operations Manager provides quarterly updates to the Board on progress for each project in construction, including potential risks to timelines and mitigating actions being taken Key developments – Construction largely complete on the 78 MW Ryton battery – Under NESO’s ongoing Connections Reform process in the project with grid energisation expected in H1 2026. UK, 419MW of TRIG’s two and four-hour battery pipeline met the Gate 2 criteria to secure a pre-2035 grid connection date. – Slight delay introduced by the replacement of the electricals Of this capacity, 232MW qualified for priority grid connection contractor and grid connection delays introduced by the before 2030 (known as Gate 2 Phase 1 projects) and 187MW Distribution Network Operator qualified for grid connections between 2031 and 2035 (known – Decommissioning largely complete on the Cuxac onshore wind as Gate 2 Phase 2 projects). This is in addition to the Ryton and farm in France in advance of repowering works Spennymoor projects – Final Investment Decision achieved on the 100MW Spennymoor – Development activities continue to progress well on the battery project with pre-construction works commenced in remainder of TRIG’s development pipeline the year – Appraisal underway of two opportunities to co-locate batteries alongside TRIG’s Spanish solar sites 65TRIG Annual Report 2025 Risk and Risk Management continued Principal risk Residual risk rating Medium Link to strategy Balanced Portfolio ## Physical single Responsible Investment Operational Excellence ## points of failure Movement in year Unchanged Description and potential impact – The risk that a single point of failure outside of TRIG’s control (e.g. grid connections) affects any one project Risk mitigation – Exposure to single points of failure is reduced through – Actively monitored by the Operations Manager through project portfoliodiversification and TRIG’s balanced portfolio company risk matrices and analysis of shared exposure managessingle-asset concentration between projects – Acquisition due diligence considers the contractual provisions and protections for individual projects, factoring the conclusions into investment valuations and decisions Key developments – Third-party cable failure at Beatrice offshore wind farm, – Uncompensated curtailment for grid works / outages also remediated rapidly over the summer minimising downtime reduced generation, particularly in Sweden – Distribution Network Operator enforced outage at Mid Hill – Despite recent frequency of grid-related events, medium to in2026 leading to longer than normal downtime for such an long-term residual risk is considered to remain unchanged event. Impact reflected in 31 December 2025 valuation and workongoing to mitigate Principal risk Residual risk rating Medium Link to strategy Responsible Investment ## Supply chain Operational Excellence Movement in year Unchanged Description and potential impact – The risk of unethical and non-compliant practices within the supply chain of the Company outside of the Manager’s control Risk mitigation – There is the risk of operations and practices that are not – The Operations Manager engages with, and monitors, sustainable or non-compliant (actual or alleged) in the supply counterparties throughout the asset life with a rigorous chain that may be outside the direct control of the Managers, selectionprocess for new counterparties / suppliers such as working conditions, greenhouse gas emissions, and other sustainability factors – to mitigate this, acquisition due diligence is a key control with counterparties identified as high risk being subjected to enhanced procedures Key developments – In addition to continued monitoring of existing suppliers, – TRIG has also committed to sustainability targets in the period in theperiod various suppliers were contracted as part that include the objective for 75% of its suppliers (by emissions) of development activities on Ryton with due diligence to have net zero targets in place by 2028 procedurescarried out as outlined above 66 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Principal risk Residual risk rating Medium Link to strategy Operational Excellence ## Balancing risk Movement in year Unchanged Description and potential impact – The risk that balancing costs within PPAs increase due to – Projects may also participate in downward flexibility mechanisms generation volatility associated with the balancing market – where they are paid to shut off during periods of high electricity supply or low demand. – Power price financial hedges may lead to losses due to the Being a relatively nascent market, there is a risk that guidance basisdifference between the variable pricing achieved by an in relation to participation changes over time, impacting asset when compared to the contractual variable price due revenues generated under a swap to the counterparty Risk mitigation – Hedging across a group of assets to reduce the risk of – Limiting the volume of electricity production hedged, typically underperformance of any one asset less than P90 levels – Increasing the length of the settlement period so short-term – Plants that participate in downward flexibility bid consistent with downtime or poor weather resource has less of an impact the revenues forgone and risks exposure with shutting a wind onoverall generation farm off and starting up again Key developments – In March 2025, grid balancing periods in Sweden were reduced imbalance pricing. All projects within TRIG’s portfolio were from 60 minutes to 15 minutes and applied individually to protected from the effects of this volatility by having fixed price each of the four regional pricing zones rather than across the contracts in place for balancing fees; however, the price of such whole country. This has driven increased price volatility and arrangements is increasing on renewal Principal risk Residual risk rating Low Link to strategy Operational Excellence ## Health and safety Movement in year Unchanged Description and potential impact – Risk of incidents resulting in injury, in particular, at assets – Reputational risk in the event procedures are determined to under construction or during upgrades, rectification works be insufficient or decommissioning on existing sites, as well as through day-to-day operations Risk mitigation – Experienced Operations Manager ensuring best practice – Industry-experienced sub-contractors employed, with and monitoring and reporting to the Board on all RIDDOR sub-contracted responsibilities relating to Health, Safety, (orequivalent) injuries and incidents. Reducing the LTAFR Quality,Environment (“HSQE”) clearly set out (LostTime Accident Frequency Rate) metric is also incorporatedwithin TRIG’s RCF Sustainability KPI targets Key developments – LTAFR for the year of 0.27 compared with 0.23 for 2024 and 0.09 for 2023 showing a sustained low accident rate 67TRIG Annual Report 2025 Risk and Risk Management continued Principal risk Residual risk rating Low Link to strategy Responsible Investment ## Stakeholders: communities Movement in year Unchanged Description and potential impact – Risk that the communities where TRIG’s assets are located do – Decommissioning and site restoration obligations are not carried not see the project as a responsible neighbour, which disrupts out in accordance with best practice impacting communities in asset operations and reduces the likelihood of successful asset which the assets are located life extensions or repowering Risk mitigation – Active programme of community engagement across the – Costs associated with fulfilling obligations are included in portfolio, including monetary contributions to local communities acquisition assumptions and monitored in project models exceeding £1m p.a., reported on quarterly to the Board. Target for establishing community funds also embedded into RCF Sustainability KPIs Key developments – Two new community funds set up in the year taking the total across the portfolio to 48. £1.7m was distributed across all community funds in the period 68 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Task Force on Climate-related Financial Disclosures ## Introduction Governance TRIG is a closed-ended investment company and, therefore, Climate change considerations are embedded throughout TRIG’s under Listing Rule 11.4.22R is not required to comply with the business. The Board has overall responsibility for the oversight climate disclosure requirements specified in Listing Rule 6.6.6R(8). of TRIG’s sustainability-related risks and opportunities, of which The Company has, however, been voluntarily reporting using the climatechange is an important subset. recommendations of the Task Force on Climate-Related Financial The Board and Managers discuss risks related to climate change Disclosures (“TCFD”) since its 2019 Annual Report and Financial at least annually and the Board has ultimate oversight of the Statements and has added to these disclosures in subsequent Company’s risk management framework. Consideration of the reporting periods. TCFD is the established framework for consistent, transition risks and physical impacts of climate change features comparable and clear reporting on a company’s approach to intheBoard’s discussions. climate-related risks and opportunities and assessing its potential impact on that company. Day-to-day management of TRIG’s portfolio is delegated to the Investment Manager, InfraRed, and the Operations Manager, TRIG’s climate-related financial disclosures, set out below, cover RES. Both Managers disclose their sustainability-related activities, the 12-month period to 31 December 2025 (the “Reporting Period”) includingrelated to climate change, through reporting available on and satisfy the obligation of InfraRed Capital Partners Limited, as their respective websites. the Company’s Investment Manager, to prepare a product report for the Company in accordance with section ESG 2.3.5 of the TRIG’s Sustainability Policy sets out the approach to integrating FCA Handbook. climate-related considerations into both the acquisition process andthe ongoing management of TRIG’s portfolio. The Policy is reviewed and approved by the Board annually. The oversight and management of climate-related risks and opportunities includes activities such as: ### Board level – Consideration of climate-related risks within the Company’s risk register at each quarterly Board meeting, feeding into the risk management framework presented in each Annual Report – A dedicated ESG Committee, comprised of the Company’s Directors, meets quarterly to oversee progress towards TRIG’s sustainability priorities and its associated objectives, including the Company’s sustainability goal of ‘mitigating adverse climate change’. The Committee also considers upcoming developments in market practice on sustainability-related matters – The Board receives quarterly updates from the Managers, which provide a summary of key activities related to the portfolio and regulatory developments, among other topics. The Board also undertakes periodically training on sustainability matters. This further facilitates understanding of climate-related risks and opportunities faced by the Company, building on the Directors’ extensive experience in the renewables sector – Board assessment of actions taken in response to the findings of the periodic climate risk assessment of the Company’s portfolio. This includes consideration of climate-related disclosures by the Board’s Audit Committee and an annual review of the Managers’ performance, including their adherence to the Company’s Sustainability Policy by the Board’s Management Engagement Committee – Consideration of climate-related opportunities during the Company’s annual strategy reviews 69TRIG Annual Report 2025 TCFD continued ### Portfolio level Portfolio company level – The Managers monitor government policies related to climate and – RES, and in some cases InfraRed, are represented on the board engage with policy makers, where appropriate of each portfolio company. Through this role, the Managers ensure that climate-related risks are considered by portfolio – TRIG’s Advisory Committee, comprised of representatives from company management teams and reflected in portfolio company both Managers, considers TRIG’s strategy and risks on a quarterly risk registers. Relevant matters are communicated to the ESG basis, the output of which is reported to and discussed with Committee of the Board, as necessary the Board – Interpreting the portfolio company-level climate risk assessment findings and assessing the suitability of mitigation and adaptation measures (where possible) in place for identified risks – This analysis informs TRIG’s strategy and the assessment of the Company’s risks and effectiveness of risk mitigation measures at the portfolio and portfolio company levels ### TRIG’s governance structure The diagram below sets out TRIG’s governance structure and how information is fed back to the Board from each portfolio company. Independent Board of Directors and its Committees Investment Committee Advisory Committee The Managers The Managers Fund Management Operations Management Market Intelligence Third-Party Advisers Strategy and Action Plans Feedback and Reporting Investment Project Governance Portfolio Management Operational Oversight Value Preservation and Enhancement Value Preservation and Enhancement Sustainability ESG and HSQE Portfolio Companies 70 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### Strategy ### The Board and the Managers have identified three TRIG’s business model is specifically designed to selectively capitalise ### on the investment opportunities arising from the decarbonisation and key risk factors related to climate change: increased electrification of the energy system over the short, medium and long term. These time horizons are defined as follows: ### Power price forecasts Short term: up to five years from the date of this report These are impacted by renewables build-out assumptions and aligning with the Company’s viability statement the extent to which renewable electricity can be utilised when it is generated. This risk is most likely to manifest in a ‘Low emissions’ scenario, where transition risks are greatest. The Investment Medium term: 5-15 years from the date of this report, Manager’s scenario analysis, having taken input from leading aligning to the typical length of government-backed third-party power price forecasters, is set out on page 75. revenue support mechanisms Long term: 15-30 years from the date of this ### Energy yield report, aligning with the typical life of a renewables infrastructure asset Which could be impacted by changes to weather patterns. The Managers have assessed the current and future climate-related physical risks on a site-by-site basis using The pace of the transition to a net zero carbon future will, inter alia, threeclimate scenarios to identify whether changing weather dictate the size of the investment opportunity for TRIG. Under current patterns could affect energy yields across the portfolio. plans for renewables deployment and transition across the European countries in which TRIG invests, the Managers expect there to be significant investment opportunities for the Company over the long ### Asset availability term, which supports the resilience of TRIG’s strategy. Maintenance costs, replacement costs and insurance premiums will be impacted by changes in weather patterns that result in ### In line with the TCFD classification, climate-related more severe events such as lightning strikes, hail and windstorms, ### risks and opportunitiescanbroadly be split into floods and wildfires. Increase in frequency or severity of damage to the underlying assets may also lead to an increase in insurance ### twocategories: premiums and over the long term to inability to insure against certain hazards. This risk is most likely to manifest in a ‘High emissions’ scenario, where physical risks tend to be higher. ### Transition risks The Investment Manager’s analysis is set out on page 75. Risks related to the transition to a lower-carbon economy. These risks are related to four risk drivers: policy and legal risk; technological risk; market risk; and reputational risk. Further detail on these findings and the method of assessment is set out on page 75. The climate-related risks faced by TRIG in different climate scenarios are determined to have a limited adverse impact ### Physical risks on the Company’s business strategy. Materiality was determined utilising a third-party provider’s rating system, primarily based on the Risks associated with physical impacts from climate change asset’s physical exposure and vulnerability to climate hazards and that could affect energy assets and operating companies. the potential impact such exposures could have on both the asset’s These impacts may include ‘acute’, event-driven hazard operations, and where possible to quantify, valuation. occurrences such as severe storms, floods, and wildfires, and ‘chronic’ longer-term impacts, such as sea-level rise and changing wind or precipitation patterns. 71TRIG Annual Report 2025 M S L TCFD continued ### Summary of key climate-related risks and opportunities The table below sets out key climate-related risks and opportunities as they apply to TRIG. The risks identified overlap with the Company’s ‘high’ residual impact principal risks: electricity pricing, energy yield, counterparty credit and political and regulatory, as set out in the Risk andRiskManagement section. Climate-related trend Potential impact Category Time horizon Mitigation and resilience Changes in Increasing penetration of intermittent Financial Near term, exposure is reduced through power prices renewable electricity generators in the planning managing the proportion of revenues with energy system risks increasing the fixed power prices, achieved through the (transition) volatility in the prevailing and forecast acquisition of investments with subsidised power price. revenues, fixing under offtake agreements ## RisksOpportunities and the use of hedging instruments. Increasing renewables build-out without Investments Medium term, the build-out of long-term sufficient demand-side action could storage infrastructure, electric vehicle reduce power price forecasts. (“EV”) charging and grid upgrades will help provide flexibility to the energy system, countering the intermittency ofrenewables generation. Climate change is considered in the valuation of the Company’s investments. For example, cannibalisation is applied to power price assumptions, accounting for the effect that renewables can have on overall power prices. Extreme Increased risk to portfolio investments of Investments Portfolio diversification across weather events physical damage to on-site infrastructure geographies and technologies, which and off-site transmission and distribution reduces the overall impact of action taken (physical) systems, alongside additional safety by an individual government, of any local risks and operational considerations. extreme weather event or any single asset failure. As an additional mitigation measure, insurance against such risks is Changes Material increase or decrease in an Investments obtained as standard across the portfolio. to weather asset’s energy yield from that expected patterns at the time of investment. (physical) Maturing of the As portfolios mature and subsidy Strategy Mitigated in part through the renewables sector periods come to an end, the power use of offtake arrangements price exposure of renewable investment or hedging instruments. (transition) portfolios will naturally increase. Project Economics pushing projects to a greater Strategy Investment discipline is key. economics scale may result in fewer opportunities Organically created investment by number. An increased volume of opportunities within the portfolio, (transition) capital looking to deploy in renewables remain an important route to may mean projects become highly attractiveopportunities. sought after. Increased Follow-on investments in the existing Investments Consideration of a broader range of government portfolio such as the co-location investment opportunities and regions support for the of generation and storage, and the within the Company’s investment remit. transition to repowering or expansion of existing sites. Near term, the greatest investment activity net zero Growth of markets where TRIG has an Strategy in TRIG’s key markets is expected to (transition) investment focus, broadening of TRIG’s be from development projects, such as diversification to further geographies. the development of battery storage in the UK, and the repowering of onshore Maturity of Investment opportunities presented by Strategy windassets across Europe. newer storage newer storage technologies. technologies (transition) Increased Further growth of the Company, meaning Financial Linkage of TRIG’s revolving credit demand for greater diversification through further planning facilityto sustainability KPIs, and sustainable acquisitions and accretion through hedgingarrangements. investments raising capital at a share price in excess of the Company’s Net Asset Value. (transition) Time Short term Medium term Long term horizon key (0–5 years) (15–15 years) (15–30 years) 72 TRIG Annual Report 2025 M M M M M M M M L S L S L L S L L S L L L M L S Strategic Report Governance Financials Appendices ## Approach to climate risk assessment and scenario analysis The Managers periodically undertake a climate risk assessment of the Company's portfolio to better understand its exposure and vulnerability to physical and transition climate risks and capacity to continue to capitalise on climate-related opportunities, and, where feasible, consider the implementation of measures that can help enhance its resilience over the long term, factoring in the economic life of each asset. This approach is aligned with the TCFD recommendations and draws on the Climate Resilience Investment Framework ("CRIM") produced by the Institutional Investors Group on Climate Change ("IIGCC") in 2025. The latest such assessment was conducted for the Company's portfolio as at 31 December 2025, utilising three emissions scenarios from the Intergovernmental Panel on Climate Change ("IPCC"). ### Climate scenarios A scenario is defined as a realistic description of how the Earth's physical atmospheric system may evolve over time, based on a given set of assumptions about key drivers of GHG emissions and concentrations, and land use. Scenarios are collectively referred to as Representative Concentration Pathways ("RCP"). ### Low emissions / 'Paris aligned' (SSP1-RCP2.6) A high degree of civic-social commitment to adaptation and mitigation leads to emissions growth levelling out by 2050 and declining after. This is the Managers' chosen Paris-aligned scenario, resulting in a global temperature increase of 1.3-2.4°C in 2100 compared to a 1986-2005 baseline average. ### Moderate emissions / 'Business as usual' (SSP2-RCP4.5) A moderate degree of civic-social commitment to adaptation and mitigation with some continued fossil fuel emissions – most closely representing current global climate policy trends. Scenario projects global warming of 2.1-3.5°C in 2100 compared to a 1986-2005 baseline average. ### High emissions / 'Hothouse World' (SSP-8.5-RCP-8.5) Social and economic development is based on an intensified exploitation of fossil fuel resources. Continued greenhouse gas emissions growth through 2100, and a likely global warming of 3.3 – 5.7°C in 2100 compared to a 1986-2005 baseline average. ## Physical climate risk assessment The physical climate risk assessment applies a structured, location-specific methodology to evaluate potential **physical climate perils** across the portfolio. The approach combines standardised peril exposure modelling with an internally developed vulnerability framework to derive a consistent view of inherent physical climate risk at the asset level. The review identified 20 projects, representing 23% of the Portfolio Value, as having high or very high inherent risk exposure to physical climate perils. The quantification of the financial impact of this updated assessment will be undertaken in 2026. The previously reported estimated impact of c.2-3p per share will be refreshed in the 2026 Annual Report. ### 1. Peril Modelling at asset locations For each asset held as at 31 December 2025, the Managers selected representative point locations (each with single point coordinates). These coordinates were analysed using an external high-resolution climate risk tool to assess exposure to a defined suite of **nine physical climate perils** (acute, event-driven occurrences), represented by **13 underlying metrics** that also serve as indicators of longer-term chronic climate patterns. Modelling was conducted at five-year intervals under three climate scenarios detailed above, producing a **location-specific exposure score** for each peril over time. The assessed perils and associated metrics include: 1. **Cold** (extreme cold days) 2. **Drought** (multi month precipitation deficits/total water stress) 3. **Flood** – coastal (storm surge, tides, sea level rise), fluvial (riverine depth at a given annual probability) and pluvial (intense rainfall driven surface flooding) 4. **Hail** (frequency of large hail storm) 5. **Heat** (extreme heat days; annual cooling requirement; wet bulb globe exceedance) 6. **Extreme precipitation** (annual probability of intense daily rainfall) 7. **Wildfire** (annual probability of large events) 8. **Wind** (annual probability of extreme wind speeds) 9. **Subsidence** (annual probability of shrink–swell soil movement causing structural stress) ### Sector-specific sensitivity thresholds To interpret the relevance of peril exposure for operational performance, the Managers defined sector-specific sensitivity thresholds for each underlying metric. These thresholds indicate when a climate variable becomes materially challenging based on sector norms, engineering references and operational considerations; they are not intended to represent the engineered design limits of any asset. For example, for heat-related metrics such as days per year above 35°C, the threshold for onshore and offshore wind is set higher than for solar PV and battery storage. This reflects differences in how prolonged high temperatures influence asset performance – such as electronics derating in PV systems, increased thermal load on storage units, or crew-safety and access constraints for wind installations – rather than any structural tolerance or certification boundary. Including such thresholds supports the identification of assets where elevated exposure may drive increased operational downtime, accelerated wear or the need for further adaptation measures. TRIG Annual Report 2025 73 TCFD continued 2. Vulnerability assessment more significant, inform prioritisation of further analysis, and support the development of targeted resilience measures. The analysis and The Managers then evaluate each projects vulnerability, defined as findings are communicated through the Operations Manager to its susceptibility to harm from a heightened level of peril exposure. portfolio companies, with a view to ensuring that, where appropriate, Vulnerability is assessed across three dimensions: these risks are incorporated into portfolio company risk registers 1. Critical Components – sensitivity of key physical or and mitigation strategies are developed. The findings of the inherent operational elements physical risk analysis are summarised below. 2. Layout and Physical Context – site configuration The analysis shows that peril-exposure levels across the three and topography scenarios do not materially diverge until approximately 2060 or later. Therefore, given the remaining economic life of the assets in the 3. Access and External Dependencies – off-site infrastructure TRIG’s portfolio, the Managers have focused on the maximum peril such as roads, utilities, and communications networks exposure observed under any scenario over the 2025–2050 period. This assessment draws on proprietary research, asset type Overall, the analysis indicates that heightened inherent risk characteristics, and operational knowledge. (HighandHighest level) is limited to four perils — cold, flood, wildfire,and extreme precipitation — and is concentrated across 3. Determining Inherent Physical Climate Risk 20projects representing 23% of the portfolio by value. For the For each project and each peril, Inherent Physical Risk is majority of the portfolio by NAV, inherent risk remains within the lower calculated as: two rating categories across most perils. Wind and cold are the only perils for which a material share of the portfolio registers a Medium Inherent Physical Risk = Peril Exposure × Asset Vulnerability inherent risk rating. Certain perils cannot be assessed at all locations, This produces a consistent, comparable indication of potential future either because they are not applicable (e.g.drought or wildfire for physical climate risk before taking account of mitigation measures offshore sites) or, in a small number of cases, where model outputs already in place. These results help identify assets where risk may be are inconclusive. Distribution of inherent risk across perils (NAV weighted) Maximum exposure in any scenario 2025-2050. Valuations, excluding cash, as at 31 December 2025 Flood Wildfire Cold Wind Subsidence Drought Hail Heat 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% LowMediumHighHighest Lowest Not able to assess Onshore wind Offshore wind Solar PV Battery storage Cold is the only peril Very limited elevated Wildfire is the only peril Flood is the only peril showing meaningfully exposure is observed, showing elevated inherent showing any elevated elevated exposure, with with small Medium ratings risk for solar PV, with exposure for storage assets, some locations reaching for wind and flood; the some High and Highest with small allocations into High and Medium levels, latter relates only to exposures, though the the High and Highest though the associated harbour-located assets associated values remain categories, though values remain modest. and does not represent modest. Heat and drought associated values remain Wind exposure is limited material financial impact. show Medium exposure very modest. Cold and wind to Medium, Low and Hail, cold, drought and but do not indicate material register limited Medium Lowest categories. subsidence appear only in portfolio-level impact. exposure at a handful Medium subsidence Low or Unable-to-Assess All other perils, including of sites. All remaining exposure appears at a small categories, reflecting hail, subsidence, wind, perils fall almost entirely Precipitation number of sites with minimal modelling constraints. precipitation and flood, fall within Low or Lowest financial significance. All remaining perils sit in the largely in Low or Lowest categories, confirming that All remaining perils fall within Lowest category, confirming categories, indicating limited inherent physical risk for Low or Lowest categories. the sector’s overall low inherent physical climate storage is minimal across inherent physical climate risk. risk across most PV sites. most hazards. 74 TRIG Annual Report 2025 100% Strategic Report Governance Financials Appendices 4. Resilience of the Company’s portfolio to 5. High physical risk scenario analysis heightened physical climate risks Under a high emissions scenario (temperature rise >3°C), chronic and acute physical changes are expected to affect energy yields To begin understanding the potential implications of physical climate across TRIG’s portfolio. Changes in climate variables – such as risk on TRIG’s future performance, the Managers undertook an wind speeds and solar irradiance – may reduce generation potential initial targeted resilience review of projects with heightened inherent over time. Using site-level information and the latest IPCC climate risk. Locations were selected where (i) metric-level sensitivity 1 projections , the Managers modelled a scenario in which wind speeds thresholds are exceeded in any time between 2025 and 2050; and irradiance gradually decline over a 20-year period, resulting and (ii) the inherent risk rating for at least one peril is classified as in portfolio-level generation consistent with a P90 downside case High or Very High between 2025 and 2050 under any of the three by the end of the horizon. This could reduce NAV per share by scenarios. An initial high-level review was conducted on 20 projects, approximately 6p. representing 23% of portfolio NAV, excluding cash, spanning all technologies, and four perils for which heightened exposure Physical climate risks – both chronic (long term shifts) and acute was identified. The objective of this analysis was to determine (short duration extreme events) – are also expected to adversely affect whether existing mitigants – physical, operational, or financial – can operations. Together, these physical impacts represent a potential appropriately reduce risk such that the post-mitigation (residual) reduction in Portfolio Value under this scenario, before considering risk is materially lower and within an acceptably manageable range. other factors. The quantification of the financial impact ofthis updated Across all projects reviewed, the Managers applied a consistent assessment will be undertaken in 2026. The previously reported framework centred on three categories of resilience measures: estimated impact of c.2-3p per share will berefreshed in the 2026 1 Engineering and nature-based enhancements: Annual Report. These measures include permanent physical or ecological As outlined in the initial resilience review above, the Managers interventions designed to reduce the likelihood or severity of consider that existing mitigants are generally appropriate to reduce asset damage from acute weather events. Examples include inherent risk. This is further supported by the fact that TRIG has improved drainage, strengthened foundations, enhanced flood a diversified portfolio – spanning multiple technologies and five protection, wind-resistant or fire-resilient design elements, European countries – which reduces the portfolio-wide effect of as well as nature-based features such as vegetative buffers, anyindividual asset being exposed to localised weather impacts. shelterbelts, and other natural barriers that help absorb or deflectclimate-related impacts. ### 2 Operational preparedness: operational mitigants relate to Transition climate risk assessment monitoring, forecasting, and readiness procedures designed to To complement the physical climate risk assessment, the Managers reduce disruption ahead of, during, or after an extreme event. also evaluated the potential implications of a high transition-risk This includes protocols for severe weather alerts, site access scenario for the portfolio, applying this as a forward-looking stress and safety procedures, contingency planning for high wind or test rather than a forecast of expected outcomes. This assessment high temperature conditions, and well established business focuses on the possible financial effects that could arise under a rapid continuity arrangements. and comprehensive policy drive to decarbonise the power sector and 3 Insurance effectiveness: Insurance remains an important the wider economy. mitigant for low probability, high impact climate events, Power price forecasters vary in their long-term views across particularly where engineering measures are not technically or regions, and most current market outlooks do not assume that economically feasible. The review examined coverage levels, global warming is limited to 1.5–2°C nor align with the temperature policy terms, renewal practices, and prevailing market conditions, outcomes associated with a high-emissions (4°C+) pathway. and assessed the effectiveness of insurance in protecting against Future power prices depend on the scale and pace of economy-wide asset damage, business interruption, and revenue loss from decarbonisation, including electrification of other emitting sectors and acute climate events. changes in demand patterns. Findings of the Initial Resilience Review To explore the potential impact of an accelerated transition, the Across the 20 reviewed projects, the Managers found that: Managers used net zero variants of long-term power price forecasts. – In most cases, the combination of engineering measures and These represent stylised pathways to deep decarbonisation and are strong operational preparedness can materially reduce the impact constructed using complex models with numerous assumptions. of asset damage or prolonged downtime under the relevant peril Recognising that multiple pathways can achieve a similar climate – Insurance coverage provides an effective backstop for severe or outcome, some forecasters provide several net zero trajectories residual risks, particularly for perils where permanent engineering withdiffering policy, technology, and market assumptions. or ecological solutions are not feasible or where uncertainty For instance, a single forecaster may present: remains high. The Managers will continue to monitor the property damage and business interruption insurance market to ensure – a subsidy-led pathway, where accelerated renewable deployment adequate policies continue to be in place across the portfolio drives decarbonisation across the economy, typically associated – No instances were identified where the combination of mitigants with lower price projections; and was judged insufficient, although a number of cases were identified – a carbon-price-led pathway, where progressively higher carbon for exploring future resilience and adaptation enhancements pricing drives electrification and shifts the merit order in the power sector, often resulting in higher projected prices. Based on this initial assessment, the Managers consider that existing mitigants are generally appropriate to reduce inherent risk to an The financial implications for the portfolio vary accordingly. acceptable residual level for the assets reviewed, recognising that These pathways are illustrative and not intended to represent current resilience is an evolving area and will continue to be monitored and market value, nor do they reflect reasonably possible changes enhanced as climate science, regulation, and technology advance. expected within the next 12 months; hence they are not incorporated 1 IPCC Sixth Assessment Report. into the sensitivities required in the financial statements (see Note 4). 75TRIG Annual Report 2025 TCFD continued ### 1. High Transition Risk Scenario Analysis Conclusion Under this stress test scenario, consistent with the Low Taken together, the analysis indicates that TRIG’s portfolio emissions / ‘Paris aligned’ (SSP1-RCP2.6) scenario referenced demonstrates a broadly resilient position to climate-related above, policy interventions accelerate decarbonisation across the risks across the assessed physical and transition pathways. power sector and wider economy, including higher than expected Physical climate risks are generally moderate, with heightened deployment of renewable generation and each of TRIG’s countries inherent risk confined to a limited number of perils and locations of operation achieving net zero by 2050. In this lower temperature and further mitigated through a combination of engineering and pathway, physical climate-related damages are assumed to remain nature-based enhancements, operational preparedness measures, manageable and insurable, and, therefore, no incremental physical and effective insurance arrangements. Transition risk assessments damage costs are modelled. The table on the right outlines the show that TRIG’s diversified portfolio and long-term, policy- powerprice trends that are likely to be observed under this scenario. aligned investment strategy provide resilience to both accelerated and delayed decarbonisation pathways, with potential financial impacts partly offsetting one another under different scenarios. Impact on price While uncertainties remain and climate risk is an evolving area, Observation forecasts in isolation the Managers consider that TRIG’s existing risk management practices, portfolio diversification, and ongoing integration of climate Increased levels of Downward pressure considerations into investment and asset management processes renewable deployment support the Company’s ability to manage climate-related risks Increased electricity demand Upward pressure and continue to capitalise on climate related opportunities over from electrification thelong term. Decreased gas prices Downward pressure ### Increased carbon prices Upward pressure Risk management Climate-related risks are identified and assessed by the Managers when making new investments (throughout the investment screening In-house modelling using net zero power price scenarios across and due diligence processes) and in the running of the current multiple pathways indicates a potential impact in the range of portfolio (asset management activities, monitoring and reporting). approximately +5% to –5% on Portfolio Value (equivalent to +5p to –5p per share) on a committed basis. These impacts may be Climate-related risks identified through the acquisition process are moderated by industry-wide efficiencies, such as declining operating managed through the acquisition business plan and investment costs and improved generation performance as the sector continues pricing. The appropriateness of mitigating action is considered by to mature. theInvestment Committee as part of the investment process. A key structural challenge highlighted in these scenarios is that, The Managers monitor the management of identified climate-related as long-term power prices fall under certain transition pathway risks for all projects, while also requiring climate-related risks to thresholds, the economic viability of new projects may be be maintained as part of each risk register. The Managers seek to constrained. This creates a potential feedback loop, reducing the work closely with management teams of portfolio companies with rate of renewables deployment and weakening downward pressure heightened exposure, by supporting efforts to establish adaptation on prices. However, governments across TRIG’s core markets measures in response to risks identified in the assessment. are increasingly setting more detailed policies on both renewable electricity supply and electrification of demand, which may help Representatives of RES, and in some cases InfraRed, sit on the board mitigate this effect and support the investment environment required of each portfolio company. Through this role, they endeavour to for net zero delivery. ensure that climate-related risks are considered by portfolio company management teams, reflected in portfolio company risk registers 2. Transition Risks Under a High Emissions Scenario and appropriate mitigation plans in place. Management activities are In a high temperature (>3°C) world, the global energy discussed by the Advisory Committee through their quarterly review transition is assumed to proceed more slowly than expected. of portfolio performance. Renewable deployment lags current assumptions, the wider Climate-related risks are integrated into TRIG’s risk management energy system is not substantially decarbonised, and insurance framework through the investment process and are reported quarterly forclimate-related damages may become costly or less accessible. to the Board. The Board considers the completeness of the risks These conditions would unfold over a 5–15 year period. recognised and the sufficiency of controls and mitigation, identifying While current power price forecasts are not explicitly tied to where it is felt further action is required. For further information on the temperature outcomes, many of their underlying assumptions – Company’s approach to risk management, refer to the Risk and Risk particularly around renewable build out – are broadly consistent with Management section of the Strategic Report. a 3°C trajectory. In such a scenario, it is likely that renewable roll out embedded in today’s forecasts would not be achieved. As a result, the medium to long-term reduction in power prices projected under current forecasts may not materialise, which could benefit TRIG’s NAV and partially offset the adverse impacts from reduced generation and physical risks. Power price forecasters do not provide formal high temperature cases; therefore, the Managers have not attempted to quantify the pricing effect. 76 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices – Renewables build-out assumptions in TRIG’s investment and ### Metrics and targets target acquisition markets, which impact long-term power price Metrics and targets support monitoring of TRIG’s climate-related forecast assumptions performance and complement the scenario analysis described ontheprevious page. – Percentage of revenues with fixed power prices, which impacts the extent to which fluctuations in power price forecasts affect The Company considers the TCFD’s seven cross-industry metrics theportfolio valuation and forecast cash flows and specifically reports on GHG emissions related to its activities. – Energy yield, where deviations from expectations are examined In addition, TRIG utilises a range of metrics, which assist in the for climate-related risk factors, including those arising from asset monitoring of the portfolio’s contribution to mitigating adverse availability – The Company’s annual budgeting and semi-annual climatechange, including the ones set out below. valuation process includes forecasts, which may be influenced The Company has set two objectives related to the decarbonisation by the energy transition and physical impacts of climate change. of its portfolio: 1) 100% of total portfolio sourcing electricity under These include expectations in respect of variables, in particular: Renewable Energy Supply Contracts, or generating for own use by – Percentage of revenues with fixed power prices, which impacts 2035; and 2) Engage suppliers covering at least 75% of TRIG’s Scope the extent to which fluctuations in power price forecasts affect 3 emissions with a view to have net zero targets in place by 2028. the portfolio valuation and forecast cash flows Further metrics, including those relating to TRIG’s other sustainability – Energy yield, where deviations from expectations are examined priorities of Environment, Communities and Governance, can be for climate-related risk factors, including those arising from found in the Sustainability section of this report. asset availability The Board and Managers also consider several metrics that manage Deviations of these variables from budgets and changes to the the Company’s climate-related risks and opportunities including, variables in forecasts may serve as leading indicators of changes butnot limited to: to climate-related opportunities, risks and performance. For more information on the Company’s valuation process, refer to the Valuation of the Portfolio section on page 37. Metric Methodology Unit FY 2024 FY 2025 Comment Renewable energy Based on portfolio performance GWh 5,915 5,431 Reduction in generation 1 during each year. Calculated based reflects low wind resource generation on each project’s generation and high grid downtime capacity, pro-rated for TRIG’s during the year. share of subordinated debt and equity capital. Tonnes of carbon Based on actual and curtailed tonnes of 2.0m 1.8m This figure is calculated using generation during each year, CO 2 e portfolio generation figures. emissions avoided | | using the IFI Approach to GHG | | | Changes year-on-year reflect | | | --- | --- | --- | --- | --- | --- | | | Accounting. | | | | the reasoning above. | | Number of homes | Based on actual generation of the | homes | 1.6m 1.6m Figure level despite low | | | | | operational portfolio during the year, | (equivalent) | | wind resource and high grid | | (equivalent) powered using the IFI Approach to GHG downtime during the year. during the year Accounting. Proportion of portfolio This measures the percentage % 94% 94% Target in place for of assets which source electricity 100% of portfolio to be sourcing renewable used on-site from renewable sourcing electricity under electricity energy sources or generating Renewable Energy Supply for own use. Contracts orgenerating forownuseby2035. 1 Includes compensated production due to grid curtailments, insurance and other availability warranties. 77TRIG Annual Report 2025 TCFD continued ### GHG emissions TRIG’s financed emissions breakdown by Scope The Greenhouse Gas (“GHG”) Protocol categorises GHG emissions Metric FY 2023 FY 2024 FY 2025 into three Scopes: | | Scope 1 Financed Emissions | | | | 6 2,483 127 | | --- | --- | --- | --- | --- | --- | | – Scope 1: direct emissions from owned / controlled sources | (tCO | 2 e) | | | | | – Scope 2: indirect emissions from the generation of | Scope 2 Financed Emissions | | | 340 214 139 | | | purchased energy | (tCO | 2 e) | | | | | – Scope 3: includes all other indirect emissions that occur in the | Scope 3 Financed Emissions | | 36,319 27,868 42,025 | | | | Company’s value chain | (tCO | e) | | | | 2 TRIG’s Scope 1, Scope 2 and Scope 3 GHG emissions are Total Financed Emissions 36,665 30,565 42,291 disclosedin the table below, aligned with the GHG Protocol (tCO 2 e) Corporate Accounting and Reporting Standard. In addition, Scope3, Category 15 emissions, i.e. financed emissions, are calculated in Understanding the changes in our emissions accordance with the Partnership for Carbon Accounting Financials In 2025, two projects in the TRIG portfolio were under construction, (“PCAF”) methodology. and repowering activities commenced at a further project. In line with the FRC’s Streamlined Energy and Carbon Reporting This increase in construction activity was the primary driver of the (“SECR”) regulations, TRIG is required to disclose its direct energy rise in financed emissions during the period. Emissions associated consumption and associated GHG emissions (i.e. Scope 1 and 2). with projects in construction increased by 183% from the prior year. TRIG does not directly consume any energy or generate Scope There was a more modest increase in emissions from operational 1 and2 emissions related to renewables asset operation and projects, including the project undertaking repowering. construction within its own operational boundaries, as all operational Notwithstanding the overall increase, meaningful actions were and construction activities related to the portfolio are sub-contracted taken to reduce construction-related emissions at battery projects, (i.e., no direct control), and the Company is not directly responsible including, among other measures, the use of screw piles in place of forthe purchase of any fuel. traditional solid concrete foundations. Instead, TRIG accounts for all Scope 1, 2, and 3 GHG emissions During the period, a number of improvements were implemented relevant to each asset in which it holds equity and / or debt, using an to the methodology used to calculate emissions from operational attribution factor calculated in line with the ‘Project Finance’ approach projects. These included reallocating vehicle fuel emissions under the PCAF’s Financed Emissions Standard (an attribution factor associated with third-party activities on site to Scope 3 (previously of zero is assigned to projects where the senior debt exceeds the reported under Scope 1), following a review of project boundary balance sheet value of fixed assets). Therefore, TRIG includes both definitions, and replacing regional residual mix emission factors with required Scope 1 and 2 emissions, as well as estimates of upstream supplier-specific emission factors, where available, for market-based Scope 3 emissions occurring from the operation, construction, and Scope 2 reporting. other required activities for maintenance of assets in the portfolio. The market-based approach has been adopted for the reporting of In addition, the Operations Manager engaged with parties involved electricity-based emissions related to TRIG’s portfolio. in the construction and repowering of projects to collect actual activity-based data. This provides a more accurate emissions profile Metric FY 2023 FY 2024 FY 2025 for these activities compared to the capital expenditure-based Scope 1 – direct emissions – – – approach previously applied, which is sensitive to market price (tCO 2 e) fluctuations and does not directly reflect underlying activity levels. Scope 2 – indirect emissions – – – During the reporting period, TRIG’s assets consumed approximately (tCO 2 e) 47GWh of energy directly (on a gross basis, not accounting for TRIG’s | Scope 3, Category 6 – | | | | | – 8 7 | share), in the form of generator fuel and electricity, of which 52% was | | --- | --- | --- | --- | --- | --- | --- | | business travel (tCO | | 2 e) | | | | sourced from renewable energy. | | Scope 3, Category 15 – | | | | 36,665 30,565 42,291 | | | | financed emissions (tCO | | | 2 e) | | | | | Of which, emissions related to | | | | 28,510 25,330 27,477 | | | | operational assets (tCO | | 2 e) | | | | | | Of which, emissions related to | | | | 8,155 5,230 14,811 | | | | assets in construction (tCO | | | 2 e) | | | | | Of which, emissions related to | | | | | – 5 3 | | | assets in development (tCO | | | 2 e) | | | | | Total emissions – Scopes 1, | | | | 36,665 30,573 42,298 | | | | 2 and 3 (tCO | 2 e) | | | | | | | Avoided emissions (tCO | | | 2 e) 2,110,503 2,008,526 1,826,048 | | | | | Intensity ratio (tCO | | 2 e per | | 0.0061 0.0052 0.0078 | | | MWh of renewable electricity generated) 78 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Targets within TRIG’s revolving credit facility FY 2025 Metric FY 2025 Target Status TRIG’s ESG-linked revolving credit facility (“RCF”) was refinanced in February 2025 with amended, ambitious sustainability targets set KPI 1: Renewables Development for the Company to reflect better the current operating environment MW of capacity reaching final 125.1 ≥100 Achieved and medium-term goals of the business. Performance against investment decision (“FID”) these targets is measured each year and validated by an external party. All the RCF KPIs were met for the year ending 31 December KPI 2: Community Funding 2025, which is expected to result in annual savings of c.£150,000. Number of new voluntary 2 ≥2 Achieved The performance against these metrics in FY 2025 was as follows: community funds supported by TRIG KPI 3: Health & Safety 7-Day Lost Time Accident 0.27 <0.5 Achieved Frequency Rate; Number of RES HSQE assurance 9 ≥3 Achieved reviews conducted across portfolio ## Task Force on Climate-related Financial Disclosures The table below sets out the 11 TCFD recommendations, and where the related information can be found. ## Governance Strategy | Recommended disclosure Pages | | Recommended disclosure Pages | | | --- | --- | --- | --- | | | | a. Describe the climate-related risks and | Pages | | a. Describe the board’s oversight of climate-related | Pages | | | | | | opportunities the organisation has identified | 71 to 72 | | risks and opportunities. | 69 to 70 | | | over the short, medium, and long term. b. Describe management’s role in assessing and Pages b. Describe the impact of climate-related risks and Pages managing climate-related risks and opportunities. 69 to 70 opportunities on the organisation’s businesses, 73 to 76 strategy, and financial planning. c. Describe the resilience of the organisation’s Pages strategy, taking into consideration different 73 to 76 climate-related scenarios, including a 2°C or lower scenario. ## Risk Management Metrics and Targets | Recommended disclosure Pages | | Recommended disclosure Pages | | | --- | --- | --- | --- | | a. Describe the organisation’s processes for | Pages | a. Disclose the metrics used by the organisation to | Pages | | identifying and assessing climate-related risks. | 69 to 70 | assess climate-related risks and opportunities in | 76 to 78 | line with its strategy and risk management process. | b. Describe the organisation’s processes for | Pages | | | | | --- | --- | --- | --- | --- | | managing climate-related risks. | 76 to 78 | b. Disclose Scope 1, Scope 2 and, if appropriate, | Page | | | | | Scope 3 greenhouse gas (“GHG”) emissions and | | 78 | | c. Describe how processes for identifying, assessing, | Pages | | | | the related risks. and managing climate-related risks are integrated 69 to 78 into the organisation’s overall risk management. c. Describe the targets used by the organisation to Pages manage climate-related risks and opportunities 76 to 78 and performance against targets. 79TRIG Annual Report 2025 ## Strategic Report Disclosures ## Section 172 Statement During the year to 31 December 2025, the Board has acted in a way that it considers, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole, having due regard for the matters set out in section 172 (1) (a) to (f) oftheCompanies Act 2006. The Company recognises that, to be successful in the long term, the impact of our business on our key stakeholders should be an integral part of the Board’s decision-making process. The Board also takes the opportunity to engage with our stakeholders as appropriate. Further Section 172 matter Overview 2025 comment information The issues, factors The Board challenges the The Board regularly receive updates on items related to section 172(1) Pages Managers to be alert to the (a)-(f) primarily through quarterly Investment Manager and Operations 4, and stakeholders concerns of stakeholders Manager reports. 14-15, the Directors and how best to address 56 consider relevant The Company’s relationships with suppliers, customers and these concerns to ensure contractors is a key part of the operations report, while items relating in complying with continuing positive to shareholders, Company reputation and investment decisions are stakeholder engagement. section 172(1) (a) contained within the Investment Manager Report. to (f) and how The Company’s risk review framework (reviewed and reported on they have formed quarterly) also facilitates the identification of items relevant to the thatopinion Section 172(1) statement. Long-term factors relating to the Company’s decisions are also considered in detail at the annual review of the Strategy by the Board (see below). The likely TRIG’s purpose and The Board undertook a detailed review of TRIG’s long-term strategy Pages strategy, alongside the alongside the Managers at the annual strategic review (in addition to 14-15, consequences sustainable approach of the regular quarterly reviews) with particular focus on capital allocation, 54-55, of any decision | | theManagers. | capital markets and external communication considerations in | 81, 95 | | --- | --- | --- | --- | | in the long term | | these areas. | | | The interests of | While TRIG does not have | As an externally managed investment trust with no direct employees, | Pages | | | any direct employees, our | the Board focused on the wellbeing of those working across the | 35-36, | the Company’s approach is to positively portfolio and supply chain. In 2025, high standards of health and safety 69-78, employees impact the communities remained a priority, with quarterly reporting to the Board and continued 88-89, in which our assets are monitoring of Lost Time Accident Frequency Rate. The Board also 98 located, as well as those oversaw engagement with key suppliers on diversity, equity and that interact with our inclusion through the annual sustainability survey to ensure alignment assets. with TRIG’s sustainability objectives and best practice. The need to foster The Board interacts with The Board continued to engage with key stakeholders either directly Pages all key stakeholders either or through the Managers. During the year, the Board evaluated the 88-89, the Company’s directly or through the performance of key suppliers and the Investment and Operations 95 business Managers. Managers through annual review processes. These reviews informed relationships decisions on service provision and risk management, including with suppliers, insurance arrangements and supplier oversight. customers and others The impact of The Board and Managers The Board and Managers continued to recognise that Pages recognise that the TRIG’s responsibilities extend beyond financial performance. 35-36, the Company’s Company’s responsibility Community engagement remained integral to asset management, 69-78, operations on the | | goes beyond climate- | including consultation with local stakeholders, minimising disruption | 98 | | --- | --- | --- | --- | | community and | related environmental | during construction and operation, and maintaining an active | | | the environment | considerations alone. | programme of community funds. The ESG Committee, continued | | | | They seek to incorporate | to provide oversight and strategic direction on sustainability matters | | | | sustainable practices which | throughout 2025, including environmental performance, regulation and | | | | can meet the needs of the | progress against sustainability priorities. | | present generations without compromising the needs offuture generations. 80 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices | Section 172 matter | Overview | 2025 comment | Further information | | --- | --- | --- | --- | | The desirability of the Company maintaining a reputation for high standards of business conduct | TRIG aims to adhere to the highest standards of business conduct in interactions with all our stakeholders | The Board monitors TRIG's approach to corporate culture through both the quarterly Board meetings and ad-hoc interactions with the Managers. This ensures high standards are adhered to with respect to: – Promoting diversity and inclusion – Taking accountability and being transparent in interactions with stakeholders – Ensuring careful stewardship of the Company and its assets | Pages 88-92 | | The need to act fairly between members of the Company | The Board actively engages with Company shareholders and considers their interests when making decisions | Investor meetings are arranged with the Chair and the Senior Independent Director to give investors the opportunity to discuss matters directly with the Board. Further, meetings between shareholders and the Managers take place following the half-yearly reporting cycles, with key themes being fed back to the Board. Investors also have the opportunity to discuss matters with the Board at the Annual General Meeting. A site visit was also held in the year for investors, with attendance from Board Directors and representatives from the Managers. | Pages 88, 95-96 | As an externally managed investment trust, the Company has no direct employees. A summary of the Company's key stakeholders is shown on page 15, with further commentary on page 88. The examples below demonstrate the manner in which section 172 matters have been considered and reflected as part of key Board decisions in the period: - Disposals and capital allocation strategy: The Board considered shareholder interests, long-term value and financial resilience when appraising and approving capital allocation decisions. This included the partial sell down of the Gode offshore wind farm, generating €100m of proceeds, and the continuation of the share buyback programme, with £57m deployed during the year. These actions were assessed against alternative uses of capital, including debt reduction and reinvestment into the development and construction pipeline, and were communicated transparently to shareholders - The target dividend for 2025 of 7.55p per share was achieved and the Board has confirmed a target dividend of 7.55p per share for 2026, reflecting the commitment to the progressive dividend policy, which is to at least maintain the level of the dividend and increase it when it is prudent to do so, and providing resilient income, while rebuilding net dividend cover and prioritising balance sheet strength - Introduction of a continuation vote: in line with good corporate governance practices, the Board put forward a resolution to amend its Articles of Association at the 2025 AGM to incorporate a continuation vote. The resolution passed, and a continuation vote will be proposed as an ordinary resolution at the Company's AGM if in any preceding financial year (the first being FY ending 31 December 2025) the Company's shares have traded on average at a discount of more than 10% to the NAV per share. The first continuation vote will be held at the 2026 Annual General Meeting ## Summary On the basis of the Managers' recommendations, the Directors have considered existing sustainability and corporate culture policies, relative to good industry practice for an infrastructure investment company, believing them to be current and appropriate. The Board remains committed to high standards of corporate governance and keeps the Company's practices under review with respect to current best practice. Further details of how the Company complies with the various corporate governance standards are set out in the Corporate Governance Statement section. The Board wishes to be at the forefront of disclosure and reporting of the Company's performance and strategic intentions. The Board believes this is achieved by the communications as follows: - Annual Report and Accounts - Interim Statement and Accounts - Detailed presentations to accompany the results - Announcements of all material acquisition - Meetings with shareholders held by the Investment Manager and the Operations Manager The Company's website (www.trig-ltd.com), which includes the Company's prospectuses, financial disclosures and other announcements since launch, provides further information on TRIG and its investments. Disclosure of key sensitivities and risks has been developed by the Board working with the Managers. The level and type of disclosure has been developed and refined to assist in a full and fair analysis of the Company and its investments. This Strategic Report is approved by the Board of Directors of The Renewables Infrastructure Group Limited. **Richard Morse** 26 February 2026 Registered Office: East Wing, Trafalgar Court, Les Banques, St Peter Port, Guernsey, Channel Islands GY1 3PP TRIG Annual Report 2025 81 ## Governance WHAT'S IN THIS SECTION Compliance with the AIC Code 83 Board of Directors 84 Corporate Culture 88 Corporate Governance Statement 93 Committees of the Board 97 Audit Committee Report 99 Remuneration Committee Report 103 Report of the Directors 106 Directors’ Statement of Responsibilities 110 82 TRIG Annual Report 2025 Strategic Report**Governance**^{}[] Financials^{}[] Appendices # Compliance with the AIC Code ![img-9.jpeg](img-9.jpeg) The AIC Code of Corporate Governance (the “AIC Code”) addresses the principles and provisions set out in the UK Corporate Governance Code 2018 (the “UK Code”) and, for accounting periods commencing from 1 January 2025, the updates to the UK Code made in January 2024 as they apply to investment trust companies. The Board considers reporting against the AIC Code more appropriate for TRIG and believes this to be more informative for the Company’s shareholders. The Board confirms that the Company has applied the principles and complied with the provisions of the AIC Code (and associated disclosures under the applicable provisions of paragraph 6.6.6 of the Listing Rules), insofar as they apply to the Company’s business, throughout the year to 31 December 2025. All of the Company’s day-to-day management and administrative functions are undertaken by third parties. As a result, the Company has no executive directors, employees or internal audit functions. The Company, therefore does not make any disclosures in respect of these provisions. These are re-assessed on an annual basis. **Details on how the Company has complied with the AIC Code are set out below:** ## Board leadership and purpose The Board is responsible for leading the business in a way that supports the Company’s purpose of creating shareholder value from a portfolio of renewable energy generation and supporting infrastructure, contributing towards a cleaner and more secure future. ► Read more on pages 84 to 87. ## Division of responsibilities Responsibilities of the Chair and non-executive Directors are reported in a clear and transparent manner, to enable effective governance. The Board is supported through the work of both Managers. ► Read more on page 87. ## Composition, succession and evaluation The Nomination Committee considers the Board’s composition, including skills, knowledge and experience. ► Read more on page 97. ## Audit, risk and internal control The Audit Committee is supported by the Managers and other key stakeholders to give full consideration to the Company’s financial reporting. Potential risks, and how to best mitigate them, are discussed within the course of each quarterly Board meeting. ► Read more on pages 99 to 102. ## Remuneration The Remuneration Committee ensures a fair reward structure for the non-executive Directors. ► Read more on pages 103 to 105. TRIG Annual Report 2025 83 ## Board of Directors Richard Morse ## The Board meets a minimum of four Chair of the Board and ## times per year for regular Board Nomination and Market Disclosure Committee Chair ## meetings and there are several ad ## hoc meetings dependent upon the Appointed 18 July 2022, Richard has more than 40 years’ experience in the energy, environmental and related infrastructure ## requirements of the business. The sectors, as well as a wealth of experience in investment company ## Company’s strategy is considered governance. He is a partner in the sustainable energy practice at Opus Corporate Finance LLP. Among his board appointments, he ## at each of the Board’s quarterly is a non-executive Director of Heathrow Southern Railway Limited, and also CCm Technologies Limited; and a Trustee of the Leeds ## meetings, a dedicated strategy International Piano Competition. Richard was previously Chair of ## meeting once a year, and ad hoc as JLEN Environmental Assets Group Limited from its IPO in 2014 to 2022 and Deputy Chair of Bazalgette Tunnel Limited (“Tideway”) ## required. In addition, the Board has as well as Chair of its Audit and Finance Committee. He has previously held executive roles as a partner at Greenhill & Co, Head ## six Committees covering the areas of European Utilities & Energy at Goldman Sachs, and Deputy Head ## of Audit, Nomination, Remuneration, of Corporate Finance and Head of Utilities & Energy at Dresdner Kleinwort Wasserstein. Richard has also held public sector roles, ## Management Engagement, Market having been the Deputy Director General of Ofgem and a Senior Adviser to the Department of Energy and Climate Change (now ## Disclosure and ESG, chaired by subsumed into DESNZ). Richard is a UK resident. ## respective members of the Board, ## which receive and consider specialist Relevant skills that support TRIG’s ## independent adviser reports and long-term success: ## presentations. Health and safety – Extensive energy, environmental and infrastructure experience at national and international level in both ## and risk management both feature the private and public sectors ## as dedicated agenda items in the – Substantial board and governance experience in seniorroles throughout his career, in executive and non-executive roles, ## Board’s regular, quarterly meetings. with a particular expertise in mergersand acquisitions, and The Board takes advice from the Investment Manager, InfraRed, fundraising for infrastructure, utilities andenergy companies as well as from the Operations Manager, RES, on matters – A highly regarded expert in the field of sustainable energy concerning the market, the portfolio and new investment and technology with a deep insight into the history and opportunities. Day-to-day management of the Group’s portfolio progression of the sector is delegated to InfraRed and RES, with investment decisions within agreed parameters delegated to an Investment Committee constituted by senior members of the Investment Manager. The Board reviews the performance – including their adherence with TRIG’s Sustainability Policy – of all key service providers, including the Investment Manager and Operations Manager, at least on an annual basis through its Management Engagement Committee. Further detail on stakeholders can be found in the Corporate Culture section. 84 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Tove Feld John Whittle Senior Independent Director and Audit Director and Remuneration Committee Chair Committee Chair Appointed 1 March 2020, Tove is a Danish national and has more Appointed 1 July 2021, John is a Fellow of the Institute of than 30 years’ experience in the renewables sector, with a focus CharteredAccountants in England and Wales and holds the on offshore wind. Her previous roles include Chief Technical Institute of Directors Diploma in Company Direction. He is the Officer at DONG Energy Wind Power (now Orsted) where she non-executive Chair of Starwood European Real Estate Finance had a prominent role in preparing the company for IPO, Head of Ltd (LSE), Audit Committee Chair of Sancus Lending Group Ltd Engineering Solutions at Siemens Offshore Wind Power, as well and non-executive Director of BH Macro Ltd (LSE). Prior to these as Managing Director of DNV Global Wind Energy. Tove currently roles, John was Senior Independent Director and Audit Committee serves as non-executive Director on a number of boards supporting Chair at International Public Partnerships Ltd (“INPP”), the FTSE 250 the Green Energy Transition, including Venterra Group plc, a service infrastructure investment company. In his executive career, among provider to the wind industry; Cloudberry Clean Energy ASA other senior roles, John served as Finance Director of Close Fund (Chair), a Nordic IPP; Stockholm Exergi AB, Stockholm´s Energy Services and CEO of Hugh Symons Group PLC. John is a resident Company; and Polytech AS, a global front-runner in wind power of Guernsey. innovation and solutions. She is also a non-executive Director on the Board of YARA International and serves on the Wind Energy & Energy Systems Advisory Board of the Danish Technical University. Tove is a UF (USA) Engineering Graduate (MSc), she has a PhD. from Aalborg University (Denmark) and Executive MBA from IMD (Switzerland). Tove is a resident of Denmark. Relevant skills that support TRIG’s Relevant skills that support TRIG’s long-term success: long-term success: – Extensive renewables and energy generation operational – Investment company and governance; extensive experience, proving a deep understanding of technology, experiencegained over a number of years at multiple commercial, project, portfolio and risk management with FTSE-listed businesses, in particular during 12 years as a astrong health and safety focus non-executive Director, including as Audit Committee Chair and Senior Independent Director at INPP (a FTSE 250-listed – Board and governance experience from external infrastructure Investment Company) international listed boards ranging from innovation to investment companies. Combined with a deep energy – Accounting, audit and finance; Chartered Accountant with market insight, various stakeholder views and understanding over 40 years’ post-qualification experience including as a of the Net Zero Framework Financial Director of a financial services business and CEO of a large mobile telephone business – Strong people and business development focus, immense experience with leadership and strategic transition from – Shareholder engagement; through John’s executive and energy and infrastructure businesses, encompassing a non-executive career he has deep experience of investor dedicated focus on HSQE, D&I, ESG and sustainability engagement, particularly gained as Audit Chair and Senior Independent Director of INPP and as Chair of Aberdeen Frontier Markets Investment Company 85TRIG Annual Report 2025 Board of Directors continued Erna-Maria Trixl Selina Sagayam Director and Management Director and ESG Engagement Committee Chair Committee Chair Appointed 1 March 2022, Erna-Maria is an energy and Appointed 1 March 2023, Selina brings deep corporate finance infrastructure expert and is currently an independent and legal experience from her executive career at two global executive consultant focusing on energy, green transition leading law firms including at Gibson, Dunn & Crutcher where and telecommunications. she led the firm’s Global ESG Practice and was Senior Counsel in their Corporate Group until her retirement from the firm in October Erna-Maria is also a member of the advisory board of Tyczka 2024. She currently Chairs the Sustainability and Stakeholder GmbH, a family-owned supplier of LPG, industrial gases and Engagement Committee of Sequoia Economic Infrastructure greenhydrogen, and METR Building Management System GmbH, Income Fund Limited. She also has extensive experience as a private Internet-of-Things platform company offering data-driven a mergers & acquisitions, corporate governance, financial solutions for energy-efficient real estate management. services and regulatory law adviser. Selina has previously been a non-executive Director of Hastings Group Holdings PLC and She previously served as Chair of the supervisory board of M-net a non-executive Director of FCA-authorised Hastings Insurance Telekommunikations GmbH, as a member of the supervisory board Services Limited, and served as Chair of its Risk & Compliance of Energie Suedbayern GmbH, and of the shareholder’s committee Committee. Selina was seconded as the Secretary to the UK Panel of the nuclear power plant Isar 2. As an executive board member on Takeovers and Mergers. Selina also chaired Gibson Dunn’s at Stadtwerke München GmbH, Germany’s largest municipal utility UK Diversity & Inclusion Committee and sat on its Global Diversity services company, she was responsible for the electricity, water and Committee. She is a trustee and Vice Chair of the charity Refuge district heating businesses. Prior to that, she held senior positions (and chair of its People, Nomination and Remuneration Committee), within RWE Group and EnBW Energie Baden-Wuerttemberg AG. and is a member of the AIC’s ESG forum. Selina is a UK resident. Erna-Maria is a resident of Germany. Relevant skills that support TRIG’s Relevant skills that support TRIG’s long-term success: long-term success: – Extensive energy and renewables expertise – Deep understanding of ESG and sustainability principles across the entire value chain and experience with from both a strategic, regulatory and financial perspective, infrastructure and renewables investment strategies helping to support and enhance the values at the foundation andperformance management of TRIG’s investment proposition, business model and strategy – Strong business and stakeholder focus, balancing short-term performance and long-term value creation – Risk management and strategy across a range of operational and services institutions – Governance and risk management skills with a focus onoperations, climate risks, sustainability, ESG and – Taken management and leadership in people and culture healthandsafety strategies and delivery – Diverse board experience across various private institutionsas well as public boards and charities, bringingvaluable insight to TRIG’s Board as part of decision-making processes – Corporate governance and shareholder stewardship specialist with a deep understanding of financial services regulation, cross-border M&A, investments andcapital markets Board succession The next expected Board succession process is expected to begin in 2027/2028, as Tove Feld approaches having served nine years as a non-executive Director of TRIG. Further details on the Board and its Nomination Committee’s approach to succession planning, including considerations of diversity, equity and inclusion, and the appointment process for new Directors, is provided in the Corporate Governance Statement section. 86 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Directors’ and Managers’ skills Matrix Skills and expertise 1 Construction | Investment | | | | | | | | | and | Cyber / AI | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | Company | | | | | | Comms and | | operational | | risks and | | management | 2 Investors | 3 | Strategy Transactions Finance | 4 | Risk | | PR Legal HSQE Sustainability | 5 delivery | | opportunities | Tove Feld John Whittle Erna- Maria Trixl Richard Morse Selina Sagayam InfraRed RES Geographies Technologies UK and Ireland Core Europe Nordics Iberia Onshore wind Offshore wind Solar Storage Tove Feld John Whittle Erna- Maria Trixl Richard Morse Selina Sagayam InfraRed RES Key: Expertise Experience 1 Specialist advisers are hired where additional expertise is required, including the use of legal advisers. 2 Including management, dividend policy, and regulations (inc. Guernsey). 3 Including fund raising, shareholder engagement and defence. 4 Including valuation, audit and accounting. 5 Including Environment, Social and Governance, and Diversity and Inclusion. 87TRIG Annual Report 2025 ## Corporate Culture ### Stakeholder management The Board believes in conducting business responsibly, which means behaving ethically, respecting people and the environment. TRIG maintains high standards of business conduct and stakeholder engagement to ensure a positive impact on the communities and environment in which the Company operates. This requires consideration of stakeholders by building strong relationships with suppliers, customers, communities and authorities, among others. TRIG’s relationships with its stakeholders and its dedication to maintaining a responsible approach to investment are essential to position TRIG well for the longer term – and are expected by its shareholders. TRIG and its appointees work with many stakeholders in the management of the business in the following categories: Stakeholder group Overview Expectations of TRIG 2025 engagement Company We invest in renewable infrastructure assets using capital – Deliver attractive, – The Chair and Senior from our investors. Engaging with shareholders is essential to resilient returns Independent Director strong governance. Ongoing shareholder engagement is core have held over – Responsible investment Shareholders to helping the Board and Investment Manager understand 40 meetings with practices and application investor needs, feedback, and concerns. shareholders in 2025 ofESG principles on a range of topics The Board is accountable to shareholders for the oversight including strategy of the business, making strategic decisions, and appointing and management key service providers. The Board delegates day-to-day remuneration management to InfraRed as Investment Manager and RES as – Management have held Operations Manager. The Board also works closely with Aztec, over 150 investor and the Company’s brokers, Investec and BNP Paribas. meetings The Managers also keep market analysts informed of TRIG’s – Capital Markets Seminar strategy, performance and outlook. and site visits held for institutional investors Corporate Beyond the day-to-day management of the Company, TRIGis – Actively manage the – The Board’s Management supported by a range of corporate service providers. portfolio through Engagement Committee investment and (“MEC”) completed an Corporate – Administration & secretarial: Aztec Financial Services operational expertise annual review of the suppliers (Guernsey) performance of all service – Ensure the smooth – Corporate brokers: Investec Bank; BNP Paribas providers, including the running of the Company Investment Manager and – RCF lenders: NAB, RBS International, ING, Barclays, Operations Manager Lloyds, BNP Paribas, ABN Amro, SEB, Intesa Sanpaolo – The Chair of the Board, – Private placement lenders: Including Canada Life, Pension MEC Chair and the Insurance Corporation, Legal & General, Swiss Re and Investment Manager Nomura Asset Management (on behalf of clients) maintain regular – Public relations: Brunswick Group contact with these – Legal: Carey Olsen (Guernsey); Norton Rose Fulbright service providers (England) – Registrars: MUFG Corporate Markets (Guernsey) – Auditor: Deloitte – Independent valuation: BDO – Tax: KPMG TRIG also draws on key data providers for technical due diligence, acquisition support, regular power price forecasts and market commentary. Additional specialist services include shareholder analysis, webhosting and design, publication support, remuneration advice, and non-executive Director recruitment. 88 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Stakeholder group Overview Expectations of TRIG 2025 engagement Portfolio TRIG’s key operational suppliers include Original Equipment – For TRIG to fulfil its – Construction of the Ryton Manufacturers (“OEMs”), spare part and Operations and role and obligations battery storage project Maintenance (“O&M”) providers, and an increasing number under the relevant – Procurement contracts Operational of independent service providers. For construction projects, supply contracts signed for repowering of suppliers major suppliers include turbine, solar panel and battery – Transparency, open Cuxac onshore wind farm manufacturers, and balance of plant contractors. Utilities also communication and Spennymoor battery provide certain site-specific services, particularly relating to and cooperation storage project grid connections. – Engagement on health | The project asset managers, and where appropriate the | and safety matters is | | --- | --- | | Operations Manager, also maintain relationships with site | outlined in the Operations | | landowners who receive rental payments. | Report on p.28 | Lenders to the project companies comprise leading domestic and international banks. TRIG’s Managers engage regularly with these lenders and selectively refinance projects when market conditions are favourable. Renewables assets are embedded in communities. We are – Projects should do no – Two new community sensitive to the potential impact of our investments on our significant harm to the funds established in neighbours and the surrounding environment. lives and environment the year Local of those living in close – Further detail on TRIG’s communities TRIG consults closely with local planning authorities proximity to an asset community engagement throughout construction, operations and potential repowering – Owners / operators of can be found in the latest or decommissioning processes. The Company and its projects the asset should interact Sustainability Report also support communities through educational events at larger with the community sites and contributions to local initiatives via community funds. where appropriate Projects also stimulate local economies by creating demand for local goods, services and site-related employment. These are particularly valued in areas where a long-term urbanisation trend has resulted in reduction in the local rural economies. We promote best practice across the portfolio in areas such as noise monitoring, shadow flicker, ice throw, landscaping, community engagement and local media liaison. TRIG has onshore wind investments located within the communities of the indigenous Sámi population in Sweden. The relevant project management team holds regular meetings with Sámi representatives to ensure that they are kept informed on an accurate, timely and sufficient basis in an open and constructive manner. Operational arrangements made with the consent of the Sámi people prior to TRIG’s acquisition of the projects are honoured to ensure they can continue to use the land as agreed with the projects. 89TRIG Annual Report 2025 Corporate Culture continued Stakeholder group Overview Expectations of TRIG 2025 engagement TRIG co invests alongside a range of joint venture partners, – Alignment on key – Completion of a partial including developers, vendors and financial investors. issues and decisions sell down of Gode where possible offshore wind farm Investment – Transparency, open – Engagement with partners communication investment industry and cooperation groups in relation to public policy | | TRIG’s customers are companies that buy clean electricity and | – Reliable infrastructure | – Signing of a ten-year | | --- | --- | --- | --- | | | its associated benefits. These offtakers pay for, and receive, | that is available to | PPA to provide around | | | the output from our portfolio assets. | generate electricity | 15% of Virgin Media O2’s | | Customers | | | total energy supply for | – Comply with industry As an electricity generator, TRIG’s key customers are Power afixed price codes and regulations Purchase Agreements (“PPAs”) counterparties. These offtakers pay for, and receive, TRIG’s portfolio companies’ output – with – Supply of embedded revenues being payments for the renewables benefits as well benefits where as commercial power for those projects permitted to receive contracted power market revenues. Other Government Government bodies and regulators are central to energy – TRIG to operate within – Engagement on REMA and authorities security, renewables viability and the transition to net zero. the relevant legislation and the government’s Through its Managers, TRIG maintains regular dialogue with consultation on ROC and – TRIG’s Managers to key regulators and network operators such as National Grid FiT inflation indexation engage in relevant public and relevant UK distribution networks. The Managers also policy discussions – Continued investment monitor policy developments and engage with government company cost disclosure departments and regulatory bodies. campaigning At the network level, TRIG and its O&M providers coordinate – Engagement to seek in several areas, including on grid outages, the role of inclusion of investment renewables assets as locally embedded suppliers of energy companies in the as well as on technical or contractual issues. In the investment Pensions Bill company sector, TRIG follows relevant Association of Investment Companies (“AIC”) guidelines and maintains active engagement as a leading company in its sub-sector. 90 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices The Company’s approach to corporate culture, including sustainability As set out in the Nomination Committee’s Terms of Reference, when and diversity, equity and inclusion, includes: the Nomination Committee considers Board succession planning and recommends appointments to the Board, it will take into – Ensuring that the risk culture of the Board and the Company’s account a variety of factors. Knowledge, experience, skills, personal Managers is consistent with the risk appetite of the Company qualities, residency and governance credentials play an important onaregular basis part. Consideration will also be given to the gender, ethnicity, colour, – Embedding and improving on good practices in the day-to-day national origin, sexual orientation, religion, age and disability of management processes – which are assessed by the Board in the individuals. The Nomination Committee recognises that a diverse course of the quarterly Board meetings as well as in a wide range Board enhances its performance. The Nomination Committee of ad hoc interactions during the year will also be cognisant of the role it can play in promoting social mobility. In making recommendations to the Board, the Nomination – Ensuring that Managers and the Board maintain specific initiatives Committee will also seek to follow the recommendations of the to promote diversity and inclusion Hampton-Alexander Review (and its successor phase – the FTSE – Promoting an appropriate culture of stewardship, responsibility, Women Leaders Review) and the Parker Review, the requirements accountability and openness of the Listing Rules and the Financial Conduct Authority’s (“FCA’s”) – A focus by the Board and Managers on appropriate interaction policy statement on diversity and inclusion on company boards and with key stakeholders, including shareholders, lenders, regulators, executive management. The composition of the Committees of the vendors, co-investors and suppliers Board of Directors are also aligned with each of these frameworks. TRIG has no direct employees. TRIG engages its non-executive Directors through letters of appointment. The executive management of TRIG is provided by its Managers, InfraRed and RES, with the senior decision-making bodies being InfraRed’s Investment Committee, and InfraRed’s and RES’s jointly staffed Advisory Committee. Both InfraRed and RES are global businesses with a broad cultural representation of employees, reflecting the international nature of their activities. Gender identity and ethnic background reporting as at 31 December 2025: Number Number of Percentage of senior Number in Percentage TRIG Board of the positions on Executive of Executive members TRIG Board the TRIG Board Management Management Gender identity Men 2 40% 1 8 89% Women 3 60% 1 1 11% Ethnic background White British or other White (including minority-White groups) 4 80% 2 7 78% Asian / Asian British 1 20% – 1 12% Other ethnic group – – – 1 12% In alignment with the UK Listing Rules provisions on diversity and As at 31 December 2025, Board diversity targets under the inclusion, the data shown in the table above reflects the gender and UKListing Rules were met, with representation of women on the ethnic background of the Board and the executive management team Board being 60%, one of the senior positions on the Board (Senior (comprising the Investment and Advisory Committees and Company Independent Director) being held by a woman, and one of the Board Secretary). Information was collected on the basis of self-reporting positions being held by a Director from a minority ethnic background. by the individuals concerned. The questions asked were “Which of This remains the case as at the date of this Annual Report. the Parker Review ethnicity categories do you consider yourself to fallwithin?” and “What is the gender with which you identify?”. 91TRIG Annual Report 2025 Corporate Culture continued The Managers support equal opportunities regardless of age, race, gender or personal beliefs and preferences, both in their recruitment and when managing existing employees. Both Managers prioritise workforce engagement and implement a range of initiatives to RES is a people-oriented company and strives to create a safe enhance employee wellbeing, including fitness and mental health and healthy work environment, which is equitable, inclusive schemes, mentorship programme, promotion of charity work and diverse, and encourages the development of its people so and organising social activities. HR systems are in place to allow everyone can reach their full potential. RES believes that this is employees to raise any concerns in confidence. InfraRed and RES theright way to do business. recognise that, when their employees are engaged, they will benefit A diverse and inclusive culture has significant positive benefits from elevated productivity and increased employee loyalty. for RES, for individuals and society. RES’ aim is to create an The Board interacts regularly with staff of the Managers, both environment, which its people find both rewarding and enjoyable, at senior and operational levels, in formal and informal settings. and where they are cared for, to enable them to contribute freely This promotes openness and trust between the key individuals and perform at their best. To achieve this, RES embraces equity, engaged in delivering against the Company’s objectives and ensures diversity and inclusion as core parts of its business and embeds the Managers remain fully aligned with the Company’s corporate them at every level of the organisation and in every decision culture and approach to sustainability. The Board also engages involving its people. closely throughout the year with the Company’s administrator, The RESpect initiative is RES’ commitment to provide an inclusive brokers, and legal and public relations advisers to gauge the environment. This includes re-designing talent processes broaderpositioning and direction of the business. for equitable outcomes, building knowledge and capability In addition to the Board Meetings being attended by the core senior throughout the business, diversifying its workforce and the supply InfraRed and RES teams, other members from InfraRed and RES are chain, and positively impacting the communities it works in. encouraged to join. Not only does this aid their development, but it also allows the Board to gain insight into how senior management are supported and how prepared the Managers are in relation to keyperson risk and long-term succession planning. InfraRed started out as a boutique asset manager and has always maintained a strong culture throughout its 25 years. It has built a highly experienced and well-rounded team of more than 160 professionals across five offices, drawing on a clear set of values centred on the principles of Passion, Curiosity, Trust, Collaboration and Fulfilment. InfraRed believes that fostering an inclusive culture with varied perspectives leads to higher-quality decision making, which ### can enhance its success. InfraRed also promotes fair and safe Anti-bribery and corruption working practices, as well as inclusive workplaces, both among Although TRIG has no direct employees, TRIG is committed to its portfolio companies and its broader supply chain. upholding human rights in its broader relationships. TRIG does not tolerate corruption, fraud, the receiving of bribes or breaches in human rights. Both InfraRed and RES have anti-corruption and bribery policies in place to maintain high standards of business integrity, a commitment to truth and fair dealing, and a commitment to complying with all applicable laws and regulations. Both Managers have training for anti-bribery and corruption, whichallemployees are required to complete annually. All counterparties undergo processes to mitigate against bribery andcorruption. When InfraRed completes acquisitions on behalf ofTRIG, counterparty due diligence is performed, and all sales andpurchase agreements are required to have anti-bribery and corruption protection clauses. 92 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Corporate Governance Statement TRIG is a Guernsey-registered investment company (which is not ### Introduction uncommon for UK-listed investment companies). Tax is paid by the The Board recognises the importance of a strong corporate portfolio companies in the markets in which they operate and by the governance culture that meets the listing requirements. The Board Company’s shareholders on the dividends they receive (according to has put in place a framework for corporate governance, which it the jurisdiction and taxation status of each shareholder). The structure believes is appropriate for an investment company in line with the best ensures that investors are not in a disadvantageous tax position practices in relation to matters affecting shareholders, communities, compared to direct investors in infrastructure projects; in effect this regulators and other stakeholders of the Company. With a range of emulates the structure formalised for real estate investors by the relevant skills and experience, all Directors contribute to the Board creation in the UK of Real Estate Investment Trusts (“REITs”). discussions and debates on corporate governance. In particular, the Board believes in providing as much transparency for investors A similar tax treatment can be achieved by UK Investment Trust as is reasonably possible to ensure that investors can clearly Companies located onshore by applying the UK’s Investment Trust understand the prospects of the business and enhance liquidity of (Approved Company) (Tax) Regulations (2011) where companies its shares, while also preserving an appropriate level of commercial deem a portion of their dividends paid to investors as interest confidentiality. TRIG and its appointees work with many stakeholders distributions (although we note that, for certain UK shareholders, in the management of the business in the following categories. thetax treatment of interest income is different to dividend income). The Board keeps the Company’s residency and domicile under ### Group structure regular review. The Company has a 31 December year end, announces interim results in August and full-year results in February. The Company paysdividends quarterly and is a self-managed Alternative Investment Fund under the European Union’s Alternative Investment Fund Managers Directive. TRIG’s Group structure, including management structure and key service providers, is illustrated below. Appointment TRIG shareholders Company Management Investment Investment and Operations Non-executive Management Independent Board of Directors TRIG – Listed Company Investment Manager Administration services InfraRed Capital Partners Limited Company Secretary The Renewables Infrastructure Aztec Financial Group Limited Services (Guernsey) Limited Operations Manager Renewable Energy Systems Limited Investment Other Company advisers and service providers Holding companies / Special Purpose Vehicles Legal, Corporate Portfolio SPV contract (“SVPs”) Banking, management and oversight of Public Relations, etc. suppliers and counterparties Portfolio of investment companies SPV Level Management and service contracts 93TRIG Annual Report 2025 Corporate Governance Statement continued ### AIFM Directive Non-mainstream pooled investments The Alternative Investment Fund Managers (“AIFM”) Directive seeks On 1 January 2014, certain changes to the FCA rules relating to regulate alternative investment fund managers and imposes to restrictions on the retail distribution of unregulated collective obligations on managers who manage alternative investment funds investment schemes and close substitutes came into effect. (“AIF”) in the EU or who market shares in such funds to EU investors. As announced by the Company on 7 January 2014, following The Company is categorised as a self-managed Non-EEA AIF for the receipt of legal advice, the Board confirms that it conducts the purposes of the AIFM Directive. In order to maintain compliance the Company’s affairs, and intends to continue to conduct the with the AIFM Directive, the Company needs to comply with various Company’s affairs, such that the Company would qualify for approval organisational, operational and transparency obligations. as an investment trust if it were resident in the United Kingdom. It is the Board’s intention that the Company will continue to conduct its ### AIC Code affairs in such a manner and that Independent Financial Advisers The Board of TRIG has considered the Principles and Provisions of should, therefore, be able to recommend its Ordinary Shares to the Association of Investment Companies (“AIC”) Code of Corporate ordinary retail investors in accordance with the FCA’s rules relating Governance (“AIC Code”). The AIC Code addresses the principles tonon-mainstream investment products. and provisions set out in the UK Corporate Governance Code (the “UK Code”), as well as setting out additional provisions on issues ### The Board that are of specific relevance to investment companies. The Board The Board consists of five non-executive Directors. In accordance considers that reporting against the principles and provisions of the with Provision 10 of the AIC Code, all of the non-executives are AIC Code, which has been endorsed by the Financial Reporting independent of the Investment Manager. The Chair, Richard Morse, Council and the Guernsey Financial Services Commission, provides met the independence criteria of the AIC Code Provision 11 upon more relevant information to shareholders. The Company has appointment and continues to meet this condition throughout his term complied with the principles and provisions of the AIC Code. of service. In accordance with guidance in Provision 14, the Board The AIC Code is available on the AIC website (www.theaic.co.uk). has a Senior Independent Director, Tove Feld, who was appointed as It includes an explanation of how the AIC Code adapts the principles Senior Independent Director in 2022. Being non-executive Directors, and provisions set out in the UK Code to make them relevant for none of the Directors have a service contract withthe Company. investment companies. By reporting against the AIC Code, the Company also meets its obligations under the 2018 UK Corporate The Articles of Incorporation provide that each of the Directors shall Governance Code (and, for its accounting period commencing from retire at each Annual General Meeting in accordance with Provision 1 January 2025, incorporates the updates to the UK Code made 23 of the AIC Code. All Directors intend to retire and offer themselves in January 2024) and associated disclosure requirements under for re-election at the forthcoming Annual General Meeting in summer paragraph 6.6.6 of the Listing Rules and the GFSC Finance Sector 2026. In line with the AIC Code, it is intended that the tenure of any Code of Corporate Governance. one Director (including the Chair) lasts no longer than nine years. The Board believes that the balance of skills, gender, experience, ### Stewardship Code ethnicity, and knowledge of the current Board provides for a sound The Company’s Managers are responsible for day-to-day base from which the interests of investors will be served to a management of the portfolio and, therefore, are best high standard. placed to engage with portfolio companies and discharge stewardship obligations. The Nomination Committee is mindful of the recommendations of the Hampton-Alexander Review (and its successor phase – the Accordingly, TRIG becoming a signatory to the Stewardship Code FTSE Women Leaders Review) on gender diversity, and the Parker would unnecessarily duplicate the work of the Managers. Review on ethnic diversity, and the requirements of the FCA’s policy statement on diversity and inclusion on company boards and The Board has instead chosen to exercise stewardship by reporting executive management. The composition of the Board of Directors against the AIC Code rather than by being signatories to the isaligned with each of these frameworks. Stewardship Code. The Board recommends the re-election of each Director and supporting biographies are disclosed in the Board of ### Guernsey regulatory environment Directors section. The Guernsey Financial Services Commission (the “Commission”) issued a Finance Sector Code of Corporate Governance. The Code The Board is scheduled to meet at least four times a year, and comprises principles and guidance and provides a formal expression between these formal meetings there is regular contact with the of good corporate practice, against which shareholders, boards and Investment Manager and Operations Manager, the Secretary and the Commission can better assess the governance exercised over the Company’s Joint Brokers. The Directors are kept fully informed companies in Guernsey’s finance sector. of investment and financial controls, and other matters that are relevant to the business of the Company that should be brought The Commission recognises that the different nature, scale and to the attention of the Directors. The Directors also have access, complexity of specific businesses will lead to differing approaches where necessary in the furtherance of their duties, to independent to meeting the Code. Companies, which report against the UK professional advice at the expense of the Company. Corporate Governance Code or the AIC Code, are also deemed to meet this code. The Directors have determined that the Company will continue as a Guernsey-registered closed-ended investment company. 94 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices The attendance record of Directors for the period to 31 December The Board also employs an independent adviser to conduct a formal 2025 is set out below. evaluation of the effectiveness of the Board with a frequency of at least once every three years. The most recent external evaluation was During the year, a further 37 ad hoc Board / Committee meetings carried out in 2024 and further details can be found in the Corporate were held in Guernsey (or outside of the UK) to deal with matters Governance Statement section of TRIG’s 2024 Annual Report. relating to ongoing strategic initiatives and these were attended by those Directors available. The Board continues to monitor training for Directors. The Directors consider and regularly report their training needs with continuing The Board considers agenda items laid out in the notice and agenda professional development and training carried out. During the year, of meeting, which are circulated to the Board in advance of the the Directors attended training sessions that were focused on meeting as part of the Board papers. Directors may request any strengthening board effectiveness within a changing macro and agenda items to be added that they consider appropriate for Board business environment. This includes session themes spanning discussion. Each Director is required to inform the Board of any artificial intelligence, cyber security, audit practices, ESG, risk, potential or actual conflicts of interest prior to Board discussion. corporate governance and leadership. The 2026 Directors training programme seeks to build on these themes. The Board regularly considers the Company’s strategy with regard to market conditions and feedback from shareholders received directly Site visits are considered important to the Board’s oversight of or from the Managers and the Company’s joint corporate brokers. the Company. During 2025, a portfolio asset site visit to Green Hill onshore wind farm in Scotland was organised by the Company’s The investment strategy is reviewed regularly with the Investment Managers, and was attended by members of the TRIG Board Manager. Board meetings include a review of investment alongside investors. performance and associated matters such as health and safety, marketing / investor relations, risk management, gearing, general A key element of the Board’s role is to engage with shareholders, administration and compliance, peer group information and including to provide reassurance as to the robustness of their industry issues. oversight of the business and to receive feedback. During 2025, the Chair of the Company, Richard Morse, met over 40 separate The Board and the governance arrangements continued to operate institutional shareholders with Senior Independent Director, Tove Feld, effectively during 2025. also attending the majority of these meetings. They received feedback on the Company’s strategy and its Managers, and answered ### Performance evaluation questions on the Company’s governance. Shareholders are also able to attend, or dial into, and ask questions of the Directors at The Board evaluates its performance and considers the tenure and the Company’s Annual General Meeting, including in relation to independence of each Director on an annual basis. For 2025, the therespective areas of responsibility of each Director. Board’s self-evaluation involved completion of two questionnaires by each Director, each Manager and the Company Secretary – Responsible investment considerations are at the heart of the one relating to the functioning of the Board and one relating to Company’s strategy; during the year four meetings were held by the performance of the Chair. The responses were collated and the ESG and Sustainability Committee chaired by Selina Sagayam. anonymised by the Company Secretary. The effectiveness of The Committee provides a focused level of consideration for these the Board and its Committees was considered by the Chair who important topics. presented a summary and recommendations to the Nomination Committee. Actions arising, including shareholder engagement and The Directors engage with the senior leadership of both Managers Director training, are set out below. During the year, the Chair also to understand succession planning at each of the Managers’ met with each Director to discuss their contribution to the Board. organisations. The Board of Directors have been well briefed throughout the year on changes to the Managers’ teams, including The effectiveness of the Chair was considered by the with respect to changes in the leadership of each team. Senior Independent Director who presented a summary and recommendations to the Nomination Committee. Led by the SeniorIndependent Director, the non-executive Directors met withoutthe Chair present and appraised the Chair’s performance, and on other occasions as necessary. | | | | | | | | Quarterly | | Environmental, | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | Management | | | Market | | | Social and | | Quarterly Board | | | Audit | Engagement | Remuneration | Nomination | Disclosure | | | Governance | | | meetings | Committee | | Committee | Committee | Committee | Committee | 2 | | Committee | 1 Number of meetings 4 4 4 1 1 4 4 Meetings attended: R Morse 4 4 4 1 1 4 4 T Feld 4 4 4 1 1 4 4 J Whittle 4 4 4 1 1 4 4 E-M Trixl 4 4 4 1 1 4 4 S Sagayam 4 4 4 1 1 4 4 1 The Chair of the Board is not a member of the Audit Committee. In the year, Richard Morse attended four Audit Committee meetings as an observer. 2 There were 14 ad hoc Market Disclosure Committee meetings in the year. 95TRIG Annual Report 2025 Corporate Governance Statement continued The independence of each Director has been considered and each Members of the Investment Manager’s and / or the Operations has been confirmed as being independent of the Company and its Manager’s teams are also appointed as Directors of the Group’s Managers. The Board believes that the composition of the Board and project companies and / or intermediate holding companies and, its Committees reflect a suitable mix of skills and experience, and as part of their role in managing the portfolio, they attend Board that the Board as a whole, and its Committees, functioned effectively meetings of these companies and make appropriate decisions. during 2025 and since the launch of the Company in 2013. Material decisions are referred back to TRIG’s Investment Committee The Directors have a breadth of experience relevant to the Company. and / or Advisory Committee for consideration and determination, The members of the Board strive to challenge each other and and the TRIG Board is consulted on key matters relevant to TRIG’s the Company’s Managers constructively and examine issues strategy, policies or overall performance, both on an ad hoc basis from multiple perspectives. The Board has a very high level of where required and during formal reporting sessions, including all confidence in both Managers. Notwithstanding this, the Board is matters outside the Managers’ delegated authority. deeply cognisant of its responsibilities to shareholders and holds the Managers to account on their progress on the execution of ### Relations with shareholders the Company’s strategy, approach to sustainability and focus on ### responsible investment. – AIC Code Principle D The Company welcomes the views of shareholders and places great The Nomination Committee also considers whether the Directors importance on communication with its shareholders. The Investment have sufficient time to execute their duties as non-executive Manager produces a biannual factsheet, which is available on the Directors. The nature and extent of roles are considered, as well as Company’s website. Senior members of the Investment Manager the engagement and responsiveness of Directors to matters of the and Operations Manager make themselves available, as practicable, Company. No Director is considered ‘overboarded’ or unable to to meet with principal shareholders and key sector analysts. discharge their duties to the Company. Feedback from these meetings is provided to the Board on a regular basis. The Board is also kept fully informed of all relevant market commentary on the Company by the Company’s Financial PR ### Delegation of responsibilities agency, as well as receiving relevant updates from the Managers The Board has delegated the following areas of responsibility: andthe Company’s brokers. The day-to-day administration of the Company has been delegated During the period, the Chair of the Board met over 40 separate to Aztec Financial Services (Guernsey) Limited in its capacity as institutional shareholders of the Company, with the Senior Company Secretary and Administrator. Independent Director present at the majority of the meetings, The Investment Manager has full discretion (within agreed providing the chance for shareholders to have a dialogue directly parameters) to make investments and divestments in accordance with the Board. Directors, along with representatives from the with the Company’s Investment Policy, and has responsibility Managers, joined shareholders on a site visit to the Green Hill for financial administration and investor relations, in addition to onshorewind project. advising the Board in relation to further capital raisings and the The Company reports formally to shareholders twice a year and payment of dividends, among other matters, subject to the overall will hold an Annual General Meeting in Guernsey in summer supervision and oversight of the Board. Among the specific tasks 2026, at which members of the Board will be available to answer of the Investment Manager are the overall financial management shareholder questions. of the Company and existing portfolio as a whole, including the deployment of capital, management of the Group’s debt facilities, Results of Extraordinary and Annual General Meetings are hedging arrangements, the sourcing of new investments, preparing announced by the Company promptly after the relevant meeting. the semi-annual valuations, the statutory accounts, the management Additionally, other notices and information are provided to accounts, business plans, presenting results and information to shareholders on an ongoing basis through the Company’s website shareholders, coordinating all corporate service providers to the in order to assist in keeping shareholders informed. The Secretary Group and giving the Board general advice. and Registrar monitor the voting of the shareholders, and proxy voting is taken into consideration when votes are cast at the Annual The Operations Manager is responsible for monitoring, evaluating General Meeting. and optimising technical and financial performance across the portfolio. The services provided by the Operations Manager include Shareholders may contact the Board via the Company Secretary, maintaining an overview of project operations and reporting on whose contact details are found in the Directors and Advisers key performance measures, recommending and implementing sectionof this report. strategy on management of the portfolio, including energy sales agreements, insurance, maintenance and other areas requiring portfolio-level decisions, maintaining and monitoring health and safety, and operating risk management policies. The Operations Manager also works jointly with the Investment Manager on sourcing and transacting new business, divesting of existing investments, providing assistance in due diligence of potential new acquisitions, development and construction of projects, refinancing of existing assets and investor relations. The Operations Manager does not participate in any investment decisions taken by, or on behalf of, theCompany or undertake any other regulated activities for the purposes of the UK’s Financial Services and Markets Act 2000. 96 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Committees of the Board The Committees of the Board are the Audit Committee, the Remuneration Committee, the Nomination Committee, the Management Engagement Committee, the Market Disclosure Committee and the ESG Committee. Terms of Reference for each Committee have beenapproved by the Board. The Chair and members of each Committee as at 31 December 2025 are as follows. ### Independent Board of Directors | Audit | | Remuneration | | Nomination | | | --- | --- | --- | --- | --- | --- | | Committee | | Committee | | Committee | | | John Whittle (Chair) | | Tove Feld (Chair) | | Richard Morse (Chair) | | | Tove Feld | | Richard Morse | | Tove Feld | | | Erna-Maria Trixl | | John Whittle | | John Whittle | | | Selina Sagayam | | Erna-Maria Trixl | | Erna-Maria Trixl | | | | | Selina Sagayam | | Selina Sagayam | | | | Read more on page 99. | | Read more on page 103. | | Read more on page 98. | | Management Engagement | | Market Disclosure | | Environmental, Social and | | | Committee | | Committee | | Governance Committee | | | Erna-Maria Trixl (Chair) | | Richard Morse (Chair) | | Selina Sagayam (Chair) | | | Richard Morse | | Tove Feld | | Richard Morse | | | Tove Feld | | John Whittle | | Tove Feld | | | John Whittle | | Erna-Maria Trixl | | John Whittle | | | Selina Sagayam | | Selina Sagayam | | Erna-Maria Trixl | | | | | | Read more on page 98. | | Read more on page 98. | Read more on page 98. 97TRIG Annual Report 2025 Committees of the Board continued ### Nomination Committee Management Engagement Committee The main Terms of Reference of the Committee are: The Terms of Reference of this Committee are to review the relationships between the Company and its main service – Regularly review the structure, size and composition required providers, including their performance, compliance with their of the Board and make recommendations to the Board contracts and levels of fees paid. Recommendations from the with regard to any changes (including skills, knowledge and Committee’s review are given to the Board for consideration experience in accordance with Principle K of the AIC Code) and action. – Give full consideration to succession planning for Directors The Management Engagement Committee met four taking into account the challenges and opportunities facing times in 2025 in accordance with its plan to review the the Company performance of the key service providers to the Group and – Be responsible for identifying and nominating, for the approval the Company. No material weaknesses were identified, of the Board, candidates to fill Board vacancies as and when some recommendations were conveyed to certain providers they arise and the recommendation to the Board was that the current – Ensure plans are in place for orderly succession to the arrangements are appropriate and provide good-quality services Board and oversee the development of a diverse pipeline and advice to the Company and the Group. The Committee for succession convenes a planning meeting in August each year followed by a meeting in November of each year to review the Investment The Nomination Committee met once during 2025. Manager and Operations Manager, and a meeting in February of each year to review the other service providers. All Directors are appointed on merit. When the Nomination The Managers were duly considered at the meeting of the Committee considers Board succession planning and Management Engagement Committee in November 2025 recommends appointments to the Board, it takes into account and no material issues were identified in connection with their a variety of factors. Knowledge, experience, skills, personal respective appointments. qualities, residency and governance credentials play an important part. Consideration is also given to the gender, Details of the activities of the Remuneration Committee and ethnicity, colour, national origin, sexual orientation, age, religion the Audit Committee are set out in the Directors’ Remuneration and disability of individuals. The Nomination Committee Report and Audit Committee Report sections respectively. recognises that a diverse Board enhances its performance. All Terms of Reference for Committees are available from the The Nomination Committee is also cognisant of the role it can Company’s website or the Company Secretary upon request. play in promoting social mobility. In making recommendations to the Board, the Nomination Committee will also seek to follow the recommendations of the Hampton-Alexander Review (and its successor phase – the FTSE Women Leaders Review), the Parker Review, and the UK Listing Rules. ### Market Disclosure Committee ESG Committee The Committee has responsibility for overseeing the disclosure The Committee considers ESG performance, emerging of information by the Company to meet its obligations under regulations, good practices and risks within the areas of the Market Abuse Regulation and the FCA’s Listing Rules and ESG and sustainability. Its purpose is to advise the Board on Disclosure Guidance and Transparency Rules. implementation of the Company’s Sustainability Policy and to review, consider and discuss issues, risks and opportunities The main Terms of Reference for the Committee are: relating to the achievement of the Company’s ESG objectives. – To consider and decide whether information meets the The main Terms of Reference for the Committee are: definition of ‘inside information’ and whether the Company should announce immediately or whether it is permissible to – To keep under review the Company’s policies relating to ESG delay the announcement matters, ensuring continued relevance – When disclosure of inside information is delayed, to maintain – To consider the Managers’, and other service providers’ all required records, monitor the conditions permitting delay approach to sustainability and to provide any required notifications to the FCA – To consider all regulatory requirements relating to ESG which – The Committee should also consider the requirement for an may be relevant directly or indirectly to TRIG announcement in the case of leaks of inside information – To review high-level performance and disclosure against the – To ensure that effective arrangements are in place to prevent Company’s ESG objectives, metrics and KPIs access to inside information The Committee met four times during 2025 with particular The Market Disclosure Committee met eighteen times during focus on monitoring sustainability KPI targets and considering 2025, in each case determining that no market disclosures were upcoming regulation changes and their application to TRIG. required in respect of receipt of inside information. 98 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Audit Committee Report None of the members of the Audit Committee have any involvement in the preparation of the financial statements of the Company, as this ## Audit Committee has been contracted to the Investment Manager. The Audit Committee meets the external auditor before and after their audit and has discussed with the auditor the scope of their annual audit work and also their audit findings. The auditor attends the ### The Audit Committee, which has been in Audit Committee meetings at which the annual and interim accounts ### operation since the inception of the Company, are considered, and at which they also meet with the Committee without representatives of the Managers being present. The Chair ### is chaired by John Whittle. The Audit of the Audit Committee meets with the Audit Partner (without the ### Committee operates within clearly defined Managers being present) to discuss the results of their procedures performed ahead of the Audit Committee meeting twice a year in ### Terms of Reference and comprises all of the advance of the issue of the Annual Report and the Interim Financial ### Directors other than the Chair (who is not a Report. The Audit Committee has direct access to the auditor and to key senior staff of the Investment Manager, and it reports its findings ### member, in accordance with provision 24 of and recommendations to the Board, which retains the ultimate ### the UK Corporate Governance Code). It is also responsibility for the financial statements of the Company. ### the formal forum through which the auditor ### reports to the Board of Directors. The Audit Membership The Chair of the Audit Committee, John Whittle, is a fellow of the ### Committee met four times in 2025 (it meets Institute of Chartered Accountants in England and Wales and holds ### at least three times annually). the Institute of Directors Diploma in Company Direction. John is a non-executive Director of several listed and unlisted companies. Previously, John served as the Finance Director of a financial services business and CEO of a large mobile telephone business. Prior to ### The main duties of the Audit Committee are: John’s appointment as a non-executive Director of the Company in – Giving full consideration of, and recommending to the Board July 2021, John served for over ten years as a non-executive Director, for approval, the contents of the interim and annual financial including as Audit Committee Chair and Senior Independent Director, statements and reviewing the external auditor’s report thereon, at International Public Partnerships Ltd (“INPP”), the FTSE 250 including consideration of whether the financial statements are infrastructure investment company. John has extensive experience overall fair, balanced and understandable in audit, governance and investment companies. John has over – Agreeing the external audit plan with the auditor, including 40years’ post-qualification accounting experience. discussing with the external auditor the key risk areas within the financial statements The Board is satisfied that John has recent and relevant financial experience as required under the UK Corporate Governance – Considering and understanding the key risks of misstatement of Code. The other members of the Audit Committee during the year the financial statements and formulating an appropriate plan to were Tove Feld, Erna-Maria Trixl and Selina Sagayam. Tove and review these and agreeing with the Managers their processes to Erna-Maria have extensive experience of the renewables sector. manage these risk areas The qualifications of the Audit Committee members are outlined – Reviewing the Viability and Going Concern Statements and intheBoard of Directors section. the work prepared by the Investment Manager supporting these statements ### Significant issues considered – Reviewing the draft valuation of the Company’s investments After discussion with both the Managers and the external auditor, prepared by the Investment Manager and making a the Audit Committee determined that the key risks of misstatement recommendation to the Board on the valuation of the Company’s financial statements relate to the valuation of – Reviewing the scope, results, cost effectiveness, independence the investments. and objectivity of the external auditor as well as reviewing the effectiveness of the external audit process and making ### any recommendations to the Board for improvement of the Valuation of investments audit process As outlined in Note 12 to the financial statements, the total carrying – Reviewing and recommending to the Board for approval the audit, value of the investments at fair value (excluding the fair value of audit-related and non-audit fees payable to the external auditor or TRIG UK and TRIG UK I) as at 31 December 2025 was £2,874.5m their affiliated firms overseas and the terms of their engagement (2024: £3,115.6m). Market quotations are not available for these financial assets, and as such, their valuation is undertaken using a – Reviewing the appropriateness of the Company’s discounted cash flow methodology. This requires a series of material accounting policies judgements to be made, as further explained in Note 4 to the – Ensuring the standards and adequacy of the internal financial statements. control systems The valuation process and methodology were discussed by the – Considering any reports or information received in respect of Audit Committee with the Investment Manager at the time of the whistleblowing and interim review, in December 2025 prior to the year-end valuation – Reporting to the Board on how it has discharged its duties process and again in February 2026 as part of the year-end sign-off process. The Committee met with the auditor when it reviewed and agreed the auditor’s Group audit plan and also at the conclusion of the audit of the financial statements, in particular discussing 99TRIG Annual Report 2025 Audit Committee Report continued the valuation process. The Investment Manager carries out a The Audit Committee considers the remaining operating life valuation semi-annually and provides a detailed valuation report to assumptions in light of public information provided by the the Company. The Company also engaged a third-party valuation Company’speer group and reports provided by the Operations expert (BDO) to provide an independent valuation at June 2025 Manager during the year, considering the remaining operational lives and also to review the valuation discount rates at December 2025. for investments and considering any potential extension of those lives In August 2025, the expert provided a report to the Audit Committee and the recognition of additional value resulting to be appropriate. that corroborated the valuation of the portfolio as at June 2025. The independent valuation carried out in July 2025 also supported The expert also provided a report to the Audit Committee in February the assumed operating lives. 2026 confirming that the discount rates adopted at 31 December The Investment Manager has discussed and agreed the valuation 2025 were reasonable. assumptions with the Audit Committee. The Audit Committee held The Audit Committee, in discussion with the Managers and the discussions with the external auditor and the Investment Manager Auditor, considered whether the failure to proceed with the proposed and ensured that appropriate challenge was applied. In relation merger of TRIG and HICL Infrastructure PLC (“HICL”) impacts the to the key judgements underpinning the valuation, the Investment valuation of the portfolio as at 31 December 2025. The Committee Manager has provided sensitivities showing the impact of changing noted an independent valuation of TRIG’s portfolio had been these assumptions, and these have been reviewed by the Investment carried out by accounting firms on behalf of each of TRIG and Manager and the Audit Committee to assist in forming an opinion HICL. These assessments supported the portfolio valuation as at on the fairness and balance of the Annual Report, together with their 30 September 2025 and the recommendation to accept the NAVs of conclusion on the overall valuation. each company as the correct bases for a FAV-for-FAV combination. Accordingly, the Committee concluded that no resulting adjustment Valuation discount rates to the valuation of the TRIG portfolio was required. The bifurcated discount rates adopted to determine the valuation are selected and recommended by the Investment Manager. ### Valuation of investments The Company uses a bifurcated discount rate approach (as more fullyexplained in the Valuation of the Portfolio section on page 37). ### – key forecast assumptions The Audit Committee considered in detail those assumptions The discount rate is applied to the expected future cash flows that are subject to judgement that have a material impact on for each investment’s financial forecasts derived adopting the the valuation. The key assumptions are: assumptions explained above, among others, to arrive at a valuation (using a discounted cash flow methodology). The resulting valuation Power price assumptions is sensitive to the discount rates selected. The Investment Manager A significant proportion of the wind and solar projects’ income is experienced and active in the area of valuing these investments streams are contracted subsidy receipts and power income under and adopts discount rates reflecting its current extensive experience long-term PPAs; some of which have fixed-price mechanisms. of the market. The Investment Manager also considers the absolute level and movement in the period in the relevant country risk-free However, over time the proportion of power income that is fixed rates and implied risk premia as a cross-check when considering reduces and the proportion where the Company has exposure to appropriate discount rates and movement in these to apply. It is wholesale electricity prices increases. The Investment Manager noted, however, that this requires subjective judgement and that there considers the forecasts provided by a number of expert energy is a range of discount rates which could be applied. The discount rate advisers and adopts a profile of assumed future power prices by assumptions and the sensitivity of the valuation of the investments to jurisdiction. Further detail on the assumptions made in relation to this discount rate are set out in the Valuation of the Portfolio section power prices and other variables that may be expected to affect these found on page 37. are included in the Valuation of the Portfolio section on page39. The Audit Committee discussed with the Investment Manager The Audit Committee regularly meets with the Investment Manager’s the process adopted to arrive at the selected valuation discount valuation team and periodically meets with one or more of the rates (which includes comparison with other market transactions, three power price advisers used by the Company to further their information available from peer group companies and an independent understanding and to review the methodology and assumptions review of valuation discount rates by a third-party valuation expert adopted within the valuation. The Audit Committee is satisfied that both at December 2024 and at December 2025) and satisfied itself themethodology applied is appropriate. that the rates applied were appropriate. Macroeconomic assumptions Alternative Performance Measures Macroeconomic assumptions include inflation, foreign exchange, The Audit Committee reviews Alternative Performance Measures interest and tax rate assumptions. The Investment Manager’s included in the Annual Report to consider their appropriateness assumptions in this area are set out and explained in the Valuation and usefulness to users, ensuring that they are relevant and ofthe Portfolio section on page 37. appropriately described. Other key income and costs assumptions Auditor interaction Other key assumptions include operating costs, facility The external auditor explained the results of their review of the energy-generation levels and facility remaining operating valuation, including their consideration of the Company’s underlying life assumptions. cash flow projections, the macroeconomic assumptions and discount rates to the Audit Committee. On the basis of their audit work, there The Audit Committee considers energy yield in the valuation as were no adjustments proposed that were material in the context of compared to actual performance on an asset-by-asset basis. the financial statements as a whole. Please refer to the Independent In the current year, some minor downward energy yield revisions Audit Report to the Members of The Renewables Infrastructure have occurred, albeit this has been much less of a feature than Group Limited section. previous years. 100 TRIG Annual Report 2025 Strategic Report**Governance**^{}[] Financials^{}[] Appendices ## Internal controls and risk management The Board is responsible for the Company's system of internal control and for reviewing its effectiveness and has, therefore, established an ongoing process designed to meet the particular needs of the Company in managing the risks to which it is exposed. The process is a risk-based approach to internal control through a matrix which identifies: the key functions carried out by the Investment Manager, Operations Manager and other service providers; the various activities undertaken within those functions; the risks associated with each activity; and the controls employed to minimise and mitigate those risks. A scoring based on one to five for Likelihood and one to five for Impact is used and these are multiplied together to give a total score. Mitigation is considered on a scale of one to five and this leads to a residual risk rating being derived. The matrix is updated on an ongoing basis and reviewed quarterly, and the Board considers all material changes to the risk ratings and the action, which has been, or is being, taken. By their nature, these procedures will provide a reasonable, but not absolute, assurance against material misstatement or loss. At each Board meeting, the Board also monitors the Group's investment performance and it reviews the Group's activities since the last Board meeting to ensure that the Investment Manager is adhering to the Company's Investment Policy and approved investment guidelines. The pipeline of new potential opportunities and potential disposals is considered and the prices paid for new investments and offered for investments for sale during the quarter are also reviewed. Further, at each Board meeting, the Board receives reports from the Company Secretary and Administrator in respect of compliance matters and duties they have performed on behalf of the Company. The Board has considered the need for an internal audit function and it has decided that the systems and procedures employed by the Investment Manager, the Operations Manager and the Administrator, including their own internal review processes and the processes in place in relation to the Company, provide sufficient assurance that a sound system of internal control, which safeguards the Company's assets, is maintained. An internal audit function specific to the Company is, therefore, considered unnecessary. There is no impact on the work of the external auditor as a result of not having an internal audit function. In recent years, the Investment Manager commissioned a suitably qualified accounting firm to review their valuation process. The Investment Manager briefed the Audit Committee about the scope of the engagement and the Audit Committee was able to review the final report. The approach to valuations was deemed to be appropriate with recommendations provided to enhance the process further. The Investment Manager implemented the recommendations over 2023 and 2024. The Investment Manager commissioned an Internal Audit during 2024 on the valuation process and presented the results of this work to the Audit Committee and has implemented a plan to meet the minor recommendation raised by the Internal Auditor. The Board recognises that the internal control systems can only be designed to manage rather than eliminate the risk of failure to achieve business objectives, and to provide reasonable, but not absolute, assurance against material misstatement or loss, and relies on the operating controls established by the Company's Administrator, the Investment Manager and the Operations Manager. The Board considers on a periodic basis whether further third-party assurance is appropriate, and reviews at least annually the proficiency of such controls in light of changes in the business and its environment. The Investment Manager prepares management accounts and updates business forecasts on a quarterly basis, which allow the Board to assess the Company's activities and review its performance. The Board and the Investment Manager have agreed clearly defined investment criteria, return targets, risk appetite and exposure limits. Reports on these performance measures, coupled with cash projections and investment valuations, are submitted to the Board at each quarterly meeting. The Operations Manager prepares quarterly project performance and project financial analysis, and highlights the key activities performed and any specific new risks identified relating to the operating portfolio for consideration by the Board. The Audit Committee, the Auditor and the Managers have discussed during the year the provisions of the updated UK Corporate Governance Code (the "Code") and in particular provision 29 of the Code that adds an increased level of accountability and disclosure around the effectiveness of the Company's risk and internal control framework. The provision 29 requirements come into force 1 January 2026 and will require the Board to make a specific declaration on the effectiveness of material controls at the 31 December 2026. The Audit Committee is overseeing the work being carried out by the Managers in conjunction with the Auditor to review the existing framework and to consider any additional actions required to enable that declaration to be made in the Annual Report and Accounts for the year ended 31 December 2026. ## Appointment of the external auditor Deloitte LLP was first appointed to be external auditor for the TRIG Group on 19 September 2013 and reappointed for a second time following an extensive audit tender process that concluded in December 2021. Deloitte's reappointment was subsequently ratified by shareholders at the Company's AGM in May 2022. In line with the UK Corporate Governance Code and, in particular, the requirement to put the external audit out to tender at least every ten years, the Audit Committee conducted a tender exercise for the external audit of the Company during 2021, as communicated fully in the Audit Committee Report section in TRIG's 2021 Annual Report. The tender exercise was run during the ninth year of Deloitte's appointment as the Company's auditor. The Company intends to run the next audit tender process within ten years of the most recently run process, i.e. during or before 2031. The 2021 audit tender process took into consideration best practice in line with the 2018 UK Corporate Governance Code and the 2019 AIC Code of Corporate Governance. This ensured a fair, robust and independent tender process was conducted to ensure that the Company appointed the most suitable firm. At the conclusion of the 2021 audit tender process, and following the Audit Committee review of submissions and in-person presentations from shortlisted firms, the Committee members resolved to recommend the continuing appointment of Deloitte as auditors, deeming this course of action to be in the best interests of shareholders, by virtue of the strength and experience of the Deloitte audit team and lack of demonstrable differentiation shown by challengers. The objectivity of the external auditor is reviewed by the Audit Committee, which also reviews the terms under which the external auditor may be appointed to perform non-audit services. The Audit Committee reviews the scope and results of the audit, its cost effectiveness and the independence and objectivity of the auditor, with particular regard to any non-audit work that the auditor may undertake. In order to safeguard auditor independence and objectivity, the Audit Committee ensures that any other audit-related and / or other assurance services provided by the external auditor do not conflict with their statutory audit responsibilities. TRIG Annual Report 2025 101 Audit Committee Report continued Audit-related and / or other assurance services generally relate to the review of the interim financial statements and other assurance work generally completed by the auditor. Any non-audit services conducted by the external auditor require the consent of the Audit Committee. The external auditor may undertake additional work for the Company; however, this is limited to specific services permitted in line with the Financial Reporting Council's ("FRC's") 'whitelist' of non-audit services. In general, the Company seeks to avoid using Deloitte for non-audit services and the Audit Committee will only approve their appointment for such non-audit services where the Committee is convinced that Deloitte are best placed to carry out this work, and that the appointment would not impair their audit independence. Total fees paid amounted to £937,480 (2024: £1,148,290) for the year ended 31 December 2025, of which £361,990 (2024: £282,990) related to audit services to the Company, and £456,490 (2024: £766,790) related to audit of the Group's subsidiaries, TRIG UK and TRIG UK investments, unconsolidated project subsidiaries and other audit-related services. The non-audit services provided by Deloitte in the year, to the Company and its subsidiaries, are in relation to the review of the interim financial statements at the half year totalling £102,000 (2024: £74,300), £17,000 (2024: £15,000) for ESG Agreed Upon Procedures services and minor other services of Enil (2024: £9,300). In addition, audit fees of £84,000 (2024: £40,500) were agreed in the current year in respect to the prior year. The Financial Reporting Council Ethical Standard 2024 stipulates that fees for permissible non-audit services in the current year should not exceed 70% of the average audit fees paid by the Group in the last three consecutive financial years. The Audit Committee monitors auditor independence and considers these criteria as part of this role. For 2025, non-audit services did not exceed the aforementioned limits. Notwithstanding such services, the Audit Committee considers Deloitte LLP to be independent of the Company, and that the provision of such non-audit services is not a threat to the objectivity and independence of the conduct of the audit. To fulfil its responsibility regarding the independence of the external auditor, the Audit Committee considered: - changes in audit personnel in the audit plan for the current period; - a report from the external auditor describing their arrangements to identify, report and manage any conflicts of interest; and - the extent of non-audit services provided by the external auditor. To assess the effectiveness of the external audit process, the Audit Committee reviewed: - the external auditor's fulfilment of the agreed audit plan and variations from it; - reports highlighting the major issues that arose during the course of the audit; - the performance of the auditor during the year; - the Audit Quality Inspection report provided each year by the Financial Reporting Council in relation to the auditor; and - the effectiveness and independence of the external auditor, having considered the degree of diligence and professional scepticism demonstrated by them. In addition, the Audit Committee considered and assessed the challenges applied by the auditors with regards to the valuation of the portfolio being the area of greatest audit focus. Based on the reporting and discussion, the Committee is satisfied with the level of challenge and considers the level of technical skills of the audit team to be strong. The Audit Partner for the Company is Marc Cleeve. Deloitte rotates the Audit Partner every five years and the most recent rotation took place during 2024. The Audit Committee confirms that TRIG has complied with the requirements of the Statutory Audit Services for Large Companies Market Investigation (Mandatory Use of Competitive Tender Processes and Audit Committee Responsibilities) Order 2014 since it became a member of the FTSE 250 Index on 18 December 2015 and up to 31 December 2025. Deloitte was appointed as external auditor in 2013 following a competitive process and reappointed in 2022 following an extensive audit retender exercise, and the Audit Committee Terms of Reference are in line with the Order. The Committee conducts a formal review of Deloitte following the issue of the annual financial statements, as it did in 2025 to ensure that the Committee considers all aspects of the auditor's service and performance. The outcome of the review in May 2025 was positive and led to no material concerns over the performance of the auditor. The Committee will perform a similar review in May 2026. The Audit Committee remains satisfied with Deloitte's effectiveness and independence as auditor, having considered the degree of diligence and professional scepticism demonstrated by them. Having satisfied itself that the external auditor remains independent and effective, and having concluded a full audit tender process in recent years, the Audit Committee has recommended to the Board that Deloitte LLP be reappointed as auditor for the year ending 31 December 2026. ## Audit Committee performance evaluation During the year, the Committee evaluated its performance considering checklists provided by leading audit firms. All of the Directors and the Managers considered the form and the results were discussed at an Audit Committee meeting. A few items of a minor nature arose and led to recommendations that have been adopted. Overall, the finding of the evaluation was that the Audit Committee is sufficiently skilled and experienced and effective in carrying out its role. ## Financial Reporting Council thematic review During the year, the Financial Reporting Council ("FRC") Corporate Reporting Review team conducted a limited scope review of the Company's financial statements for the year ended 31 December 2024. The review was part of a thematic review of the disclosures in the annual reports of investment trusts, venture capital trusts and similar closed-ended entities. The FRC did not raise any questions or queries arising from their thematic review and the FRC used one aspect of the Company's disclosures as an example of better disclosure in its sector report. The FRC review was based solely on the Annual Report and Accounts and provides no assurance that the report and accounts are correct in all material respects. The review and the FRC role is not to verify the information provided but to consider compliance with reporting requirements. The FRC accepts no liability for any reliance on their review by the Company or any third party, including but not limited to, investors and shareholders. 102 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices # Remuneration Committee Report ## Remuneration Committee The Remuneration Committee, chaired by Tove Feld and comprising all the Directors, operates within clearly defined Terms of Reference. The Terms of Reference of the Committee are to determine and agree the Board policy for the remuneration of the Directors of the Company, including the approval of any ad hoc payments in respect of additional corporate work required (e.g. for the work involved with the issue of prospectuses and equity fund raises). ### Statement of the Chair of the Remuneration Committee As all Directors of the Company are non-executive, they receive an annual fee appropriate for their responsibilities and time commitment, but there are no other incentive programmes or performance-related emolument. In proposing the non-executive Directors' remuneration for 2026, the Committee has followed the advice provided by Trust Associates from their detailed remuneration review carried out in 2023, which advised an increase in line with UK CPI. In line with good governance practices, the Committee will commission a third-party remuneration review in 2026 to inform remuneration levels for 2027. The Committee proposes and the Board has, subject to shareholders' approval, agreed to implement increases set out in the following tables below. ### Remuneration Policy All Directors of the Company are non-executive and are each engaged through a letter of appointment, and as such there are: - No service contracts with the Company - No long-term incentive schemes - No options or similar performance incentives - No payments for loss of office unless approved by shareholder resolution The Directors' remuneration shall: - Reflect the responsibility, experience, time commitment and position on the Board - Allow the Chair of the Board, the Senior Independent Director and the Chair of each of the Board's Committees to be remunerated in excess of the remaining Board members to reflect their increased roles of responsibility and accountability - Be paid quarterly in arrears - Include remuneration for additional, specific corporate work, which shall be carefully considered and only become due and payable on completion of that work - Be reviewed by an independent professional consultant with experience of investment companies and their fee structures, at least every three years The maximum annual limit of aggregate fees payable to the Directors as set in the Articles of Association is £450,000. ### Remuneration Committee The Remuneration Committee met twice during 2025 to consider the remuneration of the Directors. Its membership comprised all Directors of the Company, which was deemed appropriate as they are each independent and have the requisite knowledge of the Company and experience to appropriately determine remuneration. The table below sets out the Remuneration Committee's recommendation for annual base fees for 2026 | | 2025 Remuneration | 2026 Remuneration | | --- | --- | --- | | Chair of the Board | £100,000 | £103,500 | | Director | £61,000 | £63,000 | The Remuneration Committee confirmed its recommendation for the annual supplement for the additional responsibilities and activities | | 2025 Additional Remuneration | 2026 Additional Remuneration | | --- | --- | --- | | Senior Independent Director | £6,500 | £6,500 | | Audit Committee Chair | £14,500 | £15,000 | | Other Committee Chair^{1} | £4,000 | £4,500 | 1 Paid to the Chair of the Management Engagement Committee, Remuneration Committee, ESG Committee and new committees formed; excludes the Nomination Committee and the Market Disclosure Committee, which are chaired by the Chair of the Board and are included in the fee payable to the Chair of the Board. TRIG Annual Report 2025 103 ## Remuneration Committee Report continued The table below sets out the Directors' remuneration approved and actually paid for the year to 31 December 2025 as well as the estimated remuneration for the year ending 31 December 2026 based on the rates set out in the previous tables. Where Directors serve for part of the year, their fee is pro-rated accordingly. Where a Director's role changes during the year (e.g. succession of roles such as that of the Chair), their fees for the year will reflect the period of the year for which they have borne additional responsibilities. | Director | Role | 2025 Remuneration | 2026 Remuneration | | --- | --- | --- | --- | | R Morse | Director Chair | £100,000 | £103,500 | | T Feld | Remuneration Committee Chair Senior Independent Director | £71,500 | £74,000 | | J Whittle | Audit Committee Chair | £75,500 | £78,000 | | S Sagayam | ESG / Sustainability Committee Chair | £65,000 | £67,500 | | E-M Trixl | Management Engagement Committee Chair | £65,000 | £67,500 | | **Total** | | **£377,000** | **£390,500** | Where the Company requires Directors to work on specific corporate actions, such as the raising of further equity, an additional fee will be appropriately determined. No additional fees were payable to the Directors in 2025. Directors are entitled to claim reasonable expenses, which they incur attending meetings or otherwise in performance of their duties relating to the Company. The total amount of Directors' expenses paid for 2025 was £18,243. The Board also considered the availability of time of each Director, taking into account their other commitments, and concluded that adequate time was, in each case, available for the appropriate discharge of the Company's affairs. ## Directors' interests The Directors of the Company at 31 December 2025, and their interests in the Ordinary Shares of the Company, are shown in the table below. | | 31 December 2024 Ordinary Shares | 31 December 2025 Ordinary Shares | | --- | --- | --- | | R Morse | 130,415 | 130,415 | | T Feld | 90,019 | 90,019 | | J Whittle | 92,000 | 92,000 | | S Sagayam | 50,000 | 50,000 | | E-M Trixl | 54,042 | 67,692 | Some of the Directors' shares may be held by their close associates. All holdings of the Directors and their families are beneficial. No changes to these holdings had been notified up to the date of this report. At the last AGM, held on 27 June 2025, the following resolution including Directors' Remuneration was approved. Ordinary Resolution 9 – To approve the Directors' Remuneration Report, including the proposed annual remuneration for routine business for each Director, as set out in the Report and Financial Statements, for the year ending 31 December 2025: | | Shares voted | Percentage | | --- | --- | --- | | In favour | 1,716,636,088 | 99.95 | | Against | 904,593 | 0.05 | | Withheld | 451,889 | – | 104 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### Performance graph In setting the Directors’ remuneration, consideration is given to the size and performance of the Company. The graph below highlights the performance of the Company against the FTSE-All Share Index (of which TRIG is a constituent) rebased to IPO on a total return basis. In 2025, the Total Shareholder Return (on a share price basis) for the Company was -11.4% (2024: -18.8%) versus 23.9% for the FTSE-All Share Index (2024: 9.4%). Over the period from the IPO in July 2013 to 31 December 2025, the Total Shareholder Return for theCompany was 47.25% and for the FTSE-All Share it was 139.23%. Source: Thomson Reuters Datastream. 270p 4 250p 3.5 230p 3 210p 2.5 190p 2 170p Beta 1.5 150p 1 130p Cumulative Total Return | 110p | | | | 0.5 | | --- | --- | --- | --- | --- | | 90p | | | | 0 | | | Jan ‘14 Jan ‘15 Jan ‘16 Jan ‘17 Jan ‘18 Jan ‘19 Jan ‘20 Jan ‘21 Jan ‘22 Jan ‘23 | Jan ‘24 | Jan ‘25 Jan ‘26 | | TRIG TSR (LHS) TRIG Beta (RHS) Utilities Beta (RHS)FTSE All-Share TSR (LHS) 105TRIG Annual Report 2025 # Report of the Directors The Directors present their report and accounts of the Company for the year to 31 December 2025. ## Principal activity The Company is a closed-ended Guernsey-incorporated investment company, investing in and managing a portfolio of investments in renewable energy infrastructure project companies. Its shares have a premium listing on the Official List of the UK Listing Authority and are traded on the main market for listed securities of the London Stock Exchange. ## Results and distributions The results for the year are summarised in the Investment Report, Operations Report and Valuation of the Portfolio sections, and are set out in detail in the audited financial statements. ## Distributions and share capital The Company has declared four quarterly interim dividends for the year ended 31 December 2025 for an aggregate annual dividend of 7.55p (2024: 7.47p) per share as follows: - 1.8875p per share was declared on 8 May 2025, to shareholders on the register as at 16 May 2025, paid on 30 June 2025 - 1.8875p per share was declared on 5 August 2025, to shareholders on the register as at 15 August 2025, paid on 30 September 2025 - 1.8875p per share was declared on 6 November 2025, to shareholders on the register as at 14 November 2025, paid on 31 December 2025 - 1.8875p per share was declared on 5 February 2026, to shareholders on the register on 13 February 2026, to be paid on 31 March 2026 The Company had one class of share capital, Ordinary Shares, in issue as at 31 December 2025. ## Shares in issue Ordinary Shares in issue decreased during the year from 2,463,893,326 to 2,392,465,971 as a result of the purchase of Ordinary Shares in the period following the announcement of a share buyback programme and the issues of shares to the Managers in lieu of fees pursuant to the Investment Management Agreement (in relation to InfraRed Capital Partners Limited) and the Operations Management Agreement (in relation to Renewable Energy Systems Limited.) ## Equity share issues in the year There were no equity share issues during the year. ## Shares issued to the Managers The Managers' fees arrangement changed as of 1 April 2025, as described in note 17 to the financial statements. Up until 31 March 2025, the Managers were paid 20% of their annual management fee (up to an adjusted portfolio value of £1bn) in shares. In relation to this, 881,732 shares were issued in March 2025 (573,126 to the Investment Manager and 308,606 to the Operations Manager) relating to fees for the second six months of 2024. A further 463,868 shares were issued in September 2025 (301,514 to the Investment Manager and 162,354 to the Operations Manager) relating to fees for the first quarter of 2025. No shares are due to the Managers in relation to the period after 1 April 2025 when the revised fee arrangement came into force. In addition, senior representatives and connected individuals of the Managers hold 1,887,632 shares. The number of shares in the Company held by the Investment Manager is 6,877,070 and the number of shares held by the Operations Manager is 10,828,208. SLC Management, the 100% shareholder of InfraRed Capital Partners, hold 11,419,592 shares. | Date | Description | New Ordinary Shares issued | Shares repurchased | Number of shares in issue | | --- | --- | --- | --- | --- | | 31 December 2024 | Opening position | | | 2,463,893,326 | | 2 January to 31 March 2025 | Shares repurchased | | (29,374,764) | 2,434,518,562 | | 31 March 2025 | Issue of shares to the Managers in lieu of fees relating to H2 2024 | 881,732 | | 2,435,400,294 | | 1 April to 30 September 2025 | Shares repurchased | | (36,188,191) | 2,399,212,103 | | 30 September 2025 | Issue of shares to the Managers in lieu of fees relating to H1 2025 | 463,868 | | 2,399,675,971 | | 1 October to 31 November 2025 | Shares repurchased | | (7,210,000) | 2,392,465,971 | | **31 December 2025** | **Closing position** | | | **2,392,465,971** | 106 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### Scrip shares Operations Manager An annual ordinary resolution to authorise the Directors to offer Renewable Energy Systems Limited (the “Operations Manager” or theshareholders the right to receive further Ordinary Shares “RES”) acts as Operations Manager to the Group. A summary of the (“scripshares”) instead of cash in respect of all, or part, of any contract between the Company, its subsidiaries and RES in respect dividend that may be declared will again be proposed at the of services provided is set out in Note 17 to the accounts. forthcoming Annual General Meeting in 2026. Further details of the Managers are provided in the Creating The Board believes that it remains in the general interest of Stakeholder Value section of the Strategic Report. shareholders, who may be able to treat distributions of scrip shares as capital for tax purposes or who may otherwise wish to roll over ### Broker, Administrator and Company their dividend entitlement into further investment in the Company, ### tohave the option of electing to receive part, or all of their dividends in Secretary the form of scrip shares. Shareholders who elect to take scrip shares The Company’s joint brokers during the year to 31 December 2025 instead of receiving cash dividends will increase their holdings without were Investec Bank PLC and BNP Paribas. incurring dealing costs or stamp duty. The Company benefits from the retention of cash for further investment, which would otherwise The Company’s Administrator during the year to 31 December 2025 bepaid out as a dividend. was Aztec Financial Services (Guernsey) Limited. The Company has been offering the scrip dividend alternative since ### February 2014 and this has been popular with many shareholders. Substantial interests in share capital Since late 2022, the Company has been unable to offer the scrip As at 31 December 2025, the Company has received notification in dividend alternative as a result of the Ordinary Share price being accordance with the FCA’s Disclosure Guidance and Transparency greater than 10% below the prevailing NAV. Rule 5 of the following interests in 5% or more of the Company’s Ordinary Shares to which voting rights are attached: ### Guernsey regulatory environment Number of Ordinary As a Guernsey-registered closed-ended investment company, Shares held Percentage held TRIGis subject to certain ongoing obligations to the Guernsey Rathbones Group 199,223,665 8.3% Financial Services Commission. ### Donations ### Directors The Company made no political donations during the year or the The Directors who held office during the year to 31 December preceding year. 2025 were: – Richard Morse (Chair) ### Payment of suppliers – Tove Field It is the policy of the Company to settle all suppliers in accordance – John Whittle with the terms and conditions of the relevant market in which it operates. Suppliers of goods and services are generally paid – Selina S Sagayam within 30 days of the date of any invoice. The Company has no – Erna-Maria Trixl trade creditors. Biographical details of each of the Directors are shown in the ### BoardofDirectors section. Criminal Finances Act The Board of The Renewable Infrastructure Company Limited has azero-tolerance commitment to preventing persons associated with ### Investment Manager it from engaging in criminal facilitation of tax evasion. The Board has InfraRed Capital Partners Limited (the “Investment Manager” or satisfied itself in relation to its key service providers that they have “InfraRed”) acts as Investment Manager to the Group. A summary of reasonable provisions in place to prevent the criminal facilitation of the contract between the Company, its subsidiaries and InfraRed in tax evasion by their own associated persons and will not work with respect of services provided is set out in Note 17 to the accounts. service providers who do not demonstrate the same zero-tolerance commitment to preventing persons associated with it from engaging in criminal facilitation of tax evasion. 107TRIG Annual Report 2025 ## Report of the Directors continued ### Going concern The Company has the necessary financial resources to meet its obligations for at least the next 12 months following the date of this report. It is more beneficial to consider going concern from the Group perspective as the Company has access to funding via the revolving credit facility ("RCF"), which is borne within its subsidiaries as well as receiving distributions and cash flows from the underlying group companies, which are passed up to the Company as required as part of the intercompany funding arrangements. The Group's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Financial Review section of the Strategic Report. In addition, Notes 1 to 4 to the financial statements include: the Group's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk. The Group benefits from a range of long-term contracts with various major UK and European utilities and well-established suppliers across a range of infrastructure projects. The £500m RCF was most recently renewed in February 2025 and expires 31 March 2028. The RCF includes a working capital component and RCF drawings are limited to 30% of Portfolio Value. At 31 December 2025, the Group was £398m drawn (2024: £309m), the Group's leverage was 14% for fund-level financing (2024: 10%). The Group's project-level financing is non-recourse to the Company and is limited to 50% of Gross Portfolio Value. The gearing level is 37% for project-level financing (2024: 37%). As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. The RCF is also ESG-linked, resulting in a possible increase or reduction to future interest payments based on the Group's performance against KPIs relating to ESG targets over time.¹ The Group has sufficient headroom on its RCF covenants. These covenants have been tested and relate to interest cover ratios and Group gearing limits and the Group does not expect these covenants to be breached. The Company and its direct subsidiaries have a number of guarantees, detailed in Note 18 of the financial statements. These guarantees relate to certain obligations that may become due by the underlying investments over their useful economic lives. We do not anticipate these guarantees to be called in the next 12 months, and, in many cases, the potential obligations are insured by the underlying investments. In the year ended 31 December 2025, the Group net increased the RCF outstanding balance by c.£89m. The Group's cash flows in the year, along with proceeds from disposals and drawings under the RCF, enabled the Group to meet investment commitments falling due in the year and funded share buybacks in the year. Post-year-end, on 11 February 2026, as more fully described on page 53, an indirect subsidiary of the Company (TRIG UK Investments Limited) entered into a £200m Private Placement ("PP") and applied the proceeds to significantly reduce the RCF balance. The PP has a fixed interest rate (at a similar level to the RCF) and has an amortisation schedule spreading the repayment / refinancing requirement over five years from 2033 to 2038. The Company expects to repay the PP when repayments become due principally from forecast surplus cashflows from the investments but could also expect to fund repayment from disposal proceeds and / or refinancing. Operating cash flows are expected to remain robust in the next few years as wholesale electricity prices remain relatively strong and are expected to enable investment commitments to be partially met by operational cash flows with the balance being funded by RCF drawdowns and / or divestment proceeds. Further selective asset disposals are expected in 2026, and the proceeds will be used to further reduce the outstanding RCF balance, which was £213m drawn at the date of this report. Further to the above, the Group has a number of outstanding commitments which are detailed in page 52 of this Annual Report and Note 18 of these financial statements. These commitments can be fully covered by the Group's RCF. The Directors have assessed ongoing risks (such as uncertain future inflation levels and interest rates, global conflicts, potential global trade tariff increases, regulatory change and global supply chain issues) and while each of these risks individually or combined have the potential to have a significant impact on the business, they do not expect these to have an impact sufficiently adverse to affect the going concern of the Company or Group. Risk-mitigating activities have served to reduce the impact on the business of these risks to date. The Directors continue to work with the Managers to ensure that the portfolio of investments is able to operate as effectively as possible. The Managers have performed downside risk scenario planning encompassing a range of potential outcomes and these demonstrate that, while profitability may be adversely affected, the Company and its investments are expected to remain viable. The Directors and Managers will continue to monitor any future developments. The Company is affected by climate-related risks, as set out in the Company's TCFD reporting on page 69 of this Annual Report, and the Board consider these when they assess the Company's ability to continue as a going concern. The Company continues to assess, monitor and, where necessary and possible, mitigate and manage these risks. These risks are not expected to have a material impact in the next 12 months. The Company will hold its Annual General Meeting in summer 2026, which will include an ordinary resolution continuation vote. The Directors intend to recommend that shareholders vote in favour of continuation, and for the Company to continue its business as presently constituted. This includes to continue to deliver the strategy set out at the Capital Markets Seminar in May 2025, which is to raise capital through corporate debt issuance and portfolio rotation, reinvest at double-digit returns and enhance the existing portfolio. This is a self-funded strategy that seeks to grow the Company's NAV and drive forward a compelling total return proposition, anchored by capital growth, a robust approach to capital allocation and a resilient dividend for shareholders. In the event that the vote fails, the Directors will formulate reorganisation or reconstruction proposals (which may or may not involve the winding up of the Company), with such proposals to be put to shareholders as soon as reasonably practicable. The Directors and Managers regularly meet shareholders and discuss the Company's performance, plans and strategy. Based on feedback from these meetings, the Directors expect to obtain the support of shareholders for continuation and hence consider that it remains appropriate to assume the Company continues to operate as a going concern. ¹ The increase / decrease that would be applied to the RCF interest margin if all the ESG KPIs are not met / met respectively is 0.05% which, if applied to the post-year-end RCF balance of c.£200m, would lead to an increase / decrease in the annual interest charge of c.£150,000. The margin increase / decrease will be half of this level if one / two KPIs are met (0.025% increase if one out of three KPIs met, 0.025% decrease if two out of three KPIs are met). 108 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Having performed the assessment of going concern, the Directors have a reasonable expectation that the Group and, therefore, the Company has adequate resources to continue in operational existence for a period of at least 12 months from the date of these financial statements. Thus, they adopt the going concern basis of accounting in preparing the annual financial statements. This conclusion is based on a review of the Group's cash flow projections including reasonably expected downside sensitivities together with cash and committed borrowing facilities available to it. ## Internal controls review Taking into account the information on emerging and principal risks and uncertainties provided in the Risk and Risk Management section, and the ongoing work of the Audit Committee in monitoring the risk management and internal control systems on behalf of the Board (see the Audit Committee Report section), the Directors: - Are satisfied that they have carried out a robust assessment of the principal and emerging risks facing the Company, including those that would threaten its business model, future performance, solvency or liquidity - Are satisfied the Company has adequate safeguards and procedures in place to function effectively and ensure operational continuity in the event of a major business interruption (such as a pandemic or cyber attack) including step-in plans for key personnel and systems - Continue to monitor emerging risks facing the Company, including but not limited to, the ongoing global conflicts, inflationary pressures and constraints in global supply chains - Have reviewed the effectiveness of the risk management and internal control systems, and no significant failings were identified The internal controls review covers material controls including financial, operational and compliance controls. To enable the Directors to provide this statement in relation to risks and controls, the Directors have worked with the Managers to: - Review the Company's risk dashboard and framework each quarter (including discussion as to whether TRIG is within the Company's risk appetite) - Consider each Manager's compliance with their own internal controls each quarter - Receive presentations from each Manager on the effectiveness of these controls and their internal controls environment at least annually - Consider the Company's risk appetite statement, agree this with the Managers, and document this - Assess the impact of a major business interruption (such as a pandemic) on the Company - Identify key personnel, systems and document step-in plans to ensure business continuity - Consider the risk culture of the Company and within the Managers and confirm that these are appropriate and expected to support the sustainability of the Company and consistent with the risk appetite ## Share repurchases There have been share buybacks in the year. The Company commenced a £50m share buyback programme on 9 August 2024 and announced on 11 February 2025 an increase in size of the programme to £150m. The Company has purchased 97,326,015 of its own shares and holds these shares in treasury. The latest authority for the Company to make market purchases of Ordinary Shares was granted to the Directors on 15 May 2024 and expires on the date of the next Annual General Meeting. The Directors are proposing that their authority to buy back shares be renewed at the forthcoming Annual General Meeting. ## Treasury shares Section 315 of the Companies (Guernsey) Law, 2008 allows companies to hold shares acquired by market purchase as treasury shares, rather than having to cancel them. Up to 14.99% of the number of shares in issue at the date of the last AGM (27 June 2025) may be held in treasury and may be subsequently cancelled or sold for cash in the market. This gives the Company the ability to reissue shares quickly and cost efficiently, thereby improving liquidity and providing the Company with additional flexibility in the management of its capital base. As at the signing date of these financial statements, there are 95,980,415 shares held in treasury.¹ The Board would only authorise the sale of shares from treasury at prices at or above the prevailing NAV per share (plus costs of the relevant sale). If such a measure were to be implemented, this would result in a positive overall effect on the Company's NAV. In the interests of all shareholders, the Board will keep the matter of treasury shares under review. On behalf of the Board of Directors of The Renewables Infrastructure Group Limited **Richard Morse** 26 February 2026 Registered Office: East Wing, Trafalgar Court, Les Banques, St Peter Port Guernsey, Channel Islands GY1 3PP 1 The total shares bought back by the Company differ from the total shares held in treasury by the sum of share issues to the Managers at NAV in partial payment of the management fee. TRIG Annual Report 2025 109 ## Directors’ Statement of Responsibilities ### The Directors are responsible for preparing the Directors’ responsibility statement We confirm that, to the best of our knowledge: ### Directors’ Report and the financial statements in ### accordance with applicable law and regulations. – The financial statements, prepared in accordance with International Financial Reporting Standards, give a true and fair The Companies (Guernsey) Law, 2008 requires the Directors to view of the assets, liabilities, financial position and profit or loss prepare financial statements for each financial year. Under that law, ofthe Company the Directors are required to prepare the Group financial statements in – The Chair’s Statement, the Strategic Report and Report of accordance with International Financial Reporting Standards (“IFRS”) the Directors include a fair review of the development and as adopted by the European Union. performance of the business and the position of the Company and Under company law, the Directors must not approve the financial Group taken as a whole together with a description of the principal statements unless they are satisfied that they give a true and fair view risks and uncertainties that it faces of the state of affairs of the Company and of the profit or loss of the – The Annual Report and financial statements when taken as a Company for that period. whole are fair, balanced and understandable and provide the information necessary for shareholders to assess the Company’s In preparing these financial statements, International Accounting position, performance, business model and strategy Standard 1 requires that Directors: This responsibility statement was approved by the Board of Directors – Properly select and apply accounting policies on 26 February 2026 and is signed on its behalf by: – Present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information – Provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity’s financial position and Richard Morse financial performance 26 February 2026 – Make an assessment of the Company’s ability to continue as agoing concern Registered Office: East Wing, Trafalgar Court, Les Banques, The Directors are responsible for keeping proper accounting records St Peter Port that are sufficient to show and explain the Company’s transactions Guernsey, Channel Islands GY1 3PP and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies (Guernsey) Law, 2008. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company’s website. Legislation in Guernsey and the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. 110 TRIG Annual Report 2025 ## Financials WHAT'S IN THIS SECTION Independent Auditor’s Report to TRIG 112 Financial Statements 120 Notes to the Financial Statements 124 111TRIG Annual Report 2025 ## Independent Auditor’s Report To the members of The Renewables Infrastructure Group Limited ### Report on the audit of the financial statements ### 1. Opinion In our opinion the financial statements of The Renewables Infrastructure Group Limited (the ‘company’): – give a true and fair view of the state of the company’s affairs as at 31 December 2025 and of its loss for the year then ended; – have been properly prepared in accordance with IFRS Accounting Standards as adopted by the European Union; and – have been prepared in accordance with the requirements of the Companies (Guernsey) Law, 2008. We have audited the financial statements which comprise: – the company income statement; – the company balance sheet; – the company statement of changes in shareholders’ equity; – the company cash flow statement; and – the related notes 1 to 21. The financial reporting framework that has been applied in their preparation is applicable law, and IFRS Accounting Standards as adopted bythe European Union. ### 2. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities underthose standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in theUK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard as applied to listed public interest entities, and we have fulfilledour other ethical responsibilities in accordance with these requirements. The non-audit services provided to the company for the yearare disclosed in note 6 to the financial statements. We confirm that we have not provided any non-audit services prohibited by the FRC’sEthicalStandard to the company. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ### 3. Summary of our audit approach Key audit matters The key audit matters that we identified in the current year were: – The assessment of the fair value of investments – Judgements associated with going concern Within this report, key audit matters are identified as follows: (!) Newly identified (<>) Similar level of risk Materiality The materiality that we used in the current year was £49m which was determined on the basis of 2% of shareholders’ equity. A lower materiality threshold of £3.2m based upon 3% of income from investments (excluding fair value movements in the portfolio valuation) was applied to amounts in the income statement, excluding the fair value movements associated with the fair value of investments, finance and other income and expenses. Scoping As the company is required to measure its subsidiaries at fair value rather than consolidate on a line-by-line basis, the company has been treated as having only one component. Significant changes We have identified judgements associated with going concern as a new key audit matter in the current year due to increased audit effort as a result of the continuation vote within the next 12 months. inourapproach 112 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### 4. Conclusions relating to going concern In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of thefinancial statements is appropriate. Our evaluation of the directors’ assessment of the company’s ability to continue to adopt the going concern basis of accounting is discussed insection 5.2. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from whenthe financial statements are authorised for issue. In relation to the reporting on how the company has applied the Association of Investment Companies Code of Corporate Governance (the“AICcode”), we have nothing material to add or draw attention to in relation to the directors’ statement in the financial statements about whether the directors considered it appropriate to adopt the going concern basis of accounting. Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. ### 5. Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we identified. These matters included those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit; and directing the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we donot provide a separate opinion on these matters. 5.1. The assessment of the fair value of investments Key audit matter The company’s investments held at fair value at 31 December 2025 comprise investments in intermediate holding companies, equity and subordinated debt interests as well as mezzanine level bonds in wind farm, description solar park and battery storage projects. The company, its subsidiaries and its portfolio of investments are known as “the Group”. These investments are classified at Level 3 within the IFRS 13 fair value hierarchy and their valuation requires significant judgement. The company’s portfolio has decreased by £327m in the year to £2,473.7m at 31 December 2025 (31 December 2024: £2,800.7m); £212.8m of the decrease is recognised through the income statement asa fair value loss. Certain assumptions used in the determination of fair value are a key source of estimation uncertainty, which is why we consider there to be a risk of material misstatement as well as a potential for fraud through possible manipulation of this balance. As there is no liquid market for these investments, they are measured using a discounted cash flow methodology. The complex nature of this methodology, combined with the number of significant judgements and the sensitivity of the valuation to changes in these judgements and assumptions means there is a risk that the fair value of the investments could be misstated. The key assumptions that contain the highest level of judgement and to which the valuation is most sensitive have been summarised as: – Discount rates – the determination of the appropriate bifurcated discount rates for each investment thatis reflective of current market conditions and specific risks of the investment; – Forecast inflation rates in the short-term and long-term for the applicable geographies where the company has investments; – Forecast power prices, including the consideration of government-imposed levies, forward prices, cannibalisation, and the impact of climate change; and – Energy yields – these are based on the P50 budgeted production which assume production will beaverage (i.e. will have a 50% probability of exceeding the average yield) factoring in different geographies and asset specific factors. The Audit Committee have set out their consideration of the risk on page 99 and it is disclosed as a key source of estimation uncertainty in note 3 of the financial statements. A breakdown of the investments and the assumptions applied to the valuation and related sensitivities are described in note 4 of the financial statements. 113TRIG Annual Report 2025 Independent Auditor’s Report continued How the scope of our We challenged the key judgements and assumptions in our assessment of the fair value of investments aswell as the sensitivity of the valuation to reasonably possible changes in these assumptions. audit responded to the key audit matter Our audit procedures included the following: – obtaining an understanding and testing the relevant controls in respect of the valuation process adopted by the Investment Manager and Board, including the incorporation of updates to the valuation models used at 31 December 2025; – disaggregating projects based upon our risk assessment in order to challenge the cash flow projections and explanations for significant movements in the forecast, with detailed model review procedures using analytics performed on higher risk projects and performing analytical reviews on the remainder ofthe projects; – reviewing share purchase agreements for asset acquisitions and divestments during the year in order todetermine the impact on the valuation; – involving our valuation specialists in challenging the valuation assumptions applied in the context of market and transaction information; this included assessing the bifurcation discount rate methodology, benchmarking discount rates, and assessing the inflation rates within the valuation; – evaluating the inflation rate assumptions included in the forecasts with reference to observable market data and external forecasts; – evaluating the power price curves used in the model through independent recalculation of the curves and agreement of inputs back to external source data; – evaluating the historical average trends of actual generation compared to the P50 budget in assessing the reasonableness of assumed energy yields; – assessing the impact of climate change on the power price curves, in respect of the wholesale curves selected and cannibalisation rates, used within the fair value of the investments; – understanding and challenging management’s process for determining costs to complete for projects inconstruction through review of the estimated costs to complete; – assessing the incorporation of the assumptions into the valuation model and the correct application of the selected discount rates; – holding meetings with the Operations Manager to understand the performance of the underlying Special Purpose Vehicles (SPVs), including consideration of actual generation variance to energy yield budget; – in conjunction with our valuation specialists, reviewing and challenging management’s benchmarking of the net asset value of the company against market capitalisation taking into consideration other market evidence and benchmarks; this included analysis of the share price discount to net asset value of peer companies, the failure to proceed with the proposed merger with HICL Infrastructure PLC (“HICL”) and other relevant market transactional data; – involving our tax specialists in assessing the tax treatment of portfolio level reliefs; and – evaluating the adequacy of the disclosures made in the financial statements including the sensitivities applied to the valuation. Key observations Based on the audit procedures performed we concluded that the fair value of investments is materially appropriate. 114 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices 5.2. Judgements associated with going concern (!) Key audit matter The Directors have performed an assessment of going concern for the company as set out in the directors’ report on page 108 and note 2 to the financial statements respectively, and concluded description thattheadoption of the going concern assumption is appropriate. In performing this assessment, a key area of judgement is the requirement for the company to undertake a continuation vote. This vote is required by the company’s Articles, as amended in June 2025, due to the company’s market capitalisation trading at an average discount to net asset value (NAV) in excess of 10% over the course of 2025, and will require an ordinary resolution to be proposed at the next AGM in summer 2026 for the shareholders to vote for continuation of the company. To pass, at least 50% of shareholders would need to vote for the resolution. In the scenario that the shareholders voted against continuation, the Directors of the company would be required to formulate reorganisation or reconstruction proposals (which may or may not involve the winding-up of the company). The Directors and Managers regularly meet shareholders to discuss the company's performance, plans and strategy. Based on feedback from these meetings, the Directors expect to obtain the support of shareholders for continuation. Increased audit effort has been required to respond to the risk associated with the continuation vote, andaccordingly the going concern assumption has been identified as a key audit matter. How the scope of our We challenged the assumptions made by the Directors and the adoption of the going concern assumption, through the following procedures: audit responded to the key audit matter – Obtaining an understanding of the Board's process for evaluating the company’s ability to continue asagoing concern; – assessing the directors’ view as to the likely outcome of the continuation vote and hence the ongoing viability of the company through inquiries with the Board, the company’s investment manager and the company’s broker and by reviewing shareholder analysis; – evaluating the consistency of the forecast assumptions applied in the going concern assessment with forecasts used within the investment valuation; – evaluating the company’s liquidity requirements and forecast cash flows over the assessment period, including covenant compliance and consideration of the private placement debt issuance completed inFebruary 2026; – testing the clerical accuracy and the integrity of the model used to prepare the forecasts; – assessing the historical accuracy of forecasts prepared by management; – assessing the assumptions used in the forecast cash flows, including performing sensitivity analysis inrelation to key assumptions and assessing headroom in the forecasts; and – assessing the appropriateness of the disclosures in the financial statements relating to going concern Key observations Based on the procedures performed we are satisfied the company’s assumptions and disclosures regarding the preparation of the financial statements on a going concern basis are appropriate. 115TRIG Annual Report 2025 Independent Auditor’s Report continued ### 6. Our application of materiality 6.1. Materiality We define materiality as the magnitude of misstatement in the financial statements that makes it probable that the economic decisions ofareasonably knowledgeable person would be changed or influenced. We use materiality both in planning the scope of our audit work andinevaluating the results of our work. Based on our professional judgement, we determined materiality for the financial statements as a whole as follows: Materiality £49.0m (2024: £57.0m) Basis for determining 2% of shareholders’ equity (2024: 2% of shareholders’ equity) materiality Rationale for the We consider equity to be the key benchmark used by shareholders of the company in assessing financial performance. benchmark applied Shareholders’ equity Materiality £2,488m £49.0m Audit committee reporting threshold £2.4m Shareholders’ equity Materiality A lower materiality threshold of £3.2m (2023: £3.5m) based upon 3% of interest income from investments (excluding fair value movements intheportfolio valuation) has also been used. This has been applied to amounts in the income statement excluding fair value movements, finance and other income and expenses, due to qualitative factors of stakeholder interest. 6.2. Performance materiality We set performance materiality at a level lower than materiality to reduce the probability that, in aggregate, uncorrected and undetected misstatements exceed the materiality for the financial statements as a whole. Performance materiality was set at 70% of materiality for the2025audit (2024: 70%). In determining performance materiality, we considered the following factors: a. the quality of the control environment at the company and the Investment Manager; b. the overall stability of the business; c. the willingness of the Investment Manager to correct errors identified; and d. the consistency and the competency of the finance team. 6.3. Error reporting threshold We agreed with the Audit Committee that we would report to the Committee all audit differences in excess of £2.4m (2024: £2.9m), as well as differences below that threshold that, in our view, warranted reporting on qualitative grounds. We also report to the Audit Committee on disclosure matters that we identified when assessing the overall presentation of the financial statements. 116 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### 7. An overview of the scope of our audit 8. Other information The other information comprises the information included in the 7.1. Scoping annual report, other than the financial statements and our auditor’s Our audit was scoped by obtaining an understanding of the entity report thereon. The directors are responsible for the other information andits environment, including internal control, and assessing contained within the annual report. the risks of material misstatement. Audit work to respond to the risks of material misstatement was performed directly by the audit Our opinion on the financial statements does not cover the engagement team. other information and we do not express any form of assurance conclusion thereon. As the company is an investment entity under IFRS 10, its subsidiaries are measured at fair value rather than consolidated on a line-by-line Our responsibility is to read the other information and, in doing so, basis. Therefore, the company has been treated as having only one consider whether the other information is materially inconsistent with component and all of the audit work was performed directly by the the financial statements or our knowledge obtained in the course of audit engagement team. the audit, or otherwise appears to be materially misstated. 7.2. Our consideration of the control environment If we identify such material inconsistencies or apparent material We have obtained an understanding of the control environment misstatements, we are required to determine whether this gives rise and have tested, the relevant controls to address our significant to a material misstatement in the financial statements themselves. risks and otherkey account balances and transactions, including If, based on the work we have performed, we conclude that there is journal entries, the financial reporting process and the valuation of a material misstatement of this other information, we are required to investments. This included the control environment and relevant report that fact. controls operating at the Investment Manager as a key service We have nothing to report in this regard. provider to the company. 7.3. Our consideration of climate-related risks ### 9. Responsibilities of directors Management has considered transition and physical risks when As explained more fully in the directors’ responsibilities statement, factoring in climate change as part of their risk assessment process the directors are responsible for the preparation of the financial when considering the principal risks and uncertainties facing the statements and for being satisfied that they give a true and fair view, company. These risks have been focused on the assumptions and for such internal control as the directors determine is necessary underlying the valuation of investments, and include power price to enable the preparation of financial statements that are free from forecasts, energy yields, asset availability and maintenance costs. material misstatement, whether due to fraud or error. In our evaluation of the climate-related risks facing the company, weconsidered that the key assumption is the power price forecasts; In preparing the financial statements, the directors are responsible this is linked to the key audit matter as highlighted in section for assessing the company’s ability to continue as a going concern, 5.1, where wehave described both the risks related to these disclosing as applicable, matters related to going concern and using assumptions and our audit procedures in relation to the challenge the going concern basis of accounting unless the directors either ofthis assumption. intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. The climate change risk factors underpinning the assumptions have been explained in note 3 of the financial statements. ### With the involvement ofour ESG specialists, we have evaluated the 10. Auditor’s responsibilities for the audit appropriateness of disclosures included in the financial statements ### ofthe financial statements and have read the annual report to consider whether other climate Our objectives are to obtain reasonable assurance about change disclosures are materially consistent with the financial whether thefinancial statements as a whole are free from statements and our knowledge obtainedin the audit, including the material misstatement, whether due to fraud or error, and to issue consideration of net zero power curves used to assess the impact an auditor’s report that includes our opinion. Reasonable assurance ofcertain transition risks on the valuationof the portfolio. is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of userstaken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms partofour auditor’s report. 117TRIG Annual Report 2025 Independent Auditor’s Report continued ### 11. Extent to which the audit was 11.2. Audit response to risks identified As a result of performing the above, we identified the assessment ### consideredcapable of detecting of the fair value of investments as a key audit matter related to the ### irregularities, includingfraud potential risk of fraud. The key audit matters section of our report Irregularities, including fraud, are instances of non-compliance explains the matter in more detail and also describes the specific with laws and regulations. We design procedures in line with our procedures we performed in response to that key audit matter. responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our In addition to the above, our procedures to respond to risks identified procedures are capable of detecting irregularities, including fraud is included the following: detailed below. – reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions 11.1. Identifying and assessing potential risks related ofrelevant laws and regulations described as having a direct effect to irregularities on the financial statements; In identifying and assessing risks of material misstatement in respect – enquiring of management and the Audit Committee concerning of irregularities, including fraud and non-compliance with laws and actual and potential litigation and claims; regulations, we considered the following: – performing analytical procedures to identify any unusual or – the nature of the industry and sector, control environment and unexpected relationships that may indicate risks of material business performance including the design of the company’s misstatement due to fraud; remuneration policies, key drivers for directors’ and Investment – reading minutes of meetings of those charged with governance; Manager’s remuneration, bonus levels and performance targets; and – results of our enquiries of management, the directors and the – in addressing the risk of fraud through management override Audit Committee about their own identification and assessment of controls, testing the appropriateness of journal entries and of the risks of irregularities, including those that are specific to the other adjustments; assessing whether the judgements made in company’s sector; making accounting estimates are indicative of a potential bias; – any matters we identified having obtained and reviewed the andevaluating the business rationale of any significant transactions company’s documentation of their policies and procedures that are unusual or outside the normal course of business. relating to: We also communicated relevant identified laws and regulations – identifying, evaluating and complying with laws and andpotential fraud risks to all engagement team members including regulations and whether they were aware of any instances internal specialists, and remained alert to any indications of fraud or ofnon-compliance; non-compliance with laws and regulations throughout the audit. – detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; – the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; – the matters discussed among the audit engagement team and relevant internal specialists, including tax, valuations and ESG specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the assessment of fair value of investments. In common with all audits under ISAs (UK), weare also required to perform specific procedures to respond totherisk of management override. We also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the Companies (Guernsey) Law, 2008, the Listing Rules and relevant tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. The key laws and regulations we considered in this context included the Alternative Investment Fund Managers (“AIFM”) Directive, the AIC Code, and theNon-Mainstream Pooled Investments (“NMPI”) regulations. 118 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices # Report on other legal and Regulatory Requirements ## 12. Corporate Governance Statement The Listing Rules require us to review the directors' statement in relation to going concern, longer-term viability and that part of the Corporate Governance Statement relating to the company's compliance with the provisions of the AIC Code specified for our review. Based on the work undertaken as part of our audit, we have concluded that each of the following elements of the Corporate Governance Statement is materially consistent with the financial statements and our knowledge obtained during the audit: - the directors' statement with regards to the appropriateness of adopting the going concern basis of accounting and any material uncertainties identified set out on page 108; - the directors' explanation as to its assessment of the company's prospects, the period this assessment covers and why the period is appropriate set out on page 108; - the directors' statement on fair, balanced and understandable set out on page 110; - the board's confirmation that it has carried out a robust assessment of the emerging and principal risks set out on page 109; - the section of the annual report that describes the review of effectiveness of risk management and internal control systems set out on page 109; and - the section describing the work of the Audit Committee set out on page 99. ## 13. Matters on which we are required to report by exception ### 13.1. Adequacy of explanations received and accounting records Under the Companies (Guernsey) Law, 2008 we are required to report to you if, in our opinion: - we have not received all the information and explanations we require for our audit; or - proper accounting records have not been kept, or - the financial statements are not in agreement with the accounting records. **We have nothing to report in respect of these matters.** ## 14. Other matters which we are required to address ### 14.1. Auditor tenure Following the recommendation of the Audit Committee, we were appointed by the board of directors on 19 September 2013 to audit the financial statements for the year ending 31 December 2013 and subsequent financial periods and reappointed for a second time following an audit tender process that concluded in December 2021. Our reappointment was subsequently ratified by shareholders at the company's AGM in May 2022. The period of total uninterrupted engagement including previous renewals and reappointments of the firm is 13 years, covering the years ending 31 December 2013 to 31 December 2025. ### 14.2. Consistency of the audit report with the additional report to the Audit Committee Our audit opinion is consistent with the additional report to the Audit Committee we are required to provide in accordance with ISAs (UK). ## 15. Use of our report This report is made solely to the company's members, as a body, in accordance with Section 262 of the Companies (Guernsey) Law, 2008. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. **Marc Cleeve** (Senior statutory auditor) For and on behalf of Deloitte LLP Recognised Auditor Jersey, Channel Islands 26 February 2026 TRIG Annual Report 2025 119 ## Company Income Statement For the year ended 31 December 2025 | | Year ended | | Year ended | | | --- | --- | --- | --- | --- | | | 31 December | | 31 December | | | | | 2025 | | 2024 | | Note | | £’m | | £’m | Net loss on investments 12 (212.8) (275.6) Interest income from investments 108.6 117.2 Total operating loss (104.2) (158.4) Fund expenses 6 (6.4) (2.7) Finance and other (expense) / income 7 (19.3) 45.9 Loss before tax (129.9) (115.2) Income tax 8 – – Loss after tax 9 (129.9) (115.2) Attributable to: Equity holders of the parent (129.9) (115.2) (129.9) (115.2) Basic and diluted loss per share (pence) 9 (5.4)p (4.7)p All results are derived from continuing operations. The accompanying Notes are an integral part of these financial statements. There is no other comprehensive income or expense apart from those disclosed above and, consequently, a separate statement ofcomprehensive income has not been prepared. 120 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Company Balance Sheet As at 31 December 2025 | | | As at | | As at | | --- | --- | --- | --- | --- | | | 31 December | | 31 December | | | | | 2025 | | 2024 | | Note | | £’m | | £’m | Non-current assets Investments at fair value through profit or loss 12 2,473.7 2,800.7 FX forward contracts 16 4.7 26.6 Total non-current assets 2,478.4 2,827.3 Current assets Other receivables 13 0.1 1.1 FX forward contracts 16 7.4 17.5 Cash and cash equivalents 14 7.1 11.7 Total current assets 14.6 30.3 Total assets 2,493.0 2,857.6 Non-current liabilities FX forward contracts 16 (4.2) (0.2) Total non-current liabilities (4.2) (0.2) Current liabilities Trade and other payables (1.1) (1.1) Total current liabilities (1.1) (1.1) Total liabilities (5.3) (1.3) Net assets 11 2,487.7 2,856.3 Equity Share capital and share premium 15 2,447.1 2,752.7 Other reserves 15 – 1.0 Retained reserves 15 40.6 102.6 Total equity attributable to owners of the parent 11 2,487.7 2,856.3 Net assets per Ordinary Share (pence) 11 104.0p 115.9p The accompanying Notes are an integral part of these financial statements. The financial statements were approved and authorised for issue by the Board of Directors on 26 February 2026, and signed on its behalf by Director: John Whittle Director: Richard Morse Company registered number: 11738373 121TRIG Annual Report 2025 # Company Statement of Changes in Shareholders' Equity ## For the year ended 31 December 2025 | | Share capital and share premium £'m | Other reserves £'m | Retained reserves £'m | Total equity £'m | | --- | --- | --- | --- | --- | | Shareholders' equity at beginning of year | 2,752.7 | 1.0 | 102.6 | 2,856.3 | | Loss for the year | – | – | (129.9) | (129.9) | | Dividends paid | – | – | (182.1) | (182.1) | | Shares repurchased | (57.1) | – | – | (57.1) | | Ordinary Shares issued in year in lieu of management Fees, earned in H2 2024^{1} | 1.0 | (1.0) | – | – | | Ordinary Shares issued in year in lieu of management Fees, earned in H1 2025^{2} | 0.5 | – | – | 0.5 | | Reserves transfer^{3} | (250.0) | – | 250.0 | – | | **Shareholders' equity at end of year** | **2,447.1** | **–** | **40.6** | **2,487.7** | ## For the year ended 31 December 2024 | | Share capital and share premium £'m | Other reserves £'m | Retained reserves £'m | Total equity £'m | | --- | --- | --- | --- | --- | | Shareholders' equity at beginning of year | 2,772.0 | 1.0 | 401.3 | 3,174.3 | | Loss for the year | – | – | (115.2) | (115.2) | | Dividends paid | – | – | (183.5) | (183.5) | | Shares repurchased | (21.3) | – | – | (21.3) | | Ordinary Shares issued in year in lieu of management fees, earned in H2 2023^{4} | 1.0 | (1.0) | – | – | | Ordinary Shares issued in year in lieu of management fees, earned in H1 2024^{5} | 1.0 | – | – | 1.0 | | Ordinary Shares to be issued in lieu of management fees, earned in H2 2024^{6} | – | 1.0 | – | 1.0 | | **Shareholders' equity at end of year** | **2,752.7** | **1.0** | **102.6** | **2,856.3** | In line with the Investment Management Agreement and the Operations Management Agreement, 20% of the management fees are to be settled in Ordinary Shares up to an Adjusted Portfolio Value of £'bn. 1 The £1,005,464 transfer between reserves represents the 881,732 shares that relate to management fees earned in the six months to 31 December 2024 and were recognised in other reserves at 31 December 2024, and were issued to the Managers during the year, with the balance being transferred to share premium reserve on 31 March 2025. 2 The £493,151 addition to the share premium reserve represents the 463,866 shares that relate to management fees earned in the three months to 31 March 2025 and were issued to the Managers on 30 September 2025. As per the new management fee agreement effective from 1 April 2025, management fees are paid in cash only hence no accrual related to H2 2025. 3 The Company carried out a transfer from Share Premium Reserve to Retained Reserves on 24 June 2025 to optimise the reserves balance. 4 The £1,008,219 transfer between reserves represents the transfer between reserves represents the 818,326 shares that relate to management fees earned in the six months to 31 December 2023 and were recognised in other reserves at 31 December 2023, and were issued to the Managers during 2024, with the balance being transferred to share premium reserve on 28 March 2024. 5 As at 30 June 2024, 800,776 shares equating to £994,536 based on a Net Asset Value ex dividend of 121.5325p per share (the Net Asset Value at 30 June 2024 of 123.4p per share less dividend of 1.8675p per share) were due and the Company issued these shares to the Managers on 30 September 2024. The accompanying Notes are an integral part of these financial statements. 122 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Company Cash Flow Statement For the year ended 31 December 2025 | | Year ended | | Year ended | | | --- | --- | --- | --- | --- | | | 31 December | | 31 December | | | | | 2025 | | 2024 | | Note | | £’m | | £’m | Cash flows from operating activities Loss before tax 9 (129.9) (115.2) Adjustments for: Net loss on investments 12 212.8 275.6 Investment income from investments (108.6) (117.2) Realised exchange gains FX forwards 7 17.3 16.9 Finance and other expense / (Income) 7 19.3 (45.9) Operating cash flow before changes in working capital 10.9 14.2 Changes in working capital: Decrease in receivables 1.2 – Increase in payables – 0.4 Cash generated by operations 12.1 14.6 Interest received from investments 108.6 117.2 Interest income from cash on deposit 7 0.1 0.3 Net cash from operating activities 120.8 132.1 Cash flows from investing activities Funding of investments 12 (17.0) (23.1) Loan stock repayments received 12 130.3 87.6 Net cash from investing activities 113.3 64.5 Cash flows from financing activities Proceeds from issue of share capital during year 1.5 2.0 Repurchase of shares (57.6) (20.9) Dividends paid to shareholders 10 (182.1) (183.5) Net cash used in financing activities (238.2) (202.4) Net decrease in cash and cash equivalents (4.1) (5.8) Cash and cash equivalents at beginning of year 14 11.7 18.1 Exchange loss on cash (0.5) (0.6) Cash and cash equivalents at end of year 14 7.1 11.7 The accompanying Notes are an integral part of these financial statements. 123TRIG Annual Report 2025 # Notes to the Financial Statements ## 1. General information The Renewables Infrastructure Group Limited ("TRIG" or the "Company") is a closed ended investment company incorporated in Guernsey under Section 20 of the Companies (Guernsey) Law, 2008. The shares are publicly traded on the London Stock Exchange under a premium listing. Through its subsidiaries, The Renewables Infrastructure Group (UK) Limited ("TRIG UK"), and The Renewables Infrastructure Group (UK) Investments Limited ("TRIG UK I"), TRIG invests in mainly operational renewable energy generation projects, predominantly in onshore and offshore wind, solar PV and battery storage segments, across the UK and Europe. The Company, TRIG UK, TRIG UK I and its portfolio of investments are known as the "Group". These financial statements are for the year ended 31 December 2025 and comprise only the results of the Company as all of its subsidiaries are measured at fair value as explained below in Note 2 (a). ## 2. Key accounting policies ### (a) Basis of preparation The financial statements were approved and authorised for issue by the Board of Directors on 26 February 2026. The financial statements, which give a true and fair view, have been prepared in compliance with the Companies (Guernsey) Law, 2008 and in accordance with International Financial Reporting Standards ("IFRS") as adopted by the European Union ("EU") using the historical cost basis, except that the financial instruments and investments, which are classified at fair value through profit or loss, are stated at their fair values. All accounting policies have been applied consistently in these financial statements. The financial statements are presented in pounds Sterling, which is the Company's functional currency. Foreign operations are included in accordance with the policies set out in this Note. The preparation of financial statements in conformity with IFRS as adopted by the EU requires the Directors to make judgements, estimates and assumptions that affect the application of policies and the reported amounts of assets and liabilities, income and expense. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the year in which the estimate is revised if the revision affects only that year or in the year of the revision and future years if the revision affects both current and future years. Note 3 shows critical accounting judgements, estimates and assumptions. ### (b) Going concern The Company has the necessary financial resources to meet its obligations for at least the next 12 months following the date of this report. It is more beneficial to consider going concern from the Group perspective as the Company has access to funding via the revolving credit facility ("RCF"), which is borne within its subsidiaries as well as receiving distributions and cash flows from the underlying group companies, which are passed up to the Company as required as part of the intercompany funding arrangements. The Group's business activities, together with the factors likely to affect its future development, performance and position, are set out in the Strategic Report. The financial position of the Group, its cash flows, liquidity position and borrowing facilities are described in the Financial Review section of the Strategic Report. In addition, Notes 1 to 4 to the financial statements include the Group's objectives, policies and processes for managing its capital; its financial risk management objectives; details of its financial instruments and hedging activities; and its exposures to credit risk and liquidity risk. The Group benefits from a range of long-term contracts with various major UK and European utilities and well-established suppliers across a range of infrastructure projects. The £500m RCF was most recently renewed in February 2025 and expires 31 March 2028. The RCF includes a working capital component and RCF drawings are limited to 30% of Portfolio Value. At 31 December 2025, the Group was £398m drawn (2024: £309m), the Group's leverage was 14% for fund-level financing (2024: 10%). The Group's project-level financing is non-recourse to the Company and is limited to 50% of Gross Portfolio Value. The gearing level is 37% for project-level financing (2024: 37%). As a consequence, the Directors believe that the Group is well placed to manage its business risks successfully. The RCF is also ESG-linked, resulting in a possible increase or reduction to future interest payments based on the Group's performance against KPIs relating to ESG targets over time. The Group has sufficient headroom on its RCF covenants. These covenants have been tested and relate to interest cover ratios and group, gearing limits, and the Group does not expect these covenants to be breached. The Company and its direct subsidiaries have a number of guarantees, detailed in Note 18 of these financial statements. These guarantees relate to certain obligations that may become due by the underlying investments over their useful economic lives. We do not anticipate these guarantees to be called in the next 12 months and in many cases the potential obligations are insured by the underlying investments. In the year ended 31 December 2025, the Group net increased the RCF outstanding balance by c.£89m. The Group's cash flows in the year, along with proceeds from disposals and drawings under the RCF, enabled the Group to meet investment commitments falling due in the year and funded share buybacks in the year. A cash balance of £7.1m at 31 December 2025 (2024: £11.7m) is held by the Company, with further amounts held in the Company's direct and indirect subsidiaries. Post-year-end, on 11 February 2026, as more fully described on page 53, an indirect subsidiary of the Company (TRIG UK Investments Limited) entered into a £200m Private Placement ("PP") and applied the proceeds to significantly reduce the RCF balance. The PP has a fixed interest rate (at a similar level to the RCF) and has an amortisation schedule spreading the repayment / refinancing requirement over five years from 2033 to 2038. The Company expects to repay the PP when repayments become due principally from forecast surplus cash flows from the investments but could also expect to fund repayment from disposal proceeds and / or refinancing. Operating cash flows are expected to remain robust in the next few years as wholesale electricity prices remain relatively strong and are expected to enable investment commitments to be partially met by operational cash flows with the balance being funded by RCF drawdowns and / or divestment proceeds. Further selective asset 124 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices disposals are expected in 2026, and the proceeds will be used to ### (c) Basis of consolidation further reduce the outstanding RCF balance, which was £213m The Company applies IFRS 10 ‘Consolidated Financial Statements’, drawn at the date of this report. and as an investment entity is required to measure all of its subsidiaries at fair value. However, subsidiaries that are not Further, to the above, the Group has a number of outstanding themselves investment entities and provide investment-related commitments, which are detailed on page 52 of this Annual Report services to the Company should be consolidated. The Company and Note 18 of these financial statements. These commitments can does not have any such subsidiaries and, consequently, values be fully covered by the Group’s RCF. its subsidiaries, at fair value though profit and loss. The financial The Directors have assessed ongoing risks (such as uncertain future statements, therefore, comprise the results of the Company inflation levels and interest rates, global conflicts, potential global only. Subsidiaries are those entities controlled by the Company. trade tariff increases, regulatory change and global supply chain The Company has control of an investee when it has power over the issues), and while each of these risks individually or combined have investee, when it is exposed, or has rights, to variable returns from the potential to have a significant impact on the business, they do not its involvement with the investee and has the ability to affect those expect these to have an impact sufficiently adverse to affect the going returns through its power over the investee as defined in IFRS 10 concern of the Company or Group. Risk-mitigating activities have ‘Consolidated Financial Statements’. served to reduce the impact on the business of these risks to date. The Directors believe it is appropriate and relevant to the investor to The Directors continue to work with the Managers to ensure that the account for the investment portfolio at fair value, where consolidating portfolio of investments is able to operate as effectively as possible. it would not be. The Managers have performed downside risk scenario planning encompassing a range of potential outcomes and these demonstrate The Company’s subsidiaries, TRIG UK and TRIG UK I, carry out that, while profitability may be adversely affected, the Company and investment activities and incur overheads and borrowings on its investments are expected to remain viable. The Directors and behalf of the Group. The Directors, therefore, provide an alternative Managers will continue to monitor any future developments. presentation of the Company’s results in the Strategic Report on pages 48 to 52 prepared under the ‘Expanded basis’, which includes The Company is affected by climate-related risks, as set out in the the consolidation of TRIG UK and TRIG UK I. Company’s TCFD reporting on page 69 of this Annual Report, and the Board considers these when they assess the Company’s ability An entity shall consider all facts and circumstances when assessing to continue as a going concern. The Company continues to assess, whether it is an investment entity, including its purpose and design. monitor, and where necessary and possible, mitigate and manage Under the definition of an investment entity, as set out in paragraph 27 these risks. These risks are not expected to have a material impact in the standard, the entity must satisfy all three of the following tests: inthe next 12 months. – Obtains funds from one or more investors for the purpose of The Company will hold its Annual General Meeting in summer providing those investors with investment management services 2026, which will include an ordinary resolution continuation vote. The Directors intend to recommend that shareholders vote in favour – Commits to its investors that its business purpose is to invest funds of continuation, and for the Company to continue its business as solely for returns from capital appreciation, investment income, or presently constituted. This includes to continue to deliver the strategy both (including having an exit strategy for investments) set out at the Capital Markets Seminar in May 2025, which is to – Measure and evaluate the performance of substantially all of its raise capital through corporate debt issuance and portfolio rotation, investments on a fair value basis reinvest at double-digit returns and enhance the existing portfolio. This is a self-funded strategy that seeks to grow the Company’s In respect of the first criterion, TRIG is an investment company, which NAV and drive forward a compelling total return proposition, enables shareholders to gain exposure to a diversified portfolio of anchored by capital growth, a robust approach to capital allocation renewable energy and related infrastructure investments coupled and a resilient dividend for shareholders. In the event that the vote withthe management of these investments. fails, the Directors will formulate reorganisation or reconstruction In respect of the second criterion, the Company’s purpose is to proposals (which may or may not involve the winding up of the invest funds for returns from capital appreciation and investment Company), with such proposals to be put to shareholders as soon income. The Company’s exit of its investments in project companies as reasonably practicable. The Directors and Managers regularly may be at the time the existing turbines or other generation assets meet shareholders and discuss the Company’s performance, plans get to the end of their economic lives or planning or leasehold and strategy. Based on feedback from these meetings, the Directors land interests expire, at which point the project companies may be expect to obtain the support of shareholders for continuation and considering redevelopment (referred to as a ‘repowering’) of the hence consider that it remains appropriate to assume the Company site. The Company may remain invested in the event there is the continues to operate as a going concern. opportunity to repower and undertake the repowering, subject to its Having performed the assessment of going concern, the Directors investment limits on construction activity being met and depending have a reasonable expectation that the Group and, therefore, on economic considerations at the time. The Company may also exit the Company has adequate resources to continue in operational investments earlier for reasons of portfolio balance or profit as there is existence for a period of at least 12 months from the date of these an active secondary market for renewables projects in the countries financial statements. Thus, they adopt the going concern basis of in which we operate. accounting in preparing the annual financial statements. In respect of the third criterion, the Board evaluates the performance This conclusion is based on a review of the Group’s cash flow of the assets on a fair market value basis throughout the year as part projections including reasonably expected downside sensitivities of the management accounts review, and the Company undertakes a together with cash and committed borrowing facilities available to it. fair market valuation of its portfolio twice a year for inclusion in its 125TRIG Annual Report 2025 Notes to the Financial Statements continued ### 2. Key accounting policies continued (e) Impairment report and accounts with the movement in the valuation taken to Financial assets theIncome Statement and thus measured within its earnings. Financial assets, other than those at fair value through profit or loss, are assessed for expected credit losses at each balance sheet date Taking these factors into consideration, the Directors are of the to reflect the changes in credit risk since initial recognition of the opinion that the Company has all the typical characteristics of an respective financial instrument. investment entity and meets the definition in the standard. The Company recognises lifetime ECL when there has been a ### (d) Financial instruments significant increase in credit risk since initial recognition. However, Financial assets and liabilities are recognised on the balance sheet if the credit risk on the financial instrument has not increased when the Company becomes a party to the contractual provisions significantly since initial recognition, the Group measures the of the instrument. Financial assets are derecognised when the loss allowance for that financial instrument at an amount equal to contractual rights to the cash flows from the instrument expire or 12-month ECL. the asset is transferred, and the transfer qualifies for derecognition in accordance with IFRS 9 ‘Financial Instruments’. The Company Lifetime ECL represents the expected credit losses that will result derecognises financial liabilities when, and only when, the Group’s from all possible default events over the expected life of a financial obligations are discharged, cancelled or have expired. instrument. In contrast, 12-month ECL represents the portion of lifetime ECL that is expected to result from default events on a Financial derivatives are valued using a mark-to-market valuation financial instrument that are possible within 12 months after the based on the underlying derivative contracts that are executed reporting date. with the banks. The movements in mark-to-market valuation are ### recognised in the Income Statement. (f) Share capital and share premium Ordinary Shares are classified as equity. Costs directly attributable Non-derivative financial instruments to the issue of new shares or associated with the establishment of Non-derivative financial instruments comprise investments in equity the Company that would otherwise have been avoided are written off and debt securities, other receivables, cash and cash equivalents, against the value of the Ordinary Share premium. Shares repurchased and trade and other payables. including broker fees are applied to the Capital reserve. Non-derivative financial instruments are recognised initially at fair ### (g) Cash and cash equivalents value (including directly attributable transaction costs where these Cash and cash equivalents comprise cash balances, deposits held instruments are held at amortised cost). Subsequent to initial on call with banks and other short-term, highly liquid investments with recognition, non-derivative financial instruments are measured at original maturities of three months or less. Cash equivalents are held amortised cost with the exception of investments in equity and debt for the purpose of meeting short-term cash commitments rather than securities, which are measured as described below. for investment or other purposes. Investments in equity and debt securities Bank overdrafts that are repayable on demand, and which form an Investments in the equity, loan stock and mezzanine debt of entities integral part of cash management, are included as a component engaged in renewable energy activities are designated upon initial of cash and cash equivalents for the purpose of the Cash recognition as held at fair value through profit or loss. Gains or losses Flow Statement. resulting from the movement in fair value are recognised in the Income Statement at each valuation point. ### (h) Investment income Financial assets are recognised / derecognised at fair value at the Income from investments relates solely to returns from the Company’s date of the purchase / disposal. A financial asset (in whole or part) subsidiaries TRIG UK and TRIG UK I. Interest is recognised as it isderecognised either: accrues by reference to the principal outstanding on the loan stock and the effective interest rate applicable and dividends when these – When the Group has transferred substantially all of the risk and are received. rewards of ownership; or ### (i) Income tax – When it has neither transferred or retained substantially all of the risks and rewards of ownership but it no longer has control over Under the current system of taxation in Guernsey, the Company theasset or a portion of the asset; or is exempt from paying taxes on non-Guernsey source income or capital gains. – When the contractual rights to receive cash flow have expired. ### The initial difference between the transaction price and the fair value, (j) Foreign exchange gains and losses derived from using the discounted cash flows methodology at the Transactions entered into by the Company in a currency other date of acquisition, is recognised only when observable market than its functional currency are recorded at the rates ruling when data indicates there is a change in a factor that market participants the transactions occur. Foreign currency monetary assets and would consider in setting the price of that investment. For the years liabilities are translated at the rates ruling at the balance sheet ended 31 December 2025 and 31 December 2024, there were no date. Exchange differences arising on the retranslation of unsettled such differences. monetary assets and liabilities are recognised immediately in the Income Statement. The Group manages these investments and makes purchase and sale decisions based on their fair value. ### (k) Fund expenses The Directors consider the equity and loan stock to share the same All expenses are accounted for on an accruals basis. The Company’s investment characteristics and risks and they are, therefore, treated investment management and administration fees (refer to Note as a single unit of account for valuation purposes and a single class 6), finance costs and all other expenses are charged through the for disclosure purposes. Income Statement. 126 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## (l) Dividends Dividends are recognised when they become legally payable. In the case of interim dividends, this is when they are paid. For scrip dividends, where the Company issues shares with an equal value to the cash dividend amount as an alternative to the cash dividend, a credit to equity is recognised when the shares are issued. ## (m) Statement of compliance Pursuant to the Protection of Investors (Bailiwick of Guernsey) Law, 1987 the Company is a Registered Closed-Ended Investment Scheme. As an authorised scheme, the Company is subject to certain ongoing obligations to the Guernsey Financial Services Commission and meets its compliance requirements. ## (n) New and amended IFRS Accounting Standards that are effective for the current year In the current year, the Company has applied the following amendment to IFRS Accounting Standards issued by the IASB, which is mandatorily effective for an accounting period that begins on or after 1 January 2025. Its adoption has not had any material impact on the disclosures or on the amounts reported in these financial statements. - Amendments to IAS 21: The Effects of Changes in Foreign Exchange Rates titled Lack of Exchangeability. The Company has adopted the amendments to IAS 21 for the first time in the current year. The amendments specify how to assess whether a currency is exchangeable, and how to determine the exchange rate when it is not At the date of authorisation of these financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective and have not yet been adopted by the Company: - Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Amendments to the Classification and Measurement of Financial Instruments (effective date 1 January 2026) - Annual Improvements to IFRS Accounting Standards – Volume 11: Amendments to IFRS 1 First-time Adoption of International Financial Reporting Standards, IFRS 7 Financial Instruments: Disclosures and its accompanying Guidance on implementing IFRS 7, IFRS 9 Financial Instruments, IFRS 10 Consolidated Financial Statements, and IAS 7 Statement of Cash Flows - Amendments to IFRS 9 and IFRS 7: Contracts Referencing Nature-dependent Electricity (effective date 1 January 2026) - IFRS 18 Presentation and Disclosure in Financial Statements (effective date 1 January 2027) - IFRS 19 Subsidiaries without Public Accountability: Disclosures (effective date 1 January 2027) The Directors do not expect that the adoption of the standards listed above will have a material impact on the financial statements of the Group in future periods, except if indicated below: - IFRS 18 Presentation and Disclosure in Financial Statements (effective date of 1 January 2027). IFRS 18 introduces new requirement to: - present specified categories and defined subtotals in the statement of profit or loss - provide disclosures on management-defined performance measures (MPMs) in the notes to the financial statements - improve aggregation and disaggregation The directors of the entity anticipate that the application of these amendments may have an impact on the group's financial statements in future periods. IFRS 18 does not alter the measurement of financial performance, it significantly impacts how results are presented and structured, aiming to reduce the inconsistency in reported figures. ## 3. Critical accounting judgements, estimates and assumptions The preparation of financial statements in accordance with IFRS requires management to make judgements, estimates and assumptions in certain circumstances that affect reported amounts. The judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are outlined below. ### Key source of estimation uncertainty: Investments at fair value through profit or loss IFRS 13 establishes a single source of guidance for fair value measurements and disclosures about fair value measurements. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Board base the fair value of the investments on information received from the Investment Manager. Fair value is calculated on a discounted cash flow basis. Fair values for those investments for which a market quote is not available, in this instance being all investments, are determined using the income approach, which discounts the expected cash flows at the appropriate rate. In determining the discount rate, relevant long-term government bond yields, specific risks associated with the technology (onshore wind, offshore wind, battery storage and solar) and geographic location of the underlying investment, and the evidence of recent transactions have all been considered. The investments at fair value through profit or loss, whose fair values include the use of level 3 inputs, are valued by discounting future cash flows from investments in both equity (dividends and equity redemptions) and subordinated loans (interest and repayments) to the Group at an appropriate discount rate. The weighted average discount rate applied in the December 2025 valuation was 9.0% (2024: 8.6%). The discount rate is considered one of the most significant unobservable inputs and, in addition to forward-looking power prices, energy yield and inflation, represents the key sources of estimation uncertainty that have a significant risk of causing a material impact on the fair value of the investments at fair value through profit or loss within the next financial year, which is further discussed in Note 4 under sensitivities, under the subheadings discount rates, power price and inflation rates. The other impacts on the measurement of the fair value of investments include, operating costs and other macroeconomic assumptions, which are further discussed in Note 4 under sensitivities but these are not expected to cause a material adjustment within the next financial year. In determining an appropriate valuation climate change risks have been considered in the 'central' case, including the use of cannibalisation being applied to the power price assumptions. On pages 75 and 76 in the TCFD section of this Annual Report, we have described where the potential valuation impacts of high transition risk and high physical risk scenarios have been estimated. TRIG Annual Report 2025 127 Notes to the Financial Statements continued The Company has a diversified portfolio of assets, which include ### 3. Critical accounting judgements, investments with both higher and lower risks and returns. These risks ### estimates and assumptions continued and return differences relate, but are not limited to, qualification to However, the degree of uncertainty underpinning these scenarios receive government subsidies, exposure to fluctuations in future isvery high and further clarity on the extent to which they are energy prices and levels of project finance debt. realisedis not expected within the next financial year. In relation to the high transition risk scenario for instance, the impact on the ### Interest rate risk composition of the wholesale power price market and wholesale The Group invests in subordinated loan stock of project companies, power price formulation is uncertain and different approaches usually with fixed interest rate coupons. The portfolio’s cash couldlead to different economic outcomes for electricity generators flows are continually monitored and reforecast, both over the near future and the long term, to analyse the cash flow returns (e.g. higher renewables build out could be incentivised by subsidy from investments. The Group may use borrowings to finance the and / or higher carbon taxes, which could have different effects on acquisition of investments and the forecasts are used to monitor achieved power prices). the impact of changes in borrowing rates against cash flow returns Some outcomes would lead to positive and negative valuation from investments as increases in borrowing rates will reduce net impacts and the valuation reflected in the financial statements interest margins. The Group’s policy is to ensure that interest rates represents our best estimate, with the more extreme negative and are sufficiently hedged to protect the Group’s net interest margins positive impacts reflected in our TCFD scenarios being considered from significant fluctuations when entering into material medium- / less likely. Accordingly, while the potential impact of different climate long-term borrowings. This includes engaging in interest rate swaps change scenarios are considered on pages 75 and 76 the ‘central or other interest rate derivative contracts. case’ adopted for the fair value of investments, as described The Company has an indirect exposure to changes in interest rates in Note 4, is considered to represent our best estimate as of through the revolving credit facility and its investment in project 31 December 2025. companies, many of which are financed by senior debt. Senior debt In addition, the physical risks associated with climate change have financing of project companies is generally either through floating-rate been considered and it has been concluded that there is no material debt, fixed-rate bonds or index-linked bonds. Where senior debt impact due to the diversified nature of the portfolio and the insurance is floating rate, the projects typically have similar length hedging in place over the portfolio. arrangements in place, which are monitored by the project companies’ managers, finance parties and boards of directors. The Investment Manager, when considering the assumptions to apply to the valuation of the investments at 31 December 2025, considers The revolving credit facility is ESG-linked, resulting in a possible several key assumptions. increase or reduction to future interest payments based on the Group’s performance against KPIs relating to ESG targets over ### Key judgements time.More details can be found in page 79 of this Annual Report. By virtue of the Company’s status as an investment fund, and in ### conjunction with IFRS 10 for investment entities as discussed in Inflation risk Note 2(c), investments are designated upon initial recognition to The Group’s project companies are generally structured so that beaccounted for at fair value through profit or loss. contractual income and costs are either wholly or partially linked to specific inflation, where possible, to minimise the risks of mismatch between income and costs due to movements in inflation indexes. ### 4. Financial instruments The Group’s overall cash flows vary with inflation, although they ### Financial risk management are not directly correlated as not all flows are indexed. The effects of these inflation changes do not always immediately flow through The objective of the Group’s financial risk management is to to the Group’s cash flows, particularly where a project’s loan stock manage and control the risk exposures of its investment portfolio. debt carries a fixed coupon and the inflation changes flow through The Board of Directors has overall responsibility for overseeing the by way of changes to dividends in future years. Inflation is managed management of financial risks; however, the review and management through the use of inflation-linked swaps where the Group deems it of financial risks are delegated to the Investment Manager, which to be appropriate. The sensitivity of the portfolio valuation is shown has documented procedures designed to identify, monitor and furtheron in Note 4. manage the financial risks to which the Group is exposed. Note 4 presents information about the Group’s exposure to financial risks, ### Market risk itsobjectives, policies and processes for managing risk and the Group’s management of its financial resources. Returns from the Group’s investments are affected by the price at which the investments are acquired. The value of these investments Through its subsidiaries, TRIG UK and TRIG UK I, the Company will be a function of the discounted value of their expected future invests in a portfolio of investments predominantly in the cash flows, and as such will vary with, inter alia, movements in subordinated loan stock and ordinary equity of renewable energy interest rates, market prices and the competition for such assets. project companies. These companies are structured at the outset The Investment Manager carries out a full valuation semi-annually to minimise financial risks where possible, and the Investment andthis valuation exercise considers the changes described above. Manager primarily focuses their risk management on the direct ### financial risks of acquiring and holding the portfolio but continues to Currency risk monitor the indirect financial risks of the underlying projects through The projects, in which the Group invests, all conduct their representation, where appropriate, on the Boards of the project business and pay interest, dividends and principal in Sterling, companies, and the receipt of regular financial and operational with the exception of the Euro-denominated investments, which performance reports. at31 December 2025, was 41% (2024: 39%) of the portfolio by valueon a committed basis. The sensitivity of the portfolio valuation isshown in this Note. 128 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices The Group monitors its foreign exchange exposures using its near term and long-term cash flow forecasts. Its policy is to use foreign exchange hedging to provide protection to the level of Sterling distributions that the Company aims to pay over the medium term, where considered appropriate. This may involve the use of forward-exchange contracts. ## Credit risk Credit risk is the risk that a counterparty of the Group will be unable or unwilling to meet a commitment that it has entered into with the Group. Key credit ratings for the Company's counterparties are detailed in Note 16. The credit standing of subcontractors is reviewed, and the risk of default estimated for each significant counterparty position. Monitoring is ongoing, and year-end positions are reported to the Board on a quarterly basis. The Group's largest credit risk exposure to a project at 31 December 2025 was to the Homsea One project, representing 10% (2024: Homsea One project, representing 10%) of the invested Portfolio Value. The largest sub-contractor counterparty risk exposure (Operations and Maintenance ("O&M") or Original Equipment Manufacturers ("OEMs") whereby the maintenance provider is not always the original equipment manufacturer) was to Vestas who provided turbine maintenance services in respect of 23% (2024: Vestas 23%) of the invested portfolio by value. The largest exposure to any equipment manufacturer was to Siemens who provided turbines in respect of 45% of the invested Portfolio Value (2024: Siemens 47%). The Group's investments enter into Power Price Agreements ("PPAs") with a range of providers through which electricity is sold; the PPAs are priced into the fair value of the investments. The largest PPA provider to the portfolio at 31 December 2025 was Orsted who provided PPAs to projects in respect of 13% (2024: Orsted 15%) of the invested Portfolio Value. At 31 December 2025 and 31 December 2024, impairment provision for other receivables was considered not material. The Group's maximum exposure to credit risk over financial assets is the carrying value of those assets in the balance sheet. The Group does not hold any collateral as security. In addition, the Group is exposed to credit risk in relation to financial guarantees given to its subsidiaries. The Group's maximum exposure in this respect is the maximum amount the Group could have to pay if the guarantee is called on (see Note 18). ## Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. The Group's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient financial resources and liquidity to meet its liabilities when due. The Group ensures it maintains adequate reserves, banking facilities and reserve borrowing facilities by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. The Group's investments are predominantly funded by share capital and medium-term debt funding. The Group's investments are generally in private companies, in which there is no listed market and, therefore, such investment would take time to realise, and there is no assurance that the valuations placed on the investments would be achieved from any such sale process. The Group's investments have borrowings, which rank senior and have priority over the Group's own investments into the companies. This senior debt is structured such that, under normal operating conditions, it will be repaid within the expected life of the projects. Debt raised by the investment companies from third parties is without recourse to the Group. The Group's RCF, which was £397.7m drawn at 31 December 2025 (31 December 2024: £309.2m), is held by TRIG UK and TRIG UK I, and is guaranteed by the Company. The renewed facility is in place until March 2028 and contains an option to extend. ## Capital management The Company considers its capital to comprise Ordinary Share capital, distributable reserves and retained earnings. The Company is not subject to any externally imposed capital requirements. The Company's primary capital management objectives are to ensure the sustainability of its capital to support continuing operations, meet its financial obligations and allow for growth opportunities. Generally, acquisitions and funding commitments are anticipated to be funded with a combination of current cash, debt and equity. At the date of this report, the Group has a £500m revolving credit facility with: - Royal Bank of Scotland International Limited - National Australia Bank Limited - ING Bank N.V - Barclays Bank PLC - Lloyds Bank PLC - SanPaolo S.P.A. - BNP Paribas - Skandinaviska Enskilda Banken AB - ABN Amro The facility was last renewed in February 2025 and expires on 31 March 2028 with the option to extend for a further two years. The facility was £397.7m (2024: £309.2m) drawn at 31 December 2025 and has been included in the fair value of investments. At the date of this report, the facility was £213m drawn. Post-year-end, in February 2026, the indirect subsidiary of the Company (TRIG UK Investments Limited) entered into a £200m Private Placement ("PP") and applied the proceeds to significantly reduce the RCF balance. The PP has a fixed interest rate (at a similar level to the RCF) and has an amortisation schedule spreading the repayment / refinancing requirement over five years from 2033 to 2038. The Company expects to repay the PP when repayments become due from forecast surplus cash flows from the investments but could also fund repayment from disposal proceeds and / or refinancing. The Group makes prudent use of its leverage. Under the investment policy, fund-level borrowings are limited to 30% of the Portfolio Value. From time to time, the Company issues its own shares to the market; the timing of these purchases depends on market prices. In order to assist in the narrowing of any discount to the Net Asset Value at which the Ordinary Shares may trade, from time to time the Company may at the sole discretion of the Directors: - make market purchases of up to 14.99% per annum of its issued Ordinary Shares; and - make tender offers for the Ordinary Shares. There were no changes in the Group's approach to capital management during the year. TRIG Annual Report 2025 129 Notes to the Financial Statements continued ### 4. Financial instruments continued ### Fair value estimation The following summarises the significant methods and assumptions used in estimating the fair values of financial instruments. Non-derivative financial instruments The fair value of financial instruments that are not traded in an active market is determined by using valuation techniques. The Group uses the income approach, which discounts the expected cash flows attributable to each asset at an appropriate rate to arrive at fair values. In determining the discount rate, regard is had to relevant long-term government bond yields, the specific risks of each investment and the evidence of recent transactions. Derivative financial instruments The fair value of financial instruments inputs is based on quoted market prices at the balance sheet date. The quoted market price used as an input to calculate the fair value of financial assets and financial liabilities held by the Group is the current bid price. Note 2 discloses the methods used in determining fair values. ### Classification of financial instruments | 31 December | | 31 December | | | --- | --- | --- | --- | | | 2025 | | 2024 | | | £’m | | £’m | Financial assets At fair value through profit or loss: Investments 2,473.7 2,800.7 FX forward contracts 12.1 44.1 Financial assets at fair value 2,485.8 2,844.8 Other receivables 0.1 1.1 Cash and cash equivalents 7.1 11.7 Financial assets at amortised cost 7.2 12.8 Financial liabilities At fair value through profit or loss: FX forward contracts 4.2 0.2 Financial liabilities at fair value 4.2 0.2 At amortised cost: Trade and other payables 1.1 1.1 Financial liabilities at amortised cost 1.1 1.1 The Directors believe that the carrying values of all financial instruments are not materially different to their fair values. The fair value of FX forward contracts is discussed in more detail in Note 16 of these financial statements. 130 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### Fair value hierarchy The fair value hierarchy is defined as follows: – Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities – Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices) – Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs) As at 31 December 2025 Level 1 Level 2 Level 3 Tota l £’m £’m £’m £’m Investments at fair value through profit or loss – – 2,473.7 2,473.7 – – 2,473.7 2,473.7 FX forward contracts – assets – 12.1 – 12.1 FX forward contracts – liabilities – (4.2) – (4.2) – 7.9 – 7.9 As at 31 December 2024 Level 1 Level 2 Level 3 Tota l £’m £’m £’m £’m Investments at fair value through profit or loss – – 2,800.7 2,800.7 – – 2,800.7 2,800.7 FX forward contracts – assets – 44.1 – 44.1 FX forward contracts – liabilities – (0.2) – (0.2) – 43.9 – 43.9 Investments at fair value through profit or loss comprise the fair value of the investment portfolio on which the sensitivity analysis is calculated, and the fair value of TRIG UK and TRIG UK I, the Company’s subsidiaries being its cash, working capital and debt balances. | 31 December | | 31 December | | | --- | --- | --- | --- | | | 2025 | | 2024 | | | £’m | | £’m | Portfolio Value 2,874.5 3,115.6 TRIG UK and TRIG UK I Cash 0.2 0.1 Working capital (6.2) (8.0) 1 Debt (394.8) (307.0) (400.8) (314.9) Investments at fair value through profit or loss 2,473.7 2,800.7 1 Debt arrangement costs of £2.9m (2024: £2.2m) have been netted off the £397.7m (2024: £309.2m) debt drawn by TRIG UK and TRIG UK I. The debt figure of £394.8m (2024: £307.0m) above is held in TRIG UK and TRIG UK I, the Company’s subsidiaries, and represents the revolving credit facility (less debt arrangement costs). The revolving credit facility is included within the fair value of the Company’s subsidiaries. 131TRIG Annual Report 2025 Notes to the Financial Statements continued ### 4. Financial instruments continued ### Level 2 Valuation methodology The Company has derivative hedging instruments in place to manage the currency risk its underlying Euro investments are exposed to. The fairvalue of the hedging instruments is valued by an independent third party and is based on price quotations from financial institutions active in the relevant market. The key inputs to the discounted cash flow methodology used to derive fair value include foreign currency exchange rates and foreign currency forward curves. Valuations are performed on at least a six-monthly basis every June and December forallfinancial assets and all financial liabilities. ### Level 3 Valuation methodology The Investment Manager has carried out fair market valuations of the investments as at 31 December 2025 and the Directors have satisfied themselves as to the methodology used, the discount rates and key assumptions applied, and the valuation. All investments are at fair value through profit or loss and are valued using a discounted cash flow methodology. The fair value of investments has been calculated using a bifurcated methodology whereby cash flows are discounted on the basis of the risk and return profile of the underlying cash flows. Further information on the valuation process can be found in the Valuation of Portfolio section onpage 37. The following economic assumptions were used in the discounted cash flow valuations at: 31 December 2025 31 December 2024 Inflation assumed to apply to UK ROC Income* Actual inflation to Dec-25 (Retail Price Actual inflation applied to Dec-24, 3.25% until Index – applied 1 April 2026), 2.50% 2029, 2.50% thereafter (all Retail price Index) thereafter (Consumer Price index) Inflation assumed as measured by the Actual inflation applied to Dec-25, 2.50% Actual inflation applied to Dec-24, 2.50% UK Consumer Prices Index (applies to thereafter thereafter UK CfD Income)* | Inflation assumed to apply to UK Power Prices* | Actual inflation applied to Dec-25, 3.25% | | | Actual inflation applied to Dec-24, 3.25% until | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | (Retail Price Index) | | until 2029, 2.50% thereafter | | | | 2029, 2.50% thereafter | | | Inflation assumed to apply in France, Sweden, | Actual inflation applied to Dec-25, 2.00% | | | | Actual inflation applied to Dec-24, 2.00% | | | | Germany and Spain* | | | thereafter | | | | thereafter | UK deposit interest rates 3.5% 4.00% to 2024, 3.25% thereafter France, Sweden, Germany and Spain deposit 2.00%% to 2030, 2.25% thereafter 2.50%% to 2024, 2.00% thereafter interest rates UK corporation tax rate 25% 25% France corporation tax rate 25% 25% Sweden corporation tax rate 20.6% 20.6% Germany corporation tax rate 15.8% to 2027, reducing 1% per year 15.8% during 2028-2033 then 10.6% thereafter Spain corporation tax rate 25% 25% Euro / Sterling exchange rate 1.1472 1.2085 Energy yield assumptions P50 case P50 case * The stated inflation assumption applies the stated (annualised) rate on a monthly basis to the previous month’s index. Index – Actual inflation UK CPI UK RPI France CPI Germany CPI Spain CPI Sweden CPI Dec 2025 / Dec 2024 3.3% 4.1% 0.8% 2.0% 2.4% 2.1% The table below highlights the power price averages for GB and the EU markets: Forecast prices by region (real 2024)* Average 2025-2030 Average 2031-2035 Average 2036-2050 Great Britain (GBP per MWh) 60 54 52 Average of five Euro-denominated markets (EUR per MWh) 51 56 54 * The average forecast price for 2051-2060 is 50 GBP per MWh in Great Britain and 50 EUR per MWh in Europe. A blended curve is provided on page 39 of the Valuation of the Portfolio section. 132 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices The Electricity Generator Levy ("EGL") remains in effect to 31 March 2028 within Great Britain and applies a levy of 45%, which is not deductible for corporation tax, resulting in an effective tax rate (when considering levy and tax) of 70% to revenues received for the sale of wholesale above a threshold level. The threshold level for revenues indexes 1 April each year (by the UK Consumer Price Index), and was: - £75.00/MWh from inception to 31 March 2024; - £77.94/MWh from 1 April 2024 to 31 March 2025; and - £79.95/MWh from 1 April 2025 to 31 March 2026; plus a £10m per annum, per group allowance (with the UK assets the Group holds considered one group). The wholesale power price in the UK has not exceeded the threshold in the year ended 31 December 2025 and is not forecast to going forward hence there is no valuation impact. The European Union legislated the inframarginal cap framework in 2022 under which each of the national governments can introduce legislation within specified parameters, however, none of the European markets TRIG invests in has an active Inframarginal cap. ## Valuation sensitivities Sensitivity analysis is produced to show the impact of changes in key assumptions adopted to arrive at the valuation. For each of the sensitivities, it is assumed that potential changes occur independently of each other with no effect on any other base case assumption, and that the number of investments in the portfolio remains static throughout the modelled life. The sensitivities assume the portfolio is fully invested and hence the Portfolio Value for the sensitivity analysis is the sum of the Portfolio Valuation (£2,875m) and the outstanding investment commitments (£114m), which is £2,989m as at 31 December 2025. Accordingly, the NAV per share impacts shown below assume the issue of further shares to fund these commitments. In practice, the outstanding commitments may be funded by surplus cash flows and / or proceeds from disposals. If investments disposed are of a similar nature and sensitivity to the portfolio average, this would be expected to yield a similar sensitivity to that presented above. The analysis below shows the sensitivity of the Portfolio Value (and its impact on NAV) to changes in key assumptions as follows: ## Discount rates The discount rates used for valuing each investment are based on market information and the current bidding experience of the Group and its Managers. The weighted average valuation discount rate applied to calculate the portfolio valuation is 9.0% at 31 December 2025 (2024: 8.6%). An increase or decrease in this rate by 0.5% has the following effect on valuation. | Discount rate | NAV / share impact | -0.5% change | Total Portfolio Value | +0.5% change | NAV / share impact | | --- | --- | --- | --- | --- | --- | | **Directors' valuation – December 2025** | **+3.6p** | **+£97.3m** | **£2,988.9m** | **(£91.1m)** | **(3.4p)** | | Directors' valuation – December 2024 | +3.9p | +£107.3m | £3,126.0m | (£100.2m) | (3.7p) | ## Power price The sensitivity considers a flat 10% movement in power prices for all years, i.e. the effect of adjusting the forecast electricity price assumptions in each of the jurisdictions applicable to the portfolio down by 10% and up by 10% from the base case assumptions for each year throughout the operating life of the portfolio. A change in the forecast electricity price assumptions by plus or minus 10% has the following effect. | Power price | NAV / share impact | -10% change | Total Portfolio Value | +10% change | NAV / share impact | | --- | --- | --- | --- | --- | --- | | **Directors' valuation – December 2025** | **(7.3p)** | **(£196.6m)** | **£2,988.9m** | **+£200.0m** | **+7.4p** | | Directors' valuation – December 2024 | (7.5p) | (£204.4m) | £3,126.0m | +£202.6m | +7.4p | TRIG Annual Report 2025 133 Notes to the Financial Statements continued ### 4. Financial instruments continued ### Energy yield The base case assumes a ‘P50’ level of output. The P50 output is the estimated annual amount of electricity generation (in MWh) that has a50% probability of being exceeded – both in any single year and over the long term – and a 50% probability of being under achieved. Hence the P50 is the expected level of generation over the long term. The sensitivity illustrates the effect of assuming ‘P90 ten-year’ (a downside case) and ‘P10 ten-year’ (an upside case) energy production scenarios. A P90 ten-year downside case assumes the average annual level of electricity generation that has a 90% probability of being exceeded over a ten-year period. A P10 ten-year upside case assumes the average annual level of electricity generation that has a 10% probability of being exceeded over a ten-year period. This means that the portfolio aggregate production outcome for any given ten-year periodwould be expected to fall somewhere between these P90 and P10 levels with an 80% confidence level, with a 10% probability of it fallingbelow that range of outcomes and a 10% probability of it exceeding that range. The sensitivity includes the portfolio effect, which reducesthe variability because of the diversification of the portfolio. The sensitivity is applied throughout the life of each asset in the portfolio (even where this exceeds ten years). The table below shows the sensitivity of the Portfolio Value to changes in the energy yield applied to cash flows from project companies in the portfolio as per the terms P90, P50 and P10 explained above. P90 ten-year P10 ten-year Energy yield NAV / share impact exceedance Total Portfolio Value exceedance NAV / share impact Directors’ valuation – December 2025 (15.5p) (£415.5m) £2,988.9m +£439.1m +16.3p Directors’ valuation – December 2024 (14.4p) (£395.0m) £3,126.0m +£425.3m +15.5p ### Inflation rates The projects’ income streams are principally a mix of subsidies, which are amended each year with inflation, and power prices, which thesensitivity assumes will move with inflation. The projects’ management, maintenance and tax expenses typically move with inflation, butdebt payments are fixed. This results in the portfolio returns and valuation being positively correlated to inflation. The assumptions for inflation incorporated in the portfolio valuation are stated below. The differences in forecast result from differences in market, in the calculation methodology of the index or in the basket of goods considered within the index or specific good in the case of UK power prices. The sensitivity is applied to all forecast inflation assumptions (actual inflation assumptions remain unchanged). 31 December 2025 31 December 2024 Inflation assumed to apply to UK ROC Income Actual inflation to Dec-25 (Retail Price Actual inflation applied to Dec-24, 3.25% until Index – applied 1 April 2026), 2.50% 2029, 2.50% thereafter (all Retail price Index) thereafter (Consumer Price index) Inflation assumed as measured by the Actual inflation applied to Dec-25, 2.50% Actual inflation applied to Dec-24, 2.50% UK Consumer Prices Index (applies to thereafter thereafter UK CfD Income) | Inflation assumed to apply to UK Power Prices | Actual inflation applied to Dec-25, 3.25% | | | Actual inflation applied to Dec-24, 3.25% until | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | (Retail Price Index) | | until 2029, 2.50% thereafter | | | | 2029, 2.50% thereafter | | | Inflation assumed to apply in France, Sweden, | Actual inflation applied to Dec-25, 2.00% | | | | Actual inflation applied to Dec-24, 2.00% | | | | Germany and Spain | | | thereafter | | | | thereafter | Index – Actual inflation UK CPI UK RPI France CPI Germany CPI Spain CPI Sweden CPI Dec 2025 / Dec 2024 3.3% 4.1% 0.8% 2.0% 2.4% 2.1% The sensitivity illustrates the effect of a 0.5% decrease and a 0.5% increase from all of the assumed annual inflation rates as stated above in the financial model for each year throughout the operating life of the portfolio. Inflation assumption NAV / share impact -0.5% change Total Portfolio Value +0.5% change NAV / share impact Directors’ valuation – December 2025 (4.0p) (£107.4m) £2,988.9m +£129.8m +4.8p Directors’ valuation – December 2024 (4.5p) (£122.1m) £3,126.0m +£144.4m +5.3p 134 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Operating costs The sensitivity shows the effect of a 10% decrease and a 10% increase to the base case for annual operating costs for the portfolio, in each case assuming that the change to the base case for operating costs occurs with effect from 1 January 2026 and that change to the base case remains reflected consistently thereafter during the life of the projects. | Operating costs | NAV / share impact | -10% change | Total Portfolio Value | +10% change | NAV / share impact | | --- | --- | --- | --- | --- | --- | | **Directors' valuation – December 2025** | **+5.2p** | **+£140.0m** | **£2,988.9m** | **(£135.2m)** | **(5.0p)** | | Directors' valuation – December 2024 | +5.1p | +£138.5m | £3,126.0m | (£139.3m) | (5.1p) | ## Taxation rates The profits of each project company are subject to corporation tax in their home jurisdictions at the applicable rates (the tax rates adopted in the valuation are set out in Note 4 to the financial statements). The tax sensitivity looks at the effect on the Directors' valuation of changing the tax rates by +/- 2% each year in each jurisdiction and is provided to show that tax can be a material variable in the valuation of investments. The sensitivities incorporate the impact of portfolio-level reliefs. | Taxation rates | NAV / share impact | -2% change | Total Portfolio Value | +2% change | NAV / share impact | | --- | --- | --- | --- | --- | --- | | **Directors' valuation – December 2025** | **+1.5p** | **+£40.9m** | **£2,988.9m** | **(£40.6m)** | **(1.5p)** | | Directors' valuation – December 2024 | +1.7p | +£47.2m | £3,126.0m | (£47.3m) | (1.7p) | ## Interest rates This shows the sensitivity of the portfolio valuation to the effects of a reduction of 2% and an increase of 2% in interest rates. The change is assumed with effect from 1 January 2026 and continues unchanged throughout the life of the assets. The portfolio is relatively insensitive to changes in interest rates. This is an advantage of TRIG's approach of favouring long-term structured project financing (over shorter-term corporate debt), which is secured with the substantial majority of this debt having the benefit of long-term interest rate swaps, which fix the interest cost to the projects. | Interest rates | NAV / share impact | -2% change | Total Portfolio Value | +2% change | NAV / share impact | | --- | --- | --- | --- | --- | --- | | **Directors' valuation – December 2025** | **(0.3p)** | **(£8.5m)** | **£2,988.9m** | **+£7.3m** | **+0.3p** | | Directors' valuation – December 2024 | (0.1p) | (£3.7m) | £3,126.0m | +£7.3m | +0.3p | ## Currency rates The sensitivity shows the effect of a 10% decrease (Euro weakens relative to Sterling) and a 10% increase (Euro strengthens relative to Sterling) in the value of the Euro relative to Sterling used for the 31 December 2025 valuation (based on a 31 December 2025 exchange rate of €1.1472 to £1). In each case it is assumed that the change in exchange rate occurs from 1 January 2026 and thereafter remains constant at the new level throughout the life of the projects. At the year end, 41% of the committed portfolio was located in Sweden, France, Germany and Spain comprising Euro-denominated assets. The Group has entered into forward hedging of the expected Euro distributions for up to 48 months ahead and in addition placed further hedges to reach a position where around 80% of the valuation of Euro-denominated assets is hedged. The hedge reduces the sensitivity of the Portfolio Value to foreign exchange movements and, accordingly, the impact is shown net of the benefit of the foreign exchange hedge in place. The value of the outstanding commitments on the battery projects is included in this sensitivity. A 80% hedge is assumed for the sensitivity below which reflects the typical hedge levels. | Currency rates | NAV / share impact | -10% change | Total Portfolio Value | +10% change | NAV / share impact | | --- | --- | --- | --- | --- | --- | | **Directors' valuation – December 2025** | **(0.8p)** | **(£22.0m)** | **£2,988.9m** | **+£22.0m** | **+0.8p** | | Directors' valuation – December 2024 | (0.9p) | (£23.5m) | £3,126.0m | +£23.5m | +0.9p | The Euro / Sterling exchange rate sensitivity does not attempt to illustrate the indirect influences of currencies on UK power prices, which are interrelated with other influences on power prices. TRIG Annual Report 2025 135 Notes to the Financial Statements continued ### 4. Financial instruments continued ### Asset lives Assumptions adopted in the year-end valuation typically range from 25 to 40 years from the date of commissioning, with an average 31 years for the wind portfolio, 39 years for the solar portfolio and 30 years for the battery portfolio. The overall average across the portfolio at 31 December 2025 is 31 years (31 December 2024: 31 years). The sensitivity below shows the impact on the valuation of assuming all assets within the portfolio have a year longer and a year shorter asset life assumed. Asset lives NAV / share impact -1 year change Total Portfolio Value +1 year change NAV / share impact Directors’ valuation – December 2025 (1.1p) (£29.7m) £2,988.9m +£23.7m +0.9p Directors’ valuation – December 2024 (1.3p) (£36.2m) £3,126.0m +£34.4m +1.3p ### 5. Segment reporting The Chief Operating Decision Maker (the “CODM”) is of the opinion that the Group is engaged in a single segment of business, being investment in renewable infrastructure to generate investment returns, while preserving capital. The financial information used by the CODMtoallocate resources and manage the Group presents the business as a single segment comprising a homogeneous portfolio. ### 6. Fund expenses | For year ended | | For year ended | | | --- | --- | --- | --- | | 31 December | | 31 December | | | | 2025 | | 2024 | | | £’m | | £’m | Fees payable to the Company’s auditor For audit of the Company’s financial statements 0.4 0.3 For the other audit-related assurance services 0.1 0.1 For additional fees in respect to the prior period – – Investment and management fees (Note 17) 0.2 0.2 Directors’ fees (Note 17) 0.4 0.4 Other costs 5.3 1.7 Fund expenses 6.4 2.7 On the Expanded basis, fund expenses are £29,122k (2024: £31,914k); the difference being the costs incurred within TRIG UK and TRIG UK I, the Company’s subsidiaries. The reconciliation from the IFRS basis to the Expanded basis is shown in the Financial Review of the Strategic Report on page 48. The fees to the Company’s auditor for the audit of the Company’s 2025 financial statements were £362k (2024: £283k). Additional fees paid in the year relating to the prior-period audit of the Company’s subsidiaries TRIG UK and TRIG UK I and unconsolidated project subsidiaries were £84k (2024: £41k). The fees to the Company’s Auditor include £102k (2024: £74k) payable in relation to audit-related assurance services in respect of the interim review of the half-yearly financial statements. In addition to the above, £456k (2024: £767k) was payable to Deloitte LLP (the Company’s auditor) in respect of audit services provided in the year relating to full-year 2025 accounts and £nil (2024: £9k) of minor other services to unconsolidated subsidiaries. Investment and operations management fees paid in the year were £200k (2024: £200k) and Directors’ fees paid in the year were £378k (2024: £368k) and are both described further in Note 17. The Other costs of £5.3m include bid and advisory fees relating to investment and disposal activity and corporate actions that total £4.0m. The largest element of bid costs being professional advisory fees of £3.3m relate to the proposed combination of TRIG with HICL Infrastructure plc that didn’t proceed. The Company had no employees during the current or prior year. The Company has appointed the Investment Manager and the Operations Manager to manage the portfolio, the Company and its subsidiaries, on its behalf. 136 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### 7. Finance and other income | For year ended | | For year ended | | | --- | --- | --- | --- | | 31 December | | 31 December | | | | 2025 | | 2024 | | | £’m | | £’m | Interest income: Interest on bank deposits 0.1 0.3 Total finance income 0.1 0.3 Gain on foreign exchange: Realised gains on settlement of FX forwards 17.3 16.9 Fair value (loss) / gain of FX forward contracts (36.1) 28.9 Other foreign exchange losses (0.6) (0.2) Total (loss) / gain on foreign exchange (19.4) 45.6 Finance and other (expense) / income (19.3) 45.9 On the Expanded basis, finance income is £0.1m (2024: £0.3m) and finance costs are £21.0m (2024: £25.6m); the difference being the Group’s credit facility costs, which are incurred within TRIG UK and TRIG UK I, the Company’s subsidiaries. These costs are shown in the Financial Review of the Strategic Report on page 49. The loss on foreign exchange on the Expanded basis is £25.8m (2024: £53.6m gain). The reconciliation from the Statutory IFRS basis to the Expanded basis, which includes an FX movement within TRIG UK and TRIG UK I, the Company’s subsidiaries, is shown in the Financial Review section on page 48. ### 8. Income tax Under the current system of taxation in Guernsey, the Company is exempt from paying taxes on income, profits or capital gains. Therefore, income from investments is not subject to any further tax in Guernsey, although these investments will bear tax in the individual jurisdictions in which they operate. The Pillar Two Legislation does not have any impact on the Group as it did not exceed the turnover threshold of €750m. ### 9. Earnings per share Earnings per share (“EPS”) is calculated by dividing the (loss) / profit attributable to equity shareholders of the Company by the weighted average number of Ordinary Shares in issue during the year. There are no potential Ordinary Shares that have a dilutive effect on EPS and, therefore, the diluted EPS is the same as basic EPS. 31 December 31 December 2025 2024 Loss attributable to equity holders of the Company (£’m) (129.9) (115.2) Weighted average number of Ordinary Shares in issue (‘m) 2,415.8 2,475.1 Loss per Ordinary Share (pence) (5.4)p (4.7)p Further details of shares issued in the year are set out in Note 15. 137TRIG Annual Report 2025 Notes to the Financial Statements continuedNotes to the Financial Statements continued ### 10. Dividends | 31 December | | 31 December | | | --- | --- | --- | --- | | | 2025 | | 2024 | | | £’m | | £’m | Amounts recognised as distributions to equity holders during the year: Interim dividend for the quarter ended 31 December 2023 of 1.795p – 44.6 Interim dividend for the quarter ended 31 March 2024 of 1.8675p – 46.4 Interim dividend for the quarter ended 30 June 2024 of 1.8675p – 46.4 Interim dividend for the quarter ended 30 September 2024 of 1.8675p – 46.1 Interim dividend for the quarter ended 31 December 2024 of 1.8675p 45.8 Interim dividend for the quarter ended 31 March 2025 of 1.8875p 45.7 Interim dividend for the quarter ended 30 June 2025 of 1.8875p 45.4 Interim dividend for the quarter ended 30 September 2025 of 1.8875p 45.2 182.1 183.5 Dividends settled as a scrip dividend alternative – – Dividends settled in cash 182.1 183.5 182.1 183.5 On 5 February 2026, the Company declared an interim dividend of 1.8875p per share for the period 1 October 2025 to 31 December 2025. The total dividend, £45,126,529, payable on 31 March 2026, is based on a record date of 13 February 2026 and the number of shares inissue at that time being 2,390,809,471. ### 11. Net assets per Ordinary Share 31 December 31 December 2025 2024 Shareholders’ equity at balance sheet date (‘m) £2,487.7 £2,856.3 Number of shares at balance sheet date (‘m) 2,392.5 2,464.8 Net Assets per Ordinary Share at balance sheet date (pence) 104.0p 115.9p The denominator in the above Net Assets per Ordinary Share calculation is as follows: | 31 December | | 31 December | | | --- | --- | --- | --- | | | 2025 | | 2024 | | | ’m | | ’m | Ordinary Shares in issue at balance sheet date 2,392.5 2,463.9 Number of shares to be issued in lieu of Management fees – 0.9 Total number of shares used in Net Assets per Ordinary Share calculation 2,392.5 2,464.8 ### 12. Investments at fair value through profit or loss Investments at fair value through profit or loss is the sum of the Portfolio Valuation and the carrying amount of TRIG UK and TRIG UK I, the Company’s subsidiaries. | 31 December | | 31 December | | | --- | --- | --- | --- | | | 2025 | | 2024 | | | £’m | | £’m | Brought forward 2,800.7 3,140.8 Investments in the year 17.0 23.1 Loan principal repayment to the Company (130.3) (87.6) Loss on valuation (212.8) (275.6) Other movements (0.9) – Carried forward 2,473.7 2,800.7 138 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices The following information in this Note is non-statutory. It provides additional information to users of the financial statements, splitting the fair value movements between the investment portfolio and TRIG UK and TRIG UK I, the Company’s subsidiaries. | 31 December | | 31 December | | | --- | --- | --- | --- | | | 2025 | | 2024 | | | £’m | | £’m | Fair value of investment portfolio Brought forward value of investment portfolio 3,115.6 3,509.1 Investments in the year 116.7 48.3 Divestments in the year (83.7) (103.9) Distributions paid to TRIG UK and TRIG UK I (219.5) (226.8) Interest income 123.1 123.1 Dividend income 62.0 88.3 Loss on valuation (239.6) (322.5) 2 Carried forward value of investment portfolio 2,874.6 3,115.6 Fair value of TRIG UK and TRIG UK I Brought forward value of TRIG UK and TRIG UK I (314.9) (368.2) Cash movement 0.1 (0.2) Working capital movement 1.9 0.8 1 Debt movement (87.8) 52.7 2 Carried forward value of TRIG UK and TRIG UK I (400.9) (314.9) 2 Total investments at fair value through profit or loss 2,473.7 2,800.7 1 Debt arrangement costs of £2.9m (2024: £2.2m) have been netted off the £397.7m (2024: £309.2m) debt drawn by TRIG UK and TRIG UK I. 2 Balance may not cast due to rounding. The (losses) / gains on investment valuation are unrealised. The SPVs (project companies) in which the Company invests are generally restricted on their ability to transfer funds to the Company under the terms of their individual senior funding arrangements. Significant restrictions include: – Historic and projected debt service and loan life cover ratios exceed a given threshold – Required cash reserve account levels are met – Senior lenders have agreed the current financial model that forecasts the economic performance of the project company – The project company is in compliance with the terms of its senior funding arrangements – Senior lenders have approved the annual budget for the Company On 10 March 2025, the Company sold 15.2% equity stake in Gode One offshore wind farm located in Germany for a consideration of €100m equivalent to £83.7m. The sale was at a 9% premium to the valuation of the wind farm as at 31 December 2024. The gain element from this sale is included within loss on valuation. ### 13. Other receivables | 31 December | | 31 December | | | --- | --- | --- | --- | | | 2025 | | 2024 | | | £’m | | £’m | Management fee receivable – 1.0 Prepayments 0.1 0.1 Loan interest receivable – – Total other receivables 0.1 1.1 As at 31 December 2025, no expected credit losses have been recognised against Other receivables as they are negligible (2024: nil). For more information on the balances, refer to Note 17 of these financial statements. 139TRIG Annual Report 2025 Notes to the Financial Statements continued ### 14. Cash and cash equivalents | 31 December | | 31 December | | | --- | --- | --- | --- | | | 2025 | | 2024 | | | £’m | | £’m | Bank balances 7.1 11.7 Cash and cash equivalents 7.1 11.7 On the Expanded basis, which includes balances carried in TRIG UK and TRIG UK I, cash is £7.3m (2024: £11.8m). The reconciliation from the IFRS basis to the Expanded basis is shown in the Strategic Report on page 50. As at the year end, cash and cash equivalents on the Expanded basis consisted of £7.3m (2024: £11.8m) held with Royal Bank of Scotland International Limited. At 31 December 2025, Royal Bank of Scotland International Limited had an S&P credit rating of A Stable (2024: A Stable). ### 15. Share capital and reserves | Ordinary Shares | | Ordinary Shares | | | --- | --- | --- | --- | | 31 December | | 31 December | | | | 2025 | | 2024 | | | ’m | | ’m | Opening balance 2,463.9 2,484.3 Issued for cash – – Shares repurchased (72.8) (22.1) Issued as a scrip dividend alternative – – Issued in lieu of management fees 1.3 1.6 1 Issued at 31 December – fully paid 2,392.5 2,463.9 1 Balance does not cast due to rounding. The holders of the 2,392,465,556 (2024: 2,463,893,326) Ordinary Shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company. The Company shares are issued at nil par value. On 31 March 2025, the Company issued share capital and reserves of £1,005,464, equivalent of 881,732 shares, in lieu of management fees incurred in H2 2024. The issued shares have been transferred to share premium. On 30 September 2025, the Company issued share capital and reserves of £493,151, equivalent of 463,868 shares, in lieu of management fees incurred in Q1 2025. During the year, the Company repurchased 77,772,955 shares under the share buyback programme (2024: 22,069,560), equivalent to £57,146,244 (2024: £21,304,828) including broker costs and applied to the Capital reserve. The shares repurchased are settled on a T+2 basis. ### Share capital and share premium | 31 December | | 31 December | | | --- | --- | --- | --- | | | 2025 | | 2024 | | | £’m | | £’m | Opening balance 2,752.7 2,772.0 Ordinary Shares issued 1.5 2.0 Shares repurchased (57.1) (21.3) Reserves transfer (250.0) – Closing balance 2,447.1 2,752.7 ### Retained reserves Retained reserves comprise retained earnings, as detailed in the Statement of Changes in Shareholders’ Equity. 140 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### 16. Foreign exchange forward contracts The Company has entered into forward foreign currency contracts to hedge the expected Euro distributions up to a maximum of 48 months. In addition, the Company has placed further hedges and aims to reach a position where 80%-85% of the valuation of Euro-denominated assets is hedged, providing a partial offset to foreign exchange movements in the Portfolio Value relating to such assets. The following table details the forward foreign currency contracts outstanding as at 31 December 2025. The total Euro balance hedged at 31 December 2025 was €977.9m (2024: €1,123.2m). 31 December 2025 Average exchange rate Foreign currency Notional value Fair value (GBP:EUR) €’m £’m £’m Less than 3 months 1.1230 45.0 40.0 0.8 3 to 6 months 1.1367 42.8 37.7 0.1 6 to 12 months 1.0922 205.1 187.8 6.5 12 to 24 months 1.0941 208.6 190.7 4.2 Greater than 24 months 1.1091 476.4 429.5 (3.7) 1.1041 977.9 885.7 7.9 31 December 2024 Average exchange rate Foreign currency Notional value Fair value (GBP:EUR) €’m £’m £’m Less than 3 months 1.1869 43.0 36.2 0.5 3 to 6 months 1.1193 176.2 157.4 10.4 6 to 12 months 1.1236 146.6 130.5 6.6 12 to 24 months 1.1032 406.1 368.1 18.8 Greater than 24 months 1.1034 351.3 318.4 7.6 1.1114 1,123.2 1,010.6 43.9 As at the year end, the valuation on the foreign exchange derivatives consisted of: 31 December 2025 31 December 2024 | | | S&P credit | | | | S&P credit | | | --- | --- | --- | --- | --- | --- | --- | --- | | Fair value | | rating at | | Fair value | | rating at | | | amount | | 31 December | | amount | | 31 December | | | | (£’m) | | 2024 | | (£’m) | | 2024 | NatWest Markets Plc 2.0 A/Stable 16.8 A/Stable National Australia Bank Limited 4.3 AA-/Negative 20.6 AA-/Negative Barclays Bank Plc 2.2 A+/Stable 5.7 A+/Stable Intesa Sanpaolo S.P.A 0.1 BBB/Stable 0.1 BBB/Stable ABN Amro Bank N.V – A/Stable 0.3 A/Stable Skandinaviska Enskilda Banken AB (0.3) A+/Stable 0.4 A+/Stable BNP Paribas (0.4) A+/Stable – – Total fair value of FX forward hedges 7.9 43.9 The fair value of the derivative trades has been split in the following table. At year end, the Company was in a net receivable position of £7.9m (2024: £43.9m receivable), consisting of £12.1m receivable netted off with £4.2m payable (2024: £44.1m receivable netted off with £0.2m payable). Sensitivity of these FX forward contracts have been taken into account in the valuation of the portfolio and therefore, it is also included in the currency rates sensitivity in Note 4 of these financial statements. 141TRIG Annual Report 2025 Notes to the Financial Statements continued ### 16. Foreign exchange forward contracts continued | 31 December | | 31 December | | | --- | --- | --- | --- | | | 2025 | | 2024 | | | £’m | | £’m | Assets FX forward contracts expiring within 12 months 7.4 17.5 FX forward contracts expiring after 12 months 4.7 26.6 Total assets 12.1 44.1 Liabilities FX forward contracts expiring within 12 months – – FX forward contracts expiring after 12 months (4.2) (0.2) Total liabilities (4.2) (0.2) ### 17. Related party and key adviser transactions | 31 December | | 31 December | | | --- | --- | --- | --- | | | 2025 | | 2024 | | | £’m | | £’m | Loans to related parties: 1 Short-term balance outstanding on accrued interest receivable – – 1 Short-term balance outstanding from TRIG UK, in relation to Management fees to be settled in shares – 1.0 2 Long-term loan stock to TRIG UK and TRIG UK I 1,563.9 1,655.1 1,563.9 1,656.1 1 Included within Other receivables on the Balance Sheet. 2 Included within Investments at fair value through profit or loss on the Balance Sheet. During the year, interest totalling £108.6m (2024: £117.2m) was earned in respect of the long-term interest-bearing loan between the Company and its subsidiaries TRIG UK and TRIG UK I, of which £nil (2024: £nil) was receivable at the balance sheet date. ### Key adviser transactions The Group’s Investment Manager (InfraRed Capital Partners Limited) and Operations Manager (Renewable Energy Systems Limited) are entitled to 65% and 35%, respectively, of the aggregate management fee (see below), payable quarterly in arrears. The Directors and the key Investment Manager personnel are considered to be the Company’s key management personnel defined by IAS 24 ‘Related Party Disclosures’. Up until 31 March 2025, in line with the Investment Management Agreement and the Operations Management Agreement, 20 per cent of the Group’s aggregate management fees up to an Adjusted Portfolio Value of £1 billion are to be settled in Ordinary Shares. The shares issued to the Managers by the Company relate to amounts due to the Managers by TRIG UK. Accordingly, TRIG UK reimburses the Company for the shares issued. Accordingly, TRIG UK reimburses the Company for the shares issued. Until 31st March 2025 the manager fee arrangements applied were as follows. The aggregate management fee payable to the Investment Manager and the Operations Manager is 1 per cent of the Adjusted Portfolio Value in respect of the first £1 billion of the Adjusted Portfolio Value, 0.8 per cent in respect of the Adjusted Portfolio Value between £1 billion and £2 billion, 0.75 per cent in respect of the Adjusted Portfolio Value between £2 billion and £3 billion and 0.70 per cent in respect of the Adjusted Portfolio Value in excess of £3 billion. These fees are payable by TRIG UK, less the proportion that relates solely to the Company, the advisory fees, which are payable by the Company. From 1 April 2025, the Board and the Managers have agreed to a revised management fee arrangement. Rather than being applied to adjusted portfolio value, the new management fee has applied to an equal weighting of (i) the average of the closing daily market capitalisation during each quarter and (ii) the published Net Asset Value for the quarter. The fee bands are unchanged and are as above. The new management fees are payable in cash only, rather than cash and shares applied in the previous arrangement. The Investment Manager management fee charged to TRIG UK for the year was £13.9m (2024: £18.3m), of which £3.2m (2024: £4.2m) remained payable in cash at the balance sheet date. The Operations Manager management fee charged to TRIG UK for the year was £7.5m (2024: £9.9m), of which £1.7m (2024: £2.2m) remained payable in cash at the balance sheet date. 142 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices The advisory fees payable to the Investment Manager and the Operations Manager in respect of the advisory services they provide to the Company are £130k per annum and £70k per annum, respectively. The advisory fees charged to the Company are included within the total fee amount charged to the Company and its subsidiary, TRIG UK, as set out above. The Investment Manager advisory fee charged to the income statement for the year was £130k (2024: £130k), of which £33k (2024: £33k) remained payable in cash at the balance sheet date. The Operations Manager advisory fee charged to the income statement for the year was £70k (2024: £70k), of which £18k (2024: £18k) remained payable in cash at the balance sheet date. In addition, the Operations Manager received £16.7m (2024: £15.7m) for services in relation to Asset Management, Operation and Maintenance and other services provided to project companies within the investment portfolio, and £nil (2024: £0.2m relating to project management support related to disposal activity) for additional services provided to TRIG UK, neither of which are consolidated in these financial statements. The Managers also invoiced fees in respect of services provided that are beyond the scope of the Investment Management Agreement and the Operations Management Agreements totalling £0.5m by InfraRed and £0.3m by RES. On 31 March 2025, the Company issued 881,732 shares, equating to £1.0m, based on a Net Asset Value ex dividend of 114.0325 p per share (the Net Asset Value at 31 December 2024 of 115.9 pence per share less the interim dividend of 1.8675 pence per share), in respect of management fees earned in H2 2024. On 30 September 2025, the Company issued 463,868 shares equating to £0.5m based on a Net Asset Value ex dividend of 106.3125 pence per share (the Net Asset Value at 30 June 2025 of 108.2 pence per share less the interim dividend of 1.8875 pence per share), in respect of management fees earned in H1 2025. The Company is governed by a Board of Directors (the “Board”), all of whom are independent and non-executive. During the year, the Board received fees for their services. Further details are provided in the Directors’ Remuneration Report on page 103. Total fees for the Directors for the year were £377,600 (2024: £367,500). Directors’ expenses of £18,243 (2024: £11,481) were also paid in the year. There are no other Key Management personnel within the Company. ## 18. Guarantees and other commitments As at 31 December 2025, the Group had provided £196.8m (2024: £156.7m) in guarantees in relation to projects in the TRIG portfolio. The fair value of the guarantees are negligible to the Company. The Company also guarantees the revolving credit facility, entered into by TRIG UK and TRIG UK I, which it may use to acquire further investments. As at 31 December 2025 the Group has £114m of future investment obligations (2024: £95m). More details on timing and amounts can be found on page 52 of the Strategic Report. The Group have issued decommissioning and other similar guarantee bonds with a total value of £25.1m (2024: £34.8m). ## 19. Contingent consideration The Group has no contingent consideration obligations ## 20. Events after the balance sheet date On 5 February 2026, the Company declared an interim dividend of 1.8875 pence per share for the period 1 October to 31 December 2025. The total dividend, £45,126,529, payable on 31 March 2026, is based on a record date of 13 February 2026 and the number of shares in issue at that time being 2,390,809,471. 2.5m shares were repurchased between the balance sheet date and 26 February 2026 as part of the share buyback programme, equivalent to £1.7m including broker fees and applied to the Capital reserve. Post year end, in February 2026, the indirect subsidiary of the Company (TRIG UK Investments Limited) entered into a £200m Private Placement (“PP”) and applied the proceeds to significantly reduce the RCF balance. The PP has a fixed interest rate (at a similar level to the RCF) and has an amortisation schedule spreading the repayment/ refinancing requirement over 5 years from 2033 to 2038. The Company expects to repay the PP when repayments become due from forecast surplus cashflows from the investments but could also fund repayment from disposal proceeds and/or refinancing. TRIG Annual Report 2025 143 Notes to the Financial Statements continued ### 21. Subsidiaries, joint ventures and associates As a result of applying Investment Entities (Amendments to IFRS 10, IFRS 12 and IAS 27) and Investment Entities: Applying the Consolidation Exception (Amendments to IFRS 10, IFRS 12 and IAS 28), all subsidiaries (including Associates and Joint Ventures) are held at fair value based on the Company’s ownership interest as opposed to being consolidated on a line-by-line basis. The following entities have not been consolidated in these Financial Statements: | | Ownership | | Ownership | | | --- | --- | --- | --- | --- | | | Interest and | | Interest and | | | | Voting Rights | | Voting Rights | | | | 31 December | | 31 December | | | Name Registered address | | 2025 | | 2024 | | The Renewables Infrastructure Group (UK) Limited Level 7, One Bartholomew Close, Barts Square, London, | | 100% 100% | | | EC1A 7BL | The Renewables Infrastructure Group (UK) Investments | Level 7, One Bartholomew Close, Barts Square, London, | 100% 100% | | --- | --- | --- | | Limited | EC1A 7BL | | | Roos Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, | | 100% 100% | Hertfordshire, WD4 8LR Grange Renewable Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Hill of Towie Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Green Hill Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Wind Farm Holdings Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Altahullion Wind Farm Limited Unit C1 & C2, Willowbank Business Park, Millbrook, 100% 100% Larne, BT40 2SF Lendrum’s Bridge Wind Farm Limited Unit C1 & C2, Willowbank Business Park, Millbrook, 100% 100% Larne, BT40 2SF Lendrum’s Bridge (Holdings) Limited Unit C1 & C2, Willowbank Business Park, Millbrook, 100% 100% Larne, BT40 2SF Lough Hill Wind Farm Limited Unit C1 & C2, Willowbank Business Park, Millbrook, 100% 100% Larne, BT40 2SF European Investments (SCEL) Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR European Investments (Cornwall) Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR European Investments (Cornwall) Holdings Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Churchtown Farm Solar Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR East Langford Solar Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Manor Farm Solar Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR European Investments Solar Holdings Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Sunsave 12 (Derriton Fields) Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR 144 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices | | Ownership | | Ownership | | | --- | --- | --- | --- | --- | | | Interest and | | Interest and | | | | Voting Rights | | Voting Rights | | | | 31 December | | 31 December | | | Name Registered address | | 2025 | | 2024 | | Sunsave 25 (Wix Lodge Farm) Limited Beaufort Court, Egg Farm Lane, Kings Langley, | | 100% 100% | | | Hertfordshire, WD4 8LR Parley Court Solar Park Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Egmere Airfield Solar Park Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Penare Farm Solar Park Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR European Investments (Earlseat) Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Earlseat Wind Farm Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR European Investments Solar Holdings 2 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL BKS Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Hazel Renewables Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Kenwyn Solar Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR MC Power Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Tallentire Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Freasdail Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Neilston Community Wind Farm LLP Third Floor, Stv, Pacific Quay, Glasgow, G51 1PQ 100% 100% Carbon Free Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR NDT Trading Limited Third Floor, Stv, Pacific Quay, Glasgow, G51 1PQ 100% 100% Carbon Free Neilston Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Garreg Lwyd Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR UK Energy Storage Services Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Solwaybank Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR European Wind Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL European Wind Investments Group 2 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL 145TRIG Annual Report 2025 Notes to the Financial Statements continued ### 21. Subsidiaries, joint ventures and associates continued | | Ownership | | Ownership | | | --- | --- | --- | --- | --- | | | Interest and | | Interest and | | | | Voting Rights | | Voting Rights | | | | 31 December | | 31 December | | | Name Registered address | | 2025 | | 2024 | | Offshore Wind Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London, | | 100% 100% | | | EC1A 7BL Scandinavian Wind Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL European Storage Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Trafalgar Wind Holdings Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL European Investments Tulip Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Blary Hill Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Offshore Wind Investments Group 2 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Offshore Wind Investments Group 3 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Offshore Wind Investments Group 4 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Offshore Wind Investments Group 5 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Offshore Wind Investments Group 6 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Offshore Wind Investments Group 7 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Offshore Wind Investments Group 8 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Scandinavian Wind Investments Group 2 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Iberian Solar Investment Group Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Iberian Solar Investment Group 2 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL European Storage Investments Group 2 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Verneuil Holdings Limited Level 7, One Bartholomew Close, Barts Square, London, 71.70% 71.70% EC1A 7BL Merkur Offshore Wind Farm Holdings Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Fred. Olsen Wind Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49% Fred. Olsen Wind Holdings Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49% 146 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices | | Ownership | | Ownership | | | --- | --- | --- | --- | --- | | | Interest and | | Interest and | | | | Voting Rights | | Voting Rights | | | | 31 December | | 31 December | | | Name Registered address | | 2025 | | 2024 | Fred Olsen Wind 2 Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49% Crystal Rig Windfarm Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49% Rothes Wind Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49% Paul’s Hill Wind Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49% Crystal Rig II Limited C/O Harper Macleod Llp The Cadoro, 45 Gordon Street, 49% 49% Glasgow, G1 3PE Rothes II Limited 2nd Floor, 36 Broadway, London, England, SW1H 0BH 49% 49% Mid Hill Wind Limited Beaufort Court, Egg Farm Lane, Kings Langley, 49% 49% Hertfordshire, WD4 8LR Equitix Offshore 3 Limited (MidCo 1) 3rd Floor South Building, 200 Aldersgate Street, London, 36.70% 36.70% England, EC1A 4HD Equitix Offshore 4 Limited (MidCo 2) 3rd Floor South Building, 200 Aldersgate Street, London, 36.70% 36.70% England, EC1A 4HD Equitix Offshore 5 Limited (BidCo) 3rd Floor South Building, 200 Aldersgate Street, London, 36.70% 36.70% England, EC1A 4HD Bilbao Offshore Investment Limited 3 More London Riverside, 4th Floor, London, England, 35.90% 35.90% SE1 2AQ Bilbao Offshore Holding Limited 3 More London Riverside, 4th Floor, London, England, 35.90% 35.90% SE1 2AQ Beatrice Offshore Windfarm Holdco Ltd Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ 17.50% 17.50% Beatrice Offshore Windfarm Ltd Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ 17.50% 17.50% Scira Offshore Energy Limited 1 Kingdom Street, London, W2 6BD 14.70% 14.70% East Anglia One Limited 3rd Floor, 1 Tudor Street, London, EC4Y 0AH 14.30% 14.30% Horizon Offshore Wind Limited 3rd Floor South Building, 200 Aldersgate Street, London, 40.60% 40.60% England, EC1A 4HD Jupiter Investor TopCo Limited 10th Floor 5 Churchill Place, London, E14 5HU 20.30% 20.30% Jupiter Investor MidCo Limited 10th Floor 5 Churchill Place, London, E14 5HU 20.30% 20.30% Jupiter Investor HoldCo Limited 10th Floor 5 Churchill Place, London, E14 5HU 20.30% 20.30% Jupiter Offshore Wind Limited 10th Floor 5 Churchill Place, London, E14 5HU 20.30% 20.30% Hornsea 1 Holdings Limited 5 Howick Place, London, SW1P 1WG 10.20% 10.20% Hornsea 1 Limited 5 Howick Place, London, SW1P 1WG 10.20% 10.20% European Storage Investments Holdings 1 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL European Storage Investments Holdings 2 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL European Storage Investments Holdings 3 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Capella BESS Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR 147TRIG Annual Report 2025 Notes to the Financial Statements continued ### 21. Subsidiaries, joint ventures and associates continued | | Ownership | | Ownership | | | --- | --- | --- | --- | --- | | | Interest and | | Interest and | | | | Voting Rights | | Voting Rights | | | | 31 December | | 31 December | | | Name Registered address | | 2025 | | 2024 | | Aludra BESS Limited Beaufort Court, Egg Farm Lane, Kings Langley, | | 100% 100% | | | Hertfordshire, WD4 8LR Botein BESS Limited Beaufort Court, Egg Farm Lane, Kings Langley, 100% 100% Hertfordshire, WD4 8LR Development Storage Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Fig Power Holdings Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Fig Power Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Albrighton Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Aspley Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Minsterley Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Uffington Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Market Drayton Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Drumore Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Spittal Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Templeton Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Newburn Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Birtley Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Nuneaton Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Torquay Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Yeowood Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Port Dundas Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Avonmouth Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Northampton Battery Storage Limited Finzels Reach, Counterslip, Bristol, England, BS1 6BX 100% 100% Spennymoor Energy Storage Limited Beaufort Court, Egg Farm Lane, Kings Langley, WD4 100% 100% 8LR European Wind Investments Group 4 Limited Level 7, One Bartholomew Close, Barts Square, London, 100% 100% EC1A 7BL Lendrums Bridge Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, WD4 50% 50% 8LR Altahullion Energy Limited Beaufort Court, Egg Farm Lane, Kings Langley, WD4 50% 50% 8LR The Renewables Infrastructure Group (France) SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% CEPE de Haut Languedoc SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% CEPE du Haut Cabardes SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% 148 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices | | Ownership | | Ownership | | | --- | --- | --- | --- | --- | | | Interest and | | Interest and | | | | Voting Rights | | Voting Rights | | | | 31 December | | 31 December | | | Name Registered address | | 2025 | | 2024 | CEPE de Cuxac SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% CEPE des Claves SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% CEPE de Puits Castan SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% Verrerie Photovoltaique SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% Ferme Eolienne Epine SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% CEPE Rosieres SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% CEPE Montigny La Cour SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% Energies TIlle et Venelle Holdings SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% Energies Entre Tille et Venelle SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% Haut Vannier Holding SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% Haut Vannier SAS 115 Rue Mourelet, ZI de Courtine, 84000 Avignon, France 100% 100% FPV du Midi 140, avenue des Champs Elysées – 75008 Paris, France 51% 51% FPV Chateau 140, avenue des Champs Elysées – 75008 Paris, France 49.10% 49.10% FPV du Plateau 140, avenue des Champs Elysées – 75008 Paris, France 49.10% 49.10% SECP Bongo 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 49.10% 49.10% SECP Olmo 2 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 49.10% 49.10% FPV Pascialone 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 49.10% 49.10% FPV Santa Lucia 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 49.10% 49.10% FPV Agrinergie 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 49.10% 49.10% FPV d’Export 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 49.10% 49.10% Agrisol 1A Services 140, avenue des Champs Elysées – 75008 Paris, France 49.10% 49.10% SECP Chemin Canal 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 49.10% 49.10% FPV Ligne des Quatre Cents 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 49.10% 49.10% FPV Ligne des Bambous 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 49.10% 49.10% Heliade Bellevue CENTRALE PHOTOVOLTAIQUE HELIADE BELLEV LD 49.10% 49.10% BELLEVUE 97140 CAPESTERRE-DE-MARIE-GALANTE, France SECP Creuilly CENTRALE PHOTOVOLTAIQUE HELIADE BELLEV LD 49.10% 49.10% BELLEVUE 97140 CAPESTERRE-DE-MARIE-GALANTE, France Akuo Tulip Assets SAS 140, avenue des Champs Elysées – 75008 Paris, France 49.10% 49.10% FPV Broussan 140, avenue des Champs Elysées – 75008 Paris, France 49.10% 49.10% Fujin SAS 140, avenue des Champs Elysées – 75008 Paris, France 41.90% 41.90% Eolienne de Rully 140, avenue des Champs Elysées – 75008 Paris, France 41.90% 41.90% Parc Eollen de Fontaine Macon 140, avenue des Champs Elysées – 75008 Paris, France 41.90% 41.90% 149TRIG Annual Report 2025 Notes to the Financial Statements continued ### 21. Subsidiaries, joint ventures and associates continued | | Ownership | | Ownership | | | --- | --- | --- | --- | --- | | | Interest and | | Interest and | | | | Voting Rights | | Voting Rights | | | | 31 December | | 31 December | | | Name Registered address | | 2025 | | 2024 | Parc Eollen de Vignes 140, avenue des Champs Elysées – 75008 Paris, France 41.90% 41.90% Parc Eolien du Val de Gronde S.A.S. 140, avenue des Champs Elysées – 75008 Paris, France 37.30% 37.30% Energie du Porcien 140, avenue des Champs Elysées – 75008 Paris, France 33.50% 33.50% | German Offshore Wind Investments Group (Holdings) | Level 7, One Bartholomew Close, Barts Square, London, | 100% 100% | | --- | --- | --- | | Limited | EC1A 7BL | | | German Offshore Wind Investments Group Limited Level 7, One Bartholomew Close, Barts Square, London, | | 100% 100% | EC1A 7BL Gode Wind 1 Investor Holding GmbH Eschersheimer Landstr. 14, 60322 Frankfurt a. Main, 19.7% 50% Germany Gode Wind 1 Offshore Wind Farm GmbH & Co. oHG Am Osthafen 2, 26506 Norden, Germany 9.9% 25% Merkur Offshore GP GmbH Kirchstr. 1, 15806 Zossen, Germany 35.70% 35.70% Merkur Offshore Investment Holdings GmbH & Co KG Kirchstr. 1, 15806 Zossen, Germany 35.70% 35.70% Merkur Offshore Holdings GmbH Kirchstr. 1, 15806 Zossen, Germany 35.70% 35.70% Merkur Wind GmbH Kirchstr. 1, 15806 Zossen, Germany 35.70% 35.70% Merkur Offshore GmbH Kirchstr. 1, 15806 Zossen, Germany 35.70% 35.70% Merkur Offshore Service GmbH Am Sandtorkai 74, 20457 Hamburg, Germany 35.70% 35.70% Malabrigo Solar SLU Pintor Sorolla n.3, 46002, Valencia, Spain 100% 100% Arenosas Solar SLU Pintor Sorolla n.3, 46002, Valencia, Spain 100% 100% El Yarte Solar SLU Pintor Sorolla n.3, 46002, Valencia, Spain 100% 100% Guita Solar SLU Pintor Sorolla n.3, 46002, Valencia, Spain 100% 100% Pisa Solar Holdings S.L.U. C/ Suero de Quiñones 34-36, Madrid, Spain 100% 100% Evacuacion Solar Arcos SL Pintor Sorolla n.3, 46002, Valencia, Spain 100% 100% Valdesolar SL C/ MÉNDEZ ÁLVARO 44, Madrid, 28045, Spain 49% 49% Sirocco Wind Holding AB Lilla Bommen 1, 411 04 Göteborg, Sweden 100% 100% Jadraas Vindkraft AB Lilla Bommen 1, 411 04 Göteborg, Sweden 100% 100% Gronhult Wind AB C/O Linda Ahlskog, Stockholm, 169 92, Sweden 100% 100% Hallasen Kraft AB Lilla Bommen 1, 411 04 Göteborg, Sweden 100% 100% Krange Wind AB Linjegatan 7, 302 50 Halmstad, Sweden 50% 50% GOW01 Investor LuxCo SARL 28 Boulevard F.W. Raiffeisen 2411 Luxembourg 50% 50% Phoenix SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100% Le HaFontaine Macon 2 SAS m SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100% Le Ham SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100% Yvignac SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100% Croix Benjamin SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100% 150 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices | | Ownership | | Ownership | | | --- | --- | --- | --- | --- | | | Interest and | | Interest and | | | | Voting Rights | | Voting Rights | | | | 31 December | | 31 December | | | Name Registered address | | 2025 | | 2024 | Gatinais SAS 140, avenue des Champs Elysées – 75008 Paris, France 100% 100% Bardzour SAS 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 100% 100% Les Cédres SAS 48 CHEMIN CACHALOT 97410 SAINT-PIERRE, France 100% 100% Mortella SAS 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 100% 100% Olmo 1 SAS 1 RUE DU DOCTEUR MORUCCI 20200 BASTIA, France 100% 100% 151TRIG Annual Report 2025 ## Appendices WHAT'S IN THIS SECTION Appendices (unaudited) 153 Glossary 160 Directors and Advisers 161 Key Company Data 162 152 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Appendices (unaudited) Product name: The Renewables Infrastructure Group Limited Legal entity identifier: 213800NO6Q7Q7HMOMT20 ### Environmental and / or social characteristics Sustainable investment means an investment in an economic activity Did this financial product have a sustainable investment objective? that contributes to an environmental or social objective, provided that the investment does not significantly harm Yes No any environmental or social objective andthat the investee companies It made sustainable investments It promoted Environmental/Social followgood governance practices. with an environmental objective: (E/S) characteristics and while The EU Taxonomy is a classification ___% it did not have as its objective system laid down in Regulation a sustainable investment, it in economic activities that qualify as (EU) 2020/852, establishing a list had a proportion of ___% of environmentally sustainable under of environmentally sustainable sustainable investments theEU Taxonomy economic activities. That Regulation with an environmental objective in does not lay down a list of socially in economic activities that do not economic activities that qualify as sustainable economic activities. qualify as environmentally sustainable environmentally sustainable under Sustainable investments with an under the EU Taxonomy theEU Taxonomy environmental objective might be alignedwith the Taxonomy or not. It made sustainable investments with an environmental objective with a social objective: ___% in economic activities that do not qualify as environmentally sustainable under the EU Taxonomy with a social objective It promoted E/S characteristics, but did not make any sustainable investments To what extent were the environmental and / or social characteristics promoted by this financial product met? The Renewables Infrastructure Group Limited’s (the “Company” or “TRIG”) investment proposition is to generate sustainable returns from a diversified portfolio of renewables infrastructure that contribute towards a net zero carbon future. The Company’s E/S characteristics are as follows: – Mitigate adverse climate change – Preserve our natural environment – Positively impact the communities we work in – Maintain ethics and integrity in governance These were met during the year, which can be exemplified by the actions reported on pages 159-160 and the indicators on page 36. 153TRIG Annual Report 2025 Appendices (unaudited) ### How did the sustainability indicators perform? Sustainability indicators measure how the environmental or social InfraRed has used the following sustainability indicators to measure the attainment of the characteristics promoted by the E/S characteristics: financialproduct are attained. – Environmental: Renewable electricity generated, homes (equivalent) powered, carbon emissions avoided, percentage of UK portfolio sourcing electricity under Renewable Electricity Supply Contracts and Scope 1, 2, 3 emissions; and – Social: Number of community funds within the TRIG portfolio, community contributions per annum in £, and number of sites that have any outstanding issues with the local community. – Information regarding the performance of TRIG’s investments against sustainability indicators is provided in the table on page 36 of this Annual Report. …and compared to previous periods? A comparison to the previous period’s results can be found in the table on page 36. What were the objectives of the sustainable investments that the financial product partially made and how did the sustainable investment contribute to such objectives? N/A How did the sustainable investments that the financial product partially made not cause significant harm to any environmental or social sustainable investment objective? N/A How were the indicators for adverse impacts on sustainability factors taken into account? N/A Were sustainable investments aligned with the OECD Guidelines for Multinational Enterprises and the UN Guiding Principles on Business and Human Rights? Details: N/A The EU Taxonomy sets out a “do no significant harm” principle by which Taxonomy-aligned investments should not significantly harm EU Taxonomy objectives, and is accompanied by specific EU criteria. The “do no significant harm” principle applies only to those investments underlying the financial product that take into account the EU criteria for environmentally sustainable economic activities. The investments underlying the remaining portion of this financial product do not take into account the EU criteria for environmentally sustainable economic activities. Any other sustainable investments must also not significantly harm any environmental orsocial objectives. 154 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ### How did this financial product consider principal adverse Principal adverse impacts are the ### impacts on sustainability factors? most significant negative impacts of investment decisions on sustainability Prior to acquisition of an investment, the Investment Manager considered the mandatory factors relating to environmental, social principal adverse impact indicators in Table 1 Annex 1 of the SFDR RTS, to the extent that and employee matters, respect for relevant data is available from each potential investee company. There were no new assets human rights, anti-corruption and acquired in the reporting period. anti-bribery matters. Post-acquisition, the Investment Manager and Operations Manager (together, the “Managers”) ensured assessment of the mandatory principal adverse impacts on an ongoing basis through an annual Sustainability Survey which portfolio companies are asked to complete, the results of which are published in TRIG’s Sustainability Report in the second quarter of each year. Information regarding InfraRed’s consideration of the principal adverse impacts in respect of TRIG’s investments will be provided in TRIG’s Sustainability Report due to be published in 2026. What were the top investments of this financial product? The list includes the investments The information shown in the table below has also been provided on page 44 of this constituting the greatest proportion Annual Report. of investments of the financial product during the reference period which is: Project Location Type 31 December 2025 1 January to 31 December 2025 Hornsea One England Offshore wind 10% Merkur Germany Offshore wind 7% Jädraås Sweden Onshore wind 6% East Anglia One England Offshore wind 5% Beatrice Scotland Offshore wind 5% Garreg Lwyd Wales Onshore wind 4% Grönhult Sweden Onshore wind 3% Solwaybank Scotland Onshore wind 3% Ranasjö Sweden Onshore wind 3% Blary Hill Scotland Onshore wind 2% December 2025 largest ten investments 50% Balance does not cast due to rounding What was the proportion of sustainability-related investments? N/A 155TRIG Annual Report 2025 Appendices (unaudited) What was the asset allocation? Asset allocation describes the share of 99.7% of TRIG’s investments were made to attain the E/S characteristics in the investments in specific assets. reporting period. To confirm, the Company’s asset allocation has been calculated based on market values in respect of “#1 Aligned with E/S characteristics” investments and mark-to-market value in respect of the “#2 Other” assets (as detailed further below). #1 Aligned with E/S characteristics – 99.7% Investments #2 Other – 0.3% #1 Aligned with E/S characteristics includes the investments of the financial product used to attain the environmental orsocial characteristics promoted by the financial product. #2 Other includes the remaining investments of the financial product which are neither aligned with the environmental or social characteristics, nor are qualified as sustainable investments. In which economic sectors were the investments made? The Company’s investments were in infrastructure assets, in the following sectors: onshore and offshore wind farms, solar parks and flexible capacity infrastructure. To what extent were the sustainable investments with an environmental objective aligned with the EU Taxonomy? While the Company has not made a commitment to make sustainable investments within the meaning of SFDR, the Company has made investments which are Taxonomy-aligned. This Annual Report contains the latest results of an internal assessment of the Company’s investments against the EU Taxonomy technical screening criteria contained in the Taxonomy Climate Delegated Act. The Company conducted the assessment on all investments, of which 98% were determined as eligible to contribute to an environmental objective as defined by the EU Taxonomy. Based on the information provided by those eligible investments, the Company determined that 95% of all investments, by portfolio value, are Taxonomy aligned. The same position as last year. TRIG’s Taxonomy-aligned investments substantially contributed to the environmental objective of climate change mitigation, and are aligned with the following environmentally sustainable economic activities: – Electricity generation from solar photovoltaic technology – Electricity generation from wind power 1 – Storage of electricity The Company notes the publication of the Omnibus Taxonomy Delegated Act in the Official Journal on 8 January 2026, which entered into force on 28 January 2026. For the 2025 Financial Year, TRIG has maintained its reporting under the existing framework to ensure consistency and data comparability. However, the Company intends to adopt the simplified reporting rules introduced by the Omnibus Act for the next reporting period (FY 2026). 1 As provided in Annex I of Commission Delegated Regulation (EU) 2021/2139 of 4 June 2021. 156 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Did the financial product invest in fossil gas and / or nuclear energy Taxonomy-aligned activities are 1 related activities complying with the EU Taxonomy? expressed as a share of: – Turnover reflects the ‘greenness’ of Did this financial product have a sustainable investment objective? investee companies today. – Capital expenditure (CapEx) shows Yes (specify below, and details in the No the green investments made by graphs of the box) investee companies, relevant for a transition to a green economy. In fossil gas – operational expenditure (OpEx) reflects the green operational activities In nuclear energy of investee companies. The graphs below show in green the percentage of investments that were aligned with the EU Taxonomy. As there is no appropriate methodology to determine the taxonomy-alignment of sovereign bonds,* the first graph shows the Taxonomy alignment in relation to all the investments of the financial product including sovereign bonds, while the second graph shows the Taxonomy alignment only in relation to the investments of the financial product other than sovereign bonds. | | | Taxonomy-alignment of investments | | | | | | | Taxonomy-alignment of investments | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | including sovereign bonds* | | | | | | | excluding sovereign bonds* | | | | | Valuation | | | | | | | Valuation | | | | | | | | | | | | 95.2% 2.4% | | 2.4% | | | | | 95.2% 2.4% | | 2.4% | | | OpEx | | | | | | | OpEx | | | | | | | | | | | | 98.1% 1.9% | | | | | | | 98.1% 1.9% | | | | CapEx | | | | | | | CapEx | | | | | | | Turnover | | | | | | | Turnover | | | | | | | | | | | | | 99.0% | 1.0% | | | | | | 99.0% | 1.0% | | | | 0% | | 60% 80%40%20% 100% | | | | | 0% | | 60% 80%40%20% 100% | | | | | | Taxonomy-aligned Non-taxonomy aligned - non eligible | | Non-taxonomy aligned - eligible | | | | | | | | | | * For the purpose of these graphs, ‘sovereign bonds’ consist of all sovereign exposures. What was the share of investments made in transitional and To comply with the EU Taxonomy, the enablingactivities? criteria for fossil gas include limitations The environmentally sustainable economic activity of storage of electricity is an enabling on emissions and switching to fully activity under the EU Taxonomy. However, the proportion of TRIG’s portfolio that performs renewable power or low-carbon fuels by thisactivity will be dependent on the investment composition by asset type. Based on the the end of 2035. For nuclear energy, portfolio composition as at 31 December 2025, investments in renewable energy enabling the criteria include comprehensive safety infrastructure constituted 6% of TRIG’s committed portfolio valuation, however this percentage and waste management rules. will change based on future investments or divestments. On that basis, the minimum Enabling activities directly share could be less than 6%. In addition, the Company does not make any investments in enable other activities to make transitional activities, therefore the minimum share of investments in such activities is 0%. a substantial contribution to an However, TRIG invests in renewables and related infrastructure opportunities which, over time, environmental objective. may include transitional activities (which, if applicable, would be reported as part of TRIG’s annual results). Transitional activities are activities for which low-carbon alternatives are How did the percentage of investments that were aligned with not yet available and, among others, theEUTaxonomy compare with previous reference periods? have greenhouse gas emission levels The Managers have reviewed and assessed that 95% of the Company’s investments are corresponding to the best performance. aligned with the EU Taxonomy on the basis of the portfolio valuation as at 31 December 2025, maintaining the same alignment level as in 2024. One new project currently in construction has been added to the assessment in 2025, and met the criteria for alignment. The remaining 2% of eligible projects sits with two projects where TRIG continues to work on further enhancing the robustness in circularity practices and ability to fully evidence Minimum Social Safeguard criteria to bring the alignment to all eligible projects. 1 Fossil gas and / or nuclear related activities will only comply with the EU Taxonomy where they contribute to limiting climate change (“climate change mitigation”) and do not significantly harm any EU Taxonomy objective – see explanatory note in the left-hand margin. The full criteria for fossil gas and nuclear energy economy activities that comply with the EU Taxonomy are laid down in Commission Delegated Regulation (EU) 2022/1214. 157TRIG Annual Report 2025 ## Appendices (unaudited) Sustainable investments with an environmental objective that **do not take into account the criteria** for environmentally sustainable economic activities under Regulation (EU) 2020/852. ### What was the share of sustainable investments with an environmental objective not aligned with the EU Taxonomy? N/A ### What was the share of socially sustainable investments? N/A ### What investments were included under “other”, what was their purpose and were there any minimum environmental or social safeguards? Currency, interest rate and power price hedging is carried out to seek to provide protection against foreign exchange risk and increasing costs of servicing Group debt (as defined in the Prospectus) drawn down to finance investments. However, currency and interest rate hedging transactions will only be undertaken for the purpose of efficient portfolio management and will not be carried out for speculative purposes. As at the end of this reporting period, the company held FX forward contracts which are classified as “other” and equated to 0.3%. ### What actions have been taken to meet the environmental and / or social characteristics during the reference period? The Company took several actions during the period to meet its E/S characteristics, as outlined below. #### Mitigating adverse climate change Renewable energy generated in the period decreased from 5,915GWh to 5,431GWh. Electricity generation was impacted by a combination of factors, most notably low wind resource in the first half of the year in the UK, France and Germany and curtailment of generation in Sweden due to negative market prices. The corresponding benefits of renewable energy generation in respect of carbon emissions avoided and equivalent homes powered is reported in the table on page 36 of this Annual Report. In addition to investing in renewables and supporting infrastructure, the Company also took a number of steps to reduce portfolio emissions. This included maintaining the proportion of the total portfolio sourcing on-site electricity under Renewable Electricity Supply Contracts, or generating for own use, at 94% with one new green tariff contract signed in 2025. With new projects entering construction in 2025, TRIG’s Managers continued to engage with suppliers, with a particular focus on responsible procurement of new products and circularity. This was achieved by using lower impact materials such as screw piles in place of full concrete foundations for Ryton battery storage project to reduce emissions and by working in partnership with local recycling plants during repowering and replacement initiatives so that solar panels and wind turbine components can be recycled. #### Preserving the natural environment In 2025, the number of ongoing proactive environment enhancement projects that exceed standard environmental maintenance within TRIG’s portfolio increased from 53 to 58. This increase is the result of engagement with TRIG’s stakeholders to understand where further initiatives within the portfolio can be implemented and are needed most. The nature of habitat enhancement varies depending on the asset and its location, but can include the installation of beehives, planting of wildflower meadows and hedgerows, installation of bat and bird boxes and habitat improvement for local endangered species. During 2025, the focus was on introducing nest boxes at two of the Cadiz solar projects in Spain and sowing new meadows at solar projects in the UK. The percentage of individual projects in the portfolio maintaining voluntary environmental enhancements has increased from 37% to 39%. This is expected to continue improving in 2026 with plans in place to focus on TRIG’s French assets to introduce further initiatives. 158 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices Positively impacting the communities in which the Company works As highlighted above, during 2025 TRIG distributed £1.7m of community funding across 48community funds. Two new community benefit funds have been established in France through the Puits Castan and Haut Cabardès projects. The funds will support the work of Énergie Solidaire to provide aid to vulnerable households experiencing energy poverty. In addition to community funding, TRIG also looks to identify opportunities to engage with schools in the local communities to educate students on renewable energy, facilitating site visits to the projects where possible. Further information on specific case studies for TRIG’s and the Manager’s community-related initiatives is provided in the Company’s Sustainability Reports. Maintaining ethics and integrity in governance During the period, several initiatives were undertaken to support this E/S characteristic: – The Investment Manager continued to undertake detailed due diligence on its supply chain, particularly in relation to new flexible capacity investments, solar panels replacements and repowering projects. – The Operations Manager continued to engage with the portfolio companies to improve participation in the annual sustainability survey and the cybersecurity survey and to provide further evidence to support the information provided. The results of these surveys will be published in TRIG’s FY 2025 Sustainability Report. – The Investment Manager and Operations Manager hosted Spring and Autumn TRIG sustainability summits. These happen biannually and are organised for stakeholders that are integral to providing sustainability data. The events celebrate sustainability initiatives and share best practice across portfolio, provide information on TRIG’s annual sustainability performance and identify areas for further improvement in key sustainability metrics. Both Managers engaged directly with policy makers and through trade bodies in relation to public policy matters. ### How did this financial product perform compared to the Reference benchmarks are indexes to ### reference benchmark? measure whether the financial product attains the environmental or social N/A characteristics that they promote. How does the reference benchmark differ from a broad market index? N/A How did this financial product perform with regard to the sustainability indicators to determine the alignment of the reference benchmark with the environmental or social characteristics promoted? N/A How did this financial product perform compared with the reference benchmark? N/A How did this financial product perform compared with the broad market index? N/A 159TRIG Annual Report 2025 ## Glossary Item Definition Initial Public Offering (IPO) The act of offering the stock of a company on a public stock exchange for the first time. TRIGcompleted its IPO in July 2013. Net Asset Value (NAV) Net Asset Value, being the value of the investment company’s assets, less any liabilities it has. TheNAV per share is the NAV divided by the number of shares in issue. The difference between theNAV per share and the share price is known as the discount or premium. Renewable electricity generated The amount of renewable electricity generated by the portfolio during the year, net of the Company’s ownership share. Tonnes of CO 2 avoided per annum The estimate of the portfolio’s annual CO 2 emission reductions, based on the portfolio’s estimated generation as at the relevant reporting date prepared on the IFI approach to GHG Accounting. Sustainable Finance Disclosures An EU law which aims to standardise disclosure requirements on how financial market participants Regulation (SFDR) integrate environmental, social and governance factors in their investment decision-making and risk processes. Further detail can be found in the Sustainability section. Revolving Credit Facility (RCF) TRIG has a £500m RCF at fund level which provides short-term financing. The RCF has a three-year term and expires on 31 March 2028. See the Financial Review section of the report onpage 52. Renewable Energy Guarantees The Renewable Energy Guarantees of Origin (REGO) scheme in the UK provides transparency ofOrigin certificates (REGOs) toconsumers about the proportion of electricity that suppliers source from renewable electricity. This scheme provides certificates called REGOs which demonstrate electricity has been generated from renewable sources. EU Member States’ version of the REGO scheme is called Guarantees of Origin (GoOs). Lost Time Accident Frequency A safety at work metric which measures the number of personnel injured and unable to performtheir Rate(LTAFR) normal duties for seven days or more, for each hundred thousand hours worked. Allaccidents are recorded, but only accidents that have resulted in the worker being unable to perform their normal duties for more than seven days are included in this calculation, in line with reportable accidents as defined by UK HSE RIDDOR regulation. RIDDORs RIDDOR, short for Reporting of Injuries, Diseases and Dangerous Occurrences Regulations, is aformof Health & safety legislation in the UK that governs what incidents organisations are required toreport on. Review of Electricity Market REMA fulfils a Government commitment in the British Energy Security Strategy to undertake a Arrangements (REMA) comprehensive review of electricity market design, to ensure that it is fit for the purpose of maintaining energy security and affordability through the energy transition. The review primarily explores reforms to wholesale electricity markets to decouple power and gas prices and reviewing options to encourage the mass adoption of low carbon technology. Local Electricity Discount LEDS is a type of community fund initiative designed to offer energy consumers, local to participating Schemes(LEDS) projects, a discount on their annual electricity bills. 160 TRIG Annual Report 2025 Strategic Report Governance Financials Appendices ## Directors and Advisers | Directors | Financial PR | | --- | --- | | Richard Morse (Chair) | Brunswick | | John Whittle | 16 Lincoln’s Inn Fields | | Tove Feld | London | | Erna-Maria Trixl | WC2A 3ED | Selina Sagayam ### UK Transfer Agent | Registrar | MUFG Corporate Markets (UK) Limited | | --- | --- | | MUFG Corporate Markets (Guernsey) Limited | Central Square | | PO Box 627 | 29 Wellington Street | | St Peter Port | Leeds | | Guernsey GY1 4PP | LS1 4DL | ### Administrator to Company, Designated Auditor ### Manager, Company Secretary and Deloitte LLP Regency Court ### Registered Office Esplanade Aztec Financial Services (Guernsey) Limited St Peter Port PO Box 656 Guernsey East Wing GY1 3HW Trafalgar Court Les Banques St Peter Port ### Guernsey Joint Brokers GY1 3PP Investec Bank Plc 30 Gresham Street +44 1481 748 831 London EC2V 7QP ### Investment Manager | InfraRed Capital Partners Limited\| | BNP Paribas | | --- | --- | | Level 7, One Bartholomew Close | 10 Harewood Avenue | | Barts Square | London | | London | NW1 6AA | EC1A 7BL ### Operations Manager Renewable Energy Systems Limited Beaufort Court Egg Farm Lane Kings Langley Hertfordshire WD4 8LR 161TRIG Annual Report 2025 # Key Company Data | Company Name | The Renewables Infrastructure Group Limited | | --- | --- | | Registered address | East Wing Trafalgar Court Les Banques St Peter Port Guernsey | | Listing | London Stock Exchange – Premium Listing | | Ticker symbol | TRIG | | SEDOL | BBHX2H9 | | Index inclusion | FTSE All-Share, FTSE 250, FTSE 350 and FTSE 350 High Yield indices | | Company year end | 31 December | | Dividend payments | Quarterly (March, June, September, December) | | Investment Manager ('IM') | InfraRed Capital Partners Limited | | Operations Manager ('OM') | Renewable Energy Systems Limited | | Company Secretary and Administrator | Aztec Financial Services (Guernsey) Limited | | Net assets | £2,488m as at 31 December 2025 | | Market capitalisation | £1,648m as at 31 December 2025 | | Management Fees | Calculated on the basis of an equal weighting of (i) the average of the closing daily market capitalisation during each quarter and (ii) the published Net Asset Value for the quarter. The following percentages are then applied to this basis: 1% per annum up to £1.0bn, falling to 0.8% per annum for the above £1.0bn, 0.75% per annum above £2.0bn and 0.7% per annum above £3.0bn; fees are split 65:35 between Investment Manager and Operations Manager. | | ISA, PEP and SIPP status | No performance or acquisition fees | | NMPI status | The ordinary shares are eligible for inclusion in PEPs and ISAs (subject to applicable subscription limits) provided that they have been purchased in the market. The shares are permissible assets for SIPPs. | | FATCA | Following the receipt of legal advice, the Board confirms that it conducts the Company's affairs, and intends to continue to conduct the Company's affairs, such that the Company would qualify for approval as an investment trust if it were resident in the United Kingdom and that IFAs should therefore be able to recommend its Ordinary Shares to ordinary retail investors in accordance with the FCA's rules relating to non-mainstream investment products. | | KID | The Company has registered for FATCA and has a GIIN number J0L1NL.99999.SL.831 | | Investment policy | The Company issues a KID in line with UK PRIIPs regulation and this can be found on the Company's website | | Local Electricity Discount Schemes (LEDS) | The Company's investment policy can be found on the Company's website | 162 TRIG Annual Report 2025 ® This document is printed on FSC certified paper and to the EMAS standard and its Environmental Management System is certified to ISO 14001. This publication has been manufactured using 100% offshore wind electricity sourced from UK wind. 100% of the inks used are HP Indigo ElectroInk which complies with RoHS legislation and meets the chemical requirements of the Nordic Ecolabel (NordicSwan) for printing companies, 95% of press chemicals are recycled forfurther use and, on average 99% of any waste associated with this productionwill be recycled and the remaining 1% used to generate energy. This document is printed on Revive 100 Uncoated and Revive 100 Uncoated ® paper containing 100% recycled fibre. The FSC label on this product ensures responsible use of the world’s forest resources. Design and production by Radley Yeldar | ry.com Park Communications | www.parkcom.co.uk Find out more trig-ltd.com East Wing Trafalgar Court Les Banques St Peter Port Guernsey GY1 3PP