Interim report
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Interim Report For the six months ended 30 June 2026
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report About the Company . . . . . . . . . . . . . . . . . . . . . . . . . . 2 H alf Year in Numbers . . . . . . . . . . . . . . . . . . . . . . . . . 3 Strategic Report Chair’s Statement . . . . . . . . . . . . . . . . . . . . . . . . . . . 4 Strategy and Business Model . . . . . . . . . . . . . . . . . . 7 Why ORIT Now? . . . . . . . . . . . . . . . . . . . . . . . . . . . 10 Objectives and KPIs . . . . . . . . . . . . . . . . . . . . . . . . . 11 Investment Manager’s Report Investment Manager Commentary . . . . . . . . . . . .13 P ortfolio Breakdown . . . . . . . . . . . . . . . . . . . . . . . . 21 Portfolio Performance . . . . . . . . . . . . . . . . . . . . . . 24 Financial Review . . . . . . . . . . . . . . . . . . . . . . . . . . . 29 Portfolio Valuation . . . . . . . . . . . . . . . . . . . . . . . . . 31 D ebt and Revenue Management . . . . . . . . . . . . . 35 ESG & Impact Report ESG & Impact Strategy . . . . . . . . . . . . . . . . . . . . . . 39 Interim Management Report Responsibility Statement of the Directors . . . . . . 47 Interim Financial Statements Condensed Statement of Comprehensive Income . . . . . . . . . . . . . . . . . . . . . . . . 49 C ondensed Statement of Financial Position . . . . 49 Condensed Statement of Changes in Equity . . . . 50 C ondensed Statement of Cash Flows . . . . . . . . . . 51 N otes to the Condensed Interim Financial Statements . . . . . . . . . . . . . . . . . . . . . . . 52 Other Information Alternative Performance Measures . . . . . . . . . . . . 56 Glossary . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58 Company Information . . . . . . . . . . . . . . . . . . . . . . 59 Contents 1
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report About the Company Our purpose ORIT’s purpose is to build and operate a diversified renewable energy infrastructure portfolio that accelerates the energy transition and creates lasting impact for investors, people and the planet. What is ORIT? ORIT classifies itself as an impact fund, accelerating the transition to net zero through its investments . It is managed by one of the largest specialist renewable energy investors in Europe, Octopus Energy Generation (the “Investment Manager”) . In vestment Strategy Overview The full Investment Strategy and Policy can be found on the Company’s website: ht tps:// www.octopusrenewablesinfrastructure. com/ and in its latest Annual Report . About the Investment Manager Octopus Renewables Limited, trading as Octopus Energy Generation (“OEGen”), is one of Europe’s largest specialist renewables investors. It is driving the renewable energy agenda globally, building green power and energy transition tech for the future. Headquartered in London, OEGen manages £ 8.8 billion ($11.7 billion / € 10.2 billion) of clean energy projects, with a capacity of 5.4 GW across more than 400 sites in 20 countries. These projects - namely wind and solar farms - generate clean power for 2.8 million homes a year. OEGen has a 15-year track record of delivering scale, performance and measurable impact from development platforms to construction and operational projects. These span the full energy transition ecosystem, from onshore and offshore wind, to solar, and battery storage, as well as next-generation infrastructure, such as clean heating, energy-efficient data centres, electric vehicle charging and natural capital projects. It works with institutional investors including pension schemes, insurers and private wealth investors across the UK, Europe and Asia to turbocharge the energy transition, creating a greener, fairer and more affordable energy system for everyone. Its specialist fund manager arm is part of Octopus Energy Group (“Octopus”), a global clean energy and tech disruptor. OEGen in Numbers 5.4 GW Clean energy capacity under management 15+ Years of experience £8.8bn Assets under management (“AUM”) 150+ Investment professionals 20 Number of countries it operates in As at 30 June 2026 2
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report -5.0% Net Asset Value (“NAV”) total return1 (H1 2025: -0 . 2%) 575 GWh Renewable electricity generated in H1 20264 (H1 2025: 608 GWh4) 3.11p / 9.5% Dividend per Ordinary Share for H1 2026/Dividend yield 2 (FY 2026 target: 6 . 23p) 154k Equivalent tonnes of carbon avoided for the six months (H1 2025: 165k) 13.7% Share price total return1 (H1 2025: 12 .9 %) 21.7% NAV total return since IPO (3.0% per annum “pa”)1 (H1 2025: 31 .7% a nd 5 .1% p a) £852m Gross Asset Value (“GAV”)¹ (31 December 2025: £897m) 740 MW Capacity owned (31 December 2025: 740 MW) 46.6% Leverage as a percentage of GAV (31 December 2025: 44 .8 %) £455m NAV (31 December 2025: £495m) 86.2p NAV per Ordinary Share (31 December 2025: 93 .8 p) 1.38x Dividend cover3 (H1 2025: 1 .1 9x) Half Year in Numbers As at, or for the six months ended, 30 June 2026 (“H1 2026”) (unaudited) Financial and Operational See Key Performance Indicators on pages 11 to 12 for more metrics, and historic data including revenues and EBITDA . 1 A lternative Performance Measures (“APMs”): These are APMs as defined by the European Securities and Market Authority . Definitions of these measures can be found on pages 56 to 57, along with numerical calculations where appropriate . 2 D ividend yield is calculated by dividing the target annual dividend per share of 6 .2 3p for FY 2026 by the LSE closing share price as at 30 June 2026 . This is not a reliable indicator of future performance . 3 D ividend cover for H1 2026 is calculated on the basis of actual total net operational cash flows from the portfolio after debt service and Company and intermediate holding company expenses . The dividend cover calculation can be found on page 57 . 4 E xcluding compensated generation . Impact 3
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Introduction Dear Shareholder, On behalf of the Board, I am pleased to present the Interim Report for Octopus Renewables Infrastructure Trust plc (“ORIT” or the “Company”) for the six months ended 30 June 2026 . The first half of 2026 remained challenging for ORIT and for the listed renewable infrastructure sector more broadly . Persistent sector discounts, pressure on power price forecasts, subdued transaction volumes in the private markets and a changing policy backdrop continued to weigh on valuations and investor sentiment . Despite the challenging backdrop, the underlying portfolio continued to generate strong and predictable cash flows . The Company declared dividends of 3 .1 1 pence per Ordinary Share in respect of the period, in line with the FY 2026 dividend target of 6 . 23 pence per Ordinary Share . B ased on this target, the shares offered a dividend yield of 9 .5 % at 30 June 2026 . The Company remains on track to deliver its increased dividend target for FY 2026, with dividends fully covered by operational cash flows during the period . ORIT also continues to deliver tangible environmental benefits through the generation of renewable electricity across its diversified portfolio . H owever, the Company reported a negative NAV total return over the six months to 30 June 2026, principally reflecting the impact of lower long-term power price forecasts, increased discount rates and, notably, the Q2 review of energy yield assessments (“EYAs”) across the onshore wind portfolio as those assets accumulated a sufficient operational track record . The first half of 2026 required the Board and Investment Manager to exercise careful judgement while continuing to oversee the delivery of ORIT 2030 . While the strategy is designed to be implemented over several years, we recognise that shareholders want to see greater evidence of progress . W e are very focused on advancing some of the opportunities under consideration into completed transactions and tangible outcomes . W hile acutely aware of the challenges facing the listed renewable energy sector, we remain confident in the quality and strength of the portfolio to deliver on the Company’s strategic priorities and generate long-term value for shareholders . Board priorities in a challenging market The external environment has remained challenging . Long-t erm power price forecasts were reduced across several of the Company’s markets, while sustained changes in market conditions and evolving transaction evidence warranted increases to discount rates for our European assets . T he UK Government’s decision not to extend Carbon Price Support beyond the current legislative period also had a modest negative impact on NAV . A longside this, ORIT’s shares traded at an average discount of 36 .9 % during the period, a level that remains a source of considerable frustration for the Board . A gainst this backdrop, the Board has concentrated its efforts on the areas within its control . T hroughout the period our priorities were to maintain rigorous oversight of valuation and risk, preserve balance-sheet flexibility and continue to challenge and support the Investment Manager in executing the ORIT 2030 plan . M aintaining a progressive dividend that is fully covered by operational cash flows also remained central to the Board’s approach . M ore broadly, persistent discounts and changing investor sentiment have accelerated structural change across the listed renewables sector . Several investment companies in our sector have entered wind-down, announced strategic transactions or been acquired, as boards have considered the appropriate response for their inv estment strategy in these market conditions . F or ORIT, we remain committed to delivering an attractive total return to shareholders, including through asset sales as well as selective investment in development and construction-stage assets, where taking and managing earlier-stage risk offers the potential for enhanced returns . At the same time, the changing shape of the peer group is a clear reminder that listed renewable infrastructure companies must continue to demonstrate the value of their strategy and structure to shareholders . T he Board continues to monitor opportunities to increase the scale and investability of the Company, including through selective corporate transactions where these are in the interests of shareholders . D uring the period, we actively considered several opportunities . H owever, the wide discounts at which companies across the sector continue to trade can make transactions more challenging . We continue to believe that greater scale has the potential to enhance the Company’s long-term competitiveness, but only where it is achieved on terms that create value for our shareholders . The Board remains mindful of this evolving landscape . While each company must determine the course of action that best serves its own shareholders, our approach remains to deliver ORIT 2030 and demonstrat e that disciplined execution of our strategy is the best route to creating long-term shareholder value . Chair’s Statement 4
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report That confidence is underpinned by the Company’s differentiated portfolio, active management approach and clear strategic priorities, which together provide a compelling platform from which to deliver sustainable income and capital growth over the medium to long term . D uring the period , a comprehensive review of the long-term energy yield assumptions across ORIT’s onshore wind portfolio was completed . As the assets have matured and established sufficient operating histories, the Board and the Investment Manager , as planned , have replaced the remaining pre-construction forecasts with assumptions based on actual operational data and updated technical evidence . T he resulting reduction in NAV was disappointing, but this update provides a robust valuation basis for the portfolio going forward . O RIT’s mature solar and offshore wind assets are already valued using assumptions informed by their operational performance . N o updates to energy yield assumptions have been made for the more recently commissioned solar assets, as these continue to perform broadly in line with or ahead of their original engineering forecasts . T he Board and the Investment Manager will continue to review long-t erm operating assumptions across the portfolio as assets mature and additional operational evidence becomes available . Financial performance and dividends NAV per Ordinary Share fell from 93 .8 p ence as at 31 December 2025 to 86 . 2 pence as at 30 June 2026, representing an H1 2026 NAV total return of -5% . While the first quarter delivered a positive NAV total return, this was more than offset by the valuation impacts recognised during the second quarter, as outlined earlier . These negative movements were partially offset by supportive macroeconomic assumptions, the extension of assumed operating lives for selected assets and the return generated by the portfolio over the period . W hile the decline in NAV is disappointing, it is important to distinguish these valuation movements from the portfolio’s underlying cash generation . Approximately 86% of forecast revenues for the two years to 30 June 2028 are fixed through government support schemes and power purchase agreements, providing significant near- term revenue visibility . L ocking in prices under long-term contracts provides significant downside risk protection, albeit it means that the portfolio has not benefit ed as much as it might have from the current price volatility driven by the geopolitical environment . I n line with the Company’s progressive dividend policy, the Board is targeting a dividend of 6 . 23 pence per Ordinary Share for FY 2026, a 1% increase on FY 2025 . At the half-year, the Company remains on track to meet this target . T he dividend was fully covered by operational cash flows during the period, with dividend cover of 1 .3 8x net of all scheduled debt amortisation . I ncluding dividends, shareholders experienced a positive share price total return of 13 .7 % over the six months to 30 June 2026, with the share price increasing 7 .9% during the period . O n a period-end reporting basis, the Company’s discount to NAV narrowed from 34 .9 % as at 31 December 2025 to 23 .5 % as at 30 June 2026 . G earing increased to 46 . 6% of GAV as at 30 June 2026, primarily as a consequence of the reduction in portfolio value, partially offset by a modest decrease in total debt . T he Board remains committed to prudent balance-sheet management and continues to view approximately 40% of GAV as an appropriate medium-term anchor, while recognising that the absolute level will naturally fluctuate as market cycles change and the Company progresses with its strategic initiatives including asset sales and new investments . Progress against ORIT 2030 ORIT 2030 sets out a five-year plan to grow NAV, build a larger and more investable Company, deliver attractive risk-adjusted total returns and increase ORIT’s positive impact for its investors, the environment and society . Progress continues across each of these strategic priorities, although the pace of execution has been slower than originally anticipated . R enewable infrastructure transactions are inherently complex, often involving multiple counterparties, financing arrangements and regulatory approvals . T he Board remains confident in the opportunities under consideration but will not compromise value or transaction quality simply to accelerate the timetable . D uring the period, ORIT made a follow-on investment into developer BLC Energy to advance projects towards ready-to-build status (read more about this on page 15 ) . These investments are intended to preserve ORIT’s access to higher-return opportunities while maintaining a disciplined approach to incremental capital deployment . C apital recycling remains central to the ORIT 2030 strategy . Selective disposals are expected to support deleveraging and create capacity for reinvestment into higher-growth opportunities, particularly construction-stage assets . The Board continues to monitor progress closely and will update shareholders as transactions reach a stage at which they can appropriately be announced . Chair’s Statement (continued) 5
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Portfolio resilience The Board’s continued confidence in ORIT is underpinned by the quality and diversification of the portfolio . ORIT provides exposure to a broad mix of renewable technologies and geographies, reducing reliance on any single market, asset or revenue source . T he solar and offshore wind portfolios performed broadly in line with, or ahead of, expectations during the period . Across the portfolio, the Investment Manager remains focused on improving operational availability, resolving asset-level issues at speed and protecting revenues through active contract and curtailment management . O ur Value Enhancement Programme provides a structured framework for identifying opportunities to improve returns and extend asset lives through initiatives such as repowering, hybridisation, co-location and targeted upgrades . An update on this initiative can be found on page 28 . W hile the benefits of these initiatives will build over time, they are an important part of the Company’s approach to active ownership and long-term value creation . O RIT’s contracted revenue base, diversified portfolio and active asset management provide resilience through periods of market and operational volatility, supporting both the Company’s progressive dividend policy and its long-term investment objectives . Impact and ESG ORIT continues to deliver positive environmental and social outcomes alongside financial returns . D uring the period, the Company was once again awarded the London Stock Exchange’s Green Economy Mark, a distinction it has held since IPO and which recognises companies and funds deriving at least 50% of revenues from products and services contributing to the global green economy . F urther details of ORIT’s environmental and social performance are set out on pages 39 to 43 of this report . Board and governance The Company held its Annual General Meeting (“AGM”) in June 2026, at which all resolutions were passed with an average of 99 . 2% of votes cast in favour . The Board remains grateful to shareholders for their continued support . A s previously announced, James Cameron stepped down from the Board at the June AGM . The Board does not intend to appoint a replacement, reflecting its continued focus on maintaining an appropriately sized Board and exercising cost discipline . B oard composition, succession planning and skills coverage remain under regular review . Strong and proportionate governance remains central to ORIT’s ability to execute its strategy effectively . The Board continues to devote significant time to capital allocation, valuation, risk management and oversight of the Investment Manager, maintaining constructive challenge and acting in the long-term interests of shareholders . Looking ahead The Board’s priorities for the second half are clear: maintaining full dividend cover, preserving balance-sheet flexibility, progressing asset sales and converting the opportunities under consideration into completed, value- accretive transactions . W e recognise that shareholders want to see evidence of delivery against ORIT 2030, and this remains the principal focus of the Board and Investment Manager . T he wider market environment is likely to remain uncertain, but the long-term need for renewable generation, energy security and system flexibility remains compelling . O RIT’s diversified portfolio, contracted revenue base and access to the specialist capabilities of Octopus Energy Generation position the Company well to navigate this environment and continue to pursue long-term value creation for shareholders . O n behalf of the Board, I would like to thank shareholders for their continued support, and the Investment Manager and its teams for their work during the period . Chair’s Statement (continued) Philip Austin MBE Chair, Octopus Renewables Infrastructure Trust plc 22 September 2026 6
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Our strategy Execute strategic capital allocation and recycling Deliver active asset management Create a diversified portfolio Secure contracted and inflation-linked revenues Strategy and Business Model How ORIT generates sustainable income and long-term growth ORIT invests in a diversified portfolio of operational, construction-stage and development-stage renewable energy assets, creating a resilient income profile and strong long-term growth potential . The portfolio totalled 740 MW across 39 assets, five countries and five technologies as at 30 June 2026 . Please see our portfolio snapshot on page 20 for more on the portfolio diversification . We invest in This delivers Positive environmental and social impact Capital growthSustainable income Construction and developer assets Operating assets What we do At our core, we buy, develop, build and operate, renewable energy infrastructure Across onshore and offshore wind, solar and other complementary technologies Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 7
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How this adds value Reduces volatility and concentration risk Diversification by geography, technology and asset stage reduces reliance on any single market, asset or revenue source . Natural offsetting factors across the portfolio help smooth performance through different market and weather conditions, while providing flexibility to allocate capital towards areas benefiting from long-term structural tailwinds . Performance optimisation and downside protection Active asset management drives performance improvements, cost efficiency and lifecycle value enhancement across the portfolio . T hrough operational oversight, contractor management and effective risk management, controllable losses are reduced and net energy production is maximised . T argeted upgrades, repowering and hybridisation help extend asset life and future-proof asset performance . Promotes capital efficiency and NAV growth Disciplined capital allocation and recycling enable redeployment into higher- return opportunities . S elective asset sales support reinvestment into construction and development assets, where value is realised as construction risk is removed, and developer investments provide proprietary access to future construction-ready projects . P roactive debt management helps maintain an efficient capital structure . Income resilience and visibility Contracted and inflation-linked revenue arrangements, including corporate Power Purchase Agreements (PPAs), provide predictable and visible cash flows . This reduces exposure to short-term power price volatility, supports income resilience and underpins the Company’s progressive dividend . Underpinned by Specialist management and oversight Strong origination Experts across origination, construction delivery and operational optimisation OEGen track record of taking projects from construction to operation Active asset ownership Clear five-year strategic growth roadmap “ORIT 2030” This approach supports dividend cover, manages gearing and ensures capital is allocated where it can create the greatest long-term value . Outcome Long-term value creation Attractive, progressive dividends Capital growth through asset appreciation Positive contribution to the energy transition See “About the Investment Manager” on page 2 See “ORIT 2030” on page 9 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Strategy and Business Model (continued) 8
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Strategy and Business Model ORIT 2030 strategy In September 2025 we launched our ORIT 2030 strategy centred on four strategic priorities . As we move through FY 2026, investment decisions will be made with these priorities in mind . S ee the Investment Manager’s Commentary on pages 13 to 15 for an update on progress . GROW Invest for NAV growth SCALE Build a larger, more investable company RETURN Deliver attractive risk-adjusted total returns • Deplo y capital into higher returning investments - Incr ease target portfolio allocation to ~20% in construction assets - M aintain 5% allocation to developer assets • A ccelerate NAV growth through a repeatable process of recycling, investment, improving operational performance and enhancing the value of assets • T arget £1 billion net asset value by 2030, through organic and inorganic growth, to create a more liquid and investable company • Achieved through disciplined capital deployment and organic NAV growth, alongside potential value-accretive corporate M&A • Shar e buybacks as a tool subject to market conditions and capital allocation priorities • Target medium-to-long-term total returns of 9-11% through a combination of capital growth and income • M aintain existing progressive dividend policy, while preserving full cover • P rudent balance sheet management, with leverage anchored at <40% GAV with the flexibility to move temporarily above this for value-accretive opportunities and strategic recycling • R etain diversification across core technologies and geographies IMPACT Scale with purpose and resilience • Aim to build approximately 100 MW of new renewable capacity per annum (on average over the five-year plan) • Sustain ORIT's impact mandate, enabling new clean energy generation and supporting the energy transition Strategy and Business Model (continued) Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 9
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Share price trades at a discount to the underlying asset value This dynamic offers potential upside over time as market conditions evolve and the strategy is delivered .05 01 A resilient income base with a pathway to long-term growth The Company combines a high-quality, largely contracted income base with active asset management and disciplined capital allocation . C ombined with strategic asset sales, this supports dividend stability while creating flexibility to reinvest capital into higher-return opportunities . 02 A clear strategy for the next phase of growth ORIT 2030 provides a practical roadmap for NAV growth through capital recycling, selective construction and development investment, and operational value enhancement, without reliance on near-term equity issuance . 03 Long-term tailwinds remain firmly in place Demand for renewable energy continues to be underpinned by electrification, energy security and decarbonisation targets across ORIT’s core markets . As policy support, grid reform and project pipelines progress, ORIT’s diversified portfolio and development exposure position the Company to benefit from these tailwinds over time . 04 A platform built for today – and the future ORIT offers investors exposure to a resilient income profile today, alongside a clearly articulated strategy to scale, grow NAV and deliver impact as market conditions evolve . Why ORIT Now? Capital at risk. Past performance is not indicative of future results. 10 A differentiated strategy aligned with long-term energy system needs
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Pence per Share % p.a. Total declared dividend per share Dividend target for FY 2026 Dividend yield Implied dividend yield (30 June 2026 share price) 0 1 2 3 4 5 6 7 4% 6% 8% 10% 12% 5.24p 5.79p 5.24 6.02p 6.23 p6.17p 5.2% 6.4% 8.6% 10.1% 9.5% 3.11p – – FY 2025FY 2024FY 2023FY 2022 FY 26 Target £67.2m£68.7m£68.7m £61.7m £38.4m H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 Revenue EBITDA £42.1m£44.3m£45.3m £40.7m £30.8m Dividends Operational portfolio Investment objective The Company’s investment objective is to provide investors with an attractive and sustainable level of income returns, with an element of capital growth, by investing in a diversified portfolio of renewable energy assets in Europe and Australia . Dividend cover H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 1.80x 1.09x 1.33x 1.19x 1.38x In H1 2026, ORIT declared dividends totalling 3 .1 1p per share in line with its FY 2026 target of 6 .2 3p . At the half-year end, this represented a yield of almost 10% despite a 6% increase to the share price over the period . Revenue and EBITDA were modestly lower year-on-year, reflecting lower overall generation and changes to the portfolio following asset disposals completed at the end of 2025 . B oth measures nevertheless exceeded budget, supported by stronger solar and offshore wind performance and the benefits of contracted revenues . Objective and Key Performance Indicators 11
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report NAV per share NAV total return NAV £628m £608m £593m £540m £455m Share price total return 8.2% -9.8% -16.4% 12.9% 13.7% H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 111.1p 107.7p 105.2p 99.5p 86.2p Capacity (MW) Capacity remained flat from 31 December 2025, but was down from 797 MW 12 months ago, following transaction activity in the second half of FY 2025 . H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 494 MW 662 MW 609 MW 808 MW 668 MW 583 MW 797 MW 740 MW H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 20.1% 1.9% 3.2% -0.2% -5.0% NAV reduced to £454 .7 m illion in H1 2026, with NAV per share declining to 86 .2 p, driven mainly by the comprehensive review of onshore wind energy yield assumptions, lower long-term power price forecasts and increased discount rates, partially offset by positive movements elsewhere in the portfolio . Profit/(Loss) and total comprehensive income Earnings/(Loss) per share 11.38p 0.97p 2.00p -0.81p -4.50p H1 2022 H1 2023 H1 2024 H1 2025 H1 2026 £64.3m £5.6m £11.3m -£4.5m -£23.8m The Company reported a loss of £23 .8 m illion in H1 2026, resulting in a loss per share of -4 .2 3p . T his was primarily driven by non-cash valuation declines recognised during the period, rather than a deterioration in underlying operational cash generation . N AV total return, which includes dividends, was -5 .0 % in H1 2026, reflecting the valuation movements outlined above . In contrast, the increase in the share price during the period, together with dividends paid, resulted in a positive share price total return of 13 .7 % . Objective and Key Performance Indicators (continued) 12
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Chris Gaydon Investment Director David Bird Investment Director 13 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Investment Manager’s Report Investment Manager Commentary ORIT’s objectives balance delivering a progressive, fully covered dividend while also building long- term value. Achieving both requires reliable cash generation, disciplined investment and careful debt management. During H1 2026, the portfolio’s cash performance was resilient: revenue and EBITDA were ahead of budget, and dividend cover increased to 1.38x after scheduled debt amortisation. Share price total return was also positive at 13.7%. Against that, ORIT recorded a NAV total return of -5%. The principal driver was the revision of onshore wind yield assumptions in the second quarter in light of the significantly greater operational history now available. Further details can be found later in this commentary and in the Portfolio Valuation section on page 33. This was alongside increases in discount rates and lower long-term power-price forecasts. Progress on capital recycling and new investment under the ORIT 2030 strategy has been slower than we expected. We do not want to blur the distinction between these outcomes. The portfolio generated cash ahead of budget, but the valuation result was disappointing. Our task now is to convert that operational resilience into shareholder value through the execution of planned transactions, a reduction in gearing and investment only where the expected return justifies the risk. Market backdrop Three developments have affected renewable infrastructure valuations since December 2025. First, interest-rate expectations have remained elevated. Geopolitical tensions, including the ongoing conflict in Iran, have added to concerns about inflation and risk premia, contributing to a higher cost-of-capital environment. Second, independent advisers have reduced medium- to long-term wholesale power-price forecasts in the UK and Ireland. This principally reflects expectations of renewable deployment and lower long- term gas prices, together with the UK Government’s decision not to extend Carbon Price Support beyond the current legislative period.
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14 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Investment Manager’s Report (continued) Third, asset-level transaction evidence in deals across Europe has supported higher discount rates for relevant assets. Buyers remain active, but they are more selective and transactions are generally taking longer to complete. This evidence relates to specific asset valuations and is distinct from the corporate transactions taking place across the listed sector. Against these valuation pressures, the longer-term outlook remains positive. The International Energy Agency expects EU electricity demand growth to accelerate to an average of 2.3% a year between 2026 and 2030, driven by data centres, electrification and a gradual recovery in industrial use. This would add approximately 300 TWh of additional consumption over this timeframe 1. Renewables supplied 47.3% of EU electricity generation in 2025 2. Meeting rising demand while continuing to decarbonise the power system will require substantial further investment in renewable generation, grids and flexibility. Geopolitical tensions have also reinforced the strategic importance of domestically generated renewable electricity and energy security. Listed renewable infrastructure companies nevertheless continue to trade at discounts substantially wider than the valuations seen in the underlying asset and corporate markets. Drax ’s acquisition of Bluefield Solar Income Fund (“BSIF”), announced in June 2026, illustrates the point. The offer represented a discount of approximately 9% to BSIF’s NAV, compared with the approximately 29% discount at which its shares were trading immediately before the offer. One transaction does not establish a market valuation. It does, however, provide further evidence that the discounts applied by listed markets are not necessarily replicated when the underlying assets are valued in corporate transactions. Valuation and portfolio performance During the period, we completed a review of long-term energy-yield assumptions across ORIT ’s onshore wind portfolio. The assets now have materially longer operating histories than were available when they were acquired or constructed. This allowed us to reassess their long-term generation expectations using actual performance data alongside updated technical and weather analysis. The review concluded that the previous assumptions were no longer the best estimate of expected long-term generation. Updating these reduced the Q2 2026 NAV by 6%, or £30.4 million. The resulting reduction in NAV is disappointing. However, once sufficient operational evidence was available, we agreed with the Board to undertake the review promptly. Ensuring valuation assumptions reflect the latest available evidence is a key part of the Company’s robust and independent methodology. All of ORIT ’s onshore wind assets are now valued using their operating histories and the latest technical evidence, rather than relying on pre-construction forecasts. We will keep these assumptions under review as the operating track record develops, including any emerging evidence on the potential effects of climate change on long-term wind resource and how this may vary geographically. The same evidence will inform future investment decisions, including the returns required for different technologies, resources and markets. Operational performance during H1 2026 remained resilient. Total generation was broadly on budget. Solar generation was 3% ahead of budget and offshore wind was 5% ahead, offset by onshore wind generation that was 6% below the updated budget. The onshore wind deficit was concentrated at two assets , reflecting a combination of weaker wind resource and isolated operational issues. Performance across the remainder of the onshore wind portfolio was broadly in line with the updated energy yield assumptions. Put simply, even as updated assumptions reduced the estimate of the portfolio’s long-term value, the underlying assets generated cash ahead of our expectations during H1 2026. Performance also benefited from targeted asset- management initiatives. At Leeskow (onshore wind ), proactive management secured compensation for an additional 1.2 GWh of market curtailment in H1 2026 – a 95% improvement on the previous approach. At Breach solar farm, we secured lower network tariffs for auxiliary electricity, effective retrospectively from January 2026. This is expected to reduce import electricity costs by approximately 16% in FY 2026. We are also assessing further opportunities across the portfolio, including aerodynamic upgrades, frequency reserve services and power uprates. Revenue was £67.2 million (3% ahead of budget ) and EBITDA was £42.1 million (6% ahead of budget), even accounting for the partial sales/sales of Breach and Crossdykes at the end of 2025. This was despite slightly lower overall generation and was driven by solar and offshore wind and the benefit of contracted revenues. Dividend cover increased to 1.38x after scheduled debt amortisation, compared with 1.19x in the equivalent prior period. Capital allocation and ORIT 2030 Our approach to capital allocation is based on achieving appropriate risk-adjusted returns, not deployment volume. 1 I nternational Energy Agency, Electricity 2026, “Demand”, 6 February 2026. Available at: https://www.iea.org/reports/electricity-2026/demand. 2 E urostat, “47% of EU electricity came from renewables in 2025”, 19 March 2026. Available at: https://ec.europa.eu/eurostat/web/products-eurostat-news/w/ddn-20260319-2.
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15 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Investment Manager’s Report (continued) Construction-stage investments and development platforms can offer returns above those available from comparable operating assets, provided that construction, financing and delivery risks are managed successfully. This construction premium is the additional return available for taking and managing construction risk. Our investments in developer platforms offer a further strategic advantage by providing proprietary access to future construction-ready projects. In June we made a follow-on commitment of £5.7 million into our UK solar pipeline developed with BLC Energy (taking the total commitment to £10.4 million ), and we expect this platform to start to deliver construction-ready assets in 2027. We will also consider recycling operating assets where the pricing and cash profile are attractive and support ORIT’s progressive, fully covered dividend. During H1 2026, we screened numerous potential investments across relevant markets. Opportunities representing approximately 182 MW progressed to detailed due diligence, but we ultimately decided not to invest. The principal reasons were mismatched pricing expectations with the sellers, and/or unacceptable balance of risk and return. Turning down these investments contributed to the slower-than-expected pace of delivery but proceeding on inadequate terms would have been a worse outcome for shareholders. The hurdle for new investment is particularly high while ORIT’s shares trade at a material discount and gearing is above its medium-term desired anchor point of 40%. Any new investment must be assessed against available alternatives, including reducing debt, investing in the existing portfolio and share buybacks, where appropriate and permitted. We have live asset investment opportunities, including one that is in the final stages of negotiation. Timelines have extended as a result of on-the-ground construction challenges for the project at hand, and we will ensure that the expected return will compensate the project risk, as we would for any investment. Following the successful sale of stakes in the Crossdykes wind farm and Breach solar farm to Tokyo Century late in 2025, we have initiated the next round of asset sales, with a number of processes underway. Demand for good-quality renewable infrastructure assets remains evident, but buyers are applying a high level of scrutiny to valuations, financing assumptions and operating performance. Financing and regulatory requirements are also lengthening transaction processes. We expect the next asset sales to complete late in 2026 or early in 2027. We understand that ORIT 2030 will ultimately be judged on completed transactions and tangible outcomes, rather than the size of the opportunity pipeline. Progress has been slower than we originally expected, and improving the pace of execution remains a priority. Balance-sheet management Total debt reduced by £5.3 million during H1 2026. This included a more than £20 million reduction in long-term debt at project level, partly offset by an increase in RCF drawings. Despite the reduction in debt, the gearing ratio increased slightly to 47% because the portfolio ’s GAV declined. Approximately 40% of GAV remains our medium-term gearing anchor. Gearing will move around that level as valuations change and capital is invested and recycled, but the present position is above where we intend it to be over the medium term. We intend to reduce gearing towards the 40% anchor through repayments funded by the proceeds of asset sales, alongside the natural reduction which comes from the amortisation of long-term asset-level debt. We are actively exploring refinancing options to ensure the Company’s gearing best supports the delivery of the ORIT 2030 priorities. Near-term focus for H2 2026 Operating assets will remain at the core of ORIT’s portfolio because they generate the cash that supports the dividend. Alongside them, selective construction-stage investments and developer relationships can provide access to future projects and additional sources of return. We also see opportunities to create value within the existing portfolio through battery co-location, other hybridisation and repowering. During the remainder of this financial year, our work in this area will be focused on identifying the assets which offer the best near- term prospects for crystallising this value, and creating detailed implementation plans for those assets. These opportunities reinforce our conviction in the long-term case for renewable infrastructure. Our near-term areas of focus are: • C arefully assess new investments against other potential uses of capital and the ORIT 2030 strategy, and where appropriate progress these to completion • R educe gearing towards its medium-term anchor through completion of asset recycling • D eliver the identified operational improvements within the existing portfolio We remain convinced that disciplined delivery of ORIT 2030 is the right way to demonstrate ORIT ’s underlying value and support long-term shareholder returns. Progress against these areas of focus will be our measure of success during the remainder of the year.
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Operating Assets: Supporting Income Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 16 Site name Technology Country Pro rata capacity (MW)1 Start of operations Remaining asset life (years) Stake %1 Key info Fidorfe2 Ireland 68 18/12/2023 38 100% Fidorfe forms part of the operational Ballymacarney complex – the largest solar complex in Ireland. Fidorfe benefits from a 15-year fixed price offtake with Microsoft. Ballymacarney 2 Ireland 54 18/12/2023 38 100% Ballymacarney forms part of the Ballymacarney complex and benefits from a 15-year fixed price offtake with Microsoft. Cumberhead UK 50 31/03/2023 32 100% Cumberhead is in South Lanarkshire, Scotland and has a PPA with Kimberly-Clark. Muckerstown2 Ireland 48 18/12/2023 38 100% Muckerstown forms part of the Ballymacarney complex and benefits from a 15-year fixed price offtake with Microsoft. Harlockstown2 Ireland 42 23/09/2024 39 100% Harlockstown forms part of the Ballymacarney complex and benefits from a 15-year fixed price offtake with Microsoft. Lincs UK 42 31/10/2013 22 16% Lincs Wind Farm is a 270 MW offshore wind farm located 8 kilometres (5 miles) off the coast of Skegness, England. ORIT and the Octopus Energy Generation-managed Octopus Renewables Infrastructure SCSp fund together own 31% of the windfarm through an SPV, which has a PPA with Centrica. Suolokangas Finland 38 30/11/2021 30 100% Suolokangas is located in North Finland. The site has a 100% hedged PPA contract for 2026 with Eesti Energia and is investigating ancillary service potential for 2027. Leeskow Germany 35 30/09/2022 31 100% Leeskow holds a 20-year, fixed-rate EEG contract backed by the German state for full production. Saunamaa Finland 34 30/11/2021 30 100% Saunamaa is located in North Finland. The site has a 100% hedged PPA contract for 2026 with Eesti Energia and is investigating ancillary service potential for 2027. Breach UK 34 25/06/2024 38 51% Breach solar farm benefits from a corporate PPA with Iceland Foods. ORIT owned 100% of this asset until 30 December 2025, when it sold 49%. Top ten operating assets by capacity (pro-rata) 1 A s at 30 June 2026 2 T hese five sites in Ireland are sometimes (in this report and elsewhere) collectively referred to as ‘the Ballymacarney solar complex’.
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 17 Site name Technology Country Pro rata capacity (MW)1 Start of operations Remaining asset life (years) Stake %1 Ermine Street UK 32 29/07/2014 18 100% Kilsallaghan2 Ireland 29 18/12/2023 38 100% Abbots Ripton UK 25 28/03/2014 28 100% Cerisou France 24 15/11/2022 31 100% Wilburton 2 (Mingay) UK 19 29/03/2014 18 100% Westerfield UK 13 25/03/2015 19 100% Chisbon UK 12 03/05/2015 29 100% Ollieres 1 France 12 19/03/2015 29 100% Arsac 2 France 12 05/03/2015 17 100% Arsac 5 France 12 30/01/2015 16 100% Wiggin Hill UK 11 10/03/2015 14 100% Ollieres 2 France 11 19/03/2015 29 100% Chalmoux France 10 01/08/2013 27 100% Fontienne France 10 02/07/2015 29 100% Istres France 8 18/06/2013 27 100% Saint Antonin du Var France 8 28/11/2013 27 100% Cuges France 7 17/04/2013 27 100% Ottringham UK 6 07/08/2013 28 100% Charleval France 6 26/03/2013 27 100% La Verdière France 6 27/06/2013 27 100% lovi 1 France 6 17/07/2014 28 100% lovi 3 France 6 17/07/2014 28 100% Brignoles France 5 26/06/2013 27 100% Penhale UK 4 08/03/2013 27 100% Remaining operating assets Weighted average remaining asset life by capacity (years) Operating Assets: Supporting Income (continued) 1 A s at 30 June 2026 2 Note that these five sites (see prior page) are sometimes (in this report and elsewhere) collectively referred to as ‘the Ballymacarney solar complex’. Technology Years Onshore wind 31.1 Offshore wind 22.3 Solar 31.3 Total 30.7
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18 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Developer Portfolio: Supporting Capital Growth Our developer portfolio is a core driver of ORIT’s long-term growth strategy, providing the future pipeline of construction-ready projects that will underpin value creation across the decade. Wind2 • 2 5% stake • Onshore wind • UK Wind2 continued to progress its UK onshore wind portfolio, although no projects reached consent during the period. Following the refusal of one planning application and the decision to pause another project, three to four projects are now expected to reach consent, compared with five in the original plan, with the first consents anticipated from 2027. Planning requirements and later grid connection dates have extended expected delivery timelines across the portfolio. BLC Energy • 1 00% stake • S olar and BESS • U K BLC has five solar and battery projects totalling 394 MW submitted for planning, including one project submitted during the period. Planning determinations have taken longer than expected, partly reflecting additional environmental assessment requirements for grid routes. Following the period end, one project secured planning consent, with the most advanced projects expected to reach ready-to-build around the end of 2026. Nordic Generation • 3 0% stake • S olar and Onshore wind • F inland Nordic Generation secured municipal zoning approval for one project following completion of supplementary environmental surveys and continued to advance permitting and grid arrangements across its Finnish wind and solar portfolio. However, planning appeals and longer grid timelines have delayed a number of projects. The first projects and opportunities for value crystallisation are now expected in 2027 rather than 2026. Simply Blue • 4 % stake • Floating offshore wind • U K, Europe Following completion of the sale of an 80% interest in Simply Blue’s offshore wind platform to Kansai in December 2025, the platform continued to progress under its new ownership structure. In January 2026, the 100 MW Erebus floating offshore wind project secured a Contract for Difference, triggering further consideration under the transaction. Kansai is providing committed development funding to advance the offshore wind portfolio, while ORIT retains a small indirect interest and the potential for further consideration linked to the first project reaching financial close. Nova Sustainable Fuels • 1 4.2% stake • Sustainable e-Fuels • C anada Following receipt of environmental approval for its Nova Scotia sustainable aviation fuel project in December 2025, Nova launched a process to secure a strategic and financial partner ahead of the next phase of engineering and design. Nova has also entered into non-binding agreements with a number of potential customers covering approximately three-quarters of forecast production and submitted a grid feasibility study request in May 2026. The next engineering phase is expected to commence in early 2027, reflecting the timing of the partner process.
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19 Metrics c.3.2 GW Combined pipeline of onshore wind, solar and battery projects 5 Developer investments 2026 First project expected to reach Ready-to- Build (“RTB”) 2026-2027 2028-2029 2030+ 2026-2027 2028-2029 2030+ £577.7m £618.3m £599.0m 1.2 0.9 1.0 Figure 2: Expected capacity reaching Ready-to-Build (GW) Figure 1: Breakdown of pipeline capacity by stage (GW) Early Development 0.8 Mid Development 1.6 Advanced Development 0.8 Consented1 0.04 Developer Portfolio (continued) Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 1 F ollowing the period end, one BLC project secured planning consent.
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20 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report x5 x11 Current portfolio geographies Exited assets Exited geographies Onshore wind Offshore wind Solar Battery Developer Portfolio Snapshot Geographical overview 20 Capacity owned1 740 MW Total number of assets1 39 1 E xcludes Irishtown s olar conditional acquisition.
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21 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Portfolio Breakdown (as at 30 June 2026) Note: Outer ring as at 30 Jun 2026, inner ring as at 31 Dec 2025 Portfolio composition on a total value of all investments in line with the Company’s investment policy as at 30 June 2026. The investments are valued on an unlevered basis and including amounts committed but not yet incurred. £856m Total value of all investments Portfolio breakdown by total value of all investments (£m) Asset phaseCountry Technology H1 2026 H1 2025 UK 37% 36% Ireland 23% 23% France 18% 17% Finland 12% 13% Germany 6% 7% Developer 5% 4% H1 2026 H1 2025 Solar 50% 49% Onshore wind 32% 34% Offshore wind 13% 13% Developer 5% 4% H1 2026 H1 2025 Operational 95% 96% Developer 5% 4% Country exposure remained broadly unchanged over the period on both a percentage of investments basis and percentage of MW. Technology mix remained broadly unchanged over the period on both a percentage of investments basis and percentage of MW. The asset phase breakdown remained broadly the same over the period. Sums may not add up due to rounding
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22 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Portfolio composition broken down by MW of capacity pro rata for ORIT’s ownership on a current invested basis as at 30 June 2026. Portfolio Breakdown (continued) 740 MW Capacity owned Asset phaseCountry Technology H1 2026 H1 2025 UK 34% 34% Ireland 33% 33% France 19% 19% Finland 10% 10% Germany 5% 5% Developer NA NA H1 2026 H1 2025 Solar 70% 70% Onshore wind 24% 24% Offshore wind 6% 6% Developer NA NA H1 2026 H1 2025 Operational 100% 100% Developer NA NA Construction NA NA Note: Outer ring as at 30 Jun 2026, inner ring as at 31 Dec 2025 Sums may not add up due to rounding Country exposure remained broadly unchanged over the period on both a percentage of investments basis and percentage of MW. Technology mix remained broadly unchanged over the period on both a percentage of investments basis and percentage of MW. The asset phase breakdown remained the same over the period. Portfolio breakdown by capacity (MW)
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Portfolio Breakdown (continued) (as at 30 June 2026) A diversified group of O&M providers allows ORIT to leverage competitive pricing and specialised expertise. Having multiple offtakers offers advantages such as risk diversification and offers local expertise in ORIT’s key geographical markets. 23 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Microsoft: 23% EDF: 18% British Gas: 13% Eesti Energia: 12% Kimberly Clark: 9% Npower/Axpo: 7% Aplix: 6% Developers: 5% Octopus Energy: 4% Iceland: 3% Offtaker Statkraft: 23% Nordex: 14% Orsted: 13% Vestas: 12% Engie: 12% Recurrent Energy: 6% RES: 5% SGRE: 5% Developers: 5% Goldbeck: 3% Baywa: 1% O&M provider
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24 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Operational portfolio technical and financial performance H1 2026 compensated generation (MWh) H1 2026 variance against the budget H1 2026 variance against H1 2025 Solar 270,533 2.8% -8.0% Onshore wind 262,957 -6.0% -9.7% Offshore wind 80,242 5.4% 17.5% Total 613,732 -0.9% -6.1% Note: Year-on-year comparisons are on a reported basis and reflect changes in the operational portfolio following the disposal of Crossdykes and the partial disposal of Breach in December 2025. The H1 2026 budget has been updated to reflect the revised energy yield forecasts completed in Q2. In the six months to 30 June 2026, total portfolio generation was 6.1% lower than H1 2025, principally reflecting the partial disposal (49%) of ORIT’s ownership of Breach solar farm and the full disposal of its 51% interest in Crossdykes onshore wind farm at the end of 2025. Versus budget for H1 2026 generation was broadly in line, representing an improvement on H1 2025 when generation was 6.1% below budget. Solar and offshore wind exceeded budget by 2.8% and 5.4%, respectively, driven primarily by favourable weather conditions. While the UK onshore wind portfolio also experienced stronger wind resource, this was offset by below-forecast wind conditions in France, Germany and Finland. Together with economic curtailment and a few technical issues, this resulted in onshore wind generation ending the period 6.0% below budget. Revenue and EBITDA: Operational portfolio revenue of £67.2 million was 3% ahead of budget. This reflects the stable performance of the solar portfolio, while the offshore wind portfolio, and to a lesser extent the onshore wind portfolio, were able to benefit from higher than budgeted power prices during the period. While performance was 2% below H1 2025, this is a result of the disposals made in December 2025, as mentioned above. EBITDA of £42.1 million was 5% lower than H1 2025 but exceeded budget by 6%, demonstrating the resilience of the portfolio despite lower overall generation. Offshore wind delivered the strongest relative performance during the period, while onshore wind reflected the weaker generation. Offshore wind Onshore wind Solar EBITDA £11.3m +59% vs H1 2025 +18% vs budget (H1 2025: £7.1m) £8.5m -29% vs H1 2025 -2% vs budget (H1 2025: £11.9m) £22.3m -12% vs H1 2025 +4% vs budget (H1 2025: £25.3m) £42.1m -5% vs H1 2025 +6% vs budget (H1 2025: £44.3m) Opex £12.3m +4% increase vs H1 2025 -2% below budget (H1 2025: £11.8m) £4.9m +2% increase vs H1 2025 -4% below budget (H1 2025: £4.8m) £7.9m +1% increase vs H1 2025 -2% below budget (H1 2025: £7.8m) £25.1m +3% increase vs H1 2025 -2% below budget (H1 2025: £24.4m) Revenue £23.6m +25% vs H1 2025 +7% vs budget (H1 2025: £18.9m) £13.4m -20% vs H1 2025 -3% vs budget (H1 2025: £16.7m) £30.2m -9% vs H1 2025 +2% vs budget (H1 2025: £33.1m) £67.2m -2% vs H1 2025 +3% vs budget (H1 2025: £68.7m) Output1 80 GWh +18% vs H1 2025 +5% vs budget (H1 2025: 68 GWh) 263 GWh -10% vs H1 2025 -6% vs budget (H1 2025: 291 GWh) 271 GWh -8% vs H1 2025 +3% vs budget (H1 2025: 294 GWh) 614 GWh -6% vs H1 2025 -1% vs budget (H1 2025: 654 GWh) Operational portfolio Figure 3: Performance of the Company’s underlying operational investments Portfolio Performance 1 G eneration quoted is post-compensation (actual output + compensation for equivalent lost production ORIT is entitled to under curtailment and/or contractual mechanisms). Totals may not sum due to rounding.
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25 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Solar The solar portfolio generated 271 GWh during H1 2026, which is 2.8% above budget. The principal driver was higher-than-expected irradiance, with above-average levels recorded across all three countries in which ORIT’s solar assets operate: the UK, Ireland and France. Dispatch-down losses in Ireland were lower than budgeted during the period. Dispatch down occurs when renewable energy generators are instructed by the grid to reduce their electricity output. In H1 2026 approximately 12 GWh of generation was lost due to dispatch down, 7 GWh less than budgeted (see Figure 4). These losses may become eligible for compensation depending on the outcome of the proceedings before the Court of Justice of the European Union, with a decision expected later this year. The portfolio experienced a small number of technical faults and outages during the period, resulting in some downtime. None were individually significant; all were resolved during the period and we are addressing outstanding efficiency losses. Although operational performance vs budget was better in H1 2026, (+2.8% vs budget) when compared with the same period last year (on budget), total generation was lower than in H1 2025 by 23 GWh, primarily reflecting the partial disposal of Breach solar farm, and the continued shutdown of the Cuges site in France. The budget assumed that Cuges would return to operation by the end of Q2 2026. However, following delays in finalising the contractual arrangements, repowering is now expected to be completed by the end of the year. All required contracts have now been secured, the replacement modules have been delivered to site and the EPC contractor is mobilising. Portfolio Performance (continued) 270.5 Budget GWh Weather variance Cuges shut down Other Exported generation Total generation Compensated generation 13.8 -1.8 -14.1 7.2 268.3263.3 Dispatch down balance (Ireland) 2.2 Figure 4: H1 2026 solar output variance to budget (GWh) Totals may not sum due to rounding.
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26 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Onshore wind Generation from the onshore wind portfolio was 6.0% below budget during H1 2026, representing a shortfall of approximately 17 GWh. This represents an improvement compared to the same time last year when we experienced -16 % underperformance. Economic curtailment was the largest source of gross lost generation, accounting for approximately 30 GWh. This principally arose from Balancing Mechanism instructions and periods of negative pricing. The majority of these losses were compensated. Turbine faults resulted in a further 15 GWh of lost export, of which 12 GWh related to blade and main- bearing issues at Saunamaa and Suol okangas. Most of the repairs have been completed and the underlying issues resolved, while a few outstanding faults are being addressed. Approximately 9 GWh of the generation lost through technical faults was compensated under contractual protections. In H1 2026 wind conditions varied across the portfolio: the UK experienced wind speeds above forecast, while conditions across the other geographies were below budget. The cumulative impact of wind conditions across the portfolio was therefore negative. Generation was 28 GWh lower than in H1 2025, mainly reflecting the disposal of Crossdykes in the second half of 2025. Portfolio Performance (continued) 226.6 263.0 Budget GWh Weather variance Economic curtailment Turbine faults Other Export generation Compensated generation Total generation -4.0 -29.8 -15.6 -3.9 279.8 36.3 Figure 5: H1 2026 onshore wind output variance to budget (GWh) Totals may not sum due to rounding.
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27 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Offshore wind Generation from the offshore wind portfolio was 5.4% above budget during H1 2026, representing an uplift of approximately 4 GWh. This outperformance was driven by favourable wind conditions, which more than offset production losses arising from planned maintenance and technical outages. Generation in H1 2026 was 12 GWh higher than in H1 2025. Technical availability was affected by a number of corrective and breakdown outages, particularly during the early months of the year. The most significant events included several gearbox and generator breakdowns . These faults were successfully resolved during the period. Portfolio Performance (continued) 80.2 Budget GWh Weather variance Technical availability Exported generation 8.1 -4.1 76.2 Figure 6: H1 2026 offshore wind output variance to budget (GWh) Totals may not sum due to rounding.
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28 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Update on the Value Enhancement Programme During H1 2026, ORIT advanced the Value Enhancement Programme by establishing and deploying a structured, phased framework for assessing the viability of BESS hybridisation and co-location opportunities. Developed in collaboration with ORIT’s technical adviser, the framework incorporates lessons learnt from each assessment and will provide a consistent approach across the portfolio. It has been applied to the Leeskow and Cumberhead onshore wind farms, with opportunities at both assets progressing to further assessment phases. ORIT also assessed battery storage co-location across its Irish solar portfolio, where storage could potentially mitigate losses arising from grid curtailment. While the study concluded that deployment is not currently viable, regulatory developments that have been a bottleneck are changing, and ORIT continues to monitor the situation. In parallel, work is progressing to implement the findings of repowering studies across the UK ground-mounted solar portfolio. Portfolio Performance (continued) France – Rapid response to regulatory change Changes to the French negative pricing regime, effective from 1 April 2026, required generators above a certain size to reduce or cease production when instructed, during periods of negative day-ahead power prices, in order to allow more efficient system balancing and therefore lower costs for consumers. For legacy feed-in tariff assets, this created a risk because their control systems were not necessarily designed to deliver remote curtailment, while failure to respond could result in generation not being paid. The OEGen asset management team began assessing the potential impact on our French solar portfolio in December 2025. The initially proposed 12 MWp threshold was reduced to 10 MWp in March, shortly before implementation, bringing more assets within the scope of the new requirements than had been anticipated. This brought five assets into scope and created a tight delivery deadline. OEGen led a coordinated response with the external asset manager and the portfolio’s O&M provider to confirm the technical feasibility of curtailing each asset and establish the required operating process. This included verifying site connectivity and assigning clear responsibilities. All five assets were ready by the April deadline. The process was successfully tested during negative pricing periods in May and June. The sites shut down as instructed, approximately 1,070 MWh was curtailed, and compensation was received from EDF. This rapid response protected portfolio income and demonstrated effective coordination across delivery partners. Case study
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29 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Financial Review The financial statements of the Company for the period ended 30 June 2026 are set out on pages 49 to 55. These financial statements have been prepared in accordance with international accounting standards in conformity with the requirements of the Companies Act 2006 and the applicable legal requirements of the Companies Act 2006. In order to continue providing useful and relevant information to its investors, the financial statements also refer to the “intermediate holding companies”, which comprise the Company’s wholly owned subsidiary, ORIT Holdings II Limited and its indirectly held wholly owned subsidiaries, ORIT Holdings Limited, ORIT UK Acquisitions Limited and ORIT UK Acquisitions Midco Limited. Net assets Net assets have decreased from £494.8 million as at 31 December 2025 to £454.7 million as at 30 June 2026, primarily due to a decrease in the fair value of the portfolio of assets as described in the Portfolio Valuation section. The net assets comprise the fair value of the Company’s investments and net current assets, as detailed in table 7 on the right. Table 7: Results as at 30 June 2026 2026 £m 2025 £m Fair value of portfolio of assets 573.4 693.1 Cash held in intermediate holding companies 2.8 15.3 Bank loans and accrued interest held in the intermediate holding companies (131.4) (168.4) Fair value of other net assets/(liabilities) in the intermediate holding companies 0.4 (7.7) Fair value of Company’s investments 445.2 532.3 Company’s cash 10.6 0.2 Company’s other net (liabilities)/assets (1.1) 7.9 Net asset value as at 30 June 454.7 540.4 Number of shares (million) 527.6 543.4 Net asset value per share (pence) 86.18 99.46 Income In accordance with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts (“SORP”) issued in December 2025 by the Association of Investment Companies (“AIC”), the statement of comprehensive income differentiates between the ‘revenue’ account and the ‘capital’ account, and the sum of both items equals the Company’s (loss)/profit for the period . Items classified as capital in nature either relate directly to the Company’s investment portfolio or are costs deemed attributable to the long-term capital growth of the Company (such as a portion of the Investment Manager’s fee). Details of the Company’s income can be found in the Statement of Comprehensive Income and supporting notes. Ongoing charges The ongoing charges ratio (“OCR”) is a measure, expressed as a percentage of average net assets, of the regular, recurring annual costs of running the Company. It has been calculated and disclosed in accordance with the AIC methodology, as annualised ongoing charges (i.e. excluding acquisition costs and other non-recurring items ) divided by the average published undiluted Net Asset Value in the year. For the year ended 31 December 2025, the ratio was 1.22% and it is anticipated that the full-year ratio for the year ended 31 December 2026 will be 1.13%.
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30 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Financial Review (continued) Debt No debt is held on the Company’s balance sheet. However, the Group’s debt structure continues to consist of three key components: 1. R CF: A short term, flexible revolving credit facility held by the Company’s immediate 100% subsidiary 2. U K HoldCo Facility: A five-year bullet repayment facility secured against a portfolio of UK operational assets 3. P roject Term Loans: Long-term amortising debt facilities secured at the individual asset level ORIT continues to actively manage its capital structure in line with its disciplined approach to capital allocation. During the six months ended 30 June 2026, ORIT focused on making repayments of project-level debt facilities. Despite the reduction in absolute debt, gearing marginally increased as NAV and GAV also declined over the period. Table 8: Debt summary (look-through basis) 30 June 2026 30 June 2025 Debt as a % of GAV 47% 47% % hedged 72% 71% Average cost of debt 3.5% 3.6% Average remaining term (years) 9.3 10.3 Dividends During the six months to 30 June 2026, interim dividends totalling £16.4 million were paid - 1.55p per share paid in respect of the quarter to 31 December 2025 (paid in February 2026) and 1.55p per share in respect of the first quarter of 2026 (paid in May 2026). Post-period end, a further interim dividend of 1.56p per share was paid on 1 September 2026, to shareholders recorded on the register on 14 August 2026, in respect of the quarter ended 30 June 2026. Dividend cover - operational cash flows (portfolio level) For the first half of 2026, the Company’s net cash flows from operations of £31.4 million pre-scheduled debt amortisation and £22.6 million post external debt amortisation, supported the payment of £16.4 million in dividends to shareholders for the period, resulting in a dividend coverage of 1.91x and 1.38x respectively. ORIT’s key portfolio characteristics of diversification, high proportion of fixed revenues and inflation-linkage help maintain a growing, covered dividend. Full year dividends, based on the stated target of 6.23 pence per share1, are expected to remain fully covered for the full year. While the Company remains confident in its ability to meet its dividend targets for the year, actual coverage will ultimately depend on a range of factors, including asset level performance, power market conditions and the scale and timing of further buybacks. The Investment Manager continues to monitor these dynamics closely as part of its active portfolio and capital management strategy. Six-months ended 30 June 2026 £m 30 June 2025 £m Operational cash flows 42.2 43.2 SPV level taxes -1.1 -1.0 Interest payable on external debt -3.8 -4.5 Operational cash flow pre debt amortisation 37.3 37.8 Company and intermediate holding company level expenses -2.0 -1.0 Interest and fees payable on RCF and short-term facility -3.9 -6.3 Net cash flow from operating activities pre debt amortisation 31.4 30.5 Dividends paid in respect of the period 16.4 16.8 Portfolio level operational cash flow dividend cover pre debt amortisation 1.91x 1.8x External debt amortisation -8.8 -10.5 Net cash flow from operating activities 22.6 20.0 Dividends paid in respect of year 16.4 16.8 Portfolio level operational cash flow dividend cover 1.38x 1.19x 1 The dividend target is a target only and not a profit forecast. There can be no assurance that this target will be met, or that the Company will make any distributions at all and it should not be taken as an indication of the Company’s expected future results. The Company’s actual returns will depend upon a number of factors, including but not limited to the Company’s net income and level of ongoing charges. Accordingly, potential investors should not place any reliance on this target and should decide for themselves whether or not the target dividend is reasonable or achievable. Investors should note that references in this announcement to “dividends” and “distributions” are intended to cover both dividend income and income which is designated as an interest distribution for UK tax purposes and therefore subject to the interest streaming regime applicable to investment trusts.
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31 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Portfolio Valuation Figure 9: Plc NAV Bridge £454.7m Net Asset Value (31 December 2025: £494.8m) £852m Gross Asset Value (31 December 2025: £897m) 86.2p NAV per Ordinary Share (31 December 2025: 93.8p) £856m Total value of all investments (31 December 2025: £908m) Audited Company Net Asset Value as at Q4 2025 Energy Yield Assessments Changes in discount rates Power Prices, Green Certi/f_icates and Capacity Market Changes in economic assumptions Asset End of Life Considerations Balance of portfolio return Net Asset Value as at Q2 2026 before Plc/Holdco movements Dividend paid in the period RCF and HoldCo facility interest Plc and HoldCo running costs Unaudited Company Net Asset Value at Q2 2026 £494.8m / 93.8p -£30.4m / -5.8p -£10.6m / -2.0p -£8.6m / -1.6p £1.5m / 0.3p £5.7m / 1.1p -£16.4m / -3.1p -£4.0m / -0.7p -£3.3m / -0.6p £26.0m / 4.9p £478.3m / 90.7p £454.7m / 86.2p Pence Per Ordinary Share 84 86 88 90 92 94 96 82 8321 654 7
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32 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Portfolio Valuation The Company’s portfolio is valued quarterly in accordance with its valuation policy. As at 30 June 2026, the Company’s Net Asset Value was £454.7 million, equivalent to 86.18 pence per Ordinary Share, compared with £494.8 million, or 93.79 pence per Ordinary Share, at 31 December 2025. During the period, updated energy yield assessments, discount rates and market price assumptions reduced NAV by an aggregate 9.4 pence per Ordinary Share. These movements were partially offset by the expected return on the portfolio, changes to end-of-life assumptions and other valuation movements, resulting in a net reduction of 3.1 pence per Ordinary Share before plc and Holding Company movements. Dividends paid, financing costs and running costs reduced NAV by a further 4.4 pence per Ordinary Share. £m pps Audited Company Net Asset Value as at Q4 2025 494.8 93.79 Energy Yield Assessments (30.4) (5.77) Changes in discount rates (10.6) (2.00) Power Prices, Green Certificates and Capacity Market (8.6) (1.64) Changes in economic assumptions 1.5 0.28 Asset End of Life Considerations 5.7 1.08 Balance of portfolio return 26.0 4.92 Net Asset Value as at Q2 2026 before Plc/Holdco movements 478.3 90.66 Dividend paid in the period (16.4) (3.10) RCF and HoldCo facility interest (4.0) (0.75) Plc and HoldCo running costs (3.3) (0.62) Unaudited Company Net Asset Value at Q2 2026 454.7 86.18 Portfolio Valuation (continued)
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33 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Energy yield assessments (-5.8 pence per Ordinary Share) When renewable energy projects are first valued, long-term generation assumptions are based principally on pre-construction engineering assessments. As assets mature and establish a sufficient operational track record, it is standard market practice to review these assumptions using operational performance and the latest technical evidence. Consistent with this approach, the Investment Manager completed a comprehensive review of the long-term energy yield assumptions across the Company’s operational onshore wind portfolio during the period. The review incorporated operational performance data, updated technical analysis, long-term weather information, engineering judgement and input from the Technical and Asset Management teams. Where appropriate, long-term energy yield assumptions were updated to reflect each asset’s operational track record and current technical assessment. The review resulted in an aggregate reduction in portfolio value of £30.4 million. The revised assumptions reflect management’s best estimate of long-term generation at the valuation date and represent an update to structural, long-term generation expectations rather than an adjustment for short-term weather variability. The largest valuation reductions related to the Finnish and German wind portfolios, where values reduced by £10.2 million and £10.8 million, respectively. No equivalent update was made to the Company’s offshore wind or solar portfolios. The offshore wind assets are already valued using mature operational assumptions, while the solar portfolio either continues to perform broadly in line with existing energy yield assumptions or does not yet have sufficient operational history to support a meaningful reassessment. The Investment Manager will continue to review long-term energy yield assumptions across the portfolio as assets mature and additional operational evidence becomes available. UK Ireland France Finland Germany Totals Generation 505,937 235,014 244,967 283,886 78,215 1,348,020 New generation 486,793 235,014 240,678 260,534 61,361 1,284,381 Percentage change -3.8% 0.0% -1.8% -8.2% -21.5% -4.7% Changes in discount rates (-2.0 pence per Ordinary Share) Discount rat es were updated following the Investment Manager’s review of market evidence, transaction benchmarks and financing conditions, reducing portfolio value by 2.0 pence per Ordinary Share. Discount rates increased by 25 basis points across the Company’s Irish, French and German assets and by 50 basis points for the Finnish wind portfolio. These changes reflected sustained changes in market conditions and evolving transaction evidence observed during the period. As a result, the portfolio weighted average discount rate increased from 7.8% at 31 December 2025 to 8.3% at 30 June 2026. The adjusted weighted average discount rate increased from 8.2% to 8.8%. 30-Jun-26 31-Dec-25 UK Assets Levered IRR (GBP) 8.3% 8.1% Gross Asset Value (GAV) (£m) 404 408 Asset Leverage %GAV 21% 19%1 European Assets Levered IRR (GBP) 8.0% 7.0% Levered IRR (EUR) 7.5% 6.5% Gross Asset Value (GAV) (£m) 447 489 Asset Leverage %GAV 27% 25%1 Total Portfolio Levered IRR (GBP) 8.3% 7.8% Levered IRR (local currency) 7.8% 7.3% Gross Asset Value (GAV) (£m) 852 897 Total Leverage %GAV 47% 45% Weighted average discount rate 8.3% 7.8% (i) R eturn expected on the Company's investments into development stage assets0.4% 0.3% (ii) Increase in return associated with the additional leverage from the RCF 0.1% 0.1% Adjusted average discount rate 8.8% 8.2% 1 Differs from the figure reported in the Company’s 2025 Annual Report and Accounts as this is now calculated as a % of total GAV. 1 2 Portfolio Valuation (continued)
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34 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Power prices and other energy markets (-1.6 pence per Ordinary Share) Updates to wholesale electricity price forecasts and other energy market assumptions reduced portfolio value by a net £8.6 million during the period. Medium to long-term wholesale electricity price forecasts reduced portfolio value by £9.7 million, principally reflecting lower price expectations in the UK and Ireland driven by expectations of increased renewable generation deployment and lower long-term gas prices. The UK Government’s decision not to extend Carbon Price Support beyond the current legislative period resulted in a further £1.8 million reduction in value. These movements were partially offset by a £2.6 million uplift from higher short-term forward power prices. Lower Green Certificate price assumptions were largely offset by stronger long-term Irish Capacity Market forecasts, resulting in a net increase in portfolio value of £0.3 million. Changes in economic assumptions (+0.3 pence per Ordinary Share) Changes in economic assumptions increased NAV by 0.3 pence per Ordinary Share during the period. Positive impacts from higher inflation assumptions and movements in the mark- to-market value of the Company’s foreign exchange hedges were partially offset by adverse spot foreign exchange movements, higher interest rate assumptions and revised French tax assumptions affecting the solar portfolio. Asset End-of-life considerations (+1.1 pence per Ordinary Share) Updates to end-of-life assumptions increased portfolio value by £5.7 million. This comprised a £3.3 million uplift from extending the assumed operational lives of selected onshore wind assets and a £2.4 million uplift from revised decommissioning assumptions. Where operational lives were extended, cash flows arising during the extension period were discounted using an additional 500 basis point premium. This reflects the greater uncertainty associated with long-term planning, land rights, technical performance and continued operation beyond the previously assumed asset life. The Investment Manager also completed a review of end-of-life assumptions across the portfolio. Following benchmarking against prevailing market practice, the valuation now assumes that, where appropriate, residual equipment values for onshore wind and solar assets broadly offset expected decommissioning costs. Balance of portfolio return (+4.9 pence per Ordinary Share) This refers to the balance of portfolio valuation movements during the first half of 2026, excluding the principal factors described above, and represents a net increase of 4.9 pence per Ordinary Share. The movement principally reflects 3.6 pence per Ordinary Share from the expected return on the portfolio as assets moved six months closer to the receipt of future cash flows. The remaining increase reflects routine valuation updates, including operational performance and other asset-level assumption reviews. Financing costs (-0.7 pence per Ordinary Share) Financing costs reduced NAV by 0.7 pence per Ordinary Share during the period. This principally reflects interest and commitment fees associated with the Company’s Revolving Credit Facility (“RCF”), together with financing costs relating to the UK HoldCo facility. Running costs (-0.6 pence per Ordinary Share) Management fees and corporate costs at the plc and HoldCo level. Sensitivity Chart Discount rate -/+0.50% WACC Energy Yield P90/P10 Power Price Curve -/+10% In/f_lation -/+0.50% FX Rate +/-10% Negative directional change to assumption Positive directional change to assumption (-4.2p, -4.8%) (4.9p, 5.7%) (-8.9p, -10.3%) (9.3p, 10.7%) (4.8p, 5.6%)(-4.1p, -4.8%) (-2.2p, -2.5%) (2.2p, 2.5%) (-14.3p, -16.6%) (13.6p, 15.8%) 3 4 5 6 7 8 Portfolio Valuation (continued)
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35 Debt management During the first half of 2026, the Company continued to actively manage its capital structure, reducing total debt by £5.3 million to £396.8 million. Scheduled amortisation reduced project level debt by £8.8 million. In addition a further £9 million of long-term project level debt was voluntarily pre-paid during the period. This debt reduction was partially offset by increased utilisation of the Revolving Credit Facility. A wider refinancing of certain project-level term loans is being considered for completion in 2027, in order to maximise the Company ’s flexibility in delivering the ORIT 2030 strategy. As a result of the reduction in Gross Asset Value following the valuation movements described above, gearing increased from 44.8% at 31 December 2025 to 46.6% at 30 June 2026. The Board and Investment Manager remain focused on reducing gearing over the medium term through disciplined capital allocation and the application of future asset sale proceeds towards debt repayment. 30 June 2026 Total Project-level term loans UK Holdco facility RCF Current Debt / Current GAV 46.6% 31.2% 9.0% 6.5% Committed Debt / Committed GAV 46.9% 31.0% 8.9% 7.0% Amount £m 396.8 265.5 76.3 55.1 % Hedged 71.8% 85.5% 75.0% 0.0% Average cost of debt 3.5% 2.5% 5.1% 5.4% Average remaining term (years) 9.3 12.9 3.8 2.0 Debt and Revenue Management 35 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report
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36 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Generation-Weighted Price While downward revisions to wholesale power price forecasts impacted asset valuations this period, the portfolio’s resilient generation-weighted price (Figure 10) demonstrates the value of ORIT’s active revenue risk management. The short - and long-term PPAs originated by the Investment Manager continue to heavily insulate the portfolio from this market volatility. Furthermore, our geographic and technological diversification provides another layer of protection. On a shorter-term basis, the portfolio has benefited from near -t erm increases in power forwards due to the ongoing conflict in Iran. The generation-weighted price (“GWP”) represents the average electricity price expected to be achieved by the portfolio over its remaining life, taking into account forward market prices, independent long-term power price forecasts, contracted revenues and power purchase agreements originated by the Investment Manager. The Total GWP also incorporates subsidies and other contracted revenue streams, including green certificates. Figure 10 illustrates the forecast Power-only and Total GWP to 2050. The Total GWP has shown a slight increase, owing to downward revisions to the energy yield assessments of ORIT’s onshore wind assets, many of which do not have subsidies, therefore increasing the proportion of the portfolio receiving revenues in excess of Power-only prices. 0 10 20 30 40 50 60 70 80 90 100 Gen. Weighted Price - Power Q4 2025 £/MWh (real 2026) Gen. Weighted Price - Power Q2 2026 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Gen. Weighted Price - Total Q4 2025 Gen. Weighted Price - Total Q2 2026 Power only Power plus green certi/f_icates subsidies and other bene/f_its Figure 10: Generation-Weighted Price Debt and Revenue Management (continued)
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1 Note: Values in the table are not shown where the relevant asset has no merchant exposure in three or more years in the relevant period. 37 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Baseload and capture price discount forecasts A key factor in the GWP is the capture price discount. Renewable generators typically receive prices that differ from average wholesale (“baseload”) electricity prices because they generate electricity at different times of the day and year. Understanding these discounts is therefore important in assessing long-term portfolio revenues. A summary of the capture price discounts utilised in the assets’ valuations is presented below in Figure 111. The percentages are the average differences between the generation-weighted and time-weighted power prices. Figure 11: Baseload and capture price discount forecasts Value Market Technology Units 2026-2029 2030-2034 2035-2039 2040-2044 2045-2050 Baseload price GB £/MWh (real 2026) 79 73 75 71 68 Capture price discount GB Solar % 24% 28% 27% 29% 32% Capture price discount GB Onshore Wind % 14% 19% 22% 24% 25% Capture price discount GB Offshore Wind % 12% 19% 21% 24% 24% Baseload price FR €/MWh (real 2026) 73 80 80 77 Capture price discount FR Onshore Wind % 12% 12% Capture price discount FR Solar % 43% 42% 41% 41% Baseload price FI €/MWh (real 2026) 50 65 67 66 67 Capture price discount FI Onshore Wind % 16% 17% 22% 24% 24% Baseload price DE €/MWh (real 2026) 82 81 Capture price discount DE Onshore Wind % 27% 29% Baseload price I-SEM €/MWh (real 2026) 88 89 Capture price discount I-SEM Solar % 23% 24% Capture price assumptions are developed by independent third-party advisers and reflect individual asset characteristics, market conditions and technology type. These assumptions continue to be reviewed regularly as generation profiles evolve and additional operational data becomes available. Debt and Revenue Management (continued)
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38 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Portfolio Revenue Forecasts Figure 12 presents ORIT’s forecast revenues through to 2050, categorised by price structure. The revenues are categorised as fixed via either subsidy (Fixed – Subsidy) or fixed price PPA (Fixed – Power) and the variable revenues derive from power being sold on a merchant basis (Variable – Power) or from other sources of variable revenue (Variable – Other). This forecast highlights three key components of ORIT’s portfolio: Near-term revenue certainty: For the 24 months up to 30 June 2028, 86% of ORIT’s forecast revenues are fixed. The decrease of 2 percentage points compared with ORIT’s position six months prior is primarily due to higher wholesale prices arising due to the ongoing conflict in Iran, which increases the forecast value of variable price revenues. On a present-value basis, 49% of the portfolio’s total value derives from fixed price revenues and 51% from variable price revenues. Eliminating power buyback risk via pay-as-produced hedges: Importantly, 100% of ORIT’s power price hedges are structured on a pay-as-produced basis unlike baseload or fixed-shape hedges, which force assets to purchase expensive market power if they underproduce (often during a price spike ). This eliminates a significant and costly downside risk for our investors. Embedded inflation protection: The portfolio provides a strong hedge against macroeconomic volatility through high proportions of contractually inflation-linked revenues (see Figure 13). Driven by government subsidies and bespoke corporate PPAs (such as our agreement between Breach solar farm and Iceland Foods), 42% of our forecast revenues over the next 10 years are directly linked to inflation. The one percentage point decrease from six months prior reflects the natural progression of the 10-year look-forward period as subsidies and PPAs move closer to expiry. 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 UK CPI French L FactorUK RPI MerchantFixed - unindexed 0 30 60 90 120£ Millions 150 Debt and Revenue Management (continued) Figure 12: Fixed vs variable revenue forecast (as at 30 June 2026) Figure 13: Inflation-linked revenue forecast (as at 30 June 2026) 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Fixed - PowerFixed - Subsidy Variable - PowerVariable - Other 0 30 60 90 120£ Millions 150
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39 ORIT classifies itself an impact fund with a core impact objective to accelerate the transition to net zero through its investments, building and operating a diversified portfolio of renewable energy assets. ORIT enables individuals and institutions to participate in the energy transition. The renewable energy generated from its portfolio of assets supports the transition to net zero by replacing unsustainable energy sources with clean power. This intended outcome is the Company’s core impact objective. The ESG & Impact Strategy considers ORIT’s culture, values and activities through three lenses: Performance, Planet and People – to ensure that ORIT’s activities integrate ESG risks and promote additional impact opportunities. For a more in-depth understanding of ORIT’s ESG & Impact Strategy, encompassing definitions of ESG and Impact, along with detailed insights into four impact themes: stakeholder engagement, equality and wellbeing, innovation, and sustainable momentum, please refer to the separately published ESG & Impact Strategy. Stewardship and Engagement The Investment Manager manages ORIT’s investments in line with its Engagement and Stewardship Policy. More detail can be found in the Company’s 2025 Annual Report on page 30 and the Investment Manager’s full Engagement and Stewardship Policy can be viewed here 1. Regulatory Disclosures ORIT is a supporter of the recommendations of the Task Force on Climate-related Financial Disclosures (“TCFD”) and makes a TCFD disclosure in its 2025 Annual Report on page 37. ORIT is classified as an Article 9 product under the EU Sustainable Finance Disclosure Regulation (“SFDR”). ORIT’s most recent SFDR-related disclosures, including its Principal Adverse Impact Statement, are available on its website2. The breakdown of ORIT’s investments’ alignment to the EU Taxonomy can be found in the 2025 Annual Report on page 116. ESG & Impact Report ESG & Impact Strategy 1 https://assets.octopusenergygeneration.com/x/3d198e8730/oegen_ engagement_and_stewardship_policy-aug26.pdf 2 https://www.octopusrenewablesinfrastructure.com/sustainability- r elated-disclosures Octopus Renewables Infrastructure Trust plc 2026 | Interim Report
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40 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Objective & Commitments Metrics H1 2026 H1 2025 Performance Build and operate a diversified portfolio of renewable energy assets, mitigating the risk of losses through robust governance structures, rigorous due diligence, risk analysis and asset optimisation activities to deliver investment return resilience and the maximum amount of green energy. Total value of sustainable investments, 100% of which committed into renewables £856m £1,026m Number of assets 39 40 % investments that adhere to ORIT ESG policy and minimum ESG matrix threshold 100% 100% Renewable energy generated in H1 (excluding compensated generation) 575 GWh 608 GWh Potential annual renewable energy generation once fully operational 1,257 GWh 1,397 GWh Potential annual renewable energy generation from assets where ORIT has invested and committed at construction 772 GWh 832 GWh Planet Consider environmental factors to mitigate risks associated with the construction and operation of assets, enhancing environmental potential where possible. In reference to renewable energy generated in H1 Estimated annual equivalent tonnes of CO2 avoided in H1 154k 165k Estimated equivalent new trees required to avoid same CO2 in H1 0.8m 0.8m Estimated equivalent cars off the road to avoid the same CO2 in H1 75k 82k In reference to potential annual generation once fully operational Estimated equivalent tonnes of CO2 avoided once fully operational 340k 384k Estimated equivalent new trees required to avoid same CO2 once fully operational 1.7m 1.9m Estimated equivalent cars off the road required to avoid same CO2 once fully operational 166k 190k Other environmental metrics ORIT LSE Green Economy Mark demonstrating Company’s significant contribution to transition to a zero-carbon economy. ✔ ✔ % Generating sites on renewable import tariffs 94% 94% Number of environmental incidents 0 1 ESG & Impact Report (continued)
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Objective & Commitments Metrics H1 2026 H1 2025 People Evaluate social considerations to mitigate risks and promote a ‘Just Transition’ to clean energy. This includes: • E ffectively managing ORIT’s health and safety risks. • E nsuring diversity and inclusion in board appointments and subsidiary directorships. • S upporting decent jobs that uphold equal opportunity, workplace standards, diversity, and local employment. • E mpowering communities through benefit schemes, school engagement, local charity support, and early stakeholder engagement to build social license. • D elivering affordable, clean energy to enhance energy security and reduce costs for end users. Health and Safety RIDDORs 0 0 Lost time injuries (>7 days) 0 0 Near misses 4 5 Personal Injuries (first aid) 2 4 Minor equipment damage incidents 8 4 Diversity & Inclusion Compliance with the FCA’s Diversity and inclusion targets for Company boards ✔ ✔ Just Transition Estimated FTE jobs supported 1 36 42 £ per year of community benefit funds £816,154 £1,013,000 £ of annual impact budget £328,680 £343,000 Number of people benefiting from social initiatives2 16,853 4,034 Estimated equivalent homes powered by renewable electricity generation by ORIT’s assets in H1. 153k 158k ESG & Impact Report (continued) 1 Reduction caused by ORIT reducing effective ownership of Simply Blue from 19% to 4% (subsequent reduction to 1.8 FTE from 10.3). 2 B oth H1 2025 and H 1 2026 metrics encompass both student beneficiaries and all other beneficiary groups. 41 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report
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Images: Pupils participating in LAB45 sustainability workshops delivered through ORIT’s partnership with Bonanza Creative 42 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report ESG & Impact Report (continued) Case study For the full impact story, please visit: www.octopusrenewablesinfrastructure.com/esg-impact-case-studies Inspiring the Next Generation of Net Zero Innovators through LAB45 As part of its commitment to delivering social impact alongside renewable energy investment, ORIT partnered with Bonanza Creative to launch LAB45, an innovative education programme designed to inspire young people to engage with the transition to net zero. Targeting pupils in the first three years of secondary school, LAB45 combines immersive films, interactive workshops and creative challenges to make climate action and sustainability engaging and accessible. Students work together to develop and pitch innovative solutions to real-world environmental challenges, building confidence, teamwork and problem-solving skills. Programme highlights: • E ngaged 1,030 pupils through 40 workshops delivered between March and June 2026 • P artnered with 6 secondary schools located near Crossdykes and Cumberhead Wind Farms • S upported students in developing and pitching around 300 sustainability-focused ideas • A ll participating schools requested follow-on sessions following the pilot programme By strengthening environmental awareness, communication skills and creativity, LAB45 is helping empower the next generation of climate leaders while building lasting relationships with the communities surrounding ORIT’s renewable energy assets Octopus Renewables Infrastructure Trust plc 2026 | Interim Report
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ESG & Impact Report (continued) 4.1, 4.5 & 4.7 Provide free, quality education leading to effective learning outcomes that can also promote sustainable development. Implement this whilst eliminating gender disparities and ensuring equal access to all levels of education 7.1, 7.2 & 7.3 By 2030, ensure universal access to affordable, reliable and modern energy services, increase the share of renewable energy in the global energy mix, and increase the global rate of energy efficiency 7.a – Cooperation with regards to research and investment in clean energy infrastructure and technology 8.5 Provide full and productive employment and decent work for all 10.2 By 2030, empower and promote the social, economic and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion or economic or other status 13.1 Strengthen resilience and adaptive capacity to climate related hazards and natural disasters. 13.3 Improve education, awareness-raising and human and institutional capacity on climate change mitigation, adaptation, impact reduction and early warning 15.5 Take urgent and significant action to reduce the degradation of natural habitats, halt the loss of biodiversity and, by 2020, protect and prevent the extinction of threatened species Long-term partnership with the Good Bee Company and Earth Energy Education and Bonanza Creative, to provide free education programmes and site visits to local schools. Funding of multiple charities through BizGive supporting projects that drive STEM learning, climate action, biodiversity conservation, and community renewables. Provided renewable energy to the grid and provided renewable investment opportunities. Extensive Health and Safety measure ensures employees are not exposed to risk. Supply chain analysis and strengthened policies to ensure labour rights are upheld across ORIT’s suppliers. ORIT promotes inclusion through core business practices and by providing financial support to other initiatives such as the Generation UK’s programmes, which reduce barriers to employment by delivering high- quality skills bootcamps that equip individuals with the skills needed to access meaningful, sustainable careers. Biodiversity and habitat management plans proposed for most sites as planning requirement. Physical climate change risks considered and mitigated (e.g. flood risk mitigation strategy) and transition risks forecasted (e.g. low power price scenarios). Participation in working groups to improve climate risk assessment and disclosure. Through many of its initiatives, ORIT strives to increase education and awareness related to climate change and impact reduction. Threatened and non-threatened species monitored through ecological surveys and biodiversity plans. Additional biodiversity initiatives implemented beyond planning requirement. 43 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report
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44 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report The Directors are required to provide an Interim Management Report in accordance with the Financial Conduct Authority (“FCA”) Disclosure Guidance and Transparency Rules (“DTR”). The Chair’s Statement and the Investment Manager’s Report in this interim report provide details of the important events which have occurred during the period and their impact on the financial statements. The following statements on principal risks and uncertainties, related party transactions, going concern and the Directors’ Responsibility Statement below, together constitute the Interim Management Report for the Company for the six months ended 30 June 2026. The outlook for the Company for the remaining six months of the year ending 31 December 2026 is discussed in the Chair’s Statement and the Investment Manager’s Report. Risk Appetite and Risk Management The Board is responsible for overseeing the Company’s risk management framework and reviews the principal and emerging risks facing the Company on an ongoing basis. The Investment Manager maintains the risk register and reports to the Board at least quarterly. Risks are assessed using a consistent methodology that considers both likelihood and impact, with the Board reviewing changes in the external environment, portfolio developments and the effectiveness of mitigating actions. The Company’s overall risk management framework and detailed principal risk disclosures are set out in the 2025 Annual Report. During the period the Board continued to embed the enhanced risk management framework introduced in the 2025 Annual Report. No changes have been made to the overall framework or principal risk categories, although the assessment of certain risks has been updated to reflect developments during the period. Interim Management Report Principal risk Direction H1 2026 developments Share price and market sentiment Share price discount remains elevated, with investor focus continuing to centre on discount management, dividend sustainability, leverage and execution of the ORIT 2030 strategy. Asset valuation During the period the Board completed a comprehensive review of long-term energy yield assumptions across the operational onshore wind portfolio, incorporating updated post-construction operating data and independent technical evidence where appropriate. While valuation assumptions remain subject to ongoing market movements, including power prices and discount rates, the review has reduced uncertainty associated with long-term yield assumptions. The Board continues to maintain a strong focus on valuation assumptions and the appropriateness of key inputs used in the independent valuation process. Power markets The Board has continued to monitor wholesale electricity market volatility, particularly following heightened geopolitical tensions in Ukraine and the Middle East, together with developments in merchant pricing and UK electricity market reform. Gearing and financing Continued focus on covenant headroom, liquidity and dividend sustainability. The Group remained compliant with all financing covenants during the period. Asset and operational risk Operational performance remained broadly stable, with active asset management continuing to mitigate operational risks across the portfolio. Cybersecurity & IT No material change. Cybersecurity continues to be monitored closely given the evolving external threat environment. Environmental, social and governance (“ESG”) No material change. The Company continues to monitor evolving ESG regulation and climate-related risks across the portfolio. No material ESG incidents or breaches during the period. The Board continued to operate in accordance with its governance framework, providing oversight of the Company’s strategy, risk management and system of internal controls. Construction and development Continued planning, permitting and grid connection delays have led to extended development timelines at certain platforms, increasing execution risk across parts of the development portfolio. Regulation and policy Continued monitoring of UK and European electricity market reform, including voluntary CfDs and broader regulatory developments affecting renewable energy infrastructure. Political debate surrounding energy policy continues to contribute to regulatory uncertainty. Geopolitical risk The Board has continued to monitor the conflicts in Ukraine and the Middle East, recognising their potential impact on energy markets, commodity prices, inflation and investor sentiment, although no direct operational impacts have been experienced. Increase to risk rating No change Decrease to risk rating The experience of the Company’s Investment Manager and the diversification of the Company’s portfolio continue to be the key mitigants for these risks. The Company’s ESG & Impact Report, published in the 2025 Annual Report and Accounts on 24 March 2026, details examples of specific projects that the Investment Manager has undertaken to mitigate some of these risks in the period. During the first half of 2026 the Board’s principal areas of focus included: • i ncreased political and regulatory uncertainty affecting renewable energy markets; • c ontinued monitoring of electricity market reform and subsidy developments; • de veloper execution risk, including planning, permitting and grid connection timelines; • b alance sheet management, dividend sustainability and liquidity; and • o ngoing monitoring of merchant revenue exposure, particularly in Finland.
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45 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Interim Management Report (continued) Task Force on Climate-related Financial Disclosures (“TCFD”) The Financial Conduct Authority (“FCA”) issued a rule, effective for periods beginning on or after January 2021, for UK listed companies to start to report against the TCFD, with other companies to follow. Whilst not currently mandated to make a TCFD disclosure, as investment trusts are currently excluded from the requirement, ORIT supports the TCFD’s aims and objectives and voluntarily reports in line with the rule to help ensure best practice disclosures. Material climate- related financial disclosures can help support investment decisions as we move towards a low-carbon economy. The Company is acutely aware of the risks of climate change and through its investment mandate, believes it is well placed to contribute to solutions and harness the opportunities that arise from a transition to net zero. However, no company is isolated from climate change, and the disclosures below outline the climate-related risks ORIT faces. Our TCFD approach is detailed on page 37 of the 2025 Annual Report with a full version available on the ORIT website here. The Company is pleased to confirm that it has included climate-related financial disclosures aligned with the four recommendations and the eleven recommended disclosures provided in the TCFD’s 2021 report ‘Implementing the Recommendations of the Task Force on Climate-related Financial Disclosures’, which included additional guidance for Asset Owners and Asset Managers. Related Party Transactions The Company’s AIFM is considered a related party under the Listing Rules. Under the terms of the Management Agreement, the AIFM is entitled to a management fee calculated by applying a rate of 0.95% per annum up to £500 million and 0.85% per annum in excess of £500 million to the average of (i) the Company’s average daily closing market capitalisation during the relevant quarter and (ii) the published Net Asset Value (“NAV”) for that quarter. The fee is payable quarterly in arrears and is capped at the lower of (a) the amount calculated under this methodology and (b) the amount that would have been payable based solely on NAV. No performance fee or asset-level fees are payable to the AIFM under the Management Agreement. The AIFM is responsible for paying the fees of the Investment Manager. Details of the amounts paid to the Company’s AIFM during the period are disclosed in the Statement of Comprehensive Income within the Interim Financial Statements. Going Concern The Directors have reviewed comprehensive cash flow forecasts prepared by the Company’s Investment Manager which are based on prudent market data and believe, based on these forecasts, that it is appropriate to prepare the financial statements of the Company on a going concern basis. The Directors have assessed the Company’s ability to continue as a going concern for a period of at least 12 months from the date of approval of this interim report. In arriving at their conclusion that the Company has adequate financial resources to continue in operational existence for the foreseeable future, the Directors were mindful that the Company had unrestricted cash of £10.6 million as at 30 June 2026 and available headroom on its RCF of £95.0 million. The Company’s net assets as at 30 June 2026 were £455 million and total expenses for the period were £2.5 million, which, when annualised, represented approximately 1.13% of average net assets during the period. At the date of approval of this document, based on the aggregate of investments and cash held, the Company has substantial operating expenses cover. The Company receives revenue in the form of dividends and interest from its portfolio of assets. These revenues are derived from the sale of electricity through power purchase agreements in place with large and reputable providers of electricity to the market. A prolonged and deep market decline could lead to falling values of the underlying business or interruptions to cash flow, however the Directors do not foresee any immediate material risk to the Company’s investment portfolio and income from underlying assets. The Directors are also satisfied and are comfortable that the Company would continue to remain viable under downside scenarios, including decreasing government regulated tariffs and a decline in long-term power price forecasts. In instances where underlying investments have external debt finance, the covenants associated with these facilities have been tested and are expected to be compliant, even in downside scenarios.
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46 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Interim Management Report (continued) The major cash outflows of the Company are the payment of dividends, commitments payable for construction projects and contingent acquisitions. The covenants of the RCF have been tested and are expected to be compliant, even in downside scenarios. Plausible downside scenarios include a decrease in wholesale energy prices, a decrease in output and an increase in the discount rate applied to the underlying cash flow forecasts. While in some downside scenarios, the headroom available on the RCF will be lower, the Directors remain confident that the Company has sufficient cash balances, and headroom in the RCF held by an intermediate holding company in order to fund the commitments detailed in note 13 to the financial statements, should they become payable. The Directors have concluded that the financial statements of the Company should be prepared on a going concern basis.
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47 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Octopus Renewables Infrastructure Trust plc 2026 | Interim Report The Directors acknowledge responsibility for the interim results and approve this Interim Report. The Directors confirm that to the best of their knowledge: a) t he condensed financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting”, as contained in UK-adopted international accounting standards, and give a true and fair view of the assets, liabilities and financial position and the profit of the Company as required by the FCA’s Disclosure Guidance and Transparency Rules. DTR 4.2.4R; b) t he interim management report, included within the Chair’s Statement and Investment Manager’s Report, includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R. This responsibility statement has been approved by the Board. Philip Austin MBE Chair 22 September 2026 Responsibility Statement of the Directors
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 48 Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 48 In this section: Condensed Statement of Comprehensive Income . . . . . . . . . . . . . . . . . . . . 49 Condensed Statement of Financial Position . . . . . . . . . . . . . . . . . . . . . . . . . . 49 Condensed Statement of Changes in Equity . . . . . . . . . . . . . . . . . . . . . . . . . 50 Condensed Statement of Cash Flows . . . . . . . . 51 Notes to the Condensed Interim Financial Statements . . . . . . . . . . . . . . . . . . . . . . 52 Interim Financial Statements
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 49 Condensed Statement of Comprehensive Income For the six months ended 30 June 2026 (unaudited) Condensed Statement of Financial Position at 30 June 2026 (unaudited) (Unaudited) For the six months ended 30 June 2026 (Unaudited) For the six months ended 30 June 2025 (Audited) For the year ended 31 December 2025 Notes Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000 Revenue £’000 Capital £’000 Total £’000 Losses on investments – (38,011) (38,011) - (23,715) (23,715) – (59,537) (59,537) Income from investments 3 16,667 – 16,667 22,478 – 22,478 42,842 – 42,842 Gross profit/ (loss) 16,667 (38,011) ( 21,344) 22,478 (23,715) ( 1,237) 42,842 (59,537) ( 16,695) Investment management fees (1,385) (462) (1,847) (1,926) (642) (2,568) (3,638) (1,213) (4,851) Other expenses (661) – (661) (793) – (793) (1,608) – (1,608) Net finance income 90 – 90 120 – 120 203 – 203 Profit/ (loss) before taxation 14,711 (38,473) ( 23,762) 19,879 (24,357) (4,478) 37,799 (60,750) (22,951) Taxation 4 – – – – – – (304) 304 – Profit/(loss) after taxation 14,711 (38,473) ( 23,762) 19,879 (24,357) (4,478) 37,495 (60,446) (22,951) Earnings/ (losses) per share 5 2.79p (7.29)p (4.50)p 3.61p (4.42)p (0.81)p 6.92p (11.15)p (4.23)p The “Total” column of this statement is the profit and loss account of the Company. The “Revenue” and “Capital” columns represent supplementary information prepared under guidance issued by The Association of Investment Companies. The Company has no other items of other comprehensive income, and therefore the net profit/ (loss) after taxation is also the total comprehensive income/ (loss) for the period. All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued in the period. Notes (Unaudited) 30 June 2026 £’000 (Unaudited) 30 June 2025 £’000 (Audited) 31 December 2025 £’000 Fixed assets Investments at fair value through profit or loss 7,11 445,198 532,318 485,430 Current assets Other debtors 8 73 10,049 92 Cash and cash equivalents 10,644 176 10,775 10,717 10,225 10,867 Creditors: amounts falling due within one year Other creditors and accruals (1,231) (2,110) (1,497) Net current assets 9,486 8,115 9,370 Total assets less current liabilities 454,684 540,433 494,800 Net assets 454,684 540,433 494,800 Capital and reserves Share capital 9 5,649 5,649 5,649 Share premium 217,283 217,283 217,283 Special reserve 313,222 323,978 313,222 Capital reserve (110,219) (35,657) (71,746) Revenue reserve 28,749 29,180 30,392 Total equity shareholders' funds 454,684 540,433 494,800 Net asset value per share 10 86 .18 p 99 .46 p 93 .7 9p
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 50 Condensed Statement of Changes in Equity Six months ended 30 June 2026 (unaudited) Notes Share capital £’000 Share premium £’000 Special reserve £’000 Capital reserve £’000 Revenue reserve £’000 Total £’000 At 31 December 2025 5,649 217,283 313,222 (71,746) 30,392 494,800 (Loss)/profit for the period – – – (38,473) 14,711 (23,762) Dividends paid in the period 6 – – – – (16,354) ( 16,354) At 30 June 2026 5,649 217,283 313,222 (110,219) 28,749 454,684 Six months ended 30 June 2025 (unaudited) Notes Share capital £’000 Share premium £’000 Special reserve £’000 Capital reserve £’000 Revenue reserve £’000 Total £’000 At 31 December 2024 5,649 217,283 332,590 (11,300) 26,148 570,370 Repurchase of the Company's own shares into treasury – – (8,542) – – (8,542) Cost of share repurchases – – (70) – – (70) (Loss)/profit for the period – – – (24,357) 19,879 (4,478) Dividends paid in the period 6 – – – – (16,847) ( 16,847) At 30 June 2025 5,649 217,283 323,978 (35,657) 29,180 540,433 Year ended 31 December 2025 (audited) Notes Share capital £’000 Share premium £’000 Special reserve £’000 Capital reserve £’000 Revenue reserve £’000 Total £’000 At 31 December 2024 5,649 217,283 332,590 (11,300) 26,148 570,370 Repurchase of the Company's own shares into treasury – – (19,201) – – (19,201) Cost of share repurchases – – (167) – – (167) (Loss)/profit for the year – – – (60,446) 37,495 (22,951) Dividends paid in the year 6 – – – – (33,251) ( 33,251) At 31 December 2025 5,649 217,283 313,222 (71,746) 30,392 494,800
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 51 Condensed Statement of Cash Flows For the six months ended 30 June 2026 (unaudited) Notes (Unaudited) Six months ended 30 June 2026 £’000 (Unaudited) Six months ended 30 June 2025 £’000 (Audited) Year ended 31 December 2025 £’000 Operating activities Loss before taxation (23,762) ( 4,478) ( 22,951) Movement in fair value of investments 7 38,011 23,715 59,537 Income from investments 3 (16,667) ( 22,478) ( 42,842) Increase/(decrease) in other debtors 19 (10,026) (69) Decrease in other creditors (266) (691) ( 1,304) Dividends received from investments 4,500 10,000 18,000 Interest received from investments 10,946 12,478 22,874 Net cash inflow from operating activities 12,781 8,520 33,245 Investing activities Costs associated with acquiring the portfolio of assets 7 – (338) (357) Repayment of debt principal 3,442 5,601 18,654 Net cash inflow from investing 3,442 5,263 18,297 Financing activities Dividends paid 6 (16,354) ( 16,847) ( 33,251) Shares bought back and held in treasury 9 – (8,542) ( 19,201) Costs of share buybacks – (70) (167) Net cash outflow from financing (16,354) ( 25,459) ( 52,619) Decrease in cash (131) ( 11,676) ( 1,077) Cash and cash equivalents at start of period 10,775 11,852 11,852 Cash and cash equivalents at end of period 10,644 176 10,775
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Notes to the Condensed Interim Financial Statements For the period ended 30 June 2026 1. Financial statements The information contained within the financial statements in this half year report has not been audited or reviewed by the Company’s independent auditor. The figures and financial information for the year ended 31 December 2025 are extracted from the latest published financial statements of the Company and do not constitute statutory financial statements for that year. Those financial statements have been delivered to the Registrar of Companies and included the report of the auditor which was unqualified and did not contain a statement under either section 498 (2) or 498(3) of the Companies Act 2006. This half year report will be made available to the public at the registered office of the Company. The report will be available in electronic format on the Company’s website (https://octopusrenewablesinfrastructure.com). 2. Accounting policies (a) Basis of preparation The financial statements have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” , as contained in UK-adopted international accounting standards, and the accounting policies set out in the statutory accounts of the Company for the year ended 31 December 2025. Where presentational guidance set out in the Statement of Recommended Practice (the “SORP”) for investment trusts issued by the Association of Investment Companies in December 2025, is consistent with the requirements of International Financial Reporting Standards, the financial statements have been prepared on a basis compliant with the recommendations of the SORP . (b) Basis of non-consolidation The Company has one wholly owned direct subsidiary, ORIT Holding s II Limited, whose purpose is to invest the funds of ORIT. The Company and its subsidiary both meet the requirements to be classified as an investment entity as defined in International Financial Reporting Standard 10 “Consolidated Financial Statements”. Consequently, the Company measures its subsidiary at fair value through profit or loss and does not prepare consolidated financial statements. (c) Fair value calculations The underlying investments are valued by the investment manager, using discounted cash flow techniques. The policy on valuation of investments is consistent with that detailed in note 3 to the financial statements for the year ended 31 December 2025, presented on page 94 of the annual report and note 10 on pages 101 and 102 of the annual report. (d) Accounting estimates In common with many other investment companies, the Board has chosen to adopt the ‘allocation approach’, as set out in the SORP, and has determined that the basis of allocation of certain expenses to capital should reflect the Directors’ estimate of the future long-term split of returns in the form of capital gains and income. Accordingly, the Company allocates 25% of the management fee and 25% of any finance costs to capital and the remaining 75% to revenue. The Board monitors the assumptions that underpin the basis of allocation. 3. Income Six months ended 30 Jun 2026 (unaudited) £’000 Six months ended 30 Jun 2025 (unaudited) £’000 Year ended 31 Dec 2025 (audited) £’000 Dividends 4,500 10,000 18,000 Investment interest income 12,167 12,478 24,842 Income from investments 16,667 22,478 42,842 4. Taxation The Company’s effective corporation tax rate is nil, as deductible expenses and interest distributions exceed taxable income. Any tax relief obtained on expenses allocated to capital is credited to the capital account in accordance with the requirements of the SORP. 52
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Notes to the Condensed Interim Financial Statements (continued) For the period ended 30 June 2026 5. Earnings/(losses) per share Six months ended 30 Jun 2026 (unaudited) Six months ended 30 Jun 2025 (unaudited) Year ended 31 Dec 2025 (audited) Revenue profit after taxation (£’000) 14,711 19,879 37,495 Capital loss after taxation (£’000) (38,473) (24,357) ( 60,446) Total loss after tax (£’000) (23,762) (4,478) ( 22,951) Weighted average number of shares in issue during the period 527,576,939 550,764,715 541,981,848 Revenue earnings per share 2.79p 3.61p 6.92p Capital losses per share (7.29)p (4.42)p (11.15)p Total losses per share (4.50)p (0.81)p (4.23)p There are no diluted returns per share as there are no dilutive or potentially dilutive instruments in issue. 6. Dividends paid Six months ended 30 Jun 2026 (unaudited) £’000 Six months ended 30 Jun 2025 (unaudited) £’000 Year ended 31 Dec 2025 (audited) £’000 Q4 2025 dividend paid of 1.55p (2024: 1.51p) 8,177 8,380 8,380 Q1 2026 dividend paid of 1.55p (2025: 1.54p) 8,177 8,467 8,467 Q2 2025 dividend paid of 1.54p – – 8,280 Q3 2025 dividend paid of 1.54p – – 8,124 16,354 16,847 33,251 An interim dividend of 1.56p (2025: 1.54p) per share, amounting to £8,230,000 (2025: £8,280,000), has been declared payable in respect of Q2 2026. This dividend was paid on 1 September 2026 to shareholders on the register on 14 August 2026. 7. Investments at fair value through profit or loss (a) Changes in the valuation of the Company’s direct holding in its subsidiary, ORIT Holdings II Limited (“the subsidiary”) Six months ended 30 Jun 2026 (unaudited) £’000 Six months ended 30 Jun 2025 (unaudited) £’000 Year ended 31 Dec 2025 (audited) £’000 Opening balance of the subsidiary at fair value 485,430 561,296 561,296 Additional investment in the intermediate holding companies – 338 357 Distributions received (18,888) (28,079) (59,528) Investment income 16,667 22,478 42,842 Movement in fair value (38,011) (23,715) (59,537) Closing balance of the subsidiary at fair value 445,198 532,318 485,430 (b) Reconciliation of movement in the fair value of the Company’s underlying portfolio of investments Six months ended 30 Jun 2026 (unaudited) £’000 Six months ended 30 Jun 2025 (unaudited) £’000 Year ended 31 Dec 2025 (audited) £’000 Opening balance 603,195 699,604 699,604 Purchases of investments 15,445 8,901 18,521 Sales of investments – – (70,385) Distributions received from investments (23,370) (27,029) (57,326) Movement in fair value of investments (21,865) 11,588 12,781 Fair value of the underlying portfolio of investments at the end of the period 573,405 693,064 603,195 Cash held in the intermediate holding companies 2,522 15,333 1,781 Bank loan drawn down by the intermediate holding companies (131,368) (168,365) (116,198) Fair value of other net assets and (liabilities) held by the intermediate holding companies 639 (7,714) (3,348) Fair value of the Company’s investments at the end of the period 445,198 532,318 485,430 53
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 8. Other debtors 30 Jun 2026 (unaudited) £’000 30 Jun 2025 (unaudited) £’000 31 Dec 2025 (audited) £’000 Dividend receivable from subsidiary – 10,000 – Other prepayments and receivables 73 49 92 73 10,049 92 9. Share capital Changes in called-up share capital during the period were as follows: Six months ended 30 Jun 2026 (unaudited) £’000 Six months ended 30 Jun 2025 (unaudited) £’000 Year ended 31 Dec 2025 (audited) £’000 Ordinary shares of 1p each, allotted, called -up and fully paid Opening balance of shares of 1p each, excluding shares held in treasury 5,276 5,557 5,557 Repurchase of shares into treasury – (123) (281) Subtotal of shares of 1p each, excluding shares held in treasury 5,276 5,434 5,276 Shares held in treasury 373 215 373 Closing balance of shares of 1p each, including shares held in treasury 5,649 5,649 5,649 Changes in the numbers of shares in issue during the period were as follows: Six months ended 30 Jun 2026 (unaudited) Six months ended 30 Jun 2025 (unaudited) Year ended 31 Dec 2025 (audited) Opening balance of shares in issue, excluding shares held in treasury 527,576,939 555,658,774 555,658,774 Repurchase of shares into treasury – (12,288,206) (28,081,835) Closing balance of shares in issue, excluding shares held in treasury 527,576,939 543,370,568 527,576,939 Closing balance of shares held in treasury 37,350,597 21,556,968 37,350,597 Closing balance of shares in issue, including shares held in treasury 564,927,536 564,927,536 564,927,536 10. Net asset value (“NAV”) per share 30 Jun 2026 (unaudited) 30 Jun 2025 (unaudited) 31 Dec 2025 (audited) NAV (£’000) 454,684 540,433 494,800 Closing balance of shares in issue, excluding shares held in treasury 527,576,939 543,370,568 527,576,939 NAV per share 86.18p 99.46p 93.79p Notes to the Condensed Interim Financial Statements (continued) For the period ended 30 June 2026 54
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Notes to the Condensed Interim Financial Statements (continued) For the period ended 30 June 2026 11. Financial Instruments measured at fair value The Company’s financial instruments that are held at fair value comprise its investment portfolio. The recognition and measurement policies for financial instruments measured at fair value have not changed from those set out in the statutory accounts of the Company for the year ended 31 December 2025. IFRS 13 requires that financial instruments held at fair value are categorised into a hierarchy comprising the following three levels: Level 1 – valued using quoted prices in active markets. Level 2 – valued by reference to valuation techniques using observable inputs other than quoted market prices included within Level 1. Level 3 – valued by reference to valuation techniques using inputs that are not based on observable market data. Categorisation within the hierarchy has been determined on the basis of the lowest level input that is significant to the fair value measurement of the relevant asset. At 30 June 2026, the Company’s investment portfolio was categorised as follows: 30 Jun 2026 (unaudited) £’000 30 Jun 2025 (unaudited) £’000 31 Dec 2025 (audited) £’000 Level 1 – – – Level 2 14,096 14,505 12,491 Level 3 431,102 517,813 472,939 Total 445,198 532,318 485,430 There have been no transfers between Levels 1, 2 or 3 during the period (period ended 30 June 2025: nil and year ended 31 December 2025: nil). 12. Post period end events On 3 August 2026, the Company declared an interim dividend in respect of the period from 1 April 2026 to 30 June 2026 of 1.56 pence per Ordinary Share, paid on 1 September 2026 to Shareholders on the register at 14 August 2026. On that record date, the number of Ordinary Shares in issue was 527,576,939 and the total dividend paid to Shareholders amounted to £8.2 million. The dividend has not been included as a liability at 30 June 2026. 13. Guarantees and uncalled capital commitments The Company guarantees the foreign exchange hedges entered into by its intermediate holding companies to enable it to minimise its exposure to changes in underlying foreign exchange rates. As at 30 June 2026, the Company has guarantees in respect of future investment obligations associated with a conditional acquisition in Ireland of £23.3 million (€27.1 million) (2025: £23.7 million / €27.1 million). 55
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Alternative Performance Measures (“APMs”) The financial measures below are classified as APMs as defined by the European Securities and Markets Authority. Under this definition, APMs include a financial measure of historical performance or financial position, other than a financial measure defined or specified in the applicable financial reporting framework. These measures are commonly used by investment companies to assess values, investment performance and operating costs. Numerical calculations are given where appropriate. Performance of the Company’s underlying operational investments Output Revenue Opex EBITDA Operational portfolio 30 June 2026: 614 GWh (30 June 2025: 654GWh) 30 June 2026: £67.2 million (30 June 2025: £68.7 million) 30 June 2026: £25.1 million (30 June 2025: £24.4 million) 30 June 2026: £42.1 million (30 June 2025: £44.3 million) Solar 30 June 2026: 271 GWh (30 June 2025: 294GWh) 30 June 2026: £30.2 million (30 June 2025: £33.1 million) 30 June 2026: £7.9 million (30 June 2025: £7.8 million) 30 June 2026: £22.3 million (30 June 2025: £25.3 million) Onshore wind 30 June 2026: 263 GWh (30 June 2025: 291GWh) 30 June 2026: £13.4 million (30 June 2025: £16.7 million) 30 June 2026: £4.9 million (30 June 2025: £4.8 million) 30 June 2026: £8.5 million (30 June 2025: £11.9 million) Offshore wind 30 June 2026: 80 GWh (30 June 2025: 68GWh) 30 June 2026: £23.6 million (30 June 2025: £18.9 million) 30 June 2026: £12.3 million (30 June 2025: £11.8 million) 30 June 2026: £11.3 million (30 June 2025: £7.1 million) Discount The amount by which the share price of an investment trust is lower (discount) or higher (premium) than the NAV per share. The discount or premium is expressed as a percentage of the NAV per share. If the shares are trading at a discount, investors would be paying less than the value attributable to the shares as calculated in accordance with generally accepted accounting practice. The discount at the period end was as follows: 30 Jun 2026 30 Jun 2025 31 Dec 2025 NAV per share a 86.18p 99.46p 93.79p Share price b 65.90p 73.40p 61.10p Discount (b/a)-1 (23.5%) ( 26.2%) ( 34.9%) Gross asset value (“GAV”) The Company’s gross assets comprise the Company’s NAV plus the total debt held in (unconsolidated) subsidiaries. 30 Jun 2026 £m 30 Jun 2025 £m 31 Dec 2025 £m NAV a 454.7 540.4 494.8 Total debt b 396.8 469.9 402.1 GAV a+b 851.5 1,010.3 896.9 Leverage Total leverage represents total debt in the table above, expressed as a percentage of GAV. 56
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report Alternative Performance Measures (“APMs”) (continued) Dividend yield Dividend yield represents the target annual dividend for the year, expressed as a percentage of the share price at 30 June 2026. 30 Jun 2026 30 Jun 2025 31 Dec 2025 Target annual dividend a 6.23p 6.17p 6.17p Share price b 65.90p 73.40p 61.10p Dividend yield a/b 9.5% 8.4% 10.1% Ongoing charges ratio (“OCR”) The OCR is calculated in accordance with The Association of Investment Companies’ recommended methodology and represents the annualised management fee and all other recurring operating expenses excluding any finance costs and transaction costs, expressed as a percentage of the average net asset values during the period. Six months ended 30 Jun 2026 Six months ended 30 Jun 2025 Year ended 31 Dec 2025 Annualised expenses (£'000) a 5,230 6,834 6,459 Average NAV (£,000) b 463,878 545,445 529,772 Ongoing charges Ratio ("OCR") a/b 1.13% 1.25% 1.22% Total return Total return is the combined effect of any dividends paid, together with the rise or fall in the NAV per share or share price. Total return statistics enable the investor to make performance comparisons between investment companies with different dividend policies. Any dividends received by a shareholder are assumed to have been reinvested in either the assets of the Company at its NAV per share at the time the shares were quoted ex-dividend (to calculate the NAV per share total return ) or in additional shares of the Company (to calculate the share price total return). Total returns for the six months ended 30 June 2026 are calculated as follows: Share price NAV per share Value at 31 December 2025 a 61.10p 93.79p Dividends paid from IPO to 31 December 2025 b 29.85p 29.85p Value plus dividends paid to 31 December 2025 a+b=c 90.95p 123.64p Value at 30 June 2026 d 65.90p 86.18p Benefit of reinvesting dividends e 4.55p (1.66)p Dividends paid in the six months ended 30 June 2026 f 3.10p 3.10p Total returns for the six months ended 30 June 2026 [(b+d+e+f)/c]-1 13.7% (5.0)% Annualised total return 29.5% (9.8)% Total returns from IPO to 30 June 2026 are calculated as follows: Share price NAV per share Value at IPO (10 December 2019) a 100.00p 98.00p Value at 30 June 2026 b 65.90p 86.18p Benefit of reinvesting dividends c (1.08)p 0.11p Dividends paid from IPO to 30 June 2026 d 32.95p 32.95p Total returns from IPO to 30 June 2026 [(b+c+d)/a]-1 (2.2)% 21.7% Annualised total return (0.3)% 3.0% Dividend cover Dividend cover is calculated using net operational cash flows from the portfolio after debt service and company and intermediate holding company expenses, as follows: Six months ended 30 Jun 2026 Six months ended 30 Jun 2025 Year ended 31 Dec 2025 Net operational cash flows (£m) 22.6 20.0 37.7 Dividends declared (£m) 16.4 16.8 33.0 Dividend cover 1.38X 1.19X 1.14X 57
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 58 Glossary Term Definition AIC Association of Investment Companies Adjusted average discount rate Weighted average discount rate adjusted for (i) the return expected on the Company’s investment into development-stage assets, which are not valued on a discounted cash flow basis; and (ii) the increased return associated with the additional leverage from the RCF. AIFM Alternative Investment Fund Manager APM Alternative Performance Measure BESS Battery Energy Storage System CfD Contract for Difference Company or ORIT Octopus Renewables Infrastructure Trust plc DTR Disclosure Guidance and Transparency Rules ESG Environmental, Social and Governance EYA Energy Yield Assessment FCA Financial Conduct Authority GAV Gross Asset Value Group The Company together with all of its subsidiaries (as disclosed in the Notes to the Condensed Interim Financial Statements). GW Gigawatt GWP Generation-Weighted Price IPO Initial Public Offering Investment Manager Octopus Renewables Limited, trading as Octopus Energy Generation (“OEGen”) KPI Key Performance Indicator LSE London Stock Exchange Management Agreement The Alternative Investment Fund Management Agreement between the Company and the AIFM MW Megawatt NAV Net Asset Value OCR Ongoing Charges Ratio O&M Operations and Maintenance Portfolio of assets The 39 renewable energy assets in which the Company had an investment as at 30 June 2026 PPA Power Purchase Agreement RCF Revolving Credit Facility RIDDOR Reporting of Injuries, Diseases and Dangerous Occurrences Regulations ROC Renewables Obligation Certificate Share buyback A purchase of a company’s own shares. Shares can either be bought back for cancellation or held in treasury SFDR Sustainable Finance Disclosure Regulation SORP Statement of Recommended Practice SPV Special Purpose Vehicle TCFD Task Force on Climate-related Financial Disclosures VEP Value Enhancement Programme
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Octopus Renewables Infrastructure Trust plc 2026 | Interim Report 59 Company Information Directors, Investment Manager and Advisers Directors (all non-executive) Philip Austin MBE (Chair) James Cameron (stepped down 12 June 2026) Sally Duckworth Elaina Elzinga Sarim Sheikh Administrator and Company Secretary Apex Listed Companies Services (UK) Limited 4th Floor 140 Aldersgate Street, London EC1A 4HY Broker Peel Hunt LLP 100 Liverpool Street London EC2M 2AT Solicitors to the Company Gowling WLG (UK) LLP 4 More London Riverside London SE1 2AU Registered Office 1 4th Floor 140 Aldersgate Street, London EC1A 4HY Alternative Investment Fund Manager (“AIFM”) Octopus Energy AIF Management Limited 4th Floor, One Molesworth, Molesworth Street, Dublin 2, Ireland Investment Manager Octopus Renewables Limited UK House 5th Floor 164-182 Oxford Street London W1D 1NN Registrar Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS13 8AE Depositary BNP Paribas S.A, London Branch 10 Harewood Avenue London NW1 6AA Auditor PricewaterhouseCoopers LLP Level 5 and 6 Central Square South Orchard Street Newcastle upon Tyne NE1 3AZ 1 Registered in England and Wales No. 12257608.
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orit@octopusenergygeneration.com www.octopusrenewablesinfrastructure.com