Slides
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The Renewables Infrastructure Group Interim Results 2026 7 August 2026 ATRIG The Renewables Infrastructure Group www.trig-td.com
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Important Information www.trig-ltd.com 2 Front cover image: Turbine decommissioning at the Cuxac onshore wind farm in France ahead of repowering (Credit: Alain Monteny, Absoludrone). For Investment Professionals (as defined under FSMA 2000). Individuals without professional experience in matters relating to investments should not rely on this information By attending the meeting where this presentation is made, or by reading the presentation slides, you agree to be bound by the following limitations: This document has been issued by and is the sole responsibility of The Renewables Infrastructure Group Limited (“TRIG”). This document contains information provided solely as an update on the financial condition, results of operations and business of TRIG. This document has not been approved by a person authorised under the Financial Services and Markets Act 2000 ("FSMA") for the purposes of section 21 FSMA. The contents of this document are not a financial promotion and none of the contents of this document constitute an invitation or inducement to engage in investment activity. If and to the extent that this document or any of its contents are deemed to be a financial promotion, TRIG is relying on the exemption provided by Article 69 of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005/1529 in respect of section 21 FSMA. The recipients of this presentation should not engage in any behaviour in relation to financial instruments which would or might amount to an offence under the Market Abuse Regulation (EU) No. 596/2014. No representation or warranty, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information, or opinions contained herein. Neither TRIG, nor any of TRIG’s advisers or representatives, including its investment manager, InfraRed Capital Partners Limited, and its operations manager, Renewables Systems Limited, shall have any responsibility or liability whatsoever (for negligence or otherwise) for any loss howsoever arising from any use of this document or its contents or otherwise arising in connection with this document. Nothing in this paragraph, however, shall exclude any liability for fraud. The information set out herein may be subject to updating, completion, revision, verification and amendment and such information may change materially. Neither TRIG nor any other person is under an obligation to keep current the information contained in this document. This document has not been approved by the UK Financial Conduct Authority or any other regulator. This document does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or commitment whatsoever. This document does not constitute a recommendation regarding the securities of TRIG. This document and the information contained herein does not and is not intended to constitute a direct or indirect offering or placement of shares in TRIG. TRIG’s ordinary shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, (the “Securities Act”) or with any securities regulatory authority of any state or other jurisdiction of the United States and TRIG has not registered, and does not intend to register, as an investment company under the U.S. Investment Company Act 1940, as amended (the “Investment Company Act”). Accordingly, TRIG’s ordinary shares may not be offered, sold, pledged or otherwise transferred or delivered within the United States or to, or for the account or benefit of, any US persons (as defined in Regulation S under the Securities Act) except in a transaction meeting the requirements of an applicable exemption from the registration requirements of the Securities Act and in a manner that would not require registration of TRIG under the Investment Company Act. Note 1: Target returns and projections are hypothetical forecasts representing the opinion of TRIG drawn from market experience. Asset returns are presented gross of Company expenses, as a net IRR cannot be reliably calculated due to changes in fee arrangements and a multi-tiered fee structure preventing asset-level cost attribution. Net Asset Value is reported net of Company expenses, with NAV performance shown on slides 4 and 51. Forecasts involve assumptions and judgements with respect to, among other things, market conditions, the availability of investment opportunities, and other factors. Performance projections are not a guarantee of future performance. Actual realised returns depend on numerous factors, all of which may differ from the underlying assumptions on which the projections were based, including changes in economic, operational, political or other circumstances, broad trends in business and finance, legislation, and regulation and market conditions, among other things. All these things are difficult to predict, and most are beyond the control of InfraRed and its operating partners. Accordingly, no assurance can be given that such projections will be realised, and actual conditions, operations, and results may vary materially from those set forth herein.
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Investment Proposition & H1 2026 highlights www.trig-ltd.com 3
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www.trig-ltd.com 4Past performance is not a reliable indicator of future results. There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2. Potential to outperform the base case from disposals, development returns, commercial & technical enhancements3 1. As at 5 August 2026 2. Portfolio discount rate less fund expenses, adjusted for share price discount to NAV on the 5 August 2026 of 23% 3. Projections are subject to actual performance, cashflow receipts, as well as investment and disposal activities £111m Project-level debt repaid 64% Revenues fixed over next ten years 51% Direct revenue inflation linkage over next ten years H1 2026 results Resilient characteristics Intrinsic shareholder value 101.1p NAV per share 1.7% NAV total return for the period 2.3x / 1.1x Gross cash cover / Net dividend cover 7.55p Dividend per share target for 2026 c.10% Dividend yield1 11% Annualised total return implied1,2,3 Resilient cash generation, disciplined capital allocation and active management
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Disciplined capital allocation www.trig-ltd.com 5 1. Projections are subject to actual performance, cashflow receipts, as well as investment and disposal activities. Based on current investment commitments. See ‘Important Information’ Note 1, slide 2. 2. As at 30 June 2026, the Company had outstanding investment commitments of £93m. Broken down by expected due date: H2 2026, £41m; 2027, £21m; 2028, £31m Uses of cash Reduce gearing 45% Shareholder Returns 45% Funding growth 10% FY 2026 expected uses1,2 40% to 45% 5% to 10%18% 10% 25% 23% 34% 40% 52% 61% 49% 51% 22% 15% 2023 2024 2025 H1 2026 Funding growth Shareholder returns Reduce gearing
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Strong start towards TRIG’s near-term objectives www.trig-ltd.com 6There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2. Disciplined capital allocation £400m to be realised by May 2027 ‒ £155m Beatrice disposal agreed (c.40% of the realisation objective) ‒ Further disposal processes underway ‒ £200m private placement issued, in addition to £400m target, demonstrating balance sheet strength Active revenue management 1.1x Net dividend cover in 2026 ‒ Dividend target reaffirmed ‒ Dividend cover of 1.1x delivered in H1 2026, in addition to the repayment of £111m project level debt ‒ Short term fixes placed for 560GWh of generation through to 2028 Portfolio optimisation 100MW p.a. internal, proprietary development opportunities ‒ c. 200MW in construction across batteries and repowering projects ‒ 100MW across Ryton battery and Cuxac repowering set for energisation in 2026 ‒ Managers continue to create value from the development and construction pipeline Progress to date May 2026 Capital Markets Seminar objective
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www.trig-ltd.com 7 2.9TWh Renewable electricity generated in H1 2026 Countries where TRIG has investments 2.7GW Diversified UK & European portfolio1 Diversification of TRIG’s portfolio across geographies and technologies underpins business model resilience 900MW Near-term development pipeline Portfolio charts represent TRIG’s committed portfolio as at 30 June 2026, excluding Beatrice 1. Includes investment commitments, operational portfolio capacity is 2.3GW 49% 29% 14% 8% Onshore Wind Offshore Wind Solar PV Battery storage 56% 44% UK Rest of Europe 90% 10% Operational In Construction / Development
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www.trig-ltd.com 8 Financial Highlights & Valuation
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Financial highlights Half year ended 30 June 2026 www.trig-ltd.com 9 1. Gross dividend cover is calculated as Operational cashflow of £209m over dividend paid of £90m. Operational cash flow generated is reconciled to the expanded basis cash flow statements as follows: cash received from investments £118m less Company (including its immediate subsidiaries TRIG UK and TRIG UK I) expenses £20m plus project-level debt repayments £111m. 2. Net Dividend cover is calculated as Distributable cash flow of £99m (cash received from investments £118m less Company (including its immediate subsidiaries TRIG UK and TRIG UK I) expenses £20m) over dividend paid of £90m. 2.3x / 1.1x Gross cash cover1 / Net dividend cover2 (H1 2025: 2.2x / 1.0x) 101.1p NAV per share (31 Dec 2025: 104.0p) £111m Project-level debt repayments (H1 2025: £105m) £2,817m Portfolio Value (31 Dec 2025: £2,875m) 7.55p FY 2026 Dividend per share target (FY 2025: 7.55p) 0.1p IFRS earnings per share (H1 2025: -4.7p) Hornsea One, England Past performance is not a reliable indicator of future results. There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2.
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www.trig-ltd.com 10 Portfolio valuation bridge Valuation movement in the period to 30 June 2026 2. Cash distributions £(116)m ▪ Distributions from projects is after the repayment of £111m project-level debt in the period 3. Foreign exchange £(14)m ▪ Appreciation of Sterling reduced value of Euro- denominated investments ▪ Net £2.3m gain after currency hedges 4. Power prices £(41)m 5. Inflation £9m ▪ Inflation updated for H2 2026 actuals in all geographies 6. Portfolio return £55m ▪ Grid outages impacted generation output ▪ Reduction in green certificate revenue projections ▪ Revenues benefited from higher power prices - new price fixes placed where appropriate 1. New Investments £49m Past performance is not a reliable indicator of future results. There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2. 2,875 49 (116) 2,807 (14) (41) 9 55 2,817 31-Dec-25 Valuation New Investments Cash Distributions from Portfolio Rebased Valuation Movement in Foreign Exchange Change in Power Price Forecast Change in Inflation Assumption Portfolio Return 30-Jun-26 Valuation Portfolio Valuation £m £1,000m £2,000m £3,000m ▪ Reduction in short to medium-term power prices compared to previous valuation assumptions, driven by lower gas price expectations ▪ Construction spend principally relating to the repowering of Cuxac onshore wind farm and Ryton and Spennymoor battery storage projects ▪ New investments are benchmarked against alternative uses of capital
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0 10 20 30 40 50 60 70 80 90 2026 2029 2032 2035 2038 2041 2044 2047 2050 Real 2025 GBP/MWh GB Onshore Cannibalised Price1 TRIG captures the range of views on the evolution of the energy market in its power price assumptions www.trig-ltd.com 11 ▪ TRIG uses the average of three power price forecasters to capture a breadth of views ▪ Considered in aggregate, the spread of power price forecasts has remained broadly similar to December 2025, but tighter than June 2025 ▪ The near-term spread (2026-2028) has tightened over H1 2026, however the medium- term (2028-2033) has widened with greater uncertainty over the global geopolitical outlook and longer-term supply/demand of gas ▪ The long-term spread is broadly similar to that at December 2025 ▪ Potential impact on projected annual returns set out in the table to the right Impact on implied return2 Lowest power curve Highest power curve TRIG portfolio Jun-25 -1.4% +1.0% Dec 25 -1.1% +0.8% Jun-26 -0.9% 1.0% GB wind Jun-25 -2.2% +1.6% Dec 25 -1.6% +1.1% Jun 26 -1.5% +1.3% Jun 26: TRIG curveDec 25: TRIG curve Jun 26: Range of forecastsDec 25: Range of forecasts Source: Cannibalised power price forecast curves produced by three independent forecasters. 1. The GB market is where TRIG has its largest merchant exposure and the impact is particularly pronounced in this region. The cannibalised price curves for GB offshore wind have a similar profile to the graph above with all lines and areas shifted marginally upwards, reflective of lower cannibalisation expectations for offshore assets. Note – where forecasters’ curves did not reflect the announcement of Carbon Price Support removal in GB, the Managers have estimated the impact to cannibalised prices and applied it to the curves shown. 2. The increase / decrease on TRIG’s projected IRR (TRIG portfolio Weighted Average Discount Rate is 9.1%) if lowest / highest power curve applied Projections are subject to actual performance
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Next 12 Months Reduction in short to medium-term power prices predominately due to lower gas price expectations 12 1. Power price forecasts used in the Directors’ valuation for each of GB, Single Electricity Market (SEM) (Northern Ireland & Republic of Ireland), France, Germany, Sweden and Spain are based on analysis by the Investment Manager using data from forward prices available in the market and leading power market consultants. In the illustrative blended price curve, the power price forecasts are weighted by P50 estimates of production for each of the projects in the Company’s portfolio as at 31 December 2025. Forecasts are shown net of assumptions for PPA discounts and cannibalisation. Cannibalisation assumptions typically range from 15% to 50% across jurisdictions and markets. 2. UK power prices have inflation applied as follows (prior year in brackets): 4.5% for 2026 (3.25%), 3.25% from 2027 to 2030 (3.25%) and 2.5% after 2030 (2.5%) 3. For comparability, the forecasts in the table are shown after cannibalisation but before applying PPA discounts 4. These are the European Union jurisdictions in which TRIG invests: SEM, France, Germany, Sweden (SE2 and SE3) and Spain 5. As at 30 June 2026 on a committed basis, post divestment of Beatrice TRIG blended cannibalised power price curve1,2 ‒ Power price forecast presented after adjusting for cannibalisation (average 24% across the portfolio) and PPA discounts ‒ TRIG uses an average of three forecasters to capture the range of views in the market ‒ Reduction in short to medium-term power price forecasts, driven by lower gas price expectations ‒ Forward prices are volatile, and are impacted by day-to-day changes in geopolitical outlook. Since the valuation date, 30 June 2026, forward prices have increased significantly. Could increase NAV by +0.5 to 1 pence per share. Region Average 2026-2030 Average 2031-2035 Average 2036-2050 Average 2051-2060 GB (Real 2025 £/MWh) 63 52 52 49 EU jurisdictions 4 (Real 2025 €/MWh) 49 55 56 53 Current portfolio forecast proportion of fixed vs. market revenues5 to Jun 31 Fixed power price (partially indexed) Market power price exposure 78% Fixed to Jun 36 73% Fixed 64% Fixed 42% Fixed Average assumed cannibalised power prices3 ▲ Average assumed power price to 2060 is £54/MWh in the GB market and €54/MWh across EU jurisdictions (real 2025) Battery revenues 0 10 20 30 40 50 60 70 2026 2031 2036 2041 2046 Real 2025 GBP/MWh Blended curve Dec 25 Blended curve Jun 26 to Jun 46 Projections are subject to actual performance
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Discount rates include 5% risk premium vs reference rates www.trig-ltd.com 13 30 Jun 2025 31 Dec 2025 30 Jun 2026 4 Aug 2026 Benchmark government bond yields1 UK 4.5% 4.5% 4.8% 4.9% EU markets weighted average 2.8% 3.1% 3.1% 3.3% Breakdown of TRIG’s WADR Weighted average reference rate 3.8% 4.0% 4.1% 4.3% Implied risk premium 5.0% 5.0% 5.0% 4.8% Weighted average portfolio discount rate 8.8% 9.0% 9.1% 9.1% Weighted average discount rate 9.1% (10bps increase in the six months) Discount rates increase with the passage of time as the portfolio progresses through fixed price revenue periods and is closer to the merchant tail A +25bps increase to UK discount rates would have a valuation impact of -0.8 pence per share Past performance is not a reliable indicator of future results. There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2. 1. Benchmark interest data sourced from Bloomberg. Ten-year rates.
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Inflation and other portfolio return items www.trig-ltd.com 14 Actuals and other changes(p/share) Lower than forecast generation due to planned outages -0.1p Adjustment of Beatrice to sales value -0.2p Reduction in value of REGOs / GoOs -1.1p Other items impacting NAV per share Active management enhancements (p/share) Revenue management +0.1p Operational enhancements +0.2p Impact of share buybacks +0.7p Past performance is not a reliable indicator of future results. There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2. 1. In-house assumptions calculated referencing a range of sources including IMF world economic outlook UK Government published Forecasts for the UK Economy and gilt implied inflation from Bank of England Inflation ▪ UK RPI and CPI significantly higher than Dec 25 forecasts ▪ European inflation slightly higher than Dec 25 forecast ▪ Longer-term forecast inflation rates remain unchanged ▪ Inflation continues to track higher than long term assumptions Index assumptions1 2026 2027-2030 2030+ Full-Year Equivalent* No changes UK RPI 4.31% (Dec 25: 3.25%) 3.25% 2.5% UK CPI 3.85% (Dec 25: 2.5%) 2.5% UK Power Price 4.31% (Dec 25: 3.25%) 3.25% 2.5% Europe 2.4% (Dec 25: 2.0%) 2.0% * This represents the assumed annual inflation figure for Dec 2026
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Pence per Ordinary Share 0p 20p 40p 60p 80p 100p 120p Active management limits NAV impact from external factors including revenue forecast reductions www.trig-ltd.com 15Past performance is not a reliable indicator of future results. There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2. 1. Includes unwind of the discount rate, other non-material valuation movements, company costs, interest on private placement and RCF, and payment of the dividend (net impact of (1.0p)) - Power prices - REGOs & GoOs + Inflation + FX Macro - Lower generation - Other items1 + Revenue management + Enhancements + Share buybacks - Beatrice adjustment Actuals & company costs 101.1 30 June 2026 NAV 104.0 31 Dec 2025 NAV (2.4) (1.3) + 0.8
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Creating greater balance sheet capacity to drive shareholder returns www.trig-ltd.com 16Past performance is not a reliable indicator of future results. Projections are subject to actual performance, cashflow receipts, as well as investment and disposal activities. See ‘Important Information’ Note 1, slide 2. 1. TRIG has a £500m revolving credit facility (“RCF”) at fund level which expires on 31 March 2028, with the option to extend for an additional two years. Margin is 1.75% 2. As at 30 June 2026, the Company had outstanding investment commitments of £93m. Broken down by expected due date: H2 2026 £41m; 2027 £21m; 2028 £31m RCF at 30 Jun 26 RCF1 31 Dec 25 £398m £276m c. £100m to £150m RCF est. 31 Dec 26 H2 2026 projected movements3H1 2026 actual movements Construction investment Share buybacks Retained cash flow Private placement debt issuance Construction investment2 & buybacks Beatrice proceeds RCF post- Beatrice sale £121m Retained cash flow & disposal proceeds
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0% 10% 20% 30% 40% 50% - 500 1,000 1,500 2,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Gearing % Debt (£m) PF Debt Private Placement Drawings RCF Drawings Debt Capacity Gearing % Gearing Capacity % Conservative balance sheet through fixed-rate, amortising debt structure to manage interest rate and refinancing risks www.trig-ltd.com 17Projections are subject to actual performance, cashflow receipts, as well as investment and disposal activities. See ‘Important Information’ Note 1, slide 2. 1. Long term debt comprises the £200m private placement put in place in February 2026 and the project level debt 2. All debt including short term RCF. 3. Broken down by expected investment date: H2 2026, £41m; 2027, £21m; 2028, £31m 4. The average interest rate of project-level debt including the RCF and private placement. Excluding the RCF and private placement, the average interest rate is 3.5% 0 200 400 600 800 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 Revenue (£m) Portfolio revenue profile post Beatrice Merchant revenue Fixed revenue Debt private placement 34% project level gearing, post Beatrice 39% Long term debt as a % of EV1, post Beatrice 42% total debt as a % of EV2, post Beatrice 48% of projects ungeared £93m investment commitments3 3.8% average interest rate4 ▪ £200m private placement secured with high-quality institutional lenders ▪ Strong investor demand resulted in upsizing vs. initial target of £150m ▪ Attractive fixed-rate interest rate of 5.23% (averaged across Sterling and Euro tranches) ▪ Average term of 10 years with equal semi-annual £20m repayments from August 2033 to February 2038 Portfolio gearing profile
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Conservative balance sheet is the foundation of TRIG’s resilience www.trig-ltd.com 18 47% Revolving Credit Facility Project level debt (fully amortising, non-recourse) £121m 4.8% Drawings post- Beatrice average interest rate £1.4bn 3.5% Portfolio level debt post-Beatrice average fixed interest rate Look through EV gearing % 42% Private Placement (amortising Aug-33 to Feb-38) £199m 5.2% Drawings post- Beatrice average interest rate 0 1,000 2,000 3,000 4,000 5,000 30-Jun-26 Post Beatrice divestment £m NAV: £2.5bn NAV: £2.5bn Past performance is not a reliable indicator of future results. There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2.
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www.trig-ltd.com 19 Operational Excellence
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Robust financial performance with below budget generation offset by elevated power prices www.trig-ltd.com 201. Includes compensated production due to grid curtailments, availability warranties and insurance 2. TRIR is a safety at work metric which measures the number of work-related injuries and illnesses requiring medical treatment beyond basic first aid, expressed as a rate per 100,000 hours worked Technology Region Net capacity (MW) H1 2026 Electricity production (GWh)1 Performance vs. Budget Onshore wind UK 547 731 +5% France 247 212 -18% Sweden 401 449 -11% Offshore wind GB 376 753 -2% Germany 179 330 +2% Solar GB, France 156 86 0% Spain 363 332 -5% Total 2,269 2,894 -3.1% Main drivers of performance: ▲ Low wind speeds in Sweden and France more than offset by higher power prices ▲ UK offshore wind impacted by Hornsea 1 outage (works now complete). Excluding this outage the region would have been 1% above budget ▲ Generation equivalent to powering 1.6m homes and avoiding 0.9m tonnes of CO2 ▲ Total Recordable Incident Rate2 of 0.7 in line with industry benchmarks
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-20% -15% -10% -5% 0% 5% 10% 15% 20% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Wind & solar irradiation, by region, compared to the long-term mean1 France Onshore Wind Germany Offshore Wind Scandinavia Onshore Wind UK Onshore Wind UK Offshore Wind Solar Portfolio Weighted Average Balanced weather resource since IPO relative to the longer-term average www.trig-ltd.com 211. Hindcast analysis based on industry standards using long term reference data sources including MERRA-2, ERA-5 and SolarGIS to build localised, site-specific long-term yields. The chart shows how production has varied compared to this long-term average due to resource only.
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22www.trig-ltd.comNo guarantees or assurances all pipeline opportunities will be pursued. See ‘Important Information’ Note 1, slide 2. 900MW development pipeline provides significant growth opportunity; investment decisions benchmarked vs share buybacks Repowering 160MW Co-location 300MW Greenfield 440MW Greenfield Develop and construct at new locations. ▪ Return range: 11-15% ▪ Projects: Ryton & Spennymoor battery storage, UK Co-location Deploy new technologies alongside existing projects e.g. batteries onto solar sites. ▪ Return range: 13-18% ▪ Projects: Battery-solar co-location, Spain Repowering Replace existing infrastructure with newer more-efficient plant; often with new long-term, inflation-linked revenue ▪ Return range: 11-13% ▪ Projects: Portfolio of sites in southern France inc. Cuxac 16% 18% 23% 8% 33% 11% 76% 67% 48% Operational in 2026 Operational in 2027 Final Investment Decision in H2 2026 Development
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H1 2026 Spennymoor construction commenced Cadiz battery co-location import capacity applications submitted Garreg and Earlseat 10-year CPPA commenced Grönhult ancillary grid services commenced Hill of Towie Dynamic Yaw roll out complete H2 2026 Valdesolar battery co-location final investment decision Templeton final investment decision Ryton battery commissioning Further French repowering final investment decision Cuxac repowering commissioning 100MW generation and storage capacity scheduled to come online in H2 2026, adding to cash flows from 2027 www.trig-ltd.com 23 Hill of Towie Dynamic Yaw measurement system upgrade1 No guarantees or assurances all enhancements will be delivered 1. ZX Measurement Services Projected Secured
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24 Concluding Remarks www.trig-ltd.com
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Strong strategic progress www.trig-ltd.com 25There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2. Active revenue management Disciplined capital allocation Portfolio optimisation Resilient investment proposition Robust cash flows and a sustainable dividend from a diversified portfolio Strategic execution Disposals being actively progressed, private placement debt raised and share buybacks underway Sustainable business model Near-term focus of growing cash flow per share and disciplined capital allocation £400m to be realised by May 2027 1.1x Net dividend cover in 2026 100MW internal, proprietary development opportunities p.a. c. 200MW in construction across batteries and repowering projects 1.1x net dividend cover and 2.3x gross cash cover before debt amortisation in H1 2026 £155m Beatrice disposal signed
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www.trig-ltd.com 26 Appendices
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Summary June 2026 Financial Statements 27 1. Calculated based on the weighted average number of shares during the period being approximately 2,366.7 million shares (June 2025: 2,433.2). 2. The hedging asset has been shown net above, this consists of current and non-current asset and liability balances relating to FX forward contracts, this is discussed further in Note 11 of the Financial Statements 3. The Private Placement notes were issued in both GBP (£100m) and EURO (€115m) with the Euro balance being retranslated to £99.1m at the balance sheet date 4. In H1 2026, scheduled project level debt of £111m was repaid. (The pre-amortisation dividend cover is calculated as (£98.5m + £111m) / (£89.6m)). Income Statement Six months to 30 June 2026, £m Six months to 30 June 2025, £m Total operating (loss)/profit 10.5 (66.0) Acquisition and disposal costs (0.7) (0.5) Net operating (loss)/income 9.8 (66.5) Fund expenses (11.8) (13.7) Foreign exchange gain/(loss) 16.1 (22.5) Finance costs (12.1) (11.1) (Loss)/profit before tax 2.0 (113.8) (Loss)/earnings per share1 0.1 (4.7) Operating expenses ratio 0.92% 0.98% Balance Sheet Six months to 30 June 2026, £m Six months to 30 June 2025, £m Portfolio value 2,817.4 2,895.7 Working capital (8.2) (3.4) Hedging asset2 17.9 10.6 Debt – RCF (275.7) (301.4) Debt – Private Placement3 (199.1) - Cash 8.4 10.2 Net assets 2,360.7 2,611.7 NAV per share1 101.1 108.2 Shares in issue at Balance Sheet date 2,336.1m 2,414.4m Cash Flow Statement Six months to 30 June 2026, £m Six months to 30 June 2025, £m Cash from investments 117.4 114.6 Other income 0.8 1.8 Operating and finance costs (19.7) (23.2) Distributable cash flows 98.5 93.2 Debt arrangement costs (1.4) (3.8) FX (loss)/gain 2.7 3.2 Shares repurchased (38.4) (39.7) Acquisition facility (repaid)/drawn (122.0) (7.8) Private Placement facility drawn 200.2 - Purchase of new investments (incl. costs) (48.9) (39.0) Divestments (incl. costs) - 83.8 Dividends paid (89.6) (91.6) Cash movement in period 1.1 (1.6) Opening cash balance 7.3 11.8 Net cash at end of period 8.4 10.2 Pre-amortisation cover 2.3x4 2.2x2 Cash dividend cover 1.1x 1.02x2 www.trig-ltd.com Appendix 1 – Financials & Valuation
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Valuation – key assumptions 28 1. A change in the long-term inflation assumption would be equivalent to a similar (but inverse) change in the valuation discount rate 2. Power price forecasts used in the Directors’ valuation for each of GB, the Irish Single Electricity Market, France, Germany, Sweden and Spain are based on analysis by the Investment Manager using data from leading power market advisers. In the illustrative blended price curve, the power price forecasts are weighted by P50 estimates of production for each of the projects in the Company’s 30 June 2026 portfolio. Forecasts are shown net of assumptions for PPA discounts and cannibalisation. Cannibalisation assumptions typically range from 15% to 50% across jurisdictions and markets As at 30 June 2026 As at 31 December 2025 Discount Rate Portfolio average 9.1% 9.0% Power Prices Weighted by market Based on third party forecasts Based on third party forecasts Long-term Inflation1 UK (RPI) 4.5% for the rest of 2026, 3.25% to 2029, 2.5% thereafter 3.25% to 2029, 2.5% thereafter UK (CPI) 3.75% for the rest of 2026, 2.5% thereafter 2.5% for forecast period UK (power prices) 4.5% for the rest of 2026, 3.25% to 2029, 2.5% thereafter 3.25% to 2029, 2.5% thereafter EU 2% for forecast period 2% for forecast period Foreign Exchange EUR / GBP 1.1609 1.1472 Asset Life Wind portfolio, average 31 years 31 years Solar portfolio, average 39 years 39 years TRIG blended power curve2 www.trig-ltd.com Appendix 1 – Financials & Valuation 0 20 40 60 80 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 Real 2025 GBP/MWh Blended curve Dec 25 Blended curve Jun 26 Projections are subject to actual performance
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Government bond yield and portfolio discount rate analysis www.trig-ltd.com 29Past performance is not a reliable indicator of future results. There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2. 1. Benchmark interest data sourced from Bloomberg. Ten-year rates. Benchmark government bond yields1 31 Dec 2025 30 Jun 2026 4 Aug 2026 UK 4.5% 4.8% 4.9% EU markets weighted average 3.1% 3.1% 3.3% Germany 2.9% 2.9% 3.1% France 3.6% 3.6% 3.9% Sweden 2.8% 2.7% 3.0% Spain 3.3% 3.4% 3.5% Breakdown of TRIG’s valuation discount rate1 31 Dec 2025 30 Jun 2026 4 Aug 2026 Weighted average risk-free rate 4.0% 4.1% 4.3% Implied risk premium 5.0% 5.0% 4.8% Weighted average portfolio discount rate 9.0% 9.1% 9.1% Appendix 1 – Financials & Valuation
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60.0 70.0 80.0 90.0 100.0 110.0 Mar-2026 Apr-2026 May-2026 Jun-2026 Jul-2026 GB Forward Price (£/MWh Nominal) 2027 GB forward power prices H2 2026 – 2028 30Source: Argus Media and InfraRed analysis. Forward prices are base load and hence do not include cannibalisation or PPA discounts. 1. As at the end of 31 July 2026 Forward power price £/MWh www.trig-ltd.com Appendix 1 – Financials & Valuation UK forward prices have been variable since the reporting date1 30 June 2026 The three dots below represent the cannibalised GB onshore wind prices forecast in the TRIG valuation for the balance of 2026, 2027 & 2028 TRIG’s baseload forecasts (average of three independent forecasters): 2028 H2 2026
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Regional price forecasts and cannibalisation assumptions Major markets % Portfolio value (Jun 26) % Cannibalisation (Average) GB offshore 25% -20% GB onshore 24% -24% Sweden onshore 16% -19% France onshore / solar 11% -15% Germany offshore 10% -21% Spain solar 7% -52% Blended portfolio -24% www.trig-ltd.com 31 Cannibalisation is the effect whereby renewable power generators typically earn less than the average wholesale power price Appendix 1 – Financials & Valuation Source: Blend of cannibalised power price forecast curves produced by three independent forecasters. - 10.0 20.0 30.0 40.0 50.0 60.0 70.0 80.0 90.0 2026 2031 2036 2041 2046 Forecast power prices major TRIG markets - £/MWh (real 2025)
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Power price forecasts by region (1/2) www.trig-ltd.com 32 The following tables show the power price forecasts for major TRIG markets, as presented in the previous slide. These curves are in real 2025 prices, and are post-cannibalisation and pre-PPA discount. ‘26 ‘27 ‘28 ‘29 ‘30 ‘31 ‘32 ‘33 ‘34 ‘35 ‘36 ‘37 ‘38 ‘39 ‘40 ‘41 ‘42 ‘43 ‘44 ‘45 ‘46 ‘47 ‘48 ‘49 ‘50 78.38 69.24 61.78 58.41 57.03 55.28 52.97 51.11 53.21 54.62 54.04 56.27 56.10 56.44 53.62 54.39 53.34 52.74 53.04 52.24 51.97 51.50 50.57 50.99 50.53 GB offshore, £/MWh (real 2025) ‘26 ‘27 ‘28 ‘29 ‘30 ‘31 ‘32 ‘33 ‘34 ‘35 ‘36 ‘37 ‘38 ‘39 ‘40 ‘41 ‘42 ‘43 ‘44 ‘45 ‘46 ‘47 ‘48 ‘49 ‘50 74.98 66.18 59.31 56.12 54.76 52.81 50.55 48.58 50.63 52.11 51.41 53.73 53.70 53.90 51.25 52.02 50.86 50.17 50.57 49.89 49.78 49.31 48.29 48.80 48.09 GB onshore, £/MWh (real 2025) ‘26 ‘27 ‘28 ‘29 ‘30 ‘31 ‘32 ‘33 ‘34 ‘35 ‘36 ‘37 ‘38 ‘39 ‘40 ‘41 ‘42 ‘43 ‘44 ‘45 ‘46 ‘47 ‘48 ‘49 ‘50 65.08 56.20 53.49 56.04 58.03 58.58 58.79 62.75 64.92 67.71 68.85 72.00 73.21 73.03 72.15 72.59 69.93 70.25 70.35 68.78 69.99 69.78 68.88 68.22 66.79 France onshore / solar, €/MWh (real 2025) Germany offshore, €/MWh (real 2025) ‘26 ‘27 ‘28 ‘29 ‘30 ‘31 ‘32 ‘33 ‘34 ‘35 ‘36 ‘37 ‘38 ‘39 ‘40 ‘41 ‘42 ‘43 ‘44 ‘45 ‘46 ‘47 ‘48 ‘49 ‘50 87.33 74.19 65.35 62.84 62.55 63.31 62.93 64.11 64.43 65.58 65.48 67.87 68.64 69.36 67.05 66.59 65.15 65.09 64.28 62.90 63.02 63.08 62.02 62.19 60.89 Source: Blend of cannibalised power price forecast curves produced by three independent forecasters.
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Power price forecasts by region (2/2) www.trig-ltd.com 33 ‘26 ‘27 ‘28 ‘29 ‘30 ‘31 ‘32 ‘33 ‘34 ‘35 ‘36 ‘37 ‘38 ‘39 ‘40 ‘41 ‘42 ‘43 ‘44 ‘45 ‘46 ‘47 ‘48 ‘49 ‘50 18.51 21.53 22.15 25.54 27.38 30.98 31.02 34.15 36.05 38.92 39.06 39.77 39.09 38.76 38.33 38.29 36.46 35.94 36.36 35.63 36.16 36.09 35.11 35.36 35.17 Spain solar, €/MWh (real 2025) ‘26 ‘27 ‘28 ‘29 ‘30 ‘31 ‘32 ‘33 ‘34 ‘35 ‘36 ‘37 ‘38 ‘39 ‘40 ‘41 ‘42 ‘43 ‘44 ‘45 ‘46 ‘47 ‘48 ‘49 ‘50 11.51 29.89 36.11 43.80 45.31 48.14 49.28 48.24 49.39 49.22 49.28 49.83 49.85 47.58 46.65 47.23 47.29 47.28 47.10 47.77 47.38 46.49 45.11 44.68 44.09 Sweden SE2, €/MWh (real 2025) ‘26 ‘27 ‘28 ‘29 ‘30 ‘31 ‘32 ‘33 ‘34 ‘35 ‘36 ‘37 ‘38 ‘39 ‘40 ‘41 ‘42 ‘43 ‘44 ‘45 ‘46 ‘47 ‘48 ‘49 ‘50 21.20 46.52 49.57 52.54 52.36 55.48 54.67 52.44 52.88 52.06 52.23 53.05 52.69 50.91 49.04 49.73 49.74 49.67 49.51 50.21 50.03 49.14 47.70 47.19 46.78 Sweden SE3, €/MWh (real 2025) Source: Blend of cannibalised power price forecast curves produced by three independent forecasters.
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Power price forecasting – GB power forecast Valuation based on the range provided by mainstream forecasters 34 June 2026 December 2025 Range of mainstream forecasters Carbon price (£/tCO₂) Key Gas price (£/MWh) www.trig-ltd.com 20502027 GB onshore wind curve (£/MWh, real) 2027 2050 2027 2050 Onshore wind capacity (GW) 2027 2050 Offshore wind capacity (GW) 2027 2050 Solar capacity (GW) 2027 2050 Electricity demand (TWh) 2027 2050 Appendix 1 – Financials & Valuation 0 20 40 60 80 100 Source: Forecasts produced by three independent forecasters. 0 100 200 0 5 10 15 20 25 30 35 0 10 20 30 40 50 60 70 0 10 20 30 40 50 60 70 0 10 20 30 40 50 60 70 200 300 400 500 600 700
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1.2p -1.3p 0.3p 0.6p -4.8p 4.3p 7.5p 14.5p -3.3p -1.3p 1.3p -0.3p -0.6p 4.8p -3.5p -7.4p -13.5p 3.5p -300.0p -200.0p -100.0p 0.0p 100.0p 200.0p 300.0p -20p -15p -10p -5p 0p 5p 10p 15p 20p Asset Life -/+ 1yrs Tax +/- 2% Interest rate -/+ 2% Exchange rate -/+ 10% Operating costs +/- 10% Inflation -/+ 0.5% Power price -/+ 10% Output P90 / P10 (10 year) Discount rate +/- 0.5% NAV sensitivities Based on portfolio at 30 June 2026 35Inflation rate sensitivity assumes that power prices move with inflation as well as subsidies that are indexed Exchange rate sensitivity relates to the direct sensitivity of exchange rates changing, not the indirect movement relating to exposure gained through power prices Sensitivity effect on NAV per share as at 30 June 2026 (pence labels represent sensitivity effect on fully invested portfolio value of £2,910m) www.trig-ltd.com Reduction in assumption Appendix 1 – Financials & Valuation Increase in assumption
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Disciplined approach to balance sheet management 361. Gearing expressed as debt as percentage of enterprise value 2. Invested projects at 30 June 2026 3. 170-180bps over EURIBOR where drawings are in Euros Project Category (Younger = <10yrs) TRIG’s portfolio at 30 June 2026 Average gearing1 % of portfolio # of projects2 Younger projects c.57% 33% 10 Older projects c.41% 19% 41 Ungeared projects 0% 48% 34 36% 85 Amount drawn at 30 June 2026 % of Portfolio Value RCF £276m 10% Revolving credit facility performance measures Type Target Environmental Increase megawatts of capacity (“MW”) reaching final investment decision (“FID”) Social Increase in new community funds established by TRIG Governance Maintaining a low lost time accident frequency rate and ensuring RES HSQE assurance reviews are conducted across portfolio www.trig-ltd.com Appendix 1 – Financials & Valuation Term Project Debt ‒ Limited to 50% of portfolio enterprise value ‒ Fully amortising within the subsidy period. Average cost of project-level debt c.3.5% ‒ Limited exposure to interest rate rises Private Placement ‒ £200m raised in February 2026 ‒ 50/50 Sterling/Euro. Average cost of 5.23%. Increases the average cost of long-term debt from 3.5% to 3.8%. Short-term Revolving Credit Facility (“RCF”) ‒ Limit to 30% portfolio value (~15% enterprise value if projects 50% geared) ‒ £500m committed, three-year, ESG-linked revolving credit facility, expires March 2028 ‒ 170-180bps over SONIA3, depending on performance against ESG targets
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Hornsea One 11% Merkur 8% Jädraås 7% East Anglia One 6% Garreg Lwyd 4% Grönhult 4% Solwaybank 3% Ranasjö 3% Ryton 3% Crystal Rig Two 2% Diversified portfolio across geographies and technologies www.trig-ltd.com 37Segmentation by portfolio value as at 30 June 2026 on a committed basis, excluding Beatrice. 1. Colours indicate jurisdiction / power market. Does not cast due to rounding 51% Top 10 assets 11% Largest asset 90% 10% Operational In Construction / Development Low single asset concentration1Diversification across multiple countries Established technologies Development and construction exposure Appendix 2 – Portfolio construction 49% 29% 14% 8% Onshore Wind Offshore Wind Solar PV Battery storage 38% 17% 1% 7% 10% 12% 15% England & Wales Scotland N. Ireland Spain Germany France Sweden
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www.trig-ltd.com 38 Portfolio asset life Appendix 2 – Portfolio construction 1. As a percentage of portfolio value 27% 38% 26% 10% <5 years 5-10 years 10-15 years >15 years Average asset age1 Remaining asset life1 1% 6% 9% 85% <5 years 5-10 years 10-15 years >15 years Average remaining asset life 23 yearsAverage asset age 8.5 years
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www.trig-ltd.com 39 O England & Wales Scotland N. Ireland UK subtotal Sweden France Germany Spain Total per technology Onshore Wind 6% 17% 1% 24% 15% 10% - - 49% Offshore Wind 19% - - 19% - - 10% - 29% Solar 5% - - 5% - 2% - 7% 14% Battery Storage 8% 0% - 8% - - - 0% 8% Total per country 38% 17% 1% 56% 15% 12% 10% 7% 100% Portfolio breakdown Across technologies and geographies Appendix 2 – Portfolio construction
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Constructing a balanced portfolio Understanding the range of revenue types available for wind and solar generation 401. Fixed revenues includes subsidies, hedges or fixed price PPAs Source: InfraRed analysis; for illustrative purposes only Investment Type Investment Characteristics Equity Return lower higher Revenue Risk lower higher Gearing higher none Revenue Profile FiT & CfD UK ROC Unsubsidised Fixed1 Power sales 100% 1 30years 100% 1 30years 100% 1 30years FiT & CfD contracts (France, Single Electricity Market of Ireland, Germany and UK) typically have subsidy revenues of 15-20 years then market revenues for the balance of a project’s life ▲ Least revenue risk (early on), scope for highest gearing, lower equity return ROC projects (UK) have a mix of subsidy and market revenues for the first 20 years of a project’s life ▲ Medium revenue risk, moderately geared, average returns Unsubsidised projects without subsidies (may have hedging or PPAs which mitigate power price exposure). Equity returns correlate with revenue risk, with safer capital structure ▲ Highest revenue risk (long term), least/no gearing, higher equity returns www.trig-ltd.com Appendix 2 – Portfolio construction
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- £200m £400m £600m £800m 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 Fixed & FIT ROC REGO, GoO and Other PPA Revenue with floor PPA Market Revenue Revenue profile Medium-term project-level revenues mainly fixed and indexed 41Projections are subject to actual performance, cashflow receipts, as well as investment and disposal activities. See ‘Important Information’ Note 1, slide 2. 1. Project revenue expected for 12 months from 1 July 2026 to 30 June 2026 based on portfolio at 30 June 2026 plus commitments and assumes disposal of Beatrice in H2 2026 www.trig-ltd.com Appendix 2 – Portfolio construction Fixed PPA and FiTs 59% ROC revenue 18% REGO, GoO and Other 1% PPA market revenue at floor 3% PPA market revenue 19% Revenue for the next 12 months
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Battery and onshore wind revenues are inversely correlated www.trig-ltd.com 42Source: ModoEnergy, Aurora Energy Research, InfraRed Analysis ▲ Periods of high wind relative to demand reduce wind capture price, but increase hourly wholesale price spreads and Balancing Mechanism instructions, creating arbitrage opportunities for batteries ▲ Two-hour duration battery and onshore wind achieved prices are inversely correlated, providing a natural hedge benefit to portfolio diversification across both technologies ▲ Once operational, batteries will provide a hedge against negative power prices Average weekly GB Onshore Wind and 2h duration battery (excl. CM) achieved price Appendix 2 – Portfolio construction Quarter Q1 Q2 Q3 Q4 2h BESS Margin excl. CM (£k/MW/yr) 2025 87 77 66 60 2026 59 64 N/A N/A - 20 40 60 80 100 120 140 160 180 200Revenue price (£/MWh) Onshore wind capture price (£/MWh) 2h Battery (£/MWh)
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- 25 50 75 100 125 150 2023 Actual 2024 Actual 2025 Actual 2026 YTD Actual Range of Forecasts at Jun26 Fig Power 30yr forecast (2hr) Core 2hr battery revenues* actual and forecast (£k/MW annualised) Moderated operational revenues assumed www.trig-ltd.com 43* Average of leading forecasters. Revenue streams shown on the forecasts are wholesale, balancing market and ancillary services. They do not include capacity and embedded benefits. Forecast prices are in real 2025 price base, excluding any Route-to-Market discounts. In-year range High Low Appendix 2 – Portfolio construction ▲ Price spreads reduced from Autumn 2025 into Winter 2025-26 as seasonally higher demand resulted in prices remaining higher throughout the day ▲ Moving into Spring 2026 the seasonal changes in intraday demand coupled with increases in gas prices from disruption in the Strait of Hormuz resulted in an increase in spreads Average 2h - 25 50 75 100 125 150 Revenue forecast range* (£k/MW) Range of Forecasts Lowest Forecast ▲ Forecasts have converged in the near-term, with long-term revenue forecasts diverging ▲ Individual regions may have higher or lower forecasts based upon their interactions with revenue streams with locational components
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Key near-term energy market and public policy opportunities and risks (next 12 months) www.trig-ltd.com 44 Appendix 2 – Portfolio construction Near-term opportunities Near-term risks ‒ Power price forwards post 30 June: Current power price forwards are above those used in the valuation. Upside to valuation if these are realised and / or resolutions of the Middle East conflict take longer than currently assumed within power markets (impact of latest forwards on NAV would be +0.5 to 1.0p). ‒ Wholesale Contract for Difference: A UK government-backed revenue contract that has the potential to offer a source of fixed price revenues for existing operating assets to provide greater cashflow visibility and gearing capacity. ‒ Long-Duration Energy Storage support scheme: Ofgem backing given to 16 new projects in the UK. These projects can shift renewable generated electricity from times of surplus to times of scarcity, increasing the average price that wind and solar farms capture. Potential upside to power price forecasts. ‒ Repowering CfDs: Repowered projects in the UK can now able to bid for a 20- year, inflation linked CfD. Potential for some of TRIG’s UK repowering opportunities to bid into the 2027 CfD auction (AR9). ‒ Spanish Capacity Market and import capacity: Spain is progressing a capacity remuneration mechanism which could create an additional revenue stream for storage assets. Alongside this, granting of import capacity at TRIG’s solar sites improves the investment case for the co-located Spanish battery pipeline. ‒ UK Fixed Price Certificates: Due to replace the Renewables Obligation Certificate (“ROC”) subsidy from April 2027. Risk that the price set is lower than the net price currently received from ROC sales (post-offtake discount). Relatively low exposure for TRIG as only c. 18% of near-term revenues relate to ROCs. Each percentage point reduction in price equals a c.(0.15)p reduction in NAV. ‒ UK Transmission costs: Part of Reformed National Pricing proposals in the UK. A stronger locational role for transmission charges could increase costs for transmission-connected projects further from demand centres / at boundary constraints. TRIG has reduced its exposure to this risk through the sale of Beatrice. ‒ French solar tariffs: Legislative change proposed to reduce certain legacy solar tariffs. Last raised in 2021 and was then successfully challenged by the industry. Energy Charter Treaty protection could be sought. Potentially affected investments that represent less than 2% TRIG’s portfolio by value. ‒ EU Emissions Trading Scheme: Risk that emissions allowances are loosened to manage carbon prices, reducing capture prices for renewables assets. ‒ Uncompensated grid outages: Known items budgeted, unknown items may result in greater downtime thereby reducing revenues. In addition to the principal risks and macro-economic sensitivities to valuation covered in the Principal Risks and Uncertainties and Valuation of Portfolio sections of TRIG’s 30 June 2026 Interim Report, the below sets out specific initiatives and market / regulatory developments that could impact valuation in the short-term.
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A commitment to sustainability 451. Values calculated based on actual and compensated generation for H1 2025 and actual generation only for H1 2026, in accordance with the IFI Approach to GHG Accounting for Renewable Energy. 2. Number of individual initiatives, introduced and maintained across operational sites, that exceed standard environmental maintenance www.trig-ltd.com Appendix 3 – Sustainability Mitigate adverse climate change 801k Tonnes of CO2 emissions avoided1 (H1 2025: 755k) Preserve our natural environment 58 Number of active environmental enhancement initaitives2 (H1 2025: 53) Positively impact the communities in which we work 49 Number of community funds within the TRIG portfolio (H1 2025: 46) Maintain ethics and integrity in governance 0.00 Lost Time Accident Frequency Rate (H1 2025: 0.21)
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Short-run marginal cost supply curve (merit order) Gas-fired power tends to set the marginal price 46Note: Schematic only for illustration. Key elements of the power price: natural gas and carbon prices www.trig-ltd.com Imapct of gas price Impact of carbon price Risk premium Market Price Appendix 4 – Market backdrop 0 20 40 60 80 100 120 140 160 0 10 20 30 40 50 60 70 80 £/MWh Cumulative Capacity (GW) Low Demand Average Demand High Demand Renewables Nuclear Biomass and Interconnectors Gas CCGT Peaking capacityBattery & Pumped Storage
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Experienced Board and Management team 47 Investment Manager Key roles: Overall responsibility for day-to-day management Advising the Board on strategy and dividend policy Sourcing, transacting and approving new investments Investment decisions under delegated authorities from the Board, including in relation to new investments, divestments and development activities Origination and execution of electricity sales opportunities Capital raising, investor relations and investor reporting Risk management and financial administration Appoints all members of the Investment Committee Richard Morse Chair Tove Feld SID John Whittle Audit Chair Operations Manager Key roles: Managing performance of the portfolio Collaborating with asset managers to target best practice Health and Safety and ESG Advising on and implementing the electricity sales strategy Securing portfolio scale benefits Identifying and driving technical and commercial value enhancements Delivering high-quality project governance Supporting technical due diligence for potential acquisitions (where RES is not the seller) Appointing senior individuals to the Advisory Committee alongside InfraRed TRIG benefits from a right of first offer on RES’s UK and Irish pipeline of new generation assets Independent Board Erna-Maria Trixl MEC Chair Selina Sagayam ESG Chair www.trig-ltd.com Appendix 5 – Management team
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www.trig-ltd.com 48 InfraRed Capital Partners – Investment Manager Over 25 years’ pedigree in infrastructure Dates relate to launch date of each fund. The dark-shaded areas represent both our historical investments and the regions we are currently focusing on. Appendix 5 – Management team Advise UK government on PFI programme First investment in infrastructure InfraRed Infrastructure Fund I HICL Infrastructure PLC InfraRed Infrastructure Fund IIIInfraRed Environmental Fund UK Core Income The Renewables Infrastructure Group InfraRed infrastructure Fund II InfraRed Infrastructure Fund V I II III IV V 1 2 3 European Core + Income VI North American Energy Transition 5 InfraRed Infrastructure Fund VI 4 1990 1994 1997 1998 2000 2002 2003 2005 2006 2007 2008-9 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 InfraRed Infrastructure Fund VII VII Sydney Seoul London MadridNew York Miami Frankfurt KEY - InfraRed Office
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RES – Operations Manager World’s largest independent renewable energy company www.trig-ltd.com 49 Experience in renewable energy 24 Worldwide The world’s largest independent renewable energy solutions provider #1 29GW Projects developed &/or constructed Operational assets supported World leading experts 4,500 OVER 45GW+45 YEARS COUNTRIES TECHNOLOGIESACTIVITIES Wind Solar Storage T&D Green Hydrogen Develop Construct Services Digital Appendix 5 – Management team
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Selected segments of TRIG’s shareholder base1 ▲ Top five holders account for c.24% of TRIG’s issued share capital ▲ Top 10 holders account for c.40% of TRIG’s issued share capital ▲ Retail shareholders account for c.50%, both via Private Wealth Managers and online Investment Platforms Shareholders with more than 5% ownership of TRIG1 ▲ Rathbones Group Diversified shareholder base 501. As at 26 June 2026 using data from RD:IR Shareholders by type, as % of Register1 www.trig-ltd.com Appendix 6 – Company information 32% 22% 16% 15% 8% 9% Private Wealth Managers (indirect retail) Mutual Funds / Asset Managers Direct Retail Pension Fund Manager Insurance Fund Manager Other
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0 0.5 1 1.5 2 2.5 3 3.5 4 90p 140p 190p 240p 290p Jan 14 Jan 15 Jan 16 Jan 17 Jan 18 Jan 19 Jan 20 Jan 21 Jan 22 Jan 23 Jan 24 Jan 25 Jan 26 Beta Cumulative total return TRIG TSR (LHS) FTSE All Share TSR (LHS) TRIG Beta (RHS) Utilities Beta (RHS) 0p 40p 80p 120p 160p 200p IPO 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Cumulative Dividends NAV per share Track record 51 1. Past performance is not a reliable indicator of future results. There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2. 2. Based on NAV per share appreciation plus dividends paid from IPO till the period ended 30 June 2026 on an annualised basis 3. Reuters using 250 day rolling beta 4. Total shareholder return based on a share price plus dividends paid from IPO till the 31 July 2026 on an annualised basis NAV total return1,2 Share price performance and Beta3,4 www.trig-ltd.com Annualised share price total return since IPO: 4.2% Annualised NAV total return since IPO: 6.8% Appendix 6 – Company information
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Key facts 521. Past performance is no guarantee of future returns. There can be no assurance that targets will be met or that the Company will make any distributions, or that investors will receive any return on their capital. Capital and income at risk. See ‘Important Information’ Note 1, slide 2. 2.The weighted average portfolio discount rate (9.1% at 30 June 2026) adjusted for fund level costs gives an implied level of return to investors from a theoretical investment in the Company made at NAV per share. 4. Total shareholder return on a share price plus dividends basis Fund Structure ▲ Guernsey-domiciled closed-end investment company Issue / Listing ▲ Premium listing of ordinary shares on the Main Market of the London Stock Exchange (with stock ticker code TRIG) ▲ FTSE-250 index member ▲ Launched in July 2013 Return Targets1 ▲ Quarterly dividends with a target aggregate dividend of 7.55p per share for the year to 31 December 2026 ▲ Attractive long term IRR2 Governance / Management ▲ Independent board of five non-executive directors ▲ Investment Manager (IM): InfraRed Capital Partners Limited (authorised and regulated by the Financial Conduct Authority) ▲ Operations Manager (OM): Renewable Energy Systems Limited ▲ Management fees: calculated on the average of the closing daily market capitalisation during each quarter. The following percentages are then applied to this basis: 1% per annum up to £1.0bn, falling to 0.8% per annum for the above £1.0bn, 0.75% per annum above £2.0bn and 0.7% per annum above £3.0bn; fees split 65:35 between IM and OM ▲ No performance or acquisition fees ▲ Procedures to manage any conflicts that may arise on acquisition of assets from funds managed by InfraRed Performance ▲ Dividends to date paid as targeted for each period ▲ NAV per share of 101.1p (30 June 2026) ▲ Market Capitalisation of c. £1,706m (30 June 2026) ▲ Annualised shareholder return1,3 of 4.2% TSR since IPO to 31 July 2026 Key Elements of Investment Policy / Limits ▲ Geographic focus on UK, Ireland, France, Germany, Nordics and Iberia, plus selectively other European countries where there is a stable renewable energy framework ▲ Investment limits (by % of Portfolio Value at time of acquisition) ▪ 65%: assets outside the UK ▪ 20%: any single asset ▪ 20%: technologies outside wind and solar PV ▪ 25%: assets under development / construction ▲ The full investment policy can be found on the Company’s website: https://www.trig-ltd.com/about-us/investment-strategy/ Gearing / Hedging ▲ Non-recourse project finance debt secured on individual assets or groups of assets of up to 50% of Gross Portfolio Value at time of acquisition ▲ Gearing at fund level limited to an acquisition facility (to secure assets and be replaced by equity raisings) up to 30% of Portfolio Value and normally repaid within 1 year ▲ To adopt an appropriate hedging policy in relation to currency, interest rates and power prices www.trig-ltd.com Appendix 6 – Company information
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Contacts 53 Investment Manager InfraRed Capital Partners Limited Level 7, One Bartholomew Close, Barts Square, London, EC1A 7BL +44 (0)20 7484 1800 Key Contacts: Minesh Shah (Managing Director) minesh.shah@ircp.com Phil George (Chief Financial Officer) phil.george@ircp.com Mohammed Zaheer (Head of Listed Investor Relations) mohammed.zaheer@ircp.com Online: triginfo@ircp.com www.ircp.com Other Advisers Joint Corporate Broker Joint Corporate Broker Administrator / Company Secretary Registrar Investec Bank plc 30 Gresham Street London EC2V 7QP Contact: Lucy Lewis +44 (0) 20 7597 5661 BNP Paribas 10 Harewood Avenue London NW1 6AA Contact: Virginia Khoo +44 (0) 20 7595 9444 Aztec Financial Services (Guernsey) Ltd East Wing Trafalgar Court Les Banques Guernsey GY1 3PP Contact: Magdala Mullegadoo +44 (0) 1481 749700 TRIG@aztecgroup.co.uk MUFG Corporate Markets (Guernsey) Limited PO Box 627 St Peter Port Guernsey GY1 4PP Helpline: 0871 664 0300 or +44 20 8639 3399 Operations Manager Renewable Energy Systems Limited Beaufort Court Egg Farm Lane Kings Langley Hertfordshire, WD4 8LR +44 (0)1923 299200 Key Contacts: Chris Sweetman (Chief Operations Officer) chris.sweetman@res-group.com David Bruce (Director, Operations Management) david.bruce@res-group.com Online: www.res-group.com www.trig-ltd.com Appendix 6 – Company information