Aquila European Renewables PLC reported its final results for the year ended 31 December 2025, highlighting a challenging year with a significant decline in net assets and NAV per share. The companys net assets decreased to €214.3 million from €320.2 million in 2024, and NAV per share dropped to 56.7 cents from 84.7 cents. The total NAV return per share was -29.5%, and dividends per share were reduced to 2.2 cents from 5.1 cents in 2024. The companys share price also declined to 36.5 cents, with a 35.6% discount to NAV.
During the year, Aquila European Renewables completed several asset sales, including its 18% interest in the Portuguese hydropower asset Sagres for €14.7 million, its Danish wind assets (Holmen II and Svindbaek) for €36.6 million, and its 89% interest in the Greek wind power investment Desfina for €26.0 million. The company also appointed Robert Naylor as Non-Executive Chair and announced a managed wind-down strategy, focusing on realizing existing assets and returning capital to shareholders.
The companys portfolio breakdown as of 31 December 2025 showed 37.4% in wind energy and 62.6% in solar PV, with investments across Portugal, Norway, Finland, Spain, and Greece. The companys financial performance was impacted by lower power prices, increased discount rates, and underperformance of some assets, leading to a 23.0% decline in total portfolio production compared to budget.
In terms of financial risk management, the company highlighted its exposure to market risk, credit risk, and liquidity risk. The companys ongoing charges increased to 1.2% from 1.1% in 2024, and its gearing ratio was 32.1% as of 31 December 2025.
Overall, Aquila European Renewables PLCs final results reflect a challenging year, with a focus on asset sales, capital returns, and navigating a complex market environment. The companys managed wind-down strategy and commitment to returning capital to shareholders will be key areas to watch in the coming years.
| Financial Metric | 2024 | 2025 |
|---|---|---|
| Net Assets (EUR million) | 320.2 | 214.3 |
| NAV per Ordinary Share (cents) | 84.7 | 56.7 |
| Total NAV Return per Ordinary Share (%) | -8.2% | -29.5% |
| Dividends per Ordinary Share (cents) | 5.1 | 2.2 |
| Ordinary Share Price (cents) | 66.0 | 36.5 |
| Dividend Yield (%) | 7.8% | 6.1% |
| Ordinary Share Price Discount to NAV (%) | -22.1% | -35.6% |
| Ongoing Charges (%) | 1.1% | 1.2% |
| Net Debt (EUR million) | 130.5 | 101.5 |
| Gearing Ratio (%) | 29.0% | 32.1% |