FY26 was a difficult year for the NAV due to a range of factors, but the most prominent being falling price curves and policy changes. In terms of underlying performance, revenue was up YoY with dividend cover 1.2x vs 1.1x in FY25 due to a much improved year for generation and FY25 an outlier in terms of generation missing budget. Dividend cover will now be anchored at 1.33x going forward due to the new variable policy – though the FY27 dividend guidance was recently increased from 4.0-4.6p to 4 ....
