NextEnergy Solar Fund Ltd · LSE:NESF
NextEnergy Solar Fund — Investor Presentation (March 2026)
71 slides from NextEnergy Solar Fund's investor presentation, March 2026
Slide 1: Strategic Review, Reset & Roadmap
Strategic Review, Reset Roadmap Strategic Review, Reset & Roadmap Strategic Seminar: March 2026
Slide 2: Disclaimer
NESF Strategic Seminar 2 Disclaimer This document is issued by NextEnergy Capital Limited (“NEC”), which is authorised and regulated by the UK Financial Conduct Authority (“FCA”) with registered number 471192. No information contained herein constitutes an offer or a solicitation of an offer to buy
Slide 3: Today's Speakers
NESF Strategic Seminar 3 NextEnergy Solar Fund (“NESF” or the “Company”) Today’s Speakers Tony Quinlan Ross Grier Stephen Rosser Chair, NESF Chief Investment Officer, NextEnergy Investment Director, NextEnergy Capital Capital
Slide 4: Agenda
NESF 2025 Strategic Investor Seminar Presentation 4 Agenda Executive summary P5 The big picture P12 Portfolio fundamentals remain strong P15 The opportunity P20 Results of the Board strategic review P28 The reset P33 The delivery P44 The goal P60 The right team P65 The conclusion P68 Q&A P79
Slide 5: Executive summary: The strategic reset
2025 Investor Presentation 5 Executive summary: The strategic reset
Slide 6: Foreword from the Chair
Executive summary 6 Foreword from the Chair NESF has an exciting journey ahead of it Pathway • We have a clear, defined strategy and executable plan. Team • We have the right team in the right place to execute this. Belief • We believe the market will recover over time. Tony Quinlan Today • We will
Slide 7: Why are we here
Executive summary 7 Why are we here Significant share price discounts to NAV are restricting capital growth NESF Discount, Share Price, and NAV since March 2023 ▪ Over the past three years, NESF and peers 140 50% have traded at Share Price or NAV/sh Premium / Discount persistent discounts to 120 30%
Slide 8: The time for change is now
Executive summary 8 The time for change is now NESF’s fundamentals remain robust, however the time for change is now to ensure long-term shareholder value Why investment This is a clear time Powering up Why solar & storage Why NESF companies (“ICs”) for change ▪ Electricity is critical to ▪ Solar is
Slide 9: What action is NESF taking
Executive summary 9 What action is NESF taking A well-thought-out approach to deliver achievable change Strategic review Strategic reset Capital allocation Roadmap goals Activity Key Highlights ▪ The Board obtained ▪ The Board has ▪ Capital generated ▪ Target total return of 9- independent advice on
Slide 10: Why implement this change
Executive summary 10 Why implement this change NESF supporting five pillars for change 1 2 3 4 5 To create To access To enhance To unlock value To strengthen NAV optionality opportunities to shareholder returns grow NAV ▪ Further capital raises ▪ NESF needs proactive ▪ NESF can create ▪ To create a
Slide 11: How will NESF deliver change
Executive summary 11 How will NESF deliver change A comprehensive strategic reset that establishes a clear roadmap over the long-term 1 2 3 Roadmap 4 5 6 Dividend policy Capital recycling Reduce debt NAV growth Energy storage Total returns • Transition to a • Expansion of the • Between 40-45% • Repo
Slide 12: The big picture
The big picture =~ ~ WEXTENERGY
Slide 13: Pivotal role to play in the UK's energy mix
The big picture 13 Pivotal role to play in the UK’s energy mix The future role of solar & energy storage in ICs is pivotal in delivering global net zero targets and energy security Solar & energy storage are ▪ Expectation of significant power demand growth, with AI and Datacentre demand yet to be pr
Slide 14: Key headwinds & tailwinds
The big picture 14 Key headwinds & tailwinds Positive market drivers provide a robust foundation for NESF’s strategic reset Macroeconomics Policy & regulatory Market environment Capital flows & sentiment Topic ▪ Falling future power price ▪ Elevated interest rate ▪ Capital outflows created ▪ Governm
Slide 15: Portfolio fundamentals remain strong
2025 Investor Presentation 15 Portfolio fundamentals remain strong
Slide 16: A strong foundation to support the new growth initiative
Portfolio fundamentals remain strong 16 A strong foundation to support the new growth initiative Since IPO NESF has provided stability & growth, whilst providing shareholders with attractive dividends (As at 10 March 2026) ▪ Grown the ▪ 11 consecutive ▪ £431m of ▪ Expanded the ▪ Built a portfolio ▪
Slide 17: Operating portfolio
Portfolio fundamentals remain strong 17 = Operating solar assets Operating portfolio (as at 10 March 2026) = Operating energy storage assets = Direct asset ownership & co-investments NESF’s underlying portfolio remains solid = Via NextEnergy III (“NEIII”) commitment UK Italy Iberian Peninsula World
Slide 18: Portfolio performance (YTD as at 31 December 2025)
Portfolio fundamentals remain strong 18 Portfolio performance (YTD as at 31 December 2025) NESF’s portfolio continues to deliver strong performance and generation outperformance YTD 1 Total Generation (GWh) Irradiation vs forecast Generation vs forecast 2 ▪ For the YTD, solar irradiation across the
Slide 19: An experienced independent Board
Portfolio fundamentals remain strong 19 An experienced independent Board NESF benefits from a strong independent Board of Directors Tony Quinlan Josephine Bush Jo Peacegood Paul Le Page Caroline Chan ▪ Chair. ▪ Senior ▪ Chair of Audit ▪ Non-Executive ▪ Chair of Independent Committee. Director. Remun
Slide 20: The opportunity
~—HENTENERGY SOLAR FUND
Slide 21: The evolving UK market presents a huge opportunity
The opportunity 21 The evolving UK market presents a huge opportunity The future outlook for solar and energy storage is positive irrespective of political change Solar and energy storage UK deployment forecast 1 UK’s current position: Clean Power 2030 requirements: 100 ▪ Solar: 21GW ▪ Solar: 50GW ▪
Slide 22: Solar investment case remains solid
The opportunity 22 Solar investment case remains solid Solar remains the most rapidly deployable renewable technology Solar photovoltaic panel average prices ($US per watt) 1 40 30 ▪ Costs continue to fall: Module prices 20 and system CAPEX remain near historic 10 lows. - 1980 1984 1988 1992 1996 20
Slide 23: Energy storage is attractive & no longer an emerging asset class
The opportunity 23 Energy storage is attractive & no longer an emerging asset class A very attractive entry point exists with strong fundamentals and net zero government target UK energy storage installed capacity and CP30 target (GW) 1 30 ▪ Diversified and Evolving Revenue Streams: Generates consis
Slide 24: Energy storage is highly complementary towards solar
The opportunity 24 Energy storage is highly complementary towards solar Multitude of portfolio benefits from combining Solar & Energy Storage Energy storage bridges the gap between variable renewable generation and electricity demand Energy storage bridges ▪ Solar exhibits a predictable generation t
Slide 25: Energy storage co-location uses existing grid connections
The opportunity 25 Energy storage co-location uses existing grid connections Co-location delivers significant cost efficiencies and is the lowest-risk way to add energy storage Co-location offers significant cost savings vs standalone AC coupled co-location energy storage DC coupled co-location ener
Slide 26: Repowering solar assets with the latest technology
The opportunity 26 Repowering solar assets with the latest technology Significant improvements in solar technology alongside continuous price reductions provide a compelling investment case Illustrative example: 15MW repower asset value uplift potential Illustrative Repower Asset Value Uplift ▪ Perf
Slide 27: NESF can unlock value from its existing portfolio
The opportunity 27 NESF can unlock value from its existing portfolio The Company has evaluated all the assets in the portfolio to identify value creation opportunities and further asset sales Treemap showing NESF’s entire portfolio of operating and development assets 1 Operational solar for value cr
Slide 28: Results of the Board's strategic review
28 Results of the Board’s strategic review
Slide 29: Strategic review: The options the Board assessed
Results of the Board’s strategic review 29 Strategic review: The options the Board assessed The NESF Board, alongside third-party advisers, evaluated a broad set of options during the strategic review Maintaining The Status 1 • No realignment of strategy to growth for the current and future market e
Slide 30: Findings from the strategic review (1 of 2)
Results of the Board’s strategic review 30 Findings from the strategic review (1 of 2) = Declining to pursue The Board explored a broad range of options for NESF = Not actively pursuing Status Quo Managed Wind-down Structural Transformation Sector Consolidation ▪ Doing nothing is not an ▪ There is a
Slide 31: Findings from the strategic review (2 of 2)
Results of the Board’s strategic review 31 Findings from the strategic review (2 of 2) = Remains open The Board explored a broad range of options for NESF = Pursuing Public-to-Private Third-Party Capital Strategic Reset ▪ Private market demand ▪ This option continues to ▪ Allows the Company to for e
Slide 32: Strategic change is necessary for growth
Results of the Board’s strategic review 32 Strategic change is necessary for growth The case for strategic evolution Indicative NESF NAV forecast without change Without strategic change: £600M NESF’s NAV would naturally decline as the 1 Company continued to pay out dividends without reinvestment int
Slide 33: The reset
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Slide 34: A reset to deliver the strategic roadmap
The reset 34 A reset to deliver the strategic roadmap Actions required to embark on the Strategic Reset ▪ Beginning in FY26/27, the Company will transition from a progressive dividend model to a percentage-based payout Roadmap policy, targeting a 75% distribution of operational cash flows for ordina
Slide 35: Providing long-term visibility of dividend range
The reset: dividend policy 35 Providing long-term visibility of dividend range NESF will continue to provide robust income to its Ordinary Shareholders under the Strategic Reset Indicative long-term ordinary share dividend guidance ▪ A change in NESF’s policy will unlock capital to be used in line w
Slide 36: Case study: Future dividend scenarios
The reset: Dividend Policy 36 Case study: Future dividend scenarios Post ROC/FiT subsidy, NESF has the optionality to reinvest to provide greater dividend upside in the future ▪ NESF has future long-term Possible long-term ordinary share dividend path post ROC / FiT subsidy end optionality, not refl
Slide 37: Cashflow mechanics supporting the dividend policy
The reset: Dividend Policy 37 Cashflows mechanics supporting the dividend policy How the new dividend policy for ordinary shares works Funds inflow Funds outflows Dividend policy Distribution to ordinary Recurring Portfolio Portfolio debt shareholders service Free cash Fixed to percentage of post de
Slide 38: Case study: Dividend policy if implemented over the past 3 years
The reset: Dividend Policy 38 Case study: Dividend policy if implemented over the past 3 years What would ordinary share dividends have looked like if the new dividend policy had been implemented from 1 April ‘22 – 31 March ‘25? Ordinary share dividend paid out per year ▪ NESF would have delivered a
Slide 39: Targeting additional capital recycling
The reset: Capital recycling 39 Targeting additional capital recycling The Company will target additional capital recycling to generate capital for re-investment and growth ▪ NESF will extend the Capital Additional capital recycling and NEIII & co-investments 1 planned realisations (MW) Recycling Pr
Slide 40: Timing of future capital recycling & realisations events
The reset: Capital recycling 40 Timing of future capital recycling & realisations events NESF has a track record of successfully delivering phased capital recycling ▪ Since announcing the initial Track record vs additional capital recycling and NEIII & co-investment planned 1 realisations (MW) Capit
Slide 41: Case study: NESF's initial Capital Recycling Programme
The reset: Capital recycling 41 Case study: NESF’s initial Capital Recycling Programme The Capital Recycling Programme has raised £118.8m to date from the sale of 245MW of solar assets, maximising shareholder value • Through its Capital Recycling Programme, the Company Initial Capital Recycling Prog
Slide 42: Case study: Sale of NEIII & co-investments
The reset: Capital recycling 42 Case study: Sale of NEIII & co-investments NESF will benefit from the realisations of its private solar fund investment & co-investments from 2027 ▪ NextEnergy III (NEIII) is a NEIII Portfolio & co-investments – December 2025 private OECD solar fund. ▪ NESF invested $
Slide 43: These changes will unlock significant long-term cashflows
The reset 43 These changes will unlock significant long-term cashflows Scenario: Operational cashflow breakdown and uses ▪ The results of the change in Indicative guidance: Long-term cash flows the dividend policy and £80M extension of the Capital Recycling Programme result in a significant amount o
Slide 44: The delivery
44 The delivery
Slide 45: Roadmap delivery
The delivery 45 Roadmap delivery The roadmap will be delivered using the Company’s disciplined capital allocation framework ▪ The Company’s capital allocation framework creates a hierarchy of the different possible uses for capital to retain flexibility and optionality. Roadmap ▪ The hierarchy chang
Slide 46: Capital allocation framework & priorities
The delivery 46 Capital allocation framework & priorities The goal of the capital allocation framework is to create a hierarchy of capital uses based on concrete principles which varies with the market NESF investment objective + External market conditions = Capital allocation hierarchy Use of Capit
Slide 47: Reduce debt: Long-term repayment
The delivery: Reduce debt 47 Reduce debt: Long-term repayment Repayment of debt remains a priority for the Company ▪ Using proceeds from the Projected long-term debt repayment & gearing trajectory unlocked capital the Company will repay a proportion of its 100% Short-Term Revolving Credit Facility.
Slide 48: Preference shares
The delivery: Reduce debt 48 Preference shares NESF’s preference shares continue to offer optionality and are an attractive source of long-term capital ▪ NESF’s preference shares are Preference Shares cost of capital vs Base rate currently an attractive source of capital vs the markets current and I
Slide 49: NAV growth: Repowering solar assets
The delivery: NAV growth 49 NAV growth: Repowering solar assets NESF will actively look and pursue repowering opportunities Near term 2026 - 2028 Medium term 2029 – 2034 Long term 2035+ Tactical Asset Planning Post Subsidy ▪ Warranty replacement of ▪ Desktop assessment of site ▪ Grid connections are
Slide 50: NAV growth: Case study – Repowering Balhearty (5MW)
The delivery: NAV growth 50 NAV growth: Case study – Repowering Balhearty (5MW) Balhearty is a recently repowered solar asset in the NESF portfolio ▪ Balhearty was originally a 4.8MW 2016 FiT site in Clackmannanshire, Scotland. ▪ The site was successfully re-energized in 2024 as a 4.99MWp (max permi
Slide 51: NAV growth: Exploring innovation
The delivery: NAV growth 51 NAV growth: Exploring innovation Exploring innovative future opportunities that can provide additional returns and growth ▪ NESF’s strategic roadmap is built on core actions designed to free up Third-party capital Power hedging Development cash via capital recycling and u
Slide 52: NAV growth: Asset health & performance optimisation
The delivery: NAV growth 52 NAV growth: Asset health & performance optimisation Investing into asset health & performance optimisation ▪ NESF continues to implement measures to optimise its portfolio Asset repowering Cost optimisation Strategic spare parts and deliver value for shareholders. Activit
Slide 53: Energy storage: Expanding to 30% GAV
The delivery: Energy storage 53 Energy storage: Expanding to 30% GAV NESF is proposing to increase its energy storage limit from 10% to 30% at its upcoming AGM to unlock future potential ▪ Energy storage has Negative cashflow correlation of solar vs energy storage 1 demonstrated strong diversificati
Slide 54: Energy storage: Diversifying portfolio revenue streams
The delivery: Energy storage 54 Energy storage: Diversifying portfolio revenue streams Energy storage has potential to increase portfolio returns ▪ Energy storage unlocks new revenue streams that are Market depth, liquidity and storage duration uncorrelated with daytime solar generation. ▪ Energy st
Slide 55: Energy storage: Targeting 2-to-4-hour duration
The delivery: Energy storage 55 Energy storage: Targeting 2-to-4-hour duration NESF will target 2-hour duration energy storage as it currently offers the greatest IRRs ▪ Two-to-Four-hour duration Current expected IRRs for energy storage durations energy storage currently offers the greatest IRRs for
Slide 56: Energy storage case study: DC co-located storage
The delivery: Energy storage 56 Energy storage case study: DC co-located storage An indicative example of the benefits of solar and DC co-located energy storage Coupling solar sites with DC Indicative example: Repowered 19MW solar asset, co-located with 5MW DC 4-hour duration storage storage: Export
Slide 57: Energy storage case study: Camilla's 2025 Performance
The delivery: Energy storage 57 Energy storage case study: Camilla’s 2025 Performance Camilla is amongst the top-earning energy storage assets in the GB grid and remains on track for continued growth into FY2026. ▪ Camilla Availability = 98%, above guaranteed of 96%. Total Monthly trading profit Jul
Slide 58: The goal
The goal
Slide 59: Provide total returns for shareholders
The goal: Total returns 59 Provide total returns for shareholders Through the reset and delivery of the roadmap the Company’s goal is to provide total returns for its shareholders ▪ By combining the reset and delivery outlined in this presentation, this strategy enables NESF to prioritise long-term
Slide 60: Targeting long-term 9-11% total returns
The goal: Total returns 60 Targeting long-term 9-11% total returns A combination of income and growth through the roadmap provide attractive long-term total returns. ▪ The Company is targeting long- Indicative components that build total target return of 9 – 11% term total returns of 9-11%. 12% ▪ Th
Slide 61: The benefits of actioning the roadmap now
The goal: Total returns 61 The benefits of actioning the roadmap now Providing long-term benefits to shareholders Indicative guidance: Long-term cumulative NAV return 1 ▪ By actioning the strategy 140p outlined in the roadmap now, +3.2% CAGR the Company is taking the right Total NAV Return 120p step
Slide 62: The right ingredients for success
The goal: Total returns 62 The right ingredients for success Combining the reset and delivery with the right ingredients, NESF can deliver the goals of the roadmap The right market The right vehicle The right team The right strategy
Slide 63: The right team
The right team
Slide 64: Why NEC
The right team 64 Why NEC The NESF Board is pursuing a strategic reset as this is the best option available for shareholders to access value ▪ NEC’s well trodden value creation has enabled the realisations of 27 investments delivering weighted average MOIC of 1.8x and IRR of 30%. ▪ 116 individual as
Slide 65: NEC team
The right team 65 NEC team NESF is backed by a highly experienced expert investment adviser and manager team Global Leadership Team Investment Committee Michael Gianluca Andrew Newington Ross Grier Bonte-Friedheim Ross Grier Giulia Guidi Boccanera Chair of the Investment Committee Chief Investment O
Slide 66: Conclusion
Conclusion
Slide 67: Recap: NESF roadmap goals
Conclusion: Roadmap goals 67 Recap: NESF roadmap goals A comprehensive strategic reset that establishes a clear roadmap over the long-term 1 2 3 Roadmap 4 5 6 Dividend policy Capital recycling Reduce debt NAV growth Energy storage Total returns • Transition to a • Expansion of the • Between 40-45% •
Slide 68: Q&A
Q&A
Slide 69: Sources
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Slide 70: Sources & assumptions (1 / 2)
Sources & assumptions 2025 Interim Results Presentation Sources & assumptions (1 / 2) Page Title Source 11 How will NESF deliver change (1) Share price as of 10th March 2026. 17 Operating portfolio (as at 10 March 2026) (1) Includes standalone energy storage asset & two co-investments excluding NEII
Slide 71: Sources & assumptions (2 / 2)
Sources & assumptions 2025 Interim Results Presentation Sources & assumptions (2 / 2) Page Title Source 39 Targeting additional capital recycling (1) NEIII & co-investments reflects expected MW at investment realisations. 40 Timing of future capital recycling & realization events (1) NEIII & co-inve
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