NextEnergy Solar Fund Ltd · LSE:NESF
NextEnergy Solar Fund — H1 2025 Earnings Presentation
35 slides from NextEnergy Solar Fund's earnings presentation, December 2025
Slide 1: NESF Interim Results Presentation
NESF Interim Results Presentation December 2025
Slide 2: Contents & speakers
Interim Results Presentation 2025 2 2025 Interim Results Presentation Contents & speakers Paul Le Page Interim Chair NextEnergy Solar Fund Limited Introduction P3 Key Highlights & Portfolio P7 Ensuring a Robust NAV P15 Ross Grier Chief Investment Officer Dividend P21 NextEnergy Capital Active Manage
Slide 3: Introduction
Introduction Interim Results Presentation 2025
Slide 4: Key Board priorities
Interim Results Presentation 2025 4 Key Board priorities The Board is pursuing all options to close the current discount against the Company’s Net Asset Value Strategic • The Board is exploring all strategic options with a clear focus on enhancing Shareholder value. The Board is Review finalising it
Slide 5: Key activity over the last six months
Interim Results Presentation 2025 5 Key activity over the last six months Delivering multiple proactive initiatives over the period to maintain a stable and resilient portfolio Asset Health & Recycling Reducing Fees & Debt Strategic Review Governance Activity Progress • Focused on implementing • Red
Slide 6: An experienced independent Board
Interim Results Presentation 2025 6 An experienced independent Board Pleased to announce the appointment of Tony Quinlan effective 3 December 2025 Tony Quinlan Paul Le Page Jo Peacegood Josephine Bush Caroline Chan ▪ Chair-elect. ▪ Interim Chair. ▪ Chair of Audit ▪ Senior ▪ Chair of Committee. Indep
Slide 7: Key Highlights & Portfolio
Interim Results Presentation 2025 7 Key Highlights & Portfolio Interim Results Presentation 2025
Slide 8: Key financial highlights (as at 30 September 2025)
InterimInvestor Results Presentation 2025 8 Key financial highlights (as at 30 September 2025) NESF continues to generate stable income that supports the dividend and reduces debt Gross Asset Value NAV Per Ordinary Share Cash Income Financial Highlights £1,029m 88.8p £48.3m (31 March 2025: £1,061m)
Slide 9: Operating portfolio (as at September 2025)
Interim Results Presentation 2025 9 Operating portfolio (as at 30 September 2025) NESF’s underlying portfolio remains solid Operating Assets1 101 Direct asset ownership and co-investments (31 March 2025: 101) Via NextEnergy III ESG commitment Installed Capacity2 939MW (31 March 2025: 937MW) NEIII Co
Slide 10: Portfolio performance (as at September 2025)
Interim Results Presentation 2025 10 Portfolio performance (as at 30 September 2025) NESF generated an additional £2.5m in the period above budget Six month period 1 Total Generation (GWh) Irradiation vs forecast 2 Generation vs forecast 2 ▪ During the period, solar irradiation across the portfolio
Slide 11: NESF continues to generate attractive returns
Interim Results Presentation 2025 11 NESF continues to generate attractive returns How NESF converted solar irradiation to shareholder value for the 6 months ended 30 September 2025 Cash Generated Costs in Period Shareholder Value Repayment of long- Distributions from term debt: NextEnergy III & Co-
Slide 12: High visibility of future cash flows
Interim Results Presentation 2025 12 High visibility of future cash flows NESF’s hedging strategy locks in power-prices to derisk future revenues ▪ NESF runs a short-term power Forecasted Total Revenue Source Breakdown 1,2,3,4 purchase agreements (“PPA”) programme where it locks in short term PPAs o
Slide 13: Disciplined capital structure (as at September 2025)
Interim Results Presentation 2025 13 Disciplined capital structure (as at 30 September 2025) NESF continues to repay both long-term and short-term debt as a priority Total Gearing to GAV Preference Shares Weighted Average Cost of Debt Weighted Average Cost of Capital 49.2% c.£200m 4.9% 6.6% (Gearing
Slide 14: Long-term debt reduction plan
Interim Results Presentation 2025 14 Long-term debt reduction plan (as at 30 September 2025) NESF’s long-term debt amortises in line with the remaining life of its ROC/FiT subsidised solar assets ▪ The remaining outstanding long-term Long-term debt annual repayment profile Vs Long-term gearing debt
Slide 15: Ensuring a robust NAV
Interim Results Presentation 2025 15 Ensuring a robust NAV Interim Results Presentation 2025
Slide 16: NAV bridge: six-month period breakdown
Interim Results Presentation 2025 16 NAV bridge: six-month period breakdown NESF’s underlying portfolio remain solid 600 550 Valuation (£m) 500 450 400 Proceeds Asset Other Opening Solar power BESS Change in Revaluation Cash Closing NESF New assets RCF from RCF Project manager movements Share NESF N
Slide 17: Power price forecast assumptions
Interim Results Presentation 2025 17 Power price forecast assumptions NESF utliises the blended average of four market leading consultant power curves NESF Blended Power Curves (Capture Price) ▪ NESF does not overlay a management view on its power price forecast assumptions. 80 ▪ UK power price fore
Slide 18: Discount rates & inflation assumptions
Interim Results Presentation 2025 18 Discount rates & inflation assumptions As at 30 September 2025 Discount Rate Assumptions Inflation Rate (UK RPI) Assumptions ▪ Discount rates have remained unchanged since 31 March 2024. ▪ NESF’s inflation assumptions are derived from independent, third party sou
Slide 19: NAV sensitivities
Interim Results Presentation 2025 19 NAV sensitivities The impact of the key sensitivities on the Company’s assets held at fair value as at 30 September 2025 NAV per share sensitivities ▪ NAV sensitivities updated every six months at interim and full-year results. Negative movement Positive movement
Slide 20: Potential NAV impact: UK ROC & FiT consultation
Interim Results Presentation 2025 20 Potential NAV impact: UK ROC & FiT consultation NESF has responded directly to this consultation to ensure clear and robust feedback was provided on behalf of shareholders. Option 1 - An immediate switch to CPI indexation from RPI ▪ On 31 October 2025, the UK's D
Slide 21: Dividend
Interim Results Presentation 2025 21 Dividend Interim Results Presentation 2025
Slide 22: Dividend track record
Interim Results Presentation 2025 22 Dividend track record NESF has an impressive 11-year track record of delivering a dividend that is cash covered 11 years of cash covered dividends Current dividend yield 1 9.0 8.35p 8.43p 8.43p c.16% 8.0 7.52p 7.05p 7.16p 6.87p FY25/26 forecasted cover 7.0 6.65p
Slide 23: Cash flow analysis
Interim Results Presentation 2025 23 Cash flow analysis Dividend covered by operational cash flows 6 month period ended 12 month period ended 6 month period ended Cash flows of the Company 30 Sept 2025 (£m) 31 Mar 2025 (£m) 30 Sept 2024 (£m) ▪ The following table illustrates how the flow Income from
Slide 24: Active management
Interim Results Presentation 2025 24 Active management Interim Results Presentation 2025
Slide 25: Portfolio optimisation
Interim Results Presentation 2025 25 Portfolio optimisation NESF continues to explore and implement portfolio optimisation initiatives ▪ NESF continues to implement measures to optimise its portfolio and deliver Asset repowering Cost optimisation Strategic spare parts value for shareholders. Activit
Slide 26: Pipeline & Future Growth
Interim Results Presentation 2025 26 Pipeline & Future Growth Interim Results Presentation 2025
Slide 27: Market outlook
Interim Results Presentation 2025 27 Market outlook Despite recent headwinds, the future outlook for solar and energy storage is still positive Increased Capital Flows to Investment Companies: Solar and energy storage UK deployment forecast 1 ▪ Softening inflation landscape leading to reduced intere
Slide 28: Building blocks to promote future growth
Interim Results Presentation 2025 28 Building blocks to promote future growth Discount management, future cash liquidity events, and ongoing portfolio excellence remain a key foundation for growth = Capital Inflow Capital inflows to allow growth: Long-term = Capital Deployment amortising debt ▪ Capi
Slide 29: UK pipeline breakdown
Interim Results Presentation 2025 29 UK pipeline breakdown NESF owns an exciting pipeline of solar & BESS opportunities NESF Owned Pipeline: NESF UK pipeline ▪ Camilla battery augmentation from 1hr to 2hr duration (site pre-engineered). ▪ 250MW 2hr duration battery called Project Lion at RTB stage w
Slide 30: Closing remarks
Interim Results Presentation 2025 30 Closing remarks Interim Results Presentation 2025
Slide 31: Key priorities for NESF
Interim Results Presentation 2025 31 Key priorities for NESF Maximising shareholder value and returns remain a priority The Board and Investment Adviser remain united and focused on narrowing the discount. Reduce total debt of the portfolio. Optimise the operational performance of the existing portf
Slide 32: Q&A
Interim Results Presentation 2025 32 Q&A Full Year Results Presentation 2025
Slide 33: Important notice
Interim Results Presentation 2025 33 Important notice 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. The contents of this document are strictly private and confidential and
Slide 34: Sources
Interim Results Presentation 2025 34 Sources Full Year Results Presentation 2025
Slide 35: Sources
2025 Interim Results Presentation Sources Page Title Source 8 Key financial highlights (1) As at 01.12.2025 9 Operating portfolio (as at 30 September 2025) (1) Includes standalone energy storage asset & two co-investments excluding NextEnergy III ESG (2) Including NextEnergy III ESG (“NPIII ESG”) an
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