NextEnergy Solar Fund Ltd · LSE:NESF
NextEnergy Solar Fund — FY2026 Earnings Presentation
58 slides from NextEnergy Solar Fund's earnings presentation, Jun 22, 2026
Slide 1: NESF Full Year Results 2026
NESF Full Year Results 2026 NESF Full Year Results 2026 22 June 2026
Slide 2: Disclaimer
Full Year Results Presentation 2026 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
Slide 3: Contents & speakers
Full Year Results Presentation 2026 3 Contents & speakers Tony Quinlan Introduction P4 Chair NextEnergy Solar Fund Limited Full Year Results P9 Net Asset Value P19 Roadmap P23 Ross Grier Chief Investment Officer NextEnergy Capital The Big Picture P32 Outlook P35 Q&A P37 Stephen Rosser Sources P38 In
Slide 4: Introduction
2025 Investor Presentation 4 Introduction Full Year Results Presentation 2026
Slide 5: Key actions over the last 12-months
Introduction 5 Key actions over the last 12-months NESF has delivered multiple proactive initiatives over the financial year Strategic Reset Capital Recycling & Active Portfolio Cost Base Reset & Activity Initiated Balance Sheet Optimisation Efficiency Gains Strengthening Progress • Transitioned to
Slide 6: Shareholder distributions
Introduction 6 Shareholder distributions NESF has declared £443m of total ordinary dividends since IPO Current dividend guidance yield1 Dividend track record c.9-11% 9.0p (As at 19 June 2026) FY26/27 Range 8.35 8.43 8.43 8.0p FY26/27 dividend guidance range 4.5p - 5.1p 7.52 7.0p 7.05 7.16 6.87 1.70
Slide 7: Key Board priorities
Introduction 7 Key Board priorities Independent oversight to provide the best possible outcome for shareholders • Restore investor and market confidence in NESF to help narrow the share price discount and continue to Restoring Shareholder regularly engage with shareholders to ensure that all feedbac
Slide 8: An experienced independent Board
Introduction 8 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. Remuneration & ▪ Non-Executive
Slide 9: Full Year Results
2025 Investor Presentation 9 Full Year Results Full Year Results Presentation 2026
Slide 10: Key financial headlines
Full Year Results 10 Key financial headlines Full year results as at 31 March 2026 Total Income NESF Group Portfolio & Holdco Cash Income EBITDA Revenue & Income £141.3m £104.5m £71.9m (31 March 2025: £135.5m) (31 March 2025: £96.9m) (31 March 2025: £67.1m) FY25/26 Dividend Per Ordinary Dividend Cov
Slide 11: NESF's underlying portfolio remains solid
Full Year Results 11 = Operating solar assets Operating portfolio (as at 31 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 Map (including NEII
Slide 12: Portfolio performance (12-month period as at 31 March 2026)
Full Year Results 12 Portfolio performance (12-month period as at 31 March 2026) NESF’s portfolio continues to deliver strong performance and generation outperformance ▪ For the year ended 31 March 2026, 12-month period 1 Total Generation (GWh) Irradiation vs forecast Generation vs forecast 2 solar
Slide 13: Asset health & performance optimisation
Full Year Results 13 Asset health & performance optimisation Investing into asset health & performance optimisation ▪ NESF continues to implement measures to optimise its portfolio Asset repowering Cost optimisation and deliver value for shareholders. Activity ▪ The Company’s Asset Manager is focuse
Slide 14: Hedging strategy (as at March 2026)
Full Year Results 14 Hedging strategy (as at 31 March 2026) NESF’s hedging strategy locks in power-prices to derisk future revenues Forecasted Total Revenue Source Breakdown 1,2,3,4 ▪ NESF runs a short-term power purchase agreements (“PPA”) programme where it locks in short 2026/27 2027/28 2028/29 2
Slide 15: Delivering shareholder value
Full Year Results 15 Delivering shareholder value How NESF converted solar irradiance to shareholder value for the 12 months ended 31 March 2026 Cash Generated Costs in Year Shareholder Value Repayment of long- Asset health, Distributions from term debt: construction & NextEnergy III & Co- Preferenc
Slide 16: Disciplined capital structure (as at March 2026)
Full Year Results 16 Disciplined capital structure (as at 31 March 2026) 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 Total debt repaid in period 51.2% c.£200m 4.8% c.£30.8m (Gearing level limit of 50% G
Slide 17: Debt & USS preference share restrictions
Full Year Results 17 Debt & USS preference share restrictions Further details on the current restrictions Debt to GAV gearing limit USS preference shares EV gearing ratio Limit ▪ 50% ▪ 50% NESF current ▪ 51.2% ▪ 61.8% % ▪ From 1 April 2025, in accordance with the original Preference Share subscripti
Slide 18: 10-year debt repayment plan
Full Year Results 18 10-year debt repayment plan Repayment of debt remains a priority for the Company ▪ Delivered c.£30m debt Projected long-term debt repayment & gearing trajectory reduction in the period (£12.8m long-term and 100% £18.0m net short-term repayment) ▪ Reduced the size of its RCF 80%
Slide 19: Net Asset Value
Net Asset Value Full Year Results Presentation 2026
Slide 20: NAV bridge: twelve-month period breakdown
Net Asset Value 20 NAV bridge: twelve-month period breakdown NESF’s underlying portfolio remain solid (31 March 2025 to 31 March 2026) 600 Valuation (£m) 500 400 300 Cash on Solar New BESS Change in Revaluation Cash Revaluati Other NAV hand RCF Time Project power AM fee Fund Asset RO & FiT Discount
Slide 21: Power price forecasts
Net Asset Value 21 Power price forecasts NESF utliises the blended average of market leading consultant power curves ▪ NESF does not overlay a NESF Blended Power Curves (Capture Price) 1 management view on its power price forecast assumptions. 90 ▪ UK power price forecasts provided by third-party co
Slide 22: NAV per Ordinary Share sensitivity analysis
Net Asset Value 22 NAV per Ordinary Share sensitivity analysis The impact of the key sensitivities on the Company’s assets held at fair value as at 31 March 2026 ▪ NAV sensitivities updated every NAV per share sensitivities six months at interim and full- year results. Negative movement Positive mov
Slide 23: Roadmap
23 Roadmap Full Year Results Presentation 2026
Slide 24: Roadmap momentum (Page 1 of 2)
Roadmap 24 Roadmap momentum (Page 1 of 2) Latest progress towards roadmap goals ▪ Dividend policy: New 75% payout policy in effect from FY26/27; Roadmap ▪ Capital recycling: • The Investment Adviser is progressing discussions with potential buyers in respect 1 2 3 4 5 6 of the first 45MW of the 120M
Slide 25: Roadmap momentum (Page 2 of 2)
Roadmap 25 Roadmap momentum (Page 2 of 2) Latest progress towards roadmap goals ▪ Observing the disciplined capital allocation priorities the Company has set out, the self- funded roadmap is expected to deliver material Roadmap value creation over time, with initial estimates indicating potential to
Slide 26: Capital allocation framework
Roadmap 26 Capital allocation framework A dynamic capital allocation framework to remains flexible depending on market conditions NESF investment objective + External market conditions = Capital allocation hierarchy Use of Capital Examples Five Principles Debt service, committed development Mandator
Slide 27: Dynamic uses of capital
Roadmap 27 Capital allocation key priorities NESF is prioritising repaying debt in the near term Share price discount 40% - 30% 30% - 20% 20% - 10% 10% - 0% ▪ Continue to amortise long term debt ▪ Distribute 75% of the income to shareholders Dynamic uses of capital ▪ Down pay RCF through Capital Rec
Slide 28: Latest dividend guidance (As at March 2026)
Roadmap 28 Latest dividend guidance (As at 31 March 2026) Reflecting the latest hedges and power curve assumptions Indicative long-term ordinary share dividend guidance ▪ A change in NESF’s policy will unlock capital to be used in line with the Company’s 10p Dividend supported capital allocation fra
Slide 29: The Roadmap will unlock long-term cashflows
Roadmap 29 The Roadmap will unlock long-term cashflows Scenario: Operational cashflow breakdown and uses ▪ The change in the dividend Indicative guidance: Long-term cash flows policy and extension of the £80M Capital Recycling Programme will result in a significant amount of long-term cashflows unlo
Slide 30: The long-term value of the Roadmap
Roadmap 30 The long-term value of the Roadmap Providing long-term benefits to shareholders Indicative guidance: Long-term cumulative NAV return 1 ▪ By actioning the strategy outlined in the roadmap, the 140p +3.7% CAGR Company is taking the right 120p steps to increase total NAV Total NAV Return 100
Slide 31: Targeting long-term 9-11% total returns
Roadmap 31 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% ▪ The dividend incom
Slide 32: The big picture
The big picture Full Year Results Presentation 2026
Slide 33: Pivotal role to play in the UK's energy mix
The big picture 33 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 ▪ Renewables deployment progress to date has largely been with a net zero mandate conversation is now National security
Slide 34: Key headwinds & tailwinds
The big picture 34 Key headwinds & tailwinds Positive market drivers provide a robust foundation for NESF’s strategic reset Macroeconomics Policy & regulatory Market environment Capital flows & sentiment Topic ▪ Elevated interest rate ▪ Falling future power price ▪ Capital outflows created cycles ha
Slide 35: Outlook
Outlook
Slide 36: Looking forward
Outlook 36 Looking forward 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 portfolio. Targeting long-term 9-11% to
Slide 37: Q&A
Q&A
Slide 38: Sources
Zw NEXTENERGY
Slide 39: Sources & assumptions
Sources & assumptions 2025 Interim Results Presentation Sources & assumptions Page Title Source 5 Key actions over the last 12-months (1) Share price as of 10th March 2026. 6 Shareholder distributions (1) Based on share price as at 19th June 2026 (2) As at 31 March 2026. 11 Operating portfolio (1) I
Slide 40: Appendix
2025 Investor Presentation 40 Appendix Full Year Results Presentation 2026
Slide 41: Operating Results
Appendix 41 Operating Results Cash flows of the Company Revenue from Operational Portfolio Period ended 31 March 2026 £’m 139.9 Period ended 31 March 2025 £’m 130.0 As at 31 March 2026 Distribution from NEIII 1.4 1.5 Distribution from Co-Investments - 4.0 ▪ Loss before tax was £61.0m (2025: £10.9m l
Slide 42: Discount rates & inflation assumptions
Appendix 42 Discount rates & inflation assumptions As at 31 March 2026 Discount Rate Assumptions Inflation Rate (UK CPI) Assumptions ▪ The Company's weighted average discount rate across the portfolio is at 8.5%. ▪ NESF’s inflation assumptions are derived from independent, third party sources. ▪ Dis
Slide 43: UK pipeline breakdown
Appendix 43 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 with connection projected
Slide 44: Solar investment case remains solid
Appendix 44 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 2000 2004
Slide 45: Energy storage is attractive & no longer an emerging asset class
Appendix 45 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 consistent ye
Slide 46: Energy storage is highly complementary towards solar
Appendix 46 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 the gap
Slide 47: Energy storage co-location uses existing grid connections
Appendix 47 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 energy stor
Slide 48: NAV Growth: Energy storage expanding to 30% GAV
Appendix 48 NAV Growth: 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 diversification benefi
Slide 49: Energy storage: Diversifying portfolio revenue streams
Appendix 49 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 storage provides a Anc
Slide 50: NAV growth: Repowering solar assets
Appendix 50 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 evergreen at un
Slide 51: NAV growth: Exploring innovation
Appendix 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 utilise Activity
Slide 52: Repowering solar assets with the latest technology
Appendix 52 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 ▪ Performance
Slide 53: NAV growth: Case study – Repowering Balhearty (5MW)
Appendix 53 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 permissible FIT DC) u
Slide 54: Total Gearing
Appendix 54 Total Gearing As at 31 March 2026 ▪ As at 31 March 2026, the Company’s financial debt gearing, measured by the aggregate of the NESF No. of Amount Amount Termination Facility Group’s financial debt relative to GAV, is 29% (2025: Provider / power LtV ³ Outstanding Outstanding (including A
Slide 55: Targeting additional capital recycling
Appendix 55 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 Programme alongside th
Slide 56: NESF's initial Capital Recycling Programme
Appendix 56 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 Programme track record has crystalli
Slide 57: Why NEC
Appendix 57 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 assets s
Slide 58: NEC team
Appendix 58 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 Officer