NextEnergy Solar Fund Ltd · LSE:NESF
NextEnergy Solar Fund — FY2025 Earnings Presentation
26 slides from NextEnergy Solar Fund's earnings presentation, Jun 16, 2025
Slide 1: Full Year Results Presentation
Full Year Results Presentation 16 June 2025
Slide 2: Contents & speakers
Full Year Results Presentation 2025 2 2025 Investor Presentation Contents & speakers Paul Le Page Interim Chairman NextEnergy Solar Fund Limited A new era for NESF P3 Proactive discount management P7 Full year results P10 Ross Grier Chief Investment Officer Pipeline & future growth P19 NextEnergy Ca
Slide 3: A new era for NESF
A new era for NESF Full Year Results Presentation 2025
Slide 4: Progress since IPO
Full Year Results Presentation 2025 4 Progress since IPO NESF’s portfolio remains resilient and provides long-term value for its shareholders Grown the 11 £395m Expanded the Created a Reached its portfolio to 101 consecutive of dividends portfolio portfolio that is 1GW operating solar years track de
Slide 5: 11-year dividend track record
Full Year Results Presentation 2025 5 11-year dividend track record NESF has an impressive 11-year track record of delivering a dividend that is cash covered Current dividend yield 1 11 years of cash covered dividends 9.0 c.12% 8.35p 8.43p 8.43p The highest in the FTSE 350 1 8.0 7.52p 7.05p 7.16p 6.
Slide 6: Strong, Independent Governance from your Board
Full Year Results Presentation 2025 6 Strong, Independent Governance from your Board NESF benefits from a highly experienced independent Board of Directors with over 100 years of combined expertise NextEnergy Solar Fund Board of Directors - Broad Skill Set Expertise ` Investment Finance including He
Slide 7: Proactive discount management
Full Year Results Presentation 2025 7 Proactive discount management Full Year Results Presentation 2025
Slide 8: Key actions over the last 12-months
Full Year Results Presentation 2025 8 Key actions over the last 12-months NESF and its investment adviser have delivered multiple proactive initiatives over the financial year Recycling Capital Returning Capital Reducing Debt Aligning Interests Activity Progress • 145MW sold out of the • Up to £20m
Slide 9: Your Board are committed to driving value for shareholders
Full Year Results Presentation 2025 9 Your Board are committed to driving value for shareholders The Board apply a robust framework for assessing all potential strategic options Robust Exploring Independent Track record of Consult Framework multiple strategic external strategic shareholders & option
Slide 10: Full Year Results
Full Year Results Presentation 2025 10 Full Year Results Full Year Results Presentation 2025
Slide 11: Financial highlights (as at March 2025)
Full Year Results Presentation 2025 11 Financial highlights (as at 31 March 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 £1,061m 95.1p £73.2m (31 March 2024: £1,155m) (31 March 202
Slide 12: Operating Portfolio (as at March 2025)
Full Year Results Presentation 2025 12 Operating Portfolio (as at 31 March 2025) Despite share price performance, NESF’s underlying portfolio remains solid Operating Assets1 101 Direct asset ownership and co-investments (31 March 2024: 103) Via NextPower III ESG commitment Installed capacity2 937MW
Slide 13: NAV bridge: twelve-month period breakdown
Full Year Results Presentation 2025 13 NAV bridge: twelve-month period breakdown Despite share price performance and NAV decline over the financial year, NESF’s underlying portfolio remain solid 650 Valuation (£m) 600 550 500 Opening New assets Repayment Cash on Time value Project Power Change in Re
Slide 14: Disciplined capital structure (as at March 2025)
Full Year Results Presentation 2025 14 Disciplined capital structure (as at 31 March 2025) NESF continues to repay both long-term and short-term debt as a priority Total Gearing to GAV 1 Preference Shares Weighted Average Cost of Debt Weighted Average Cost of Capital 2 48.4% c.£200m 4.9% 6.6% (Geari
Slide 15: Long-term debt reduction plan (as at March 2025)
Full Year Results Presentation 2025 15 Long-term debt reduction plan (as at 31 March 2025) NESF’s long-term debt amortises in line with the remaining life of its ROC/FiT subsidised solar assets ▪ Long-term amortising debt paid Long-term debt annual repayment profile Vs Long-term gearing down by £62.
Slide 16: Portfolio performance & optimisation (as at March 25)
Full Year Results Presentation 2025 16 Portfolio performance & optimisation (as at 31 March 2025) Despite adverse weather and DNO outages, NESF’s portfolio was only just below its generation forecast FY2025 1 Total Generation (GWh) Irradiation vs forecast 2 Generation vs forecast 2 ▪ Energy generate
Slide 17: High visibility of future cash flows
Full Year Results Presentation 2025 17 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 Breakdown 1,2,3,4.5 purchase agreements (“PPA”) programme where it locks in short term PPA’s ove
Slide 18: Delivering shareholder value
Full Year Results Presentation 2025 18 Delivering shareholder value How NESF converted solar irradiance to shareholder value for the 12 months ended 31 March 2025 Cash Generated Costs in Year Shareholder Value Repayment of long- Asset health, Distributions from term debt: construction & NextPower II
Slide 19: Pipeline & Future Growth
Full Year Results Presentation 2025 19 Pipeline & Future Growth Full Year Results Presentation 2025
Slide 20: Future market outlook
Full Year Results Presentation 2025 20 Future market outlook The future outlook for solar and energy storage is positive, although some headwinds still persist Solar and energy storage UK deployment forecast 1 Increased Capital Flows to Investment Companies: ▪ Softening inflation landscape leading t
Slide 21: Building blocks to promote future growth
Full Year Results Presentation 2025 21 Building blocks to promote future growth Discount management, future cash liquidity events, and ongoing portfolio excellence remain a key foundation for growth Capital inflows to allow growth: ▪ Capital Recycling Programme phase I, II, & III returning capital ▪
Slide 22: Next steps for NESF
Full Year Results Presentation 2025 22 Next steps for NESF Maximising shareholder value and returns remain a priority Narrow the discount through actionable levers Explore all options to drive NAV growth Provide an ongoing attractive dividend to shareholders Reduce overall gearing of the portfolio C
Slide 23: Q&A
Full Year Results Presentation 2025 23 Q&A Full Year Results Presentation 2025
Slide 24: Important notice
Full Year Results Presentation 2025 24 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 an
Slide 25: Sources
Full Year Results Presentation 2025 25 Sources Full Year Results Presentation 2025
Slide 26: Sources
2025 Investor Presentation Sources Page Title Source 5 11-year dividend track record (1) As at 13th June 2025 (2) As at 31 March 2025 8 Key actions over the last 12-months (1) As at 31 March 2025 11 Financial highlights (as at 31 March 2025) (1) As at 13th June 2025 12 Operating portfolio (as at 31