NAV, Dividend, Managed Wind-Down and Factsheet

5 February 2026

Aquila European Renewables plc

Net Asset Value, Dividend, Managed Wind-Down and Factsheet

Summary

· Net Asset Value (NAV): The Company's NAV as at 31 December 2025 was EUR 214.3 million, or 56.7 cents per Ordinary Share (30 September 2025: EUR 221.5 million, or 58.6 cents per Ordinary Share).

· NAV total return (Q4 2025): -2.2%, comprising -1.91 cents per Ordinary Share movement in NAV and a dividend of 0.65 cents per Ordinary Share paid during the quarter.

· Dividend: No dividend is recommended in respect of Q4 2025.

· Managed wind-down: The Company continues to progress asset realisations and intends to return capital to shareholders as proceeds are received. Following the first distribution in January 2026, completion of the sale of Desfina is expected around end-February 2026, with a further return of capital intended promptly thereafter.

· Factsheet: The quarterly factsheet will be published shortly on the Company's website: https://www.aquila-european-renewables.com

Net Asset Value

The Company's Net Asset Value (NAV) as at 31 December 2025 was EUR 214.3 million or 56.7 cents per Ordinary Share (30 September 2025: EUR 221.5 million or 58.6 cents per Ordinary Share). Over Q4 2025, this represents a NAV total return of -2.2% (-1.91 cents per Ordinary Share plus a dividend of 0.65 cents per Ordinary Share).

Key drivers of the NAV movement in Q4 2025:

· Operational performance below forecast: Performance in Q4 2025 versus forecast was below budget. Imbalance prices in the Nordic and Baltic countries became more volatile as the systems integrate higher shares of wind power and move to finer time resolution and new pricing algorithms (e.g. 15-minute imbalance settlement and automated activation introduced in 2025 in the Nordics). As a result, production was curtailed to limit exposure to high imbalance prices. In addition, production in Spain and Portugal was 15% below forecast in Q4 2025.

· Discount rate: The portfolio discount rate remained stable at 10.0% p.a. versus the position as at the end of Q2 2025. However, over the full year there was a substantial increase from 7.3% p.a. as at the end of Q4 2024.

· Power price curves: Compared to previous quarter, there was little change in power price curve forecasts. However, over the course of the full year there was a significant downward revision across most European markets. In the short term, the decline was driven by lower commodity prices in all the relevant countries. In Iberia, solar PV prices were significantly revised downwards due to higher expected capture effects resulting from higher solar buildout/generation.

· Full-year production below budget: Total portfolio production for the remaining investments in the year ended 31 December 2025 was 24.1% below budget. Solar PV production was 28.3% below budget, attributable to curtailment of the Iberian solar PV assets due to several hours of negative electricity market prices, which prompted solar PV parks such as Albeniz, Tiza, and Greco to shut down, resulting in lower production. Wind power production was 17.9% below forecast in 2025. Olhava underperformed by 29.4% in 2025 mainly due to extensive commercial curtailments, while technical losses remained low and wind conditions were normal.

· Olhava covenant position and potential equity cure: The performance of Olhava in the year ended 31 December 2025 was also negatively impacted by depressed power prices and high grid balancing costs, which resulted in a breach of the financial covenants of the senior debt facility as at 30 June 2025. The bank agreed to accept an equity cure payment of EUR 0.5m, funded by the Company, in return for the lock-up period being extended to June 2026. In addition, the bank agreed that another equity cure would be acceptable if there is another covenant breach in respect of the year ending 31 December 2025. While the full year results are not yet finalised, it is likely that there will be a covenant breach, which would require an equity cure and additional funding from the Company.

Dividend

As previously announced, the Company intends to continue paying dividends in order to maintain the Company's investment trust status. However, as it pursues the managed wind-down, the Board is unable to provide forward guidance as to the level of dividend for the year ahead. Shareholders should also note that the Board is no longer seeking to smooth the level of dividend over a financial year and dividend payments are expected to decline as assets are realised, gearing is reduced and capital is returned to shareholders.

No dividend is recommended in respect of Q4 2025. Cash generated by the Company's investments, available for upstreaming to the Company, was under significant pressure in the second half of 2025 due to Olhava's lender prohibiting payments to shareholders and to challenging market conditions in Spain and Portugal. In addition, there may also be calls on the Company's capital to support investments including potential equity cures for the Olhava investment.

Managed wind-down and capital returns

Following completion of the Sagres disposal in June 2025 for EUR14.7 million and the Holmen II and Svindbaek disposals for EUR 36.6 million in December 2025, the Company completed its first capital distribution to Shareholders under the approved B Share Scheme totalling approximately EUR 34 million in January 2026.

The sale of the Company's Greek asset, Desfina, for a total consideration of approximately EUR 26 million is now expected to complete around the end of February 2026. The Company intends to execute another return of capital promptly following the completion of the sale which will represent the majority of proceeds received.

Factsheet

Further details will shortly be available in the quarterly factsheet on the Company's website at: https://www.aquila-european-renewables.com.

Enquiries:

LEI: 213800UKH1TZIC9ZRP41