Net Asset Value(s)

5 November 2025

Aquila European Renewables plc

Net Asset Value and Factsheet

Aquila European Renewables plc (the Company), a Euro income fund, announces its unaudited net asset value ("NAV") as of 30 September 2025 was EUR 221.6 million or 58.59 cents per Ordinary Share (30 June 2025: EUR 279.3 million or 73.87 cents per Ordinary Share).

Key drivers of the NAV movement in Q3 2025 were:

- An increase to the portfolio discount rate to 10.0% up from 8.8% as at 30 June 2025. The increase recognizes the Managed Wind-Down status of the Company and the goal to realise the Company's investments in an expeditious manner. The current market return requirements for potential acquirers of the Company's remaining investments are perceived to be higher than the discount rates used for "business as usual" valuation purposes, which historically have been based on holding the investments for the foreseeable future. Such return requirements vary by reference to then current market conditions and may therefore be higher depending on the timing at which any further realisations are concluded. In addition, the NAV includes the sale values of the Holmen, Svindbaek & Desfina investments, which were 17% below the aggregate values as at 30 June 2025, and estimated sale costs. As at 30 September 2025 there had also been smaller increases in discount rates to address increases in risk premia for certain assets within the portfolio to reflect local market issues. In addition, there was an increase in beta and risk free rates across financial markets. The overall increase in discount rates and adopting the sale values of the Holmen, Svindbaek & Desfina investments accounted for a 11.1% decline in NAV per share in the period.

- Compared to previous quarter, the power price curve forecasts show a downward revision across most European markets, which is more pronounced in Iberia than in the Nordics. In the short term, the decline is driven by lower commodity prices in all the relevant countries. In Iberia, solar PV prices have been significantly revised downwards due to higher expected capture effects, especially in the short term, resulting from higher solar buildout/generation. The overall effect of changes to power price curve forecasts reduced NAV per share by 6.8% in the period.

- Total portfolio production was 19.8% below budget. Solar PV production was 24.6% below budget, attributable in particular 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 12.6% below forecast in Q3. Both Holmen and The Rock performed ahead of forecast, +3.5% and +2.8% respectively, while Desfina, Svindbaek and Olhava were 0.8%, 20.3% and 55.0% below forecast. Svindbaek was adversely affected by availability losses caused by technical issues. Olhava underperformed mainly due to extensive commercial curtailments lasting over 60% of September, while technical losses remained low and wind conditions were normal.

- The performance of Olhava in the first nine months of 2025 was 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 €0.5m, funded by the Company, in return for the lock-up period being extended to June 2026. In addition, the bank has indicated that it will accept another equity cure if there is another covenant breach in respect of the year ending 31 December 2025, which may require additional funding from the Company if market conditions do not improve.

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

For further details contact:

Corporate Broker

Numis Securities 020 7260 1000

Hugh Jonathan

George Shiel

Media contacts:

Edelman Smithfield

Ged Brumby 07540-412301

www.aquila-european-renewables.com

LEI: 213800UKH1TZIC9ZRP41