Q1 Trading Update, Revenue Recognition & Outlook

16 April 2026

eEnergy Group plc

("eEnergy", "the Company" or "the Group")

Q1 26 positive trading update

Revenue recognition update on FY25

FY26 outlook: A step-change in scale and earnings

eEnergy (AIM: EAAS), an Energy-as-a-Service provider delivering funded energy infrastructure upgrades across multi-site portfolios, today announces a trading update on its Q1 2026 activities (unaudited) and an update to its revenue recognition policy in advance of completion of the audited results for the year ended 31 December 2025.

Trading Update

The Group has made a strong start to a year, delivering, for Q1-26:

· Revenue of £11.0m

· Adjusted EBITDA* of £0.7m

· Forward contracted order book of £10.7m (as at 31 March 2026)

· MACE (GB Energy) installations for across 73 schools are largely completed and on track for completion by 31 May 2026

· The Group expects to report record H1-26 revenues of circa £24.0m (H1-25: £10.1m), in line with management expectations underpinned by circa £21m of revenue already delivered or contracted to be delivered

Revenue Recognition Update

Following engagement with its new auditor, Cooper Parry, the Group has adopted a more conservative approach to revenue recognition. As a consequence, revenue recognised at contract signing has been reduced from 30% to 5% for Solar and Batteries and from 30% to 0% for LED and EV, resulting in a reduction of approximately £4.0m in FY25 reported revenue and a £4.0m increase in FY26 revenue. Importantly, there is no impact on cash generation and no change to underlying profitability of the individual contracts.

The revised policy improves alignment between revenue, Adjusted EBITDA and cash generation, and provides a more robust foundation as the business scales and is being applied to financial periods from FY24 (which will be restated accordingly).

Results Overview (FY25 and FY24, unaudited)

Applying the updated revenue recognition policy, the Group expects to deliver FY25 revenue of £19.0m (FY24 restated: £22.4m) and an Adjusted EBITDA* of £2.2m (FY24 restated: £0.7m loss), representing a £2.9m improvement year-on-year reflecting the progress the business has made in reducing its cost base and improving its operational efficiencies.

Net cash inflow from operating activities was £2.5m, demonstrating a significant improvement in cash conversion and earnings quality.

The Board also expects to receive a clean audit opinion from Cooper Parry on the FY25 results.

2026 Outlook - FY26 increased to £38m revenue

The Group expects to report record H1-26 revenues of circa £24.0m (H1-25: £10.1m), in line with management expectations which is underpinned by circa £21.0m of revenue already delivered or contracted to be delivered based on the revised revenue recognition policy.

The increase in revenue, reflects mobilisation of larger contracts secured in FY25, continued conversion of pipeline into contracted projects, and increasing contribution from frameworks and funding partnerships.

The Board has increased its FY26 revenue expectations to £38.0m, reflecting improved visibility and the impact of revised revenue recognition on the year as a whole.

Adjusted EBITDA in FY26 is expected to remain at £4.5m, with incremental gross profit in FY26 broadly offset by the expensing of £0.6m of contract assets carried from FY25.

The Group expects to become increasingly cash generative during FY26, as working capital invested in H2 FY25 unwinds.

With a strong contracted cash flow, the Group expects to be in a position to repay the £1.0m loan facility with Harwood Holdco Limited ahead of its due date of 31 July 2026.

* Adjusted EBITDA is EBITDA stated after adding back share-based payment charges of £0.8m in FY25 and £0.2m in Q1-26 (FY24 share based payments charge: £1.6m)

Harvey Sinclair, CEO of eEnergy, commented: "We have delivered a strong first quarter, with £11.0m of revenue and £0.7m of Adjusted EBITDA, and expect revenue in H1-26 of circa £24.0m, with circa £21.0m of revenue already delivered or contracted to be delivered. This reflects the mobilisation of larger contracts and continued conversion of our pipeline.

We have also taken the decision to adopt a more conservative revenue recognition policy. Whilst this reduces reported FY25 revenue, it better aligns revenue with cash generation and project delivery. There is no impact on the underlying economics of the contracts, and this provides a clearer foundation as we scale.

Delivering an expected £2.2m Adjusted EBITDA* in FY25 and underlying free cashflow of £2.5m from operations represents a fundamental shift in our operating model. Investors can now see that our business model is working and that EBITDA converts into cash.

While FY25 marks a clear inflection point for eEnergy, the real indicator of performance is our strong start to FY26 and our substantial pipeline of opportunities we are pursuing.

Our model is now proving itself at scale.

We have transitioned into a multi-channel platform, combining direct sales, frameworks, tenders and funding partnerships to access larger, more complex projects. Our partnership with Redaptive and the launch of our Energy Performance Contracting solution further strengthen our ability to deliver funded Net Zero solutions reducing client electricity costs at scale.

The current market backdrop provides additional tailwinds, with energy volatility accelerating macro demands for energy reduction solutions and off grid renewables, alongside continued Net Zero requirements and capital constraints which drive demand for funded, off balance sheet solutions.

We entered FY26 with strong momentum and increased confidence with our strongest ever pipeline of opportunities. With FY26 revenue expectations of £38.0m and unchanged Adjusted EBITDA* of £4.5m, alongside improving cash generation, we believe eEnergy is well positioned to deliver sustained growth and value for shareholders."

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

For further information, please visit www.eenergy.com or contact:

About eEnergy Group plc

eEnergy (AIM: EAAS) is a UK-based Energy-as-a-Service (EaaS) provider, funding and delivering energy-saving and energy-generating solutions across multi-site public sector and commercial portfolios-helping customers cut energy waste, reduce operating costs, and improve building resilience with zero upfront cost.

eEnergy delivers four core solutions:

· Reduce: LED lighting and controls

· Generate: Solar PV (rooftop, ground mount, and carport)

· Store: Battery storage (store onsite generation and reduce peak-time import costs)

· Charge: EV charging infrastructure and management

Projects are funded through dedicated facilities, including up to £100m of project funding via eEnergy's partnership with Redaptive, and a £40m NatWest facility supporting public sector deployments.

eEnergy's routes to market include direct sales, public sector frameworks, tenders, and strategic partnerships. The Group holds positions on five major procurement frameworks-CCS (Crown Commercial Service), LASER, Lexica/NHS London, NHS Commercial Solutions Framework, and Proactis (YPO)-and is an Office for Zero Emission Vehicles (OZEV) approved EV charge point installer.

The Group has delivered over 1,200 projects and has installed c590,000 LEDs, improving learning environments for c520,000 students.

eEnergy is a market leader in the education sector and has been awarded the London Stock Exchange's Green Economy Mark. The Company is also recognised in the 2025 UK Fast Growth 50 Index within the Fastest Growing Green Firms 2025 list, and holds an EcoVadis Bronze Medal with a score of 61/100, placing it in the top third of more than 130,000 organisations assessed globally.

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