Trading Update

23 January 2026

eEnergy Group plc

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

Trading Update

183% increase in Group Adjusted EBITDA to £1.7m in FY25

100% increase in a record forward order book of £14.0m expected to be delivered in FY26

eEnergy (AIM: EAAS), an Energy-as-a-Service provider funding and delivering energy infrastructure upgrades across multi-site portfolios with zero upfront cost, announces a trading update for the year ended 31 December 2025, together with an update on the Board's outlook for FY26. All FY25 numbers are subject to audit.

FY25: Summary

· Revenue of £23.0m (2024: £25.1m)

o  £4.0m of previously anticipated FY25 revenue expected to be recognised in H1-26

· Adjusted EBITDA* increased 183% to £1.7m (2024: £0.6m)

o  Adjusted EBITDA* reflects optimisation of operating cost base and improved operating efficiencies

· Record contracted and awarded forward order book of £14.0m at year-end, a 100% increase of the order book at the start of the year (2024: £7.0m)

o  Investment grade pipeline developed to £127.0m

· The Group's strengthened framework network has delivered significantly larger contract and tender awards in FY25:

o  Via frameworks, NHS trusts awarded eEnergy a total of £1.7m in awards post multiple trusts securing funding from NHS National Energy Efficiency Fund ("NEEF")

o  £0.7m local authority tender contract win for the installation of solar PV

o  Included within four Lots in the LASER Supply ("Y24013") Framework

o  £2.0m solar PV ground mount installation at a UK golf course

· In September 2025, commenced UK Government backed (Great British Energy) solar PV and battery installation contract managed by Mace, eEnergy's largest project to date with £5.1m of revenue recognised in FY25

· Launch of SolarLife, a structured solar PV operations and maintenance ("O&M") service which will provide recurring revenue streams commencing in FY26 of £0.2m (not included in the £14.0m forward order book)

· Post year end, on 19 January 2026, appointment of Nicholas Mills as a Non-Executive Director, further strengthening the Board

FY25: Financial highlights

· Revenue of £23.0m (2024: £25.1m)

o  £4.0m of previously anticipated FY25 revenue expected to be recognised in H1-26

· Adjusted EBITDA* increased 183% to £1.7m (2024: £0.6m)

· Gross margin improved to 35.3% (FY24: 34.7%) reflecting better budgeting of customer quotations, improved terms with suppliers and tighter operational controls around project delivery

· Plc/non-operating costs of £2.0m (2024: £2.5m), reflecting optimisation of operating structure and cost base and improved operating efficiencies

· Net debt (incl IFRS16 liabilities) reduced to £1.6m (2024: Net debt (incl IFRS16 liabilities) £2.4m)

o  Net debt reduction is stated after the draw down of a £1.5m unsecured loan from Harwood Holdco Limited ("Harwood") in November 2025

· Cash at year-end of £0.9m (2024: £2.3m), expected to increase significantly in H1-26

o  Year-end cash decreased due to the temporary increase in short term net working capital driven primarily by the increase in accrued revenue on recent awards including £6.4m comprising:

§ £5.2m MACE award

§ £0.6m Solar PV ground mount at a UK golf course

§ £0.4m NEEF awards

§ £0.2m West Berkshire Council

o  Revenue recognition on awards is consistent with the Group's revenue recognition policy introduced in FY24

o  Accrued revenue to unwind into cash from late January 2026

· Record contracted and awarded forward order book for FY26 of £14.0m, a 100% increase of the order book at the start of the year (2024: £7.0m)

· Investment grade pipeline developed to £127m, with net revenue opportunities to be converted into revenue over the next 36 months

· In May 2025, the Group secured an exclusive facility of up to £100m, funded by Redaptive to provide third-party off-balance sheet funding for eEnergy customers across the education, healthcare and commercial sectors

o  Since entering the partnership with Redaptive, eEnergy has drawn down £13.0m of funding for its customers covering over 175 solar PV and LED projects across 179 locations and 51 customers

· £40m NatWest facility for public sector contracts is still in place and available to draw on

· In November 2025, drew down a £1.5m unsecured loan from Harwood to fund working capital and meet the rapid deployment on the Mace award

· Cooper Parry LLP appointed as the Group's auditor in H2-25

FY25: Operational highlights

· The Group's strengthened framework and tender capability has delivered significantly larger and multiple new awards in FY25 including (directly awarded via frameworks) from multiple NHS Trusts following their tenders to the NHS NEEF

· Portfolio of NEEF funded NHS trusts - a combined programme of LED lighting, solar PV and battery storage projects across multiple NHS Trusts with an aggregate value of £1.7m, across LED, solar PV and batteries

· In September 2025, the Group commenced work on a UK Government backed solar PV and battery installation contract managed by Mace with cash inflows commencing in January 2026

o  Initial Mace award for solar PV and batteries was for 47 schools which was expanded up to 73 schools and extended to include LED and EV installations

· Launched SolarLife, a structured solar operations and maintenance ("O&M") service which will provide recurring revenue streams of at least c£0.2m commencing in FY26

· Awarded a place on four Lots within the LASER Supply ("Y24013") Framework, following appointment to the Framework in March 2025. Framework Lots awarded to eEnergy comprised:

o  Lot 2 - Installation of solar PV systems and associated equipment with a total framework opportunity of c£4.5m over four years

o  Lot 3 - Supply and installation of solar PV Systems and associated equipment with a total framework opportunity c£30.0m over four years

o  Lot 4 - Supply and installation of specialist systems, including carports, ground-mounted solar PV, battery storage, EV charging, and smart grids with a total framework opportunity of c£20.0m over four years

o  Lot 5 - Power Purchase Agreements (PPAs) and innovative funding models

· Local authority tender win: £0.7m contract for the installation of c886kWp solar PV at West Berkshire Council's Integrated Waste Management Site, Padworth

FY26: Trading and outlook

· With the significant increase in the contracted order book and the investment grade pipeline growth over FY25, the Board increased FY26 revenue expectations to £34.0m, equivalent to an increase of 13.3% and expected Adjusted EBITDA* to £4.5m

· With £14.0m already contracted or awarded for delivery mainly in H1-26, first half revenue is expected to be significantly ahead of the comparative prior period (H1-25: £10.1m)

· Poised to generate substantial cash in FY26 as the short-term net working capital built up in H2-25 unwinds into positive net cash flow

· New "as-a-Service" exclusive Energy Performance Contract ("EPC") backed by Redaptive, providing a unique off-balance sheet, guaranteed customer saving, zero up front cost solution to both the public sector, commercial and industrial customers in the UK giving eEnergy multi-site customers significant opportunities to scale

o  EPC funding structure is a first of its kind in the UK, a much needed solution for the NHS that is expected to be transformational for NHS organisations

o  First EPC contract secured with Symphony Healthcare Services Limited (a subsidiary of Somerset NHS Foundation Trust) covering LED lighting upgrades across 18 GP surgeries, with a total contract value of £0.7m

· As announced on 19 January 2026, the Company is delighted to welcome Nicholas Mills to the Board of Directors. Nicholas brings extensive experience and will be a significant asset to the Board

Notes

*Adjusted EBITDA is earnings before interest, tax, depreciation and amortisation after adding back share-based payments charge of £0.8m (FY24: £1.6m) but after plc non-operating costs of £2.0m (FY24: £2.5m)

Commenting on the results, Harvey Sinclair, CEO, said:

"Our strategy is working; we have pivoted from a direct sales education business to a multi-channel, framework, and partner-driven development platform across education (where we are market leaders), healthcare and commercial and industrial. We have an exceptional proposition, underpinned by a funding model which provides our customers with a truly off-balance sheet solution, which we believe is unique in the UK market.

"eEnergy is growing from strength to strength and is seeing increasing demand for its services. We recorded revenues of £23.0m in FY25, and are pleased to report significant improvement in profitability, with Group Adjusted EBITDA* increasing 183% to £1.7m (2024: £0.6m). This reflects how we have now optimised our operating structure and cost base, improved our operating efficiencies, and succeeded in maintaining strong organic growth in our direct sales pipeline.

"We are pleased to have secured several major new contracts and awards in H2-25, namely Mace, LASER and the NHS NEEF portfolio. Despite the strong sales growth over FY25, evidenced by our record year-end contracted order book which is 100% higher from the position at the start of the FY25, a small number of large contracts were delayed which we expect to conclude in H1-26.

"Whilst this shift in anticipated revenues beyond the FY25 year-end was frustrating, the underlying contract economics and gross values are unchanged. This revenue is now expected in H1-26 which, alongside our strong pipeline, significantly increases the Board's confidence for the outlook in FY26.

"As we commence FY26, we do so with a record forward order book of £14.0m, a 100% increase over the position at the start of the year (£7.0m), a stable operating platform, a highly experienced operational management team and a streamlined cost structure. Our focus is now on securing and delivering larger scale projects, improving gross margin and cash generation and we expect to see record revenues in H1-26. The FY25 revenue shift into FY26 was timing-related only and consequently we have upgraded FY26 guidance for revenue by 13.3% from £30.0m to £34.0m, and Adjusted EBITDA by 12.5% from £4.0m to £4.5m.

"We have secured large scale government contracts which demonstrates the confidence in our execution and delivery model which is now poised for scale. These deals bring the benefit of assured scale and long-term value but, with that, comes the inevitability of more complex sign off procedures with multi-party procurement structures.

"Finally, the Board is pleased to welcome Nicholas Mills as a Non-Executive Director to the Company. Nicholas brings extensive experience, and the Board looks forward to drawing on his insight and expertise as we continue to deliver on our strategy. Nicholas's appointment, alongside Harwood's active, long-term value approach and its record of accomplishment and of working closely with smaller UK companies to unlock potential, provides the Board with additional support as we focus on accelerating performance and driving improved returns for all shareholders.

"I look forward to 2026 with continued confidence."

Investor presentation

There will be an online presentation, open to all existing and potential shareholders, via Investor Meet Company at 10.00.am on 26 January 2026. Questions can be submitted pre-event via the Investor Meet Company dashboard or at any time during the live presentation.

Investors can sign up to Investor Meet Company for free and add to meet eEnergy Group plc via:

https://www.investormeetcompany.com/eenergy-group-plc/register-investor

This announcement contains inside information for the purposes of Article 7 of 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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