AQUILA EUROPEAN RENEWABLES PLC

HALF-YEARLY REPORT

FOR THE SIX MONTHS ENDED 30 JUNE 2025

Job No: 102107 Proof Event: 9 Black Line Level: 3 Park Communications Ltd Alpine Way London E6 6LA Customer: Apex Project Title: Aquila Half Year Report 2025 T: 0207 055 6500 F: 020 7055 6600

Strategic Report

Investment Objective	1
Highlights	2
At a Glance	4
Chairman's Statement
Investment Adviser's Report	9
Investment Adviser Background	9
Investment Portfolio	11
Portfolio Update	12
Contracted Revenue Position	13
Financial Performance	14
Market Commentary and Outlook	22
Environmental, Social and Governance	25
Board of Directors
Interim Management Report and Responsibility Statement	31

Financials

Statement of Comprehensive Income	33
Statement of Financial Position	34
Statement of Changes in Equity	35
Statement of Cash Flows	36
Notes to the Financial Statements	37

Other Information

Alternative Performance Measures	45
Glossary	47
Company Information	49

Diversified Portfolio Read more on page 11

Portfolio Update Read more on page 12

Market Commentary and Outlook

INVESTMENT OBJECTIVE

The Company's Investment Objective is to realise all existing assets in the Company's portfolio in an orderly manner.

HIGHLIGHTS

Financial Information

as at 30 June 2025

279.3 1H2024: 335.5

Dividends per Ordinary Share (cents)3

1.58 1H2024: 2.9

Ordinary Share price Discount to NAV1 (15.3%) 1H2024: (26.9%)

NAV per Ordinary Share (cents)1 73.9 1H2024: 88.7

Ordinary Share Price (cents)

62.6 1H2024: 64.9

Ongoing Charges1,5 1.0% 1H2024: 1.1%

Total NAV Return per Ordinary Share1,2 (10.9%) 1H2024: (7.1%)

Dividend Yield4 5.0% 1H2024: 8.9%

1. This disclosure is considered to represent the Company's alternative performance measures ("APMs"). Definitions of these APMs and other performance measures used, together with how these measures have been calculated, can be found on page 45. All references to cents are in euros, unless stated otherwise.
1. Calculation based on NAV per Ordinary Share in euros, includes dividends and assumes no reinvestment of dividends.
1. Dividends paid/payable and declared relating to the period.
1. Dividend yield is calculated by annualising the dividends paid year to date per share by the current market share price as at 30 June 2025.
1. Calculation based on average NAV over the period and regular recurring annual operating costs of the Company, further details can be found on page 45.

Job No: 102107 Proof Event: 6 Black Line Level: 3 Park Communications Ltd Alpine Way London E6 6LA Customer: Apex Project Title: Aquila Half Year Report 2025 T: 0207 055 6500 F: 020 7055 6600

AT A GLANCE

Portfolio Breakdown1

Diversified Technologies

Based on fair values as at 30 June 2025. Totals may not add up to 100.0% due to rounding differences.

As a result of the diversification of generation technologies, the seasonal production patterns of these asset types complement each other, balancing cash flow, whereas the geographic diversification serves to reduce exposure to any one single energy market.

Solar PV	230.7 MWp
BENFICA III 19.7 MWp	ALBENIZ 50.0 MWp	OURIQUE 62.1 MWp
Ownership: 100.0%	Ownership: 100.0%	Ownership: 50.0%
GRECO 100.0 MWp	TIZA 30.0 MWp
Ownership: 100.0%	Ownership: 100.0%
Wind energy	174.8 MW
HOLMEN II 18.0 MW	OLHAVA 34.6 MW	SVINDBAEK 32.0 MW
Ownership: 100.0%	Ownership: 100.0%	Ownership: 99.9%
THE ROCK 400.0 MW	DESFINA 40.0 MW
Ownership: 13.7%	Ownership: 89.0%

CHAIRMAN'S STATEMENT

Ian Nolan | Chairman

Introduction

In the first half of 2025, the Company continued to implement its Managed Wind-Down strategy, progressing realisations where market conditions have allowed. As at the date of this Interim Report, the Company has completed the sale of Sagres (its hydropower investment in Portugal) at the 31 December 2024 valuation, adjusted for distributions received prior to the transaction's completion in June 2025. This was the second significant disposal after the realization of the Tesla investment in September 2024.

As detailed in the Company's announcement 'Update on Sales Process' published on 28 July 2025, the Company and its advisers underwent a significant amount of work to progress a potential transaction with the previous preferred bidder. While a transaction for the Company's wind and solar PV assets has not been concluded, active sale processes are ongoing in close coordination with the Company's financial adviser, Rothschild & Co, and further updates will be provided to shareholders as soon as possible in the fourth quarter of 2025. The Company is approaching the final stages of a potential sale of a portion of the portfolio and intends to update shareholders imminently. The Board is very mindful of the Shareholders' objectives and continue to work hard with its advisers to deliver on these.

The current market for renewable generation investments in Europe has been influenced by several factors:

(i) lower-than-expected resource, with the Company's assets affected by subdued wind conditions and below-average solar irradiation;
(ii) electricity prices in the first half of 2025 coming in below expectations, alongside a substantial reduction in forward price forecasts since the end of 2024; and

(iii) increased cost pressures, particularly in relation to grid balancing activities.

These factors, combined with a decision to increase the discount rates applied to the valuation of the Company's investments to reflect the current high risk environment and in line with listed peers, resulted in a 12.8% decrease in the gross asset value and a 10.2% reduction in net asset value between 31 December 2024 and 30 June 2025.

The Company's share price moved from 66.0 cents at 31 December 2024 to 62.6 cents at 30 June 2025, and subsequently to 42 cents as at 26 September 2025, representing a 43% discount to the 30 June 2025 NAV.

Key Developments

As referred to in the Introduction, in June 2025, the Company sold its 17.99% stake in its hydropower investment in Portugal, referred to as Sagres, to the other joint shareholders. The internal rate of return (IRR) achieved on this project was 9.59%, a good result. Sagres is a 107.6 MW operational hydropower plant in Portugal, which the company acquired in 2019. The proceeds from the sale were retained and support the Company's working capital requirements, which no longer have access to the revolving credit facility ("RCF"), which was cancelled in April 2025 in order to reduce expenses. A consequence of cancelling the RCF was a requirement to use cash of EUR 2.8 million to collateralise guarantees relating to dismantling obligations associated with the Company's Spanish solar PV investments.

Performance

The Company's NAV per Ordinary Share was 73.9 cents as at 30 June 2025, resulting in a NAV total return per Ordinary Share of -10.9%, including dividends during the period.

CHAIRMAN'S STATEMENT CONTINUED

Movement in the NAV was driven by various factors. On one hand there has been a reduction in expected European power price curves, which on average fell across the portfolio over the next five years contributing to a decline in NAV (around 4.6%). On the other hand, the portfolio discount rate increased to 8.8% in line with listed peers and due to a combination of rising beta values, higher risk-free rates across financial markets, and additional risk premia applied to certain assets to account for local market challenges. This change resulted in a further decline in NAV (approximately 5.2%).

In 2025, the Company has paid or declared dividends of 1.58 cents per Ordinary Share. Since the IPO in June 2019, the Company has returned EUR 122.5 million to shareholders in the form of dividends and share buybacks, equivalent to 29.7% of total raised capital.1

Over the reporting period, total revenue was 31.2% below budget due to persistently lower short-term electricity spot market prices across most portfolio markets. This reflects the continued decline in commodity prices compared to the previous year, subdued power demand from a mild winter across Europe, and further downward pressure on Guarantee of Origin ("GoO") prices. Additionally, high gas storage levels throughout 2024 sustained lower power prices, which particularly impacted the merchant-exposed part of the portfolio — currently accounting for 52.2% of total revenues. Production was 24.4% below budget during the 12-month period, primarily due to lower irradiation for the solar portfolio, curtailment of the Iberian solar PV assets during periods of negative power prices and lower than forecast average wind resource in the Nordics. This in turn was partially offset by continued strong performance from the hydropower portfolio due to higher-than-forecast water availability, sustaining a strong positive trend for the hydropower portfolio since June 2023.

ESG

Despite the Company being in Managed Wind-Down, the portfolio continues to contribute towards the UN Sustainable Development Goals to ensure access to affordable, reliable, sustainable and modern energy for all. Full details of the Company's approach to combating climate change, enhancing biodiversity, boosting regional and local community engagement, ensuring sustainable supply chain management and best-practice labour standards, as well as other environmental and social topics, can be found in this dedicated report.

Outlook

The Board remains confident in the long-term fundamentals of the European renewable energy sector, supported by the urgent need to decarbonise energy systems, favourable European regulatory frameworks promoting energy security, and expected growth in power demand from industrial recovery, electrification of heat and transport, and the expanding requirements of data centres and artificial intelligence ("AI"). AI in particular is anticipated to be a significant driver of future energy consumption, underscored by the European Commission's recent EUR 200 billion investment pledge in AI.

In the context of the Company's Managed Wind-Down, the Board's priority is to complete the asset sale programme efficiently, while safeguarding value and returning capital to shareholders in a timely and cost-effective manner.

Ian Nolan Chairman

30 September 2025

^1. Raised capital including shares issued to the Investment Adviser as payment of the management fee.

INVESTMENT ADVISER'S REPORT

Leader in Investment and Asset Management in European Renewables

Investment Adviser Background	9
Investment Portfolio	11
Portfolio Update	12
Contracted Revenue Position	13
Financial Performance	14
Market Commentary and Outlook	22

Overall CO2eq emissions avoided² 3.4 million tonnes

Green energy produced2

11.8 TWh

Households supplied2 3.3 million

Figures presented in this section refer to Aquila Group.

Investment Adviser Background1

Aquila Capital Investmentgesellschaft mbH ('Aquila Capital') is one of the leading investment and industrial development companies, managing over EUR 15.4 billion on behalf of institutional investors worldwide and running one of the largest clean energy portfolios in Europe. Over the past two decades, Aquila Capital and its subsidiaries have committed themselves to supporting the clean energy transition and creating a more sustainable world. Additionally, it has projects in sustainable real estate and green logistics, either completed or under development. Aquila Capital also invests in energy efficiency, carbon forestry and data centres.

The Investment Adviser's expert investment teams comprise 700 employees worldwide. Moreover, the strategic partnership entered into in 2019 with Japan's Daiwa Energy & Infrastructure draws on its sector networks and experience to screen, develop, finance, manage and operate investments along the entire value chain. As this business model requires local management teams, Aquila Capital is represented across 19 investment offices.

Aquila Capital's in-house Markets Management Group ("MMG"), a team of experts dedicated to sourcing and structuring Power Purchase Agreements ("PPAs"), market analysis, trading, origination, FX, interest rates and other hedging products, has facilitated the Company's proactive approach to hedging and risk management. Since its inception, the team has structured, negotiated and put in place more than 32 PPAs and has created an extensive network of offtakers, being recognised as one of the most important players in the European landscape. The ultimate aim is to secure stable revenues whilst always ensuring the best possible risk-adjusted return. MMG also supports the rest of the teams within Aquila by providing market insights, analysis, research and regulatory knowledge. It also undertakes regular reporting on market evolution and events and ad hoc research to identify emerging market trends.

The Company's Alternative Investment Fund Manager ("AIFM"), FundRock Management Company (Guernsey) Limited, has appointed Aquila Capital as its Investment Adviser for the Company. Aquila Capital's key responsibilities are to originate, analyse and assess suitable renewable energy infrastructure investments and advise the AIFM accordingly, as well as to provide Asset Management services.

The Investment Adviser announced a strategic partnership with Commerzbank AG on 18 January 2024 aimed at significantly accelerating the Investment Adviser's growth into one of the leading asset managers for sustainable investment strategies in Europe. Commerzbank is a major listed European banking institution serving a diverse client base of around 26,000 corporate client groups and nearly 11 million private and corporate clients, with a global presence in more than 40 countries.

Data as at 31 December 2024, based on current portfolio of the Aquila Group. For details on the methodology for avoided emissions, refer to: https://www.aquila-capital.de/fileadmin/user_upload/PDF_Files_Whitepaper-Insights/20231121_LAE_White_paper_EN.pdf

INVESTMENT ADVISER'S REPORT CONTINUED

As part of this partnership, Commerzbank acquired a 74.9% stake in Aquila Capital, whilst ensuring its continued managerial independence, which will remain autonomous in terms of operations, investment decisions, product development and brand representation. The parent company of the Investment Adviser, Aquila Group, will remain engaged as a shareholder with its remaining 25.1% shareholding. The transaction was completed following the receipt of the required regulatory approvals on

3 June 2024. At the end of May 2025, portfolio manager Michael Anderson resigned from Aquila Capital to pursue other interests. Alex Betts has taken over his duties as portfolio manager in the team responsible for AER. Alex is a highly experienced professional with well over 30 years of experience in corporate finance and as a private equity principal investor. Alex joined Aquila five years ago and is based in London.

Current Renewables Portfolio of Aquila Group in Europe1:

Map is shown for illustrative purposes only. Exact locations of offices and assets might deviate. Points indicate one or more assets and are not indicative of size.

Data as at 31 December 2024, including historical divestments.

Investment Portfolio

Project	Technology	Country	Capacity1	Status	COD2	Asset Life from COD	Equipment Manufacturer	Energy Offtaker3	Offtaker	Ownership in Asset	Leverage4	Acquisition Date
Holmen II	Wind energy Denmark		18.0 MW	Operational	2018	25y	Vestas	FiP	Energie.dk	100.0%	33.1%	July 2019
Olhava	Wind energy	Finland	34.6 MW	Operational	2013- 2015	30y	Vestas	FiT	Finnish Energy	100.0%	26.6%	September 2019
Svindbaek	Wind energy Denmark		32.0 MW	Operational	2018	29y	Siemens	FiP	Energie.dk	99.9%	17.7%	December 2019 & March 2020
The Rock	Wind energy	Norway	400.0 MW	Operational	2022	30y	Nordex	PPA	Alcoa	13.7%3	63.8%	June 2020
Benfica III	Solar PV	Portugal	19.7 MW	Operational	2017, 2020	40y	AstroNova	PPA	Axpo	100.0%	0.0%	October 2020
Albeniz	Solar PV	Spain	50.0 MW	Operational	2020	40y	Canadian Solar	PPA	Statkraft	100.0%	25.1%	December 2020
Desfina	Wind energy	Greece	40.0 MW	Operational	2022	25y	Enercon	FiP	DAPEEP	89.0%5	54.9%	December 2020
Ourique	Solar PV	Portugal	62.1 MW	Operational	2020	40y	Suntec	CfD	ENI	50.0%3	0.0%	June 2021
Greco	Solar PV	Spain	100.0 MW	Operational	2019	40y	Jinko	PPA	Statkraft	100.0%	30.2%	March 2022
Tiza	Solar PV	Spain	30.0 MW	Operational	2023	40y	Canadian Solar	PPA	Axpo	100.0%	33.5%	June 2022
Total (AER Share)			405.5MW		2022

1. Installed capacity at 100% ownership.
1. COD = Commissioning date.
1. PPA = Power Purchase Agreement, FiT = Feed-in tariff. FiP = Feed-in premium, CfD = Contract for Difference. Further information on the contracted revenue position can be found on page 13.
1. Leverage level calculated as a percent of debt plus fair value as at 30 June 2025.
1. Represents voting interest. Economic interest is approximately 89.9%.

INVESTMENT ADVISER'S REPORT CONTINUED

Portfolio Update

as at 30 June 2025

Sagres

In June 2025, the Company sold its 17.99% stake in its hydropower investment in Portugal, referred to as Sagres, to the other joint shareholders. The internal rate of return (IRR) achieved on this project was 9.6%. Sagres is a 107.6 MW operational hydropower plant in Portugal, which the company acquired in 2019.

The Board is working with its advisers to explore options to return surplus capital to shareholders following the receipt of Sagres sale proceeds.

Olhava

Olhava is in lock-up following debt covenant breaches driven by a combination of factors including lower than forecast realised power prices and production, elevated grid balancing costs and high debt repayment obligations, which are expected to ease from the end of 2025. It has been necessary to make equity cure payments from the resources of the company which owns Olhava and agree that payments under the shareholder loan and of dividends are suspended until the end of December 2025. In September 2025 an additional equity cure of EUR 508k was paid from the Company's resources. While asset liquidity remains stable although revenue and cost risks persist from the impending expiry of the feed-in tariff for most turbines and elevated grid balancing reserves, constructive discussions with the bank continue in order to modify the terms of the loan, which are likely to result in the lock up period being extended. The Board and Investment Adviser continue to monitor the asset's performance closely against a background of difficult market trading conditions.

Debt

The Board decided to let the revolving credit facility expire on 18 April 2025, minimising fees and expenses going forward. As a result, Tesseract Holdings Limited used EUR 2.8 million of its cash to collateralise the remaining outstanding bank guarantees of approximately EUR 2.8 million, which support dismantling obligations associated with the Company's Spanish solar PV assets.

Contracted Revenue Position1

Revenue Mix – Existing Contracts

Present Value of Revenues (Five Years)2

The Board and Investment Adviser are not actively entering into new hedging opportunities unless the commercial terms are compelling given the Board's focus on the Managed Wind-Down process. In the first half of 2025 the share of production sold at market prices was 52.2% compared with 49.0% as at the end of 2024.

Contracted revenue net present value1 EUR 196.7m

Contracted revenue over the next five years² 47.8%

Weighted average contracted revenue life

Contracted revenue as at 30 June 2025, discounted by the weighted average portfolio discount rate.

Aggregate contracted revenue over entire asset life (not discounted).

INVESTMENT ADVISER'S REPORT CONTINUED

Financial Performance

Performance1

Electricity Production (GWh)					Variance
Technology	Region	1H25	1H241	Variance (%)	1H25 against P50 budget
Wind energy	Denmark, Finland, Norway, Greece	206.7	226.1	(8.6%)	(17.2%)
Solar PV	Portugal, Spain	159.5	190.9	(16.5%)	(32.1%)
Total		366.2	417.0	(12.2%)	(24.4%)
Load Factors
Technology		1H25	1H24
Wind energy		30.0%	30.7%
Solar PV		14.0%	18.8%
Total		24.9%	27.4%
Technical Availability2
Technology		1H25	1H24
Wind energy		96.1%	93.6%
Solar PV		92.4%	99.3%
Total		94.6%	96.9%
Revenues3 (EUR million)
Technology		1H25	1H24	Variance (%)
Wind energy		10.9	14.3	(23.5%)
Solar PV		7.1	9.2	(22.5%)
Total		18.0	23.4	(23.1%)

Value adjusted for the assets sold so that a comparison is possible.
Average technical availability based on weighted installed capacity (AER share).
Includes merchant revenue, contracted revenue and other revenue (e.g. Guarantees of Origin, Electricity Certificates).

1H25 Monthly Production Performance vs. Budget

Wind energy Solar PV Budget

The portfolio's production was 24.4% below budget over the reporting period, primarily due to lower irradiation for the solar portfolio, curtailment of the Iberian solar PV assets due to periods of negative market prices (c. 33% below forecast) and a combination of low irradiation and a failure of a transformer in Portugal, which resulted in 2 months of reduced capacity (now resolved) at the Ourique plant (ca. 29% below forecast). The production of the portfolio was also affected from poor wind conditions in Denmark and Greece (c. 21% below forecast) technical availability issues such as icing in Norway & Finland (c. 14% below forecast). Due to these factors, the portfolio weighted average technical availability over the reporting period standing at 94.6% (1H24: 96.9%).

If the technical availability of a plant falls below the guaranteed level, the compensation is contractually defined in the respective EPC or O&M agreement in the form of liquidated damages. However, for certain assets, this compensation is calculated based on the annual technical availability. As long as the year-end value remains above the guaranteed threshold, no liquidated damages are payable.

In Spain, technical curtailments may be compensated (real-time at spot price), while day-ahead curtailments are not. Commercial curtailments due to negative prices are not covered by PPAs and excluded from revenues. For wind assets with baseload PPAs, curtailed volumes must be bought back on the spot market, usually without compensation. By contrast, Iberian PV assets are generally contracted under pay-as-produce PPAs, which avoid market buy-back obligations in case of curtailments or low production.

INVESTMENT ADVISER'S REPORT CONTINUED

Financial Performance continued

Gearing1

EUR million	As at 30 June 2025	As at 31 December 2024	Variance (%)
NAV	279.3	320.2	(12.8)%
Debt2	144.7	151.9	(4.7)%
GAV	424.0	472.2	(10.2)%
Debt (% of GAV)3	34.1	32.2
Project debt weighted average maturity (years)	8.1	10.7
Project debt weighted average interest rate (%)4	3.1	3.1

In the first half of 2025, a total of EUR 4.1 million in bank financing was repaid excluding the external debt of Sagres included in the amount as at 31 December 2024.

As of 30 June 2025, Olhava's historic DSCR ratio (at 0.91x) was again below the default threshold of 1.05x under the bank financing with SEB. The breach is due principally to low power prices in the market. It has been necessary to make equity cure payments from the resources of the company which owns Olhava and agree that payments under the shareholder loan and of dividends are suspended until the end of December 2025. In September 2025 an additional equity cure of EUR 508k was paid from the Company's resources. Constructive discussions with the bank are ongoing to modify the terms of the loan, which are likely to result in the lock up period being extended.

Debt Summary as at 30 June 2025

Project	AER Share	Drawn Debt (EUR million)	Currency	Bullet/ amortising	Maturity	Hedged Proportion	Type
					Dec-30/
Olhava	100.0%	8.1	EUR	Fully amortising	Sep-31	100.0%	Bank Debt
Holmen II	100.0%	9.8	DKK	Fully amortising	Dec-37	92.6%	Bank Debt
Svindbaek	99.9%	6.2	DKK	Fully amortising	Dec-37	100.0%	Bank Debt
The Rock: USPP Bond	13.7%	29.9	EUR	Fully amortising	Sep-45	100.0%	Debt Capital Markets
The Rock: Green Bond	13.7%	10.9	EUR	Bullet	Sep-26	100.0%	Debt Capital Markets
Desfina	89.0%	31.3	EUR	Fully amortising	Dec-39	100.0%	Bank Debt
Albeniz	100.0%	10.6	EUR	Partly amortising	Dec-28	90.0%	Bank Debt
Jaén	100.0%	11.9	EUR	Partly amortising	Dec-28	90.0%	Bank Debt
Guillena	100.0%	16.4	EUR	Partly amortising	Dec-28	90.0%	Bank Debt
Tiza	100.0%	9.4	EUR	Partly amortising	Dec-28	90.0%	Bank Debt
Total		144.7				95.3%

Foreign currency values converted to EUR as at 30 June 2025. Data represents AER's share of debt. AER share of Desfina debt based on voting interest.
Debt corresponds to senior debt secured at project level.
This disclosure is considered to represent the Company's alternative performance measures ("APMs"). Definitions of these APMs and other performance measures used, together with how these measures have been calculated, can be found on page 45. All references to cents are in euros, unless stated otherwise.

Weighted average all in interest rate for EUR denominated debt. DKK denominated debt has an average weighted interest rate of 2.7% (31 December 2024: 2.8%).

Valuation

The Company's NAV as at 30 June 2025 was EUR 279.3 million or 73.9 cents per Ordinary Share (31 December 2024: EUR 320.2 million or 84.7 cents per Ordinary Share). This represents a NAV total return of -10.9% per Ordinary Share (2024: -8.2%) including dividends.

Dividends of EUR 6.0 million (1.58 cents per Ordinary Share) were paid during the reporting period.

The main drivers of NAV movement in the value of investments in the reporting period include:

Reductions in forecast European power price curves, which on average across the portfolio decreased over the next 5 years compared to the last quarter, accounting for 4.6% of the decline in NAV; and
An increase to the portfolio discount rate to 8.8% in line with the company listed peers due to the following reasons:
- Increase in risk free rate especially in the long run due to ongoing uncertainties in the markets (international conflicts, US tariff policy)
- Higher return expectations reflecting the challenging environment for wind and solar investments
- Change in power price mix applied to the Northern Europe Wind investments leading to higher cash flow forecasts and consequently higher discount rate
- As a result, the increase in the portfolio discount rate accounted for a 5.2% decline in NAV.

INVESTMENT ADVISER'S REPORT CONTINUED

Financial Performance continued

Valuation Methodology

The Company owns 100.0% of its subsidiary Tesseract Holdings Limited ("HoldCo" or "THL"). The Company meets the definition of an investment entity as described by IFRS 10. As such, the Company's investment in the HoldCo is valued at fair value.

The Company has acquired underlying investments in SPVs through its investment in the HoldCo. The Investment Adviser has carried out fair market valuations of the SPV investments as at 30 June 2025 and the Directors are satisfied with the methodology, the discount rates and key assumptions applied, and the valuations.

All SPV investments are at fair value through profit or loss and are valued using the IFRS 13 framework for fair value measurement. The economic assumptions shown below were used in the valuation of the SPVs.

Valuation Assumptions

As at 30 June 2025

Discount rates	The discount rate used in the valuations is calculated according to internationally recognised methods. Typical components of the discount rate are risk free rates, country-specific and asset specific risk premia.
Power price	Power prices are based on power price forecasts from leading market analysts. The forecasts are independently sourced from providers with coverage in almost all European markets as well as providers with regional expertise. The approach is consistently applied to all asset classes (wind and solar PV) and typically remains unchanged using a blend of two power price curve providers. However, in respect of the valuations for wind investments in Northern Europe, the Investment Adviser decided to not use the latest power price forecasts from one provider due to inconsistencies and differences in key long-term assumptions over the last forecast periods. The investment advisor is currently performing an in-depth analysis to consider whether to adjust the power price curve mix for Northern Europe.
	In the meantime, the valuations of wind Investments in Northern Europe are based on just one power price curve provider.
Energy yield/load factors	Estimates are based on third party energy yield assessments, which consider historic production data (where applicable) and other relevant factors.
Inflation rates	Long-term inflation is based on the monetary policy of the European Central Bank.
Asset life	In general, an operating life of 25 to 30 years for onshore wind and 40 years for solar PV is assumed. In individual cases, a longer operating life is assumed where the contractual arrangement (i.e. O&M agreement with availability guarantee) supports such an assumption.
Operating expenses	Operating expenses are primarily based on respective contracts and, where not contracted, on the assessment of a technical adviser.
Taxation rates	Underlying country-specific tax rates are derived from due diligence reports from leading tax consulting firms.

Valuation Sensitivities

The fair value of the Company's investment in HoldCo is ultimately determined by the underlying fair values of the SPV investments. As such, sensitivity analysis is produced to show the impact of reasonable changes in key assumptions adopted to arrive at the SPV valuation.

For each of the sensitivities, it is assumed that potential changes occur independently of each other with no effect on any other base case assumption, and that the number of investments in the SPVs remains static throughout the modelled life.

The NAV per share impacts from each sensitivity are shown below:

(i) Discount Rates

The DCF valuation of the SPV investments represents the largest component of the NAV of the Company and the key sensitivities are considered to be the discount rate used in the DCF valuation assumptions.

The weighted average valuation discount rate applied to calculate the SPV valuation is 8.8% at 30 June 2025 (2024: 7.3%). An increase or decrease in this rate by 0.5% at project level has the following effect on valuation:

	-0.5% Change			+0.5% Change
Discount rate	NAV per Share Impact (EUR cents)	NAV Impact (EUR '000)	Total NAV Value (EUR '000)	NAV Impact (EUR '000)	NAV per Share Impact (EUR cents)
Valuation as of 30 June 2025	3.3	291,986	279,328	267,631	(3.1)

(ii) Power Price

Job No: 102107 Proof Event: 9 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: Apex Project Title: Aquila Half Year Report 2025 T: 0207 055 6500 F: 020 7055 6600 Long-term power price forecasts are provided by leading market consultants and are updated quarterly. The sensitivity below assumes a 10% increase or decrease in merchant power prices relative to the base case for every year of the asset life.

The sensitivity considers a flat 10% movement in power prices for all years, i.e. the effect of adjusting the forecast electricity price assumptions in each of the jurisdictions applicable to the SPV down by 10% and up by 10% from the base case assumptions for each year throughout the operating life of the SPV.

A change in the forecast electricity price assumptions by plus or minus 10% has the following effect on valuation, as shown below.

	-10% change			+10% change
Power Price	NAV per Share Impact (EUR cents)	NAV Impact (EUR '000)	Total NAV Value (EUR '000)	NAV Impact (EUR '000)	NAV per Share Impact (EUR cents)
Valuation as of 30 June 2025	(9.2)	244,459	279,328	313,163	8.9

INVESTMENT ADVISER'S REPORT CONTINUED

Financial Performance continued

(iii) Energy Yield

The base case assumes a "P50" level of output. The P50 output is the estimated annual amount of electricity generation (in MW) that has a 50% probability of being exceeded both in any single year and over the long term and a 50% probability of being underachieved. Hence the P50 is the expected level of generation over the long term. The sensitivity illustrates the effect of assuming "P90 10 years" (a downside case) and "P10 10 years" (an upside case) energy production scenarios. A P90 10 years downside case assumes the average annual level of electricity generation that has a 90% probability of being exceeded over a ten-year period. A P10 10 years upside case assumes the average annual level of electricity generation that has a 10% probability of being exceeded over a ten-year period. This means that the SPV aggregate production outcome for any given ten-year period would be expected to fall somewhere between these P90 and P10 levels with an 80% confidence level, with a 10% probability of it falling below that range of outcomes and a 10% probability of it exceeding that range. The sensitivity does not include the portfolio effect which would reduce the variability because of the geographical diversification. The sensitivity is applied throughout the next ten years.

The table below shows the sensitivity of the SPV value to changes in the energy yield applied to cash flows from project companies in the SPV as per the terms P90, P50 and P10 explained above.

Energy yield	NAV per	P90	Total NAV	P10	NAV per
	Share Impact	10 years	Value	10 years	Share Impact
	(EUR cents)	(EUR '000)	(EUR '000)	(EUR '000)	(EUR cents)
Valuation as of 30 June 2025	(4.8)	261,239	279,328	301,772	5.9

(iv) Inflation Rates

The projects' income streams are principally a mix of government regulated tariffs, fixed-price PPAs and merchant revenues. Government regulated tariffs and fixed-price PPAs tend not to be inflation linked, whilst merchant revenues are generally subject to inflation. The current contractual life of government regulated tariffs and fixed-price PPAs are shorter than their respective asset lives, meaning, from a valuation perspective, the assets are more exposed to merchant revenues in the late asset life. As described earlier, the Company intends to renew power price hedges (e.g. in the form of PPAs or other mechanisms) before the existing contracts (PPAs and government-regulated tariffs) expire. This rolling hedge strategy is not reflected in the sensitivities illustrated above. The projects' management and maintenance expenses typically move with inflation; however, debt payments are fixed. This results in the SPV returns and valuation being positively correlated to inflation. The SPVs valuation assumes long-term inflation of 2.0% p.a.

The sensitivity illustrates the effect of a 0.5% decrease and a 0.5% increase from the assumed annual inflation rates in the financial model for each year throughout the operating life of the SPV.

Inflation rates	NAV per Share Impact (EUR cents)	-0.5% (EUR '000)	Total NAV Value (EUR '000)	+0.5% (EUR '000)	NAV per Share Impact (EUR cents)
Valuation as of 30 June 2025	(2.9)	268,383	279,328	290,971	3.1

(v) Asset Life

In general, an operating life of 25 to 30 years for onshore wind energy and 30 years for solar PV is assumed. In individual cases, a longer operating life is assumed where the contractual set-up (i.e. O&M agreement with availability guarantee) supports such an assumption.

The sensitivity below shows the valuation impact from a one-year adjustment to the asset life across the portfolio.

Asset life	NAV per Share Impact (EUR cents)	-1 year (EUR '000)	Total NAV Value (EUR '000)	+1 year (EUR '000)	NAV per Share Impact (EUR cents)
Valuation as of 30 June 2025	(1.0)	275,588	279,328	282,031	0.7

(vi) Operating Expenses

The sensitivity shows the effect of a 10.0% decrease and a 10.0% increase to the base case for annual operating costs for the SPV, in each case assuming that the change to the base case for operating costs occurs with effect from 1 January 2025 and that change is applied for the remaining life of the assets.

An increase or decrease in operating expenses by 10% at SPV level has the following effect on valuation, as shown below.

Operating expenses	NAV per Share Impact (EUR cents)	-10% (EUR '000)	Total NAV Value (EUR '000)	+10% (EUR '000)	NAV per Share Impact (EUR cents)
Valuation as of 30 June 2025	3.6	265,357	279,328	292,962	(3.7)

Portfolio Valuation – Key Assumptions

Metric		1H25	1H24
Discount rate	Weighted average	8.8%	7.3%
Long-term inflation	Weighted average	2.0%	2.0%
Remaining asset life1	Wind energy (years)	21	22
	Solar PV (years)	35	35
Operating life assumption2	Wind energy (years)	28	28
	Solar PV (years)	40	40

Assumptions were made as at 30 June 2025, namely an increase in the individual discount rates applied to the Company's investments in line with listed peers and in order to reflect a combination of factors, including higher perceived risks to the cash flows forecast to be generated from the investments and current higher return expectations from investors in Wind and Solar PV investments.

Remaining asset life based on net full load years. Does not consider any potential asset life extensions.
Asset life assumption from date of commissioning.

INVESTMENT ADVISER'S REPORT CONTINUED

Market Commentary and Outlook

Electricity Price Forecasts – All Assets (Weighted Average)¹

Power price forecasts used in respect of the period ended 30 June 2025 showed marked reductions in forecast wholesale power price forecasts, particularly for the Company's wind investments over the next 5-10 years as well as increases in the discount between the capture and wholesale prices with the average discount widening by 16% in the next 5 years to 14% of the wholesale price.

There was a significant widening of the discount between capture and wholesale prices compared to Q4 2024. This reflects the stronger cannibalisation effects that occur as renewable penetration increases.

Changes to wholesale and capture power price forecasts for the Company's solar PV investments were less significant although the capture price discount to wholesale prices widened by 6% to an average discount of c. 28% over the next 10 years with this change offsetting slight improvements in wholesale power price forecasts in these markets over the same period.

^1. Data reflects pricing forecasts as at 30 June 2025. All power prices are in real terms as at 30 June 2025 and reflect the weighted average captured price, weighting is based on production sold at the market price.

Market Prices

In the first half of 2025, European power markets experienced strong volatility. Prices rose early in the year, driven by higher gas costs, seasonal demand, and lower wind generation, while the Iberian Peninsula benefited from abundant hydro resources and milder weather. As the months progressed, prices eased significantly across most regions, reflecting lower seasonal demand, improved hydro reserves in the Nordics and Iberia, and continued strong solar generation in southern Europe. Overall, the period was marked by a sharp contrast between an initial surge in prices and a pronounced correction later in the half-year, resulting in more balanced market conditions by the end of June.

Nordics

In the first half of 2025, the Nordic power market showed pronounced volatility. During the first quarter, the system spot price averaged in the mid-40s EUR/MWh, up significantly from the previous quarter, driven by higher winter demand and elevated commodity prices. In contrast, the second quarter saw prices fall to the mid-20s EUR/MWh, as hydro reservoirs approached 90 percent capacity, wind generation increased sharply—particularly in Finland—and mild spring temperatures reduced heating demand. These conditions also intensified wind cannibalization, with capture prices in Finland falling by almost half compared to the winter months. While spot prices dropped, the front-year forward contract remained more resilient, hovering in the mid-30s EUR/MWh in both quarters, with a slight uptick in Q2 reflecting expectations of tighter supply in the coming winter.

Over the past year, Finland's electricity balancing costs have risen significantly, driven by a combination of structural market reforms and growing variability in supply. Finland has introduced an automatic Frequency Restoration Reserve (aFRR2 ) energy activation market, with 15 minute settlement periods, and joined PICASSO, which have changed how imbalance prices are determined (taking into account both aFRR and mFRR). These recent reforms have increased the cost of even small deviations and led to more local activations and more frequent activations, which in many cases come with higher marginal costs.

1H25 Average Daily Power Price1

Source: European Network of Transmission System Operators for Electricity ("ENTSO-E"), 'Nordics' reflects the Nord Pool system price.

aFRR is an automated service that helps balance electricity supply and demand by stabilizing grid frequency.

INVESTMENT ADVISER'S REPORT CONTINUED

Market Commentary and Outlook continued

Iberia

Iberian power prices experienced a strong downward trend. Early in the year, prices eased compared to the previous quarter, supported by higher hydro availability, stable commodity prices, and above-average wind generation, which reduced reliance on gas-fired generation. Spot prices averaged in the mid-80s EUR/MWh, while front-year forward contracts were slightly lower than in the previous quarter. During spring, prices fell sharply as record solar output contributed a growing share of the generation mix and hydro reservoirs recovered, leading to temporarily negative spot prices in May which prompted curtailment of production to reduce losses. Solar capture prices dropped significantly due to midday oversupply, while forward prices remained relatively stable, reflecting ongoing gas price volatility despite abundant renewable generation.

Spain is seeing a growing problem of technical curtailment, i.e. forced reductions in renewable generation (especially solar and hydro), because the grid cannot absorb or reliably manage the excess supply. Transmission and distribution networks in Spain have not been reinforced at the same pace as renewable build-out and some regions have substantial clusters of solar PV and wind projects but limited grid evacuation capacity. When production is high, the grid operator (REE) has to curtail generation to avoid overloads. For their mitigation, REE has planned billions in grid reinforcement and expansion, especially in Andalucía and Extremadura. Also, the development of pumped hydro and battery storage will allow to store renewable power to be used when more valued instead of being curtailed. Following the blackout last March, REE has operated the grid in a "safe" mode, increasing the thermal capacity in the mix and therefore penalizing especially PV operators.

Greece

Power prices in Greece were more elevated than other European Greek power prices showed strong volatility. In early 2025, prices averaged above 130 EUR/MWh, up from the previous quarter, driven by higher demand and reduced solar and hydro output, which kept gas-fired plants as the main marginal technology. During spring, prices fell sharply to the mid-80s EUR/MWh, supported by a significant increase in solar generation and lower gas costs. Wind capture prices declined substantially due to oversupply, reflecting the growing impact of renewables on market dynamics.

Outlook

The macroeconomic environment in the first half of 2025 has remained challenging, but the Company expects gradual improvements in market conditions over the remainder of the year. Key supportive factors include the potential stabilization of energy commodity markets following the sharp price corrections observed in spring and the continued easing of inflationary pressures across the European Union. Nonetheless, inflation is likely to remain elevated relative to the past decade, driven by structural trends such as high labour demand supporting wage growth, ongoing energy transition costs, constrained housing markets, de-globalisation, and elevated defence spending amid geopolitical tensions, including the ongoing conflict in Ukraine and rising uncertainties in the Middle East. Recent increases in European natural gas prices highlight the persistent exposure of power markets to supply disruptions and global competition for liquefied natural gas.

Despite these challenges, the Company remains confident in the long-term outlook for the renewable energy sector. The urgent need to decarbonise energy supply, coupled with supportive European regulatory frameworks, is expected to continue driving investment. Rising power demand from industrial recovery, electrification of transport and heat, and growing energy needs from data centres and advanced AI applications will provide sustained growth opportunities for the sector.

Aquila Capital Investmentgesellschaft mbH

30 September 2025

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

1. Environmental

Aquila Group, the Investment Adviser of the Company, focuses on the investment in, and development of, essential assets. This includes clean energy (wind energy, solar PV, hydropower and battery storage), sustainable infrastructure and specialty asset classes, such as carbon forestry and energy efficiency.

In 2022, Aquila Group formalised a mission to become one of the world's leading sustainable investment and development companies for essential assets by 2030. To show commitment to the mission, it set a Group-wide goal to avoid 1.5 billion tonnes of CO2e by 2035 in its portfolio's lifetime.

Using the appropriate tools, due-diligence procedures and experts, Aquila Group ensures it identifies, assesses and mitigates all material ESG factors, to protect investors from potential financial downside, while considering their

impact on society and the environment. In this context, Aquila Group, a regulated entity, manages all relevant ESG elements using dedicated subject-matter experts. Together, we are committed to the UN Sustainable Development Goals, particularly climate action (SDG #13), clean energy (SDG #7), industry innovation, and infrastructure (SDG #9).

AER is invested in a diversified portfolio of renewable energy infrastructure investments, such as wind and solar parks, across continental Europe.

AER's Contribution to the UN Sustainable Development Goals

40.0%

At least a 40.0% decline below 1990 levels in greenhouse gas emissions

32.0% A 32.0% share of renewables in the energy system

32.5% A 32.5% improvement in energy efficiency

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

1. Environmental continued

AER's Contribution to the UN Sustainable Development Goals

Goal	Overview	Contribution Towards UN Sustainable Development Goals
Ensure access to affordable, reliable, sustainable and modern energy for all	— AER's portfolio produces renewable energy which contributes towards Europe's electricity mix — Renewable energy is a cost-effective source of energy compared to other options — AER's investments in renewable assets help support and encourage further investment in the industry
Build resilient infrastructure, promote inclusive and sustainable industrialisation and foster innovation	— AER targets renewable investments that are supported by high quality components and infrastructure to optimise the energy yield and subsequent return to investors — AER's investments help support the construction of shared infrastructure (e.g. substations) which enables the further expansion of renewable energy sources — AER's Investment Adviser is responsible for monitoring and optimising the Company's day-to-day asset performance. This process also involves actively exploring how new technologies and other forms of innovation can be utilised to enhance asset performance and sustainability (energy yield, O&M, asset life)
Take urgent action to combat climate change and its impacts	— The Company's 463.8 MW portfolio powered approximately 144.3 thousand households and avoided approximately 145.3 thousand tonnes of CO2 emissions over the reporting period1 — As a signatory to the UN Principles for Responsible Investments ("UN PRI"), the Company's Investment Adviser has integrated ESG criteria all along its investment process for real assets, which includes considerations of climate change1

^1. Actual AER contributions as at 31 December 2024. The CO2 equivalent avoidance, the average European households supplied and household emissions are approximations and do not necessarily reflect the exact impact of the renewable energy projects. The cited sources of information are believed to be reliable and accurate, however, the completeness, accuracy, validity and timeliness of the information provided cannot be guaranteed and Aquila Capital accepts no liability for any damages that may arise directly or indirectly from the use of this information.

Environmental Initiatives

The natural environment around some of the Company's solar PV parks is the Desierto de Tabernas National Park, situated to the southeast of Spain and representing the only desert in the entire European continent. This constitutes a rich biodiversity of environmental resources that is of particular geological interest. Specialist advisers have been commissioned to implement environmental measures to mitigate the impact of the solar PV plants on the environment and create habitats for flora and fauna.

Several visits per month are made to implement the measures, monitor their evolution and make necessary adjustments. Below is a selection of closely monitored measures implemented across some of the Company's solar PV parks for local flora and fauna.

Flora

Translocation of rain-fed olive trees
Planting of broom and palmetto trees to promote landscape integration and the creation of biotopes appropriate for local species
Clearing of vegetation through sheep grazing
Regular maintenance measures and monitoring Albeniz, Translocated olive trees

Fauna

Drinking troughs, feeding troughs and perches were installed in order to suit the local fauna
A hunting fence was installed to protect wildlife
Bird nest boxes were installed, specifically for the nesting of the lesser kestrel, common kestrel, barn owl and little owl species
A study commissioned to analyse the degree of adaptation of bird species to the presence of the solar PV parks, with special emphasis on the lesser kestrel and Montagu's harrier species
Stands for wild rabbits built to help the breeding and survival of this species

Albeniz, Short-toed Snake-eagle

ENVIRONMENTAL, SOCIAL AND GOVERNANCE CONTINUED

2. Social

Renewable energy projects can have an inherent major positive impact on the environment with their ability to decarbonise the energy sector, aiding the Company in the transition to a low-carbon economy. In light of the European Green Deal boosting renewable energy projects, investment into clean-energy assets has accelerated over recent years. As renewable energy deployment increases, pressure on land is growing. The need to protect biodiversity may result in conflicts over agricultural and renewable energy land usage. Conflicts can arise when new renewable projects compete against other types of land usage, such as residential housing, recreational areas, agriculture and nature conservation, or when they cause landscape disruptions. Engagement with local communities is an integral part of the Company's investment philosophy. The assets continue to support communities by contracting local service providers, paying local taxes, and lease payments for use of the land.

3. Governance

Independent Board of Directors

The independent Board of Directors is responsible for AER's governance and sustainability policy and its implementation, with the daily operations being delegated to its independent AIFM, FundRock Management Company (Guernsey) Limited ("FundRock"). FundRock monitors environmental, social and governance risks, which are fully integrated across every single stage of its investment process. The Aquila Group publishes its own Sustainability Report, describing the Investment Adviser's approach to sustainability within the investment process. Aquila Capital regards integrity and diversity as key pillars in its governance and it has been vital for the growth and success of the Company. The Investment Adviser is fully regulated and supervised by the Federal Financial Supervisory Authority in Germany.

Board and Employee Diversity

The Board of Directors is appointed based on expertise and merit, being mindful of the benefits generated by diversity. The Board comprises members with different skills and experiences, while endeavouring to comply with the Listing Rules on diversity. The current Board comprises three men and two women, all non-executive Directors who have a significant number of years of experience in their relevant fields. Additionally, the Investment Adviser is also mindful of the benefits provided by diversification, both in culture (some 30 nationalities are represented among its employees), and in gender (its gender ratio is 62% male and 38% female).

BOARD OF DIRECTORS

The AER Board comprises five directors with deep expertise across private equity, law, and the energy sector (including renewables).

IAN NOLAN

Non-executive Chairman

Appointed on 8 April 2019

Ian Nolan led the team that was recruited by the UK Government in 2011 to establish the UK Green Investment Bank and was its Chief Investment Officer until 2014. Previously, Mr Nolan held the position of Chief Investment Officer at 3i Plc and was a Director of Telecity Group Plc. He is currently a Partner and Chairman of the Investment Committee of Circularity Capital LLP. Mr Nolan has three decades of experience in finance, private equity and investment management. He qualified as a chartered accountant with Arthur Andersen and graduated with a BA in Economics from Cambridge University.

Role

Chairman of the Board

MYRTLE DAWES

Non-executive Director

Appointed on 1 September 2023

Myrtle Dawes has over 30 years' experience of the energy sector, both in the UK and overseas. She is CEO of the Net Zero Technology Centre, a non-executive Board member of FirstGroup, and an advisory Board member for the Association of Black and Minority Engineers. Until recently, she served as a non-executive Board member of the Centre for Process Innovation.

Ms Dawes holds a Masters in Chemical Engineering and Chemical Technology from Imperial College. She is a Fellow of the Institute of Chemical Engineers, Fellow of the Forward Institute and Honorary Fellow of the Association of Project Managers.

In 2017, Myrtle received recognition for her contribution to business, having featured in Breaking the Glass Ceiling and being selected as one of 100 Women to Watch in the Cranfield FTSE Board Report 2017. In 2021 she was recognised by TE:100 as one of the Women of the Energy Transition.

Role

Member of the Audit and Risk Committee and Remuneration and Nomination Committee.

DAVID MACLELLAN

Non-executive Director Appointed on 8 April 2019

David MacLellan has almost 40 years' experience in private equity first with Murray Johnstone which he joined in 1984 and then with RJD Partners which he founded in 2001. He was a director of Aberdeen Asset Managers plc following its acquisition in 2000 of Murray Johnstone where he was latterly chief executive. Mr MacLellan has served on the boards of a number of companies including as Chairman of John Laing Infrastructure Fund Limited. He is currently Chairman of Custodian Income REIT plc, and a director and Chairman of the audit committees of The Lindsell Train Investment Trust plc and J&J Denholm Limited. He is a past council member of the British Venture Capital Association and is a member of the Institute of Chartered Accountants of Scotland.

Role

Chair of the Audit and Risk Committee and member of the Remuneration and Nomination Committee.

KENNETH MACRITCHIE

Non-executive Director Appointed on 8 April 2019

Kenneth MacRitchie has over 30 years' experience of advising on the financing, development and operation of independent power projects across Europe, the Middle East and Africa. He was a partner at the global law firm Clifford Chance and, thereafter, at Shearman & Sterling, where he served on their Management Board. Mr MacRitchie also has experience of advising the UK Government on renewable energy policy, and he led the establishment of Low Carbon Contracts Company Limited, the UK Government owned company that provides subsidies for the UK renewables industry. He is a graduate of the Universities of Glasgow, Aberdeen and Manchester.

Role

Member of the Audit and Risk Committee and Remuneration and Nomination Committee.

BOARD OF DIRECTORS CONTINUED

PATRICIA RODRIGUES

Non-executive Director Appointed on 17 April 2019

Dr Patricia Rodrigues has over two decades of leadership experience in infrastructure and realasset investment and investment banking, having worked in \$10Bn+ transactions. She is a nonexecutive Director for several companies and funds investing in real assets globally, including Legal & General Assurance Society Ltd. Dr Rodrigues is also an Investment Committee member of GLIL Infrastructure and AIIF4 (Africa Infrastructure). She began her finance career at Morgan Stanley and subsequently worked for Macquarie, including as a Managing Director, where she led new infrastructure and real-asset products globally. Dr Rodrigues was Head of Portfolio Management for UK Green Investment Bank, before leading the growth strategy of the non-real-estate Real Assets business for Townsend. She is recognised as a "Leading Woman in Infrastructure" and holds a PhD in Engineering from Cambridge University.

Role

Chair of the Remuneration and Nomination Committee and member of the Audit and Risk Committee.

INTERIM MANAGEMENT REPORT AND RESPONSIBILITY STATEMENT

The Directors are required to provide an Interim Management Report in accordance with the Financial Conduct Authority ("FCA") Disclosure Guidance and Transparency Rules ("DTR"). The Chairman's Statement and the Investment Adviser's Report in this Half-Yearly Report provide details of the important events which have occurred during the period and their impact on the financial statements. The following statements on Related Party Transactions, Going Concern, the Statement of Directors' Responsibilities, the Chairman's Statement and Investment Adviser's Report, together constitute the Interim Management Report of the Company for the six months ended 30 June 2025. The outlook for the Company for the remaining six months of the year ending 31 December 2025 is discussed in the Chairman's Statement and the Investment Adviser's Report.

Principal Risks and Uncertainties

The principal risks and uncertainties facing the Company were detailed in the Company's most recent Annual Report for the year ended 31 December 2024, which can be found on the Company's website at www.aquila-european-renewables.com. These remain largely unchanged during the period under review, with the exception of the addition of power price risks. The key risks are summarised below:

Economic and Political Risk The revenue and value of the Company's investments may be affected by future changes in the economic and political situation;
Power Price Risks The risk that revenues decrease from sales of power at prevailing market prices. In the year to date there has been a reduction in expected European power price curves, which on average fell across the portfolio over the next five years contributing to a decline in NAV (around 4.6%);
Operational Risk The risk that the portfolio underperforms and, as a result, the target returns are not met over the longer term. The risk that service providers to the Company underperform, and as a result, impact the Company's performance, reporting or reputation;
Financial Risk The risk that the valuations and underlying assumptions used to value the investment portfolio are not a fair reflection of the market, resulting in the investment portfolio being over or under-valued;
Compliance, Tax and Legal Risk The failure to comply with relevant regulatory changes, tax rules and obligations may result in reputational damage or create a financial loss to the Company; and
Emerging Risk As the run-off progresses there will be a significantly reduced size to the portfolio, which will in turn reduce the IA fee and potentially place a strain on available IA resourcing. As several costs are fixed, this will potentially lead to a growing cost base relative to the size of the Company.

Principal risks, including emerging risks, are mitigated and managed by the Board through policy setting and regular reviews of the Company's risk matrix by the Audit Committee to ensure that procedures are in place with the intention of minimising the impact of the above-mentioned risks. The Board relies on periodic reports provided by the Alternative Investment Fund Manager, Investment Adviser and Administrator regarding risks that the Company faces. When required, experts will be employed to gather information, including legal advisers and environmental advisers.

The Company's Annual Report for the year ended 31 December 2024 contains more detail on the Company's principal risks and uncertainties, including the Board's ongoing process to identify, and where possible mitigate, the risks.

The Board is of the opinion that these principal risks are equally applicable to the remaining six months of the financial year as they were to the six months being reported on.

Related Party Transactions

The Company's Investment Adviser, Aquila Capital Investmentgesellschaft mbH, and Directors are considered related parties under the Listing Rules. Details of the amounts paid to the Company's Investment Adviser and the Directors during the period are detailed in note 11 of this Half-Yearly Report which can be found on page 43.

Going Concern

As at the date of this report the Directors are required to consider whether they have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future and for a period of twelve months from the date of the signing of these financial statements (the "going concern period"). Following the General Meeting held on 30 September 2024 at which shareholders unanimously voted in favour of the discontinuation of the Company and a change in the Company's Objective and Investment Policy in order to facilitate the Managed Wind-Down of the Company, the process for an orderly realisation of the Company's assets and a return of capital to shareholders has begun and is expected to conclude over a number of years. The Company is preparing its financial statements on a going concern basis, although it is recognised that there is material uncertainty over whether the Company will be in existence in its current form twelve months from the date of signing of these financial statements, based on whether the Managed Wind-Down process were to conclude during the going concern period. These events therefore indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. The financial statements do not include the adjustments that would result if the Company were unable to continue as a going concern.

The Board will seek to realise all of the Company's assets in a manner that achieves a balance between maximising the proceeds received by the Company from the sale of those and making timely returns to Shareholders.

The Directors are satisfied that the Company has adequate resources to continue in operation throughout the Managed Wind-Down period and to meet all liabilities as they fall due. No material adjustments to accounting policies or the valuation methodology have arisen as a result of entering Managed Wind-Down.

INTERIM MANAGEMENT REPORT AND RESPONSIBILITY STATEMENT CONTINUED

Statement of Directors' Responsibilities

The DTR of the FCA requires the Directors to confirm their responsibilities in relation to the preparation and publication of the Interim Management Report and Financial Statements. The Directors confirm to the best of their knowledge that:

the financial statements contained within the Half-Yearly Report has been prepared in accordance with the International Accounting Standard 34 — IAS 34 Interim Financial Reporting; and
the Interim Management Report, together with the Chairman's Statement and Investment Manager's Report, includes a fair review of the information required by 4.2.7R and 4.2.8R of the FCA Disclosure Guidance and Transparency Rules.

The Half-Yearly Report has not been reviewed by the Company's Auditors. The Half-Yearly Report was approved by the Board on 30 September 2025 and the above Responsibility Statement was signed on its behalf by the Chairman.

Ian Nolan

Chairman For and on behalf of the Board 30 September 2025

STATEMENT OF COMPREHENSIVE INCOME

FOR THE SIX MONTHS ENDED 30 JUNE 2025

	Notes	Six months ended 30 June 2025			Six months ended 30 June 2024
		Revenue (EUR '000)	(Unaudited) Capital (EUR '000)	Total (EUR '000)	Revenue (EUR '000)	(Unaudited) Capital (EUR '000)	Total (EUR '000)
Unrealised losses on investments		–	(40,112)	(40,112)	–	(31,796)	(31,796)
Net foreign exchange losses		–	(13)	(13)	–	(9)	(9)
Interest income	4	7,672	–	7,672	8,182	–	8,182
Other income	4	19	–	19	–	–	–
Investment Advisory fees	5	(1,105)	–	(1,105)	(1,266)	–	(1,266)
Other expenses		(1,397)	–	(1,397)	(762)	–	(762)
Profit/(Loss) on ordinary activities before finance costs and taxation		5,189	(40,125)	(34,936)	6,154	(31,805)	(25,651)
Finance costs		–	–	–	–	–	–
Profit/(Loss) on ordinary activities before taxation		5,189	(40,125)	(34,936)	6,154	(31,805)	(25,651)
Taxation		–	–	–	–	–	–
Profit/(Loss) on ordinary activities after taxation		5,189	(40,125)	(34,936)	6,154	(31,805)	(25,651)
Return per Ordinary Share (cents)	6	1.37c	(10.61)c	(9.24)c	1.63c	(8.41)c	(6.78)c

The total column of the Statement of Comprehensive Income is the profit and loss account of the Company.

All revenue and capital items in the above statement derive from continuing operations. No operations were acquired or discontinued during the period.

Job No: 102107 Proof Event: 8 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA

Profit/(Loss) on ordinary activities after taxation is also the 'total comprehensive income/(loss) for the period.

The notes are an integral part of these financial statements.

Customer: Apex Project Title: Aquila Half Year Report 2025 ^T: 0207 055 6500 ^F: 020 7055 6600 Job No: 102107 Proof Event: ⁹ Black Line Level:⁴ Park Communications Ltd Alpine Way London E6 6LA

Customer: Apex Project Title: Aquila Half Year Report 2025 T: 0207 055 6500 F: 020 7055 6600

STATEMENT OF FINANCIAL POSITION

AS AT 30 JUNE 2025

		As at 30 June	As at 31 December
	Notes	2025 (Unaudited) (EUR '000)	2024 (Audited) (EUR '000)
Non-current assets
Investments at fair value through profit or loss	3	279,635	320,432
Current assets
Trade and other receivables		573	29
Cash and cash equivalents		1,155	1,168
		1,728	1,197
Creditors: amounts falling due within one year
Other creditors		(2,035)	(1,397)
		(2,035)	(1,397)
Net current assets		(307)	200
Net assets		279,328	320,232
Capital and reserves: equity
Share capital	7	4,082	4,082
Share premium		255,643	255,643
Special distributable reserve	s	74,762	75,087
Capital reserve		(55,678)	(15,553)
Revenue reserve		519	973
Total Shareholders' funds		279,328	320,232
Net assets per Ordinary Share (cents)	8	73.87c	84.69c

Approved by the Board of Directors and authorised for issue on 30 September 2025 and signed on its behalf by:

Ian Nolan Chairman Company number: 11932433

The notes are an integral part of these financial statements.

STATEMENT OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED 30 JUNE 2025

For the six months ended 30 June 2025 (Unaudited)	Notes	Share capital (EUR '000)	Share premium (EUR '000)	Special distributable reserve (EUR '000)	Capital reserve (EUR '000)	Revenue reserve (EUR '000)	Total (EUR '000)
Opening equity as at 1 January 2025		4,082	255,643	75,087	(15,553)	973	320,232
Loss for the period		–	–	–	(40,125)	5,189	(34,936)
Dividends paid	9	–	–	(325)	–	(5,643)	(5,968)
Closing equity as at 30 June 2025		4,082	255,643	74,762	(55,678)	519	279,328

For the six months ended 30 June 2024 (Unaudited)	Share capital (EUR '000)	Share premium (EUR '000)	Special distributable reserve (EUR '000)	Capital reserve (EUR '000)	Revenue reserve (EUR '000)	Total (EUR '000)
Opening equity as at 1 January 2024	4,082	255,643	87,717	23,919	1,180	372,541
Strategic review costs	–		(691)	–	–	(691)
Loss for the period	–	–		(31,805)	6,154	(25,651)
Dividends paid	–		(3,971)	–	(6,719)	(10,690)
Closing equity as at 30 June 2024	4,082	255,643	83,055	(7,886)	615	335,509

The notes are an integral part of these financial statements.

STATEMENT OF CASH FLOWS

FOR THE SIX MONTHS ENDED 30 JUNE 2025

		Six months ended	Six months ended
		30 June 2025	30 June 2024
	Notes	(Unaudited) (EUR '000)	(Unaudited) (EUR '000)
Operating activities
Loss on ordinary activities before finance costs and taxation		(34,936)	(25,651)
Adjustment for unrealised losses on investments		40,112	31,796
(Increase)/Decrease in trade and other receivables		(544)	34
Increase/(Decrease) in other creditors		638	(413)
Net cash from operating activities		5,270	5,766
Investing activities
Repayment of investments	3	685	5,316
Net cash from investing activities		685	5,316
Financing activities
Strategic review costs		–	(353)
Dividends paid		(5,968)	(10,690)
Net cash used in financing activities		(5,968)	(11,043)
(Decrease)/Increase in cash and cash equivalents		(13)	39
Cash and cash equivalents at start of period		1,168	1,532
Cash and cash equivalents at end of period		1,155	1,571

The notes are an integral part of these financial statements.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2025

1. General Information

Aquila European Renewables Plc ("AER", 'the Company') is a public company limited by shares, incorporated in England and Wales on 8 April 2019 with registered number 11932433. The Company is domiciled in England and Wales. The Company is a closed ended investment company with an indefinite life, which is now in managed wind-down. The Company commenced its operations on 5 June 2019 when the Company's Ordinary Shares were admitted to trading on the London Stock Exchange. The Directors intend, at all times, to conduct the affairs of the Company so as to enable it to qualify as an investment trust for the purposes of section 1158 of the Corporation Tax Act 2010, as amended.

The registered office and principal place of business of the Company is 4th Floor, 140 Aldersgate St, London, EC1A 4HY.

At a General Meeting held on 30 September 2024, shareholders approved a change in the Company's Investment Objective and Investment Policy. The new Investment Objective is to realise all existing assets in the Company's Portfolio in an orderly manner.

The Company's Investment Adviser is Aquila Capital Investmentgesellschaft mbH, authorised and regulated by the German Federal Financial Supervisory Authority.

FundRock Management Company (Guernsey) Limited acts as the Company's Alternative Investment Fund Manager for the purposes of Directive 2011/61/EU of the Alternative Investment Fund Managers Directive.

Apex Listed Companies Services (UK) Limited provides administrative and company secretarial services to the Company under the terms of an administration agreement between the Company and the Administrator.

2. Basis of Preparation

The financial statements included in this Half-Yearly Report have been prepared in accordance with IAS 34 Interim Financial Reporting. The accounting policies, critical accounting judgements, estimates and assumptions are consistent and should be read in conjunction with the Company's latest annual audited financial statements for the period ended 31 December 2024. The financial statements for the year ended 31 December 2024 have been prepared in accordance with the UK-adopted International Accounting Standards in conformity with the requirements of the Companies Act 2006, as applicable to companies reporting under those standards. The financial statements have been prepared on the historical cost basis, except for the measurement of certain financial instruments at fair value through profit or loss.

The interim financial statements have also been prepared as far as is relevant and applicable to the Company in accordance with the Statement of Recommended Practice ("SORP") issued by the Association of Investment Companies ("AIC") in July 2022. These financial statements do not include all information and disclosures required in the annual financial statements and should be read in conjunction with the Company's annual financial statements of 31 December 2024. The audited annual accounts for the year ended 31 December 2024 have been delivered to Companies House. The audit report thereon was unmodified.

The functional currency of the Company is euros (EUR), as this is the currency of the primary economic environment in which the Company operates. Accordingly, the financial statements are presented in euros, rounded to the nearest thousand euros, unless otherwise stated.

Accounting for Subsidiary

The Company owns 100.0% of its subsidiary Tesseract Holdings Limited ("THL" or "HoldCo"), whose registered office and principal place of business is Leaf B, 20th Floor, Tower 42, Old Broad Street, London, England, EC2N 1HQ. The Company has acquired Renewable Energy Infrastructure Investments (the SPVs) through its investment in the HoldCo. The Company finances HoldCo through a mix of loan investments and equity. The loan investment finance represents Shareholder loans (the "Shareholder loans" or "SHL") provided by the Company to HoldCo. The Company meets the definition of an investment entity as described by IFRS 10. Under IFRS 10, an investment entity is required to hold subsidiaries at fair value through profit or loss and therefore does not consolidate the subsidiary.

The HoldCo is an investment entity, and as described under IFRS 10, values its SPV investments at fair value through profit or loss. SPV investments are investments held at HoldCo. Further details of the HoldCo and SPV structure and investment can be found in note 14.

Going Concern

Job No: 102107 Proof Event: 8 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: Apex Project Title: Aquila Half Year Report 2025 T: 0207 055 6500 F: 020 7055 6600 The Directors have adopted the going concern basis in preparing the financial statements, although it is recognised that there is material uncertainty over whether the Company will be in existence in its current form twelve months from the date of signing these financial statements. Details of the Directors' assessment of the going concern status of the Company, which considered the adequacy of the Company's resources, and the impact of risks and uncertainties are provided in the Interim Management Report which can be found on page 31.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 30 JUNE 2025

2. Basis of Preparation continued

Critical Accounting Judgements, Estimates and Assumptions

The preparation of the financial statements requires management to make judgements, estimates and assumptions in certain circumstances that affect reported amounts. These are judgements, estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities.

The Directors have concluded that the Company meets the definition of an investment entity as defined in IFRS 10. This conclusion involved a degree of judgement and assessment as to whether the Company met the criteria outlined in IFRS 10.

The key assumptions that have a significant impact on the carrying value of the Company's underlying investments in the SPVs are the discount rates, useful life of the assets, the rate of inflation, the price at which the power and associated benefits can be sold, the amount of electricity the assets are expected to produce and operating costs of the SPVs.

3. Investments at Fair Value through Profit and Loss

	As at 30 June	As at 31 December 2024 (Audited) (EUR '000)
	2025
	(Unaudited) (EUR '000)
(a) Summary of valuation
Analysis of closing balance:
Investments held at fair value through profit or loss	279,635	320,432
Total investments	279,635	320,432
(b) Movements during the period
Opening balance of investments, at cost	335,887	348,415
Repayments during the period	(685)	(12,528)
Cost of investments	335,202	335,887
Revaluation of investments to fair value:
Unrealised movement in fair value of investments	(55,567)	(15,455)
Balance of capital reserves – investments held	(55,567)	(15,455)
Fair value of investments	279,635	320,432
(c) Losses on investments in the period
Movement on unrealised valuation of investments held	(40,112)	(39,443)
Losses on investments	(40,112)	(39,443)

The fair value of the Company's equity and the shareholder loans investment in HoldCo are determined by the underlying fair values of the SPV investments, which are not traded and contain unobservable inputs. As explained in Note 2, the Company has made a judgement to fair value of both the equity and shareholder loan investments together. As such, the Company's equity and the shareholder loans investments in HoldCo have been classified as Level 3 in the fair value hierarchy.

FOR THE SIX MONTHS ENDED 30 JUNE 2025

3. Investments at Fair Value through Profit and Loss continued

Fair Value Measurements

IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following three levels:

Level 1

The unadjusted quoted price in an active market for identical assets or liabilities that the entity can access at the measurement date.

Level 2

Inputs other than quoted prices included within Level 1 that are observable (i.e. developed using market data) for the asset or liability, either directly or indirectly.

Level 3

Inputs are unobservable (i.e. for which market data is unavailable) for the asset or liability. The classification of the Company's investments held at fair value is detailed in the table below:

		As at 30 June 2025 (Unaudited)
	Level 1 (EUR '000)	Level 2 (EUR '000)	Level 3 (EUR '000)	Total (EUR '000)
Investments at fair value through profit and loss	—	—	279,635	279,635
	—	—	279,635	279,635

	As at 31 December 2024 (Audited)
	Level 1 (EUR '000)	Level 2 (EUR '000)	Level 3 (EUR '000)	Total (EUR '000)
Investments at fair value through profit and loss	–	–	320,432	320,432
	—	—	320,432	320,432

Due to the nature of the investments, they are always expected to be classified as Level 3. There have been no transfers between levels during the period ended 30 June 2025 (31 December 2024: none). The movement on the Level 3 unquoted investments during the period is shown below:

As at	As at
30 June	31 December
2025	2024
(Unaudited)	(Audited)
(EUR '000)	(EUR '000)
Opening balance 320,432	372,403
Repayments during the period (685)	(12,528)
Unrealised losses on investments adjustments (40,112)	(39,443)
Closing balance 279,635	320,432

FOR THE SIX MONTHS ENDED 30 JUNE 2025

3. Investments at Fair Value through Profit and Loss continued

Valuation Methodology

The Investment Adviser has carried out fair market valuations of the SPV investments as at 30 June 2025 and the Directors have satisfied themselves as to the methodology used, the discount rates and key assumptions applied, and the valuation. All SPV investments are at fair value through profit or loss and are valued using the IFRS 13 framework for fair value measurement.

The key assumptions that have a significant impact on the carrying value of the Company's underlying investments in SPVs are the discount rates, useful life of the assets, the rate of inflation, the price at which the power and associated benefits can be sold, the amount of electricity the assets are expected to produce and operating costs of the SPVs.

The discount factors applied to the cash flows are reviewed annually by the Investment Adviser to ensure they are at the appropriate level. The weighted average valuation discount rate applied to calculate the SPV valuation is 8.8% as at 30 June 2025 (31 December 2024: 7.3%).

Useful lives are based on the Investment Adviser's estimates of the period over which the assets will generate revenue, which are periodically reviewed for continued appropriateness. The assumption generally used for the useful life of the wind farms is 25 to 30 years and solar PV is 40 years. The actual useful life may be a shorter or longer period depending on the actual operating conditions experienced by the asset. The operating lives of hydropower assets are estimated in accordance with their expected concession terms.

The price at which the output from the generating assets is sold is a factor of both wholesale electricity prices and the revenue received from the government support regime. Future power prices are estimated using external third-party forecasts, which take the form of specialist consultancy reports. The future power price assumptions are reviewed as and when these forecasts are updated. There is an inherent uncertainty in future wholesale electricity price projection. Long-term power price forecasts are provided by leading marker consultants, updated quarterly.

Specifically commissioned external reports are used to estimate the expected electrical output from the wind and hydropower farm and solar PV assets, taking into account the expected average wind speed at each location and generation data from historical operation. The actual electrical output may differ considerably from that estimated in such a report mainly due to the variability of actual wind to that modelled in any one period. Assumptions around electrical output will be reviewed only if there is good reason to suggest there has been a material change in this expectation.

The P50 level of output is the estimated annual amount of electricity generation (in MW) that has a 50.0% probability of being exceeded both in any single year and over the long term and a 50.0% probability of being underachieved.

Climate risks can also affect the carrying value of the Company's underlying investments. The Company relies (via the HoldCo or relevant SPVs) on third-party technical advisers to consider the impact of climate risks when assessing P50 production forecasts.

The operating costs of the SPV companies are frequently partly or wholly subject to inflation and an assumption is made that inflation will increase at a long-term rate. The SPV's valuation assumes long-term inflation of 2.0% (31 December 2024: 2.0%). The impact of physical and transition risks associated with climate change is assessed on a project-by-project basis and factored into the underlying cash flows as appropriate.

The following assumptions were used in the valuations:

Metric		As at 30 June 2025	As at 31 December 2024
Discount rate	Weighted average	8.8%	7.3%
Long-term inflation	Weighted average	2.0	2.0%
Remaining asset life (weighted average)1	Wind energy	21	23
	Solar PV	37	35

1 Remaining asset life based on net full load years.

FOR THE SIX MONTHS ENDED 30 JUNE 2025

4. Income

	Six months	Six months
	ended	ended
	30 June	30 June
	2025	2024
	(Unaudited)	(Unaudited)
Income from investments	(EUR '000)	(EUR '000)
Interest income from shareholder loans	7,672	8,164
Bank interest income	–	18
Other income	19	–
Total Income	7,691	8,182

5. Investment Advisory Fees

	Six months ended 30 June 2025 (Unaudited)		Six months ended 30 June 2024 (Unaudited)
	Revenue (EUR '000)	Capital (EUR '000)	Total (EUR '000)	Revenue (EUR '000)	Capital (EUR '000)	Total (EUR '000)
Investment advisory fees	1,105	–	1,105	1,266	–	1,266

Under the Investment Advisory Agreement, the following fee is payable to the Investment Adviser:

a) 0.75% per annum of NAV (plus VAT) of the Company up to EUR 300.0 million;
b) 0.65% per annum of NAV (plus VAT) of the Company between EUR 300.0 million and EUR 500.0 million; and

c) 0.55% per annum of NAV (plus VAT) of the Company above EUR 500.0 million.

6. Return Per Ordinary Share

Return per ordinary share is based on the loss for the period of EUR 34,936,000 (30 June 2024: loss of EUR 25,651,000) attributable to the weighted average number of Ordinary Shares in issue of 378,122,130 (30 June 2024: 378,122,130) in the period to 30 June 2025. Revenue profit and capital loss are EUR 5,189,000 (30 June 2024: EUR 6,154,000) and EUR 40,125,000 (30 June 2024: EUR 31,805,000) respectively.

For the period ended 30 June 2025	For the period ended 30 June 2024
Revenue return after taxation (EUR '000) 5,189	6,154
Capital return after taxation (EUR '000) (40,125)	(31,805)
Total net return (EUR '000) (34,936)	(25,651)
Weighted average number of Ordinary Shares 378,122,130	378,122,130

Remaining asset life based on net full load years. Includes Tesla, as at 30 June 2024.

FOR THE SIX MONTHS ENDED 30 JUNE 2025

7. Taxation

	Six months ended 30 June 2025 (Unaudited)		Six months ended 30 June 2025 (Unaudited)
	Revenue (EUR '000)	Capital (EUR '000)	Total (EUR '000)	Revenue (EUR '000)	Capital (EUR '000)	Total (EUR '000)
Corporation tax	—	—	—	—	—	—
Total tax charge for the period	—	—	—	—	—	—

Investment companies that have been approved by HM Revenue & Customs under section 1158 of the Corporation Tax Act 2010 are exempt from tax on capital gains. Due to the Company's status as an investment trust, and the intention to continue meeting the conditions required to obtain approval in the foreseeable future, the Company has not provided for deferred tax on any capital gains or losses arising on the revaluation of investments.

8. Share Capital

	As at 30 June 2025 (Unaudited)		As at 31 December 2024 (Audited)
	No of shares	(EUR '000)	No of shares	(EUR '000)
Allotted, issued and fully paid Ordinary Shares of 1 cent each ("Ordinary Shares")	378,122,130	3,781	378,122,130	3,781

Total	378,122,130	3,781	378,122,130	3,781

The Ordinary Shares shall carry the right to receive the profits of the Company available for distribution and determined to be distributed by way of interim or final dividends at such times as the Directors may determine in accordance with the Articles of the Company. The holders of Ordinary Shares have the right to receive notice of, and to attend and vote at General Meetings of the Company.

There were no shares issued or purchased for treasury during the six month periods to 30 June 2025 or 31 December 2024.

9. Net Assets Per Ordinary Share

Net assets per ordinary share as at 30 June 2025 are based on EUR 279,328,000 (31 December 2024: EUR 320,231,508) of net assets of the Company attributable to the 378,122,130 (31 December 2024: 378,122,130) Ordinary Shares in issue as at 30 June 2025.

FOR THE SIX MONTHS ENDED 30 JUNE 2025

10. Dividend Paid

The Company has paid the following interim dividends in respect of the year under review:

	Six months ended 30 June 2025 (Unaudited)		Six months ended 30 June 2024 (Unaudited)
	Cents per Ordinary Share	Total (EUR '000)	Cents per Ordinary Share	Total (EUR '000)
31 December 2024 interim – paid 18 March 2025 (2024: 18 March 2024)	0.79c	2,987	1.3775c	5,211
31 March 2025 interim – paid 13 June 2025 (2024: 14 June 2024)	0.79c	2,981	1.4475c	5,479
Total	1.58c	5,968	2.8250c	10,690

The dividend relating to the period ended 30 June 2025, which is the basis on which the requirements of Section 1159 of the Corporation Tax Act 2010 are considered is detailed below:

	Six months ended 30 June 2025 (Unaudited)		Six months ended 30 June 2024 (Unaudited)
Total dividends declared in relation to the period	Cents per Ordinary Share	Total (EUR '000)	Cents per Ordinary Share	Total (EUR '000)
31 March 2025 interim – paid 13 June 2025 (2024: 14 June 2024)	0.79c	2,987	1.4475c	5,479
30 June 2025 interim – paid 5 September 2025 (2024: 9 September 2024)	0.7934c	3,000	1.4475c	5,473
Total	1.5834c	5,987	2.850c	10,952

11. Transactions with the Investment Adviser and Related Party Transactions

Fees payable to the Investment Adviser are shown in the Income Statement. As at 30 June 2025, the fee outstanding to the Investment Adviser was EUR 1,105,035 (30 June 2024: EUR 618,503). These balances have been settled by the Company on 3 July 2025.

AIFM fees for the period ended 30 June 2025 amount to EUR 68,456 (30 June 2024: EUR 60,330). As at 30 June 2025, the fee outstanding to the AIFM was EUR 11,103 (30 June 2024: EUR 18,949). The Company Secretary and Administrator fees for the period ended 30 June 2025 amount to EUR 91,318 (30 June 2024: EUR 88,911).

Fees are payable to the Directors in respect of the year to 31 December 2024 at an annual rate of EUR 75,000 to the Chairman, EUR 52,500 to the Chair of the Audit and Risk Committee and EUR 45,150 to the other Directors. Directors' fees paid during the six month period to 30 June 2025 was EUR 97,000.

During the period, the Company received repayments of its Shareholder loans to HoldCo of EUR 685,091 (30 June 2024: EUR 5,316,000). The accrued interest and the Shareholder loans outstanding at the period end were EUR 221,207,109 (30 June 2024: EUR 228,572,000).

The Directors had the following shareholdings in the Company, all of which were beneficially owned.

Ordinary shares	Ordinary shares
as at	as at
30 June	31 December
2025	2024
(Unaudited)	(Audited)
Ian Nolan 150,000	150,000
David MacLellan 125,000	125,000
Kenneth MacRitchie 50,000	50,000
Patricia Rodrigues 50,000	50,000
Myrtle Dawes nil	nil

12. Commitments and Contingencies

The Company did not have any new investments or capital commitments during the first six months of 2025 due to the Company being put into managed wind-down.

FOR THE SIX MONTHS ENDED 30 JUNE 2025

13. Distributable Reserves

The Company's distributable reserves consist of the special reserve and revenue reserve. Capital reserve represents unrealised investments and as such is not distributable.

The revenue reserve is distributable. The amount of the revenue reserve that is distributable is not necessarily the full amount of the reserve as disclosed within these financial statements of EUR 519,000 as at 30 June 2025 (31 December 2024: EUR 973,000).

14. Post Balance Sheet Events

On 11 September 2025, the Company announced the effective cancellation of its share premium account, a decision approved by shareholders at the AGM on 19 June 2025. The High Court sanctioned this cancellation on 19 August 2025, and it was registered with Companies House on 10 September 2025. This action cancels €255,642,627.68 previously held in the share premium account, creating distributable reserves. The company intends to use these reserves to return cash to shareholders through capital returns or dividends as part of its managed wind-down process. The timing and amount of these returns are subject to Board discretion, investment realisations, liabilities, working capital needs, and the nature of distributable reserves.

15. Status of this Report

These half-yearly financial statements are not the Company's statutory accounts for the purposes of section 434 of the Companies Act 2006. They are unaudited. The unaudited Interim Financial Report will be made available to the public at the Company's registered office. The report will also be available in electronic format on the Company's website, www.aquilaeuropean-renewables.com.

The information for the year ended 31 December 2024 has been extracted from the last published audited financial statements, unless otherwise stated. The audited financial statements have been delivered to the Registrar of Companies. PricewaterhouseCoopers LLP reported on those accounts and their report was unqualified, did not draw attention to any matters by way of emphasis and did not contain a statement under sections 498(2) or 498(3) of the Companies Act 2006.

The Interim Financial Report was approved by the Board on 30 September 2025.

ALTERNATIVE PERFORMANCE MEASURES

In reporting financial information, the Company presents alternative performance measures ("APMs"), which are not defined or specified under the requirements of IFRS. The Company believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide stakeholders with additional helpful information on the performance of the Company. The APMs presented in this report are shown below:

Discount

The amount, expressed as a percentage, by which the share price is less than the net asset value per Ordinary Share.

As at 30 June 2025
NAV per Ordinary Share (cents)	a	73.87
Share price (cents)	b	62.60
Discount	(b÷a)-1	15.26%

Ongoing Charges

A measure, expressed as a percentage of average net assets (quarterly net assets averaged over the year), of the regular, recurring annual costs of running an investment company.

As at 30 June 2025
Average NAV (EUR '000)	a	314,633
Annualised expenses (EUR '000)	b	3,198
Ongoing charges	(b÷a)	1.0%

Total Return

A measure of performance that includes both income and capital returns. This takes into account capital gains and reinvestment of dividends paid out by the Company into the Ordinary Shares of the Company on the ex-dividend date.

As at 30 June 2025		Share price	NAV
Opening at 1 January 2025 (cents)	a	66.0	84.7
Dividend adjustment	b	1.6	1.6
Closing at 30 June 2025 (cents)	c	62.6	73.9
Total return	(b÷a)-1	(2.8%)	(10.9%)

Gross Asset Value

Job No: 102107 Proof Event: 8 Black Line Level: 4 Park Communications Ltd Alpine Way London E6 6LA Customer: Apex Project Title: Aquila Half Year Report 2025 T: 0207 055 6500 F: 020 7055 6600 The Company's gross assets comprise the net asset values of the Company's Ordinary Shares and the debt at the underlying SPV level, with the breakdown as follows:

		Period ended 30 June 2025	Period ended 30 June 2024	Year ended 31 December 2024
Net Asset Value (EUR '000)	a	279,328	335,509	320,231
Debt at the SPV level (EUR '000)	b	144,721	164,782	151,987
RCF drawn (EUR '000)	c	–	26,085	–
Gross Asset Value (EUR '000)	a+b+c	424,049	526,375	472,219

ALTERNATIVE PERFORMANCE MEASURES CONTINUED

Gearing

The Company's gearing is calculated as total debt as a percentage of Gross Asset Value.

		Period ended 30 June 2025	Period ended 30 June 2024	Year ended 31 December 2024
Gross Asset Value (EUR '000)	a	424,049	526,375	472,219
Debt at the SPV level (EUR '000)	b	144,721	164,782	151,987
RCF drawn (EUR '000)	c	–	26,085	–
Gearing ratio	(b+c) ÷a	34.1	36.3	32.2

GLOSSARY

AIC

Association of Investment Companies.

Alternative Investment Fund or AIF

An investment vehicle under AIFMD. Under AIFMD (see below) Aquila European Renewables Income Fund Plc is classified as an AIF.

Alternative Investment Fund Managers Directive or AIFMD

A European Union directive which came into force on 22 July 2013 and has been implemented in the UK.

Annual General Meeting or "AGM"

A meeting held once a year which Shareholders can attend and where they can vote on resolutions to be put forward at the meeting and ask Directors questions about the company in which they are invested.

the Company

Aquila European Renewables Plc

Dividend

Income receivable from an investment in shares.

EPC

Engineering, procurement and construction ("EPC") is an agreement that provides end-to-end services for designing the system, procuring the components and installing the project.

EU

European Union.

Ex-dividend Date

The date on or after which a security is traded excluding a recently declared dividend, set one business day prior to the relevant record date. If you purchased shares on or after this date you will not receive the dividend to which the ex-dividend date relates.

Financial Conduct Authority or "FCA"

The independent body that regulates the financial services industry in the UK.

Gearing

GWh

Gigawatt hour.

The HoldCo

Tesseract Holdings Limited, the wholly owned Subsidiary of the Company.

Index

A basket of stocks which is considered to replicate a particular stock market or sector.

Investment Company

A company formed to invest in a diversified portfolio of assets.

IPO

Initial Public Offering.

Investment Trust

An investment company which is based in the UK and which meets certain tax conditions which enables it to be exempt from UK corporation tax on its capital gains. The Company is an investment trust.

Leverage

An alternative word for 'Gearing'.

Under AIFMD, leverage is any method by which the exposure of an AIF is increased through borrowing of cash or securities or leverage embedded in derivative positions.

Under AIFMD, leverage is broadly similar to gearing, but is expressed as a ratio between the assets (excluding borrowings) and the net assets (after taking account of borrowing). Under the gross method, exposure represents the sum of a company's positions after deduction of cash balances, without taking account of any hedging or netting arrangements. Under the commitment method, exposure is calculated without the deduction of cash balances and after certain hedging and netting positions are offset against each other.

MWh

Megawatt hour.

Net Assets or Net Asset Value ("NAV")

An investment company's assets less its liabilities.

GLOSSARY CONTINUED

NAV per Ordinary Share

Net assets divided by the number of Ordinary Shares in issue (excluding any shares held in treasury).

O & M

Operation and Maintenance.

Ongoing Charges

A measure of the regular, recurring annual costs of running an investment company, expressed as a percentage of average net assets.

Ordinary Shares

The Company's Ordinary Shares in issue.

Portfolio

A collection of different investments held in order to deliver returns to Shareholders and to spread risk.

PPAs

Power Purchase Agreements.

Premium

The amount, expressed as a percentage, by which the share price is more than the net asset value per share.

PV

Photovoltaic.

Record date

The cut-off date established by a company in order to determine which shareholders are eligible to receive a dividend or distribution. If you owned shares in the Company up to and including this date you will receive the dividend through which the record date relates. If you owned shares after this date you will not receive the dividend.

Share Buyback

A purchase of a company's own shares. Shares can either be bought back for cancellation or held in treasury.

Share Price

The price of a share as determined by a relevant stock market.

SPV

A Special Purpose Vehicle.

Total Return

A measure of performance that takes into account both income and capital returns. This may take into account capital gains, dividends, interests and other realised variables over a given period of time.

AI Terminal

AQUILA EUROPEAN RENEWABLES PLC

5024_ir_2025-09-30_fd85251d-07e9-48a1-9219-a022e48dcf68.pdf

AQUILA EUROPEAN RENEWABLES PLC

HALF-YEARLY REPORT

CONTENTS

Strategic Report

Financials

Other Information

Diversified Portfolio Read more on page 11

Portfolio Update Read more on page 12

INVESTMENT OBJECTIVE

HIGHLIGHTS

Financial Information

AT A GLANCE

Portfolio Breakdown1

Diversified Technologies

CHAIRMAN'S STATEMENT

Ian Nolan | Chairman

Key Developments

Performance

CHAIRMAN'S STATEMENT CONTINUED

ESG

Outlook

Ian Nolan Chairman

INVESTMENT ADVISER'S REPORT

Leader in Investment and Asset Management in European Renewables

Overall CO2eq emissions avoided2 3.4 million tonnes

Investment Adviser Background1

INVESTMENT ADVISER'S REPORT CONTINUED

Current Renewables Portfolio of Aquila Group in Europe1:

Investment Portfolio

INVESTMENT ADVISER'S REPORT CONTINUED

Portfolio Update

Sagres

Olhava

Debt

Contracted Revenue Position1

Revenue Mix – Existing Contracts

Present Value of Revenues (Five Years)2

INVESTMENT ADVISER'S REPORT CONTINUED

Financial Performance

Performance1

1H25 Monthly Production Performance vs. Budget

INVESTMENT ADVISER'S REPORT CONTINUED

Financial Performance continued

Gearing1

Debt Summary as at 30 June 2025

Valuation

INVESTMENT ADVISER'S REPORT CONTINUED

Financial Performance continued

Valuation Methodology

Valuation Assumptions

As at 30 June 2025

Valuation Sensitivities

(i) Discount Rates

(ii) Power Price

INVESTMENT ADVISER'S REPORT CONTINUED

Financial Performance continued

(iii) Energy Yield

(iv) Inflation Rates

(v) Asset Life

(vi) Operating Expenses

Portfolio Valuation – Key Assumptions

INVESTMENT ADVISER'S REPORT CONTINUED

Market Commentary and Outlook

Electricity Price Forecasts – All Assets (Weighted Average)1

Market Prices

Nordics

1H25 Average Daily Power Price1

INVESTMENT ADVISER'S REPORT CONTINUED

Market Commentary and Outlook continued

Iberia

Greece

Outlook

Aquila Capital Investmentgesellschaft mbH

ENVIRONMENTAL, SOCIAL AND GOVERNANCE

1. Environmental

AER's Contribution to the UN Sustainable Development Goals

40.0%

Overall CO2eq emissions avoided² 3.4 million tonnes

Electricity Price Forecasts – All Assets (Weighted Average)¹