Jersey Electricity PLC

Earnings Release • Dec 16, 2025

National Storage Mechanism | Additional information

RNS Number : 6552L

Jersey Electricity PLC

16 December 2025

JERSEY ELECTRICITY Plc

Financial Results Summary

Year Ended 30 September 2025

At a meeting of the Board of Directors held on 15 December 2025, the final accounts for the year ended 30 September 2025 were approved and have been published on our website (www.jec.co.uk).

The financial information set out in this summary does not constitute the statutory accounts for the year ended 30 September 2025, or 2024, but is derived from those accounts. Statutory accounts for 2024 have been delivered to the Jersey Registrar of Companies, and those for 2025 will be delivered in early 2026. The auditor reported on the accounts for both years and their reports were unmodified.

A final dividend of 12.60p on the Ordinary and 'A' Ordinary shares in respect of the year ended 30 September 2025 was recommended (2024: 12.00p). Together with the interim dividend of 8.82p (2024: 8.40p) the total dividend declared for the year was 20.82p on each share (2024: 19.80p).

The final dividend will be paid on 13 March 2026 to those shareholders registered on 20 February 2026. A dividend on the 5% cumulative participating preference shares of 1.5% (2024: 1.5%) payable on 1 July 2026 was also recommended.

The Annual General Meeting will be held on 5 March 2026 at 2.00 pm at the Powerhouse, Queen's Road, St. Helier, Jersey.

Chris Ambler                                                                                    

Chief Executive Officer                                                                                

Enquiries:

Non Owen, Company Secretary

[email protected]

Tel: 01534 505386

15 December 2025          

The Powerhouse

PO Box 45

Queens Road

St. Helier

Jersey JE4 8NY

JERSEY ELECTRICITY plc                

Financial Results Summary

Year ended 30 September 2025                                                                                                            

The Chair, Phil Austin, comments:

Performance

The Group delivered a solid performance in 2025, underpinned by disciplined management and continued investment. The easing of wholesale electricity markets provided some relief, and we welcome a period of relative stability in wholesale energy prices after several years of severe volatility.

Revenue increased to £146.2m, up 8% on the prior year, driven by steady unit sales growth and the continued transition to electric heating and transport. Profit before tax was £14.2m, lower than the previous year primarily due to the revaluation of the property portfolio and a one-off past service pension liability.

Our Energy business achieved a 6.4% return on assets, maintaining robust performance on a five-year rolling basis. Other divisions performed in line with expectations.

We remain well positioned for the future, with a strong balance sheet, clear strategic direction and demonstrable progress against our long-term objectives. The current pricing structure continues to offer good value and stability for customers while supporting the investment required to deliver Jersey's energy transition.

The Board has recommended a final dividend of 20.82p per share, an increase of 5% on the previous year, payable on 13 March 2026. This reflects our solid financial position and ongoing commitment to sustaining shareholder value, while investing at record levels in Jersey's energy future.

As we look ahead, our focus remains clear: to lead Jersey's transition to a net zero future with responsibility, foresight and purpose. We are building not only an energy system, but a legacy of reliability and sustainability for our Island.

Supply Security and resilience

Jersey Electricity will formally adopt an enhanced Security of Supply Standard by summer 2028. Work is underway to build further security in the network, reflecting the Island's increased reliance on electricity as its primary energy source.

Jersey Electricity's positive record of supply security continues with an industry-leading customer minutes lost score, although we narrowly missed our target due to planned isolations required as part of major works. Maintaining secure electricity supplies is paramount to supporting Jersey's economy and encouraging customers to switch to electric heating and transport.

The £30m La Collette Resilience Programme has made significant strides, safely demolishing the 50-year-old steam turbines and associated infrastructure. The next stage is to run a tender process for new generators which would provide an additional 50 MW of on-Island fast start backup generating capacity.

Setting the foundations for the electricity network of the future is driving our largest ever investment into the network, known as The Big Upgrade. This £120m investment over five years will ensure we can meet the forecasted 25% increase in peak demand to achieve the Island's net zero target, while providing customers with the flexibility to access the power they need. Our innovative use of smart metering data has enabled us to identify parts of our infrastructure that are capacity constrained and ensure we deploy capital in the most targeted and efficient way.

Working with Guernsey Electricity as part of our Channel Islands Electricity Grid partnership, we're advancing the replacement of Jersey's oldest subsea cable. This project began at the end of 2024, and we have made good progress defining our technical requirements and planning for consent in both Jersey and France, and have moved well into the tendering process.

Long Term Green, Clean Energy

Jersey currently imports around 94% of its electricity from France through a supply contract with EDF. Our current contract expires at the end of 2027 and we are pleased to report good progress in negotiations. While there will be some structural changes to the new contract, we are confident it will provide the framework for us to continue to deliver competitively priced power and good outcomes for our customers. Meanwhile, we are well placed with our current hedged position, which remains in place until our incumbent contract expires.

Our strategy to import competitively priced low-carbon power from nuclear and certified hydro-electric sources, while diversifying our energy mix with locally sourced renewable power, continues to serve the Island well. It has resulted in a market-leading average carbon intensity of distributed energy, and highlights a major advantage of electricity as the Island's predominant energy source.

Customers report that pricing is one of the most important attributes of our service, and we are proud to have successfully sheltered them from significant increases over recent years, when European wholesale markets have spiked upwards. While prices elsewhere have eased, electricity is still substantially cheaper in Jersey than in many countries in Europe.

Fuel switching momentum built towards the end of the financial year, as we refocused our efforts to ensure we meet customers' needs and have the right low-carbon technologies in place for the long term.

Our 'heat pump first' approach combined with government incentives drove strong levels of domestic fuel switches and we saw our strongest set of heat pump sales, suggesting a shift in consumer sentiment. We continue to partner with Government to support policy outcomes and provide administration services for their Carbon Neutral Roadmap initiatives.

The commercial sector has delivered particularly encouraging results - well ahead of historic performance - concluding in our most positive year in a decade for switches outside of the post-covid high.

Further investment in our sustainable transport strategy has supported the adoption of electric vehicles (EV) and ensures we prepare the Evolve public charging network for future flexibility and resilience. We invested in upgrades at several strategic locations to provide more rapid charging options, and installed new ultra-rapid chargers in Gorey and St Aubin. We have also made progress with the next generation of home-charging technology.

In Conclusion

2025 has been a defining year for Jersey Electricity, one that demonstrates how disciplined investment, sound management and responsible innovation can deliver resilience and progress. We have strengthened our foundations, advanced key strategic projects and maintained strong financial performance while upholding our responsibilities to customers, shareholders and the community. As we look ahead to FY26 and beyond, the Board remains confident in the Company's direction and its ability to lead Jersey's energy transition with responsibility, foresight and purpose.

Financial Performance

Financial Highlights	2025	2024
Revenue	£146.2m	£135.7m
Profit before tax	£14.2m	£15.1m
Earnings per share	35.90p	37.92p
Dividend paid per share	20.82p	19.80p
Final proposed dividend per share	12.60p	12.00p
Net cash	£8.7m	£19.2m
In Year Return on Assets	7.4%	7.3%
Return on Assets - 5 year rolling	6.4%	6.3%

Group revenue

Group revenue for the year ended 30 September 2025 was £146.2m (FY24: £135.7m), an increase of 7.7% on the prior year. This growth was primarily driven by a stronger performance in our Energy business, where revenue rose to £118.4m (FY24: £108.1m), reflecting the tariff adjustments implemented in January 2025, fuel switching and increased customer demand following a colder-than-average winter. The overall economic landscape for our non-energy businesses remained challenging. Revenue in the Powerhouse retail business increased by approximately 1.7% to £18.1m (FY24: £17.9m), reflecting modest growth as inflationary pressures continued to influence consumer spending and operating costs. Property revenue increased by £0.3m to £3.3m (FY24: £3.0m), driven by the letting of additional commercial space at the Powerhouse site and near full occupancy of our residential portfolio by year-end. Revenue from JEBS, our building services business, was £4.7m (FY24: £4.8m). Other business segments collectively reported a small operating loss of £0.2m on revenue of £3.6m (FY24: £3.8m), reflecting ongoing technology investment and lower-than-anticipated sales during the period.

Energy Business

The Energy business delivered a robust performance during the year, with revenue of £118.4m (FY24: £108.2m) and profit before tax of £12.7m (FY24: £13.0m). The year-on-year improvement reflected the January 2025 tariff adjustment, higher customer demand during the colder winter period, and continued efficiency gains. These factors contributed to a return on assets employed within the Group's long-term target range of 6 to 7% on a rolling five-year basis. Electricity unit sales increased slightly year on year to 616 million kWh (FY24: 609 million kWh). The Group continued to source the majority of its electricity from low-carbon imports, with approximately 93.7% supplied from France, 5.3% from Jersey's Energy from Waste plant, and 1.1% generated locally through oil-fired and solar generation.

Property

The Property division reported a profit, excluding investment property revaluation movements, of £1.3m (FY24: £0.9m). The value of the Group's property portfolio decreased by £0.9m to £25.8m, reflecting broader conditions in the local property market.

Powerhouse

The Powerhouse retail business reported a profit of £0.3m (FY24: £0.6m), reflecting higher allocations of Group technology-related costs and continued investment in key transformation projects. During the year, the business enhanced its showroom offering to support growth in electric bike sales and improve the overall customer experience, while also expanding its capabilities through the establishment of an in-house appliance servicing operation.

JEBS

JEBS, the Group's building services division, recorded a break-even result of £nil (FY24: £0.2m). Performance was affected by the one-off realignment of annual leave entitlement for employees and weaker-than-expected results in amenity lighting.

Other business units

Other business units - including Jersey Energy, Jendev, Jersey Deep Freeze and fibre-optic lease rentals - reported a small combined loss, primarily due to the reallocation of internal costs.

Net interest Costs

Net interest costs for the year were £0.3m (FY24: £0.8m), reflecting the net balance between interest income on deposits and the cost of long-term borrowings. The taxation charge was £3.1m (FY24: £3.4m), consistent with the underlying profit performance.

Earnings per Share and Dividends

Basic and diluted earnings per share were 35.90p (FY24: 37.92p). Dividends paid during the year, net of tax, totalled 20.82p (FY24: 19.80p). The proposed final dividend of 12.60p (FY24: 12.00p) represents a 5% increase on the prior year, maintaining a dividend cover of 1.7 times (FY24: 1.9 times).

Cash flow and Liquidity

Net cash at the year end was £8.7m (FY24: £19.2m), comprising £30.0m of borrowings offset by £38.7m of cash and cash equivalents. The £10.5m reduction in net cash during the year primarily reflects increased capital investment to support the delivery of the Group's strategic infrastructure and technology programmes.

Consolidated Income Statement for the year ended 30 September 2025		2025 £000		2024 £000
Revenue		146,196		135,742
Cost of sales		(92,731)		(83,184)
Rebate of past energy costs - non recurring item		-		-
Gross profit		53,465		52,558
Movement in valuation of investment properties		(895)		(890)
Operating expenses		(38,688)		(37,299)
Group operating profit		13,882		14,369
Finance income		1,883		2,291
Finance costs		(1,575)		(1,533)
Profit from operations before taxation		14,190		15,127
Taxation		(3,126)		(3,427)
Profit from operations after taxation		11,064		11,700
Attributable to: Owners of the Company		11,000		11,618
Non-controlling interests		64		82
		11,064		11,700
Earnings per share - basic and diluted		35.90p		37.92p
Consolidated Statement of Comprehensive Income for the year ended 30 September 2025		2025	2024
		£000	£000
Profit for the year		11,064	11,700
Items that will not be reclassified subsequently to profit or loss: Actuarial gain/loss on defined benefit scheme		1,049	925
Income tax relating to items not reclassified		(210)	(185)
		839	740
Items that may be reclassified subsequently to profit or loss: Fair value loss on cash flow hedges		4,667	(3,483)
Income tax relating to items that may be reclassified		(933)	697
		3,734	(2,786)
Total comprehensive income for the year		15,637	9,654
Attributable to: Owners of the Company		15,573	9,572
Non-controlling interests		64	82
		15,637	9,654

All results in the year have been derived from continuing operations

Consolidated Balance Sheet as at 30 September 2025

	2025 £000	2024 £000
Non-current assets Intangible assets	227	364
Property, plant and equipment	243,398	225,523
Right of use assets	5,302	4,621
Investment properties	25,830	26,725
Trade and other receivables	300	300
Retirement benefit asset	27,262	27,952
Derivative financial instruments	636	-
Other investments	5	5
Total non-current assets	302,960	285,490
Current assets Inventories	7,916	8,435
Trade and other receivables	25,172	24,902
Derivative financial instruments	550	-
Cash and cash equivalents	38,690	49,190
Total current assets	72,328	82,527
Total assets	375,288	368,017
Current Liabilities Trade and other payables	22,207	23,027
Current tax liabilities	2,904	3,413
Lease liabilities	339	306
Derivative financial instruments	571	2,601
Total current liabilities	26,021	29,347
Net current assets	46,307	53,180
Non-current liabilities Trade and other payables	28,322	27,222
Lease liabilities	4,278	3,878
Derivative financial instruments	-	1,451
Financial liabilities - preference shares	235	235
Borrowings	30,000	30,000
Deferred tax liabilities	32,285	30,923
Total non-current liabilities	95,120	93,709
Total liabilities	121,141	123,056
Net assets	254,147	244,961
Equity Share capital	1,532	1,532
Revaluation reserve	5,270	5,270
ESOP reserve	(37)	(35)
Other reserves	493	(3,241)
Retained earnings	246,881	241,391
Equity attributable to the owners of the Company	254,109	244,917
Non-controlling interests	38	44
Total equity	254,147	244,961

Consolidated Statement of Changes in Equity for the year ended 30 September 2025

	Share Capital	Revaluation reserve	ESOP reserve	Other reserves*	Retained earnings	Total
	£000	£000	£000	£000	£000	£000
At 1 October 2024	1,532	5,270	(35)	(3,241)	241,391	244,917
Total recognised income and expense for the year	-	-	-	-	11,000	11,000
Movement on share option scheme	-	-	(2)	-	-	(2)
Movement on hedges (net of tax)	-	-	-	3,734	-	3,734
Actuarial gain on defined benefit scheme (net of tax)	-	-	-	-	839	839
Equity dividends	-	-	-	-	(6,379)	(6,379)
At 30 September 2025	1,532	5,270	(37)	493	246,851	254,109
At 1 October 2023	1,532	5,270	(35)	(455)	235,100	241,412
Total recognised income and expense for the year	-	-	-	-	11,618	11,618
Amortisation of employee share option scheme	-	-	-	-	-	-
Movement on hedges (net of tax)	-	-	-	(2,786)	-	(2,786)
Actuarial loss on defined benefit scheme (net of tax)	-	-	-	-	740	740
Equity dividends	-	-	-	-	(6,067)	(6,067)
At 30 September 2024	1,532	5,270	(35)	(3,241)	241,391	244,917

*'Other reserves' represents the foreign currency hedging reserve.

Consolidated Statement of Cash Flows for the year ended 30 September 2025

	2025 £000	2024 £000
Cash flows from operating activities Operating profit	13,882	14,369
Depreciation, amortisation and impairment charges	11,821	14,181
Share-based reward charges	(2)	-
Loss on revaluation of investment property	895	890
Pension operating charge less contributions paid	1,739	(1,481)
Deemed interest income from hire purchase arrangements	244	201
Loss/(profit) on sale of property, plant and equipment	(76)	1
Operating cash flows before movement in working capital	28,503	28,161
Working capital adjustments:
Decrease/(Increase) in inventories	548	752
Increase in trade and other receivables	(269)	(1,133)
Increase/(Decrease) in trade and other payables	1,304	1,130
Net movement in working capital	1,583	749
Interest paid on borrowings	(1,363)	(1,208)
Preference dividends paid	(9)	(9)
Income taxes paid	(3,415)	(3,301)
Net cash flows from operating activities	25,299	24,392
Cash flows from investing activities Purchase of property, plant and equipment	(30,280)	(18,036)
Investment in intangible assets	(280)	(53)
Deposit interest received	1,607	2,090
Net proceeds from disposal of fixed assets	125	34
Net cash flows used in investing activities	(28,828)	(15,965)
Cash flows from financing activities Equity dividends paid	(6,379)	(6,067)
Dividends paid to non-controlling interest	(70)	(170)
Repayment of lease liabilities	(522)	(429)
Net cash flows used in financing activities	(6,971)	(6,666)
Net increase in cash and cash equivalents	(10,500)	1,761
Cash and cash equivalents at the beginning of the year	49,190	47,429
Effect of foreign exchange rate changes	-	-
Cash and cash equivalents at the end of the year	38,690	49,190

IAS 7 'Statement of Cash Flows' requires the explanation of both cash and non-cash movements in assets and liabilities relating to financing activities. See notes 7 and 15. Of the £38.7m cash and cash equivalents at 30 September 2025, £28m (2024: £35.0m) is on fixed term deposits with an average of 116 days remaining (2024: 93 days).

Notes to the accounts

Year ended 30 September 2025

1.   Basis of Preparation

The consolidated financial statements of Jersey Electricity plc, for the year ended 30 September 2025, have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), including International Accounting Standards and Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC).  This is consistent with the accounting policies in the 30 September 2024 annual report and accounts and the 31 March 2025 interim report.

While the financial information included in this summary announcement has been prepared in accordance with the appropriate recognition and measurement criteria, this announcement does not itself contain sufficient information to comply with IFRS. Full financial statements that comply with IFRS have additionally been published on our website; www.jec.co.uk.

The business segments below are those reported to the Directors for the purposes of resource allocation and performance assessment:

	2025	2025	2025	2024	2024	2024
	External	Internal	Total	External	Internal	Total
Revenue	£000	£000	£000	£000	£000	£000
Energy - arising during the course of ordinary business	118,383	99	118,482	108,102	100	108,202
Building Services	3,767	966	4,733	3,872	936	4,808
Retail	18,076	46	18,122	17,767	110	17,877
Property	2,463	837	3,300	2,346	639	2,985
Other*	3,507	54	3,561	3,655	112	3,767
	146,196	2,002	148,198	135,742	1,897	137,639
Intergroup elimination			(2,002)			(1,897)
Revenue			146,196			135,742
Operating profit Energy profit before rebate of past energy costs**			12,731			13,020
Rebate of past energy costs			-			-
Energy profit including rebate			12,731			13,020
Building Services			-			248
Retail			257			618
Property			1,342			931
Other*			447			442
			14,777			15,259
Revaluation of investment properties			(895)			(890)
Operating profit			13,882			14,369
Finance income			1,883			2,291
Finance costs			(1,575)			(1,533)
Profit from operations before taxation			14,190			15,127
Taxation			(3,126)			(3,427)
Profit from operations after taxation			11,064			11,700
Attributable to: Owners of the Company Non-controlling interests			11,000 64			11,618 82
			11,064			11,700

*The Other segment includes the divisions of Jersey Energy and Jendev, operating profit from IRU contracts as well as Jersey Deep Freeze Limited, the Group's sole subsidiary.

Materially, all the Group's operations are conducted within the Channel Islands. All transfers between divisions are on an arms‑length basis. Revaluation of investment properties is shown separately from Property operating profit.

Revenues disclosed by the business segments above are recognised both on a point in time and over time basis. The treatment of revenue recognition in accordance with IFRS 15.

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