Portfolio update

At 30 June 2025, the Company was exposed to a diversified, partially inflation protected, portfolio of 48 investments, with an unaudited valuation of £902.6 million. The portfolio had a principal value of £928.5 million with a weighted average annualised yield of 7.9% and an average life of 11 years.

NAV movements

At 30 June 2025, the unaudited net asset value per ordinary share of the Company was 102.14 pence (31 March 2025: 102.28 pence), a decrease of 0.14 pence per ordinary share.

Updates to forecast electricity prices, driven both by lower futures forecast in the short-term and the latest forecast from the Company's third-party power price consultant, resulted in a reduction of 0.34 pence per ordinary share, net of hedging. Actual generation across the renewable energy portfolio and the valuation effect of its unwinding discount rates led to an increase of 0.49 pence per ordinary share. Forvis Mazars. the Company's independent valuation agent, did not make any changes to discount rates in the quarter.

The Company has agreed settlement terms relating to the ongoing contractual claim under investment documentation relating to the audits of the accreditation of a portfolio of solar projects under the Renewables Obligation. The terms of the settlement are confidential however the impact of the settlement was materially in line with the valuation assumptions the Company has adopted and therefore the net asset value.

Capital allocation

The Board reconfirms its commitment to the Company's capital allocation policy set out in the 2024 Annual Report and Accounts. continuing to prioritise repayment of leverage, as well as reducing equity-like exposures and exposures in certain sectors. whilst also facilitating the return of £50.0 million of capital to shareholders. At 30 June 2025, the Company had £43.0 million (31 March 2025: £41.0 million) outstanding under its revolving credit arrangements. representing a net debt position of £36.2 million (31 March 2025: £29.2 million) which compares to the Company's unaudited NAV of £864.1 million (31 March 2025: £871.7 million).

Proceeds of the aforementioned settlement, which have been received by the Company post period-end, were used in line with the Company's capital allocation policy to prepay the Company's outstanding revolving credit arrangements. The net debt position following the prepayment was £10.0 million.

Further supporting the capital allocation policy, the Company bought back 6,321,854 ordinary shares in the quarter, contributing a 0.22 pence per ordinary share increase to NAV.

Annual general meeting

On 13 February 2025, the Company held its annual general meeting and all resolutions proposed by the Company were duly passed by shareholders.

Annual results

On 12 December 2024, the Company published its audited annual results for the year ended 30 September 2024. The full annual report and financial statements can be accessed here.