Portfolio update

At 31 December 2025, the Company was exposed to a diversified, partially inflation protected, portfolio of 47 investments. with an unaudited valuation of £853.8 million. The portfolio had a principal value of £907.6 million with a weighted average annualised yield of 8.0% and an average life of 11 years.

NAV movements

At 31 December 2025, the unaudited net asset value per ordinary share of the Company was 100.27 pence (30 September 2025: 101.40 pence). a decrease of1.13 pence per ordinary share.

Inflation forecasts were updated for the Office for Budget Responsibility's (OBR) latest projections. released with the government's Autumn Budget. These saw higher levels of inflation persisting for longer compared to the previous forecast and resulted in a 0.17 pence per ordinary share uplift.

The government announced that, following consultation last year, it will be amending the indexation applied to the renewable obligation buy out price and feed-in-tariffs to be based on CPI from April 2026. The impact of this, in line the Company's previous disclosures, is a reduction in net asset value per ordinary share of 0.53 pence. The net of these factors is a reduction in valuation of 0.36 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 0.53 pence per ordinary share, net of hedging. Actual generation across the renewable energy portfolio increased NAV per ordinary share by 0.14 pence, and the valuation effect of unwinding discount rates, project specific updates across the whole portfolio, and other movements led to a net decrease of 0.23 pence per ordinary share.

The Company has, following independent advice, continued to assess the level of curtailment and constraint for two onshore wind projects in Northern Ireland that participate in the Irish Single Electricity Market. This has resulted in a negative movement of 0.21 pence per ordinary share.

Capital allocation

At 31 December 2025, the Company had £24.0 million (30 September 2025: £20.0 million) outstanding under its revolving credit arrangements. representing a net debt position of c. £14 million (30 September 2025: c. £8 million). The Company bought back 1,735,000 ordinary shares in the quarter, contributing a 0.06 pence per ordinary share increase to NAV.

The Company announced that certain borrowers to whom the Company has extended loans have exchanged contracts for the disposal of properties that are leased to registered providers for the provision of supported social housing. The proceeds of such disposals. if completed, will repay £47.5 million of loans and, after considering deferred amounts. will generate day one cash proceeds of £43.0 million.

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.