THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO ANY JURISDICTION WHERE TO DO SO MAY RESULT IN THE CONTRAVENTION OF ANY REGISTRATION OR OTHER LEGAL REQUIREMENT OF SUCH JURISDICTION

13 January 2026

Aquila European Renewables plc

B Share Scheme First Distribution

Introduction

The Company is pleased to announce the first distribution to be made to Shareholders pursuant to the recently established B Share Scheme.

Following completion of the Sagres disposal in June 2025 for €14.7 million and the Holmen II and Svindbaek disposals for €36.6 million in December 2025, the Board has resolved to use the majority of the net cash proceeds (excluding an appropriate cash buffer to ensure the Company can continue to meet its liabilities and commitments) to make a first capital distribution to Shareholders under the approved B Share Scheme totalling approximately €34 million (the "Initial Return of Capital"). The Initial Return of Capital represents approximately 15 per cent. of the Company's Net Asset Value as at 30 September 2025, being the latest published Net Asset Value prior to the publication of the Circular.

Approved B Share Scheme

B Shares will be allotted and issued to Shareholders pro rata to their holdings of Ordinary Shares as at the record date (as set out in the timetable below) for the issue of the B Shares. The Company will not allot or issue any fractions of B Shares and entitlements of each Shareholder will be rounded down to the nearest whole B Share. The B Shares have only very limited rights. The rights and restrictions attached to the B Shares are fully set out in Part 3 of the Company's circular which was issued on 15 December 2025 (the "Circular"). Shareholders can access the Circular at https://www.aquila-european-renewables.com/.

No share certificates will be issued for any B Shares allotted and no CREST accounts will be credited with any such shares. No application will be made for the B Shares to be admitted to listing on the Official List or to trading on the London Stock Exchange's main market for listed securities and the B Shares will not be listed or admitted to trading on any other recognised investment exchange.

B Shares will be issued and redeemed by the Company's registrar, Computershare Investor Services PLC. Each redemption of B Shares will be undertaken at the option of the Company. It is expected that redemption will occur shortly after each date of issue and allotment of B Shares, when all of the B Shares then in issue will be compulsorily redeemed and cancelled in accordance with their terms for an amount not exceeding the amount treated as paid up on the B Shares.

Following the redemption and cancellation of the B Shares, the redemption proceeds will be sent to Shareholders either through CREST to uncertificated Shareholders or via cheque to certificated Shareholders.

Initial B Share Scheme Distribution

Pursuant to the authority received from Shareholders at the general meeting held on 8 January 2026, the Board has resolved to return approximately €34 million in aggregate to Shareholders via an issue of B Shares.

B Shares of one cent each will be paid up from the Company's special distributable reserve and issued to all Shareholders by way of a bonus issue on the basis of 9 B Shares for every 1 Ordinary Share held at the Record Date of 21 January 2026. The ex date is 20 January 2026.

The B Shares will be issued on 23 January 2026 and immediately redeemed at one cent per B Share. The Redemption Date in respect of this B Share issue is therefore 23 January 2026. The proceeds from the redemption of the B Shares, which is equivalent to 9 cents per Ordinary Share, will be sent to uncertificated Shareholders through CREST or via cheque to certificated Shareholders. 

Shareholders should note that the default payment currency is Euro, however, Shareholders can elect to have their Initial Return of Capital paid in Sterling. The last day for currency elections to be registered is 21 January 2026. Currency elections should be submitted via CREST for CREST holders. Certificated shareholders will need to have a mandate in place on the Record Date to be paid the consideration in Sterling. Shareholders who have previously elected to receive dividends in Sterling will have that election carried forward and applied as the default payment currency for the Initial Return of Capital.

Timetable for the Initial Return of Capital

It is expected that the timetable will be as follows:

Defined terms used in this announcement have the meanings given in the Circular which may be found on the Company's website unless the context otherwise requires.

LEI: 213800UKH1TZIC9ZRP41

Enquiries:

www.aquila-european-renewables.com

Important notices

This announcement does not constitute or form part of any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for any securities, or any offer or invitation to sell, or any solicitation of any offer to purchase or subscribe for such ordinary shares by any person in any circumstances or jurisdiction in which such offer or solicitation is unlawful.

This announcement may contain "forward-looking statements" with respect to certain of the Company's plans and its current goals and expectations relating to its future financial condition, performance, strategic initiatives, objectives and results. Forward-looking statements sometimes use words such as "aim", "anticipate", "target", "expect", "estimate", "intend", "plan", "goal", "believe", "seek", "may", "could", "outlook" or other words of similar meaning. By their nature, all forward-looking statements involve risk and uncertainty because they relate to future events and circumstances which are beyond the control of the Company.

Any forward-looking statements made in this announcement by or on behalf of the Company speak only as of the date they are made. The information contained in this announcement is subject to change without notice and except as required by applicable law or regulation, the Company expressly disclaims any obligation or undertaking to publish any updates or revisions to any forward-looking statements contained in this announcement to reflect any changes in the Company's expectations with regard thereto or any changes in events, conditions or circumstances on which any such statements are based.

Neither the content of the Company's website (or any other website) nor the content of any website accessible from hyperlinks on the Company's website (or any other website) is incorporated into or forms part of this announcement.