22 January 2026

Aquila European Renewables plc

Exchange rate for the Initial Return of Capital

Aquila European Renewables plc ("AER" or "the Company") announces that the GBP:EUR exchange rate for the Initial Return of Capital previously announced on 13 January 2026 has been set at 1.1459.

The 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 one Ordinary Share held at the Record Date of 21 January 2026. The Ex-Date was 20 January 2026. The B Shares will be issued on 23 January 2026 and immediately redeemed at one cent per B Share.

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.