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

17 March 2026

Aquila European Renewables plc

Update on disposal of Greek wind asset and B Share Scheme Second Distribution

Aquila European Renewables plc ("AERI" or the "Company"), the London-listed investment company advised by Aquila Capital Investmentgesellschaft mbH ("Aquila Capital" or the "Investment Adviser"), today announces an update on the disposal of its Greek wind asset and proposals for the second distribution to be made to Shareholders pursuant to the B Share Scheme.

Update on disposal of Greek wind asset

On 13 March 2026, the Company completed the sale of its Greek asset, Desfina, for a total consideration of approximately €26 million, following receipt of regulatory and other customary approvals in February 2026.

Second Return of Capital

Following the recent completion of the Desfina disposal, and having reviewed the Company's liquidity with a prudent assessment of expected cash flows from the remaining portfolio over the next 12-18 months, the Board has resolved to make a second capital distribution to Shareholders under the approved B Share Scheme totalling approximately €20 million (the "Second Return of Capital").

The Second Return of Capital follows the Initial Return of Capital (as defined in the Company's announcement dated 13 January 2026) of approximately €34 million completed in January 2026.

1.     Includes Financial Advisory fees related to disposals completed to date and legal costs for Desfina.

2.     Includes a broker commission of 0.5 per cent of all amounts distributed.

Note: Figures are subject to rounding.

Managed wind-down

In aggregate, the Initial Return of Capital and Second Return of Capital represent approximately 25 per cent. of the Company's Net Asset Value as at 31 December 2025. The Company continues to progress asset realisations and intends to return capital to shareholders as proceeds are received. There is no guarantee that disposals will achieve NAV.

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.

Second 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 make the Second Return of Capital 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 54 B Shares for every 10 Ordinary Share held at the Record Date of 24 March 2026. The ex date is 23 March 2026.

The B Shares will be issued on 26 March 2026 and immediately redeemed at one cent per B Share. The Redemption Date in respect of this B Share issue is therefore 26 March 2026. The proceeds from the redemption of the B Shares, which is equivalent to 5.4 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 may elect to receive their Second Return of Capital in Sterling. Shareholders who previously elected to receive dividends or the Initial Return of Capital in sterling will have that election carried forward and applied as the default payment currency for the Second Return of Capital. Shareholders may change their currency election (euro or sterling) by either (i) submitting a currency election via CREST (for CREST holders), or (ii) providing written instructions to the Company's Registrar, Computershare Investor Services PLC, by email to [email protected], in each case prior to the Record Date of 24 March 2026.

Timetable for the Second Return of Capital

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.