JERSEY ELECTRICITY Plc                                                                                           

Financial Results Summary

Year Ended 30 September 2025

At a meeting of the Board of Directors held on 15 December 2025, the final accounts for the year ended 30 September 2025 were approved and have been published on our website (www.jec.co.uk).

The financial information set out in this summary does not constitute the statutory accounts for the year ended 30 September 2025, or 2024, but is derived from those accounts. Statutory accounts for 2024 have been delivered to the Jersey Registrar of Companies, and those for 2025 will be delivered in early 2026. The auditor reported on the accounts for both years and their reports were unmodified.

A final dividend of 12.60p on the Ordinary and 'A' Ordinary shares in respect of the year ended 30 September 2025 was recommended (2024: 12.00p). Together with the interim dividend of 8.82p (2024: 8.40p) the total dividend declared for the year was 20.82p on each share (2024: 19.80p).

The final dividend will be paid on 13 March 2026 to those shareholders registered on 20 February 2026. A dividend on the 5% cumulative participating preference shares of 1.5% (2024: 1.5%) payable on 1 July 2026 was also recommended.

The Annual General Meeting will be held on 5 March 2026 at 2.00 pm at the Powerhouse, Queen's Road, St. Helier, Jersey.

Chris Ambler                                                                                    

Chief Executive Officer                                                                                

Enquiries:

Non Owen, Company Secretary

Nowen@jec.co.uk

Tel: 01534 505386

15 December 2025          

The Powerhouse

PO Box 45

Queens Road

St. Helier

Jersey JE4 8NY

JERSEY ELECTRICITY plc                

Financial Results Summary

Year ended 30 September 2025                                                                                                            

The Chair, Phil Austin, comments:

Performance

The Group delivered a solid performance in 2025, underpinned by disciplined management and continued investment. The easing of wholesale electricity markets provided some relief, and we welcome a period of relative stability in wholesale energy prices after several years of severe volatility.

Revenue increased to £146.2m, up 8% on the prior year, driven by steady unit sales growth and the continued transition to electric heating and transport. Profit before tax was £14.2m, lower than the previous year primarily due to the revaluation of the property portfolio and a one-off past service pension liability.

Our Energy business achieved a 6.4% return on assets, maintaining robust performance on a five-year rolling basis. Other divisions performed in line with expectations.

We remain well positioned for the future, with a strong balance sheet, clear strategic direction and demonstrable progress against our long-term objectives. The current pricing structure continues to offer good value and stability for customers while supporting the investment required to deliver Jersey's energy transition.

The Board has recommended a final dividend of 20.82p per share, an increase of 5% on the previous year, payable on 13 March 2026. This reflects our solid financial position and ongoing commitment to sustaining shareholder value, while investing at record levels in Jersey's energy future.

As we look ahead, our focus remains clear: to lead Jersey's transition to a net zero future with responsibility, foresight and purpose. We are building not only an energy system, but a legacy of reliability and sustainability for our Island.

Supply Security and resilience

Jersey Electricity will formally adopt an enhanced Security of Supply Standard by summer 2028. Work is underway to build further security in the network, reflecting the Island's increased reliance on electricity as its primary energy source.

Jersey Electricity's positive record of supply security continues with an industry-leading customer minutes lost score, although we narrowly missed our target due to planned isolations required as part of major works. Maintaining secure electricity supplies is paramount to supporting Jersey's economy and encouraging customers to switch to electric heating and transport.

The £30m La Collette Resilience Programme has made significant strides, safely demolishing the 50-year-old steam turbines and associated infrastructure. The next stage is to run a tender process for new generators which would provide an additional 50 MW of on-Island fast start backup generating capacity.

Setting the foundations for the electricity network of the future is driving our largest ever investment into the network, known as The Big Upgrade. This £120m investment over five years will ensure we can meet the forecasted 25% increase in peak demand to achieve the Island's net zero target, while providing customers with the flexibility to access the power they need. Our innovative use of smart metering data has enabled us to identify parts of our infrastructure that are capacity constrained and ensure we deploy capital in the most targeted and efficient way.

Working with Guernsey Electricity as part of our Channel Islands Electricity Grid partnership, we're advancing the replacement of Jersey's oldest subsea cable. This project began at the end of 2024, and we have made good progress defining our technical requirements and planning for consent in both Jersey and France, and have moved well into the tendering process.

Long Term Green, Clean Energy

Jersey currently imports around 94% of its electricity from France through a supply contract with EDF. Our current contract expires at the end of 2027 and we are pleased to report good progress in negotiations. While there will be some structural changes to the new contract, we are confident it will provide the framework for us to continue to deliver competitively priced power and good outcomes for our customers. Meanwhile, we are well placed with our current hedged position, which remains in place until our incumbent contract expires.

Our strategy to import competitively priced low-carbon power from nuclear and certified hydro-electric sources, while diversifying our energy mix with locally sourced renewable power, continues to serve the Island well. It has resulted in a market-leading average carbon intensity of distributed energy, and highlights a major advantage of electricity as the Island's predominant energy source.

Customers report that pricing is one of the most important attributes of our service, and we are proud to have successfully sheltered them from significant increases over recent years, when European wholesale markets have spiked upwards. While prices elsewhere have eased, electricity is still substantially cheaper in Jersey than in many countries in Europe.

Fuel switching momentum built towards the end of the financial year, as we refocused our efforts to ensure we meet customers' needs and have the right low-carbon technologies in place for the long term.

Our 'heat pump first' approach combined with government incentives drove strong levels of domestic fuel switches and we saw our strongest set of heat pump sales, suggesting a shift in consumer sentiment. We continue to partner with Government to support policy outcomes and provide administration services for their Carbon Neutral Roadmap initiatives.

The commercial sector has delivered particularly encouraging results - well ahead of historic performance - concluding in our most positive year in a decade for switches outside of the post-covid high.

Further investment in our sustainable transport strategy has supported the adoption of electric vehicles (EV) and ensures we prepare the Evolve public charging network for future flexibility and resilience. We invested in upgrades at several strategic locations to provide more rapid charging options, and installed new ultra-rapid chargers in Gorey and St Aubin. We have also made progress with the next generation of home-charging technology.

In Conclusion

2025 has been a defining year for Jersey Electricity, one that demonstrates how disciplined investment, sound management and responsible innovation can deliver resilience and progress. We have strengthened our foundations, advanced key strategic projects and maintained strong financial performance while upholding our responsibilities to customers, shareholders and the community. As we look ahead to FY26 and beyond, the Board remains confident in the Company's direction and its ability to lead Jersey's energy transition with responsibility, foresight and purpose.

Financial Performance

Group revenue

Group revenue for the year ended 30 September 2025 was £146.2m (FY24: £135.7m), an increase of 7.7% on the prior year. This growth was primarily driven by a stronger performance in our Energy business, where revenue rose to £118.4m (FY24: £108.1m), reflecting the tariff adjustments implemented in January 2025, fuel switching and increased customer demand following a colder-than-average winter. The overall economic landscape for our non-energy businesses remained challenging. Revenue in the Powerhouse retail business increased by approximately 1.7% to £18.1m (FY24: £17.9m), reflecting modest growth as inflationary pressures continued to influence consumer spending and operating costs. Property revenue increased by £0.3m to £3.3m (FY24: £3.0m), driven by the letting of additional commercial space at the Powerhouse site and near full occupancy of our residential portfolio by year-end. Revenue from JEBS, our building services business, was £4.7m (FY24: £4.8m). Other business segments collectively reported a small operating loss of £0.2m on revenue of £3.6m (FY24: £3.8m), reflecting ongoing technology investment and lower-than-anticipated sales during the period.

Energy Business

The Energy business delivered a robust performance during the year, with revenue of £118.4m (FY24: £108.2m) and profit before tax of £12.7m (FY24: £13.0m). The year-on-year improvement reflected the January 2025 tariff adjustment, higher customer demand during the colder winter period, and continued efficiency gains. These factors contributed to a return on assets employed within the Group's long-term target range of 6 to 7% on a rolling five-year basis. Electricity unit sales increased slightly year on year to 616 million kWh (FY24: 609 million kWh). The Group continued to source the majority of its electricity from low-carbon imports, with approximately 93.7% supplied from France, 5.3% from Jersey's Energy from Waste plant, and 1.1% generated locally through oil-fired and solar generation.

Property

The Property division reported a profit, excluding investment property revaluation movements, of £1.3m (FY24: £0.9m). The value of the Group's property portfolio decreased by £0.9m to £25.8m, reflecting broader conditions in the local property market.

Powerhouse

The Powerhouse retail business reported a profit of £0.3m (FY24: £0.6m), reflecting higher allocations of Group technology-related costs and continued investment in key transformation projects. During the year, the business enhanced its showroom offering to support growth in electric bike sales and improve the overall customer experience, while also expanding its capabilities through the establishment of an in-house appliance servicing operation.

JEBS

JEBS, the Group's building services division, recorded a break-even result of £nil (FY24: £0.2m). Performance was affected by the one-off realignment of annual leave entitlement for employees and weaker-than-expected results in amenity lighting.

Other business units

Other business units - including Jersey Energy, Jendev, Jersey Deep Freeze and fibre-optic lease rentals - reported a small combined loss, primarily due to the reallocation of internal costs.

Net interest Costs

Net interest costs for the year were £0.3m (FY24: £0.8m), reflecting the net balance between interest income on deposits and the cost of long-term borrowings. The taxation charge was £3.1m (FY24: £3.4m), consistent with the underlying profit performance.

Earnings per Share and Dividends

Basic and diluted earnings per share were 35.90p (FY24: 37.92p). Dividends paid during the year, net of tax, totalled 20.82p (FY24: 19.80p). The proposed final dividend of 12.60p (FY24: 12.00p) represents a 5% increase on the prior year, maintaining a dividend cover of 1.7 times (FY24: 1.9 times).

Cash flow and Liquidity

Net cash at the year end was £8.7m (FY24: £19.2m), comprising £30.0m of borrowings offset by £38.7m of cash and cash equivalents. The £10.5m reduction in net cash during the year primarily reflects increased capital investment to support the delivery of the Group's strategic infrastructure and technology programmes.

All results in the year have been derived from continuing operations

Consolidated Balance Sheet as at 30 September 2025

Consolidated Statement of Changes in Equity for the year ended 30 September 2025

*'Other reserves' represents the foreign currency hedging reserve.

Consolidated Statement of Cash Flows for the year ended 30 September 2025

IAS 7 'Statement of Cash Flows' requires the explanation of both cash and non-cash movements in assets and liabilities relating to financing activities. See notes 7 and 15. Of the £38.7m cash and cash equivalents at 30 September 2025, £28m (2024: £35.0m) is on fixed term deposits with an average of 116 days remaining (2024: 93 days).

Notes to the accounts

Year ended 30 September 2025

1.   Basis of Preparation

The consolidated financial statements of Jersey Electricity plc, for the year ended 30 September 2025, have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the European Union (EU), including International Accounting Standards and Interpretations issued by the International Financial Reporting Interpretations Committee (IFRIC).  This is consistent with the accounting policies in the 30 September 2024 annual report and accounts and the 31 March 2025 interim report.

While the financial information included in this summary announcement has been prepared in accordance with the appropriate recognition and measurement criteria, this announcement does not itself contain sufficient information to comply with IFRS. Full financial statements that comply with IFRS have additionally been published on our website; www.jec.co.uk.

The business segments below are those reported to the Directors for the purposes of resource allocation and performance assessment:

*The Other segment includes the divisions of Jersey Energy and Jendev, operating profit from IRU contracts as well as Jersey Deep Freeze Limited, the Group's sole subsidiary.

 Materially, all the Group's operations are conducted within the Channel Islands. All transfers between divisions are on an arms‑length basis. Revaluation of investment properties is shown separately from Property operating profit.

 Revenues disclosed by the business segments above are recognised both on a point in time and over time basis. The treatment of revenue recognition in accordance with IFRS 15.