Unaudited Quarterly NAV & Operational Update

LEI: 213800ZPHCBDDSQH5447

20 August 2026

NextEnergy Solar Fund Limited

("NESF" or "the Company")

 Unaudited Quarterly Net Asset Value & Operational Update

NextEnergy Solar Fund, a specialist investor in solar energy and energy storage, announces it has today published its unaudited Q1 Net Asset Value ("NAV") and Operational Update for the three-month period ended 30 June 2026.

Quarterly NAV:

As of 30 June 2026, the Company's NAV was £420.8m (31 March 2026: £437.5m), representing a NAV per Ordinary Share of 73.2p (31 March 2026: 76.1p). The Company's Gross Asset Value ("GAV") was £902m (31 March 2026: £922m). Key drivers are set out below in more detail

NAV movements:

Time value: The time value reflects the change in the valuation as a result of changing the valuation date, prior to adjusting for any outflows of the Company. The increase in value is attributable to the unwinding of the discount applied to cash flows for the period when calculating the discounted cash flow.

Project actuals: Project actuals reflect the portfolio's actual performance versus budget, with the slight increase during the period being driven by higher than anticipated irradiance and generation, which was offset by lower than anticipated solar capture prices.

Solar power price forecasts: A net decrease in the UK power price forecasts provided by third-party forecasters, driven by a reduction in forecast commodity prices in the mid-term and a decrease in forecast demand in the longer term. 

BESS revenue forecasts: An increase in BESS revenue forecasts provided by a third-party consultant.

Inflation forecasts: A decrease in short-term inflation assumptions up to 2030. The Company continues to take a consistent approach to its inflation assumptions, using external third-party, independent inflation data from HM Treasury Forecasts and long-term implied rates from the Bank of England for its UK assets. For international assets, IMF forecasts are used. Long-term assumptions are aligned with market consensus.

Revaluation of NextEnergy III LP and co-investments: Movements in the fair value of the holding in NextEnergy III LP and the two co-investments.

Cash dividends paid: The dividends paid during the period, including both Ordinary Share and Preference Share dividend payments. This quarter's Ordinary Share dividend payment represents the final distribution under the Company's previous dividend policy.

Other residual value movements: Includes interest and fees paid on short term revolving credit facility, discount rate premium adjustment on cash flows on assets with useful economic life beyond 30 years, FX movements, incremental capex forecasts, planned outages, and other immaterial changes.

Gearing:

As of 30 June 2026, total gearing¹, including Preference Shares, was 52.1% (31 March 2026: 51.2%). While this is above the Company's 50% debt to GAV target, the increase was driven by the reduction in NAV relative to existing debt, rather than any additional debt drawdown.

Exceeding the 50% target does not impact the terms or covenants of the Company's debt facilities, it simply restricts the Company from drawing further debt, which it does not intend to do. As set out in the Company's recently published strategic reset and roadmap, NESF is targeting further asset sales to reduce gearing to a range of 40% - 45%.

As previously announced, the Company is already in the advanced stages of its first asset disposal under the extended Capital Recycling Programme, with proceeds expected to be used to make further repayments of the revolving credit facility ("RCF").

The enterprise value gearing ratio applied to the Preference Shares held by USS was 63.3% (31 March 2026: 61.8%). As previously outlined, this does not impact the Company's current operations.

Operational update:

The Company has 99 operating solar and energy storage assets³ (31 March 2026: 99) with a total installed capacity of 839MW⁴ (31 March 2026: 838MW).  The assets have a remaining weighted life of 22.0 years (31 March 2026: 22.3 years).

During the period, generation performance for NESF's UK and Italian assets was +4.9% versus budget (31 March 2026: -10.9%). The outperformance was driven by above-than-expected solar irradiance of

+10.3% (31 March 2026: -9.0%). The variance in performance was attributable to asset-level incidences

and limitations. 

The Company continues to run a proactive hedging strategy on its non-subsidised revenues to minimise risk and lock in future cash flows.  The table below shows the hedged position using Power Purchase Agreements ("PPAs") of the 676MW UK NESF portfolio as of 30 June 2026.

The Company captured some near-term upsides from the wholesale market volatility in response to the conflict in the Middle East in the period and continues to lock in further power price hedges on a monthly basis as they become liquid.

Key assumptions:

Inflation Rate (UK RPI) Assumptions

Inflation Rate (UK CPI) Assumptions

Discount Rate Assumptions

Footnotes:

1.    Total gearing is the aggregate of financial debt, and £200m of preference shares. The preference shares are equivalent to non-amortising debt with repayment in shares. Excludes total look-through debt of £23.3m since the Company does not have control over this debt for NAV based investments.

2.    Excludes total look-through debt of £23.3m.

3.    Excluding the $50m commitment into private vehicle NextEnergy III LP ("NEIII", formerly "NextPower III LP").

4.    Including share in private equity vehicle NEIII and co-investments (Agenor and Santarém). Inclusion of NESF's 6.21% share of NEIII on a look-through equivalent basis increases total capacity by 49MW (31 March 2026: 48MW). Inclusion of NESF's 24.5% share of Agenor increases total capacity by 12MW (31 December 2025: 12MW). Inclusion of NESF's 13.6% share of Santarém on a look-through equivalent basis increases total capacity by 29MW (31 December 2025: 29MW).

5.    Unlevered discount rate for Italian operating assets implying 1.50% country risk premium to 8.0%.

6.    Unlevered discount rate for subsidy-free uncontracted operating assets implying 1.0% risk premium to 8.0%.

7.    Risk premium on UK unlevered (8.00%) and UK levered assets (8.70% - 9.00%) for cash flows after 30 years.

| End |

This announcement has been made by the Board of NextEnergy Solar Fund, the Investment Adviser, NextEnergy Capital Limited, and the Investment Manager, NextEnergy Capital IM Ltd, in good faith based on the information available to them at the time of this announcement.

This document is issued by NextEnergy Capital Limited ("NEC"), which is authorised and regulated by the UK Financial Conduct Authority ("FCA") with registered number 471192.

This document is not an offer to sell, or a solicitation of an offer to acquire, securities of the NextEnergy Solar Fund Limited (the "Fund") in the United Kingdom or in any other jurisdiction. Neither this document nor any part of it shall form the basis of or be relied on in connection with or act as an inducement to enter into any contract or commitment whatsoever.

The information contained in this document has been prepared in good faith but it is subject to updating, amendment, verification and completion. This document and any terms used herein are a broad outline of the Fund only.

The guidance is provided herein is for illustrative purposes only and does not constitute a forecast, prediction or guarantee of future performance. It should be treated with caution due to the inherent uncertainties and risks, including economic and business factors, that underpin forward-looking information, particularly from a retail investor perspective.

The Fund is incorporated in Guernsey, Channel Islands and is a registered closed-ended investment scheme under the Protection of Investors (Bailiwick of Guernsey) Law, 2020, and the Registered Collective Investment Scheme Rules 2021. The Fund is not an Authorised Person under the UK Financial Services and Markets Act 2000 ("FSMA") and, accordingly, will not be registered with the FCA. The Fund will therefore only be suitable for professional or experienced investors, or those who have taken financial advice.

Notes to Editors ¹:

About NextEnergy Solar Fund

NextEnergy Solar Fund is a specialist solar energy and energy storage investment company that is listed on the Main Market of the London Stock Exchange.

NextEnergy Solar Fund's investment objective is to provide Ordinary Shareholders with attractive risk-adjusted returns, principally in the form of regular dividends, by investing in a diversified portfolio of utility-scale solar energy and energy storage infrastructure assets.  The majority of NESF's long-term cash flows are inflation-linked via UK government subsidies.

As at 30 June 2026, the Company had an unaudited gross asset value of £902m. For further information please visit www.nextenergysolarfund.com

Article 9 Fund

NextEnergy Solar Fund is classified under Article 9 of the EU Sustainable Finance Disclosure Regulation and EU Taxonomy Regulation.  NextEnergy Solar Fund's sustainability-related disclosures in the financial services sector are in accordance with Regulation (EU) 2019/2088 and can be accessed on the ESG section of both the NextEnergy Solar Fund and NextEnergy Capital websites.

About NextEnergy Group

NextEnergy Solar Fund is managed by NextEnergy Capital, part of the NextEnergy Group.  NextEnergy Group was founded in 2007 to become a leading market participant in the international solar sector which now employs over 400 professionals.  Since its inception, NextEnergy Group has been active in the development, construction, and ownership of solar assets across multiple jurisdictions.  NextEnergy Group operates via its three business units: NextEnergy Capital (Investment Management), WiseEnergy (Operating Asset Management), and Starlight (Asset Development).

·     NextEnergy Capital: has over 19 years of specialist solar expertise having invested in over 530 individual solar plants across the world.  NextEnergy Capital currently manages four institutional funds with a total capacity in excess of 4GW and has funds under management of c. $4.8bn.  More information is available at www.nextenergycapital.com   

·     WiseEnergy®:  is a leading specialist operating asset manager in the solar sector.  Since its founding, WiseEnergy has provided solar asset management, monitoring and technical due diligence services to over 1,600 utility-scale solar power plants with an installed capacity in excess of 3.5GW.  More information is available at www.wise-energy.com

·     Starlight: has developed over 100 utility-scale projects internationally and continues to progress a large pipeline of c.9GW of both green and brownfield project developments across global geographies.  More information is available at www.starlight-energy.com

Notes:

^1: All financial data is unaudited at 30 June 2026, being the latest date in respect of which NextEnergy Solar Fund has published financial information.

Rule 29 of the Takeover Code (the 'Code')

Following the publication of the Company's Commencement of Formal Sale Process on 15 July 2026, the Company is in an offer period for the purposes of the Code.   The unaudited NAV as at 30 June 2026 (the '30 June 2026 NAV') constitutes an asset valuation in accordance with Rule 29.1 of the Code. The Takeover Panel has confirmed that there is no requirement to publish a valuation report under Rule 29 in respect of the 30 June 2026 NAV unless and until a firm offer is announced for the Company.  Accordingly, in the event of a firm offer being announced for the Company, a valuation report in accordance with Rule 29 of the Code on the 30 June 2026 NAV or any subsequent net asset value published by the Company prior to date of such offer will be published in due course and by no later than the publication of any offer document or scheme document in relation to such offer.