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QUARTERLY REPORT Financial Year 2021 Energia Group Limited Unaudited Interim Consolidated Financial Statements Q1 2021

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QUARTERLY REPORT Financial Year 2021 Energia Group Limited Unaudited Interim Consolidated Financial Statements Q1 2021 ENERGIA GROUP LIMITED www.energiagroup.com Q1 2021 UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS INTERIM CONSOLIDATED UNAUDITED QUARTERLY REPORT Financial Year 2021 Energia Group Limited Unaudited Interim Consolidated Financial Statements Q1 2021 2 CONTENTS Key Facts and Figures 4 Management Report 8 Summary of Financial Performance 22 Consolidated Income Statement 34 Consolidated Statement of Other Comprehensive Income 35 Consolidated Balance Sheet 36 Consolidated Statement of Changes in Equity 38 Consolidated Statement of Cash Flows 39 Notes to the Consolidated Financial Statements 41 Appendix 64 www.energiagroup.com 3 KEY FACTS & FIGURES Underlying Business Results1 Group Pro-Forma EBITDA €m Group Pro-Forma EBITDA First Quarter First Quarter 37.9 2021 2020 €m €m Renewables 7.1 12.7 Flexible Generation 13.4 9.2 Customer Solutions 17.4 14.7 37.9 36.6 Capital expenditure (First Quarter 2020 - €11.6m) €m 4.6 IFRS Results2 Revenue (First Quarter 2020 - €441.9m) €m 352.5 €m 35.5 Operating profit (First Quarter 2020 - €33.2m) 1 Based on regulated entitlement and before exceptional items and certain remeasurements as outlined in note 2. 2 Before exceptional items and certain remeasurements. Energia Group Limited Unaudited Interim Consolidated Financial Statements Q1 2021 4 MW Operational Facts Wind generation assets 277 in operation at 30 June 2020 856 Employee numbers (31 March 2020 - 277MW) (31 March 2020 - 848) 100% 99.6% Huntstown CCGT 1 & 2 asset availability (2020 - 99.1% / 69.0%) 97.1% Wind asset availability (2020 - 96.8%) NI electricity TWh sales volume (2020 - 0.8TWh) 0.6 667,800 Residential customer sites supplied (31 March 2020 - 669,000) RoI electricity sales volume (2020 - 1.1TWh) TWh 0.9 www.energiagroup.com 5 Energia Group Limited Unaudited Interim Consolidated Financial Statements Q1 2021 6 MANAGEMENT REPORT www.energiagroup.com 7 MANAGEMENT REPORT The Director of Energia Group Limited (EGL) The Flexible Generation business owns and operates presents the condensed interim consolidated 747MW of conventional generation assets in the RoI financial statements for EGL for the three months and procures power under contract with 600MW of ended 30 June 2020 (First Quarter 2021) including conventional generation assets in Northern Ireland. comparatives for the three months ended 30 June 2019 (First Quarter 2020). All references in this The Customer Solutions business supplies electricity document to ‘Group’ denote Energia Group Limited and gas to 267,000 customer sites in the RoI and and its subsidiary undertakings and to ‘Company’ 494,200 customer sites in Northern Ireland through denote Energia Group Limited, the parent company. its two retail brands, Energia and Power NI. The principal activity of the Company is that of a holding company. COVID-19 During First Quarter 2021 the Group’s priority Business Model and Principal Activities continued to focus on the health and safety of its As disclosed in detail within the Annual Report staff and customers whilst contributing to the efforts 2020, the Group is a leading integrated Irish energy of the Irish and UK Governments in ensuring that business with substantial businesses in both the consumers continue to have access to energy and RoI and Northern Ireland. During First Quarter 2021 essential services. there were no changes to the principal activities of the Group’s businesses. The Group has continued to support the communities in which it operates and which have At 30 June 2020 the Renewables business owned been impacted by COVID-19. The Group’s operations and operated 277MW of wind assets and purchased have proved to be resilient and have met the electricity from 1,258MW of renewable generation challenges faced to date and no employees have capacity throughout Ireland. On 6 July 2020 a further been furloughed or made redundant. 32MW of wind farm capacity (Derrysallagh) was commissioned bringing the total operating capacity In the initial period of the national lockdowns to 309MW. In addition, the Renewables business is in Ireland and the UK, the Group experienced currently commissioning a 4.0MW bioenergy plant in a reduction in demand for electricity from its Dublin. commercial customer base. In the period since 30 June 2020, the demand for electricity in the I-SEM market has recovered to levels broadly similar to the same period last year. Energia Group Limited Unaudited Interim Consolidated Financial Statements Q1 2021 8 While these early signs are encouraging, the Group Management remains vigilant and will continue to remains of the view that it is still too early to predict take appropriate steps to protect staff, customers and the full potential financial impact from COVID-19 the Group’s businesses. on the Group. The Group has strong liquidity at 30 June 2020 (with €219.8m cash and cash equivalents excluding project finance cash) and has undrawn committed revolving credit facilities of €91.4m and is therefore well positioned to manage the potential impact of COVID-19. www.energiagroup.com Derrysallagh wind farm, County Sligo – February 2020 9 BUSINESS REVIEWS Renewables Overview The Group owns and operates a generation The Group also purchases electricity under long- portfolio comprising onshore wind assets across term off-take Power Purchase Agreement (PPA) the RoI and Northern Ireland. In addition, the contracts with third party renewable generators Group is in the advanced stages of constructing and the Group’s owned renewable assets a 4MW bioenergy plant in the RoI as well as through its Customer Solutions businesses. developing a further pipeline of wind, bioenergy and solar projects across Ireland. Financial performance The Renewables financial KPIs are shown below: First Quarter First Quarter 2021 2020 €m €m EBITDA 7.1 12.7 Capital expenditure 0.9 6.3 Renewables EBITDA (pre-exceptional items and Net capital expenditure decreased to €0.9m certain remeasurements) decreased to €7.1m (2020 - €6.3m) primarily reflecting lower capital (2020 – €12.7m) primarily reflecting lower expenditure in respect of the bioenergy assets. contributions from renewable PPAs (due to lower wind volumes, lower ROC sales and lower market prices), increased costs of development projects and lower wind generation assets EBITDA (reflecting lower output and lower market prices). Energia Group Limited Unaudited Interim Consolidated Financial Statements Q1 2021 10 Operational performance First Quarter First Quarter KPIs 2021 2020 Onshore wind generation assets Wind generation capacity in operation in the RoI and Northern Ireland - average during the year (MW) 277 277 - at end of period (MW) 277 277 Availability (%) 97.1 96.8 Wind factor (%) 18.6 21.6 Renewable PPA portfolio Contracted renewable generation capacity in operation in the RoI and Northern Ireland - average during the period (MW) 1,258 1,275 - at end of period (MW) 1,258 1,275 Onshore wind generation assets The Group owns onshore wind farm assets across On 25 June 2020, the Group put in place a debt the RoI and Northern Ireland. The average onshore finance package of €49.9m in respect of the 32MW wind generation capacity in operation during the Derrysallagh wind farm in the RoI. The wind farm First Quarter 2021 was 277MW (2020 - 277MW) was commissioned on 6 July 2020 with the plant and at 30 June 2020, total generation capacity was benefitting from Renewable Energy Feed in Tariff 277MW (31 March 2020 – 277MW). This comprised (REFIT) support. 104MW (31 March 2020 – 104MW) of operating wind generation capacity in the RoI and 173MW (31 Distributions of €5.0m were made in the First March 2020 – 173MW) of operating wind generation Quarter 2021 (2020 - €9.1m) from the wholly-owned capacity in Northern Ireland. On 6 July 2020 a wind generation assets. further 32MW wind farm in the RoI (Derrysallagh) was commissioned bringing the total RoI operating Renewable PPA portfolio capacity to 136MW and the overall total operating The Group’s renewable PPA portfolio primarily capacity to 309MW. consists of off-take contracts with third party owned wind farms alongside wind generation assets in Renewable assets availability was 97.1% (2020 – which the Group has an equity interest. The Group, 96.8%) with a wind factor of 18.6% (2020 – 21.6%). via its Customer Solutions business, has entered into contracts with developers under which it has On 16 April 2020 the Group completed the agreed to purchase the long-term output of a acquisition of XMR Energy Limited (Crossmore), number of wind farm projects and with generators a 15MW wind farm development project in County from other renewable sources (e.g. anaerobic Clare, RoI. digestion and biomass technologies). www.energiagroup.com 11 The average contracted generation capacity in Hydrogen operation during the First Quarter 2021 was The Group has secured Interreg and Office for Low 1,258MW (2020 – 1,275MW) with 30 June 2020 Emission Vehicles (OLEV) grant funding for an operating capacity of 1,258MW (31 March 2020 – electrolyser, to produce hydrogen from renewable 1,268MW) of which the Northern Ireland operating electricity at the Long Mountain wind farm, and a capacity was 686MW (31 March 2020 - 682MW) and fuelling station to be located in Belfast. The OLEV the RoI operating capacity was 572MW (31 March funding will also support Translink (Northern 2020 – 586MW). Ireland’s public transport provider) with the purchase of a number of double deck hydrogen Bioenergy assets buses. The Group continues to develop its bioenergy assets. The fuelling station and the electrolyser have been delayed due to the COVID-19 pandemic however The bioenergy plant at Huntstown in Dublin is a commissioning is targeted by the end of Financial state of the art 4.0MW anaerobic digestion facility Year 2021. which will process up to 100,000 tonnes of organic municipal waste from the Dublin region and is RoI Renewable Electricity Support Scheme (RESS) expected to produce up to c32GWh of green The first competitive auction under the RoI RESS renewable electricity on an annual basis.
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