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QUARTERLY REPORT Financial Year 2021 Energia Group Limited Unaudited Interim Consolidated Financial Statements Q2 2021

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QUARTERLY REPORT Financial Year 2021 Energia Group Limited Unaudited Interim Consolidated Financial Statements Q2 2021 ENERGIA GROUP LIMITED www.energiagroup.com Q2 2021 UNAUDITED INTERIM CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED INTERIM UNAUDITED QUARTERLY REPORT Financial Year 2021 Energia Group Limited Unaudited Interim Consolidated Financial Statements Q2 2021 2 CONTENTS Key Facts and Figures 04 Management Report 08 Summary of Financial Performance 22 Consolidated Income Statement 36 Consolidated Statement of Other Comprehensive Income 38 Consolidated Balance Sheet 39 Consolidated Statement of Changes in Equity 41 Consolidated Statement of Cash Flows 42 Notes to the Consolidated Financial Statements 44 Appendix 68 www.energiagroup.com 3 KEY FACTS & FIGURES Underlying Business Results1 Group Pro-Forma EBITDA €m Group Pro-Forma Second Second First Half First Half 47.7 EBITDA Quarter 2021 Quarter 2020 2021 2020 €m €m €m €m Renewables 12.8 14.4 19.9 2 7.1 Flexible Generation 16.5 7.7 29.9 16.9 Customer Solutions 18.4 14.7 35.8 29.4 47.7 36.8 85.6 73.4 Capital expenditure Second Quarter 2020 - €12.5m (2020 - €17.4m) First Half 2021 - €17.1m (2020 - €29.0m) €m 12.5 €m 45.8 IFRS Results2 Revenue €m Second Quarter 2020 - €408.4m (2020 - €419.9m) 408.4 First Half 2021 - €760.9m (2020 - €861.8m) Operating profit Second Quarter 2020 - €45.8m (2020 - €27.3m) First Half 2021 - €81.3m (2020 - €60.5m) 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 Q2 2021 4 MW Operational Facts Wind generation assets 309 in operation at 30 September 2020 878 Employee numbers (31 March 2020 - 277MW) at 30 September 2020 (31 March 2020 - 848) 94.9% 100.0% Huntstown CCGT 1 & 2 asset availability Huntstown 1 - Second Quarter 2021 - 94.9% (2020 - 55.2%) First Half 2021 - 97.5% (2020 - 77.3%) Huntstown 2 - Second Quarter 2021 - 100.0% (2020 - 100.0%) 97.0% First Half 2021 - 99.8% (2020 - 84.4%) Wind asset availability Second Quarter 2021 - 97.0% (2020 - 98.2%) First Half 2021 - 97.1% (2020 - 97.4%) NI electricity sales volume Second Quarter 2021 - 0.7TWh (2020 - 0.7TWh) First Half 2021 - 1.3TWh (2020 - 1.5TWh) 687,000 TWh Residential customer sites supplied 0.7 (31 March 2020 - 669,000) TWh 1.0 RoI electricity sales volume Second Quarter 2021 - 1.0TWh (2020 - 1.0TWh) First Half 2021 - 1.9TWh (2020 - 2.1TWh) www.energiagroup.com 5 Energia Group Limited Unaudited Interim Consolidated Financial Statements Q2 2021 6 MANAGEMENT REPORT www.energiagroup.com 7 MANAGEMENT REPORT The Director of Energia Group Limited (EGL) The Customer Solutions business supplies electricity presents the condensed interim consolidated and gas to 282,900 customer sites in the RoI financial statements for EGL for the 3 months and 494,100 customer sites in Northern Ireland ended 30 September 2020 (Second Quarter through its two retail brands, Energia and Power NI 2021) and the 6 months ended 30 September respectively. 2020 (First Half 2021) including comparatives for the three months ended 30 September 2019 COVID-19 (Second Quarter 2020) and the 6 months ended 30 During First Half 2021 the Group’s priority continued September 2019 (First Half 2020). All references to focus on the health and safety of its staff and in this document to ‘Group’ denote Energia Group customers whilst contributing to the efforts of Limited and its subsidiary undertakings and to the Irish and UK Governments in ensuring that ‘Company’ denote Energia Group Limited, the consumers continue to have access to energy and parent company. The principal activity of the essential services. Company is that of a holding company. The Group’s operations have continued throughout Business Model and Principal Activities the periods of restrictions in Ireland and Northern As disclosed in detail within the Annual Report Ireland and have proved to be resilient while meeting 2020, the Group is a leading integrated Irish energy the challenges faced to date and no employees business with substantial businesses in both the RoI have been furloughed or made redundant. The and Northern Ireland. During First Half 2021 there Group has continued to support the communities in were no changes to the principal activities of the which it operates and which have been impacted by Group’s businesses. COVID-19. The Renewables business owns and operates In the initial period of the national lockdowns in 309MW of wind assets and purchases electricity Ireland and Northern Ireland, and through the First from 1,285MW of renewable generation capacity Quarter 2021, the Group experienced a reduction in throughout Ireland. In addition, the Renewables demand for electricity in the I-SEM market (average business is currently constructing a 4MW bioenergy 7.5% reduction in market demand). During the anaerobic digestion facility in Dublin. Second Quarter 2021, the demand for electricity had recovered to levels slightly above the same period The Flexible Generation business owns and operates last year. With further tightening of restrictions in both 747MW of conventional generation assets in the RoI Ireland and Northern Ireland from October 2020, and procures power under contract with 600MW of demand for electricity is expected to reduce albeit conventional generation assets in Northern Ireland. not to levels experienced in the initial lockdown. For Energia Group Limited Unaudited Interim Consolidated Financial Statements Q2 2021 8 October 2020 market demand was on average 1% undrawn committed revolving credit facilities of above last year, with November 2020 reducing to €107.2m (31 March 2020 - €91.0m) and is therefore 2.6% below last year. well positioned to manage the potential impact of COVID-19. With the continuation of Irish and UK government financial support for homes and businesses, Management remains vigilant and will continue to management remains of the view that it is still too take appropriate steps to protect staff, customers and early to predict the full potential financial impact the Group’s businesses. from COVID-19 on the Group. The Group has strong liquidity at 30 September 2020 with €199.4m1 of cash and cash equivalents excluding project finance cash (31 March 2020 - €190.8m) and has 1 €239.4m of cash and cash equivalents at 30 September 2020 less payment of the dividend deferred from 31 March 2020 of €40.0m which was paid to the parent undertaking on 1 October 2020 www.energiagroup.com Power NI Community Response Fund supporting local initiatives in response to the COVID-19 pandemic 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: Second Quarter Second Quarter First Half First Half 2021 2020 2021 2020 €m €m €m €m EBITDA 12.8 14.4 19.9 2 7.1 Capital expenditure 7.2 4.4 8 .1 10.7 EBITDA (pre-exceptional items and certain volumes), increased costs of development projects remeasurements) for Second Quarter 2021 and lower wind generation assets EBITDA (reflecting decreased to €12.8m (2020 – €14.4m) primarily lower output and lower market prices partly offset by reflecting lower contributions from renewable the additional capacity from the commissioning of PPAs (due to lower market prices including lower Derrysallagh). Renewable Obligation Certificate (ROC) prices and lower wind volumes) and increased costs Capital expenditure for Second Quarter 2021 of development projects with wind generation increased to €7.2m (2020 - €4.4m) primarily assets EBITDA in line with prior year (reflecting the reflecting higher capital expenditure in relation to commissioning of the Derrysallagh wind farm (July the recently commissioned Derrysallagh wind farm, 2020) offset by lower wind factors and lower market partly offset by lower capital expenditure in respect prices). of the bioenergy assets. EBITDA (pre-exceptional items and certain Capital expenditure for First Half 2021 decreased to remeasurements) for First Half 2021 decreased to €8.1m (2020 - €10.7m) primarily due to lower capital €19.9m (2020 – €27.1m) primarily reflecting lower expenditure in respect of the bioenergy assets, partly contributions from renewable PPAs (due to lower offset by higher capital expenditure in relation to the market prices, lower ROC sales and lower wind recently commissioned Derrysallagh wind farm. Energia Group Limited Unaudited Interim Consolidated Financial Statements Q2 2021 10 Operational performance Second Quarter Second Quarter First Half First Half KPIs 2021 2020 2021 2020 Onshore wind generation assets Wind generation capacity in operation in the RoI and Northern Ireland - average during the period (MW) 307 277 292 277 - at end of period (MW) 309 277 309 277 Availability (%) 97.0 98.2 97.1 97.4 Wind factor (%) 20.2 20.8 19.5 21.2 Renewable PPA portfolio Contracted renewable generation capacity in operation in the RoI and Northern Ireland - average during the period (MW) 1,285 1,275 1,288 1,275 - at end of period (MW) 1,285 1,274 1,285 1,274 Onshore wind generation assets Renewable PPA portfolio The Group owns onshore wind farm assets across the The Group’s renewable PPA portfolio primarily RoI and Northern Ireland. The average onshore wind consists of off-take contracts with third party owned generation capacity in operation during the Second wind farms alongside wind generation assets in Quarter 2021 was 307MW (2020 - 277MW) and which the Group has an equity interest.
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