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Harmony Energy Income Trust (HEIT) investor relations material

Harmony Energy Income Trust H2 2024 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2024 earnings summary27 Feb, 2025

Executive summary

  • Achieved full operational status with a 40% increase in portfolio capacity year-over-year, now the largest GB BES portfolio with exclusive two-hour duration.

  • Final projects energized before year-end, overcoming DNO-led delays and diversifying battery supply chain.

  • Ongoing portfolio sale process with exclusivity extended; outcome subject to shareholder approval.

Financial highlights

  • Revenues remained relatively low compared to previous years but showed improvement post-period end, with Q1 FY24/25 already generating 63% of FY23/24 revenue.

  • Strong correlation between high renewable (wind) penetration and higher battery revenues; record 176 negative pricing hours in 2024, up 65% year-over-year.

  • Fourfold increase in battery volume through the balancing mechanism, aided by new software and products.

Outlook and guidance

  • Revenue and cost projections have stabilized; fundamentals remain strong due to increasing renewable penetration and electrification of demand.

  • Guidance for a covered dividend of around 4p per share in FY24/25, contingent on revenue meeting projections; policy targets payout of at least 85% of cash flow.

  • Dividend policy is dynamic, reflecting revenue volatility and need for debt amortization.

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Frequently asked questions

Harmony Energy Income Trust plc is a United Kingdom-based investment company focusing on the investment in commercial-scale energy storage and renewable energy generation projects. It primarily invests in a diversified portfolio of battery energy storage systems (BESS) located in Great Britain. The company aims to deliver an attractive and sustainable level of income returns to its investors, alongside the potential for capital growth. This is achieved through investments in operational, under-construction, or shovel-ready projects, and it may also extend development finance to pipeline projects. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange .

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