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Investor Relations14 Oct 2025
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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.H2 2024 earnings summary27 Feb, 2025
Executive summary
Achieved 100% operational status with 790.8 MWh/395.4 MW BESS portfolio, the largest exclusively 2-hour duration in Great Britain, with a 40% capacity increase year-over-year.
Final projects energized before year-end, overcoming DNO-led delays and diversifying battery supply chain.
Operational revenue increased 147% year-over-year to £16.3m, driven by higher capacity and improved market conditions.
Board is exploring a full or partial asset sale due to persistent share price discount to NAV; exclusivity with a preferred bidder extended to March 2025.
ESG achievements include 96,073 MWh renewable energy stored, 51,945 tCO2e emissions avoided, and multiple sustainability disclosures and awards.
Financial highlights
Revenue rose 147% to £16.3m for FY 2024, despite an 11.6% drop in average revenue per MW to £58.2k/MW.
Net loss of £56.5m (EPS: -£0.25) compared to a £3.1m profit (EPS: £0.01) in FY 2023, mainly due to a £63.8m loss on investments at fair value.
NAV per share fell from 115.40p to 88.52p; NAV total return for the period was -21.6%.
Post-period, Q1 FY 2025 revenue per MW surged to £97.8k, a 70% increase over the period average, with Q1 FY24/25 already generating 63% of FY23/24 revenue.
Fourfold increase in battery volume through the balancing mechanism, aided by new software and products.
Outlook and guidance
Fully operational portfolio expected to drive proportionate revenue growth in future periods.
Guidance for a covered dividend of around 4p/share in FY24/25, contingent on revenue meeting projections; policy targets payout of at least 85% of cash flow.
Board expects to return net sale proceeds to shareholders via voluntary liquidation if asset sale is approved.
Market outlook remains positive for 2-hour BESS, with increasing renewables penetration and new NESO products supporting revenue.
Dividend policy is dynamic, reflecting revenue volatility and need for debt amortization.
Why did HEIT shares trade at NAV discount?
Explain the asset sale exclusivity extension.
Detail the impact of DNO works on revenue.
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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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