Harmony Energy Income Trust (HEIT) investor relations material

Executive summary

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

• Final projects (Hawthorn Pit, Wormald Green, Rusholme) energized, overcoming DNO-led delays, and diversified battery supply chain.

• Ongoing negotiations for a potential portfolio sale, with exclusivity extended and a continuation vote triggered due to NAV criteria.

Financial highlights

• Revenues remained relatively low over the period but showed strong improvement post year-end, with 63% of prior full-year revenue already earned in Q1 2024/2025.

• Record 176 negative pricing hours in 2024, up 65% year-over-year, driving battery revenue opportunities.

• Two-hour duration batteries continue to outperform shorter duration peers, with the performance gap widening.

Outlook and guidance

• Revenue and cost projections have stabilized; fundamentals remain strong due to increased renewable penetration and electrification trends.

• Guidance for a covered dividend of around GBP 0.04 per share in 2024/2025, subject to revenue performance and not yet official.

• Dividend policy targets payout of at least 85% of cash flow, with dynamic adjustments based on revenue volatility and debt repayment needs.