Atrato Onsite Energy plc (the “Company” or “ROOF”) is pleased to announce its unaudited interim results for the six months ended 31 March 2024 (the “Period”).

Key metrics (31 March 2024)

Gross Asset Value: 210.8m (2023: 140.7m)

Net Asset Value: 135.1m (2023: 140.7m)

NAV per share: 90.0p (2023: 93.8p)

Dividends per share: 2.63p (2023: 2.52p)

Key metrics in the period

NAV Total Return: 0.7% (2023: 3.5%)

Generation (GWh): 24.0 (2023: 8.8)

Tonnes of CO2 avoided: 5,300 (2023: 2,000)

Ongoing charges ratio: 1.9% (2023: 1.6%)

Continued growth in our commercial and industrial solar platform

• Increased capacity from 147MW to 182MW at Period end and 204MW post balance sheet
  • 34MW operational private wire portfolio acquired in October 2023 (“ASG portfolio”)
  • 7MW operational private wire portfolio acquired in May 2024
  • 2MW financial close on three further Tesco stores in May 2024
  • 13MW mixed operational portfolio acquired in June 2024
• 4 projects comprising 50MW of installation assets fully energised in the Period
• 74% fully operational portfolio and 26% under installation[3] – set to complete July 2024
• Target dividend of 5.5 pence (March 2023: 5.0 pence) per share reaffirmed
  • An increase of 10% on the previous year
  • 1.41x covered from expected earnings

Generating highly contracted index-linked long income

• 93% of revenue is contracted under long term PPA or subsidy
• 11-year average unexpired contracted term, longest in the sector
• 3.9% sensitivity to merchant prices, lowest in the sector
• 91% of revenues subject to annual index linked uplifts, 48% are uncapped RPI or CPI

Robust balance sheet

• Gearing of 36% as at 31 March 2024
  • £30 million drawn under the Revolving Credit Facility (“RCF”)
  • £45.7 million of term debt, acquired as part of the ASG portfolio
  • 3.8% weighted average cost of debt, 60% of drawn debt fixed
• RCF facility increased to £40 million with a further £10 million available via accordion

Portfolio valuation decline reflects the impact from higher market discount rates

• Portfolio valued at £134.4 million as at 31 March 2024 (September 2023: £99.2 million), verified by independent valuer
• 2.0 pence decrease in NAV per share to 90.0 pence (September 2023: 92.0 pence)
• NAV decrease impacted by a 50-bps increase in the weighted average discount rate to 7.9% (30 September 2023: 7.4%), predominantly due to RCF debt being drawn

Sustainability at our core

• Our purpose is to build a clean energy portfolio that generates sustainable returns and contributes to our net zero future
• Forecast 191GWh annual clean energy generation providing an estimated:
  • 41,000 tonnes of carbon avoided
  • 71,000 equivalent homes powered by clean energy9
• The Company became a member of the Solar Stewardship Initiative (“SSI”), an industry initiative established by SolarPower Europe and Solar Energy UK which aims to drive a more responsible, transparent and sustainable solar value chain

Juliet Davenport, Chair of Atrato Onsite Energy plc commented:

“Our focus on C&I solar has enabled us to assemble a high quality diversified solar portfolio, offering one of the longest and most secure income profiles in the UK listed solar sector with one of the lowest sensitivities to volatile merchant power prices.

We are proud to be the partner of choice for some of the largest blue-chip corporations in the UK to help them deliver on their net zero targets.”

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