NextEnergy Solar Fund Limited

(“NESF” or “the Company”)

Unaudited Quarterly Net Asset Value & Operational Update

NextEnergy Solar Fund, a specialist investor in solar energy and energy storage, announces it has today published its unaudited Q4 Net Asset Value (“NAV”) and Operational Update for the three-month period ended 31 March 2026.

Tony Quinlan, Chair of NextEnergy Solar Fund Limited, commented:

“This has been a very difficult period for the sector, NESF and for our shareholders. The wider renewables backdrop has been uncertain, and recent government consultations and announcements have not helped to provide the clarity the sector needs and therefore had a detrimental effect on the Company’s Net Asset Value.

“We announced in March a strategic reset. To re-base the dividend policy at a sustainable but still healthy level, reduce gearing and reinvest a modest level of incremental capital into the existing portfolio, including complementary battery storage. We believe this will, over time, strengthen NESF and deliver long-term growth, unlocking opportunities within the asset base, over and above current cash flow forecasts.

Today’s NAV is a technical measure, taken at a point in time, but certainly not reflecting the substantial upside optionality inherent in the portfolio.”

Dividend update:

Total dividends declared of 8.43p per Ordinary Share for the twelve months ended 31 March 2026 (31 March 2025: 8.43p). Dividend cover for the twelve months ended 31 March 2026 was 1.2x (31 March 2025: 1.1x).

Following the completion of the target dividend of 8.43p for the financial year ended 31 March 2026, the Company has transitioned from a progressive dividend policy to a percentage-based dividend policy, targeting a 75% distribution of operating free cash flows, post debt servicing and portfolio and fund operating expenses.

The estimated dividend guidance range for the financial year ending 31 March 2027 is between 4.5p – 5.1p per Ordinary Share, subject to portfolio performance, which is above the estimated range previously presented during the strategic reset in March. This guidance is the equivalent to a dividend yield range of c.9% – c.11% as at 2 June 2026.

Guidance is still above the current income for the SNOWBALL of 7%, so still a hold whilst the dividends are paid.