Investment case

UK-listed integrated energy group with regulated electricity networks and renewable energy assets supported by complementary businesses - all focused on the delivery of the electricity infrastructure needed in the transition to net zero
Commitment to both environmental and social sustainability through 1.5 degree science based carbon targets and leading Just Transition strategy
Existing Renewables portfolio of c.4GW, secured pipeline of c.10GW, currently leading the construction of more offshore wind than anyone else in the world and developing options to enter new international markets
Transmission and Distribution networks RAV in GB of £7.4bn, expected to be fastest growing in Europe

Fully-funded £12.5bn capital investment plan across the five years to FY26 representing a £1bn pa increase on previous plan
5-7% adjusted EPS CAGR¹, after assumed minority Networks divestment
Renewables EBITDA CAGR of 11-12%, delivery of c.4GW capacity additions with secured pipeline increasing to >15GW
Networks RAV growth of c.10% (gross) across FY21 – FY26, and proposed 25% divestment of the Networks businesses
Attractive growth options and returns across the energy value chain, including CCS, Hydrogen and Storage
Growth-enabling dividend plan, rebased to 60p in FY24; 5%+ growth in FY25 & 26; aiming for mid-single digit growth thereafter

_{¹ Relative to FY21 adjusted EPS of 87.5p}