Investment case

UK-listed integrated energy group focused on regulated electricity networks and renewable energy with flexible generation
Balanced business model offering strong performance in volatile market conditions, with significant inflation protection through index-linked revenues and limited index-linked debt
Existing Renewables portfolio of c.4GW, secured pipeline of >13GW, 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 >£9bn, with double digit RAV growth required to enable net zero
Commitment to sustainability through 1.5 degree science based carbon targets and leading Just Transition strategy

Fully-funded £12.5bn capital investment plan across the five years to FY26 representing a £1bn pa increase on previous plan
7-10% adjusted EPS CAGR¹, upgraded from 5 – 7% at FY22
Targeting 5x increase in renewable output to 50TWh by FY31
Networks RAV growth of >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, Solar, 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}