ANNUAL RESULTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

DELIVERING STRONG, GROWING AND SUSTAINABLE LONG-TERM INCOME

Atrato Onsite Energy plc (LSE: ROOF), the investment company focusing on clean energy generation, reports its audited results for the year ended 30 September 2023.

Grown to become the leading commercial and industrial solar platform in the UK

• £72 million investment in the Year, increasing to £149 million post balance sheet
• Increased capacity from 62MW to 147MW at year end and 182MW post balance sheet
• Completing several milestone projects
  • 28MW installation for Britvic under innovative sleeved Power Purchase Agreement (“PPA”)
  • 20MW installation for Nissan – the UK’s largest private wire solar installation
  • Energised our 19th Tesco store plus new framework agreement on 70 further sites
  • Acquired 34MW operational private wire solar portfolio (the “ASG portfolio”)
• Increased our dividend target for FY24 to 5.5 pence per ordinary share an increase of 10%
  • 12-month forward looking dividend cover in excess of 1.3x

High quality portfolio with highly contracted index-linked long income

• 93% of revenue is contracted generating the lowest sensitivity to merchant prices in the sector
• 11-year average unexpired contract revenue term, longest in the sector
• 92% is subject to annual inflation or fixed uplifts, of which:
  • 47% benefits from annual uncapped RPI or CPI uplifts
• Weighted average remaining asset life of 23 years
• 79% of the portfolio fully operational and 21% under installation
  • Energisation of remaining installation assets expected by March 2024
  • c. 173GWh expected annual green energy generation once fully operational

Portfolio financial performance

• £15m gain from Installation assets revaluation generated, equivalent to 10 pence per share
• Portfolio valued at £99.3 million as at 30 September 2023, reflecting an unlevered weighted average discount rate of 7.4% (September 2022: 6.6%)
• Overall 0.8 pence decrease in NAV per share to 92.0 pence (September 2022: 92.8 pence)
• 7.7 pence decrease in NAV driven by a 80bps increase in portfolio discount rate
• 5.0 pence dividend declared for the year

Strong balance sheet

• Gearing of 29.1% as at 10 January 2024 (0% as at balance sheet date)[6]
• £30.0 million Revolving Credit Facility (“RCF”) signed at a margin of 1.3% over SONIA, one of the lowest in the sector
• Post balance sheet:
  • First £17 million drawdown of the RCF, to fund new acquisitions
  • £47.1 million of term debt, acquired as part of the ASG Portfolio
  • Further £20 million of available liquidity via RCF accordion[7]
• As at 10 January 2024:
  • 3.2% weighted average cost of debt
  • 72.9% of drawn debt fixed

Committed to being a sustainability leader

• Forecast 173GWh annual clean energy generation, equivalent to:
  • 37,000 tonnes of carbon avoided
  • 64,000 homes powered by clean energy
• Voluntarily published both
  • Greenhouse gas (“GHG”) emissions inventory figures covering Scope 1, 2 and 3 emissions
  • TCFD compliant Annual Report and Accounts
• Supporting the responsible investment commitments made by our Investment Adviser as a signatory of the Net Zero Asset Managers Initiative (NZAM) and United Nations Principles for Responsible Investment (UNPRI).

Juliet Davenport, Chair of Atrato Onsite Energy plc:

“This has been a transformational year for the Company. We have assembled a highly diversified solar portfolio, offering one of the most secure income profiles in the UK listed renewables sector. We are now the partner of choice for some of the largest blue-chip corporations in the UK to help them deliver on their net zero targets. This has been a driving force behind our significant pipeline. We are delighted that our origination and installation strategy has continued to bear fruit, delivering significant valuation upside for shareholders.”

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