{ "documentInfo": { "documentType": "https://xbrl.org/2021/xbrl-json", "features": { "xbrl:canonicalValues": true }, "namespaces": { "greencoatukwindplc": "http://greencoatukwindplc.com/xbrl/2025", "ifrs-full": "https://xbrl.ifrs.org/taxonomy/2024-03-27/ifrs-full", "iso4217": "http://www.xbrl.org/2003/iso4217", "scheme": "http://standards.iso.org/iso/17442", "xbrl": "https://xbrl.org/2021", "xbrli": "http://www.xbrl.org/2003/instance" }, "taxonomy": [ "http://greencoatukwindplc.com/xbrl/2025/213800ZPBBK8H51RX165-2025-12-31.xsd" ] }, "facts": { "fact-1": { "value": "Greencoat UK Wind PLC", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-205": { "value": "PLC", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Greencoat UK Wind PLC is the leading listed renewable infrastructure fund, invested in UK wind farms. The Company was designed for investors, from first principles, to be simple, transparent and low risk. Its aim is to provide investors with an annual dividend that increases in line with CPI inflation while preserving its long term value by reinvesting surplus cash flow. The Company has to date paid \u00a31.4 billion in dividends to its shareholders and reinvested \u00a31 billion of excess free cash flow into new assets. The Company enables investors to own a direct stake in UK wind farms, so increasing the resources and capital dedicated to the deployment of renewable energy and the reduction of greenhouse gas emissions. It was the first to do, having created the sector with its IPO in 2013.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-206": { "value": "
Annual Report on Remuneration
The Board, which is profiled on pages 40 to 41, consists solely of non executive Directors and is considered to be independent.
The Board considers at least annually the level of the Board\u2019s fees, in accordance with the AIC Code. During the year,
no changes were made to the basic fees for non-executive directors, the Senior Independent Director, Audit Committee
Chairman and Chairman compared with the prior year. Following an internal evaluation which included benchmarking by
the Investment Manager, the Board resolved to implement an inflationary uplift in line with the October 2025 CPI rate of
3.6 per cent. The basic fee for non-executive Directors will therefore be increased by \u00a32,459 per annum to \u00a370,759, the fee
for the Senior Independent Director and the Audit Committee Chairman will be increased by \u00a32,650 and \u00a32,840 per annum
respectively, and the fee for the Chairman will be increased by \u00a34,165 per annum to \u00a3119,865, with this increase effective
from 1 January 2026.
The level of fees for Directors were benchmarked during the year by the Investment Manager. The Company is the largest
independent generator of renewable electricity in the UK. In the last 3 years, the Board and its committees have held
64 meetings.
At the 2026 AGM, the Board will be proposing a resolution to increase the aggregate amount of fees to be paid to Directors
per annum to \u00a3550,000, up from \u00a3500,000, via an amendment to Article 85 of the Company\u2019s Articles of Association.
The Directors remain eligible to receive discretionary payments where significant additional work is incurred, however, no
discretionary payments were made during the year.
The table below (audited information) shows the total remuneration earned by each individual Director during the
current year:
Fixed Discretionary Total
Paid in the year to 31 December 2025 remuneration
remuneration
(1)
remuneration
Lucinda Riches C.B.E. (Chairman)
\u00a3115,700
\u2013
\u00a3115,700
Caoimhe Giblin (Audit Committee Chairman)
\u00a378,900
\u2013
\u00a378,900
Nick Winser C.B.E. (Senior Independent Director)
\u00a373,600
\u2013
\u00a373,600
Jim Smith
\u00a368,300
\u2013
\u00a368,300
Abigail Rotheroe
\u00a368,300
\u2013
\u00a368,300
Taraneh Azad
(2)
\u00a362,265
\u2013
\u00a362,265
Total
\u00a3467,065
\u2013
\u00a3467,065
(1)
The Directors received no additional discretionary payment during the year.
(2)
Appointed to the Board with effect from 1 February 2025.
The table below (audited information) shows the total remuneration earned by each individual Director during the prior year:
Fixed Discretionary Total
Paid in the year to 31 December 2024 remuneration
remuneration
(1)
remuneration
Lucinda Riches C.B.E. (Chairman)
\u00a3115,700
\u2013
\u00a3115,700
Caoimhe Giblin (Audit Committee Chairman)
\u00a378,900
\u2013
\u00a378,900
Nick Winser C.B.E. (Senior Independent Director)
\u00a373,600
\u2013
\u00a373,600
Jim Smith
\u00a368,300
\u2013
\u00a368,300
Abigail Rotheroe
(2)
\u00a357,260
\u2013
\u00a357,260
Martin McAdam
(3)
\u00a321,519
\u2013
\u00a321,519
Total
\u00a3415,279
\u2013
\u00a3415,279
(1)
The Directors received no additional discretionary payment during the year.
(2)
Appointed to the Board with effect from 1 March 2024.
(3)
Retired with effect from 24 April 2024.
Annual Report on Remuneration continued
The table below (audited information) shows the change in total remuneration earned by each individual Director over
prior years:
2025 2024 2023 2022 2021
% change % change % change % change % change
from prior from prior from prior from prior from prior
Paid in the year to 31 December 2025
year
(1)
year year year % change
Lucinda Riches C.B.E. (Chairman)
(2)
0%
19%
66%
6%
10%
Caoimhe Giblin (Audit Committee Chairman)
0%
5%
15%
0%
15%
Nick Winser C.B.E. (Senior Independent Director)
(3)
0%
8%
24%
100%
n/a
Jim Smith
(4)
0%
57%
100%
n/a
n/a
Abigail Rotheroe
(5)
19%
100%
n/a
n/a
n/a
Taraneh Azad
(6)
100%
n/a
n/a
n/a
n/a
Martin McAdam
(7)
n/a
-67%
18%
0%
10%
Shonaid Jemmett-Page
(8)
n/a
n/a
-58%
0%
16%
William Rickett C.B.
(9)
n/a
n/a
n/a
0%
9%
Tim Ingram
(10)
n/a
n/a
n/a
n/a
-100%
(1)
Movement in individual Director\u2019s salary based on annualised total figures.
(2)
Appointed as Chairman with effect from 28 April 2023.
(3)
Appointed as Senior Independent Director with effect from 28 April 2023.
(4)
Appointed to the Board with effect from 1 May 2023.
(5)
Appointed to the Board with effect from 1 March 2024.
(6)
Appointed to the Board with effect from 1 February 2025.
(7)
Retired with effect from 24 April 2024.
(8)
Retired with effect from 28 April 2023.
(9)
Retired with effect from 28 April 2022.
(10)
Retired with effect from 30 April 2020.
Directors\u2019 Interests (audited information)
Directors who held office and had interests in the shares of the Company as at 31 December 2025 are given in the table
below. There were no changes to the interests of each Director as at the date of this report.
Ordinary shares Ordinary shares
of 1p each held at of 1p each held at
31 December 2025 31 December 2024
Jim Smith
100,000
100,000
Caoimhe Giblin
70,000
70,000
Abigail Rotheroe
57,451
57,451
Lucinda Riches C.B.E.
10,000
10,000
Relative Importance of Spend on Pay
The remuneration of the Directors with respect to the year totalled \u00a3467,065 (2024: \u00a3415,279) in comparison to dividends
paid or declared to shareholders with respect to the year of \u00a3226,782,866 (2024: \u00a3226,828,614) and the cost of share
buybacks of \u00a3108,540,000 (2024: \u00a381,574,856). This is 0.2 per cent (2024: 0.2 per cent) of dividends paid or declared and
0.4 per cent (2024: 0.5 per cent) of the cost of share buybacks.
Amounts paid to the Directors during the year are as outlined in the Directors\u2019 Remuneration Report on pages 45 to 48.
\u00a363,681 (2024: \u00a349,555) of employer\u2019s national insurance was paid on non-executive Directors\u2019 fees during the year.
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"1. Material accounting policies Basis of accounting The consolidated annual financial statements have been prepared in accordance with UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The annual financial statements have been prepared on the historical cost basis, as modified for the measurement of certain financial instruments at fair value through profit or loss. The principal accounting policies are set out below. These consolidated financial statements are presented in pounds sterling, which is the currency of the primary economic environment in which the Group operates and are rounded to the nearest thousand, unless otherwise stated. Going concern The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Investment Manager\u2019s Report. The Group faces a number of risks and uncertainties, as set out in the Strategic Report on pages 20 to 37. The financial risk management objectives and policies of the Group, including exposure to price risk, interest rate risk, credit risk and liquidity risk are discussed in note 19 to the financial statements. As at 31 December 2025, the Group had net current liabilities of \u00a3179.3 million (2024: net current assets of \u00a30.6 million), cash balances of \u00a314.2 million (2024: \u00a35.8 million) (excluding cash balances within investee companies of \u00a3138.1 million (2024: \u00a3135.9 million)) and security cash deposits of \u00a318.7 million (2024: \u00a313.3 million). The Company had \u00a31,490 million (2024: \u00a31,490 million) of term debt as at 31 December 2025, with an additional \u00a3230 million drawn on its \u00a3400 million RCF. The covenants on the Group\u2019s banking facilities are limited to gearing, interest cover, and finance charges payable as a percentage of GAV and the Group is expected to continue to comply with these covenants for a period of at least 12 months from the date of issue of this report. The Group continues to meet day-to-day liquidity needs through its cash resources. The major cash outflows of the Group are the payment of dividends, costs relating to the acquisition of new assets and purchases of its own shares, all of which are discretionary. The Group has sufficient access to debt, including its RCF, in order to fund any future wind farm investment within the parameters of its Investment Policy. As the Company\u2019s shares traded at an average discount to NAV of 23 per cent during the year, a continuation vote is to be proposed at the Company\u2019s AGM in May 2026 in line with its Articles of Association. The Board believes that the Company\u2019s share price performance during the year is reflective of its macroeconomic environment, and not of the financial prospects of the Company. The Board believes that the outcome of the shareholder continuation vote will not impair the Company\u2019s ability to operate as a going concern. We note that 3 tranches of term debt with NAB and CIBC for \u00a3200 million are due to mature in November 2026, which is within 12 months of the Company\u2019s financial year end. These term debt tranches are recognised as current liabilities on the Group\u2019s balance sheet leading to a net current liability position of \u00a3179.3 million. The Investment Manager has commenced meetings with the Company\u2019s existing lending group to evaluation lender appetite to refinance the near maturing debt. These discussions have been encouraging and constructive. The Investment Manager expects to be able to refinance these \u00a3200 million tranches (as well as a further \u00a3150 million tranche with Lloyds maturing in May 2027) when the exercise formally commences in Q3 2026. In a worst case scenario, however unlikely, where these amounts could not be refinanced, the Board considers there are a number of measures it could take to meet repayment such as asset sales or the withdrawal of the Company\u2019s quarterly target dividend. As such they conclude that there would be no impact on going concern. The Board has reviewed Group forecasts and projections which cover a period of at least 12 months from the date of approval of this report. On the basis of this review, taking into account foreseeable changes in investment and trading performance, and after making due enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence from the date of approval of this report to at least February 2027. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. 1. Material accounting policies continued Accounting for subsidiaries The Directors have concluded that the Group has all the elements of control as prescribed by IFRS 10 \u201cConsolidated Financial Statements\u201d in relation to all its subsidiaries and that the Company continues to satisfy the 3 essential criteria to be regarded as an investment entity as defined in IFRS 10, IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d and IAS 27 \u201cConsolidated and Separate Financial Statements\u201d. The 3 essential criteria are such that the entity must: 1. Obtain funds from one or more investors for the purpose of providing these investors with professional investment management services; 2. Commit to its investors that its business purpose is to invest its funds solely for returns from capital appreciation, investment income or both; and 3. Measure and evaluate the performance of substantially all of its investments on a fair value basis. In satisfying the second essential criteria, the notion of an investment time frame is critical. An investment entity should not hold its investments indefinitely but should have an exit strategy for their realisation. Although the Company has invested in equity interests in wind farms that have an indefinite life, the underlying wind farm assets that it invests in have an expected life of 30 years. The Company intends to hold the majority of these wind farms for the remainder of their useful life to preserve the capital value of the portfolio. However, as the wind farms are expected to have no residual value after their 30 year life, the Directors consider that this demonstrates a clear exit strategy from these investments. During the year, the Company also sold a minority stake in 3 of its investments as detailed in the Investment Manager\u2019s Report, which offers an additional alternative exit strategy. Subsidiaries are therefore measured at fair value through profit or loss, in accordance with IFRS 13 \u201cFair Value Measurement\u201d and IFRS 9 \u201cFinancial Instruments\u201d. The financial support provided by the Company to its unconsolidated subsidiaries is disclosed in note 10. Notwithstanding this, IFRS 10 requires subsidiaries whose main purpose is to provide services that relate to the investment entity\u2019s investment activities where that subsidiary itself is not an investment entity to be consolidated. Accordingly, the annual financial statements include the consolidated financial statements of Greencoat UK Wind PLC and Greencoat UK Wind Holdco Limited (a 100 per cent owned UK subsidiary). In respect of these entities, intra-Group balances and any unrealised gains arising from intra-Group transactions are eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated unless the costs cannot be recovered. The financial statements of subsidiaries that are included in the consolidated financial statements are included from the date that control commences until the dates that control ceases. In the Parent Company\u2019s financial statements, investments in subsidiaries are measured at fair value through profit or loss in accordance with IFRS 9, as permitted by IAS 27. Accounting for associates and joint ventures The Group has taken the exemption permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d and IFRS 11 \u201cJoint Arrangements\u201d for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Group has significant influence, through an ownership of between 20 per cent and 50 per cent. The Group\u2019s associates and joint ventures are disclosed in note 10. New and amended standards and interpretations applied The following new standards or interpretations are effective for the first time for periods beginning on or after 1 January 2025 and had no effect on the Group\u2019s or Company\u2019s financial statements: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). New and amended standards and interpretations not applied At the date of authorisation of these financial statements, the following new standards had been published and will be effective in future accounting periods. Effective for accounting periods beginning on or after 1 January 2027: \u2022 IFRS 18 Presentation and Disclosures in Financial Statements. \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. 1. Material accounting policies continued New and amended standards and interpretations not applied continued At the date of authorisation of these financial statements, the following amendments had been published and will be effective in future accounting periods. Effective for accounting periods beginning on or after 1 January 2026: \u2022 Classification and measurement of financial instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures). IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management- defined performance measures. The impact of other new and amended standards is not expected to be material to the reported results and financial position of the Group. Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the Group becomes a party to the contractual provisions of the instrument. At 31 December 2025 and 2024, the carrying amounts of cash at bank, security cash deposits, receivables, payables, accrued expenses and short term borrowings reflected in the financial statements are reasonable estimates of fair value in view of the nature of these instruments or the relatively short period of time between the original instruments and their expected realisation. The fair value of advances and other balances with related parties which are short term or repayable on demand is equivalent to their carrying amount. The Group uses interest rate swaps to manage its risks associated with interest rates, which are recognised as financial assets when the fair value is positive and as liabilities when the fair value is negative. Gains or losses resulting from the movement in fair value of the Group\u2019s interest rate swaps are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. Financial assets The classification of financial assets at initial recognition depends on the purpose for which the financial asset was acquired and its characteristics. All financial assets are initially recognised at fair value. All purchases of financial assets are recorded at the date on which the Group became party to the contractual requirements of the financial asset. The Group\u2019s and Company\u2019s financial assets at 31 December 2025 principally comprise of investments and interest rate swaps held at fair value through profit or loss and receivables. Receivables at amortised cost Impairment provisions for receivables are recognised based on a forward looking expected credit loss model. All financial assets assessed under this model are immaterial to the financial statements. Financial assets held at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through profit or loss. Gains or losses resulting from the movement in fair value of the Group\u2019s loan and equity investments are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. As shareholder loan investments form part of a managed portfolio of assets whose performance is evaluated on a fair value basis, loan investments are designated at fair value in line with equity investments. The Company\u2019s loan and equity investments in Holdco are held at fair value through profit or loss. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation point. Fair value is defined as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on a discounted cash flow basis in accordance with IFRS 13 and IFRS 9. 1. Material accounting policies continued Financial instruments continued Financial assets continued Recognition and derecognition of financial assets Financial assets are recognised/derecognised at the date of the purchase/disposal. Investments are initially recognised at fair value with the transaction price as the best evidence of fair value. Transaction costs are recognised in the Consolidated Statement of Comprehensive Income as incurred. A financial asset (in whole or in part) is derecognised either: \u2022 when the Group has transferred substantially all the risks and rewards of ownership; or \u2022 when it has neither transferred or retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2022 when the contractual right to receive cash flow has expired. Financial liabilities Financial liabilities are classified according to the substance of the contractual agreements entered into and are recorded on the date on which the Group becomes party to the contractual requirements of the financial liability. All loans and borrowings are initially recognised at fair value where the transaction price might be the best evidence of fair value. After initial recognition, all interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Loan balances as at the year end have not been discounted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. Finance expenses Borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period to which they relate on an accruals basis. Share capital Financial instruments issued by the Company are treated as equity if the holder has only a residual interest in the assets of the Company after the deduction of all liabilities. The Company\u2019s ordinary shares are classified as equity instruments. Incremental costs directly attributable to the issue of new shares are shown in share premium as a deduction from proceeds. Incremental costs include those incurred in connection with the placing and admission which include fees payable under a placing agreement, legal costs and any other applicable expenses. Repurchase of ordinary shares Where ordinary shares have been repurchased and cancelled, the nominal value of the ordinary share capital repurchased is transferred out of share capital and into the capital redemption reserve. The cost of repurchasing the ordinary shares is recognised in the Consolidated Statement of Changes in Equity and included within retained earnings. Where ordinary shares have been repurchased and held in treasury, the consideration paid is recognised in the Consolidated Statement of Changes in Equity and deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, reissued or sold. No gain or loss is recognised within the Consolidated Statement of Comprehensive Income on the purchase, sale, issue or cancellation of the Company\u2019s own equity investments. Share repurchase transactions are accounted for on a trade date basis. Costs in relation to the repurchase of ordinary shares, including the related stamp duty and transaction costs are recognised in the Consolidated Statement of Changes in Equity and included within the treasury reserve. Dividends Dividends payable are recognised as distributions in the financial statements when the Company\u2019s obligation to make payment has been established. Income recognition Dividend income and interest income on shareholder loan investments are recognised when the Group\u2019s entitlement to receive payment is established. Gains or losses resulting from the movement in fair value of the Group\u2019s interest rate swaps or the Group\u2019s and Company\u2019s investments held at fair value through profit or loss are recognised in the Consolidated or Company Statement of Comprehensive Income at each valuation point. 1. Material accounting policies continued Expenses Expenses are accounted for on an accruals basis. Share issue expenses of the Company directly attributable to the issue and listing of shares are charged to the share premium account. The Company issues shares to the Investment Manager in exchange for receiving investment management services. The fair value of the investment management services received in exchange for shares is recognised as an expense at the time at which the investment management fees are earned, with a corresponding increase in equity. The fair value of the investment management services is calculated by reference to the definition of investment management fees in the Investment Management Agreement. Taxation Under the current system of taxation in the UK, the Group is liable to taxation on its operations in the UK. Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or substantively enacted at the date of the Consolidated Statement of Financial Position. The Group does not expect to recognise any deferred tax assets or liabilities as it would expect to avail from substantial shareholder relief on any temporary or permanent difference arising from any potential future sale of an investment.", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-212": { "value": "
Basis of accounting
The consolidated annual financial statements have been prepared in accordance with UK adopted international accounting
standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards.
The annual financial statements have been prepared on the historical cost basis, as modified for the measurement of certain
financial instruments at fair value through profit or loss. The principal accounting policies are set out below.
These consolidated financial statements are presented in pounds sterling, which is the currency of the primary economic
environment in which the Group operates and are rounded to the nearest thousand, unless otherwise stated.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-260": { "value": "Basis of accounting The consolidated annual financial statements have been prepared in accordance with UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. The annual financial statements have been prepared on the historical cost basis, as modified for the measurement of certain financial instruments at fair value through profit or loss. The principal accounting policies are set out below. These consolidated financial statements are presented in pounds sterling, which is the currency of the primary economic environment in which the Group operates and are rounded to the nearest thousand, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-242": { "value": "The consolidated annual financial statements have been prepared in accordance with UK adopted international accounting standards and with the requirements of the Companies Act 2006 as applicable to companies reporting under those standards. ", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-243": { "value": "These consolidated financial statements are presented in pounds sterling, which is the currency of the primary economic environment in which the Group operates and are rounded to the nearest thousand, unless otherwise stated. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-213": { "value": "
Going concern
The Group\u2019s business activities, together with the factors likely to affect its future development, performance and position,
are set out in the Investment Manager\u2019s Report. The Group faces a number of risks and uncertainties, as set out in the
Strategic Report on pages 20 to 37. The financial risk management objectives and policies of the Group, including exposure
to price risk, interest rate risk, credit risk and liquidity risk are discussed in note 19 to the financial statements.
As at 31 December 2025, the Group had net current liabilities of \u00a3179.3 million (2024: net current assets of \u00a30.6 million),
cash balances of \u00a314.2 million (2024: \u00a35.8 million) (excluding cash balances within investee companies of \u00a3138.1 million
(2024: \u00a3135.9 million)) and security cash deposits of \u00a318.7 million (2024: \u00a313.3 million).
The Company had \u00a31,490 million (2024: \u00a31,490 million) of term debt as at 31 December 2025, with an additional \u00a3230 million
drawn on its \u00a3400 million RCF. The covenants on the Group\u2019s banking facilities are limited to gearing, interest cover, and
finance charges payable as a percentage of GAV and the Group is expected to continue to comply with these covenants for
a period of at least 12 months from the date of issue of this report.
The Group continues to meet day-to-day liquidity needs through its cash resources.
The major cash outflows of the Group are the payment of dividends, costs relating to the acquisition of new assets and
purchases of its own shares, all of which are discretionary. The Group has sufficient access to debt, including its RCF, in order
to fund any future wind farm investment within the parameters of its Investment Policy.
As the Company\u2019s shares traded at an average discount to NAV of 23 per cent during the year, a continuation vote is to be
proposed at the Company\u2019s AGM in May 2026 in line with its Articles of Association. The Board believes that the Company\u2019s
share price performance during the year is reflective of its macroeconomic environment, and not of the financial prospects
of the Company. The Board believes that the outcome of the shareholder continuation vote will not impair the Company\u2019s
ability to operate as a going concern.
We note that 3 tranches of term debt with NAB and CIBC for \u00a3200 million are due to mature in November 2026, which is
within 12 months of the Company\u2019s financial year end. These term debt tranches are recognised as current liabilities on the
Group\u2019s balance sheet leading to a net current liability position of \u00a3179.3 million.
The Investment Manager has commenced meetings with the Company\u2019s existing lending group to evaluation lender appetite
to refinance the near maturing debt. These discussions have been encouraging and constructive. The Investment Manager
expects to be able to refinance these \u00a3200 million tranches (as well as a further \u00a3150 million tranche with Lloyds maturing
in May 2027) when the exercise formally commences in Q3 2026. In a worst case scenario, however unlikely, where these
amounts could not be refinanced, the Board considers there are a number of measures it could take to meet repayment such
as asset sales or the withdrawal of the Company\u2019s quarterly target dividend. As such they conclude that there would be no
impact on going concern.
The Board has reviewed Group forecasts and projections which cover a period of at least 12 months from the date of approval
of this report. On the basis of this review, taking into account foreseeable changes in investment and trading performance,
and after making due enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate
resources to continue in operational existence from the date of approval of this report to at least February 2027. Accordingly,
they continue to adopt the going concern basis in preparing the financial statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-214": { "value": "
Accounting for subsidiaries
The Directors have concluded that the Group has all the elements of control as prescribed by IFRS 10 \u201cConsolidated Financial
Statements\u201d in relation to all its subsidiaries and that the Company continues to satisfy the 3 essential criteria to be regarded
as an investment entity as defined in IFRS 10, IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d and IAS 27 \u201cConsolidated
and Separate Financial Statements\u201d. The 3 essential criteria are such that the entity must:
1. Obtain funds from one or more investors for the purpose of providing these investors with professional investment
management services;
2. Commit to its investors that its business purpose is to invest its funds solely for returns from capital appreciation,
investment income or both; and
3. Measure and evaluate the performance of substantially all of its investments on a fair value basis.
In satisfying the second essential criteria, the notion of an investment time frame is critical. An investment entity should not
hold its investments indefinitely but should have an exit strategy for their realisation. Although the Company has invested in
equity interests in wind farms that have an indefinite life, the underlying wind farm assets that it invests in have an expected
life of 30 years. The Company intends to hold the majority of these wind farms for the remainder of their useful life to
preserve the capital value of the portfolio. However, as the wind farms are expected to have no residual value after their
30 year life, the Directors consider that this demonstrates a clear exit strategy from these investments. During the year, the
Company also sold a minority stake in 3 of its investments as detailed in the Investment Manager\u2019s Report, which offers an
additional alternative exit strategy.
Subsidiaries are therefore measured at fair value through profit or loss, in accordance with IFRS 13 \u201cFair Value Measurement\u201d
and IFRS 9 \u201cFinancial Instruments\u201d. The financial support provided by the Company to its unconsolidated subsidiaries is
disclosed in note 10.
Notwithstanding this, IFRS 10 requires subsidiaries whose main purpose is to provide services that relate to the investment
entity\u2019s investment activities where that subsidiary itself is not an investment entity to be consolidated. Accordingly, the
annual financial statements include the consolidated financial statements of Greencoat UK Wind PLC and Greencoat UK Wind
Holdco Limited (a 100 per cent owned UK subsidiary). In respect of these entities, intra-Group balances and any unrealised
gains arising from intra-Group transactions are eliminated in preparing the consolidated financial statements. Unrealised
losses are eliminated unless the costs cannot be recovered. The financial statements of subsidiaries that are included in the
consolidated financial statements are included from the date that control commences until the dates that control ceases.
In the Parent Company\u2019s financial statements, investments in subsidiaries are measured at fair value through profit or loss in
accordance with IFRS 9, as permitted by IAS 27.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-273": { "value": "Accounting for subsidiaries The Directors have concluded that the Group has all the elements of control as prescribed by IFRS 10 \u201cConsolidated Financial Statements\u201d in relation to all its subsidiaries and that the Company continues to satisfy the 3 essential criteria to be regarded as an investment entity as defined in IFRS 10, IFRS 12 \u201cDisclosure of Interests in Other Entities\u201d and IAS 27 \u201cConsolidated and Separate Financial Statements\u201d. The 3 essential criteria are such that the entity must: 1. Obtain funds from one or more investors for the purpose of providing these investors with professional investment management services; 2. Commit to its investors that its business purpose is to invest its funds solely for returns from capital appreciation, investment income or both; and 3. Measure and evaluate the performance of substantially all of its investments on a fair value basis. In satisfying the second essential criteria, the notion of an investment time frame is critical. An investment entity should not hold its investments indefinitely but should have an exit strategy for their realisation. Although the Company has invested in equity interests in wind farms that have an indefinite life, the underlying wind farm assets that it invests in have an expected life of 30 years. The Company intends to hold the majority of these wind farms for the remainder of their useful life to preserve the capital value of the portfolio. However, as the wind farms are expected to have no residual value after their 30 year life, the Directors consider that this demonstrates a clear exit strategy from these investments. During the year, the Company also sold a minority stake in 3 of its investments as detailed in the Investment Manager\u2019s Report, which offers an additional alternative exit strategy. Subsidiaries are therefore measured at fair value through profit or loss, in accordance with IFRS 13 \u201cFair Value Measurement\u201d and IFRS 9 \u201cFinancial Instruments\u201d. The financial support provided by the Company to its unconsolidated subsidiaries is disclosed in note 10. Notwithstanding this, IFRS 10 requires subsidiaries whose main purpose is to provide services that relate to the investment entity\u2019s investment activities where that subsidiary itself is not an investment entity to be consolidated. Accordingly, the annual financial statements include the consolidated financial statements of Greencoat UK Wind PLC and Greencoat UK Wind Holdco Limited (a 100 per cent owned UK subsidiary). In respect of these entities, intra-Group balances and any unrealised gains arising from intra-Group transactions are eliminated in preparing the consolidated financial statements. Unrealised losses are eliminated unless the costs cannot be recovered. The financial statements of subsidiaries that are included in the consolidated financial statements are included from the date that control commences until the dates that control ceases. In the Parent Company\u2019s financial statements, investments in subsidiaries are measured at fair value through profit or loss in accordance with IFRS 9, as permitted by IAS 27. Accounting for associates and joint ventures The Group has taken the exemption permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d and IFRS 11 \u201cJoint Arrangements\u201d for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Group has significant influence, through an ownership of between 20 per cent and 50 per cent. The Group\u2019s associates and joint ventures are disclosed in note 10. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-215": { "value": "
Accounting for associates and joint ventures
The Group has taken the exemption permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d and IFRS 11 \u201cJoint
Arrangements\u201d for entities similar to investment entities and measures its investments in associates and joint ventures at
fair value. The Directors consider an associate to be an entity over which the Group has significant influence, through an
ownership of between 20 per cent and 50 per cent. The Group\u2019s associates and joint ventures are disclosed in note 10.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-261": { "value": "Accounting for associates and joint ventures The Group has taken the exemption permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d and IFRS 11 \u201cJoint Arrangements\u201d for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Group has significant influence, through an ownership of between 20 per cent and 50 per cent. The Group\u2019s associates and joint ventures are disclosed in note 10. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociates", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-244": { "value": "Accounting for associates and joint ventures The Group has taken the exemption permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d and IFRS 11 \u201cJoint Arrangements\u201d for entities similar to investment entities and measures its investments in associates and joint ventures at fair value. The Directors consider an associate to be an entity over which the Group has significant influence, through an ownership of between 20 per cent and 50 per cent. The Group\u2019s associates and joint ventures are disclosed in note 10. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsInJointVentures", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-216": { "value": "
New and amended standards and interpretations applied
The following new standards or interpretations are effective for the first time for periods beginning on or after 1 January 2025
and had no effect on the Group\u2019s or Company\u2019s financial statements:
\u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates).
New and amended standards and interpretations not applied
At the date of authorisation of these financial statements, the following new standards had been published and will be
effective in future accounting periods.
Effective for accounting periods beginning on or after 1 January 2027:
\u2022 IFRS 18 Presentation and Disclosures in Financial Statements.
\u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures.
New and amended standards and interpretations not applied continued
At the date of authorisation of these financial statements, the following amendments had been published and will be effective
in future accounting periods.
Effective for accounting periods beginning on or after 1 January 2026:
\u2022 Classification and measurement of financial instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7
Financial Instruments: Disclosures).
IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and
will result in major consequential amendments to IFRS Accounting Standards including IAS 8 Basis of Preparation of Financial
Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not
have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have
a significant effect on the presentation and disclosure of certain items. These changes include categorisation and sub-totals
in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management-
defined performance measures. The impact of other new and amended standards is not expected to be material to the
reported results and financial position of the Group.
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-245": { "value": "New and amended standards and interpretations applied The following new standards or interpretations are effective for the first time for periods beginning on or after 1 January 2025 and had no effect on the Group\u2019s or Company\u2019s financial statements: \u2022 Lack of Exchangeability (Amendments to IAS 21 The Effects of Changes in Foreign Exchange Rates). New and amended standards and interpretations not applied At the date of authorisation of these financial statements, the following new standards had been published and will be effective in future accounting periods. Effective for accounting periods beginning on or after 1 January 2027: \u2022 IFRS 18 Presentation and Disclosures in Financial Statements. \u2022 IFRS 19 Subsidiaries without Public Accountability: Disclosures. New and amended standards and interpretations not applied continued At the date of authorisation of these financial statements, the following amendments had been published and will be effective in future accounting periods. Effective for accounting periods beginning on or after 1 January 2026: \u2022 Classification and measurement of financial instruments (Amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures). IFRS 18 Presentation and Disclosure in Financial Statements, which was issued by the IASB in April 2024 supersedes IAS 1 and will result in major consequential amendments to IFRS Accounting Standards including IAS 8 Basis of Preparation of Financial Statements (renamed from Accounting Policies, Changes in Accounting Estimates and Errors). Even though IFRS 18 will not have any effect on the recognition and measurement of items in the consolidated financial statements, it is expected to have a significant effect on the presentation and disclosure of certain items. These changes include categorisation and sub-totals in the statement of profit or loss, aggregation/disaggregation and labelling of information, and disclosure of management- defined performance measures. The impact of other new and amended standards is not expected to be material to the reported results and financial position of the Group. ", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-217": { "value": "
Financial instruments
Financial assets and financial liabilities are recognised in the Group\u2019s Consolidated Statement of Financial Position when the
Group becomes a party to the contractual provisions of the instrument.
At 31 December 2025 and 2024, the carrying amounts of cash at bank, security cash deposits, receivables, payables, accrued
expenses and short term borrowings reflected in the financial statements are reasonable estimates of fair value in view of
the nature of these instruments or the relatively short period of time between the original instruments and their expected
realisation. The fair value of advances and other balances with related parties which are short term or repayable on demand
is equivalent to their carrying amount.
The Group uses interest rate swaps to manage its risks associated with interest rates, which are recognised as financial assets
when the fair value is positive and as liabilities when the fair value is negative. Gains or losses resulting from the movement
in fair value of the Group\u2019s interest rate swaps are recognised in the Consolidated Statement of Comprehensive Income at
each valuation point.
Financial assets
The classification of financial assets at initial recognition depends on the purpose for which the financial asset was acquired
and its characteristics.
All financial assets are initially recognised at fair value. All purchases of financial assets are recorded at the date on which the
Group became party to the contractual requirements of the financial asset.
The Group\u2019s and Company\u2019s financial assets at 31 December 2025 principally comprise of investments and interest rate swaps
held at fair value through profit or loss and receivables.
Receivables at amortised cost
Impairment provisions for receivables are recognised based on a forward looking expected credit loss model. All financial
assets assessed under this model are immaterial to the financial statements.
Financial assets held at fair value through profit or loss
Investments are designated upon initial recognition as held at fair value through profit or loss. Gains or losses resulting
from the movement in fair value of the Group\u2019s loan and equity investments are recognised in the Consolidated Statement
of Comprehensive Income at each valuation point. As shareholder loan investments form part of a managed portfolio
of assets whose performance is evaluated on a fair value basis, loan investments are designated at fair value in line with
equity investments.
The Company\u2019s loan and equity investments in Holdco are held at fair value through profit or loss. Gains or losses resulting from
the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation point.
Fair value is defined as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s
length transaction. Fair value is calculated on a discounted cash flow basis in accordance with IFRS 13 and IFRS 9.
Financial instruments continued
Financial assets continued
Recognition and derecognition of financial assets
Financial assets are recognised/derecognised at the date of the purchase/disposal. Investments are initially recognised at
fair value with the transaction price as the best evidence of fair value. Transaction costs are recognised in the Consolidated
Statement of Comprehensive Income as incurred.
A financial asset (in whole or in part) is derecognised either:
\u2022 when the Group has transferred substantially all the risks and rewards of ownership; or
\u2022 when it has neither transferred or retained substantially all the risks and rewards and when it no longer has control over
the assets or a portion of the asset; or
\u2022 when the contractual right to receive cash flow has expired.
Financial liabilities
Financial liabilities are classified according to the substance of the contractual agreements entered into and are recorded on
the date on which the Group becomes party to the contractual requirements of the financial liability.
All loans and borrowings are initially recognised at fair value where the transaction price might be the best evidence of fair
value. After initial recognition, all interest bearing loans and borrowings are subsequently measured at amortised cost using
the effective interest rate method. Loan balances as at the year end have not been discounted to reflect amortised cost, as
the amounts are not materially different from the outstanding balances.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-274": { "value": "The Group uses interest rate swaps to manage its risks associated with interest rates, which are recognised as financial assets when the fair value is positive and as liabilities when the fair value is negative. Gains or losses resulting from the movement in fair value of the Group\u2019s interest rate swaps are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-263": { "value": "The Group uses interest rate swaps to manage its risks associated with interest rates, which are recognised as financial assets when the fair value is positive and as liabilities when the fair value is negative. Gains or losses resulting from the movement in fair value of the Group\u2019s interest rate swaps are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-246": { "value": "Financial assets The classification of financial assets at initial recognition depends on the purpose for which the financial asset was acquired and its characteristics. All financial assets are initially recognised at fair value. All purchases of financial assets are recorded at the date on which the Group became party to the contractual requirements of the financial asset. The Group\u2019s and Company\u2019s financial assets at 31 December 2025 principally comprise of investments and interest rate swaps held at fair value through profit or loss and receivables. Receivables at amortised cost Impairment provisions for receivables are recognised based on a forward looking expected credit loss model. All financial assets assessed under this model are immaterial to the financial statements. Financial assets held at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through profit or loss. Gains or losses resulting from the movement in fair value of the Group\u2019s loan and equity investments are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. As shareholder loan investments form part of a managed portfolio of assets whose performance is evaluated on a fair value basis, loan investments are designated at fair value in line with equity investments. The Company\u2019s loan and equity investments in Holdco are held at fair value through profit or loss. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation point. Fair value is defined as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on a discounted cash flow basis in accordance with IFRS 13 and IFRS 9. Financial assets continued Recognition and derecognition of financial assets Financial assets are recognised/derecognised at the date of the purchase/disposal. Investments are initially recognised at fair value with the transaction price as the best evidence of fair value. Transaction costs are recognised in the Consolidated Statement of Comprehensive Income as incurred. A financial asset (in whole or in part) is derecognised either: \u2022 when the Group has transferred substantially all the risks and rewards of ownership; or \u2022 when it has neither transferred or retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2022 when the contractual right to receive cash flow has expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-264": { "value": "Receivables at amortised cost Impairment provisions for receivables are recognised based on a forward looking expected credit loss model. All financial assets assessed under this model are immaterial to the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-279": { "value": "Impairment provisions for receivables are recognised based on a forward looking expected credit loss model. All financial assets assessed under this model are immaterial to the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-276": { "value": "Impairment provisions for receivables are recognised based on a forward looking expected credit loss model. All financial assets assessed under this model are immaterial to the financial statements. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-275": { "value": "Financial assets held at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through profit or loss. Gains or losses resulting from the movement in fair value of the Group\u2019s loan and equity investments are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. As shareholder loan investments form part of a managed portfolio of assets whose performance is evaluated on a fair value basis, loan investments are designated at fair value in line with equity investments. The Company\u2019s loan and equity investments in Holdco are held at fair value through profit or loss. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation point. Fair value is defined as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on a discounted cash flow basis in accordance with IFRS 13 and IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-262": { "value": "Financial assets held at fair value through profit or loss Investments are designated upon initial recognition as held at fair value through profit or loss. Gains or losses resulting from the movement in fair value of the Group\u2019s loan and equity investments are recognised in the Consolidated Statement of Comprehensive Income at each valuation point. As shareholder loan investments form part of a managed portfolio of assets whose performance is evaluated on a fair value basis, loan investments are designated at fair value in line with equity investments. The Company\u2019s loan and equity investments in Holdco are held at fair value through profit or loss. Gains or losses resulting from the movement in fair value are recognised in the Company\u2019s Statement of Comprehensive Income at each valuation point. Fair value is defined as the amount for which an asset could be exchanged between knowledgeable willing parties in an arm\u2019s length transaction. Fair value is calculated on a discounted cash flow basis in accordance with IFRS 13 and IFRS 9. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-265": { "value": "A financial asset (in whole or in part) is derecognised either: \u2022 when the Group has transferred substantially all the risks and rewards of ownership; or \u2022 when it has neither transferred or retained substantially all the risks and rewards and when it no longer has control over the assets or a portion of the asset; or \u2022 when the contractual right to receive cash flow has expired. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-247": { "value": "Financial liabilities Financial liabilities are classified according to the substance of the contractual agreements entered into and are recorded on the date on which the Group becomes party to the contractual requirements of the financial liability. All loans and borrowings are initially recognised at fair value where the transaction price might be the best evidence of fair value. After initial recognition, all interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Loan balances as at the year end have not been discounted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-266": { "value": "All loans and borrowings are initially recognised at fair value where the transaction price might be the best evidence of fair value. After initial recognition, all interest bearing loans and borrowings are subsequently measured at amortised cost using the effective interest rate method. Loan balances as at the year end have not been discounted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-218": { "value": "
Finance expenses
Borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period to which they relate
on an accruals basis.
Income recognition
Dividend income and interest income on shareholder loan investments are recognised when the Group\u2019s entitlement to
receive payment is established.
Gains or losses resulting from the movement in fair value of the Group\u2019s interest rate swaps or the Group\u2019s and Company\u2019s
investments held at fair value through profit or loss are recognised in the Consolidated or Company Statement of
Comprehensive Income at each valuation point.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-267": { "value": "Finance expenses Borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period to which they relate on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-248": { "value": "Finance expenses Borrowing costs are recognised in the Consolidated Statement of Comprehensive Income in the period to which they relate on an accruals basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-219": { "value": "
Share capital
Financial instruments issued by the Company are treated as equity if the holder has only a residual interest in the assets of the
Company after the deduction of all liabilities. The Company\u2019s ordinary shares are classified as equity instruments.
Incremental costs directly attributable to the issue of new shares are shown in share premium as a deduction from proceeds.
Incremental costs include those incurred in connection with the placing and admission which include fees payable under a
placing agreement, legal costs and any other applicable expenses.
Repurchase of ordinary shares
Where ordinary shares have been repurchased and cancelled, the nominal value of the ordinary share capital repurchased
is transferred out of share capital and into the capital redemption reserve. The cost of repurchasing the ordinary shares is
recognised in the Consolidated Statement of Changes in Equity and included within retained earnings.
Where ordinary shares have been repurchased and held in treasury, the consideration paid is recognised in the Consolidated
Statement of Changes in Equity and deducted from equity attributable to the Company\u2019s equity holders until the shares are
cancelled, reissued or sold.
No gain or loss is recognised within the Consolidated Statement of Comprehensive Income on the purchase, sale, issue or
cancellation of the Company\u2019s own equity investments. Share repurchase transactions are accounted for on a trade date
basis. Costs in relation to the repurchase of ordinary shares, including the related stamp duty and transaction costs are
recognised in the Consolidated Statement of Changes in Equity and included within the treasury reserve.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-268": { "value": "Repurchase of ordinary shares Where ordinary shares have been repurchased and cancelled, the nominal value of the ordinary share capital repurchased is transferred out of share capital and into the capital redemption reserve. The cost of repurchasing the ordinary shares is recognised in the Consolidated Statement of Changes in Equity and included within retained earnings. Where ordinary shares have been repurchased and held in treasury, the consideration paid is recognised in the Consolidated Statement of Changes in Equity and deducted from equity attributable to the Company\u2019s equity holders until the shares are cancelled, reissued or sold. No gain or loss is recognised within the Consolidated Statement of Comprehensive Income on the purchase, sale, issue or cancellation of the Company\u2019s own equity investments. Share repurchase transactions are accounted for on a trade date basis. Costs in relation to the repurchase of ordinary shares, including the related stamp duty and transaction costs are recognised in the Consolidated Statement of Changes in Equity and included within the treasury reserve. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-220": { "value": "
Dividends
Dividends payable are recognised as distributions in the financial statements when the Company\u2019s obligation to make
payment has been established.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-269": { "value": "Income recognition Dividend income and interest income on shareholder loan investments are recognised when the Group\u2019s entitlement to receive payment is established. Gains or losses resulting from the movement in fair value of the Group\u2019s interest rate swaps or the Group\u2019s and Company\u2019s investments held at fair value through profit or loss are recognised in the Consolidated or Company Statement of Comprehensive Income at each valuation point. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-249": { "value": "Income recognition Dividend income and interest income on shareholder loan investments are recognised when the Group\u2019s entitlement to receive payment is established. Gains or losses resulting from the movement in fair value of the Group\u2019s interest rate swaps or the Group\u2019s and Company\u2019s investments held at fair value through profit or loss are recognised in the Consolidated or Company Statement of Comprehensive Income at each valuation point. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-221": { "value": "
Expenses
Expenses are accounted for on an accruals basis. Share issue expenses of the Company directly attributable to the issue and
listing of shares are charged to the share premium account.
The Company issues shares to the Investment Manager in exchange for receiving investment management services. The fair
value of the investment management services received in exchange for shares is recognised as an expense at the time at
which the investment management fees are earned, with a corresponding increase in equity. The fair value of the investment
management services is calculated by reference to the definition of investment management fees in the Investment
Management Agreement.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-251": { "value": "The Company issues shares to the Investment Manager in exchange for receiving investment management services. The fair value of the investment management services received in exchange for shares is recognised as an expense at the time at which the investment management fees are earned, with a corresponding increase in equity. The fair value of the investment management services is calculated by reference to the definition of investment management fees in the Investment Management Agreement. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFeeAndCommissionIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-222": { "value": "
Taxation
Under the current system of taxation in the UK, the Group is liable to taxation on its operations in the UK.
Current tax is the expected tax payable on the taxable income for the period, using tax rates that have been enacted or
substantively enacted at the date of the Consolidated Statement of Financial Position.
The Group does not expect to recognise any deferred tax assets or liabilities as it would expect to avail from substantial
shareholder relief on any temporary or permanent difference arising from any potential future sale of an investment.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-250": { "value": "The Group does not expect to recognise any deferred tax assets or liabilities as it would expect to avail from substantial shareholder relief on any temporary or permanent difference arising from any potential future sale of an investment.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "2. Critical accounting judgements, estimates and assumptions The preparation of the financial statements requires the application of estimates and assumptions which may affect the results reported in the financial statements. Estimates, by their nature, are based on judgement and available information. Significant accounting estimates and assumptions The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying value of assets and liabilities are those used to determine the fair value of the investments as disclosed in note 9 to the financial statements. The key assumptions that have a significant impact on the carrying value of investments that are valued by reference to the discounted value of future cash flows are the useful life of the assets, the discount rates, the level of wind resource, the rate of inflation, the price at which the power and associated benefits can be sold and the amount of electricity the assets are expected to produce. The sensitivity analysis of these key assumptions is outlined in note 9 to the financial statements. Useful lives are based on the Investment Manager\u2019s estimates of the period over which the assets will generate revenue which are periodically reviewed for continued appropriateness. The assumption used for the useful life of the wind farms is 30 years. The actual useful life may be a shorter or longer period depending on the actual operating conditions experienced by the asset. The discount rates are subjective and therefore it is feasible that a reasonable alternative assumption may be used resulting in a different value. The discount rates applied to the cash flows are reviewed periodically by the Investment Manager to ensure they are at the appropriate level. The Investment Manager will take into consideration market transactions, where of similar nature, when considering changes to the discount rates used. The revenues and expenditure of the investee companies are frequently partly or wholly subject to indexation and an assumption is made that inflation will increase at a long term rate. The price at which the output from the generating assets is sold is a factor of both wholesale electricity prices and the revenue received from the Government support regimes. Longer term future power prices are estimated using external third party forecasts, and these are overlaid by the forward curve for shorter term power price forecasts. These may be adjusted by the Investment Manager where more conservative assumptions are considered appropriate. These third party forecasts take the form of specialist consultancy reports, reflecting various factors including gas prices, carbon prices and renewables deployment, each of which reflect the UK and global response to climate change. The future power price assumptions are reviewed as and when these forecasts are updated. There is an inherent uncertainty in future wholesale electricity price projection. Specifically commissioned external reports are used to estimate the expected electrical output from the wind farm assets taking into account the expected average wind speed at each location and generation data from historical operation. The actual electrical output may differ considerably from that estimated in such a report mainly due to the variability of actual wind to that modelled in any one period. Assumptions around electrical output will be reviewed periodically in the future when more meaningful information is available on average wind speeds in the UK, which can cause a material change in this expectation as has happened during 2025. 2. Critical accounting judgements, estimates and assumptions continued Significant accounting estimates and assumptions continued As disclosed in note 10, the fair value of guarantees and counter indemnities provided by the Group on behalf of its investments are considered to be \u00a3nil, as the Directors do not expect Group cash flows to crystalise as a result of these guarantees or counter indemnities. Significant judgement As disclosed in note 1, the Directors have concluded that the Company meets the definition of an investment entity as defined in IFRS 10, IFRS 12 and IAS 27. This conclusion involved a degree of judgement and assessment as to whether the Company met the criteria outlined in the accounting standards. Holdco is consolidated as this company is not an investment entity itself and its main purpose is to provide investment related services. While Holdco holds investment as beneficial owner it provides significant investment related services. In addition, the investment manager contract is with Plc and all strategic investment decisions are made at this level. The Directors have therefore concluded that Holdco is not an investment entity itself and is therefore consolidated.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "3. Investment management fees Under the terms of the Investment Management Agreement, the Investment Manager is entitled to a combination of a Cash Fee and an Equity Element from the Company. The Cash Fee is based upon the lower of market capitalisation and NAV as at the start of the quarter in question on the following basis: \u2022 on that part of the lower of the then most recently announced NAV and market capitalisation up to and including \u00a3500 million, an amount equal to 0.25 per cent of such part of the NAV; \u2022 on that part of the lower of the then most recently announced NAV and market capitalisation over \u00a3500 million and up to and including \u00a31,000 million, an amount equal to 0.225 per cent of such part of the NAV; \u2022 on that part of the lower of the then most recently announced NAV and market capitalisation over \u00a31,000 million and up to and including \u00a33,000 million, an amount equal to 0.2 per cent of such part of the NAV; and \u2022 on that part of the lower of the then most recently announced NAV and market capitalisation over \u00a33,000 million, an amount equal to 0.175 per cent of such part of the NAV. The Equity Element is calculated quarterly in advance and has a value as set out below: \u2022 on that part of the lower of the then most recently announced NAV and market capitalisation up to and including \u00a3500 million, 0.05 per cent; and \u2022 on that part of the lower of the then most recently announced NAV and market capitalisation over \u00a3500 million up to and including \u00a31,000 million, 0.025 per cent. The ordinary shares issued to the Investment Manager under the Equity Element are subject to a 3 year lock up starting from the quarter in which they are due to be paid. As at 31 December each year, the Cash Fee and Equity Element shall be subject to a true-up to the value that would have been deliverable had they been calculated quarterly in arrears. Investment management fees paid or accrued in the year were as follows:
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Cash Fee
21,343
29,543
Equity Element
1,500
1,500
22,843
31,043
The value of the Equity Element and the Cash Fee detailed in the table above include the true-up amount for the year calculated in accordance with the Investment Management Agreement. The Cash Fee relating to the quarter ended 31 December 2025 was accrued at year end. This is further detailed in note 20.", "dimensions": { "concept": "ifrs-full:DisclosureOfFeeAndCommissionIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-223": { "value": "
4. Investment income
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Dividends received (note 20)
294,546
323,609
Interest on shareholder loan investment received (note 20)
81,288
71,106
Other investment income (note 20)
19,000
\u2013
394,834
394,715
For the year ended For the year ended
31 December 2025 31 December 2024
Group and Company \u00a3\u2019000 \u00a3\u2019000
Loan interest
91,775
94,069
Facility arrangement fees
\u2013
7,725
Swap termination fees
\u2013
3,374
Commitment fees
1,028
1,159
Letter of credit fees
972
1,114
Professional fees
35
1,216
Other facility fees
200
188
94,010
108,845
Loan income
\u2013
(3,594)
94,010
105,251
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-277": { "value": "4. Investment income
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Dividends received (note 20)
294,546
323,609
Interest on shareholder loan investment received (note 20)
81,288
71,106
Other investment income (note 20)
19,000
\u2013
394,834
394,715
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-270": { "value": "4. Investment income
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Dividends received (note 20)
294,546
323,609
Interest on shareholder loan investment received (note 20)
81,288
71,106
Other investment income (note 20)
19,000
\u2013
394,834
394,715
For the year ended For the year ended
31 December 2025 31 December 2024
Group and Company \u00a3\u2019000 \u00a3\u2019000
Loan interest
91,775
94,069
Facility arrangement fees
\u2013
7,725
Swap termination fees
\u2013
3,374
Commitment fees
1,028
1,159
Letter of credit fees
972
1,114
Professional fees
35
1,216
Other facility fees
200
188
94,010
108,845
Loan income
\u2013
(3,594)
94,010
105,251
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-252": { "value": "4. Investment income
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Dividends received (note 20)
294,546
323,609
Interest on shareholder loan investment received (note 20)
81,288
71,106
Other investment income (note 20)
19,000
\u2013
394,834
394,715
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "4. Investment income
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Dividends received (note 20)
294,546
323,609
Interest on shareholder loan investment received (note 20)
81,288
71,106
Other investment income (note 20)
19,000
\u2013
394,834
394,715
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-224": { "value": "
5. Operating expenses
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Management fees (note 3)
22,843
31,043
Group and SPV administration fees
1,450
1,330
Non-executive Directors\u2019 fees
467
415
Other expenses
3,464
4,174
Fees to the Group\u2019s Auditor:
for audit of the statutory financial statements
286
273
for other audit related services
5
5
28,515
37,240
Total fees payable to the Group\u2019s Auditor, BDO LLP, for non-audit services during the year ended 31 December 2025 were
\u00a35,350 (2024: \u00a35,100), payable in relation to limited procedures on the half year report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-253": { "value": "5. Operating expenses
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Management fees (note 3)
22,843
31,043
Group and SPV administration fees
1,450
1,330
Non-executive Directors\u2019 fees
467
415
Other expenses
3,464
4,174
Fees to the Group\u2019s Auditor:
for audit of the statutory financial statements
286
273
for other audit related services
5
5
28,515
37,240
Total fees payable to the Group\u2019s Auditor, BDO LLP, for non-audit services during the year ended 31 December 2025 were \u00a35,350 (2024: \u00a35,100), payable in relation to limited procedures on the half year report.", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "5. Operating expenses
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Management fees (note 3)
22,843
31,043
Group and SPV administration fees
1,450
1,330
Non-executive Directors\u2019 fees
467
415
Other expenses
3,464
4,174
Fees to the Group\u2019s Auditor:
for audit of the statutory financial statements
286
273
for other audit related services
5
5
28,515
37,240
Total fees payable to the Group\u2019s Auditor, BDO LLP, for non-audit services during the year ended 31 December 2025 were \u00a35,350 (2024: \u00a35,100), payable in relation to limited procedures on the half year report.", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "6. Taxation
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
UK Corporation Tax charge
\u2013
\u2013
\u2013
\u2013
The tax charge for the year shown in the Statement of Comprehensive Income is lower than the standard rate of corporation tax of 25 per cent (2024: 25 per cent). The differences are explained below.
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Loss for the year before taxation
(192,617)
(55,415)
Loss for the year multiplied by the standard rate of corporation tax of
25 per cent (2024: 25 per cent)
(48,154)
(13,854)
Fair value movements (not subject to taxation)
112,235
87,463
Dividends received (not subject to taxation)
(78,386)
(80,902)
Expenditure not deductible for tax purposes
182
422
Unrecognised deferred tax - interest restriction
(1)
7,078
\u2013
Surrendering of tax losses to unconsolidated subsidiaries for nil consideration
5,466
5,375
Other net tax adjustments
1,579
1,496
Total tax charge
\u2013
\u2013
(1) Amount relates to interest restricted under the Corporate Interest Restriction rules for which no deferred tax asset has been recognised.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "7. Earnings per share
For the year ended For the year ended
31 December 2025 31 December 2024
Loss attributable to equity holders of the Company \u2013 \u00a3\u2019000
(192,617)
(55,415)
Weighted average number of ordinary shares in issue
2,211,263,130
2,282,844,863
Basic and diluted (losses) from continuing operations in the year (pence)
(8.71)
(2.43)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "8. Dividends declared with respect to the year
Dividend Total
per share dividend
Interim dividends paid during the year ended 31 December 2025 pence \u00a3\u2019000
With respect to the quarter ended 31 December 2024
2.50
56,173
With respect to the quarter ended 31 March 2025
2.59
57,781
With respect to the quarter ended 30 June 2025
2.59
57,111
With respect to the quarter ended 30 September 2025
2.59
55,982
10.27
227,047
Dividend Total
per share dividend
pence \u00a3\u2019000
With respect to the quarter ended 31 December 2025
2.59
55,908
2.59
55,908
On 28 January 2026, the Company announced a dividend of 2.59 pence per share with respect to the quarter ended 31 December 2025, bringing the total dividend declared with respect to the year to 31 December 2025 to \u00a3226.8 million, equivalent to 10.35 pence per share. The record date for the dividend was 13 February 2026 and the payment date is 27 February 2026. The following table shows dividends paid in the prior year.
Dividend Total
per share dividend
Interim dividends paid during the year ended 31 December 2024 pence \u00a3\u2019000
With respect to the quarter ended 31 December 2023
3.43
79,114
With respect to the quarter ended 31 March 2024
2.50
57,268
With respect to the quarter ended 30 June 2024
2.50
56,843
With respect to the quarter ended 30 September 2024
2.50
56,552
10.93
249,777
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-225": { "value": "0.1027", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-227": { "value": "0.0259", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-228": { "value": "55908000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00", "unit": "iso4217:GBP" } }, "fact-226": { "value": "0.1093", "decimals": 4, "dimensions": { "concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2024-01-01T00:00:00/2025-01-01T00:00:00", "unit": "iso4217:GBP/xbrli:shares" } }, "fact-229": { "value": "
9. Investments at fair value through profit or loss
31 December 31 December
2025 2024
Group \u00a3\u2019000 \u00a3\u2019000
Opening balance
5,142,245
5,538,636
Additions
176
14,553
Disposals
(102,628)
(41,276)
Repayment of shareholder loan investments (note 20)
(9,198)
(28,439)
Movement in fair value of investments
(445,609)
(341,229)
4,584,986
5,142,245
The investments made in underlying assets are carried at fair value through profit and loss. The investments are typically
made through a combination of shareholder loans and equity into the SPVs which own the underlying asset. The value
of the shareholder loan investments as at 31 December 2025 including loan interest receivable was \u00a31,313,116,608
(2024: \u00a31,437,028,860).
9. Investments at fair value through profit or loss continued
The movement in investments of the Company during the year and the prior year was made up as follows:
31 December 31 December
2025 2024
Company \u00a3\u2019000 \u00a3\u2019000
Opening balance
5,177,725
5,558,357
Loan advanced to Holdco (note 20)
1,252
17,061
Repayment of loan to Holdco (note 20)
(515,546)
(482,467)
Movement in fair value of investments
(66,452)
84,774
4,596,979
5,177,725
The Company\u2019s shareholder loan investment in Holdco is repayable on demand.
Fair value measurements
IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets
or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement.
Financial assets and financial liabilities are classified in their entirety into only one of the following 3 levels:
\u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities;
\u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either
directly (i.e. as prices) or indirectly (i.e. derived from prices); and
\u2022 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs).
The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Group. The Group considers
observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not
proprietary, and provided by independent sources that are actively involved in the relevant market.
The financial instruments held at fair value are the investments held by the Group in the SPVs and the interest rate swaps
associated with its term debt facilities, which are fair valued at each reporting date. The Group\u2019s investments have been
classified within Level 3 as the investments are not traded and contain unobservable inputs. The Company\u2019s investments are
all considered to be Level 3 assets. As the fair value of the Company\u2019s equity and loan investments in Holdco is ultimately
determined by the underlying fair values of the SPV investments, the Company\u2019s sensitivity analysis of reasonably possible
alternative input assumptions is the same as for the Group.
Due to the nature of the investments, they are always expected to be classified as Level 3. There have been no transfers
between levels during the year ended 31 December 2025.
Any transfers between the levels would be accounted for on the last day of each financial period.
Valuations are derived using a discounted cash flow methodology in line with IPEV Valuation Guidelines and take into account,
inter alia, the following:
\u2022 due diligence findings where relevant;
\u2022 the terms of any material contracts including PPAs;
\u2022 asset performance;
\u2022 power price forecast from a leading market consultant; and
\u2022 the economic, taxation or regulatory environment.
Further detail on classification of the Group\u2019s interest rate swaps is outlined in note 14.
9. Investments at fair value through profit or loss continued
Sensitivity analysis
The fair value of the Group\u2019s investments is \u00a34,854,985,219 (2024: \u00a35,142,244,619). The analysis below is provided to
illustrate the sensitivity of the fair value of investments to an individual input, while all other variables remain constant. The
Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood
of change or that possible changes in value would be restricted to this range.
31 December 2025
Change in Change in
fair value of NAV
Change investments per share
Input
Base case
in input \u00a3\u2019000 pence
Discount rate
11 per cent levered
+ 0.5 per cent
(129,975)
(6.0)
portfolio IRR
- 0.5 per cent
137,172
6.4
Long term inflation rate
RPI: 3.1 per cent (2026),
- 0.5 per cent
(119,475)
(5.5)
3.2 per cent (2027), 3.5 per
+ 0.5 per cent
125,296
5.8
cent (2028-2030), then CPIH
(2.75 per cent (2031 onwards))
CPI: 2.4 per cent
(2026 & 2027),
2.5 per cent thereafter
Energy yield
P50
10 year P90
(289,068)
(13.8)
10 year P10
288,952
13.4
Power price
Forecast by leading
- 10 per cent
(298,828)
(13.8)
consultant
+ 10 per cent
298,507
13.8
Asset life
30 years
- 5 years
(349,782)
(16.2)
+ 5 years
244,082
11.3
31 December 2024
Change in Change in
fair value of NAV
Change investments per share
Input
Base case
in input \u00a3\u2019000 pence
Discount rate
11 per cent levered
+ 0.5 per cent
(149,622)
(6.6)
portfolio IRR
- 0.5 per cent
157,924
7.0
Long term inflation rate
RPI: 3.5 per cent to 2030,
- 0.5 per cent
(149,036)
(6.6)
2.5 per cent thereafter
+ 0.5 per cent
156,298
6.9
CPI: 2.5 per cent
Energy yield
P50
10 year P90
(331,025)
(14.7)
10 year P10
330,927
14.7
Power price
Forecast by leading
- 10 per cent
(324,541)
(14.4)
consultant
+ 10 per cent
321,437
14.3
Asset life
30 years
- 5 years
(330,080)
(14.6)
+ 5 years
219,042
9.7
The portfolio is valued on an unlevered basis using a lower discount rate for fixed cash flows and a higher discount rate for
merchant cash flows. This results in a blended unlevered portfolio IRR. The equivalent levered portfolio IRR is calculated
assuming 35 per cent gearing and an interest rate of 5 per cent.
The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented. The
sensitivity analysis shown above would be the same for the Company as for the Group. Also see the high transition risk
scenario discussed on page 34.
14. Interest rate swaps held at fair value through profit or loss
As outlined in note 13, the Group holds interest rate swaps on \u00a31,200 million of its term loans, which effectively set interest
rates payable at fixed rates.
The interest rate swaps have been recognised as separate financial instruments at fair value, as summarised in the table
below.
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Opening balance
(13,782)
\u2013
Fair value of interest rate swap liabilities on novation
(1)
\u2013
(21,932)
Movement in fair value of interest rate swap liabilities
(878)
8,150
Fair value of interest rate swap liabilities
(14,660)
(13,782)
Reconciled as:
Current liabilities
\u2013
\u2013
Non current liabilities
(14,660)
(13,782)
(1)
As part of its debt refinancing in the prior year, the Company novated its existing interest rate swaps to Holdco and entered into new interest rate
swaps with Holdco.
14. Interest rate swaps held at fair value through profit or loss continued
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Opening balance
39,999
\u2013
Fair value of interest rate swap assets on novation
(1)
\u2013
28,462
Movement in fair value of interest rate swap assets
(23,467)
11,537
Fair value of interest rate swap assets
16,532
39,999
Reconciled as:
Current assets
5,205
\u2013
Non current assets
11,327
39,999
Net movement on interest rate swaps
(24,345)
26,217
(1)
As part of its debt refinancing in the prior year, the Company novated its existing interest rate swaps to Holdco and entered into new interest rate
swaps with Holdco.
IFRS 13 requires disclosure of fair value measurement by level, as further detailed in note 9. The fair value of the interest rate
swaps associated with the Group\u2019s term debt facilities are measured at each reporting date, calculated as the present value
of estimated future cash flows under the fixed and floating leg of each swap. Therefore, these have been classified as level 2,
because they contain inputs other than quoted prices that are observable for the asset.
Due to the nature of the interest rate swaps, they are always expected to be classified as Level 2. There have been no
transfers between levels during the year ended 31 December 2025.
Any transfers between the levels would be accounted for on the last day of each financial period.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-254": { "value": "9. Investments at fair value through profit or loss
31 December 31 December
2025 2024
Group \u00a3\u2019000 \u00a3\u2019000
Opening balance
5,142,245
5,538,636
Additions
176
14,553
Disposals
(102,628)
(41,276)
Repayment of shareholder loan investments (note 20)
(9,198)
(28,439)
Movement in fair value of investments
(445,609)
(341,229)
4,584,986
5,142,245
The investments made in underlying assets are carried at fair value through profit and loss. The investments are typically made through a combination of shareholder loans and equity into the SPVs which own the underlying asset. The value of the shareholder loan investments as at 31 December 2025 including loan interest receivable was \u00a31,313,116,608 (2024: \u00a31,437,028,860). 9. Investments at fair value through profit or loss continued The movement in investments of the Company during the year and the prior year was made up as follows:
31 December 31 December
2025 2024
Company \u00a3\u2019000 \u00a3\u2019000
Opening balance
5,177,725
5,558,357
Loan advanced to Holdco (note 20)
1,252
17,061
Repayment of loan to Holdco (note 20)
(515,546)
(482,467)
Movement in fair value of investments
(66,452)
84,774
4,596,979
5,177,725
The Company\u2019s shareholder loan investment in Holdco is repayable on demand. Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following 3 levels: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The financial instruments held at fair value are the investments held by the Group in the SPVs and the interest rate swaps associated with its term debt facilities, which are fair valued at each reporting date. The Group\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The Company\u2019s investments are all considered to be Level 3 assets. As the fair value of the Company\u2019s equity and loan investments in Holdco is ultimately determined by the underlying fair values of the SPV investments, the Company\u2019s sensitivity analysis of reasonably possible alternative input assumptions is the same as for the Group. Due to the nature of the investments, they are always expected to be classified as Level 3. There have been no transfers between levels during the year ended 31 December 2025. Any transfers between the levels would be accounted for on the last day of each financial period. Valuations are derived using a discounted cash flow methodology in line with IPEV Valuation Guidelines and take into account, inter alia, the following: \u2022 due diligence findings where relevant; \u2022 the terms of any material contracts including PPAs; \u2022 asset performance; \u2022 power price forecast from a leading market consultant; and \u2022 the economic, taxation or regulatory environment. Further detail on classification of the Group\u2019s interest rate swaps is outlined in note 14. 9. Investments at fair value through profit or loss continued Sensitivity analysis The fair value of the Group\u2019s investments is \u00a34,854,985,219 (2024: \u00a35,142,244,619). The analysis below is provided to illustrate the sensitivity of the fair value of investments to an individual input, while all other variables remain constant. The Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood of change or that possible changes in value would be restricted to this range.
31 December 2025
Change in Change in
fair value of NAV
Change investments per share
Input
Base case
in input \u00a3\u2019000 pence
Discount rate
11 per cent levered
+ 0.5 per cent
(129,975)
(6.0)
portfolio IRR
- 0.5 per cent
137,172
6.4
Long term inflation rate
RPI: 3.1 per cent (2026),
- 0.5 per cent
(119,475)
(5.5)
3.2 per cent (2027), 3.5 per
+ 0.5 per cent
125,296
5.8
cent (2028-2030), then CPIH
(2.75 per cent (2031 onwards))
CPI: 2.4 per cent
(2026 & 2027),
2.5 per cent thereafter
Energy yield
P50
10 year P90
(289,068)
(13.8)
10 year P10
288,952
13.4
Power price
Forecast by leading
- 10 per cent
(298,828)
(13.8)
consultant
+ 10 per cent
298,507
13.8
Asset life
30 years
- 5 years
(349,782)
(16.2)
+ 5 years
244,082
11.3
31 December 2024
Change in Change in
fair value of NAV
Change investments per share
Input
Base case
in input \u00a3\u2019000 pence
Discount rate
11 per cent levered
+ 0.5 per cent
(149,622)
(6.6)
portfolio IRR
- 0.5 per cent
157,924
7.0
Long term inflation rate
RPI: 3.5 per cent to 2030,
- 0.5 per cent
(149,036)
(6.6)
2.5 per cent thereafter
+ 0.5 per cent
156,298
6.9
CPI: 2.5 per cent
Energy yield
P50
10 year P90
(331,025)
(14.7)
10 year P10
330,927
14.7
Power price
Forecast by leading
- 10 per cent
(324,541)
(14.4)
consultant
+ 10 per cent
321,437
14.3
Asset life
30 years
- 5 years
(330,080)
(14.6)
+ 5 years
219,042
9.7
The portfolio is valued on an unlevered basis using a lower discount rate for fixed cash flows and a higher discount rate for merchant cash flows. This results in a blended unlevered portfolio IRR. The equivalent levered portfolio IRR is calculated assuming 35 per cent gearing and an interest rate of 5 per cent. The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented. The sensitivity analysis shown above would be the same for the Company as for the Group. Also see the high transition risk scenario discussed on page 34. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "9. Investments at fair value through profit or loss
31 December 31 December
2025 2024
Group \u00a3\u2019000 \u00a3\u2019000
Opening balance
5,142,245
5,538,636
Additions
176
14,553
Disposals
(102,628)
(41,276)
Repayment of shareholder loan investments (note 20)
(9,198)
(28,439)
Movement in fair value of investments
(445,609)
(341,229)
4,584,986
5,142,245
The investments made in underlying assets are carried at fair value through profit and loss. The investments are typically made through a combination of shareholder loans and equity into the SPVs which own the underlying asset. The value of the shareholder loan investments as at 31 December 2025 including loan interest receivable was \u00a31,313,116,608 (2024: \u00a31,437,028,860). 9. Investments at fair value through profit or loss continued The movement in investments of the Company during the year and the prior year was made up as follows:
31 December 31 December
2025 2024
Company \u00a3\u2019000 \u00a3\u2019000
Opening balance
5,177,725
5,558,357
Loan advanced to Holdco (note 20)
1,252
17,061
Repayment of loan to Holdco (note 20)
(515,546)
(482,467)
Movement in fair value of investments
(66,452)
84,774
4,596,979
5,177,725
The Company\u2019s shareholder loan investment in Holdco is repayable on demand. Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following 3 levels: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The financial instruments held at fair value are the investments held by the Group in the SPVs and the interest rate swaps associated with its term debt facilities, which are fair valued at each reporting date. The Group\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The Company\u2019s investments are all considered to be Level 3 assets. As the fair value of the Company\u2019s equity and loan investments in Holdco is ultimately determined by the underlying fair values of the SPV investments, the Company\u2019s sensitivity analysis of reasonably possible alternative input assumptions is the same as for the Group. Due to the nature of the investments, they are always expected to be classified as Level 3. There have been no transfers between levels during the year ended 31 December 2025. Any transfers between the levels would be accounted for on the last day of each financial period. Valuations are derived using a discounted cash flow methodology in line with IPEV Valuation Guidelines and take into account, inter alia, the following: \u2022 due diligence findings where relevant; \u2022 the terms of any material contracts including PPAs; \u2022 asset performance; \u2022 power price forecast from a leading market consultant; and \u2022 the economic, taxation or regulatory environment. Further detail on classification of the Group\u2019s interest rate swaps is outlined in note 14. 9. Investments at fair value through profit or loss continued Sensitivity analysis The fair value of the Group\u2019s investments is \u00a34,854,985,219 (2024: \u00a35,142,244,619). The analysis below is provided to illustrate the sensitivity of the fair value of investments to an individual input, while all other variables remain constant. The Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood of change or that possible changes in value would be restricted to this range.
31 December 2025
Change in Change in
fair value of NAV
Change investments per share
Input
Base case
in input \u00a3\u2019000 pence
Discount rate
11 per cent levered
+ 0.5 per cent
(129,975)
(6.0)
portfolio IRR
- 0.5 per cent
137,172
6.4
Long term inflation rate
RPI: 3.1 per cent (2026),
- 0.5 per cent
(119,475)
(5.5)
3.2 per cent (2027), 3.5 per
+ 0.5 per cent
125,296
5.8
cent (2028-2030), then CPIH
(2.75 per cent (2031 onwards))
CPI: 2.4 per cent
(2026 & 2027),
2.5 per cent thereafter
Energy yield
P50
10 year P90
(289,068)
(13.8)
10 year P10
288,952
13.4
Power price
Forecast by leading
- 10 per cent
(298,828)
(13.8)
consultant
+ 10 per cent
298,507
13.8
Asset life
30 years
- 5 years
(349,782)
(16.2)
+ 5 years
244,082
11.3
31 December 2024
Change in Change in
fair value of NAV
Change investments per share
Input
Base case
in input \u00a3\u2019000 pence
Discount rate
11 per cent levered
+ 0.5 per cent
(149,622)
(6.6)
portfolio IRR
- 0.5 per cent
157,924
7.0
Long term inflation rate
RPI: 3.5 per cent to 2030,
- 0.5 per cent
(149,036)
(6.6)
2.5 per cent thereafter
+ 0.5 per cent
156,298
6.9
CPI: 2.5 per cent
Energy yield
P50
10 year P90
(331,025)
(14.7)
10 year P10
330,927
14.7
Power price
Forecast by leading
- 10 per cent
(324,541)
(14.4)
consultant
+ 10 per cent
321,437
14.3
Asset life
30 years
- 5 years
(330,080)
(14.6)
+ 5 years
219,042
9.7
The portfolio is valued on an unlevered basis using a lower discount rate for fixed cash flows and a higher discount rate for merchant cash flows. This results in a blended unlevered portfolio IRR. The equivalent levered portfolio IRR is calculated assuming 35 per cent gearing and an interest rate of 5 per cent. The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented. The sensitivity analysis shown above would be the same for the Company as for the Group. Also see the high transition risk scenario discussed on page 34. 11. Receivables
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Security cash deposits
18,728
13,340
Swap interest receivable from counterparties
\u2013
3,816
VAT receivable
1,920
1,191
Prepayments
175
180
Amounts due from SPVs
229
10
21,052
18,537
31 December 2025 31 December 2024
Company \u00a3\u2019000 \u00a3\u2019000
Security cash deposits
18,728
13,340
Prepayments
176
181
18,904
13,521
12. Payables
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Loan interest payable (note 13)
12,574
13,957
Investment management fee payable (note 20)
3,577
6,737
Amounts due to SPVs
1,995
821
Share buybacks payable
98
636
Transaction costs payable
99
347
Share buyback costs payable
4
13
Commitment fees payable
45
12
Other payables
1,387
1,167
19,779
23,690
31 December 2025 31 December 2024
Company \u00a3\u2019000 \u00a3\u2019000
Loan interest payable (note 13)
12,574
13,957
Investment management fee payable
3,577
6,737
Share buybacks payable
98
636
Commitment fee payable
45
12
Share buyback costs payable
4
13
Transaction costs payable
\u2013
42
Other payables
1,348
933
17,646
22,330
13. Loans and borrowings
31 December 2025 31 December 2024
Group and Company \u00a3\u2019000 \u00a3\u2019000
Opening balance
1,760,000
1,790,000
Revolving credit facility
Drawdowns
\u2013
14,000
Derecognition of RCF on modification
\u2013
(400,000)
Recognition of RCF on modification
\u2013
400,000
Repayments
(40,000)
(144,000)
Term debt facilities
Repayments
\u2013
(25,000)
Derecognition of term debt facilities on modification
\u2013
(1,365,000)
Drawdowns
\u2013
125,000
Recognition of term debt facilities on modification
\u2013
1,365,000
Closing balance
1,720,000
1,760,000
Reconciled as:
Current liabilities
200,000
\u2013
Non current liabilities
1,520,000
1,760,000
For the year ended For the year ended
31 December 2025 31 December 2024
Group and Company \u00a3\u2019000 \u00a3\u2019000
Loan interest
91,775
94,069
Facility arrangement fees
\u2013
7,725
Swap termination fees
\u2013
3,374
Commitment fees
1,028
1,159
Letter of credit fees
972
1,114
Professional fees
35
1,216
Other facility fees
200
188
94,010
108,845
Loan income
\u2013
(3,594)
94,010
105,251
The loan balance as at 31 December 2025 has not been adjusted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. All borrowing ranks pari passu and is secured by a debenture over the assets of the Company, including its shares in Holdco, with fixed and floating charges in place over the assets of the Company and Holdco. Term debt of \u00a31,290 million is classified as non current liabilities and \u00a3200 million, with tranche maturities in November 2026, is classified as current liabilities. \u00a31,200 million of these term loans are hedged out by interest rate swaps. 13. Loans and borrowings continued The providers, maturity dates and interest rates of these term debt facilities are set out in the table below. These are held in conjunction with the swaps at Holdco, as set out in note 14.
Accrued interest at
Loan margin Loan Principal
31 December 2025
(1)(3)
Provider
Maturity date
% \u00a3\u2019000 \u00a3\u2019000
NAB
01-Nov-26
1.50%
75,000
645
NAB
01-Nov-26
1.50%
25,000
215
CIBC
14-Nov-26
1.40%
100,000
785
Lloyds
09-May-27
1.60%
150,000
22
CBA
04-Nov-27
1.60%
100,000
861
ABN AMRO
02-May-28
1.75%
100,000
30
Virgin Money
03-May-28
1.75%
50,000
8
ANZ
03-May-28
1.75%
75,000
23
Barclays
03-May-28
1.75%
25,000
4
NAB
26-Sep-29
1.55%
100,000
1,441
ANZ
26-Sep-29
1.60%
75,000
1,092
AXA
31-Jan-30
3.03%
(2)
125,000
1,515
AXA
31-Jan-30
1.70%
75,000
1,778
CBA
26-Sep-30
1.65%
150,000
2,203
AXA
28-Apr-31
6.434%
(2)
25,000
13
AXA
28-Apr-31
1.80%
115,000
52
AXA
26-Sep-31
5.442%
(2)
25,000
358
CIBC
26-Sep-31
1.75%
100,000
1,495
1,490,000
12,540
(1) Loan interest is based on loan margin plus applicable SONIA rate or all in fixed rate (2) All in fixed rate (3) Excludes RCF interest of \u00a334,409 14. Interest rate swaps held at fair value through profit or loss As outlined in note 13, the Group holds interest rate swaps on \u00a31,200 million of its term loans, which effectively set interest rates payable at fixed rates. The interest rate swaps have been recognised as separate financial instruments at fair value, as summarised in the table below.
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Opening balance
(13,782)
\u2013
Fair value of interest rate swap liabilities on novation
(1)
\u2013
(21,932)
Movement in fair value of interest rate swap liabilities
(878)
8,150
Fair value of interest rate swap liabilities
(14,660)
(13,782)
Reconciled as:
Current liabilities
\u2013
\u2013
Non current liabilities
(14,660)
(13,782)
(1) As part of its debt refinancing in the prior year, the Company novated its existing interest rate swaps to Holdco and entered into new interest rate swaps with Holdco. 14. Interest rate swaps held at fair value through profit or loss continued
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Opening balance
39,999
\u2013
Fair value of interest rate swap assets on novation
(1)
\u2013
28,462
Movement in fair value of interest rate swap assets
(23,467)
11,537
Fair value of interest rate swap assets
16,532
39,999
Reconciled as:
Current assets
5,205
\u2013
Non current assets
11,327
39,999
Net movement on interest rate swaps
(24,345)
26,217
(1) As part of its debt refinancing in the prior year, the Company novated its existing interest rate swaps to Holdco and entered into new interest rate swaps with Holdco. IFRS 13 requires disclosure of fair value measurement by level, as further detailed in note 9. The fair value of the interest rate swaps associated with the Group\u2019s term debt facilities are measured at each reporting date, calculated as the present value of estimated future cash flows under the fixed and floating leg of each swap. Therefore, these have been classified as level 2, because they contain inputs other than quoted prices that are observable for the asset. Due to the nature of the interest rate swaps, they are always expected to be classified as Level 2. There have been no transfers between levels during the year ended 31 December 2025. Any transfers between the levels would be accounted for on the last day of each financial period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-271": { "value": "Fair value measurements IFRS 13 requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities is determined on the basis of the lowest level input that is significant to the fair value measurement. Financial assets and financial liabilities are classified in their entirety into only one of the following 3 levels: \u2022 Level 1 \u2013 quoted prices (unadjusted) in active markets for identical assets or liabilities; \u2022 Level 2 \u2013 inputs other than quoted prices included within Level 1 that are observable for the assets or liabilities, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and \u2022 Level 3 \u2013 inputs for assets or liabilities that are not based on observable market data (unobservable inputs). The determination of what constitutes \u2018observable\u2019 requires significant judgement by the Group. The Group considers observable data to be market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market. The financial instruments held at fair value are the investments held by the Group in the SPVs and the interest rate swaps associated with its term debt facilities, which are fair valued at each reporting date. The Group\u2019s investments have been classified within Level 3 as the investments are not traded and contain unobservable inputs. The Company\u2019s investments are all considered to be Level 3 assets. As the fair value of the Company\u2019s equity and loan investments in Holdco is ultimately determined by the underlying fair values of the SPV investments, the Company\u2019s sensitivity analysis of reasonably possible alternative input assumptions is the same as for the Group. Due to the nature of the investments, they are always expected to be classified as Level 3. There have been no transfers between levels during the year ended 31 December 2025. Any transfers between the levels would be accounted for on the last day of each financial period. Valuations are derived using a discounted cash flow methodology in line with IPEV Valuation Guidelines and take into account, inter alia, the following: \u2022 due diligence findings where relevant; \u2022 the terms of any material contracts including PPAs; \u2022 asset performance; \u2022 power price forecast from a leading market consultant; and \u2022 the economic, taxation or regulatory environment. Further detail on classification of the Group\u2019s interest rate swaps is outlined in note 14. IFRS 13 requires disclosure of fair value measurement by level, as further detailed in note 9. The fair value of the interest rate swaps associated with the Group\u2019s term debt facilities are measured at each reporting date, calculated as the present value of estimated future cash flows under the fixed and floating leg of each swap. Therefore, these have been classified as level 2, because they contain inputs other than quoted prices that are observable for the asset. Due to the nature of the interest rate swaps, they are always expected to be classified as Level 2. There have been no transfers between levels during the year ended 31 December 2025. Any transfers between the levels would be accounted for on the last day of each financial period.", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-230": { "value": "
10. Unconsolidated subsidiaries, associates and joint ventures
The following table shows subsidiaries of the Group. As the Company is regarded as an Investment Entity as referred to in
note 1, these subsidiaries have not been consolidated in the preparation of the financial statements:
Ownership Ownership
Interest as at Interest as at
Investment
Place of Business
31 December 2025 31 December 2024
Bin Mountain
Northern Ireland
(11)
100%
100%
Braes of Doune
Scotland
(13)
100%
100%
Breeze Bidco
(1)
Scotland
(12)
100%
100%
Brockaghboy
Northern Ireland
(11)
100%
100%
Carcant
Scotland
(13)
100%
100%
Church Hill
Northern Ireland
(11)
100%
100%
Corriegarth
Scotland
(13)
100%
100%
Cotton Farm
England
(12)
100%
100%
Crighshane
Northern Ireland
(11)
100%
100%
Earl\u2019s Hall Farm
England
(12)
100%
100%
Glen Kyllachy
Scotland
(12)
100%
100%
Kildrummy
Scotland
(12)
100%
100%
Langhope Rig
Scotland
(12)
100%
100%
Maerdy
Wales
(12)
100%
100%
North Hoyle
Wales
(12)
100%
100%
Screggagh
Northern Ireland
(11)
100%
100%
Slieve Divena
Northern Ireland
(11)
100%
100%
Slieve Divena 2
Northern Ireland
(11)
100%
100%
South Kyle
Scotland
(13)
100%
100%
Stroupster
Scotland
(12)
100%
100%
Tappaghan
Northern Ireland
(11)
100%
100%
Twentyshilling
Scotland
(12)
100%
100%
Walney Holdco
(2)
England
(12)
100%
100%
Beaufort
Scotland
(12)
100%
100%
Hornsea 1 Holdco
(3)
England
(14)
84.4%
nil
Bicker Fen
England
(12)
80%
80%
Fenlands
(4)
England
(12)
80%
80%
Humber Holdco
(5)
England
(12)
77.2%
77.2%
Breeze Bidco
(1)
Scotland
(12)
75.0%
75%
Dunmaglass Holdco
(6)
Scotland
(12)
71.2%
71.2%
Stronelairg Holdco
(7)
Scotland
(12)
71.2%
71.2%
Andershaw
Scotland
(12)
67.3%
100%
Bishopthorpe
England
(12)
67.3%
100%
Kype Muir Extension
Scotland
(12)
65.5%
65.5%
Hoylake
(8)
England
(12)
62.7%
62.7%
Dalquhandy
Scotland
(13)
60%
60%
Douglas West
Scotland
(13)
60%
60%
London Array
(9)
England
(12)
54.9%
54.9%
Drone Hill
Scotland
(13)
51.6%
51.6%
North Rhins
Scotland
(12)
51.6%
51.6%
Sixpenny Wood
England
(12)
51.6%
51.6%
Yelvertoft
England
(12)
51.6%
51.6%
SYND Holdco
(10)
UK
(12)
51.6%
51.6%
10. Unconsolidated subsidiaries, associates and joint ventures continued
(1)
The Group's investment in Tom nan Clach is held through Breeze Bidco.
(2)
The Group holds 100 per cent of Walney Holdco, which owns 25.1 per cent of Walney Wind Farm, resulting in the Group holding a
25.1 per cent indirect investment in Walney Wind Farm.
(3)
The Group holds 84.4 per cent of Beaufort, which owns 25 per cent of Hornsea 1 Holdco, which owns 50 per cent of Hornsea 1, resulting
in the Group holding a 10.55 per cent indirect investment in Hornsea 1.
(4)
The Group\u2019s investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands.
(5)
The Group holds 77.2 per cent of Humber Holdco, which owns 49 per cent of Humber Wind Farm, resulting in the Group holding a
37.8 per cent indirect investment in Humber Wind Farm.
(6)
The Group holds 71.2 per cent of Dunmaglass Holdco, which owns 49.9 per cent of Dunmaglass Wind Farm, resulting in the Group
holding a 35.5 per cent indirect investment in Dunmaglass Wind Farm.
(7)
The Group holds 71.2 per cent of Stronelairg Holdco, which owns 49.9 per cent of Stronelairg Wind Farm, resulting in the Group holding
a 35.5 per cent indirect investment in Stronelairg Wind Farm.
(8)
The Group holds 62.7 per cent of Hoylake, which owns 25 per cent of Burbo Bank Extension, resulting in the Group holding a 15.7 per
cent indirect investment in Burbo Bank Extension.
(9)
The Group holds 54.9 per cent of London Array Holdco, which owns 25 per cent of London Array Limited, resulting in the Group holding
a 13.7 per cent indirect investment in London Array Limited.
(10)
The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco.
(11)
The registered office address is Unit 4, The Legacy Building, Queens Road, Belfast, Northern Ireland, BT3 9DT.
(12)
The registered office address is 5th Floor, 20 Fenchurch Street, London, England, EC3M 3BY.
(13)
The registered office address is DLA Piper Scotland LLP Collins House, Rutland Square, Edinburgh, United Kingdom, EH1 2AA
(14)
The registered office address is 5 Howick Place, London, SW1P 1WG
There are no significant restrictions on the ability of the Group\u2019s unconsolidated subsidiaries to transfer funds in the form of
cash dividends.
The following table shows associates and joint ventures of the Group which have been recognised at fair value as permitted
by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d:
Ownership Ownership
Interest as at Interest as at
Investment
Place of Business
31 December 2025 31 December 2024
ML Wind
(1)
England
(2)
49%
49%
Little Cheyne Court
England
(2)
41%
41%
Clyde
Scotland
(3)
28.2%
28.2%
Rhyl Flats
Wales
(2)
24.95%
24.95%
Hornsea 1 Holdco
(5)
England
(4)
0%
25.0%
(1)
The Group\u2019s investments in Middlemoor and Lindhurst are 49 per cent. These are held through ML Wind.
(2)
The registered office address is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB.
(3)
The registered office address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ.
(4)
The registered office address is 5 Howick Place, London, SW1P 1WG.
(5)
Ownership in Hornsea 1 Holdco was restructured during the year resulting in a new ownership structure where the Group now holds
84.4 per cent of Beaufort which via its 100% subsidiary Schroders Beaufort Holdco Limited owns 25 per cent of Hornsea 1 Holdco, which
owns 50 per cent of Hornsea 1, resulting in the Group holding a 10.55 per cent indirect investment in Hornsea 1 (2024: 12.5 per cent).
Refer to unconsolidated subsidiaries table above.
10. Unconsolidated subsidiaries, associates and joint ventures continued
Loans advanced by Holdco to the wind farm investments are disclosed in note 20.
Guarantees and counter indemnities provided by the Group on behalf of its investments are as follows:
Amount
Provider of security
Investment
Beneficiary
Nature
Purpose
\u00a3\u2019000
The Company
Hornsea 1
National Westminster
Letter of credit
Debt service \u2013 Senior DSRA
58,600
Bank
The Company
London Array
Orsted
Guarantee
Offtake guarantee
52,500
The Company
London Array
Shareholders
Guarantee
JOA participants guarantee
22,500
Holdco
Clyde
SSE
Counter-indemnity
Grid, radar, decommissioning
21,771
The Company
Glen Kyllachy
RWE
Counter-indemnity
(Decommissioning/Grid/Farr wind
 12,238
farm wake compensation)
The Company
North Hoyle
The Crown Estate
Guarantee
Decommissioning & rent
 11,843
obligations
The Company
Burbo
Orsted
Counter-indemnity
Crown Estate Fees and NATS
 11,000
Radar obligations
The Company
London Array Blue Transmission London
Guarantee
OFTO O&M obligations
11,000
Array Limited
The Company
Twentyshilling
Whiteside Hill Wind Farm
Guarantee
Land \u2013 Access \u2013 Cabling
10,000
The Company
Hornsea 1
Orsted
Letter of credit
Lease obligations
8,607
The Company
Hornsea 1
National Westminster
Letter of credit
Debt service \u2013 Mezz DSRA
6,400
Bank
The Company
Dalquhandy
BT PLC
Guarantee
V-PPA PCG
5,897
The Company
South Kyle
Land owner
Guarantee
Decommissioning obligations
5,332
The Company
South Kyle
East Ayrshire Council
Counter-indemnity/
Decommissioning obligations
5,000
Letter of credit
The Company
Humber
RWE
Guarantee
Radar
4,900
The Company
South Kyle
FLS Scottish Ministers
Counter-indemnity/
Decommissioning obligations
4,327
Letter of credit
The Company
South Kyle
Dumfries and Galloway
Counter-indemnity/
Decommissioning obligations
3,748
Council Letter of credit
The Company
Andershaw
Statkraft
Guarantee
Decommissioning obligations
3,500
The Company
Rhyl Flats
The Crown Estate
Guarantee
Decommissioning obligations
3,401
The Company
Twentyshilling
Dumfries and Galloway
Counter-indemnity/
Decommissioning obligations
3,347
Council Letter of Credit
The Company
Dalquhandy
South Lanarkshire Council
Counter-indemnity/
Decommissioning obligations
2,525
Letter of credit
The Company
Dalquhandy
South Lanarkshire Council Counter \u2013 indemnity/
Decommissioning obligations
2,065
Letter of credit
The Company
Braes of Doune
Land owner
Guarantee
Decommissioning obligations
2,000
The Company
Twentyshilling
Dumfries & Galloway
Counter-indemnity/
Decommissioning Obligations
1,807
Council Letter of credit
The Company
Twentyshilling
Ministry of Defence
Guarantee
Seismic Array Equipment
1,800
The Company
Douglas West
Land owner
Guarantee
Decommissioning obligations
1,678
The Company
Twentyshilling
NATS
Guarantee
Radar
1,373
The Company
Nanclach
Land owners
Counter-indemnity/
Decommissioning obligations
1,348
Limited Letter of credit
The Company
Andershaw
NATS
Guarantee
Radar
1,015
The Company
Windy Rig
NATS
Guarantee
Radar
665
The Company
Windy Rig
National Grid
Counter-indemnity/
Access rights, grid 633
Letter of credit Decommissioning obligations
The Company
Stroupster
Land owners
Counter-indemnity/
Decommissioning obligations
338
Unsecured guarantee
Holdco
Stronelairg
SSE
Guarantee
SPVs\u2019 obligations under Elexon
 301
and National Grid contracts
The Company
Hornsea 1
National Westminster
Letter of credit
Debt service \u2013 MRA reserve
300
Bank
The Company
South Kyle
NATS
Guarantee
Radar
298
The Company
Dalquhandy
NATS
Guarantee
Radar
291
Holdco
Dunmaglass
SSE
Guarantee
SPVs\u2019 obligations under Elexon
 201
and National Grid contracts
Amount
Provider of security
Investment
Beneficiary
Nature
Purpose
\u00a3\u2019000
The Company
Cotton Farm
Land owner
Guarantee
Decommissioning obligations
165
The Company
Sixpenny Wood
Land owner
Guarantee
Community fund obligations
150
The Company
Twentyshilling
Land owner Counter \u2013 indemnity/
Decommissioning obligations
96
Letter of credit
The Company
Windy Rig
East Ayrshire Council
Guarantee
Land \u2013 Access
94
The Company
Yelvertoft
Daventry District Council
Guarantee
Decommissioning obligations
82
The Company
Langhope Rig
Barclays Bank Plc/Land
Counter-indemnity/
Decommissioning obligations
81
owner Letter of credit
The Company
Maerdy
Natural Resources Wales
Guarantee
Access rights to neighbouring land
n/a
285,217
The fair value of these guarantees and counter indemnities provided by the Group are considered to be \u00a3nil (2024: \u00a3nil) as
disclosed in note 2.
10. Unconsolidated subsidiaries, associates and joint ventures continued
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-255": { "value": "10. Unconsolidated subsidiaries, associates and joint ventures The following table shows subsidiaries of the Group. As the Company is regarded as an Investment Entity as referred to in note 1, these subsidiaries have not been consolidated in the preparation of the financial statements:
Ownership Ownership
Interest as at Interest as at
Investment
Place of Business
31 December 2025 31 December 2024
Bin Mountain
Northern Ireland
(11)
100%
100%
Braes of Doune
Scotland
(13)
100%
100%
Breeze Bidco
(1)
Scotland
(12)
100%
100%
Brockaghboy
Northern Ireland
(11)
100%
100%
Carcant
Scotland
(13)
100%
100%
Church Hill
Northern Ireland
(11)
100%
100%
Corriegarth
Scotland
(13)
100%
100%
Cotton Farm
England
(12)
100%
100%
Crighshane
Northern Ireland
(11)
100%
100%
Earl\u2019s Hall Farm
England
(12)
100%
100%
Glen Kyllachy
Scotland
(12)
100%
100%
Kildrummy
Scotland
(12)
100%
100%
Langhope Rig
Scotland
(12)
100%
100%
Maerdy
Wales
(12)
100%
100%
North Hoyle
Wales
(12)
100%
100%
Screggagh
Northern Ireland
(11)
100%
100%
Slieve Divena
Northern Ireland
(11)
100%
100%
Slieve Divena 2
Northern Ireland
(11)
100%
100%
South Kyle
Scotland
(13)
100%
100%
Stroupster
Scotland
(12)
100%
100%
Tappaghan
Northern Ireland
(11)
100%
100%
Twentyshilling
Scotland
(12)
100%
100%
Walney Holdco
(2)
England
(12)
100%
100%
Beaufort
Scotland
(12)
100%
100%
Hornsea 1 Holdco
(3)
England
(14)
84.4%
nil
Bicker Fen
England
(12)
80%
80%
Fenlands
(4)
England
(12)
80%
80%
Humber Holdco
(5)
England
(12)
77.2%
77.2%
Breeze Bidco
(1)
Scotland
(12)
75.0%
75%
Dunmaglass Holdco
(6)
Scotland
(12)
71.2%
71.2%
Stronelairg Holdco
(7)
Scotland
(12)
71.2%
71.2%
Andershaw
Scotland
(12)
67.3%
100%
Bishopthorpe
England
(12)
67.3%
100%
Kype Muir Extension
Scotland
(12)
65.5%
65.5%
Hoylake
(8)
England
(12)
62.7%
62.7%
Dalquhandy
Scotland
(13)
60%
60%
Douglas West
Scotland
(13)
60%
60%
London Array
(9)
England
(12)
54.9%
54.9%
Drone Hill
Scotland
(13)
51.6%
51.6%
North Rhins
Scotland
(12)
51.6%
51.6%
Sixpenny Wood
England
(12)
51.6%
51.6%
Yelvertoft
England
(12)
51.6%
51.6%
SYND Holdco
(10)
UK
(12)
51.6%
51.6%
10. Unconsolidated subsidiaries, associates and joint ventures continued (1) The Group's investment in Tom nan Clach is held through Breeze Bidco. (2) The Group holds 100 per cent of Walney Holdco, which owns 25.1 per cent of Walney Wind Farm, resulting in the Group holding a 25.1 per cent indirect investment in Walney Wind Farm. (3) The Group holds 84.4 per cent of Beaufort, which owns 25 per cent of Hornsea 1 Holdco, which owns 50 per cent of Hornsea 1, resulting in the Group holding a 10.55 per cent indirect investment in Hornsea 1. (4) The Group\u2019s investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands. (5) The Group holds 77.2 per cent of Humber Holdco, which owns 49 per cent of Humber Wind Farm, resulting in the Group holding a 37.8 per cent indirect investment in Humber Wind Farm. (6) The Group holds 71.2 per cent of Dunmaglass Holdco, which owns 49.9 per cent of Dunmaglass Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Dunmaglass Wind Farm. (7) The Group holds 71.2 per cent of Stronelairg Holdco, which owns 49.9 per cent of Stronelairg Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Stronelairg Wind Farm. (8) The Group holds 62.7 per cent of Hoylake, which owns 25 per cent of Burbo Bank Extension, resulting in the Group holding a 15.7 per cent indirect investment in Burbo Bank Extension. (9) The Group holds 54.9 per cent of London Array Holdco, which owns 25 per cent of London Array Limited, resulting in the Group holding a 13.7 per cent indirect investment in London Array Limited. (10) The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco. (11) The registered office address is Unit 4, The Legacy Building, Queens Road, Belfast, Northern Ireland, BT3 9DT. (12) The registered office address is 5th Floor, 20 Fenchurch Street, London, England, EC3M 3BY. (13) The registered office address is DLA Piper Scotland LLP Collins House, Rutland Square, Edinburgh, United Kingdom, EH1 2AA (14) The registered office address is 5 Howick Place, London, SW1P 1WG There are no significant restrictions on the ability of the Group\u2019s unconsolidated subsidiaries to transfer funds in the form of cash dividends. The following table shows associates and joint ventures of the Group which have been recognised at fair value as permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d:
Ownership Ownership
Interest as at Interest as at
Investment
Place of Business
31 December 2025 31 December 2024
ML Wind
(1)
England
(2)
49%
49%
Little Cheyne Court
England
(2)
41%
41%
Clyde
Scotland
(3)
28.2%
28.2%
Rhyl Flats
Wales
(2)
24.95%
24.95%
Hornsea 1 Holdco
(5)
England
(4)
0%
25.0%
(1) The Group\u2019s investments in Middlemoor and Lindhurst are 49 per cent. These are held through ML Wind. (2) The registered office address is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB. (3) The registered office address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ. (4) The registered office address is 5 Howick Place, London, SW1P 1WG. (5) Ownership in Hornsea 1 Holdco was restructured during the year resulting in a new ownership structure where the Group now holds 84.4 per cent of Beaufort which via its 100% subsidiary Schroders Beaufort Holdco Limited owns 25 per cent of Hornsea 1 Holdco, which owns 50 per cent of Hornsea 1, resulting in the Group holding a 10.55 per cent indirect investment in Hornsea 1 (2024: 12.5 per cent). Refer to unconsolidated subsidiaries table above. 10. Unconsolidated subsidiaries, associates and joint ventures continued Loans advanced by Holdco to the wind farm investments are disclosed in note 20. Guarantees and counter indemnities provided by the Group on behalf of its investments are as follows:
Amount
Provider of security
Investment
Beneficiary
Nature
Purpose
\u00a3\u2019000
The Company
Hornsea 1
National Westminster
Letter of credit
Debt service \u2013 Senior DSRA
58,600
Bank
The Company
London Array
Orsted
Guarantee
Offtake guarantee
52,500
The Company
London Array
Shareholders
Guarantee
JOA participants guarantee
22,500
Holdco
Clyde
SSE
Counter-indemnity
Grid, radar, decommissioning
21,771
The Company
Glen Kyllachy
RWE
Counter-indemnity
(Decommissioning/Grid/Farr wind
 12,238
farm wake compensation)
The Company
North Hoyle
The Crown Estate
Guarantee
Decommissioning & rent
 11,843
obligations
The Company
Burbo
Orsted
Counter-indemnity
Crown Estate Fees and NATS
 11,000
Radar obligations
The Company
London Array Blue Transmission London
Guarantee
OFTO O&M obligations
11,000
Array Limited
The Company
Twentyshilling
Whiteside Hill Wind Farm
Guarantee
Land \u2013 Access \u2013 Cabling
10,000
The Company
Hornsea 1
Orsted
Letter of credit
Lease obligations
8,607
The Company
Hornsea 1
National Westminster
Letter of credit
Debt service \u2013 Mezz DSRA
6,400
Bank
The Company
Dalquhandy
BT PLC
Guarantee
V-PPA PCG
5,897
The Company
South Kyle
Land owner
Guarantee
Decommissioning obligations
5,332
The Company
South Kyle
East Ayrshire Council
Counter-indemnity/
Decommissioning obligations
5,000
Letter of credit
The Company
Humber
RWE
Guarantee
Radar
4,900
The Company
South Kyle
FLS Scottish Ministers
Counter-indemnity/
Decommissioning obligations
4,327
Letter of credit
The Company
South Kyle
Dumfries and Galloway
Counter-indemnity/
Decommissioning obligations
3,748
Council Letter of credit
The Company
Andershaw
Statkraft
Guarantee
Decommissioning obligations
3,500
The Company
Rhyl Flats
The Crown Estate
Guarantee
Decommissioning obligations
3,401
The Company
Twentyshilling
Dumfries and Galloway
Counter-indemnity/
Decommissioning obligations
3,347
Council Letter of Credit
The Company
Dalquhandy
South Lanarkshire Council
Counter-indemnity/
Decommissioning obligations
2,525
Letter of credit
The Company
Dalquhandy
South Lanarkshire Council Counter \u2013 indemnity/
Decommissioning obligations
2,065
Letter of credit
The Company
Braes of Doune
Land owner
Guarantee
Decommissioning obligations
2,000
The Company
Twentyshilling
Dumfries & Galloway
Counter-indemnity/
Decommissioning Obligations
1,807
Council Letter of credit
The Company
Twentyshilling
Ministry of Defence
Guarantee
Seismic Array Equipment
1,800
The Company
Douglas West
Land owner
Guarantee
Decommissioning obligations
1,678
The Company
Twentyshilling
NATS
Guarantee
Radar
1,373
The Company
Nanclach
Land owners
Counter-indemnity/
Decommissioning obligations
1,348
Limited Letter of credit
The Company
Andershaw
NATS
Guarantee
Radar
1,015
The Company
Windy Rig
NATS
Guarantee
Radar
665
The Company
Windy Rig
National Grid
Counter-indemnity/
Access rights, grid 633
Letter of credit Decommissioning obligations
The Company
Stroupster
Land owners
Counter-indemnity/
Decommissioning obligations
338
Unsecured guarantee
Holdco
Stronelairg
SSE
Guarantee
SPVs\u2019 obligations under Elexon
 301
and National Grid contracts
The Company
Hornsea 1
National Westminster
Letter of credit
Debt service \u2013 MRA reserve
300
Bank
The Company
South Kyle
NATS
Guarantee
Radar
298
The Company
Dalquhandy
NATS
Guarantee
Radar
291
Holdco
Dunmaglass
SSE
Guarantee
SPVs\u2019 obligations under Elexon
 201
and National Grid contracts
Amount
Provider of security
Investment
Beneficiary
Nature
Purpose
\u00a3\u2019000
The Company
Cotton Farm
Land owner
Guarantee
Decommissioning obligations
165
The Company
Sixpenny Wood
Land owner
Guarantee
Community fund obligations
150
The Company
Twentyshilling
Land owner Counter \u2013 indemnity/
Decommissioning obligations
96
Letter of credit
The Company
Windy Rig
East Ayrshire Council
Guarantee
Land \u2013 Access
94
The Company
Yelvertoft
Daventry District Council
Guarantee
Decommissioning obligations
82
The Company
Langhope Rig
Barclays Bank Plc/Land
Counter-indemnity/
Decommissioning obligations
81
owner Letter of credit
The Company
Maerdy
Natural Resources Wales
Guarantee
Access rights to neighbouring land
n/a
285,217
The fair value of these guarantees and counter indemnities provided by the Group are considered to be \u00a3nil (2024: \u00a3nil) as disclosed in note 2. 10. Unconsolidated subsidiaries, associates and joint ventures continued", "dimensions": { "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "10. Unconsolidated subsidiaries, associates and joint ventures The following table shows subsidiaries of the Group. As the Company is regarded as an Investment Entity as referred to in note 1, these subsidiaries have not been consolidated in the preparation of the financial statements:
Ownership Ownership
Interest as at Interest as at
Investment
Place of Business
31 December 2025 31 December 2024
Bin Mountain
Northern Ireland
(11)
100%
100%
Braes of Doune
Scotland
(13)
100%
100%
Breeze Bidco
(1)
Scotland
(12)
100%
100%
Brockaghboy
Northern Ireland
(11)
100%
100%
Carcant
Scotland
(13)
100%
100%
Church Hill
Northern Ireland
(11)
100%
100%
Corriegarth
Scotland
(13)
100%
100%
Cotton Farm
England
(12)
100%
100%
Crighshane
Northern Ireland
(11)
100%
100%
Earl\u2019s Hall Farm
England
(12)
100%
100%
Glen Kyllachy
Scotland
(12)
100%
100%
Kildrummy
Scotland
(12)
100%
100%
Langhope Rig
Scotland
(12)
100%
100%
Maerdy
Wales
(12)
100%
100%
North Hoyle
Wales
(12)
100%
100%
Screggagh
Northern Ireland
(11)
100%
100%
Slieve Divena
Northern Ireland
(11)
100%
100%
Slieve Divena 2
Northern Ireland
(11)
100%
100%
South Kyle
Scotland
(13)
100%
100%
Stroupster
Scotland
(12)
100%
100%
Tappaghan
Northern Ireland
(11)
100%
100%
Twentyshilling
Scotland
(12)
100%
100%
Walney Holdco
(2)
England
(12)
100%
100%
Beaufort
Scotland
(12)
100%
100%
Hornsea 1 Holdco
(3)
England
(14)
84.4%
nil
Bicker Fen
England
(12)
80%
80%
Fenlands
(4)
England
(12)
80%
80%
Humber Holdco
(5)
England
(12)
77.2%
77.2%
Breeze Bidco
(1)
Scotland
(12)
75.0%
75%
Dunmaglass Holdco
(6)
Scotland
(12)
71.2%
71.2%
Stronelairg Holdco
(7)
Scotland
(12)
71.2%
71.2%
Andershaw
Scotland
(12)
67.3%
100%
Bishopthorpe
England
(12)
67.3%
100%
Kype Muir Extension
Scotland
(12)
65.5%
65.5%
Hoylake
(8)
England
(12)
62.7%
62.7%
Dalquhandy
Scotland
(13)
60%
60%
Douglas West
Scotland
(13)
60%
60%
London Array
(9)
England
(12)
54.9%
54.9%
Drone Hill
Scotland
(13)
51.6%
51.6%
North Rhins
Scotland
(12)
51.6%
51.6%
Sixpenny Wood
England
(12)
51.6%
51.6%
Yelvertoft
England
(12)
51.6%
51.6%
SYND Holdco
(10)
UK
(12)
51.6%
51.6%
10. Unconsolidated subsidiaries, associates and joint ventures continued (1) The Group's investment in Tom nan Clach is held through Breeze Bidco. (2) The Group holds 100 per cent of Walney Holdco, which owns 25.1 per cent of Walney Wind Farm, resulting in the Group holding a 25.1 per cent indirect investment in Walney Wind Farm. (3) The Group holds 84.4 per cent of Beaufort, which owns 25 per cent of Hornsea 1 Holdco, which owns 50 per cent of Hornsea 1, resulting in the Group holding a 10.55 per cent indirect investment in Hornsea 1. (4) The Group\u2019s investments in Deeping St. Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands. (5) The Group holds 77.2 per cent of Humber Holdco, which owns 49 per cent of Humber Wind Farm, resulting in the Group holding a 37.8 per cent indirect investment in Humber Wind Farm. (6) The Group holds 71.2 per cent of Dunmaglass Holdco, which owns 49.9 per cent of Dunmaglass Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Dunmaglass Wind Farm. (7) The Group holds 71.2 per cent of Stronelairg Holdco, which owns 49.9 per cent of Stronelairg Wind Farm, resulting in the Group holding a 35.5 per cent indirect investment in Stronelairg Wind Farm. (8) The Group holds 62.7 per cent of Hoylake, which owns 25 per cent of Burbo Bank Extension, resulting in the Group holding a 15.7 per cent indirect investment in Burbo Bank Extension. (9) The Group holds 54.9 per cent of London Array Holdco, which owns 25 per cent of London Array Limited, resulting in the Group holding a 13.7 per cent indirect investment in London Array Limited. (10) The Group\u2019s investments in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco. (11) The registered office address is Unit 4, The Legacy Building, Queens Road, Belfast, Northern Ireland, BT3 9DT. (12) The registered office address is 5th Floor, 20 Fenchurch Street, London, England, EC3M 3BY. (13) The registered office address is DLA Piper Scotland LLP Collins House, Rutland Square, Edinburgh, United Kingdom, EH1 2AA (14) The registered office address is 5 Howick Place, London, SW1P 1WG There are no significant restrictions on the ability of the Group\u2019s unconsolidated subsidiaries to transfer funds in the form of cash dividends. The following table shows associates and joint ventures of the Group which have been recognised at fair value as permitted by IAS 28 \u201cInvestments in Associates and Joint Ventures\u201d:
Ownership Ownership
Interest as at Interest as at
Investment
Place of Business
31 December 2025 31 December 2024
ML Wind
(1)
England
(2)
49%
49%
Little Cheyne Court
England
(2)
41%
41%
Clyde
Scotland
(3)
28.2%
28.2%
Rhyl Flats
Wales
(2)
24.95%
24.95%
Hornsea 1 Holdco
(5)
England
(4)
0%
25.0%
(1) The Group\u2019s investments in Middlemoor and Lindhurst are 49 per cent. These are held through ML Wind. (2) The registered office address is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, SN5 6PB. (3) The registered office address is Inveralmond House, 200 Dunkeld Road, Perth, PH1 3AQ. (4) The registered office address is 5 Howick Place, London, SW1P 1WG. (5) Ownership in Hornsea 1 Holdco was restructured during the year resulting in a new ownership structure where the Group now holds 84.4 per cent of Beaufort which via its 100% subsidiary Schroders Beaufort Holdco Limited owns 25 per cent of Hornsea 1 Holdco, which owns 50 per cent of Hornsea 1, resulting in the Group holding a 10.55 per cent indirect investment in Hornsea 1 (2024: 12.5 per cent). Refer to unconsolidated subsidiaries table above. 10. Unconsolidated subsidiaries, associates and joint ventures continued Loans advanced by Holdco to the wind farm investments are disclosed in note 20. Guarantees and counter indemnities provided by the Group on behalf of its investments are as follows:
Amount
Provider of security
Investment
Beneficiary
Nature
Purpose
\u00a3\u2019000
The Company
Hornsea 1
National Westminster
Letter of credit
Debt service \u2013 Senior DSRA
58,600
Bank
The Company
London Array
Orsted
Guarantee
Offtake guarantee
52,500
The Company
London Array
Shareholders
Guarantee
JOA participants guarantee
22,500
Holdco
Clyde
SSE
Counter-indemnity
Grid, radar, decommissioning
21,771
The Company
Glen Kyllachy
RWE
Counter-indemnity
(Decommissioning/Grid/Farr wind
 12,238
farm wake compensation)
The Company
North Hoyle
The Crown Estate
Guarantee
Decommissioning & rent
 11,843
obligations
The Company
Burbo
Orsted
Counter-indemnity
Crown Estate Fees and NATS
 11,000
Radar obligations
The Company
London Array Blue Transmission London
Guarantee
OFTO O&M obligations
11,000
Array Limited
The Company
Twentyshilling
Whiteside Hill Wind Farm
Guarantee
Land \u2013 Access \u2013 Cabling
10,000
The Company
Hornsea 1
Orsted
Letter of credit
Lease obligations
8,607
The Company
Hornsea 1
National Westminster
Letter of credit
Debt service \u2013 Mezz DSRA
6,400
Bank
The Company
Dalquhandy
BT PLC
Guarantee
V-PPA PCG
5,897
The Company
South Kyle
Land owner
Guarantee
Decommissioning obligations
5,332
The Company
South Kyle
East Ayrshire Council
Counter-indemnity/
Decommissioning obligations
5,000
Letter of credit
The Company
Humber
RWE
Guarantee
Radar
4,900
The Company
South Kyle
FLS Scottish Ministers
Counter-indemnity/
Decommissioning obligations
4,327
Letter of credit
The Company
South Kyle
Dumfries and Galloway
Counter-indemnity/
Decommissioning obligations
3,748
Council Letter of credit
The Company
Andershaw
Statkraft
Guarantee
Decommissioning obligations
3,500
The Company
Rhyl Flats
The Crown Estate
Guarantee
Decommissioning obligations
3,401
The Company
Twentyshilling
Dumfries and Galloway
Counter-indemnity/
Decommissioning obligations
3,347
Council Letter of Credit
The Company
Dalquhandy
South Lanarkshire Council
Counter-indemnity/
Decommissioning obligations
2,525
Letter of credit
The Company
Dalquhandy
South Lanarkshire Council Counter \u2013 indemnity/
Decommissioning obligations
2,065
Letter of credit
The Company
Braes of Doune
Land owner
Guarantee
Decommissioning obligations
2,000
The Company
Twentyshilling
Dumfries & Galloway
Counter-indemnity/
Decommissioning Obligations
1,807
Council Letter of credit
The Company
Twentyshilling
Ministry of Defence
Guarantee
Seismic Array Equipment
1,800
The Company
Douglas West
Land owner
Guarantee
Decommissioning obligations
1,678
The Company
Twentyshilling
NATS
Guarantee
Radar
1,373
The Company
Nanclach
Land owners
Counter-indemnity/
Decommissioning obligations
1,348
Limited Letter of credit
The Company
Andershaw
NATS
Guarantee
Radar
1,015
The Company
Windy Rig
NATS
Guarantee
Radar
665
The Company
Windy Rig
National Grid
Counter-indemnity/
Access rights, grid 633
Letter of credit Decommissioning obligations
The Company
Stroupster
Land owners
Counter-indemnity/
Decommissioning obligations
338
Unsecured guarantee
Holdco
Stronelairg
SSE
Guarantee
SPVs\u2019 obligations under Elexon
 301
and National Grid contracts
The Company
Hornsea 1
National Westminster
Letter of credit
Debt service \u2013 MRA reserve
300
Bank
The Company
South Kyle
NATS
Guarantee
Radar
298
The Company
Dalquhandy
NATS
Guarantee
Radar
291
Holdco
Dunmaglass
SSE
Guarantee
SPVs\u2019 obligations under Elexon
 201
and National Grid contracts
Amount
Provider of security
Investment
Beneficiary
Nature
Purpose
\u00a3\u2019000
The Company
Cotton Farm
Land owner
Guarantee
Decommissioning obligations
165
The Company
Sixpenny Wood
Land owner
Guarantee
Community fund obligations
150
The Company
Twentyshilling
Land owner Counter \u2013 indemnity/
Decommissioning obligations
96
Letter of credit
The Company
Windy Rig
East Ayrshire Council
Guarantee
Land \u2013 Access
94
The Company
Yelvertoft
Daventry District Council
Guarantee
Decommissioning obligations
82
The Company
Langhope Rig
Barclays Bank Plc/Land
Counter-indemnity/
Decommissioning obligations
81
owner Letter of credit
The Company
Maerdy
Natural Resources Wales
Guarantee
Access rights to neighbouring land
n/a
285,217
The fair value of these guarantees and counter indemnities provided by the Group are considered to be \u00a3nil (2024: \u00a3nil) as disclosed in note 2. 10. Unconsolidated subsidiaries, associates and joint ventures continued", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-231": { "value": "
11. Receivables
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Security cash deposits
18,728
13,340
Swap interest receivable from counterparties
\u2013
3,816
VAT receivable
1,920
1,191
Prepayments
175
180
Amounts due from SPVs
229
10
21,052
18,537
31 December 2025 31 December 2024
Company \u00a3\u2019000 \u00a3\u2019000
Security cash deposits
18,728
13,340
Prepayments
176
181
18,904
13,521
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-232": { "value": "
12. Payables
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Loan interest payable (note 13)
12,574
13,957
Investment management fee payable (note 20)
3,577
6,737
Amounts due to SPVs
1,995
821
Share buybacks payable
98
636
Transaction costs payable
99
347
Share buyback costs payable
4
13
Commitment fees payable
45
12
Other payables
1,387
1,167
19,779
23,690
31 December 2025 31 December 2024
Company \u00a3\u2019000 \u00a3\u2019000
Loan interest payable (note 13)
12,574
13,957
Investment management fee payable
3,577
6,737
Share buybacks payable
98
636
Commitment fee payable
45
12
Share buyback costs payable
4
13
Transaction costs payable
\u2013
42
Other payables
1,348
933
17,646
22,330
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-280": { "value": "13. Loans and borrowings
31 December 2025 31 December 2024
Group and Company \u00a3\u2019000 \u00a3\u2019000
Opening balance
1,760,000
1,790,000
Revolving credit facility
Drawdowns
\u2013
14,000
Derecognition of RCF on modification
\u2013
(400,000)
Recognition of RCF on modification
\u2013
400,000
Repayments
(40,000)
(144,000)
Term debt facilities
Repayments
\u2013
(25,000)
Derecognition of term debt facilities on modification
\u2013
(1,365,000)
Drawdowns
\u2013
125,000
Recognition of term debt facilities on modification
\u2013
1,365,000
Closing balance
1,720,000
1,760,000
Reconciled as:
Current liabilities
200,000
\u2013
Non current liabilities
1,520,000
1,760,000
For the year ended For the year ended
31 December 2025 31 December 2024
Group and Company \u00a3\u2019000 \u00a3\u2019000
Loan interest
91,775
94,069
Facility arrangement fees
\u2013
7,725
Swap termination fees
\u2013
3,374
Commitment fees
1,028
1,159
Letter of credit fees
972
1,114
Professional fees
35
1,216
Other facility fees
200
188
94,010
108,845
Loan income
\u2013
(3,594)
94,010
105,251
The loan balance as at 31 December 2025 has not been adjusted to reflect amortised cost, as the amounts are not materially different from the outstanding balances. All borrowing ranks pari passu and is secured by a debenture over the assets of the Company, including its shares in Holdco, with fixed and floating charges in place over the assets of the Company and Holdco. Term debt of \u00a31,290 million is classified as non current liabilities and \u00a3200 million, with tranche maturities in November 2026, is classified as current liabilities. \u00a31,200 million of these term loans are hedged out by interest rate swaps.
13. Loans and borrowings continued
The providers, maturity dates and interest rates of these term debt facilities are set out in the table below. These are held in
conjunction with the swaps at Holdco, as set out in note 14.
Accrued interest at
Loan margin Loan Principal
31 December 2025
(1)(3)
Provider
Maturity date
% \u00a3\u2019000 \u00a3\u2019000
NAB
01-Nov-26
1.50%
75,000
645
NAB
01-Nov-26
1.50%
25,000
215
CIBC
14-Nov-26
1.40%
100,000
785
Lloyds
09-May-27
1.60%
150,000
22
CBA
04-Nov-27
1.60%
100,000
861
ABN AMRO
02-May-28
1.75%
100,000
30
Virgin Money
03-May-28
1.75%
50,000
8
ANZ
03-May-28
1.75%
75,000
23
Barclays
03-May-28
1.75%
25,000
4
NAB
26-Sep-29
1.55%
100,000
1,441
ANZ
26-Sep-29
1.60%
75,000
1,092
AXA
31-Jan-30
3.03%
(2)
125,000
1,515
AXA
31-Jan-30
1.70%
75,000
1,778
CBA
26-Sep-30
1.65%
150,000
2,203
AXA
28-Apr-31
6.434%
(2)
25,000
13
AXA
28-Apr-31
1.80%
115,000
52
AXA
26-Sep-31
5.442%
(2)
25,000
358
CIBC
26-Sep-31
1.75%
100,000
1,495
1,490,000
12,540
(1)
Loan interest is based on loan margin plus applicable SONIA rate or all in fixed rate
(2)
All in fixed rate
(3)
Excludes RCF interest of \u00a334,409
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-256": { "value": "
For the year ended For the year ended
31 December 2025 31 December 2024
Group and Company \u00a3\u2019000 \u00a3\u2019000
Loan interest
91,775
94,069
Facility arrangement fees
\u2013
7,725
Swap termination fees
\u2013
3,374
Commitment fees
1,028
1,159
Letter of credit fees
972
1,114
Professional fees
35
1,216
Other facility fees
200
188
94,010
108,845
Loan income
\u2013
(3,594)
94,010
105,251
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-278": { "value": "
For the year ended For the year ended
31 December 2025 31 December 2024
Group and Company \u00a3\u2019000 \u00a3\u2019000
Loan interest
91,775
94,069
Facility arrangement fees
\u2013
7,725
Swap termination fees
\u2013
3,374
Commitment fees
1,028
1,159
Letter of credit fees
972
1,114
Professional fees
35
1,216
Other facility fees
200
188
94,010
108,845
Loan income
\u2013
(3,594)
94,010
105,251
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-257": { "value": "14. Interest rate swaps held at fair value through profit or loss As outlined in note 13, the Group holds interest rate swaps on \u00a31,200 million of its term loans, which effectively set interest rates payable at fixed rates. The interest rate swaps have been recognised as separate financial instruments at fair value, as summarised in the table below.
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Opening balance
(13,782)
\u2013
Fair value of interest rate swap liabilities on novation
(1)
\u2013
(21,932)
Movement in fair value of interest rate swap liabilities
(878)
8,150
Fair value of interest rate swap liabilities
(14,660)
(13,782)
Reconciled as:
Current liabilities
\u2013
\u2013
Non current liabilities
(14,660)
(13,782)
(1) As part of its debt refinancing in the prior year, the Company novated its existing interest rate swaps to Holdco and entered into new interest rate swaps with Holdco. 14. Interest rate swaps held at fair value through profit or loss continued
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Opening balance
39,999
\u2013
Fair value of interest rate swap assets on novation
(1)
\u2013
28,462
Movement in fair value of interest rate swap assets
(23,467)
11,537
Fair value of interest rate swap assets
16,532
39,999
Reconciled as:
Current assets
5,205
\u2013
Non current assets
11,327
39,999
Net movement on interest rate swaps
(24,345)
26,217
(1) As part of its debt refinancing in the prior year, the Company novated its existing interest rate swaps to Holdco and entered into new interest rate swaps with Holdco. IFRS 13 requires disclosure of fair value measurement by level, as further detailed in note 9. The fair value of the interest rate swaps associated with the Group\u2019s term debt facilities are measured at each reporting date, calculated as the present value of estimated future cash flows under the fixed and floating leg of each swap. Therefore, these have been classified as level 2, because they contain inputs other than quoted prices that are observable for the asset. Due to the nature of the interest rate swaps, they are always expected to be classified as Level 2. There have been no transfers between levels during the year ended 31 December 2025. Any transfers between the levels would be accounted for on the last day of each financial period.", "dimensions": { "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-233": { "value": "
15. Contingencies and commitments
The Group had no contingencies and commitments for the year ended 31 December 2025 (2024: Nil).
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-258": { "value": "15. Contingencies and commitments The Group had no contingencies and commitments for the year ended 31 December 2025 (2024: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "15. Contingencies and commitments The Group had no contingencies and commitments for the year ended 31 December 2025 (2024: Nil).", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-234": { "value": "
16. Share capital \u2013 ordinary shares of \u00a30.01
Capital
Number of Share Share redemption Treasury
Authorised, issued shares capital premium reserve shares Total
Date and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
1 January 2025
2,254,109,306
23,074
2,471,821
113
(73,172)
2,421,836
Share buybacks:
Repurchased and
cancelled
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Repurchased and
held in treasury
(95,357,224)
\u2013
\u2013
\u2013
(108,584)
(108,584)
Shares allotted from treasury to the
Investment Manager
(95,357,224)
\u2013
\u2013
\u2013
(108,584)
(108,584)
13 February 2025
Q1 2025
Equity Element
271,791
\u2013
61
\u2013
314
375
15 May 2025
Q2 2025
Equity Element
250,081
\u2013
52
\u2013
323
375
11 August 2025
Q3 2025
Equity Element
261,524
\u2013
30
\u2013
345
375
14 November 2025
Q4 2025
Equity Element
266,613
\u2013
17
\u2013
358
375
1,050,009
\u2013
160
\u2013
1,340
1,500
31 December 2025
2,159,802,091
23,074
2,471,981
113
(180,416)
2,314,752
16. Share capital \u2013 ordinary shares of \u00a30.01 continued
During the year, the Company purchased a total of 95,357,224 ordinary shares, to be held in treasury at an aggregate cost of
\u00a3108,584,000 (including stamp duty and other fees of \u00a3704,000).
Year to 31 December 2024
Capital
Number of Share Share redemption Treasury
Authorised, issued shares capital premium reserve shares Total
Date and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
1 January 2024
2,312,131,799
23,121
2,471,515
66
\u2013
2,494,702
Share buybacks:
Repurchased and
cancelled
(4,683,143)
(47)
\u2013
47
\u2013
\u2013
Repurchased and
held in treasury
(54,504,369)
\u2013
\u2013
\u2013
(74,741)
(74,741)
Shares allotted from treasury to the
Investment Manager
(59,187,512)
(47)
\u2013
47
(74,741)
(74,741)
7 May 2024
True-up of 2023 and
Q4 2023
Equity
Element
230,238
\u2013
58
\u2013
317
375
7 May 2024
Q1 2024
Equity Element
228,532
\u2013
57
\u2013
318
375
7 May 2024
Q2 2024
Equity Element
234,415
\u2013
59
\u2013
316
375
31 July 2024
Q3 2024
Equity Element
235,420
\u2013
62
\u2013
313
375
6 November 2024
Q4 2024
Equity Element
236,414
\u2013
70
\u2013
305
375
1,165,019
\u2013
306
\u2013
1,569
1,875
31 December 2024
2,254,109,306
23,074
2,471,821
113
(73,172)
2,421,836
The Company announced its initial share buyback programme at the end of October 2023 and during the year, no shares
(2024: 4.7 million) were repurchased and cancelled at a cost of \u00a3nil (2024: \u00a36,788,000). In addition, 95.3 million shares
(2024: 54.5 million) have been repurchased and held in treasury at a cost of \u00a3108,584,000 (2024: \u00a381,529,000).
Pursuant to the terms of the Investment Management Agreement, the Investment Manager receives an Equity Element
as part payment of its investment management fee as disclosed in note 3. The figures given in the table in note 3 include
the true-up amount of the investment management fee for the periods calculated in accordance with the Investment
Management Agreement and allotted subsequent to 31 December 2025. During the year, 1.0 million shares held in treasury
were reinstated with the full rights of Ordinary Shares and issued to the Investment Manager.
As at 31 December 2025, the Company had 147,646,565 shares held in treasury and the total number of ordinary shares in
issue, excluding the shares held in treasury, was 2,159,802,091.
Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has satisfied all
of its liabilities, the shareholders are entitled to all of the residual assets of the Company.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-272": { "value": "16. Share capital \u2013 ordinary shares of \u00a30.01
Capital
Number of Share Share redemption Treasury
Authorised, issued shares capital premium reserve shares Total
Date and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
1 January 2025
2,254,109,306
23,074
2,471,821
113
(73,172)
2,421,836
Share buybacks:
Repurchased and
cancelled
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Repurchased and
held in treasury
(95,357,224)
\u2013
\u2013
\u2013
(108,584)
(108,584)
Shares allotted from treasury to the
Investment Manager
(95,357,224)
\u2013
\u2013
\u2013
(108,584)
(108,584)
13 February 2025
Q1 2025
Equity Element
271,791
\u2013
61
\u2013
314
375
15 May 2025
Q2 2025
Equity Element
250,081
\u2013
52
\u2013
323
375
11 August 2025
Q3 2025
Equity Element
261,524
\u2013
30
\u2013
345
375
14 November 2025
Q4 2025
Equity Element
266,613
\u2013
17
\u2013
358
375
1,050,009
\u2013
160
\u2013
1,340
1,500
31 December 2025
2,159,802,091
23,074
2,471,981
113
(180,416)
2,314,752
16. Share capital \u2013 ordinary shares of \u00a30.01 continued During the year, the Company purchased a total of 95,357,224 ordinary shares, to be held in treasury at an aggregate cost of \u00a3108,584,000 (including stamp duty and other fees of \u00a3704,000).
Year to 31 December 2024
Capital
Number of Share Share redemption Treasury
Authorised, issued shares capital premium reserve shares Total
Date and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
1 January 2024
2,312,131,799
23,121
2,471,515
66
\u2013
2,494,702
Share buybacks:
Repurchased and
cancelled
(4,683,143)
(47)
\u2013
47
\u2013
\u2013
Repurchased and
held in treasury
(54,504,369)
\u2013
\u2013
\u2013
(74,741)
(74,741)
Shares allotted from treasury to the
Investment Manager
(59,187,512)
(47)
\u2013
47
(74,741)
(74,741)
7 May 2024
True-up of 2023 and
Q4 2023
Equity
Element
230,238
\u2013
58
\u2013
317
375
7 May 2024
Q1 2024
Equity Element
228,532
\u2013
57
\u2013
318
375
7 May 2024
Q2 2024
Equity Element
234,415
\u2013
59
\u2013
316
375
31 July 2024
Q3 2024
Equity Element
235,420
\u2013
62
\u2013
313
375
6 November 2024
Q4 2024
Equity Element
236,414
\u2013
70
\u2013
305
375
1,165,019
\u2013
306
\u2013
1,569
1,875
31 December 2024
2,254,109,306
23,074
2,471,821
113
(73,172)
2,421,836
The Company announced its initial share buyback programme at the end of October 2023 and during the year, no shares (2024: 4.7 million) were repurchased and cancelled at a cost of \u00a3nil (2024: \u00a36,788,000). In addition, 95.3 million shares (2024: 54.5 million) have been repurchased and held in treasury at a cost of \u00a3108,584,000 (2024: \u00a381,529,000). Pursuant to the terms of the Investment Management Agreement, the Investment Manager receives an Equity Element as part payment of its investment management fee as disclosed in note 3. The figures given in the table in note 3 include the true-up amount of the investment management fee for the periods calculated in accordance with the Investment Management Agreement and allotted subsequent to 31 December 2025. During the year, 1.0 million shares held in treasury were reinstated with the full rights of Ordinary Shares and issued to the Investment Manager. As at 31 December 2025, the Company had 147,646,565 shares held in treasury and the total number of ordinary shares in issue, excluding the shares held in treasury, was 2,159,802,091. Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has satisfied all of its liabilities, the shareholders are entitled to all of the residual assets of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-259": { "value": "16. Share capital \u2013 ordinary shares of \u00a30.01
Capital
Number of Share Share redemption Treasury
Authorised, issued shares capital premium reserve shares Total
Date and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
1 January 2025
2,254,109,306
23,074
2,471,821
113
(73,172)
2,421,836
Share buybacks:
Repurchased and
cancelled
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Repurchased and
held in treasury
(95,357,224)
\u2013
\u2013
\u2013
(108,584)
(108,584)
Shares allotted from treasury to the
Investment Manager
(95,357,224)
\u2013
\u2013
\u2013
(108,584)
(108,584)
13 February 2025
Q1 2025
Equity Element
271,791
\u2013
61
\u2013
314
375
15 May 2025
Q2 2025
Equity Element
250,081
\u2013
52
\u2013
323
375
11 August 2025
Q3 2025
Equity Element
261,524
\u2013
30
\u2013
345
375
14 November 2025
Q4 2025
Equity Element
266,613
\u2013
17
\u2013
358
375
1,050,009
\u2013
160
\u2013
1,340
1,500
31 December 2025
2,159,802,091
23,074
2,471,981
113
(180,416)
2,314,752
16. Share capital \u2013 ordinary shares of \u00a30.01 continued During the year, the Company purchased a total of 95,357,224 ordinary shares, to be held in treasury at an aggregate cost of \u00a3108,584,000 (including stamp duty and other fees of \u00a3704,000).
Year to 31 December 2024
Capital
Number of Share Share redemption Treasury
Authorised, issued shares capital premium reserve shares Total
Date and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
1 January 2024
2,312,131,799
23,121
2,471,515
66
\u2013
2,494,702
Share buybacks:
Repurchased and
cancelled
(4,683,143)
(47)
\u2013
47
\u2013
\u2013
Repurchased and
held in treasury
(54,504,369)
\u2013
\u2013
\u2013
(74,741)
(74,741)
Shares allotted from treasury to the
Investment Manager
(59,187,512)
(47)
\u2013
47
(74,741)
(74,741)
7 May 2024
True-up of 2023 and
Q4 2023
Equity
Element
230,238
\u2013
58
\u2013
317
375
7 May 2024
Q1 2024
Equity Element
228,532
\u2013
57
\u2013
318
375
7 May 2024
Q2 2024
Equity Element
234,415
\u2013
59
\u2013
316
375
31 July 2024
Q3 2024
Equity Element
235,420
\u2013
62
\u2013
313
375
6 November 2024
Q4 2024
Equity Element
236,414
\u2013
70
\u2013
305
375
1,165,019
\u2013
306
\u2013
1,569
1,875
31 December 2024
2,254,109,306
23,074
2,471,821
113
(73,172)
2,421,836
The Company announced its initial share buyback programme at the end of October 2023 and during the year, no shares (2024: 4.7 million) were repurchased and cancelled at a cost of \u00a3nil (2024: \u00a36,788,000). In addition, 95.3 million shares (2024: 54.5 million) have been repurchased and held in treasury at a cost of \u00a3108,584,000 (2024: \u00a381,529,000). Pursuant to the terms of the Investment Management Agreement, the Investment Manager receives an Equity Element as part payment of its investment management fee as disclosed in note 3. The figures given in the table in note 3 include the true-up amount of the investment management fee for the periods calculated in accordance with the Investment Management Agreement and allotted subsequent to 31 December 2025. During the year, 1.0 million shares held in treasury were reinstated with the full rights of Ordinary Shares and issued to the Investment Manager. As at 31 December 2025, the Company had 147,646,565 shares held in treasury and the total number of ordinary shares in issue, excluding the shares held in treasury, was 2,159,802,091. Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has satisfied all of its liabilities, the shareholders are entitled to all of the residual assets of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "16. Share capital \u2013 ordinary shares of \u00a30.01
Capital
Number of Share Share redemption Treasury
Authorised, issued shares capital premium reserve shares Total
Date and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
1 January 2025
2,254,109,306
23,074
2,471,821
113
(73,172)
2,421,836
Share buybacks:
Repurchased and
cancelled
\u2013
\u2013
\u2013
\u2013
\u2013
\u2013
Repurchased and
held in treasury
(95,357,224)
\u2013
\u2013
\u2013
(108,584)
(108,584)
Shares allotted from treasury to the
Investment Manager
(95,357,224)
\u2013
\u2013
\u2013
(108,584)
(108,584)
13 February 2025
Q1 2025
Equity Element
271,791
\u2013
61
\u2013
314
375
15 May 2025
Q2 2025
Equity Element
250,081
\u2013
52
\u2013
323
375
11 August 2025
Q3 2025
Equity Element
261,524
\u2013
30
\u2013
345
375
14 November 2025
Q4 2025
Equity Element
266,613
\u2013
17
\u2013
358
375
1,050,009
\u2013
160
\u2013
1,340
1,500
31 December 2025
2,159,802,091
23,074
2,471,981
113
(180,416)
2,314,752
16. Share capital \u2013 ordinary shares of \u00a30.01 continued During the year, the Company purchased a total of 95,357,224 ordinary shares, to be held in treasury at an aggregate cost of \u00a3108,584,000 (including stamp duty and other fees of \u00a3704,000).
Year to 31 December 2024
Capital
Number of Share Share redemption Treasury
Authorised, issued shares capital premium reserve shares Total
Date and fully paid issued \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
1 January 2024
2,312,131,799
23,121
2,471,515
66
\u2013
2,494,702
Share buybacks:
Repurchased and
cancelled
(4,683,143)
(47)
\u2013
47
\u2013
\u2013
Repurchased and
held in treasury
(54,504,369)
\u2013
\u2013
\u2013
(74,741)
(74,741)
Shares allotted from treasury to the
Investment Manager
(59,187,512)
(47)
\u2013
47
(74,741)
(74,741)
7 May 2024
True-up of 2023 and
Q4 2023
Equity
Element
230,238
\u2013
58
\u2013
317
375
7 May 2024
Q1 2024
Equity Element
228,532
\u2013
57
\u2013
318
375
7 May 2024
Q2 2024
Equity Element
234,415
\u2013
59
\u2013
316
375
31 July 2024
Q3 2024
Equity Element
235,420
\u2013
62
\u2013
313
375
6 November 2024
Q4 2024
Equity Element
236,414
\u2013
70
\u2013
305
375
1,165,019
\u2013
306
\u2013
1,569
1,875
31 December 2024
2,254,109,306
23,074
2,471,821
113
(73,172)
2,421,836
The Company announced its initial share buyback programme at the end of October 2023 and during the year, no shares (2024: 4.7 million) were repurchased and cancelled at a cost of \u00a3nil (2024: \u00a36,788,000). In addition, 95.3 million shares (2024: 54.5 million) have been repurchased and held in treasury at a cost of \u00a3108,584,000 (2024: \u00a381,529,000). Pursuant to the terms of the Investment Management Agreement, the Investment Manager receives an Equity Element as part payment of its investment management fee as disclosed in note 3. The figures given in the table in note 3 include the true-up amount of the investment management fee for the periods calculated in accordance with the Investment Management Agreement and allotted subsequent to 31 December 2025. During the year, 1.0 million shares held in treasury were reinstated with the full rights of Ordinary Shares and issued to the Investment Manager. As at 31 December 2025, the Company had 147,646,565 shares held in treasury and the total number of ordinary shares in issue, excluding the shares held in treasury, was 2,159,802,091. Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has satisfied all of its liabilities, the shareholders are entitled to all of the residual assets of the Company.", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "17. Net assets per share
Group and Company
31 December 2025
31 December 2024
Net assets \u2013 \u00a3\u2019000
2,882,356
3,409,104
Number of ordinary shares issued
2,159,802,091
2,254,109,306
Total net assets - pence
133.5
151.2
", "dimensions": { "concept": "ifrs-full:DisclosureOfNetAssetValueAttributableToUnitholdersExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-235": { "value": "
18. Reconciliation of operating (loss)/profit for the year to net cash from operating activities
For the year ended For the year ended
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Operating (loss)/profit for the year
(74,262)
23,619
Adjustments for:
Movement in fair value of investments (note 9)
445,609
341,229
Transaction costs
369
807
(Increase)/decrease in receivables
(6,333)
26,444
Decrease in payables
(1,485)
(2,588)
Equity Element of Investment Manager\u2019s fee (note 3)
1,500
1,500
Net cash flows generated from operating activities
365,398
391,011
For the year ended For the year ended
31 December 2025 31 December 2024
Company \u00a3\u2019000 \u00a3\u2019000
Operating (loss)/profit for the year
(90,957)
55,411
Adjustments for:
Movement in fair value of investments (note 9)
66,452
(84,774)
(Increase)/decrease in receivables
(5,387)
26,896
Decrease in payables
(2,789)
(880)
Equity Element of Investment Manager\u2019s fee (note 3)
1,500
1,500
Net cash flows used in operating activities
(31,181)
(1,847)
Reconciliation of cash flows and non cash flow changes in liabilities arising from financing activities
Loans and
borrowings Other liabilities
Group and Company \u00a3\u2019000 \u00a3\u2019000
As at 1 January 2025
1,760,000
10,096
Cash flows (net)
(40,000)
(91,536)
Movements in Statement of Comprehensive Income
\u2013
94,010
As at 31 December 2025
1,720,000
12,570
Loans and
borrowings Other liabilities
Group and Company \u00a3\u2019000 \u00a3\u2019000
As at 1 January 2024
1,790,000
5,791
Cash flows (net)
(30,000)
(100,946)
Movements in Statement of Comprehensive Income
\u2013
105,251
As at 31 December 2024
1,760,000
10,096
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "18. Reconciliation of operating (loss)/profit for the year to net cash from operating activities
For the year ended For the year ended
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Operating (loss)/profit for the year
(74,262)
23,619
Adjustments for:
Movement in fair value of investments (note 9)
445,609
341,229
Transaction costs
369
807
(Increase)/decrease in receivables
(6,333)
26,444
Decrease in payables
(1,485)
(2,588)
Equity Element of Investment Manager\u2019s fee (note 3)
1,500
1,500
Net cash flows generated from operating activities
365,398
391,011
For the year ended For the year ended
31 December 2025 31 December 2024
Company \u00a3\u2019000 \u00a3\u2019000
Operating (loss)/profit for the year
(90,957)
55,411
Adjustments for:
Movement in fair value of investments (note 9)
66,452
(84,774)
(Increase)/decrease in receivables
(5,387)
26,896
Decrease in payables
(2,789)
(880)
Equity Element of Investment Manager\u2019s fee (note 3)
1,500
1,500
Net cash flows used in operating activities
(31,181)
(1,847)
Reconciliation of cash flows and non cash flow changes in liabilities arising from financing activities
Loans and
borrowings Other liabilities
Group and Company \u00a3\u2019000 \u00a3\u2019000
As at 1 January 2025
1,760,000
10,096
Cash flows (net)
(40,000)
(91,536)
Movements in Statement of Comprehensive Income
\u2013
94,010
As at 31 December 2025
1,720,000
12,570
Loans and
borrowings Other liabilities
Group and Company \u00a3\u2019000 \u00a3\u2019000
As at 1 January 2024
1,790,000
5,791
Cash flows (net)
(30,000)
(100,946)
Movements in Statement of Comprehensive Income
\u2013
105,251
As at 31 December 2024
1,760,000
10,096
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "19. Financial risk management The Investment Manager and the Administrator report to the Board on a quarterly basis and provide information to the Board which allows it to monitor and manage financial risks relating to its operations. The Group\u2019s activities expose it to a variety of financial risks: market risk (including price risk, interest rate risk and foreign currency risk), credit risk and liquidity risk. The Group\u2019s market risk is managed by the Investment Manager in accordance with the policies and procedures in place. The Group\u2019s overall market positions are monitored on a quarterly basis by the Board. Price risk Price risk is defined as the risk that the fair value of a financial instrument held by the Group will fluctuate. Investments are measured at fair value through profit or loss and are valued on a discounted cash flow basis. Therefore, the value of these investments will be (amongst other risk factors) a function of the discounted value of their expected cash flows and, as such, will vary with movements in interest rates and competition for such assets. As disclosed in note 9, the key assumptions determining fair value of investments are subjective and therefore it is feasible that a reasonable alternative assumption may be used resulting in a different valuation for these investments. Interest rate risk The Group\u2019s interest rate risk on interest bearing financial assets is limited to interest earned on security cash deposits. The Group also has exposure to interest rate risk due to floating interest rates required to service external borrowings through the RCF and the unhedged \u00a3115 million term loan tranche with AXA. An increase of 1 per cent (2024: 1 per cent) represents the Investment Manager\u2019s assessment of a reasonably possible change in interest rates. Should the SONIA rate increase by 1 per cent, the annual interest due on the RCF and AXA term loan would increase by \u00a33,450,000 (2024: \u00a33,850,000) on the basis that the RCF is \u00a3230 million drawn (2024: \u00a3270 million). The Group\u2019s only other exposure to interest rate risk is due to the \u00a3150 million term loan with Lloyds, \u00a375 million term loan with AXA and \u00a350 million term loan with Virgin Money, all of which are hedged by different counterparties. No material impact is expected for these swaps. The Investment Manager regularly monitors interest rates to ensure the Group has adequate provisions in place in the event of significant fluctuations. The Group also has exposure to interest rate risk due to floating interest rates with respect to the fair values of the associated interest rate swaps hedging variable interest rate risk on term debt tranches. Should the SONIA rate decrease by 1 per cent, the net fair value of the Group\u2019s interest rate swaps would decrease by \u00a329,647,000 (2024: \u00a345,923,000). The associated interest rate swaps on amounts drawn under the other term debt facilities detailed in note 14, effectively set interest payable at a fixed rate for the full term of the respective loans, thereby mitigating the risks associated with the variability of cash flows arising from interest rate fluctuations. The Board considers that, as shareholder loan investments bear interest at a fixed rate, they do not carry any interest rate risk. The Group\u2019s interest bearing assets and liabilities as at 31 December 2025 are summarised below:
Fixed rate Floating rate
Group \u00a3\u2019000 \u00a3\u2019000
Assets
Security cash deposits (note 11)
\u2013
18,728
Interest rate swaps held at fair value through profit or loss (note 14)
\u2013
16,532
Investments (note 9)
1,313,117
\u2013
1,313,117
35,260
Liabilities
Loans and borrowings (note 13)
(1,375,000)
(345,000)
Interest rate swaps held at fair value through profit or loss (note 14)
\u2013
(14,660)
(1,375,000)
(359,660)
19. Financial risk management continued The Group\u2019s interest bearing assets and liabilities as at 31 December 2024 are summarised below:
Fixed rate Floating rate
Group \u00a3\u2019000 \u00a3\u2019000
Assets
Security cash deposits (note 11)
\u2013
13,340
Swap interest receivable from counterparties (note 11)
\u2013
3,816
Interest rate swaps held at fair value through profit or loss
\u2013
39,999
Investments
1,437,029
\u2013
1,437,029
57,155
Liabilities
Loans and borrowings (note 13)
(1,375,000)
(385,000)
Interest rate swaps held at fair value through profit or loss
\u2013
(13,781)
(1,375,000)
(398,781)
The Company\u2019s interest bearing assets and liabilities as at 31 December 2025 are summarised below:
Fixed rate Floating rate
Company \u00a3\u2019000 \u00a3\u2019000
Assets
Security cash deposits (note 11)
\u2013
18,728
Other receivables (note 11)
\u2013
\u2013
\u2013
18,728
Liabilities
Loans and borrowings (note 13)
(1,375,000)
(345,000)
(1,375,000)
(345,000)
The Company\u2019s interest bearing assets and liabilities as at 31 December 2024 are summarised below:
Fixed rate Floating rate
Group and Company \u00a3\u2019000 \u00a3\u2019000
Assets
Security cash deposits (note 11)
\u2013
13,340
\u2013
13,340
Liabilities
Loans and borrowings (note 13)
(1,375,000)
(385,000)
(1,375,000)
(385,000)
Foreign currency risk Foreign currency risk is defined as the risk that the fair values of future cash flows will fluctuate because of changes in foreign exchange rates. The Group\u2019s financial assets and liabilities are denominated in GBP and substantially all of its revenues and expenses are in GBP. The Group is not considered to be materially exposed to foreign currency risk. 19. Financial risk management continued Credit risk Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfil its contractual obligations. The Group is exposed to credit risk in respect of other receivables, cash at bank, security cash deposits, loan investments and loan advances. The Group\u2019s credit risk exposure is minimised by dealing with financial institutions with investment grade credit ratings and making loan investments which are equity in nature. As loan investments are carried at fair value, any credit risk movement is reflected in the fair value. The Investment Manager regularly reviews the future cash flows and valuations of the investee companies, to gain comfort as to the recoverability of the loans. No balances are past due or impaired. The table below details the Group\u2019s maximum exposure to credit risk:
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Other receivables (note 11)
1,920
1,191
Swap interest receivable from counterparties (note 11)
\u2013
3,816
Cash at bank
14,225
5,795
Security cash deposits (note 11)
18,728
13,340
Interest rate swaps held at fair value through profit or loss (note 14)
1,872
26,217
Loan investments (note 9)
1,313,117
1,437,029
1,349,862
1,487,388
The table below details the Company\u2019s maximum exposure to credit risk:
31 December 2025 31 December 2024
Company \u00a3\u2019000 \u00a3\u2019000
Other receivables (note 11)
\u2013
\u2013
Cash at bank
4,119
188
Security cash deposits (note 11)
18,728
13,340
Loan investments (note 9)
1,716,403
2,230,698
1,739,250
2,244,226
The table below shows the cash balances of the Group and the credit rating for each counterparty:
31 December 2025 31 December 2024
Group
Rating
\u00a3\u2019000 \u00a3\u2019000
RBS International
A
14,225
5,795
14,225
5,795
The table below shows the cash balances of the Company and the credit rating for each counterparty:
31 December 2025 31 December 2024
Company
Rating
\u00a3\u2019000 \u00a3\u2019000
RBS International
A
4,119
188
4,119
188
19. Financial risk management continued Liquidity risk Liquidity risk is the risk that the Group and the Company may not be able to meet a demand for cash or fund an obligation when due. The Investment Manager and the Board continuously monitor forecast and actual cash flows from operating, financing and investing activities to consider payment of dividends, the repurchase of ordinary shares, repayment of the Company\u2019s outstanding debt or further investing activities. The following tables detail the Group\u2019s expected maturity for its financial assets (excluding equity) and liabilities together with the contractual undiscounted cash flow amounts:
Less than 1 year 1 \u2013 5 years 5+ years Total
Group \u2013 31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Other receivables (note 11)
1,920
\u2013
\u2013
1,920
Cash at bank
14,225
\u2013
\u2013
14,225
Security cash deposits (note 11)
18,728
\u2013
\u2013
18,728
Loan investments
\u2013
\u2013
1,313,117
1,313,117
Swap interest receivable from counterparties
(note 11)
\u2013
\u2013
\u2013
\u2013
Interest rate swaps held at fair value through profit
or loss (note 14)
8,818
7,904
29
16,751
Liabilities
Other payables (note 12)
(19,779)
\u2013
\u2013
(19,779)
Loans and borrowings
(287,845)
(1,428,605)
(272,613)
(1,989,063)
Interest rate swaps held at fair value through profit
or loss (note 14)
(5,753)
(9,367)
\u2013
(15,120)
(269,686)
(1,430,068)
1,040,533
(659,221)
Less than 1 year 1 \u2013 5 years 5+ years Total
Group \u2013 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Other receivables (note 11)
1,191
\u2013
\u2013
1,191
Cash at bank
5,795
\u2013
\u2013
5,795
Security cash deposits (note 11)
13,340
\u2013
\u2013
13,340
Loan Investments
\u2013
\u2013
1,437,029
1,437,029
Swap interest receivable from counterparties
(note 11)
3,816
\u2013
\u2013
3.816
Interest rate swaps held at fair value through
profit or loss (note 14)
\u2013
24,495
15,504
39,999
Liabilities
Other payables (note 12)
(23,690)
\u2013
\u2013
(23,690)
Loans and borrowings
(106,901)
(1,427,970)
(648,337)
(2,183,208)
Interest rate swaps held at fair value through
profit or loss (note 14)
\u2013
(13,782)
\u2013
(13,782)
(106,449)
(1,417,257)
804,196
(719,510)
19. Financial risk management continued Liquidity risk The shareholder loan investments are repayable on demand. The following tables detail the Company\u2019s expected maturity for its financial assets (excluding equity) and liabilities together with the contractual undiscounted cash flow amounts:
Less than 1 year 1 \u2013 5 years 5+ years Total
Company \u2013 31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Cash at bank
4,119
\u2013
\u2013
4,119
Security cash deposits (note 11)
18,728
\u2013
\u2013
18,728
Loan investments
\u2013
\u2013
1,716,403
1,716,403
Liabilities
Other payables (note 12)
(17,646)
\u2013
\u2013
(17,646)
Loans and borrowings
(287,845)
(1,428,605)
(272,613)
(1,989,063)
(282,644)
(1,428,605)
1,443,790
(267,459)
Less than 1 year 1 \u2013 5 years 5+ years Total
Company \u2013 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Cash at bank
188
\u2013
\u2013
188
Security cash deposits (note 11)
13,340
\u2013
\u2013
13,340
Loan investments
\u2013
\u2013
2,230,698
2,230,698
Liabilities
Other payables (note 12)
(22,330)
\u2013
\u2013
(22,330)
Loans and borrowings
(106,901)
(1,427,970)
(648,337)
(2,183,208)
(115,703)
(1,427,970)
1,582,361
38,688
The Group and Company will use cash flow generation, equity placings, debt refinancing or disposal of assets to manage liabilities as they fall due in the short and long term. Capital risk management The Company considers its capital to comprise ordinary share capital, distributable reserves and retained earnings. The Company is not subject to any externally imposed capital requirements. The Group\u2019s and the Company\u2019s primary capital management objectives are to ensure the sustainability of its capital to support continuing operations, meet its financial obligations and allow for growth opportunities. Generally, acquisitions are anticipated to be funded with a combination of current cash, debt and equity.", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-236": { "value": "
The Group\u2019s market risk is managed by the Investment Manager in accordance with the policies and procedures in place. The
Group\u2019s overall market positions are monitored on a quarterly basis by the Board.
Price risk
Price risk is defined as the risk that the fair value of a financial instrument held by the Group will fluctuate. Investments are
measured at fair value through profit or loss and are valued on a discounted cash flow basis. Therefore, the value of these
investments will be (amongst other risk factors) a function of the discounted value of their expected cash flows and, as such,
will vary with movements in interest rates and competition for such assets. As disclosed in note 9, the key assumptions
determining fair value of investments are subjective and therefore it is feasible that a reasonable alternative assumption may
be used resulting in a different valuation for these investments.
Interest rate risk
The Group\u2019s interest rate risk on interest bearing financial assets is limited to interest earned on security cash deposits. The
Group also has exposure to interest rate risk due to floating interest rates required to service external borrowings through
the RCF and the unhedged \u00a3115 million term loan tranche with AXA. An increase of 1 per cent (2024: 1 per cent) represents
the Investment Manager\u2019s assessment of a reasonably possible change in interest rates. Should the SONIA rate increase by
1 per cent, the annual interest due on the RCF and AXA term loan would increase by \u00a33,450,000 (2024: \u00a33,850,000) on the
basis that the RCF is \u00a3230 million drawn (2024: \u00a3270 million). The Group\u2019s only other exposure to interest rate risk is due
to the \u00a3150 million term loan with Lloyds, \u00a375 million term loan with AXA and \u00a350 million term loan with Virgin Money, all
of which are hedged by different counterparties. No material impact is expected for these swaps. The Investment Manager
regularly monitors interest rates to ensure the Group has adequate provisions in place in the event of significant fluctuations.
The Group also has exposure to interest rate risk due to floating interest rates with respect to the fair values of the associated
interest rate swaps hedging variable interest rate risk on term debt tranches. Should the SONIA rate decrease by 1 per cent,
the net fair value of the Group\u2019s interest rate swaps would decrease by \u00a329,647,000 (2024: \u00a345,923,000).
The associated interest rate swaps on amounts drawn under the other term debt facilities detailed in note 14, effectively
set interest payable at a fixed rate for the full term of the respective loans, thereby mitigating the risks associated with the
variability of cash flows arising from interest rate fluctuations.
The Board considers that, as shareholder loan investments bear interest at a fixed rate, they do not carry any interest rate risk.
The Group\u2019s interest bearing assets and liabilities as at 31 December 2025 are summarised below:
Fixed rate Floating rate
Group \u00a3\u2019000 \u00a3\u2019000
Assets
Security cash deposits (note 11)
\u2013
18,728
Interest rate swaps held at fair value through profit or loss (note 14)
\u2013
16,532
Investments (note 9)
1,313,117
\u2013
1,313,117
35,260
Liabilities
Loans and borrowings (note 13)
(1,375,000)
(345,000)
Interest rate swaps held at fair value through profit or loss (note 14)
\u2013
(14,660)
(1,375,000)
(359,660)
The Group\u2019s interest bearing assets and liabilities as at 31 December 2024 are summarised below:
Fixed rate Floating rate
Group \u00a3\u2019000 \u00a3\u2019000
Assets
Security cash deposits (note 11)
\u2013
13,340
Swap interest receivable from counterparties (note 11)
\u2013
3,816
Interest rate swaps held at fair value through profit or loss
\u2013
39,999
Investments
1,437,029
\u2013
1,437,029
57,155
Liabilities
Loans and borrowings (note 13)
(1,375,000)
(385,000)
Interest rate swaps held at fair value through profit or loss
\u2013
(13,781)
(1,375,000)
(398,781)
The Company\u2019s interest bearing assets and liabilities as at 31 December 2025 are summarised below:
Fixed rate Floating rate
Company \u00a3\u2019000 \u00a3\u2019000
Assets
Security cash deposits (note 11)
\u2013
18,728
Other receivables (note 11)
\u2013
\u2013
\u2013
18,728
Liabilities
Loans and borrowings (note 13)
(1,375,000)
(345,000)
(1,375,000)
(345,000)
The Company\u2019s interest bearing assets and liabilities as at 31 December 2024 are summarised below:
Fixed rate Floating rate
Group and Company \u00a3\u2019000 \u00a3\u2019000
Assets
Security cash deposits (note 11)
\u2013
13,340
\u2013
13,340
Liabilities
Loans and borrowings (note 13)
(1,375,000)
(385,000)
(1,375,000)
(385,000)
Foreign currency risk
Foreign currency risk is defined as the risk that the fair values of future cash flows will fluctuate because of changes in foreign
exchange rates. The Group\u2019s financial assets and liabilities are denominated in GBP and substantially all of its revenues and
expenses are in GBP. The Group is not considered to be materially exposed to foreign currency risk.
", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-237": { "value": "
Credit risk
Credit risk is the risk of loss due to the failure of a borrower or counterparty to fulfil its contractual obligations. The Group
is exposed to credit risk in respect of other receivables, cash at bank, security cash deposits, loan investments and loan
advances. The Group\u2019s credit risk exposure is minimised by dealing with financial institutions with investment grade credit
ratings and making loan investments which are equity in nature. As loan investments are carried at fair value, any credit risk
movement is reflected in the fair value. The Investment Manager regularly reviews the future cash flows and valuations of the
investee companies, to gain comfort as to the recoverability of the loans. No balances are past due or impaired.
The table below details the Group\u2019s maximum exposure to credit risk:
31 December 2025 31 December 2024
Group \u00a3\u2019000 \u00a3\u2019000
Other receivables (note 11)
1,920
1,191
Swap interest receivable from counterparties (note 11)
\u2013
3,816
Cash at bank
14,225
5,795
Security cash deposits (note 11)
18,728
13,340
Interest rate swaps held at fair value through profit or loss (note 14)
1,872
26,217
Loan investments (note 9)
1,313,117
1,437,029
1,349,862
1,487,388
The table below details the Company\u2019s maximum exposure to credit risk:
31 December 2025 31 December 2024
Company \u00a3\u2019000 \u00a3\u2019000
Other receivables (note 11)
\u2013
\u2013
Cash at bank
4,119
188
Security cash deposits (note 11)
18,728
13,340
Loan investments (note 9)
1,716,403
2,230,698
1,739,250
2,244,226
The table below shows the cash balances of the Group and the credit rating for each counterparty:
31 December 2025 31 December 2024
Group
Rating
\u00a3\u2019000 \u00a3\u2019000
RBS International
A
14,225
5,795
14,225
5,795
The table below shows the cash balances of the Company and the credit rating for each counterparty:
31 December 2025 31 December 2024
Company
Rating
\u00a3\u2019000 \u00a3\u2019000
RBS International
A
4,119
188
4,119
188
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-238": { "value": "
Liquidity risk
Liquidity risk is the risk that the Group and the Company may not be able to meet a demand for cash or fund an obligation
when due. The Investment Manager and the Board continuously monitor forecast and actual cash flows from operating,
financing and investing activities to consider payment of dividends, the repurchase of ordinary shares, repayment of the
Company\u2019s outstanding debt or further investing activities.
The following tables detail the Group\u2019s expected maturity for its financial assets (excluding equity) and liabilities together
with the contractual undiscounted cash flow amounts:
Less than 1 year 1 \u2013 5 years 5+ years Total
Group \u2013 31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Other receivables (note 11)
1,920
\u2013
\u2013
1,920
Cash at bank
14,225
\u2013
\u2013
14,225
Security cash deposits (note 11)
18,728
\u2013
\u2013
18,728
Loan investments
\u2013
\u2013
1,313,117
1,313,117
Swap interest receivable from counterparties
(note 11)
\u2013
\u2013
\u2013
\u2013
Interest rate swaps held at fair value through profit
or loss (note 14)
8,818
7,904
29
16,751
Liabilities
Other payables (note 12)
(19,779)
\u2013
\u2013
(19,779)
Loans and borrowings
(287,845)
(1,428,605)
(272,613)
(1,989,063)
Interest rate swaps held at fair value through profit
or loss (note 14)
(5,753)
(9,367)
\u2013
(15,120)
(269,686)
(1,430,068)
1,040,533
(659,221)
Less than 1 year 1 \u2013 5 years 5+ years Total
Group \u2013 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Other receivables (note 11)
1,191
\u2013
\u2013
1,191
Cash at bank
5,795
\u2013
\u2013
5,795
Security cash deposits (note 11)
13,340
\u2013
\u2013
13,340
Loan Investments
\u2013
\u2013
1,437,029
1,437,029
Swap interest receivable from counterparties
(note 11)
3,816
\u2013
\u2013
3.816
Interest rate swaps held at fair value through
profit or loss (note 14)
\u2013
24,495
15,504
39,999
Liabilities
Other payables (note 12)
(23,690)
\u2013
\u2013
(23,690)
Loans and borrowings
(106,901)
(1,427,970)
(648,337)
(2,183,208)
Interest rate swaps held at fair value through
profit or loss (note 14)
\u2013
(13,782)
\u2013
(13,782)
(106,449)
(1,417,257)
804,196
(719,510)
Liquidity risk
The shareholder loan investments are repayable on demand.
The following tables detail the Company\u2019s expected maturity for its financial assets (excluding equity) and liabilities together
with the contractual undiscounted cash flow amounts:
Less than 1 year 1 \u2013 5 years 5+ years Total
Company \u2013 31 December 2025 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Cash at bank
4,119
\u2013
\u2013
4,119
Security cash deposits (note 11)
18,728
\u2013
\u2013
18,728
Loan investments
\u2013
\u2013
1,716,403
1,716,403
Liabilities
Other payables (note 12)
(17,646)
\u2013
\u2013
(17,646)
Loans and borrowings
(287,845)
(1,428,605)
(272,613)
(1,989,063)
(282,644)
(1,428,605)
1,443,790
(267,459)
Less than 1 year 1 \u2013 5 years 5+ years Total
Company \u2013 31 December 2024 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Assets
Cash at bank
188
\u2013
\u2013
188
Security cash deposits (note 11)
13,340
\u2013
\u2013
13,340
Loan investments
\u2013
\u2013
2,230,698
2,230,698
Liabilities
Other payables (note 12)
(22,330)
\u2013
\u2013
(22,330)
Loans and borrowings
(106,901)
(1,427,970)
(648,337)
(2,183,208)
(115,703)
(1,427,970)
1,582,361
38,688
The Group and Company will use cash flow generation, equity placings, debt refinancing or disposal of assets to manage
liabilities as they fall due in the short and long term.
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-239": { "value": "
Capital risk management
The Company considers its capital to comprise ordinary share capital, distributable reserves and retained earnings. The
Company is not subject to any externally imposed capital requirements.
The Group\u2019s and the Company\u2019s primary capital management objectives are to ensure the sustainability of its capital to
support continuing operations, meet its financial obligations and allow for growth opportunities. Generally, acquisitions are
anticipated to be funded with a combination of current cash, debt and equity.
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "20. Related party transactions Amounts paid to the Directors during the year are as outlined in the Directors\u2019 Remuneration Report on pages 45 to 48. \u00a363,681 (2024: \u00a349,555) of employer\u2019s national insurance was paid on non-executive Directors\u2019 fees during the year. During the year, the Company increased its loan to Holdco by \u00a31,252,260 (2024: \u00a317,061,045) and Holdco settled amounts of \u00a3515,547,044 (2024: \u00a3482,466,847). The amount outstanding at the year-end was \u00a31,716,402,891 (31 December 2024: \u00a32,230,697,675). Under the terms of a Management Services Agreement with Holdco, the Company receives \u00a31,252,260 per annum in relation to management and administration services. During the year, \u00a31,252,260 (2024: \u00a32,665,488) was paid from Holdco to the Company under this agreement. In 2025, \u00a31,252,260 (2024:1,252,260) was in relation to the Management Services and \u00a3nil (2024: \u00a31,413,228) was in relation to a prior year Management services true up). Holdco has Management Service Agreements in place with various wind farm SPVs. Total amounts received by Holdco, amounts paid by Holdco to the Investment Manager and amounts paid by Holdco to the Administrator during the year with respect to services to the SPVs are outlined in the table on the next page. During the year, Holdco received \u00a33,080,741 (2024: \u00a33,398,808) in relation to ROC proceeds on behalf of Bin Mountain, Carcant and Tappaghan. As at 31 December 2025, \u00a3481,712 was due to Bicker Fen (2024: \u00a3209,721), \u00a31,509,362 was due to Fenlands (2024: \u00a3664,108), \u00a32,798 was due to North Hoyle (2024: \u00a32,798), \u00a3195,000 was due from Schroders Greencoat Beaufort LP (2024:\u00a3nil), \u00a38,079 was due from Braes of Doune (2024: \u00a38,079), \u00a323,105 was due from Church Hill (2024:\u00a3nil), \u00a3nil was due to London Array (2024: \u00a332,234) and \u00a3nil was due from SYND (2024: \u00a31,839) in respect of recharges and tax payments/rebates paid/received by Holdco. As at 31 December 2025, \u00a31,316 was due to be recharged split between each of the following SPVs; Bin Mountain, Braes of Doune, Carcant, Cotton Farm, Earl\u2019s Hall, Kildrummy, Kype Extension, Maerdy, Stroupster, Tappaghan, Screggagh, Langhope Rig, Bishopthorpe, Slieve Divena, North Hoyle, Corriegarth, Brockaghboy, Crighshane, Church Hill, Slieve Divena 2, Andershaw, Windy Rig, Glen Kyllachy, Twenty Shilling, Drone Hill, North Rhins, Sixpenny, Yelvertoft, Douglas West and Dalquhandy in respect of professional fees paid by Holdco on behalf of the SPVs. As at 31 December 2025, under the terms of the Investment Management Agreement, the Company owed the Investment Manager a Cash Fee of \u00a33,576,570, which is net of \u00a32,915,417 that related to market capitalisation true-ups with respect to Q3 and Q4 2025.
For the year ended 31 December 2025
Expenses paid
to the Expenses paid
Income Investment to the
received Manager Administrator
\u00a3 \u00a3 \u00a3
Andershaw, Bin Mountain, Bishopthorpe, Braes of Doune, Brockaghboy,
Carcant, Church Hill, Cotton Farm, Corriegarth, Crighshane, Dalquhandy,
Douglas West, Earl\u2019s Hall Farm, Glen Kyllachy, Kildrummy, Langhope
Rig, Maerdy, North Hoyle, Screggagh, Slieve Divena, Slieve Divena 2,
South Kyle Wind, Stroupster, Tappaghan, Tom Nan Clach, Twentyshilling,
Windy Rig:
1,667,242
833,621
833,621
\u00a360,674 income receivable per wind farm per annum
\u00a330,337 expenses payable to the Investment Manager per wind farm
per annum
\u00a330,337 expenses payable to the Administrator per wind farm per annum
Drone Hill, North Rhins, Sixpenny Wood, Yelvertoft:
\u00a348,248 income receivable per wind farm per annum
\u00a324,124 expenses payable to the Investment Manager per wind farm
208,384
104,192
104,192
per annum
\u00a324,124 expenses payable to the Administrator per wind farm per annum
Dunmaglass Holdco, Stronelairg Holdco:
\u00a39,140 income receivable per wind farm per annum
18,279
\u2013
18,279
\u00a3nil expenses payable to the Investment Manager per wind farm per annum
\u00a39,140 expenses payable to the Administrator per wind farm per annum
Bicker Fen, Fenlands:
\u00a33,464 income receivable per wind farm per annum
\u00a33,113, expenses payable to the Investment Manager per wind farm
6,929
6,227
702
per annum
\u00a3351 expenses payable to the Administrator per wind farm per annum
Walney Holdco:
\u00a322,994 income receivable per annum
22,994
11,497
11,497
\u00a311,497 expenses payable to the Investment Manager per annum
\u00a311,497 expenses payable to the Administrator per annum
Humber Holdco:
\u00a39,017 income receivable per annum
9,017
\u2013
9,017
\u00a3nil expenses payable to the Investment Manager per annum
\u00a39,017 expenses payable to the Administrator per annum
Burbo Bank Extension:
\u00a311,497 income receivable per wind farm per annum
11,497
\u2013
11,497
\u00a3nil expenses payable to the Investment Manager per wind farm per annum
\u00a311,497 expenses payable to the Administrator per wind farm per annum
London Array Holdco:
\u00a314,391 income receivable per wind farm per annum
15,631
\u2013
15,631
\u00a3nil expenses payable to the Investment Manager per annum
\u00a314,391 expenses payable to the Administrator per annum per annum
20. Related party transactions continued 20. Related party transactions continued
For the year ended 31 December 2025
Expenses paid
to the Expenses paid
Income Investment to the
received Manager Administrator
\u00a3 \u00a3 \u00a3
London Array:
\u00a320,787 income receivable per wind farm per annum
20,787
\u2013
20,787
\u00a3nil expenses payable to the Investment Manager per annum
\u00a320,787 expenses payable to the Administrator per annum
SYND Holdco
(1)
:
\u00a312,775 income receivable per wind farm per annum
12,775
\u2013
12,775
\u00a3nil expenses payable to the Investment Manager per annum
\u00a312,775 expenses payable to the Administrator per annum
Breeze Bidco
(1)
:
\u00a313,056 income receivable per wind farm per annum
13,056
\u2013
13,056
\u00a3nil expenses payable to the Investment Manager per annum
\u00a313,056 expenses payable to the Administrator per annum
Hoylake Wind
(1)
:
\u00a39,316 income receivable per wind farm per annum
9,316
\u2013
9,316
\u00a3nil expenses payable to the Investment Manager per annum
\u00a39,316 expenses payable to the Administrator per annum
Kype Muir Extension:
\u00a363,252 income receivable per wind farm per annum
78,870
39,435
39,435
\u00a331,626 expenses payable to the Investment Manager per annum
\u00a331.626 expenses payable to the Administrator per annum
Total
2,094,777
994,972
1,099,805
(1) No Management Services Agreement in place. These relate to expenses paid by Holdco to the Administrator that are recharged to the SPV. 20. Related party transactions continued
For the year ended 31 December 2024
Expenses paid
to the Expenses paid
Income Investment to the
received Manager Administrator
\u00a3 \u00a3 \u00a3
Andershaw, Bin Mountain, Bishopthorpe, Brockaghboy, Carcant, Church Hill,
Cotton Farm, Corriegarth, Crighshane, Dalquhandy, Douglas West, Earl\u2019s
Hall Farm, Glen Kyllachy, Kildrummy, Langhope Rig, Maerdy, North Hoyle,
Screggagh, Slieve Divena, Slieve Divena 2, South Kyle Wind, Stroupster,
Tappaghan, Tom Nan Clach, Twentyshilling, Windy Rig:
1,539,044
769,531
769,531
\u00a359,194 income receivable per wind farm per annum
\u00a329,597 expenses payable to the Investment Manager per wind farm
per annum
\u00a329,597 expenses payable to the Administrator per wind farm per annum
Braes of Doune, Drone Hill, North Rhins, Sixpenny Wood, Yelvertoft:
\u00a344,396 income receivable per wind farm per annum
\u00a329,597 expenses payable to the Investment Manager per wind farm
221,980
147,987
147,987
per annum
\u00a329,597 expenses payable to the Administrator per wind farm per annum
Dunmaglass Holdco, Stronelairg Holdco:
\u00a38,917 income receivable per wind farm per annum
\u00a3nil expenses payable to the Investment Manager per wind farm per
17,834
\u2013
17,834
annum
\u00a38,917 expenses payable to the Administrator per wind farm per annum
Bicker Fen, Fenlands:
\u00a33,356 income receivable per wind farm per annum
\u00a33,380 expenses payable to the Investment Manager per wind farm
6,712
6,760
682
per annum
\u00a3341 expenses payable to the Administrator per wind farm per annum
Walney Holdco:
\u00a322,434 income receivable per annum
22,434
11,217
11,217
\u00a311,217 expenses payable to the Investment Manager per annum
\u00a311,217 expenses payable to the Administrator per annum
Humber Holdco:
\u00a38,798 income receivable per annum
8,798
\u2013
8,798
\u00a3nil expenses payable to the Investment Manager per annum
\u00a38,798 expenses payable to the Administrator per annum
Burbo Bank Extension:
\u00a311,216 income receivable per wind farm per annum
\u00a3nil expenses payable to the Investment Manager per wind farm per
11,216
\u2013
11,216
annum
\u00a311,216 expenses payable to the Administrator per wind farm per annum
London Array Holdco:
\u00a314,040 income receivable per wind farm per annum
14,040
\u2013
14,040
\u00a3nil expenses payable to the Investment Manager per annum
\u00a314,040 expenses payable to the Administrator per annum per annum
London Array:
\u00a320,514 income receivable per wind farm per annum
20,514
\u2013
20,280
\u00a3nil expenses payable to the Investment Manager per annum
\u00a320,280 expenses payable to the Administrator per annum
For the year ended 31 December 2024
Expenses paid
to the Expenses paid
Income Investment to the
received Manager Administrator
\u00a3 \u00a3 \u00a3
SYND Holdco
(1)
:
\u00a312,463 income receivable per wind farm per annum
12,463
\u2013
12,463
\u00a3nil expenses payable to the Investment Manager per annum
\u00a312,436 expenses payable to the Administrator per annum
Breeze Bidco
(1)
:
\u00a312,738 income receivable per wind farm per annum
12,738
\u2013
12,738
\u00a3nil expenses payable to the Investment Manager per annum
\u00a312,738 expenses payable to the Administrator per annum
Ho
ylake Wind
(1)
:
\u00a39,089 income receivable per wind farm per annum
9,089
\u2013
9,089
\u00a3nil expenses payable to the Investment Manager per annum
\u00a39,089 expenses payable to the Administrator per annum
Total
1,896,862
935,495
1,035,875
(1) No Management Services Agreement in place. These relate to expenses paid to the Administrator that are recharged to the SPV. 20. Related party transactions continued 20. Related party transactions continued The table below shows dividends received in the year from the Group\u2019s investments.
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Humber Holdco
(1)
39,048
36,936
Clyde
30,907
26,085
Greencoat London Array Holdco
(2)
26,261
31,549
Stronelairg Holdco
(3)
22,841
19,200
Corriegarth
14,415
11,028
South Kyle
14,368
7,850
Walney Holdco
(4)
13,053
22,146
North Hoyle
10,253
12,077
Braes of Doune
10,063
15,653
Brockaghboy
8,385
10,639
ML Wind
(5)
8,036
6,713
Dunmaglass Holdco
(6)
6,598
4,080
Fenlands
(7)
6,072
6,800
Stroupster
5,721
13,917
Rhyl Flats
5,589
5,714
SYND Holdco
(8)
5,556
9,025
Tom nan Clach
(9)
3,685
3,260
Hoylake
(10)
3,679
3,921
Maerdy
3,626
3,594
Little Cheyne Court
3,608
4,633
Twentyshilling
3,605
1,757
Andershaw
3,585
6,650
Screggagh
3,580
1,379
Windy Rig
3,461
4,080
Langhope Rig
3,446
3,879
Tappaghan
3,335
5,233
Slieve Divena 2
3,190
3,001
Slieve Divena
2,960
4,046
Cotton Farm
2,917
4,543
Kildrummy
2,634
4,237
Church Hill
2,594
1,662
Hornsea 1 Holdco
(11)
2,171
4,264
Bicker Fen
2,160
3184
Glen Kyllachy
1,856
2,786
Dalquhandy
1,762
1,107
Kype Muir Extension
1,702
1,585
Crighshane
1,548
3,684
Bishopthorpe
1,543
3,757
Carcant
1,310
1,446
Bin Mountain
1,289
1,384
Earl\u2019s Hall Farm
1,182
2,578
Douglas West
952
2,547
294,546
323,609
(1) The Group\u2019s investment in Humber Gateway is held through Humber Holdco. (2) The Group\u2019s investment in London Array is held through London Array Holdco. (3) The Group\u2019s investment in Stronelairg is held through Stronelairg Holdco. (4) The Group\u2019s investment in Walney is held through Walney Holdco. (5) The Group\u2019s investments in Middlemoor and Lindhurst are held through ML Wind. (6) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. (7) The Group\u2019s investments in Deeping St.Nicholas, Glass Moor, Red House and Red Tile are held through Fenlands. (8) The Group\u2019s investment in Drone Hill, North Rhins, Sixpenny Wood and Yelvertoft are held through SYND Holdco (9) The Group\u2019s investment in Tom nan Clach is held through Breeze Bidco. (10) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (11) The Group\u2019s investment in Hornsea 1 is held through Hornsea 1 Holdco. 20. Related party transactions continued The table below shows interest received in the year from the Group\u2019s shareholder loan investments.
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
South Kyle
15,726
8,034
Hoylake
(1)
11,319
8,971
Walney Holdco
(2)
10,307
10,733
Greencoat London Array Holdco
(3)
8,304
9,233
Stronelairg Holdco
(4)
5,194
5,201
Glen Kyllachy
4,662
696
Clyde
4,303
4,291
Dunmaglass Holdco
(5)
3,538
3,350
Kype Muir Extension
2,675
1,758
Corriegarth
2,504
2,469
Windy Rig
1,996
2,575
Tom nan Clach
1,987
2,119
Twentyshilling
1,767
2,395
Douglas West
1,709
1,105
Dalquhandy
1,382
2,971
Slieve Divena 2
1,100
1,220
Church Hill
1,023
409
Andershaw
899
1,794
Crighshane
893
1,093
Hornsea 1 Holdco
(6)
\u2013
689
81,288
71,106
(1) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (2) The Group\u2019s investment in Walney is held through Walney Holdco. (3) The Group\u2019s investment in London Array is held through London Array Holdco. (4) The Group\u2019s investment in Stronelairg is held through Stronelairg Holdco. (5) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. (6) The Group\u2019s investment in Hornsea 1 is held through Hornsea 1 Holdco. On 28 July 2025, The Group transferred its shareholding in Jupiter to Schroders Greencoat Beaufort Holdco Limited, in return The Group became the sole LP in Schroders Greencoat Beaufort LP. On the 30 July 2025, The Group disposed of 7.81% of its commitment in Schroders Greencoat Beaufort LP and on 8 August 2025 The Group disposed of a further 7.81% of its commitment in Schroders Greencoat Beaufort LP. As a result, The Group holds 84.4 per cent of Beaufort, which owns 25 per cent of Hornsea 1 Holdco, which owns 50 per cent of Hornsea 1, resulting in the Group holding a 10.55 per cent indirect investment in Hornsea 1. The table below shows other investment income received in the year from the Group\u2019s shareholder loan investments.
For the year ended For the year ended
31 December 2025 31 December 2024
\u00a3\u2019000 \u00a3\u2019000
Beaufort
(1)
19,000
\u2013
19,000
\u2013
(1) Other investment income relates to distributions received from Hornsea 1 Holdco via Beaufort. 20. Related party transactions continued The table below shows the Group\u2019s shareholder loans with the wind farm investments.
Accrued
Loans at Loan Loans Loan interest Disposals
Loans at
interest at
1 January repayments written off capitalised in made in
31 December
31 December
2025
(1)
in the year in the year the year
the year
2025
2025 Total
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
\u00a3\u2019000
\u00a3\u2019000 \u00a3\u2019000 \u00a3\u2019000
Andershaw
29,156
\u2013
\u2013
203
(9,585)
19,774
504
20,278
Church Hill
12,428
\u2013
\u2013
\u2013
\u2013
12,428
63
12,491
Clyde
71,503
\u2013
\u2013
\u2013
\u2013
71,503
998
72,501
Corriegarth
41,509
\u2013
\u2013
\u2013
\u2013
41,509
103
41,612
Crighshane
18,182
\u2013
\u2013
\u2013
\u2013
18,182
198
18,380
Dalquhandy
(2)
24,527
\u2013
(361)
\u2013
\u2013
24,166
365
24,531
Douglas West
23,281
\u2013
\u2013
\u2013
\u2013
23,281
427
23,708
Dunmaglass Holdco
(3)
56,864
\u2013
\u2013
\u2013
\u2013
56,864
794
57,658
Glen Kyllachy
46,630
\u2013
\u2013
\u2013
\u2013
46,630
237
46,867
Hornsea 1 Holdco
(4)
100,465
\u2013
\u2013
\u2013
(100,465)
(8)
\u2013
\u2013
\u2013
Hoylake
(5)
175,795
(2,395)
\u2013
\u2013
\u2013
173,400
285
173,685
Kype Muir Extension
30,159
(1,583)
\u2013
\u2013
\u2013
28,576
490
29,066
London Array
(6)
127,689
\u2013
\u2013
\u2013
\u2013
127,689
1,096
128,785
Slieve Divena 2
20,025
\u2013
\u2013
\u2013
\u2013
20,025
102
20,127
South Kyle
206,791
\u2013
\u2013
\u2013
\u2013
206,791
1,054
207,845
Stronelairg
86,619
\u2013
\u2013
\u2013
\u2013
86,619
1,310
87,929
Tom nan Clach
60,604
(5,220)
\u2013
\u2013
\u2013
55,384
150
55,534
Twentyshilling
32,190
\u2013
\u2013
\u2013
\u2013
32,190
164
32,354
Walney Holdco
(7)
172,727
\u2013
\u2013
\u2013
\u2013
172,727
57
172,784
Windy Rig
36,772
\u2013
\u2013
\u2013
\u2013
36,772
210
36,982
1,373,916
(9,198)
(361)
203
(110,050)
1,254,510
8,607
1,263,117
(1) Excludes accrued interest at 31 December 2024 of \u00a313,113,116. (2) Loan repayment was non cash restructure. (3) The Group\u2019s investment in Dunmaglass is held through Dunmaglass Holdco. (4) The Group\u2019s investment in Hornsea 1 in the prior year was held through Hornsea 1 Holdco. (5) The Group\u2019s investment in Burbo Bank Extension is held through Hoylake. (6) The Group\u2019s investment in London Array is held through London Array Holdco. (7) The Group\u2019s investment in Walney is held through Walney Holdco. (8) Non cash disposal. Interest in Hornsea 1 Holdco was restructured through Beaufort. Refer to Other investment income paragraph above for further information on this restructure. 21. Ultimate controlling party In the opinion of the Board, on the basis of the shareholdings advised to them, the Company has no ultimate controlling party.", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "22. Subsequent events On 28 January 2025, the Company announced a dividend of \u00a355.9 million, equivalent to 2.59 pence per share with respect to the quarter ended 31 December 2025, bringing the total dividend declared with respect to the year to 31 December 2025 to 10.35 pence per share. The record date for the dividend was 13 February 2026 and the payment date is 27 February 2026. Post year end, the Company had announced cumulative buybacks of 1.6 million shares between 1 January and 16 February 2026. On 28 January 2026, the UK Government announced the outcome of the RO Consultation being the change of indexation of the RO buy \u2013 out price to CPI from 1 April 2026. The Board and Investment Manager have reflected the impact of this in the company's NAV and NAV per share as at 31 December 2025 and resolved to align the Company's 2026 target dividend to shareholders with December 2025 CPI.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "BDO LLP 55 Baker Street London W1U 7EU", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:213800ZPBBK8H51RX165", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }