NESF: Model Update

Research evidence excerpt

NESF: Model Update

RBC Europe Limited

Joseph Pepper (Analyst)

+44 20 4557 7410, joseph.pepper@rbccm.com

Alexander Wheeler (Analyst)

+44 20 7653 4481, alexander.wheeler@rbccm.com

Fernando Garcia (Analyst) UPDATE +44 20 7029 0267, fernando.garcia@rbccm.com

Charlotte Mettyear (Analyst)

June 9, 2026 +44 20 4557 7210, charlotte.mettyear@rbccm.com

Ziyad Jasimuddin (Senior Associate)

+44 20 7653 4757, ziyad.jasimuddin@rbccm.com NextEnergy Solar Fund Limited MODEL Model Update

Our view: We update estimates following NESF's recent March '26 NAV Outperform

update, with NAV/sh declining 7-9% across the forecast period. Our PT LSE: NESF; GBp 47.10

continues to assume 25% discount to FY27E NAV/sh and hence declines to Price Target GBp 57.00 ↓ 65.00

57p/sh (prev: 65p/sh).

Scenario Analysis*

Key points: Downside Current Price Upside

Updating estimates post March NAV Scenario Price Target Scenario

We update estimates following NESF's latest NAV update, which reported 45.00 47.10 57.00 90.00

NAV/sh at 76.1p/sh as of 31st March, a -8.8p/sh (-10.3%) quarterly NAV 6% 31% 101%

decline. Ahead of FY26 results (March y/e), expected later this month, we *Implied Total ReturnsRESEARCH reduce our NAV/sh estimates by ~7-9% across the forecast period. Key Key Statistics

model changes include: Shares O/S (MM): 585.0 Market Cap (MM): 276 Dividend: 4.89 Yield: 10.4%

NAVPS: 76.10 P/NAVPS: 0.62x

Avg. Daily Volume: 1,816,103 • Updated DPS assumptions. FY27 DPS increased ~10% to reflect

improved hedging profile with average FY27 hedged price increasing to Market Cap in GBP

£71.04/MWh (prev: £63.3/MWh) due to higher forward pricing amidst RBC Estimates

the Iran war. NESF continues to target a 75% payout ratio, with new FY Mar 2025A 2026E 2027E 2028E