Page 1

17 September 2026 Highlights • Drax Group plc ( " Drax " , " the Group " , " Drax Group " , " the Company " ; Symbol : DRX ) Trading Update - upgraded outlook for 2026 EBITDA Continued strong operational performance across the Group since H1 results Successful completion of Bluefield Solar Income Fund ( BSIF ) acquisition Completed 31 July 2026 0.9GW of operational solar and wind , with a pipeline of 2.9GW of solar and BESS ( ¹ ) Targeting returns significantly in excess of WACC Integration plan progressing Full year 2026 expectations for Adj . EBITDA ( 2 ) around top of range of consensus estimates ( 3 ) Drax Group CEO , Will Gardiner , said : " Our strong operational performance has continued into the second half of 2026 , as our generation assets have helped meet power demand through the summer heatwave , turning up and turning down as required to help balance the system . " At the same time we are investing for the future in UK energy security , growing our megawatts under management and transitioning Drax into a broader business at the heart of the UK energy system , whilst keeping the lights on for millions of households across the country . " The addition of BSIF brings significant benefits to the Group and the integration is going well . Alongside the rest of our portfolio , BSIF gives us a fantastic opportunity to grow our asset base and system services further . " This is an exciting time for Drax and through our plans for solar , batteries , OCGTs , hydro and 4GW of grid access at our Selby site , we are helping to drive economic growth across the country and support jobs , aligned to the priorities of the UK Government . " Successful completion of BSIF acquisition On 31 July 2026 the Group completed the acquisition of BSIF for £ 561 million , with an enterprise value of £ 1,082 million . Drax believes that the acquisition of BSIF supports the Group's strategy to broaden its range of generation technologies , providing an attractive opportunity to grow its UK renewable generation business while being highly complementary to its Flexible Generation ( Flexgen ) and Biomass businesses , bringing total capacity under management for the Group to c.6.1GW . BSIF's operational portfolio consists of c.0.8GW of solar and c.0.1GW of onshore wind across over 250 ( 4 ) assets in England , Scotland , Wales and Northern Ireland . The portfolio benefits from strong earnings visibility with revenues comprised of long - term index - linked renewable schemes , with the balance from contracted power purchase agreements . Operationally , the Group expects to deliver additional benefits from the BSIF portfolio by operating it alongside the Group's existing Flexgen portfolio , to deliver greater value from the Group's asset optimisation , trading and marketing capabilities , including route to market services and wholesale and origination in renewables . BSIF has a gross development pipeline of 2.9GW comprised of c.2.0GW of BESS and c.0.9GW of solar , which Drax will assess alongside its existing pipeline of development opportunities , in line with its capital allocation policy . - Of these options , c.0.5GW ( 5 ) of solar has long - term ( 15-20 year ) CfD agreements in place , with strike prices of c . £ 69 / MWh £ 74 / MWh ( 2026 real , linked to CPI ) . If developed , these investments can support growth in the Group's megawatts under management and provide further long - term revenue visibility and incremental Adjusted EBITDA , once fully operational . Around 0.2GW of the 0.5GW is in near - term development but remains subject to a final investment decision . These projects , if developed , could enter service in 2028 . Integration plan for BSIF