Interim report
Page 1
RNS Number : 1390UVH Global Energy Infrastructure PLC10 September 2026 VH GLOBAL ENERGY INFRASTRUCTURE PLC (the "Company") Interim Report and Accounts For the period ended 30 June 2026 The Board of VH Global Energy Infrastructure plc (ticker: ENRG) is pleased to report its interim results for the period ended 30 June 2026. The Interim Report and Accounts for the period ended 30 June 2026 will be made available on the Company's website at https://www.globalenergyinfrastructure.co.uk/ CLARIFICATION REGARDING ESTIMATED EXIT TAXES AND TRANSACTION COSTS The Company provides the following clarification to its previous announcements concerning the expected sale of the US terminal asset and the sale of the six Brazilian solar assets, in order to provide shareholders with further information regarding the estimated tax liabilities and transaction costs associated with the Asset Realisation Programme. - In determining the valuations as at 30 June 2026, the Company incorporated estimated exit tax liabilities in respect of the US terminal assets and the Brazilian hydro facility. The estimated tax liability associated with the sale of the US terminal asset is approximately US$12 million. - In respect of the Brazilian hydro facility, the estimated tax liability is approximately £11million or 2.8p per share as at 30 June 2026. - No exit taxes are currently expected to be payable in connection with the sales of the Brazilian solar, Australian solar and BESS, UK flexible power with CCR, Iberian and Swedish solar and wind investments. - The estimated exit tax liabilities are based on a number of assumptions, including, inter alia, the relevant transaction structure, a sale of shares, applicable tax rates and legislation, and an exit at the respective 30 June 2026 carrying values. The actual tax liabilities may therefore differ from these estimates. - The net asset value as at 30 June 2026 reflects the estimated tax liabilities associated with the US terminal assets and the Brazilian hydro facility but does not include any provision for transaction costs. This change in valuation has been a result of running processes and in some cases, bids received and transactions executed. Previous reported net asset values did not include provisions for either exit taxes or transaction costs. - Transaction costs associated with the sale of the US terminal asset are currently estimated at approximately US$4.3 million. Transaction costs associated with the sale of the six Brazilian solar assets are currently estimated at approximately 2% of the relevant transaction value, equivalent to approximately R$0.9 million based on the expected transaction value. However, transaction costs will be materialised upon closing. - After deducting the estimated US$12 million tax liability and US$4.3 million of transaction costs, the sale of the US terminal asset is expected to deliver total net value to shareholders of approximately US$117.7 million. This equates to 11.3% IRR and 1.62x MOIC net of estimated taxes and transaction costs, and 13.4% IRR and 1.78x MOIC gross of estimated taxes and transaction costs. - All tax liabilities and transaction costs remain estimates and may change as the relevant transactions progress towards completion.
Page 2
OTHER KEY UPDATES - Victory Hill continues to make good progress across the remainder of the portfolio, with a number of sale processes at varying stages of advancement. - Consistent with its change in mandate and following the recent announcements of the disposals of the Company's US liquid storage terminal assets and six Brazilian solar PV assets, the Board has taken the decision not to declare a dividend for Q2 2026. As income, net of expenses, is available from the operating portfolio, the Company intends to return that to shareholders in the form of dividends. Net capital from asset realisations will be distributed in the form of B shares when the cash is received. HIGHLIGHTS Financial (as at 30 June 2026) Net Asset Value ("NAV") £391.2m 31 Dec 25: £404.8m NAV per share*: 98.84p 31 Dec 25: 102.28p Total Leverage of ENRG as a % of NAV* 14.6% 31 Dec 25: 7.6% Dividends per share paid in H1 2026 2.90p H1 2025: 2.90p Dividend Coverage 1.43x 31 Dec 25: 0.96x Dividend yield, based on share price on 30 June 2026* 8.0% 31 Dec 25: 8.8% % of underlying revenues contracted and inflation-linked >90% 31 Dec 25: >90% Sustainability (for the six-month period ending 30 June 2026) Renewable energy generated and injected into the grid 552,645 MWh 30 June 2025: 461,302 MWh
Page 3
Tonnes of carbon dioxide equivalent avoided 170,473 30 June 2025: 145,303 Approximate equivalent UK homes powered annually by clean energy** 204,684 30 June 2025: 170,853 Tonnes of sulfur oxides displaced 14,037 30 June 2025: 12,686 * Alternative performance measures are defined on pages 51 and 52 ** References for equivalency calculations: UK energy use - www.ofgem.gov.uk UK mileage - www.dft.gov.uk. PORTFOLIO AT A GLANCE 34 assets, 7 jurisdictions and 6 technologies across the globe* * as of 30 June 2026 CHAIR'S STATEMENT On behalf of the Board, I am pleased to present the Interim Report for VH Global Energy Infrastructure plc (the "Company" or "ENRG") for the six months to 30 June 2026. The first half of 2026 was a period of tangible progress for the Company in a challenging market environment. ENRG has announced the first two realisations under the asset realisation strategy, post-period. Asset Realisation Strategy Following shareholder approval of the asset realisation strategy in August 2025, our focus has been on progressing an orderly realisation of the Company's portfolio, maximising value and returning capital to shareholders in a timely and disciplined manner. Since the period end, the Company announced two disposals, the most significant being the agreed sale of the US liquid storage terminals for US$134 million (US$117.7 million net of estimated taxes and transaction costs) to a continuation vehicle managed by Victory Hill and backed by external investors. Subject to completion, the transaction will result in total value net of estimated taxes and transaction costs, and including dividends received from the US terminals since the Reference NAV date of 31 December 2024, of approximately 94% of the asset's Reference NAV of US$149.8 million or 92% of the asset's NAV as of 31 March 2026. The transaction followed a comprehensive and competitive process led by Piper Sandler, which considered continuation vehicle investors alongside strategic and financial buyers. Given that the acquiring vehicle will be managed by Victory Hill, we were particularly mindful of the potential conflicts inherent in the transaction. Having carefully considered the alternatives available, the Board concluded that the continuation vehicle provided the most attractive overall outcome for shareholders, taking into account value, certainty of execution and timing. The Board also considered the terms of the transaction to be fair and reasonable as far as ENRG shareholders are concerned and has been so advised by Deutsche Numis, which is acting as sponsor to ENRG for the purposes of the transaction. The Company also agreed the sale of six operational Brazilian solar PV assets for R$38.0 million (R$37.1 million net of estimated transaction costs; no taxes are payable on this disposal) to Energea Portfolio 2 LP, an operating company managed by the Company's operating partner for the assets. The transaction followed a competitive sale
Page 4
process and represents the disposal of the consortium-offtake assets within the Brazilian solar portfolio. The agreed consideration comprises R$35.0 million payable at closing, R$3.0 million of deferred consideration (subject to adjustments) and the potential for a further performance-based earn-out of up to R$12.0 million. Importantly, the Brazilian solar portfolio was separated into distinct sale processes to reflect the different characteristics of the underlying assets and their respective offtake arrangements. The remaining seven operational assets, which are contracted with Telefônica, are at an advanced stage in a separate sale process and the Company has entered into exclusivity with a Brazilian strategic industry buyer. Due diligence is ongoing and completion is currently expected by the end of the year. No performance fee is attributed to the Investment Manager on either of these transactions. Together, these transactions represent progress in delivering the asset realisation strategy and begin the process of converting the value of the Company's portfolio into cash proceeds for shareholders. Net proceeds from completed realisations will be returned to shareholders through the Company's B share scheme. Victory Hill continues to make good progress across the remainder of the portfolio, with a number of sale processes at varying stages of advancement. I recognise shareholders' desire for greater visibility on these processes. However, while discussions remain active, our ability to provide further detail is necessarily constrained by commercial sensitivity and confidentiality. We will provide further updates as transactions progress. Our priority remains clear, and this is to maximise risk-adjusted value and return capital to shareholders in an orderly and disciplined manner. Investment Activity and Portfolio Performance During the period under review, the Brazilian hydro facility performed ahead of expectations and construction of the 64.8MW solar and the 21.0MW onshore wind assets in Spain continued to progress in line with schedule. Victory Hill remains focused on actively managing and creating value for each remaining asset. The Company's mandate is, however, now directed towards realising the portfolio, and the Investment Manager will continue to pursue that objective. The Board and Victory Hill's intention is to maximise shareholder returns within the time frame investors allowed, which may mean executing on a programme sale at a later, more opportune time as the macro fundamentals may not be the strongest today to achieve the best possible bid. Please refer to the Investment Manager's Report for further details on the investment activity and underlying performance. Financial Performance and Dividends As of 30 June 2026, the Company's NAV per share was 98.84p, a decrease of 3.4% during the six-month period under review. The primary driver of the decrease in NAV per share was the change in valuation basis for the US terminal assets and the Brazilian solar PV assets to the agreed sale consideration. As of 30 June 2026, the Company remains one of the lowest geared investment trusts in its sector with total leverage at 14.6% of NAV. During the period the Company paid two interim dividends of 1.45p per share, in respect of the quarters ended 30 September 2025 and 31 December 2025, giving total dividends paid of 2.90p per share (six months ended 30 June 2025: 2.90p per share). On 26 May 2026, the Company declared an interim dividend of 1.45p per share in respect of the quarter ended 31 March 2026, paid on 14 July 2026. As interim dividends are not recognised as a liability until paid, no liability has been recognised in these financial statements. Consistent with its change in mandate and following the recent announcements of the disposals of the Company's US liquid storage terminal assets and six Brazilian solar PV assets, the Board has taken the decision not to declare a dividend for Q2 2026. Income from the remaining portfolio available for upstreaming to the Company has not been sufficient this year to support a distribution for the quarter: the UK flexible power asset has been ramping up, the Spanish assets remain in construction, and the Australian portfolio has been operating in a subdued market. In addition, the seasonality of the Brazilian hydro concession typically concentrates earnings in the first half of the year. As income is available from the operating portfolio, the Company intends to return that to
Page 5
shareholders in the form of dividends. Capital from asset realisations is expected to be in the form of B-shares when the cash is received, as set out in the capital reduction confirmation released by RNS in April 2026. As the Company pursues its asset realisation strategy, the Board is unable to provide forward guidance on the level of dividends, and is no longer seeking to smooth the level of dividends over a financial year. Sustainability The Company remains committed to disclose as a Sustainability Impact fund under FCA Sustainability Disclosure Requirements, an Article 9 Fund under the EU's Sustainable Finance Disclosure Regulation ("SFDR") and to report voluntarily its practice under the Task Force on Climate-Related Financial Disclosures ("TCFD") recommendations and requirements. The Board and the Company recognise that the sustainability disclosure landscape continues to evolve. The European Commission has proposed reforms to the SFDR that would replace the Company's current Article 9 classification with a new categorisation system, and the UK's Financial Conduct Authority has proposed replacing its TCFD-aligned listing rules with mandatory reporting against the newly published UK Sustainability Reporting Standards from 1 January 2027. The Board will keep the Company's disclosure approach under review as these processes develop. During the period under review, ENRG's assets have generated a total of 552,645 MWh of renewable energy, equivalent to over 204,684 average UK homes powered annually. A total of 170,473 tonnes of greenhouse gas emissions were avoided in the period, and 14,037 tonnes of sulfur oxides were displaced in the same period, attributable to the US terminal storage assets. 4,673 tonnes of CO2 were captured from the UK flexible power with CCR asset. Please refer to the Sustainability section on p.18 for further details. Corporate Governance The Board remains committed to transparency, independence, expertise, and ethical oversight, ensuring that the Company continues to operate in the best interests of its shareholders. At the May 2026 AGM, the Board was pleased to announce that all resolutions, as set out in the Notice of AGM, were approved by shareholders. Outlook Following the sale of the US midstream assets and six Brazilian solar assets, the Investment Manager is actively focused on realising the remaining assets in the portfolio in a timely manner and with a view to maximising value for the Company's shareholders. The Board retains its confidence in Victory Hill to continue to actively manage the remaining assets in the portfolio with a focus on preserving and enhancing value and ensuring each asset is optimally positioned ahead of sale. On behalf of the Board, I would like to thank shareholders for their continued support, and I look forward to updating the market on progress in due course. Bernard Bulkin, OBE, Chair 09 September 2026 INVESTMENT MANAGER'S REPORT Investment Updates US TERMINAL STORAGE ASSETS • The Company agreed to sell the two operating US liquid storage terminals post-period, to Victory Hill Midstream CV I, LP, a newly established continuation vehicle. A US-based secondaries investor focusing on North American energy investments will be the lead investor in the CV, which will be managed by Victory Hill.
Page 6
• The total sale price is US$134 million (US$117.7 million net of estimated taxes and transaction costs). The transaction is subject to customary closing conditions, and two further conditions precedent that (i) alongside the agreed lead investor commitment, further funding is obtained from syndicate investors, and (ii) the assets' principal customer contract is renewed, both conditions to be secured within 90 days, with a possible further 60 day extension. • The estimated tax liability and transaction costs associated with this sale are estimated to be US$12m and US$4.3m, respectively. AUSTRALIAN SOLAR PV WITH BATTERY STORAGE ASSETS • Portfolio generation increased 42% in H1 2026 relative to the comparable prior-year period. Revenues over the period were however below expectations, due to subdued price volatility across Australia's National Electricity Market ("NEM"). Milder weather conditions and fewer volatility events during the period compressed intraday price spreads thus impacting BESS captured prices and revenues. • Volatility events during the period, while fewer in number than the prior interim, were captured effectively by the portfolio. On a number of days in South Australia and New South Wales - notably in January and February - captured prices exceeded A$1,000/MWh, demonstrating the portfolio's capacity to monetise these conditions when they arise. • In the Investment Manager's view, such events remain a structural feature of the NEM rather than an anomaly. The drivers underpinning Australia's NEM price volatility - including renewable intermittency, thermal plant retirements and transmission constraints - remain in place, and the Investment Manager therefore anticipates further events of this nature over the medium term, though their timing, frequency and magnitude cannot be predicted with certainty. BRAZILIAN SOLAR PV ASSETS • The portfolio performed below budget, reflecting lower solar irradiation levels and one-off operational disruptions related to voltage instability. However, overall generation during the period was 48% higher than H1 2025 as the three most recently energised assets transitioned from ramp-up to full commercial operation. • Post-period, the Company agreed to sell six operational solar PV assets located in Rio de Janeiro state, with a total installed capacity of 11.7 MWp. These six assets, which are all the assets in the Company's Brazilian solar programme with a consortium of end users as offtakers, have been acquired by Energea Portfolio 2 LP ("Energea"), an operating company managed by the Company's operating partner for the assets. • The total consideration for the assets is R$38.0 million (approximately £5.4 million), representing R$37.1 million net of estimated taxes and transaction costs and 92% of the assets' NAV as of 31 March 2026, comprising: o R$35.0 million payable at closing; and o R$3.0 million of deferred consideration, payable 12 months after signing, which will be adjusted by payments and associated costs related to labour claims against the construction contractors. • There is a further performance-based earn out payable 12 months after signing should the assets generate revenue above expectations. This additional earn out could be up to R$12 million in aggregate, with revenue target thresholds agreed for each asset. • The transaction costs associated with the sale of the six solar PV assets are estimated at approximately 2% of the relevant transaction value, equivalent to R$0.9 million. However, these will be materialised upon closing. • The remaining seven operational assets, contracted with Telefônica, are at an advanced stage in a separate sale process under exclusivity with a Brazilian strategic player in distributed generation. BRAZILIAN HYDRO FACILITY
Page 7
• The plant outperformed both expectations and last interim results, with EBITDA 120% higher than H1 2025. This was driven by stronger-than-expected power price premiums for hydro plants able to dispatch during periods of high demand, when alternative renewable generation is constrained. Performance was reinforced by the plant's commercialisation strategy, whereby favourable hydrological conditions left the plant with surplus energy to sell on the spot market, which seasonalisation timed into the highest-priced periods. • Furthermore, as average wholesale prices have been elevated in 2026 and market sentiment for future prices remains high, the plant has entered into power purchase agreements ("PPAs") for 55MW of production in respect of the 2027 financial year, at a weighted average price more than 55% above that contracted for 2026. These PPAs have secured strong cash flows for 2027. • The Brazilian energy regulator has confirmed the facility's ranking among the top ten hydroelectric plants in Brazil for operational quality in 2026. • The Ministry of Energy, as the final granting authority, has recently been active in concession renewals across the sector, which is viewed as an encouraging backdrop for the Company's own concession renewal process. UK FLEXIBLE POWER WITH CCR ASSET • The asset has continued to deliver stable power and purified CO2 in accordance with its designed specifications. • Victory Hill and its operating partner are actively looking to expand the CO2 offtake base, supported by structural undersupply in the UK CO2 market. • On the power side, high natural gas prices have been mitigated by the hedge currently in place, and private wire initiatives are progressing for the power offtake. IBERIAN AND SWEDISH SOLAR AND ONSHORE WIND PORTFOLIO • Construction of the 64.8MW solar and the 21.0MW onshore wind assets in Spain continues to progress in line with schedule. • The hybridisation of the sites with batteries has been supported by a backdrop of accelerating government support for storage and hybridisation in Spain, which we expect to enhance realisation value for buyers with the capital and mandate to invest in such systems. Estimated taxes and transaction costs relating to the Asset Realisation Process • In determining the valuations as at 30 June 2026, the Company incorporated estimated exit tax liabilities in respect of the US terminal assets and the Brazilian hydro facility. The estimated tax liability associated with the sale of the US terminal asset is approximately US$12 million. • In respect of the Brazilian hydro facility, the estimated tax liability is approximately £11 million or 2.8p per share as at 30 June 2026. • The estimated exit tax liabilities are based on a number of assumptions, including, inter alia, the relevant transaction structure, a sale of shares, applicable tax rates and legislation, and an exit at the respective 30 June 2026 carrying values. The actual tax liabilities may therefore differ from these estimates. • No exit taxes are currently expected to be payable in connection with the sales of the Brazilian solar PV, Australian solar PV and BESS, UK flexible power with CCR, and Iberian and Swedish solar PV and wind investments. • The net asset value as at 30 June 2026 reflects the estimated tax liabilities associated with the US terminal assets and the Brazilian hydro facility but does not include any provision for transaction costs. This change in valuation has been a result of running processes and in some cases, bids received and transactions executed. Previous reported net asset values did not include provisions for either exit taxes or transaction costs.
Page 8
• All tax liabilities and transaction costs remain estimates and may change as the relevant transactions progress towards completion. Portfolio Operational & Financial Performance Output Programme H1 2026 H1 2025 Change US terminal storage assets (bbls) 7,251,342 6,179,951 17.3% Australian solar PV with BESS (MWh) 37,539 26,443 42.0% Brazilian solar PV (MWh) 31,017 20,975 47.9% Brazilian hydro facility (MWh) 477,745 406,383 17.6% Iberian and Swedish solar and wind (MWh) 6,086 4,535 34.2% UK flexible power with CCR asset (MWh) 29,842 n/a n/a NetRevenue Programme H1 2026 H1 2025 Change US terminal storage assets (USD) 16.1m 13.3m 21.0% Australian solar PV with BESS (AUD) 3.0m 4.2m -29.4% Brazilian solar PV (BRL) 13.8m 12.6m 9.5% Brazilian hydro facility (BRL) 130.3m 79.2m 64.5% Iberian and Swedish solar and wind (EUR) 0.1m 0.2m -22.8% UK flexible power with CCR asset (GBP) 3.4m n/a n/a EBITDA Programme H1 2026 H1 2025 Change US terminal storage assets (USD) 9.3m 7.9m 17.7% Australian solar PV with BESS (AUD) 1.2m 3.1m -62.2% Brazilian solar PV (BRL) 6.1m 7.3m -16.4% Brazilian hydro facility (BRL) 105.2m 47.8m 120.1% Iberian and Swedish solar and wind (EUR) -97.5k -26.6k -266.5% UK flexible power with CCR asset (GBP) -0.7m n/a n/a Note: The output, net revenue, and EBITDA figures reflect actual data for assets under operation for at least six months as of 30 June 2026. The energy output figure for the Brazilian solar PV assets represents the total generation that was invoiced to the clients; it is directly related to the revenue generated by the assets. Invoices for the Brazilian solar PV assets are subject to issuance post period, which could impact reported figures. The energy output figure for the Brazilian hydro facility represents total net generation. The NAV of the Company decreased from £404.8m as at 31 December 2025 to £391.2m as at 30 June 2026. The key drivers for the NAV decrease were: • Fair value movement: £11.4m decrease mainly driven by the change in valuation basis for the US terminal assets and Brazilian solar PV assets, from DCF to the agreed sale consideration • Dividends paid in the period of £11.5m • Total fund expenses for the period of £3.6m • The decrease in NAV was partially offset by: • The FX movements: £2.5m increase, mainly driven by GBP depreciation against BRL, AUD and USD, and GBP appreciation against EUR • Income from investments of £10.4m DISCOUNT RATE A range of discount rates is applied in calculating the fair value of the investments, considering risk-free rates, country-specific and asset-specific risk premia and betas. The weighted average discount rate for the Company as at 30 June 2026 is 9.17% (31 December 2025: 8.57%). A 0.5% increase (decrease) in discount rates for portfolio assets in developed markets (UK, Australia, Spain, Sweden), and a 1.5% increase (decrease) for assets in emerging markets (Brazil), decreases (increases) NAV by 4.26p (4.97p). INFLATION The sensitivity assumes a 1% increase or decrease in long-term inflation relative to the base case of 2.4% for the Australian assets, 3.0% for the Brazilian asset, 2.0% for the Iberian and Swedish operational assets and 2.0% for the UK flexible power with CCR asset. A 1.0% increase (decrease) in inflation rates across the portfolio increases (decreases) NAV by 6.10p (5.46p). OPERATING EXPENSES
Page 9
The sensitivity assumes a 5% increase or decrease in operating expenses relative to respective contracts and budgets for each asset. A 5% increase (decrease) in operating expenses across the portfolio decreases (increases) NAV by 0.93p (0.93p). POWER PRICE The sensitivity assumes a 10% increase or decrease in market power prices relative to the base case for the Australian solar PV with battery storage assets, Brazilian hydro facility, Iberian and Swedish solar PV and onshore wind assets and the UK flexible power with CCR asset. A 10% increase (decrease) in power prices across the portfolio increases (decreases) NAV by 3.17p (3.40p). FOREIGN EXCHANGE The sensitivity assumes a 10% increase or decrease in foreign exchange movements against sterling. A 10% increase (decrease) in foreign exchange rates across the portfolio decreases (increases) NAV by 8.00p (9.78p). ASSET LIFE The sensitivity assumes a one-year increase or decrease in asset life relative to the base cases of 25 years for the Australian solar PV with battery storage assets, Brazilian hydro facility, the Iberian and Swedish solar PV and onshore wind assets and the UK flexible power with CCR asset. A one-year increase (decrease) in asset lives across the portfolio increases (decreases) NAV by 1.03p (-1.37p). SUSTAINABILITY The Company's sustainability objective remains unchanged as ENRG moves through a period of change. Disciplined stewardship of our operating assets continues to be a priority to deliver cleaner energy and manage risk responsibly. ESG Regulation & Framework Alignment The Company's sustainability investment objective is unchanged. The Company's SFDR Article 9 classification and FCA SDR 'Sustainability Impact' label (adopted in 2024) also continue unchanged in H1 2026, with stewardship remaining the primary mechanism for delivering measurable sustainability outcomes through the asset realisation strategy. As at 30 June 2026, 100% of the Company's investments (excluding cash) were sustainable investments held under the sustainability investment objective, of which 57% were EU Taxonomy-aligned. No new investments were made in H1 2026, consistent with the realisation-phase Investment Objective. Sustainability actions in H1 2026 continued to focus on maintaining operational performance and stewardship of assets through operating partner engagement. None of the operating and ESG data below reflects any change in scope or divestment during the period. H1-26 Operational Performance Figures below cover January to June 2026, for the Company's operational programmes. ENERGY AND CARBON Energy use (MWh) GHG emission (tCO2e) Scope H1 2026 H1 2025 H1 2026 H1 2025 Scope 1 90,866 9,380 16,322 1,701 Scope 2 (location) 2,221 1,750 587 426 Scope 2 (market) - - 1,120 -* Scope 1&2 (location) 93,087 11,130 16,909 2,127 Scope 3 - - 33,089 25,431 Total emissions - - 49,998 27,558 Carbon captured for reuse - - 4,673 - * not reported ENVIRONMENTAL DATA
Page 10
Metric Units H1 2026 H1 2025 Water Use Cubic meters 50,633 11,460 Water quality index (hydro) WQI Good Good Waste Tonnes 196 8 Waste diverted from landfill Tonnes 190 SOx avoided Tonnes 14,037 12,686 NOx avoided Tonnes 1,395 1,261 PM avoided Tonnes 1,240 1,120 Chemical or hydrocarbon spills Number 1 - Renewable energy consumed MWh 4,789 - There was one minor spill at the US terminal storage facility in H1. There were no injuries, offsite impact or enforcement notice. A root cause investigation and corrective and preventative action plan were implemented. Portfolio Scope 1 and Scope 3 emissions and water use increased materially versus H1 2025 driven by the inclusion of the UK flexible power with CCR asset which reached full operational status after H1 2025. Baseline emissions will be recalculated following the first full year of operations. The emissions from the UK flexible power with CCR asset are reported on a gross basis, not net of carbon capture, aligned with GHG protocol guidelines. SOCIAL DATA Metrics Unit H1 2026 H1 2025 Gender Diversity Male % average 94% 96% Female % average 6% 4% Other % average 0% 0% Staff turnover % average 14% 18% Total number of employees (asset) Averageheadcount 79 69 Total number of employees (operator) Averageheadcount 192.5 191 Health and safety Total incident number Number 1 0 Total number recordable injuries Number 0 0 There were no health and safety injuries in H1 with the US terminal storage asset awarded the ILTA safety award for a third year. The incident per the table in H1 relates to the minor spill mentioned on page 20. DIRECTORS' RESPONSIBILITY STATEMENT The Directors acknowledge responsibility for the Interim Report and confirm that, to the best of their knowledge, these condensed financial statements have been prepared in accordance with IAS 34 "Interim Financial Reporting" and give a true and fair view of the assets, liabilities, financial position and profit of the Company, as required by DTR 4.2.4R. The Directors confirm that the Interim Report (including the Chair's Statement and the Investment Manager's Report) includes a fair review of the information required by DTR 4.2.7R and DTR 4.2.8R, namely: • An indication of important events that have occurred during the first six months of the financial year, and their impact on the condensed financial statements, and a description of the principal risks and uncertainties for the remaining six months of the financial period; and • Material related party transactions that have taken place in the first six months and any material changes in the related party transactions described in the last Annual Report. The Directors of the Company are noted on page 54. Post approval of the asset realisation strategy on 28 August 2025, the Company has carried out a rigorous assessment of its principal and emerging risks, and the procedures in place to identify any emerging risks are described below. The Board, through delegation to the Audit Committee, regularly reviews the Company's risk matrix, with a focus on ensuring that the appropriate controls are in place to mitigate each risk. The experience and knowledge of the Board is important, as is advice received from the Board's service providers, specifically the Investment Manager, who is responsible for the risk and portfolio management services. 1. The Investment Manager: maintains a register of identified risks including emerging risks likely to affect the Company.
Page 11
2. The Broker: provides advice periodically, specific to the Company, on the Company's sector, competitors and the investment company market, while working with the Board and Investment Manager to communicate with shareholders; and 3. The Company Secretary: briefs the Board on forthcoming governance changes that might affect the Company. PRINCIPAL RISKS & UNCERTAINTIES Principal Risks The Board considers the following to be the principal risks faced by the Company along with the potential impact of these risks and steps taken to mitigate them. Economic, Political and Market Risk Description of risk/potential Impact Mitigation 1. Electricity prices The income and value of the Company'sinvestments may be affected by future changesin the market price of electricity. While some of the revenues of the Company'sinvestments benefit from fixed prices, they arealso partly dependent on the wholesale marketprice of electricity, which is volatile and isaffected by a variety of factors, including: • market demand; • generation mix of power plants; • government support for various forms ofpower generation; • fluctuations in the market price ofcommodities; and • foreign exchange. There is a risk that the actual prices receivedvary significantly from the model assumptions,leading to a shortfall in anticipated revenues bythe Company. The Company holds a balanced mix ofinvestments that benefit from (i) hedgingarrangements, (ii) short, medium and long termcontracts; and (iii) fixed price or availability-basedcommercial contracts; therefore protecting theCompany's revenue from volatile electricity andcommodity prices. The Investment Manager retains the servicesof market leading energy consultants to assistwith determining future power pricing for therespective regions. The Investment Managermodels and monitors power price curves onan ongoing basis and takes appropriate action.The Investment Manager reviews the hedgingstrategy on an ongoing basis and takes actionwhere deemed appropriate. 2. Equity marketvolatility andshareholder pressure Volatility can allow significant equity positionsto be built and the risk that a single shareholderincreases its ownership to such an extent thatthey are able to exert significant influence overthe Company and decisions made by the Board. The shareholders of ENRG voted in favour of anasset realisation strategy on 28 August 2025 tobe executed by the Investment Manager. Shareholder analysis is obtained regularlyenabling monitoring of the Company'slargest shareholders. The views of the largershareholders are monitored by the Company andany concerns managed appropriately. 3. Policy andregulation Adverse policy framework changes, both globallyand in the jurisdictions where the Companyinvests, including climate-related market shiftscould have a significant impact on the value ofthe Company's investment portfolio. The Company is exposed to the risk that thecompetent authorities may pass legislationthat might hinder or invalidate rights underexisting contracts as well as hinder or impair theobtaining of the necessary permits, licences orconcessions necessary for Sustainable EnergyInfrastructure Investments. The actual return to shareholders may be lowerthan the target total return. The investments of the Company are diversefrom a geographical and technologicalperspective. Therefore, the portfolio has a lowcorrelation to policy and legislative frameworkchanges. Strong public demand for energytransition and low carbon technology supportscurrent market trends. Furthermore, the Company invests in projectsthat are in a post-subsidy environment and assuch, have reduced exposure to changes in policyframeworks. The Board and the Investment Manager monitorthe investments and policy framework conditionson a regular basis. Operational Risk Description of risk/potential Impact Mitigation 4. Counterparty risk Counterparties defaulting on their contractualobligations or suffering an insolvency event. The failure by a counterparty to make contractualpayments or perform other contractual obligations orthe early termination of the relevant contract due tothe insolvency of a counterparty may have anadverse effect on the Company's NAV, revenuesand returns. The Investment Manager performs due diligence oncounterparty risk before entering projects.Counterparty risk is monitored by the InvestmentManager on a regular basis. 5. Reliance onInvestment Manager The Company relies on the Investment Manager forthe achievement of its investment objective. The departure of some or all of Victory Hill'sinvestment professionals could prevent theCompany from achieving its investment objective. The Investment Manager consists of four managingpartners supported by seven employees, includingthe investment, finance, sustainability, compliance,data analytics and investor relations teams. Acollegiate approach is taken to investmentmanagement activities with the team having a broad
Page 12
Risk Description of risk/potential Impact Mitigation There can be no assurance that the Directors will beable to find a replacement manager if Victory Hillresigns. If a successor cannot be found, the Company maynot have the resources it considers necessary tomanage the Portfolio or to make or realiseinvestments appropriately and, as a result theremay be a material adverse effect on theperformance of the Company's NAV, revenues andreturns to shareholders. range of skills to support the pursuance of theCompany's investment objective. The Investment Manager has deep knowledge ofthe assets, programmes, and markets in which theasset programmes are situated, and is aligned withshareholders through the incentive fee structure inthe alternative investment fund managementagreement. The performance of the Company's InvestmentManager is closely monitored by the Board. In addition, at least once a year the managementengagement committee performs a formal reviewprocess to consider the ongoing performance of theInvestment Manager and makes a recommendationon the continuing appointment of the InvestmentManager to the Board. 6. Construction risk Construction project risks associated with the risk ofinaccurate assessment of a constructionopportunity, delays or disruptions which are outsidethe Company's control, changes in marketconditions, and the inability of contractors to performtheir contractual commitments. Failure to complete projects in accordance withexpectations could adversely impact the Company'sperformance and shareholder returns. The Investment Manager undertakes extensive duediligence on construction opportunities and seeks tohave appropriate insurance in place to mitigate anycosts relating to delays. In addition, the InvestmentManager seeks to utilise EPC contractors that canprovide single point, lump sum turnkeyarrangements wherever possible. The Investment Manager monitors constructioncarefully and reports frequently to the Board whereissues with contractors arise, the InvestmentManager has the experience and expertise toidentify and contract with alternative contractors. The fund is fully invested and is now in a realisationphase. The overall construction weighting of theportfolio is reducing as the portfolio moves from theconstruction to operational phase. Financial Risk Description of risk/potential Impact Mitigation 7. Valuation risk Valuation of the portfolio of assets is based onfinancial projections and estimations of futureresults. Actual results may vary significantly from theprojections, meaning the investment portfolio couldbe over or under-valued which could impact theasset realisation strategy and the objective toachieve the best price possible for the Company'sassets. The Company has adopted a valuation policy whichwas disclosed in the Company's prospectus. Fair value for each investment is calculated by theInvestment Manager. The Investment Manager hassignificant experience in the valuation of energyassets. The Investment Manager has a valuation workinggroup to perform and challenge valuations. Inaddition, the Investment Manager Portfolio Risk andValuation Committee ("PRV") reviews andchallenges valuations. The PRV Committeemembers are functionally independent from theteam performing valuations. The Board reviews the valuations provided quarterlyby the Investment Manager. 8. Risks associatedwith the assetrealisation strategy There are several risks associated with theCompany's asset realisation strategy as follows: 1. The best price for the Company's assets may notbe achieved; 2. The asset realisation strategy may take longerthan expected which could prove detrimental to thesales price achievable if the market were to take adownturn; 3. The Company's investments in SustainableEnergy Infrastructure Investments are illiquid andmay be difficult to realise in a particular time and/orat the prevailing valuation; and 4. The asset realisation strategy is reliant on awillingness to transact from potential buyers,confirmation that they have funding sourcesavailable and the completion of due diligence andrelevant legal documentation. The Board has engaged the Investment Manager toexecute the asset realisation strategy. TheInvestment Manager has deep knowledge of theassets, programmes and markets in which the assetprogrammes are situated. The Investment Managerhas extensive credentials transacting in sustainableenergy assets. Asset disposals are approved by the investmentcommittee of the Investment Manager. The approvalis presented to the Board for comments beforeexecution is finalised. Risk Description of risk/potential Impact Mitigation 9. Conflicts of interest The Investment Manager may face actual orpotential conflicts of interest where an asset is soldby one vehicle it manages to another vehiclemanaged by the Investment Manager or itsaffiliates. In such circumstances, the InvestmentManager may have differing fiduciary duties to the In circumstances where a conflict of interest mayarise in connection with the sale of an asset, theindependent members of the Board are responsiblefor overseeing the process to ensure that thetransaction is conducted in the best interests of theCompany and its investors. This typically includesreviewing the proposed transaction structure and
Page 13
Risk Description of risk/potential Impact Mitigation respective vehicles and their investors, including inrelation to pricing, timing and transaction terms. rationale, assessing valuation and pricingassumptions, considering whether the transactionhas been negotiated on an arm's-length basis, and,where appropriate, obtaining independent third-party advice or valuation input. The conflictedparties are excluded from decision-making, and theBoard may approve, reject, or require modificationsto the transaction. The Board also ensures that theconflict and its management are appropriatelydocumented and disclosed, in accordance withapplicable legal and regulatory requirements. Furthermore, the Investment Manager has policiesand procedures designed to identify and manageconflicts of interest, however these measures maynot fully eliminate all conflicts or their potentialimpact. 10. Liquidity risk Risk that sufficient cash funds are not in place inorder to meet investment commitments and ongoingfund costs. Risk that unexpected calls are made oninvestments. The Fund is invested in a mixture of operating andconstruction assets. Operating assets have thebenefit of providing cash flows. The Investment Manager provides an annual budgetto the Board for approval. Performance vs budget ismonitored on a quarterly basis by the InvestmentManager and the Board. The Investment Manager monitors the liquidity ofthe Company vs forecast investment, dividend andfund costs. Liquidity is represented in cash andmoney market instruments. 11. Currency The Company makes investments which are basedin countries whose local currency may not beSterling and the Company may make and/ orreceive payments that are denominated incurrencies other than Sterling. When foreign currencies are translated into Sterlingthere could be a material adverse effect on theCompany's profitability, the NAV and proceeds fromthe realisation of investments. Currency risk is taken into consideration at time ofinvestment. The movement in NAV attributable to currencymovements is disclosed to investors each quarterwith the NAV update. The Investment Manager will consider hedging theproceeds of asset realisations. Risk Description of risk/potential Impact Mitigation 12. Going concern andmaterial uncertainty The Company's ability to continue as a goingconcern depends on the availability of sufficientliquidity throughout the assessment period and, overthe longer term, on the orderly completion of theasset realisation strategy. Where the expected date of realisation of a materialpart of the portfolio falls within the going concernassessment period, the Directors may be requiredto disclose a material uncertainty in relation to goingconcern. Such a disclosure, and any relatedreference in the auditor's report, may adverselyaffect the share price and the discount to NAV,weaken the Company's negotiating position withpotential purchasers, and prompt counterparties andservice providers to seek changes to credit orpayment terms. A deterioration in the realisation timetable or in theCompany's liquidity position could ultimately call intoquestion the appropriateness of the going concernbasis of preparation. The Investment Manager prepares cash flowforecasts covering the going concern assessmentperiod on both a base case and a stressed basis,which are reviewed by the Board at each reportingdate. The Company has no external debt and holds itsliquidity in cash and money market instruments.Operating and wind-down costs are budgetedannually and monitored quarterly against budget.Furthermore, proceeds from the sales ofinvestments may be withheld for liquidity purposes. The going concern assessment, and the wording ofany material uncertainty disclosure, is reviewed bythe Audit Committee and discussed with the auditorin advance of each reporting date. Where a material uncertainty is disclosed, thedisclosure explains the basis for the Directors'conclusion and the mitigating actions available tothe Company, including the ability to deferdistributions. 13. Investment TrustStatus The Company currently qualifies as an investmenttrust under UK tax legislation. A material disposalof assets or a significant reduction in portfoliodiversification could result in the Company ceasingto satisfy HMRC's qualifying criteria, potentiallygiving rise to corporation tax on realised andunrealised gains and reducing the ability todistribute capital gains to shareholders. To mitigate this risk, the Investment Managermaintains oversight of portfolio composition andconcentration, assesses the impact of any materialdisposals on qualifying status prior to execution,and seeks professional tax advice to implementremedial or preventative actions where necessaryto preserve compliance with HMRC requirements.In addition, Board papers relating to the approval ofasset disposals will include an analysis of thepotential implications for the Company's InvestmentTrust status. Climate-related risks Risk Description of risk/potential Impact Mitigation 14. Climate relatedrisks Climate-related risks can be categorised as physicalor transitional risks. Physical risks are those associated with the physicaleffects of climate change. They can be event-based(acute), such as cyclones, hurricanes, wildfires,heatwaves, pandemics, droughts and floods; orlonger-term (chronic) shifts in climate patterns, suchas sustained higher temperatures with melting ofglaciers and ice sheets causing sea-level rise,permafrost melting, chronic heatwaves anddesertification, extreme variability in precipitation,land degradation and changes in air quality. Transitional risks are those that arise as economiesmove towards less-polluting, greener solutions.These include externally imposed risks such as the The Company is invested in a diversified portfolio ofenergy transition infrastructure by geography,technology and capability. These investments aretargeted at the energy transition to net zero. Thiswill provide a buffer against variable weatherpatterns across the portfolio. The Company also mitigates risk through projectrevenues being contracted for the medium and longterm. Insurance is usually in place in the event ofacute climate risks such as physical damage due tofloods, or wildfires resulting in productive losses. At the asset level, weather conditions are monitoredand many of the renewable projects have batterystorage capabilities to optimise energy input to thegrid. Meteorology and feedback due diligence is
Page 14
Risk Description of risk/potential Impact Mitigation effect of legal and regulatory requirements or policychanges, changes in societal demands, advances intechnologies, market changes and the consequentbusiness decisions taken to respond to suchchanges. Transitional risks have the potential tocrystallise suddenly, for example as a result ofpolicy changes. Physical or transitional climate-related risks could affect the operation of theCompany's assets and hence the production orrevenue generated by the portfolio assets. undertaken before investment and reviewedregularly. All assets have crisis management and businesscontinuity plans to respond to disruptions. Theassets are also required to have continuousimprovement management systems to buildcapability and capacity in the local teams andoperations. INDEPENDENT REVIEW REPORT Conclusion Based on our review, nothing has come to our attention that causes us to believe that the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 is not prepared, in all material respects, in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting and the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. We have been engaged by VH Global Energy Infrastructure Plc (the 'Company') to review the condensed set of financial statements in the half-yearly financial report for the six months ended 30 June 2026 which comprises the following: Condensed Statement of Comprehensive Income Condensed Statement of Financial Position Condensed Statement of Changes in Shareholders' Equity Condensed Statement of Cash Flow The Notes to the Condensed Financial Statements Basis for conclusion We conducted our review in accordance with the International Standard on Review Engagements (UK) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" ("ISRE (UK) 2410"). A review of interim financial information consists of making enquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing (UK) and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. As disclosed in note 1, the annual financial statements of the Company are prepared in accordance with UK adopted international accounting standards. The condensed set of financial statements included in this half-yearly financial report has been prepared in accordance with UK adopted International Accounting Standard 34: Interim Financial Reporting. Material uncertainty related to going concern We draw attention to note 2.3 to the condensed financial statements, which indicates that the Company has adopted an asset realisation strategy approved by shareholders, under which the portfolio is expected to be realised and capital returned to shareholders over a period extending to August 2028. The realisation of the portfolio is being effected through individual disposals and the outcome and timing of those remaining processes is dependent on market conditions, buyer availability and the receipt of regulatory and third-party consents. While the Directors anticipates realisation over a period extending beyond 12 months from the date of approval of these financial statements, it is possible that realisations complete materially earlier than forecast. These conditions, along with the other matters explained in note 2.3 of the condensed financial statements, indicate the existence of a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. Our conclusion is not modified in respect of this matter. Based on our review procedures, which are less extensive than those performed in an audit as described in the Basis for conclusion section of this report, nothing has come to our attention to suggest that the directors have inappropriately adopted the going concern basis of accounting or that the directors have identified material uncertainties relating to going concern that are not appropriately disclosed.
Page 15
This conclusion is based on the review procedures performed in accordance with ISRE (UK) 2410, however future events or conditions may cause the Company to cease to continue as a going concern. Responsibilities of directors The directors are responsible for preparing the half-yearly financial report in accordance with the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority. In preparing the half-yearly financial report, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the review of the financial information In reviewing the half-yearly report, we are responsible for expressing to the Company a conclusion on the condensed set of financial statement in the half-yearly financial report. Our conclusion, including our Conclusions Relating to Going Concern, is based on procedures that are less extensive than audit procedures, as described in the Basis for Conclusion paragraph of this report. Use of our report Our report has been prepared in accordance with the terms of our engagement to assist the Company in meeting the requirements of the Disclosure Guidance and Transparency Rules of the United Kingdom's Financial Conduct Authority and for no other purpose. No person is entitled to rely on this report unless such a person is a person entitled to rely upon this report by virtue of and for the purpose of our terms of engagement or has been expressly authorised to do so by our prior written consent. Save as above, we do not accept responsibility for this report to any other person or for any other purpose and we hereby expressly disclaim any and all such liability. BDO LLP Chartered Accountants London, UK 09 September 2026 BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127). CONDENSED STATEMENT OF COMPREHENSIVE INCOME For the period 1 January 2026 to 30 June 2026 For the six-month period ended30 June 2026(unaudited) For the six-month period ended30 June 2025(unaudited) Note Revenue£'000 Capital£'000 Total£'000 Revenue£'000 Capital£'000 Total£'000Income Loss on investments 6 - (8,881) (8,881) - (10,030) (10,030)Investment income 3 10,357 - 10,357 15,428 - 15,428Total income and gains / (losses) 10,357 (8,881) 1,476 15,428 (10,030) 5,398 Investment management fees 13 (2,107) - (2,107) (1,978) - (1,978)Other expenses 4 (1,502) - (1,502) (1,068) - (1,068)(Loss) / profit for the period beforetaxation 6,748 (8,881) (2,133) 12,382 (10,030) 2,352 Taxation 5 - - - - - -(Loss) / profit for the period aftertaxation 6,748 (8,881) (2,133) 12,382 (10,030) 2,352 (Loss) / profit and totalcomprehensive income attributableto:Equity holders of the Company 6,748 (8,881) (2,133) 12,382 (10,030) 2,352 (Loss) / gain per share - basic anddiluted (p) 15 1.70 (2.24) (0.54) 3.13 (2.53) 0.60 The total column of the Statement of Comprehensive Income is the profit and loss account of the Company. The supplementary revenue return and capital columns have been prepared in accordance with the Association of Investment Companies Statement of Recommended Practice (AIC SORP). All revenue and capital items in the above statement derive from continuing operations, no items are determined to be unusual by their nature, size or incidence. The above Statement of Comprehensive Income includes all recognised gains and losses.
Page 16
The notes on pages 35 to 50 form part of these financial statements. CONDENSED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 Note As at30 June2026(unaudited)£'000 As at31 December2025(audited)£'000 Non-current assets Investments at fair value through profit or loss 6 289,037 395,945 Total non-current assets 289,037 395,945 Current assets Investments at fair value through profit or loss 6 97,421 -Cash and cash equivalents 9 5,037 9,133Cash receivables 8 - -Other receivables 8 108 126 Total current assets 102,566 9,259 Total assets 391,603 405,204 Current liabilities Accounts payable and accrued expenses 10 (392) (382) Total current liabilities (392) (382) Total liabilities (392) (382) Net assets 391,211 404,822 Capital and reserves Share capital 11 4,225 4,225Share premium 11 - 186,368Special distributable reserve 11 394,989 211,993Capital reserve (11,073) (2,192) Revenue reserve 3,070 4,428 Total capital and reserves attributable to equity holders of the Company 391,211 404,822 Net asset value per ordinary share (p) 98.84 102.28 The financial statements were approved and authorised for issue by the Board of Directors on 09 September 2026 and signed on its behalf by: Bernard Bulkin Chair Company Registration Number 12986255 The notes on pages 35 to 50 form part of these financial statements. CONDENSED STATEMENT OF CHANGES IN SHAREHOLDERS' EQUITY For the six-month period ended 30 June 2026 For the six-month periodended 30 June 2026(unaudited) Note Sharecapital£'000 Sharepremiumaccount£'000 Specialdistributablereserve£'000 Capitalreserve£'000 Revenuereserve£'000 Total£'000 Opening balance 4,225 186,368 211,993 (2,192) 4,428 404,822 Cancellation of share premium account 11 - (186,368) 186,368 - - -Total comprehensive (loss)/ income forthe period - - - (8,881) 6,748 (2,133) Interim dividends paid during theperiod 12 - - (3,372) - (8,106) (11,478) Balance at 30 June 2026 4,225 - 394,989 (11,073) 3,070 391,211 For the six-month periodended 30 June 2025(unaudited) Note Sharecapital£'000 Sharepremiumaccount£'000 Specialdistributablereserve£'000 Capitalreserve£'000 Revenuereserve£'000 Total£'000 Opening balance 4,225 186,368 211,994 5,029 891 408,507 Shares bought back 11 - - (1) - - (1)Total comprehensive income/ (loss) forthe period - - - (10,030) 12,382 2,352 Interim dividends paid during theperiod 12 - - - - (11,478) (11,478) Balance at 30 June 2025 4,225 186,368 211,993 (5,001) 1,795 399,380 A total of 422,498,890 ordinary shares were issued since its incorporation to 30 June 2026.
Page 17
During the period, no shares were purchased (2025: £(1)k). The capital reserve represents the unrealised gains or losses on the revaluation of investments. The unrealised element of the capital reserve is not distributable. The special distributable and revenue reserves are distributable to Shareholders of the Company. During the period to 30 June 2026, the share premium account was cancelled as a result of the Company adopting a B share scheme. The notes on pages 35 to 50 form part of these financial statements. CONDENSED STATEMENT OF CASHFLOWS For the six months ended 30 June 2026 Note For thesix-monthperiodended30 June2026(unaudited)£'000 For thesix-monthperiodended30 June2025(unaudited)£'000 Cash flows from operating activities (Loss)/profit before tax (2,133) 2,352 Adjustments for: Movement in fair value of investments 6 8,916 10,030Movement in accrued loan interest income (1,801) - Interest on cash deposits 3 (35) (361) Operating result before working capital changes 4,947 12,021 Decrease/(increase) in other receivables 8 18 (1,199)Increase/(decrease) in accounts payable and accrued expenses 10 10 (187) Net cash generated from operating activities 4,975 10,635 Cash flows from investing activities Purchase of investments 6 (533) (5,660)Repayment of shareholder loan principal 6 2,905 -Interest on cash deposits 3 35 361 Net cash generated from/ (used in) investing activities 2,407 (5,299) Share buybacks 11 - (1)Dividends paid in the period 12 (11,478) (11,478) Net cash used in financing activities (11,478) (11,479) Net decrease in cash and cash equivalents (4,096) (6,143) Cash and cash equivalents at beginning of the period 9 9,133 10,947 Cash and cash equivalents at end of the period 9 5,037 4,804 The notes on pages 35 to 50 form part of these financial statements. NOTES TO THE FINANCIAL STATEMENTS 1. General information VH Global Energy Infrastructure plc (the "Company") is a closed-ended investment company, incorporated in England and Wales on 30 October 2020 and registered as a public company limited under the Companies Act 2006 with registered number 12986255. The Company commenced operations on 2 February 2021 when its shares commenced trading on the London Stock Exchange. The Company has registered, and intends to carry on business, as an investment trust with an investment objective to realise all existing assets in the Portfolio in an orderly manner, to be effected in a manner that seeks to achieve a balance between returning cash to Shareholders promptly and maximising value, while managing the Portfolio so that the Company's investments in sustainable energy infrastructure seek to make an impact by supporting the attainment and pursuit of key UN sustainable development goals where energy and energy infrastructure investments are a direct contributor to the acceleration of the energy transition. The interim condensed financial statements comprise only the results of the Company for the six-month period ended 30 June 2026, as its investment in VH ENRG UK Holdings Limited ("ENRG Holdings") is measured at fair value through profit or loss in line with IFRS 10 as explained in note 2. The annual financial statements of the Company for the year ended 31 December 2025 were approved by the Directors on 18 March 2026 and are prepared in accordance with UK adopted International Accounting Standards.
Page 18
The annual financial statements are available on the Company's website https://www.globalenergyinfrastructure.co.uk/. 2. Significant accounting policies 2.1 Basis of preparation The condensed financial statements ("financial statements") included in this Interim Report have been prepared in accordance with IAS 34 "Interim Financial Reporting". The 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 in Note 2. The financial statements have also been prepared as far as is relevant and applicable to the Company in accordance with the Statement of Recommended Practice: Financial Statements of Investment Trust Companies and Venture Capital Trusts ("SORP") issued in July 2022 by the Association of Investment Companies ("AIC") but have adopted a going concern basis. See 2.3 on the asset realisation strategy. The financial statements are presented in sterling, which is the Company's functional currency and are rounded to the nearest thousand, unless otherwise stated. The accounting policies, significant judgements, key assumptions and estimates are consistent with those used in the latest audited financial statements to 31 December 2025. These condensed financial statements do not constitute statutory accounts as defined in section 434 of the Companies Act 2006 and, therefore, do not include all information and disclosures required in the annual financial statements and should be read in conjunction with the Company's annual financial statements for the year ended 31 December 2025. The audited annual accounts for the year ended 31 December 2025 have been delivered to the Registrar of Companies. The Auditor's report thereon was unqualified and did not contain statements under section 498(2) or (3) of the Companies Act 2006. 2.2 Review This Interim Report has been reviewed by the Company's Auditor in accordance with the International Standard on Review Engagements (ISREs). 2.3 Going concern On 23 May 2025, the Board announced that it intends to commence an asset realisation strategy (the "Asset Realisation Strategy"). On 6 August 2025, the Company published a circular to Shareholders setting out the recommended proposals for the asset realisation strategy and to convene a General Meeting on 28 August 2025. Shareholders voted in favour of the asset realisation strategy whereby the Company's current Alternative Investment Fund Manager, Victory Hill, will manage the Company with the intention of realising all the assets in its Portfolio in a timely manner with a view to maximising value. Some Portfolio assets are in a better position to be sold than others given their operational maturity whilst others need further management before they can be sold at a value that would be acceptable to Shareholders. The Board anticipates that the asset realisation Strategy will be completed in no longer than three years, by which point all capital will have been returned to Shareholders. The Directors' current forecasts anticipate that the final Portfolio programme will be realised by August 2028, following which the Directors will seek authorisation from the Shareholders to liquidate the Company. To facilitate the progressive return of capital to Shareholders during the realisation period, the cancellation of the Company's share premium account was confirmed by order of the High Court of Justice of England and Wales and registered on 7 May 2026, creating a distributable reserve which supports returns of capital by way of the B share scheme. This mechanism enables capital to be returned to Shareholders as assets are realised without the Company being liquidated. The Directors have reviewed the financial position of the Company and its future cash flow requirements, taking into consideration current and potential funding sources and the Company's working capital requirements. The timing and proceeds of the realisation of assets is currently uncertain, therefore the going concern analysis has been prepared on the basis that the assets continue to be owned by the Company over the going concern review period of 12 months post the financial statements issue date. Any asset sales realising cash proceeds would improve the working capital position of the Company. Once asset proceeds have been realised, the Directors will take into consideration the working capital requirements of the Company before distribution of these proceeds to Shareholders.
Page 19
In assessing whether the going concern basis of accounting remains appropriate, the Directors have considered whether they intend to liquidate the Company or to cease trading, or have no realistic alternative but to do so, within the going concern review period. The Directors have concluded that they do not. The Company will continue to hold, manage and realise its investments throughout that period, and the asset realisation strategy, which was adopted by Shareholder resolution, remains capable of amendment by Shareholders. The Directors' intention to seek authorisation to liquidate the Company relates to a period beyond the going concern review period. The Company continues to meet day-to-day liquidity needs through its cash resources. As at 30 June 2026, the Company had net current assets of £102.2m (31 December 2025: £8.9m) and cash balances of £5.0m (31 December 2025: £9.1m), which are sufficient to meet current obligations as they fall due. There is no external debt at the Company as at period end. The Directors confirm they have carried out a robust assessment of the emerging and principal risks facing the Company, including those that would threaten its business model, future performance, solvency, and liquidity over the period to 31 December 2028. The Directors' assessment has been made with reference to the principal risks and uncertainties and emerging risks summarised within the interim report and how they could impact the prospects of the Company. The realisation of the Portfolio is being effected through individual disposal processes, two of which is contractually committed at the date of approval of these financial statements, and the timing and outcome of those remaining processes is dependent on market conditions, buyer availability and the receipt of regulatory and third-party consents. While the Directors anticipate realisation over a period extending beyond the going concern review period, it is possible that realisations complete materially earlier than forecast. The Directors have concluded that this gives rise to a material uncertainty in relation to the timing and outcome of the asset realisation strategy which may cast significant doubt upon the Company's ability to continue as a going concern for at least 12 months from the date of approval of these financial statements. Notwithstanding that uncertainty and based on the forecasts and the assessment of principal risks described above, the Directors have a reasonable expectation that the Company has sufficient resources to continue operating for a period of at least 12 months from the date of the approval of these financial statements and have concluded that it remains appropriate to prepare the financial statements on a going concern basis. These financial statements do not include the adjustments that would result if the Company was unable to continue as a going concern. 2.4 Critical accounting judgements, estimates and assumptions The preparation of the interim financial statements requires the Directors of the Company to make judgements, estimates and assumptions that affect the reported amounts recognised in the financial statements. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the asset or liability in the future. The estimates and underlying assumptions underpinning our investments are reviewed on an ongoing basis by both the Directors and the Investment Manager. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Significant estimates, judgements and assumptions for the period are set out as follows: Key estimation and uncertainty: Fair value estimation for investments at fair value Fair value is calculated by discounting, at an appropriate discount rate, future cash flows expected to be received by the Company's intermediate holdings from investments. The discount rates used in the valuation exercise represent the Investment Manager's and the Board's assessment of the rate of return in the market for assets with similar characteristics and risk profile. The discount rates are reviewed quarterly and updated, where appropriate, to reflect changes in the market and in the project risk characteristics. The estimates and assumptions that are used in the calculation of the fair value of investments are disclosed in note 6. Key judgement: Equity and debt investment in VH ENRG UK Holdings In applying their judgement, the Directors have satisfied themselves that the equity and debt investments into its direct wholly owned subsidiary, VH ENRG UK Holdings, share the same investment characteristics and, as such, constitute a single asset class for IFRS 7 disclosure purposes. Key judgement: Investment entity and basis of non-consolidation
Page 20
The Company has adopted the amendments to IFRS 10 which states that investment entities should measure all of their subsidiaries that are themselves investment entities at fair value (in accordance with IFRS 9 Financial Instruments: Recognition and Measurement, and IFRS 13 Fair Value Measurement). Being investment entities, ENRG and its wholly owned direct subsidiary, ENRG Holdings are measured at fair value as opposed to being consolidated on a line-by-line basis, meaning their cash and working capital balances are included in the fair value of investments rather than the Group's current assets. The Directors believe the treatment outlined above provides the most relevant information to investors. 2.5 Segmental reporting The Board of Directors is of the opinion that the Company is engaged in a single segment of business, being investment in global sustainable energy opportunities. The Company has no single major customer. The internal financial information to be used by the chief operating decision maker ("CODM") on a quarterly basis to allocate resources, assess performance and manage the Company will present the business as a single segment comprising the portfolio of investments in energy efficiency assets. The financial information used by the Board to manage the Company presents the business as a single segment. 3. Investment Income For the six-month period ended30 June 2026 For the six-month period ended30 June 2025Revenue£'000 Capital£'000 total£'000 Revenue£'000 Capital£'000 total£'000Interest on cash deposits 35 - 35 361 - 361Interest income from investments 5,772 - 5,772 5,692 - 5,692Dividend income 4,550 - 4,550 9,375 - 9,375Investment income 10,357 - 10,357 15,428 - 15,428 4. Operating expenses For thesix-monthperiodended30 June2026£'000 For thesix-monthperiodended30 June2025£'000 Fees to the Company's Auditor (exclusive of VAT) for the: Interim assurance review 75 85AIFM fees 34 35Directors' fees 200 207Other expenses 1,193 741 Total operating expenses 1,502 1,068 Fees with respect to the Investment Manager are set out in note 13, related parties transactions. The Company had no employees during the period. Details of Directors' fees are disclosed in note 13, with no other emoluments reported. 5. Taxation Taxable income during the period was offset by expenses and the tax charge for the period ended 30 June 2026 is £nil (30 June 2025: £nil). 6. Investments at fair value through profit or loss As set out in note 2.4 the Company designates its interest in its wholly owned direct subsidiary VH ENRG UK Holdings Limited as an investment at fair value through profit or loss at each balance sheet date in accordance with IFRS 13, which recognises a variety of fair value inputs depending upon the nature of the investment. Specifically: Level 1: Quoted (unadjusted) market prices in active markets for identical assets or liabilities. Level 2: Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable. Level 3: Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.
Page 21
For assets and liabilities that are recognised in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorisation at the end of each reporting period. The Company classifies all assets measured at fair value as below: Fair value hierarchy As at 30 June 2026 Total£'000 Quotedpricesin activemarkets(level 1)£'000 SignificantObservableinputs(level 2)£'000 Significantunobservableinputs(level 3)£'000 Assets measured at fair value: Non-current assets Investments held at fair value through profit or loss 289,037 - - 289,037 Current assets Investments held at fair value through profit or loss 97,421 - - 97,421 Total Investments 386,458 - - 386,458 Included within investments at fair value through profit or loss are investments with a carrying value of £97.4 million classified as current assets. These assets are expected to be realised within twelve months of the reporting date as part of the Company's Asset Realisation Strategy and comprise the US terminal storage assets and certain Brazilian solar PV assets subject to disposal processes. All investments continue to be measured at fair value through profit or loss. As at 31 December 2025 Total£'000 Quotedpricesin activemarkets(level 1)£'000 SignificantObservableinputs(level 2)£'000 Significantunobservableinputs(level 3)£'000 Assets measured at fair value: Non-current assets Investments held at fair value through profit or loss 395,945 - - 395,945 All of the Company's investments have been classified as Level 3 and there have been no transfers between levels during the period ended 30 June 2026. As at30 June2026£'000 As at31 December2025£'000 Opening balance at beginning of the period/year 395,945 397,895Additions during the period at cost 533 5,860Repayment of shareholder loan principal (2,905) (1,602) Accrued interest income2 1,801 1,021 395,374 403,174 Fair value movement on investments: Change in fair value of equity investments1 (8,916) (7,229) Closing balance 386,458 395,945 1 The £8,881k (2025: £(7,221)k) in the Statement of Comprehensive Income within other expenses/income and Statement of Changes in Equity is made up of unrealised losses of £8,916k (2025: £7,229k) per this note and realised foreign exchange gain of £35k (2025: £8k) during the period. 2 This represents the movement in unpaid shareholder loan interest income during the period. Further information on the basis of valuation is detailed in note 2 to the financial statements. Valuation methodology As disclosed on pages 104 to 111 of the Company's Annual Report for the year ended 31 December 2025, IFRS 13 "Fair Value Measurement" requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities ranges from level 1 to level 3 and is determined on the basis of the lowest level input that is significant to the fair value measurement. The fair value of the Company's investments is the net asset value of VH ENRG UK Holdings Limited by calculating and aggregating the fair value of each of the individual investments in which the Company holds an indirect investment. Due to their nature, they are always expected to be classified as level 3 as the investments are not traded and contain unobservable inputs. There have been no transfers between levels during the six months ended 30 June 2026.
Page 22
Valuation Assumptions The following economic assumptions were used in the valuation of operating assets. Discount rates The discount rate used in the valuations is derived according to internationallyrecognised methods. Typical components of the discount rate are risk free rates, country-specific andasset- specific risk premia. The latter comprise the risks inherent to the respectiveasset class as well as specific premia for other risks such as construction. Power price Power prices are based on power price forecasts from leading market consultantsadjusted for expected deployment of energy transition assets. Energy yield Estimated based on energy yield assessments from leading technical consultants aswell as operational performance data (where applicable). Inflation rates Long-term inflation is based on International Monetary Fund (IMF) forecasts for therespective jurisdiction. Asset life Refer to the table below for details. In individual cases a longer operating life may beassumed where the contractual set-up supports such assumption. Operating expenses The operating expenses are primarily based on the respective contracts and budgets. Taxation rates The underlying country-specific tax rates are derived from leading taxconsulting firms. Capital expenditure Based on the contractual arrangements (e.g. EPC agreement), where applicable. Key Assumptions 30 June202631 December2025 Weighted average discount rate:1 9.17% 8.57% Long-term inflation2 Australia Australian solar PV with battery storage assets 2.42% 2.48% Brazil Brazilian hydro facility 3.00% 2.93% Spain Solar and Onshore wind assets 2.00% 2.00% Sweden Onshore wind asset 2.00% 2.00% UnitedKingdom United Kingdom Flexible Power with CCR asset 2.00% 2.00% Total Asset Life Years Australian solar PV with battery storage assets 25 years 25 years Years Brazilian hydro facility 25 years 25 years Years Iberian and Swedish Solar and Onshore windassets 25 years 25 years Years United Kingdom Flexible Power with CCR asset 25 years 25 years Exchange rates GBP:AUD Australian solar PV with battery storage assets 1:1.9159 1:2.0171 GBP:BRL Brazilian solar PV assets & Brazilian hydrofacility 1:6.8717 1:7.4024 GBP:EUR Iberian and Swedish Solar and Onshore windassets 1:1.1609 1:1.1453 GBP:USD US terminal storage assets 1:1.3274 1:1.3451 1 Due to the asset realisation strategy approved by shareholders on 28 August 2025, and related commercial considerations of the realisation of individual asset programmes, the Company is disclosing a weighted average discount rate for the portfolio. 2 Source: IMF. Inflation rates have been taken from IMF forecasts published in April 2026 (data is published biannually), which provides yearly forecasted inflation up to 2031. Long-term inflation rate refers to the 2031 projected rate. Short-term inflation volatility of up to 2031 has been accounted for in the valuation of operating assets. Valuation sensitivity The key sensitivities in the DCF valuation are considered to be the discount rate used in the DCF valuation and long-term assumptions in relation to inflation, operating expenses, asset life and power prices. The discount rate applied in the valuation of the operating assets are as per the table above, which is considered to be an appropriate base case for sensitivity analysis. A variance of +/- 0.5% for Developed Markets (UK, Australia, Spain, Sweden) and +/- 1.5% for Emerging Markets (Brazil) are considered to be reasonable ranges of alternative assumptions for discount rate given the volatility of discount rates used during the year. The base case long term inflation rate assumption depends on the geographical location for assets in operation. These are disclosed in the table above. A variance of +/-1% is considered to be a reasonable range of alternative assumptions for inflation. 1) The results for operating expenses sensitivities are available below. A variance of +/-5% is considered to be a reasonable range of alternative assumptions for operating expenses. 2) The base case asset life assumptions depends on the programme. A variance of +/- 1 year is considered to be a reasonable range of alternative assumptions for asset life. 3) The power prices sensitivities are applied for assets that have merchant exposure. The results for power prices sensitivities are available below. A variance of +/-10% is considered to be a reasonable range of
Page 23
alternative assumptions for power prices. For assets in construction, the Company has only sensitised the impact of foreign exchange fluctuations. A variance of +/-10% is considered to be a reasonable range of alternative assumptions for foreign exchange. The US terminal storage assets and the Brazilian solar PV assets are carried at the agreed sale consideration at 30 June 2026. Their carrying values are not sensitive to the discount rate, inflation, power price, operating expense or asset life assumptions, and therefore excluded from the sensitivities below. Both assets remain included in the foreign exchange sensitivity, as the sales consideration is denominated in US dollars and Brazilian reais respectively. The comparative sensitivities as at 31 December 2025 have not been restated. The analysis below shows the sensitivity of the investments value (and impact on NAV) to changes in key assumptions. All sensitivity calculations have been performed on the basis that each of the other assumptions remains constant and unchanged. As at 30 June 2026 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) Discount rate - Australian solar PV with battery storage assets (0.50)% 1,659 0.420.50% (1,559) (0.39) Discount rate - Brazilian hydro facility (1.50)% 14,603 3.691.50% (12,124) (3.06) Discount rate - Iberian and Swedish solar and onshore wind assets (0.50)% 354 0.090.50% (328) (0.08) Discount rate - UK flexible power with CCR asset (0.50)% 3,067 0.770.50% (2,851) (0.72) Discount rate - All -0.5% forDM*, -1.5%for EM* 19,683 4.97 +0.5% for DM,+1.5% for EM (16,862) (4.26) *DM: Developed Markets: UK, the US, Australia, Spain and Sweden *EM: Emerging Markets: Brazil As at 30 June 2026 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) Inflation - Australian solar PV with battery storage assets (1.00)% (4,493) (1.14)1.00% 4,643 1.17 Inflation - Brazilian hydro facility (1.00)% (12,911) (3.26)1.00% 14,753 3.73 Inflation - Iberian and Swedish solar and onshore wind assets (1.00)% (777) (0.20)1.00% 876 0.22 Inflation - UK flexible power with CCR asset (1.00)% (3,418) (0.86)1.00% 3,871 0.98 Long-term Inflation - All (1.00)% (21,598) (5.46)1.00% 24,143 6.10 As at 30 June 2026 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) Asset life - Australian solar PV with battery storage assets -1 year (1,494) (0.38)+1 year 481 0.12 Asset life - Brazilian hydro facility -1 year (2,227) (0.56)+1 year 2,128 0.54 Asset life - Iberian and Swedish solar and onshore wind assets -1 year (539) (0.14)+1 year 258 0.07 Asset life- UK flexible power with CCR asset -1 year (1,153) (0.29)+1 year 1,202 0.30 Asset life - All -1 year (5,413) (1.37)+1 year 4,070 1.03 As at 30 June 2026 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) Operating expenses - Australian solar PV with battery storage assets (5.00)% 813 0.215.00% (863) (0.22) Operating expenses - Brazilian hydro facility (5.00)% 1,241 0.315.00% (1,241) (0.31) Operating expenses - Iberian and Swedish solar and onshore wind assets (5.00)% 208 0.055.00% (211) (0.05) Operating expenses - UK flexible power with CCR asset (5.00)% 1,404 0.355.00% (1,369) (0.35) Operating expenses - All (5.00)% 3,666 0.935.00% (3,684) (0.93)
Page 24
As at 30 June 2026 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) Power Price - Australian solar PV with battery storage assets (10.00)% (7,080) (1.79)10.00% 6,283 1.59 Power Price - Brazilian hydro facility (10.00)% (3,492) (0.88)10.00% 3,492 0.88 Power Price - Iberian and Swedish solar and onshore wind assets (10.00)% (1,182) (0.30)10.00% 1,085 0.27 Power Price - UK flexible power with CCR asset (10.00)% (1,693) (0.43)10.00% 1,673 0.42 Power Price - All (10.00)% (13,446) (3.40)10.00% 12,533 3.17 As at 30 June 2026 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) FX (GBP:USD) (10.00)% 10,207 2.5810.00% (8,351) (2.11) FX (GBP:BRL) (10.00)% 19,721 4.9810.00% (16,135) (4.08) FX (GBP:AUD) (10.00)% 4,873 1.2310.00% (3,987) (1.01) FX (GBP:EUR) (10.00)% 3,915 0.9910.00% (3,203) (0.81) FX - All (10.00)% 38,715 9.7810.00% (31,676) (8.00) At 31 December 2025 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) Discount rate - US terminal storage assets (0.50)% 5,951 1.500.50% (5,521) (1.39) Discount rate - Australian solar PV with battery storage assets (0.50)% 1,525 0.390.50% (1,427) (0.36) Discount rate - Brazilian solar PV assets (1.50)% 2,025 0.511.50% (1,698) (0.43) Discount rate - Brazilian hydro facility (1.50)% 14,352 3.631.50% (11,874) (3.00) Discount rate - Iberian and Swedish solar and onshore wind assets (0.50)% 292 0.070.50% (269) (0.07) Discount rate - UK flexible power with CCR asset (0.50)% 2,845 0.720.50% (2,641) (0.67) Discount rate - All -0.5% forDM*, -1.5%for EM* 26,988 6.82 +0.5% forDM, +1.5%for EM (23,430) (5.92) *DM: Developed Markets: UK, the US, Australia, Spain, Sweden *EM: Emerging Markets: Brazil As at 31 December 2025 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) Inflation - US terminal storage assets (1.00)% (11,894) (3.01)1.00% 13,632 3.44 Inflation - Australian solar PV with battery storage assets (1.00)% (3,519) (0.89)1.00% 3,103 0.78 Inflation - Brazilian solar PV assets (1.00)% (1,676) (0.42)1.00% 1,937 0.49 Inflation - Brazilian hydro facility (1.00)% (12,331) (3.12)1.00% 14,101 3.56 Inflation - Iberian and Swedish solar and onshore wind assets (1.00)% (779) (0.20)1.00% 990 0.25 Inflation - UK flexible power with CCR asset (1.00)% (4,004) (1.01)1.00% 3,953 1.00 Long-term Inflation - All (1.00)% (34,204) (8.64)1.00% 37,716 9.53 As at 31 December 2025 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) Asset life - US terminal storage assets -1 year (2,258) (0.57)+1 year 2,151 0.54 Asset life - Australian solar PV with battery storage assets -1 year (707) (0.18)+1 year 615 0.16 Asset life - Brazilian solar PV assets -1 year (227) (0.06)+1 year 171 0.04 Asset life - Brazilian hydro facility -1 year (2,130) (0.54)+1 year 2,233 0.56 Asset life - Iberian and Swedish solar and onshore wind assets -1 year (276) (0.07)
Page 25
As at 31 December 2025 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) +1 year 262 0.07 Asset life - UK flexible power with CCR asset -1 year (1,067) (0.27)+1 year 879 0.22 Asset life - all -1 year (6,665) (1.68)+1 year 6,311 1.59 As at 31 December 2025 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) Operating expenses - US terminal storage assets (5.00)% 4,511 1.145.00% (4,509) (1.14) Operating expenses - Australian solar PV with battery storage assets (5.00)% 645 0.165.00% (808) (0.20) Operating expenses - Brazilian solar PV assets (5.00)% 655 0.175.00% (771) (0.19) Operating expenses - Brazilian hydro facility (5.00)% 2,908 0.735.00% (2,900) (0.73) Operating expenses - Iberian and Swedish solar and onshore wind assets (5.00)% 200 0.055.00% (193) (0.05) Operating expenses - UK flexible power with CCR asset (5.00)% 1,476 0.375.00% (1,505) (0.38) Operating expenses - All (5.00)% 10,395 2.635.00% (10,687) (2.70) As at 31 December 2025 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) Power Price - Australian solar PV with battery storage assets (10.00)% (4,914) (1.24)10.00% 3,679 0.93 Power Price - Brazilian hydro facility (10.00)% (15,015) (3.79)10.00% 14,043 3.55 Power Price - Iberian and Swedish solar and onshore wind assets (10.00)% (899) (0.23)10.00% 1,157 0.29 Power Price - UK flexible power with CCR asset (10.00)% (2,234) (0.56)10.00% 2,090 0.53 Power Price - All (10.00)% (23,063) (5.83)10.00% 20,969 5.30 As at 31 December 2025 Change ininput Changes infair value ofinvestments(£'000) Change inNAV pershare(pence) FX (GBP:USD) (10.00)% 14,202 3.5910.00% (11,620) (2.94) FX (GBP:BRL) (10.00)% 15,368 3.8810.00% (12,574) (3.18) FX (GBP:AUD) (10.00)% 4,117 1.0410.00% (3,369) (0.85) FX (GBP:EUR) (10.00)% 5,083 1.2810.00% (4,159) (1.05) FX - all (10.00)% 38,771 9.80 10.00% (31,721) (8.01) 7. Unconsolidated Subsidiaries The following table shows subsidiaries of the Company. As the Company is regarded as an investment entity, these subsidiaries have not been consolidated in the preparation of the financial statements. Investments Place of Business Ownership interestsas at 30 June 2026 VH ENRG UK Holdings Limited United Kingdom 100%Victory Hill Distributed Energy Investments Limited United Kingdom 100%Victory Hill Flexible Power Limited United Kingdom 100%Rhodesia Power Limited United Kingdom 100%Victory Hill USA Holdings LLC United States 100%Victory Hill Midstream Investments LLC United States 100%Victory Hill Midstream Energy LLC United States 100%Motus T1 LLC United States 100%Motus T2 LLC United States 100%Victory Hill Australia Investments Pty Ltd Australia 100%Victory Hill Distributed Power Pty Ltd Australia 100%Mobilong Solar Farm Pty Ltd Australia 100%Dunblane Solar Pty Ltd Australia 100%Dubbo Solar Project Pty Ltd Australia 100%Narrandera Solar Project Pty Ltd Australia 100%Coleambally East Solar Farm Pty Ltd Australia 100%Tabbita Solar Farm Pty Ltd Australia 100%Griffith Solar Pty Ltd Australia 100%VH Participacoes Hidreletricas do Brasil LTDA Brazil 98.25%Energest S.A. Brazil 100%Victory Hill Holdings Brasil S.A. Brazil 99.99%Energea Itaguaí I Ltda. Brazil 100%Energea Itaguaí II Ltda. Brazil 100%Energea Itaguaí III Ltda. Brazil 100%Energea Nova Friburgo Ltda. Brazil 100%
Page 26
Investments Place of Business Ownership interestsas at 30 June 2026 Energea Itabaiana Ltda. Brazil 100%Energea Redenção Ltda. Brazil 100% Energea Itaporanga Ltda. Brazil 100%Energea Bataguassu Ltda. Brazil 100%Energea Palmas S.A. Brazil 100%Energea Itacarambi Ltda. Brazil 100%Energea Vassouras I Ltda. Brazil 100%Energea Seropédica Ltda. Brazil 100%Energea Paraíba do Sul Ltda. Brazil 100%Energea Taquaritinga Ltda. Brazil 100%Energea Nova Cruz Ltda. Brazil 100%VH Spain Energy Investments SLU Spain 100%Fusgar Energy SL Spain 55%La Marquesa SL Spain 55%La Marquesa AZ SL Spain 55%Marquesona SL Spain 55%Fotoener SL Spain 55%Lingbo SPW AB Sweden 55%Elcano Unipessoal LDA Portugal 55%Sistemas Energeticos Saturno SL Spain 55%Feres Energy SL Spain 55%Alfa Lirae PV 7 SL Spain 55%Alfa Lirae PV 11, SL Spain 55%Solar Power Cosmo SL Spain 55% At 30 June 2026, the Company has one direct subsidiary and owns 100% of ENRG Holdings. The Company owns investments in the other entities per the table above through its ownership of ENRG Holdings. ENRG Holdings owns 100% of Victory Hill USA Holdings LLC, Victory Hill Australia Investments Pty Ltd, Victory Hill Distributed Energy Investments Limited and Victory Hill Flexible Power Limited and 98.25% of VH Participacoes Hidreletricas do Brasil Ltda. The Company's investments in Victory Hill Midstream Investments LLC, Victory Hill Midstream Energy LLC, Motus T1 LLC and Motus T2 LLC are held through Victory Hill USA Holdings LLC. These relate to the US terminal storage assets. The Company's investments in Brazilian solar PV assets are held through Victory Hill Distributed Energy Investments Limited, which holds 99.99% of Victory Hill Holdings Brasil S.A. The Company's investments in Energest S.A. are held through VH Participacoes Hidreletricas do Brasil LTDA. These relate to the Brazilian hydro facility. The Company's investments in Victory Hill Distributed Power Pty Ltd, Mobilong Solar Farm Pty Ltd, Dubbo Solar Project Pty Ltd, Narrandera Solar Project Pty Ltd, Tabbita Solar Farm Pty Ltd, Griffith Solar Pty Ltd, Coleambally East Solar Farm Pty Ltd and Dunblane Solar Pty Ltd are held through Victory Hill Australia Investments Pty Ltd. These relate to the Australian solar PV with battery storage assets. The Company's investments in Fusgar Energy SL are held through Victory Hill Spain Energy Investment S.L.U., which holds 80% of the economic and voting rights of Fusgar Energy SL. The Company's investment in Rhodesia Power Limited is held through Victory Hill Flexible Power Limited. These relate to the UK flexible power with CCR asset. 8. Other receivables As at30 June2026£'000 As at31 December2025£'000 Other receivables 97 97Prepayments 11 29 Total other receivables 108 126 The Directors have analysed the expected credit loss in respect of receivables and concluded that there was no material exposure for the period ended 30 June 2026 and 31 December 2025. 9. Cash and cash equivalents
Page 27
As at30 June2026£'000 As at31 December2025£'000 Cash and cash equivalents1 5,037 9,133 Total cash at bank 5,037 9,133 1 Includes money market investments of £1.4m (31 December 2025: £1.4m). 10. Accounts payable and accrued expenses As at30 June2026£'000 As at31 December2025£'000 Accounts payable and accrued expenses 392 382 Total accounts payable and accrued expenses 392 382 The Directors consider that the carrying amount of trade and other payables matches their fair value. 11. Share Capital Date Issued andfully paid Number ofshares Share Capital(a)£'000 Sharepremium(B)£'000 SpecialDistributableReserve(c)£'000 Total(a+B+c)£'000Opening balance 422,498,890 4,225 186,368 211,994 402,587 Buyback of ordinary shares - - - (1) (1) At 31 December 2025 (audited) 422,498,890 4,225 186,368 211,993 402,586 Opening balance 422,498,890 4,225 186,368 211,993 402,586 Cancellation of share premium account - - (186,368) 186,368 - Interim dividends paid during the period - - - (3,372) (3,372) At 30 June 2026 (unaudited) 422,498,890 4,225 - 394,989 399,214 Shareholders are entitled to all dividends paid by the Company and on a winding up, provided that the Company has satisfied all its liabilities, the Shareholders are entitled to all of the residual assets of the Company. As a result of adopting a B share scheme on 7 May 2026, the Company cancelled its share premium account. Under the scheme the Directors are authorised to allot and issue redeemable, fixed rate preference shares of £0.01 each ("B Shares") up to an aggregate nominal value of £450,000,000; no B Shares were issued, redeemed or cancelled during the period and none were in issue at 30 June 2026 (31 December 2025: nil). 12. Dividends Pence perOrdinaryshare TotalDividend Date paid Dividends paid during the reporting period: 1 July 2025 to 30 September 2025 1.45p £5.7m 8 January20261 October 2025 to 31 December 2025 1.45p £5.7m 8 April 2026Dividends declared but unpaid during the reporting period: 1 January 2026 to 31 March 2026 1.45p £5.7m 14 July 2026 13. Transactions with the Investment Manager and Related Parties Investment Manager Victory Hill is the Company's investment manager and AIFM with overall responsibility for the risk management and portfolio management of the Company, providing investment management services and ensuring compliance with the requirements of the AIFM Rules, subject to the overall supervision of the Board of Directors in accordance with the policies set by the Directors from time to time and the investment restrictions as set out in the Alternative Investment Fund Management Agreement ("AIFM Agreement"). The AIFM Agreement provides that the Company will pay to the Investment Manager a fixed monthly AIFM fee of £5,833, exclusive of VAT. The Company will also reimburse Victory Hill for reasonable expenses properly incurred by it in the performance of its obligations under the AIFM Agreement.
Page 28
The AIFM Agreement may be terminated by the Company or Victory Hill giving not less than twelve months' written notice. The AIFM Agreement may be terminated with immediate effect on the occurrence of certain events, including insolvency or in the event of a material and continuing breach. On 28 August 2025 shareholders of the Company voted in favour of an asset realisation strategy. The result of which is that the Company approved the new fee structure for the Company's investment manager, Victory Hill, to incentivise it to execute the new investment objective. The new fee structure comprises: 1. An annual fixed fee of £88,000. 2. A base management fee of £4.25m per annum for the three-year realisation period; and 3. A performance fee based on realisation proceeds in respect of the portfolio assets of the Company, plus any dividends paid by the Company from 28 August 2025 that are in excess of a hurdle (the "Hurdle"), which is calculated by reference to the proportion of the Company's "Reference NAV" at 31 December 2024, being £408,507,000 (103.21p per ordinary share). The Hurdle shall apply during the Realisation Period, based on the year during the Realisation Period in which a portfolio asset is deemed sold and/or a dividend is paid (as applicable), as follows: i. Year 1: 85% of Reference NAV ii. Year 2: 90% of Reference NAV iii. Year 3: 100% of Reference NAV The performance fee accrues on realisation proceeds and/or dividends to the extent these exceed the relevant Hurdle. Any dividend paid will be treated as a distribution of 100% of the relevant proportion of the Reference NAV. The performance fee rate, payable on proceeds in excess of the above Hurdles, is 0% if total returns to shareholders are below 85% of Reference NAV, 15% at 85%, 17.5% at 90%, and 20% at 95%. The fee accrues at the end of the realisation period or once the final asset is sold. Therefore Victory Hill only receives the accrued performance fee if: (1) the full portfolio is realised (excluding temporary investments), (2) total returns to shareholders reach at least £347.2m (85% of Reference NAV), and (3) shareholders have received their full net return. Directors The Directors have been entitled to aggregate annual remuneration (excluding expenses) of: For thesix-monthperiodended30 June2026£'000 For thesix-monthperiodended30 June2025£'000 Bernard Bulkin OBE 46 44Margaret Stephens (resigned 21 May 2025) - 28Richard Horlick 35 33Louise Kingham CBE 33 31Daniella Carneiro 33 31Patrick Firth 39 24 186 191 The Directors are not eligible for bonuses, pension benefits, share options or long-term incentive schemes. There is no amount set aside or accrued by the Company in respect of contingent or deferred compensation payments or any benefits in kind payable to the Directors. The Directors held the following beneficial interests in the ordinary shares of the Company as at 30 June 2026. As at 30 June 2026 Number ofordinaryshares held % ofordinaryshares inissue Bernard Bulkin OBE 68,181 0.02Richard Horlick 300,000 0.08Louise Kingham CBE 26,753 0.01Patrick Firth 22,000 0.01Daniella Carneiro - 0.00
Page 29
During the period, interest income totalling £4.0m (June 2025: £4.7m) was paid to the company in respect of the interest bearing loans between the Company and its subsidiaries. Other balances with related parties The Company entered into intercompany loan agreements with ENRG Holdings, which entered into further intercompany loan agreements with the following subsidiary companies: • Victory Hill Flexible Power Ltd £533,000 (31 December 2025: £200,000) • Victory Hill Australia Investments Pty Ltd A$nil (31 December 2025: A$11,491,205) • Victory Hill USA Holdings LLC US$nil (31 December 2025: US$nil) • Victory Hill Spain Energy Investments, S.L.U €nil (31 December 2025: €nil) As at the period end, the Company held a receivable from VH ENRG UK Holdings Limited of £nil (31 December 2025: £nil). 14. Contingent liabilities and commitments As part of the asset realisation strategy, the Company has agreed a Performance Fee arrangement with its investment manager, Victory Hill, which incentivises full realisation of the investment portfolio within the Realisation Period (29 August 2025 to 28 August 2028) and subject to a shareholder return hurdle which is based on NAV as at 31 December 2024. As at the reporting date, no present obligation exists and the outflow is not considered probable. Accordingly, no provision has been recognised. The potential financial effect is a liability of £11.2m based on the anticipated realisation timeline and using the 30 June 2026 NAV per sales values. The potential financial effect is sensitive to actual sale prices and timing, and the matter will be reassessed at each reporting date. 15. Earnings per share Earnings per share ("EPS") is calculated by dividing profit or loss for the period attributable to ordinary equity holders of the Company by the weighted average number of ordinary shares in issue from 1 January 2026 to 30 June 2026. Amounts shown below are both basic and diluted measures as there were no dilutive instruments in issue throughout the period. For the period ended 30 June 2026 For the period ended 30 June 2025 Revenue Capital Total Revenue Capital Total Earnings (£'000) 6,748 (8,881) (2,133) 12,382 (10,030) 2,352Weighted average number of ordinary shares 395,803,422 395,803,422 395,803,422 395,803,422 395,803,422 395,803,422EPS (p) 1.70 (2.24) (0.54) 3.13 (2.53) 0.60 16. Net asset value per share Net asset value per share is calculated by dividing the net assets attributable to ordinary equity holders of the Company by the number of ordinary shares outstanding at the reporting date. Amounts shown below are both basic and diluted measures as there were no dilutive instruments in issue throughout the current period. Period ended30 June2026 Year ended31 December2025 NAV (£'000) 391,211 404,822Number of ordinary shares 395,803,422 395,803,422 NAV per share (p) 98.84 102.28 17. Post balance sheet events The interim dividend of 1.45 pence per Ordinary Share declared on 26 May 2026 in relation to the period 1 January 2026 -31 March 2026, which was not recognised as a liability at 30 June 2026, was paid on 14 July 2026. Refer to Note 12 - Dividends. The agreement to sell the Company's two operating US liquid storage terminals to Victory Hill Midstream CV I, L.P., a newly established continuation vehicle ("CV") to be managed by Victory Hill, with a US-based secondaries investor focusing on North American energy investments as lead investor in the CV. Total sale price is $134 million, subject to customary closing conditions and two further conditions precedent that (i) alongside the agreed lead investor commitment, further funding is obtained from syndicate investors, and (ii) the asset's principal customer contract is renewed, both conditions to be secured within 90 days, with a possible further 60 day extension.
Page 30
The agreement to sell the Company's six operational solar PV assets located in Rio de Janeiro state with a total installed capacity of 11.7 MWp. The assets have been acquired by Energea Portfolio 2 LP, an operating company managed by the Company's operating partner for the assets is R$38.0 million (approximately £5.4 million), representing 92% of the assets' NAV as of 31 March 2026, comprising: • R$35.0 million payable at closing; and • R$3.0 million of deferred consideration, payable 12 months after signing, which will be adjusted by payments and associated costs related to labour claims against the construction contractors. There is a further performance-based earn out payable 12 months after signing should the Assets generate revenue above expectations. This additional earn out could be up to R$12 million in aggregate, with revenue target thresholds agreed for each asset. The remaining seven operational assets, contracted with Telefônica, are at an advanced stage in a separate sale process under exclusivity with a Brazilian strategic player in distributed generation. ALTERNATIVE PERFORMANCE MEASURES Alternative Performance Measures (APMs) are often used to describe the performance of investment companies although they are not specifically defined under IFRS. Calculations for APMs used by the Company are shown below. In reporting financial information APMs are not defined or specified under the requirements of IFRS. The Company believes that these APMs, which are not considered to be a substitute for or superior to IFRS measures, provide stakeholders with additional helpful information on the performance of the Company. The APMs presented in this report are shown below: NAV per share NAV per share is calculated by dividing the Company's NAV by the total number of outstanding shares at period end. Page NAV as at 30 June 2026 391,211,171 Total number of outstanding shares as at 30 June 2026 395,803,422 NAV per share 3 98.84 Ongoing charges A measure expressed as a percentage of average net assets, of the regular, recurring annual costs of running an investment company, calculated in accordance with the AIC methodology. Page Average undiluted NAV (in £'000) 407,337 Recurring costs in previous one year period (in £'000) 6,482 Ongoing charges 1.59% Total return A measure of performance that includes both income and capital returns. This takes into account capital gains and reinvestment of any dividends paid out by the Company, with reinvestment on ex-dividend date. Period ended 30 June 2026 NAV Opening as at 1 January 2026 a 102.28Closing as at 30 June 2026 b 98.84Dividends paid during the period 2.90 Dividend adjustment factor c 1.0310Adjusted closing d = b x c 101.91 Total return for the period (%) d / a - 1 (0.36)% From IPO to 30 June 2026 NAV Opening as at 2 February 2021 a 98Closing as at 30 June 2026 b 98.84Dividends paid to date since IPO 24.90 Dividend adjustment factor c 1.3181Adjusted closing d = b x c 130.28Total return since IPO (%) e = d/a - 1 32.94%Number of years since IPO f 5.41 Total annualised NAV return since IPO (%) (1 + e)^(1/f)-1 5.41%
Page 31
Dividend cover The dividend cover ratio is calculated by dividing the cash available for distribution by the dividends paid during the period ended 30 June 2026. Cash available for distribution comprises underlying asset earnings (post tax and profit share), net of interest expense and fund expenses. Dividend cover Cash available for distribution (£'000) 20,742 Interest service cost (£'000) 792 Fund expenses (£'000) 3,590 Net cash available for distribution (£'000) 16,361 Dividends paid (£'000) 11,478 Dividend cover 1.43x Gearing The total leverage percentage is calculated by dividing the GBP value of the debt held in the US terminal storage assets and the Iberian and Swedish solar and wind assets by the net asset value of the fund as at 30 June 2026. Gearing Page Debt (£'000) 57,296 Fund NAV (£'000) 3 391,211 Leverage 3 14.6% Glossary AIC Association of Investment Companies AIFM Alternative Investment Fund Manager (Victory Hill CapitalPartners LLP) COD Commercial Operations Date Company VH Global Energy Infrastructure plc Discount The amount, expressed as a percentage, by which the shareprice is less than the net asset value per share Distribution Distributions consist of dividends, interest and returns ofcapital Dividend Income receivable from an investment in shares EPC Engineering, procurement and construction ESG Environmental, social and governance EU European Union Ex-dividend date The date from which you are not entitled to receive a dividendwhich has been declared and is due to be paid toshareholders Financial Conduct Authority The independent body that regulates the financial servicesindustry in the UK Gearing A way to magnify income and capital returns, but which canalso magnify losses GHG Greenhouse gases Investment Manager / Victory Hill Victory Hill Capital Partners LLP Investment Company A company formed to invest in a diversified portfolio of assets Investment Trust An investment company which is based in the UK and whichmeets certain tax conditions which enables it to be exemptfrom UK corporation tax on its capital gains. The Company isan investment trust IPO Initial Public Offering MW Megawatt MWh Megawatt hour NAV per ordinary share NAV divided by the number of ordinary shares in issue(excluding any shares held in treasury) Net asset value or NAV An investment company's assets less its liabilities OECD Organisation for Economic Co-operation and Development Ongoing charges The 'ongoing charges' ratio is an indicator of the costsincurred in the day-to-day management of the Company,expressed as a percentage of average net assets. This ratiocalculation is based on Association of Investment Companies('AIC') recommended methodology Ordinary shares The Company's ordinary shares in issue PPA Power Purchase Agreement PV Photovoltaic SDG UN Sustainable Development Goals SFDR Sustainable Finance Disclosure Regulation
Page 32
Share premium The amount, expressed as a percentage, by which the shareprice is more than the net asset value per share Share price The price of a share as determined by a relevant stockmarket TCFD Task Force on Climate-Related Financial Disclosures COMPANY INFORMATION Non-executive Directors Bernard Bulkin OBE (Chair) Daniella Carneiro Richard Horlick Louise Kingham CBE Patrick Firth Registered office 5th Floor 20 Fenchurch Street London EC3M 3BY Investment Manager Victory Hill Capital Partners LLP 46a Great Marlborough Street, London W1F 7JW United Kingdom Corporate Broker Deutsche Numis Securities Limited 21 Moorfields London EC2Y 9DB Legal adviser Eversheds Sutherland (International) LLP One Wood Street London EC2V 7WS Administrator and Company secretary Ocorian Administration (UK) Limited 5th Floor 20 Fenchurch Street London EC3M 3BY Depositary Ocorian Depositary (UK) Limited 5th Floor 20 Fenchurch Street London EC3M 3BY
Page 33
Registrar Computershare Investor Services PLC The Pavilions Bridgwater Road Bristol BS99 6ZY Auditor BDO LLP 55 Baker Street London W1U 7EU Company number: 12986255 Country of incorporation: England and Wales This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authorityto act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this informationmay apply. For further information, please contact rns@lseg.com or visit www.rns.com. RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the informationcontained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. Forfurther information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy. END