Slide 1: Marshalls Viridian Solar: Building Tomorrow's World
Building Tomorrow’s World Marshalls Building Tomorrow’s World Viridian Solar 1
Slide 2: Agenda
Agenda Session 1 Welcome Matt Pullen Company History and Strategy Stuart Elmes Clearline fusion Roof Integrated Solar Jamie Berryman Supply Chain and Customer Support Bruce Hill The Market Opportunity Stuart Elmes Q&A Break and Product Demonstration Session 2 Human Rights Due Diligence KT Tan ArcBox
Slide 3: Best in class technical and design support
Best in class technical and design support Our purpose: Our strategy: Building Tomorrow’s World Transform & Grow Carbon Customers Leading who value our unique leadership set of capabilities brands Business excellence Leadership in ESG Great place to work 2-4% market outperformance 15% operating marg
Slide 4: Our Transform & Grow strategy requires each part of our business to deliver
Building Tomorrow’s World Our Transform & Grow strategy requires each part of our business to deliver against core strategic imperatives Portfolio role Business units Strategic imperative Marshalls Drive greater value from distinctive national specification pull model Landscaping Brand Powerhouses
Slide 5: Today's team
Today’s team Stuart Elmes Jamie Berryman Bruce Hill Dr K T Tan Chief Executive Chief Sales Officer Operations Director Chief Technical Officer Viridian Solar Viridian Solar Viridian Solar Viridian Solar 5
Slide 6: Viridian Solar: How We Got Here, Where We're Going
Viridian Solar How We Got Here Where We’re Going Stuart Elmes CEO
Slide 7: The Start-up Years
The Start-up Years The business was founded in 2004, starting off with the development of a roof integrated solar heating panel for new build housing. The original team remains in place today, as excited as ever about the future potential for the business. 7
Slide 8: Product Evolution
Product Evolution 2007 2010 2015 Clearline Clearline PV Clearline fusion Roof integrated solar thermal panels Roof integrated solar photovoltaic panels Roof integrated solar photovoltaic panels The solar water heating product was launched in 2007 and quickly established a strong position in social h
Slide 9: Accessories
Accessories After the solar panels the most valuable component of a We launched an own-brand inverter in 2023 and Also launched in 2023 is ArcBox, a solar safety product. solar system is the inverter, which converts the direct it has been well received by developers who This will be covered in much
Slide 10: Scale and Mix
Scale and Mix Market Share Share of Group Revenue by End Revenue by Product Revenue Market Category 1% 4% 6% 4% 12% Main Competitor 45-50% 2024 £39M 87% 92% Viridian Solar 40-45% 94% Viridian Solar New housing Estimated Share of UK Other BUs Roof Integrated Solar Roof Integrated Solar Market Housing
Slide 11: Strategic Priorities
Strategic Priorities Medium term revenue growth target + 8-12% Construction market outperformance 1 Optimise share and margin from new 2 Grow revenue and profit from solar accessories build roof integrated solar Our number one strategic priority is to keep giving our customers You’re also going to h
Slide 12: Clearline fusion
Clearline fusion Jamie Berryman CSO 1 Strategic Priority
Slide 13: Why Roof-Integrated?
Why Roof-Integrated? • Bird Infestation, nuisance and sanitation • Sequencing on site • Subsequent roof maintenance • Offset roof covering cost Very few housebuilders use above-roof solar PV for pitched roofs. Roof integrated brings many benefits including better sequencing of trades, offset costs a
Slide 14: Aesthetics
Aesthetics And of course, since the homes are to be sold, the aesthetics plays a big part. Roof integrated solar sits lower on the roof looking like an intentional part of the design and not a bolt-on. 14
Slide 15: Housebuilders
Housebuilders UK We work with all of the UK’s major Many of our group deals are longstanding, More recently we added group deals housebuilders. We have group for example - Persimmon (2017), Bloor with Crest and Miller. deals with many, and some of (2018), Keepmoat (2018), Bellway (2019), these are s
Slide 16: Routes to Market
The housebuilder purchases as Marley has strong links into the part of a supply and fit package roofing channels and also Routes to Market with a subcontractor, which may specification selling into Social be from an electrical, roofing or Housing RMI. renewables specialism. Key influencers on specif
Slide 17: 3rd Party Confirmation of Product Durability
The patented product has a range of unique benefits compared to competitors and different participants in the value chain find different aspects appealing. Clear compliance with building regulations for fire safety from proprietary full system The highest rated wind loading of any roof integrated so
Slide 18: Design Service
Design Service Currently > 6,000 plots/month for • Group Deal Customers • Installation Partners • Private Householders Our group deal customers particularly value our wrap-around technical support service offering site assessments, and plot by plot roof layout designs. We believe that we are holding
Slide 19: Ready for More
Ready for More The Future Homes Standard and innovative approaches such as the Octopus Zero Bills package for new homes are driving demand for even higher power from each roof – exemplified by the image in the right where every roof elevation used for solar. Our latest panel, launched this month has
Slide 20: Supply Chain and Customer Service
Supply Chain and Customer Service Bruce Hill, Operations Director 1 Strategic Priority
Slide 21: Key Suppliers
Key Suppliers We will look in more detail later at how China dominates the solar supply chain. Solar panels and roofing kits are manufactured by high tech subcontract factories in China to our patented Panel Manufacture designs. Roofing kit manufacture is completely separated from solar panels, givi
Slide 22: Viridian Solar Ltd Cambridge, UK HQ
Products are warehoused on site here in Papworth and at the Marshalls Sandy site for the UK market. For EU customers we can Viridian Solar Ltd import direct, with a legal presence in the Netherlands Cambridge, UK HQ Design office Training Centre Warehouse 2,400 m2 Viridian Solar BV Sandy, Marshalls
Slide 23: Maintaining a Reputation for Quality
Maintaining a Reputation for Quality Our products command a price premium and we are extremely COVERAGE OUTPUT conscious that to successfully execute our strategy we must keep product quality very high. Factory Internal QC 100% of time Panel Defect Rate Product Quality Report Supplier Inspections 10
Slide 24: Local Training and Technical Support
Local Training and Technical Support On-site Training Experience Centre Netherlands Experience Centre UK Another way we are supporting the achievement of On site, and here in our Experience Centre we have TRAINED IN LAST 2 YEARS our strategic objective is to support installers in trained hundreds of
Slide 25: UK Building Regulations
UK Building Regulations Stuart Elmes CEO 1 Strategic Priority
Slide 26: UK Building Regulations Driving Uptake
UK Building Regulations Driving Uptake Viridian Solar Revenues (£m) England’s Building Regulations Transition is now well Underway 100% Percentage of Lodgments to Part L 2021 (SAP10) Source: Future Homes Hub/ Elmhurst Energy 50% 0% 2024 2025 (forecast) 2015 Regulations 2021 Regulations Scotland Engl
Slide 27: The Size of the Opportunity (2015)
The Size of the Opportunity 2015 Houses with solar • Solar on around 10% of new Annual housebuilding homes prior to 2015 England and Wales Scotland 27
Slide 28: The Size of the Opportunity (2021)
The Size of the Opportunity 2021 Houses with solar • Solar on around 10% of new Annual housebuilding homes prior to 2015 • 2015 regulations in Scotland England and Wales resulted in around 80% solar penetration Scotland 28
Slide 29: The Size of the Opportunity (2026)
The Size of the Opportunity 2026 Houses with solar • Solar on around 10% of new Annual housebuilding homes prior to 2015 • 2015 regulations in Scotland England and Wales resulted in around 80% solar penetration • Ongoing transition to similar regulations in England and Wales is driving a rapid expan
Slide 30: The Size of the Opportunity: Roof integrated solar
The Size of the Opportunity Roof integrated solar 2026 Houses with solar • Solar on around 10% of new Annual housebuilding homes prior to 2015 • 2015 regulations in Scotland England and Wales resulted in around 80% solar penetration • Ongoing transition to similar regulations in England and Wales is
Slide 31: The Size of the Opportunity: Per 100,000 homes built
The Size of the Opportunity Per 100,000 homes built 2026 80% with solar • Solar on around 10% of new homes prior to 2015 • 2015 regulations in Scotland resulted in around 80% solar penetration 64,000 homes x 2kWp x £600/kWp • Ongoing transition to similar 64% with roof integrated solar regulations i
Slide 32: The Future Homes Standard – As Announced
The Future Homes Standard – As Announced Per 100,000 homes built FHS 90% with solar 72% with roof integrated solar 72,000 homes x 3.75kWp x £600/kWp • Solar to be a Functional Requirement • Solar Energy UK estimates 10% may Opportunity = £162m/year be exempt • kWp = 40% of ground floor area/4.5 for
Slide 33: Q&A
—y Xviridian Qa we ¢ 10 minutes 33
Slide 34: Break & Installation Demonstration
Break & Installation Demonstration • 45 minutes with coffee/cake 34
Slide 35: Human Rights Due Diligence
Human Rights Due Diligence Dr K T Tan CTO 1 Strategic Priority
Slide 36: Human Rights Concerns Emerge
Human Rights Concerns Emerge January 2021 May 2021 December 2023 April 2025 Media articles and research reports increasingly appeared from 2021 raising concerns that parts of the solar supply chain might be tainted with forced labour. The focus of the reports has been the supply chain for polysilico
Slide 37: The Solar Supply Chain
The Solar Supply Chain Tier Tier Tier Tier Tier Tier Tier Tier 8 7 6 5 4 3 2 1 Metallurgical Solar Grade Quartz Silicon Grade Silicon Silicon Ingot Silicon Wafer Solar Cell Solar Panel Polysilicon (MGS) MGS powder is The solar panel is Cylindrical Doping Quartz is smelted to Silicon is ground and co
Slide 38: Concentration in China
Concentration in China Tier Tier Tier Tier Tier Tier Tier Tier 8 7 6 5 4 3 2 1 Metallurgical Solar Grade Quartz Silicon Grade Silicon Silicon Ingot Silicon Wafer Solar Cell Solar Panel Polysilicon (MGS) The charts show the world share of manufacturing for different stages in the solar supply chain.
Slide 39: Marshalls PLC Track Record
Marshalls PLC Track Record Marshalls PLC has a strong track record in Human Rights due diligence stemming from its work on the responsible sourcing of sandstone from India. The group has a dedicated ESG team including a Human Rights specialist who has been assisting Viridian Solar with this challeng
Slide 40: The Challenge
The Challenge AREA OF MOST CONCERN If each of your suppliers has two or three suppliers and this carries on up the chain the numbers quickly become enormous, as shown in this figurative diagram. Most businesses only know their immediate suppliers, and possibly those one tier further up the chain – f
Slide 41: Our Approach
Our Approach MAPPING, INSPECTION VISITS THIRD PARTY AUDIT Since 2022 we have been working our way back through the tiers of our solar supply chain. The further up the tiers you go, the less direct influence you have with suppliers as you represent less and less of their trading. Our long and trustin
Slide 42: Inspection Visits
Inspection Visits Tier 8 Tier 6 Tier 4 Tier 2 Tier 7 Tier 5 Tier 3 Tier 1 In four separate trips to China over this period, our team has visited six Chinese provinces and inspected production facilities in all eight tiers of production – most recently visiting a quartz mine. 42
Slide 43: Locations
Locations We have identified every producer in the first seven tiers of our supply chain. The map shows the location of every identified producer, all of which are outside the XUAR. Solar Panel / Mounting Kit / This year we visited our first Inverters mining site (tier 8),and mapping continues. Sola
Slide 44: Our Approach
Our Approach Solar Grade Polysilicon We have now signed sourcing agreements with our suppliers that specifies that materials can only enter our supply chain via these agreed manufacturing locations. These agreements cover the first five tiers – and ensure that the polysilicon used to make Clearline
Slide 45: Improving Solar Safety
2 Improving Strategic Priority Solar Safety Risk Reduction Through Specification V 1.1
Slide 46: Context - Solar is a Very Safe Technology
Context - Solar is a Very Safe Technology Fires per year per million appliances (England 2010-21) Solar is a safe technology. 85 A UK based fire study by the BRE found 33 fires that initiated in a Solar PV solar PV system over a 30-month period from 2015-2018. A Fires per year per million research p
Slide 47: But in Sufficient Numbers…
But in Sufficient Numbers… But…a low probability event, when multiplied by a large number of installations can still happen. World Record Attempt for longest distance bullseye 47
Slide 48: Commercial Flat Roof
Commercial Flat Roof And because of the extensive Lidl Distribution Centre, Waterworth Road in Peterborough nature of solar installations, the 23/02/2024 results can be devastating. 48
Slide 49: 2025 St Michael's Hospital, Bristol
2025 St Michael’s Hospital, Bristol St Michael’s Maternity Hospital, Bristol 22/05/2025 This recent example made national news as it forced an evacuation from a busy maternity hospital in Bristol 49
Slide 50: Potential Causes of Connector Failure
Potential Causes of Connector Failure The solar panel electrical Panel connectors are assembled Site made connectors are connectors have been linked to a in the factory, but the connectors considered higher risk high proportion of fires. for the cables that go back to the Site-Made inverter are asse
Slide 51: ArcBox
ArcBox We came up with ArcBox - a simple, low-cost connector enclosure that protects a connector from some of the external risks and prevents an arc fault developing into a fire should a faulty connector start arcing. 51
Slide 52: Coverage Options
Coverage Options Every DC Connector in Installation Maximum reduction of associated risks Higher-Risk Connectors Only The solution favoured by many solar installers as balancing risk reduction and cost 52
Slide 53: Effectiveness Confirmed in Independent Tests
Effectiveness Confirmed in Independent Tests Tests of ArcBox with combustible plastic tray roof integrated solar PV Flat roof solar without ArcBox – rapid at the Kiwa BDA Testing B.V. Fire Safety and Security Laboratory. spread of fire from arcing connector to Arcing connectors without ArcBox quickl
Slide 54: ArcBox – Sizing the Opportunity
ArcBox – Sizing the Opportunity EU Addressable Market Current Revenue Split Estimate 5% ArcBox Patent LTM £2.2M £92m Coverage 95% 65GWp installed in 2024, 59% Rooftop Application (Solar Power Europe) UK Granted 500Wp/panel = 77m panels Rest of World UK Assume only rooftop and only high-risk UK <0.5%
Slide 55: Summary
© Nviridian w SS
Slide 56: Strategic Priorities
Strategic Priorities Medium term revenue growth target + 8-12% Construction market outperformance 1 Optimise share and margin from new 2 Grow revenue and profit from solar accessories build roof integrated solar I hope that in today’s presentation we have been able to convey The two strategic priori
Slide 57: Viridian Solar
Viridian solar
Slide 58: ArcBox Demo
ArcBox Demo 58