US Solar Fund Plc · LSE:USF
US Solar Fund — Investor Presentation (May 2026)
40 slides from US Solar Fund's investor presentation, May 2026
Slide 1: US Solar Fund plc Shareholder Presentation May 2026
US Solar Fund plc SHAREHOLDER PRESENTATION MAY 2026 Granger (Heelstone portfolio), California
Slide 2: Disclaimer
Disclaimer The information in this document has been prepared at the direction of US Solar Fund PLC (“USF” or the "Company") solely Where the Statements are graphical such words are implied in that information through the shape and size of graphed for use as an information presentation about USF. U
Slide 3: Contents
Contents Q1 2026 Updates Pages 4-10 Potential Portfolio Sale Page 5 Portfolio Performance Update Pages 6-9 Note on Additional Disclosures Pages 10 Appendix – 2025 Annual Results Presentation Pages 11-39 Contacts Page 40
Slide 4: Q1 2026 Updates
Q1 2026 Updates Progress Solar II (Granite Portfolio), North Carolina
Slide 5: Potential portfolio sale | Award of exclusivity
Potential portfolio sale | Award of exclusivity On 18 May 2026, the Company announced that is had received a non-binding letter of intent in respect of the proposed sale of its entire portfolio of solar generation assets and has agreed to grant an exclusivity period of 90 days. ♦ The Board of the Co
Slide 6: 2026 Q1 performance update
2026 Q1 performance update Total generation performance for Q1 2026 was -8.8% below the unadjusted forecast, comprising +0.5% outperformance due to higher than forecast solar irradiance, and -9.3% underperformance due to technical (non-weather) factors. ♦ Technical performance improved due to comple
Slide 7: 2025 technical outages by asset - Update
2025 technical outages by asset - Update The table below provides commentary and updates to the technical outages that were outstanding as at the end of the prior quarter. Asset Portfolio Location % 2025 losses Primary cause 1. Turkey Hill Heelstone Oregon -1.5% Extended supplier lead time; failed p
Slide 8: 2026 Q1 technical outages by asset
2026 Q1 technical outages by asset The table below shows the major contributors to technical underperformance in the current quarter. % Q1 2026 Asset Portfolio Location Primary cause losses 1. Milford Solar 1 Milford Utah -2.1% Elective transformer outage & frequent low impact outages 2. Dairy Heels
Slide 9: Illustrative 2024 & 2025 Cash Reconciliation
Illustrative 2024 & 2025 Cash Reconciliation The decision to pause the dividend pending operational improvement was informed by scenario analysis of the operational cashflows and cash balances held by the company. A reconciliation of the cash movements for the prior two financial years is shown belo
Slide 10: Additional Disclosures
Additional Disclosures In addition to the usual disclosure provided, the Company will provide the interest payments associated with the debt as a separate line item. ♦ The Board of the Company and Manager have considered additional disclosures and will provide the interest payable on senior debt fac
Slide 11: Annual Results Presentation
Annual Results Presentation US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 19 MARCH 2026 County Home (Heelstone Portfolio), North Carolina
Slide 12: Key messages
Key messages 1 Continued to improve financial flexibility and remove risk The refinancing, tax-equity buyouts and reviews of insurance and property tax completed during the period removed near-term refinancing risk and established a simplified capital structure, strengthening the Company’s financial
Slide 13: 2025 performance: Financial highlights
2025 performance Financial highlights $186.2m $104.7m $0.60 (13.4%) Net Asset Value (NAV) Market capitalisation NAV per share NAV total return1 31 December 2024: $194.2m 31 December 2024: $132.4m 31 December 2024: $0.63 31 December 2024: (13.4%) $7.9m 0.96X 1.20x 2.25 cents Dividends to shareholders
Slide 14: 2025 performance continued: Operational and environmental highlights
2025 performance continued Operational highlights Environmental highlights 41 443MWDC 434,100 Operating solar assets Total capacity tCO2 emissions avoided 31 December 2024: 41 31 December 2024: 443MWDC 31 December 2024: 448,600t 676GWh 9.9years 65,600 Total electricity generation Weighted average PP
Slide 15: Financial flexibility and removing risk
Financial flexibility and removing risk Portfolio refinancing ♦ New portfolio-level financing was secured, eliminating refinancing requirements across 2026, 2027 and 2028. This removed a significant near-term refinancing risk and was executed in constructive market conditions, strengthening financia
Slide 16: 2025 technical outages by cause
2025 technical outages by cause 2025 saw the emergence of issues that had not previously been significant contributors to underperformance, including increased grid outages, supply chain (OEM) issues and theft-related incidents. Performance in relation to these factors improved in the second half of
Slide 17: 2025 unplanned outages
2025 unplanned outages Unscheduled outages contributed materially to the 11.3% non-weather-related variance. These included grid-related outages and incidents of theft-related damage, both of which affected asset availability during the period. % of P50 generation 2024 2025 Unplanned outages (7.9%)
Slide 18: Changes to US energy, trade and economic policy
Changes to US energy, trade and economic policy 2025 was a year of significant transition and heightened uncertainty across the US energy market, driven by a rapidly evolving federal policy environment and a broad reset of energy, trade, and economic priorities. A series of executive actions, legisl
Slide 19: Financial Performance
Financial Performance US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 19 MARCH 2026 Milford, Utah
Slide 20: NAV movements (US$m)
NAV movements (US$m) Dividends paid Changes in tax assumptions Changes in macroeconomic Changes in merchant curves Dividends of $7.9m were paid Includes changes to property tax assumptions Over the course of the year, third party during the year. assumptions and includes the Includes changes to infl
Slide 21: Revised generation assumptions
Revised generation assumptions In light of 2025 operating performance and the status of ongoing remediation activities, the Investment Manager, in consultation with the Board, has updated generation assumptions for purposes of portfolio valuation. Portfolio-wide generation forecasts for 2026 and 202
Slide 22: NAV movements (US$m)
REPEAT OF PAGE 20 NAV movements (US$m) Dividends paid Changes in tax assumptions Changes in macroeconomic Changes in merchant curves Dividends of $7.9m were paid Includes changes to property tax assumptions Over the course of the year, third party during the year. assumptions and includes the Includ
Slide 23: Electricity price forecasts
Electricity price forecasts Merchant energy, capacity and REC curves have increased in the current period when compared to 31 December 2024. ♦ Future energy, capacity and Merchant Electricity Power Price Forecast (Capacity Weighted) REC prices are provided by 100% 70 two separate advisors ♦ USF util
Slide 24: NAV movements (US$m)
REPEAT OF PAGE 20 NAV movements (US$m) Dividends paid Changes in tax assumptions Changes in macroeconomic Changes in merchant curves Dividends of $7.9m were paid Includes changes to property tax assumptions Over the course of the year, third party during the year. assumptions and includes the Includ
Slide 25: Portfolio discount rate
Portfolio discount rate The discount rate is derived by the Independent Valuer based on various reference points including market transaction evidence and implied execution discount rates. 30 June 31 Dec 30 June 31 Dec 30 June 31 Dec Variable 2023 2023 2024 2024 2025 2025 NAV $284.2m $258.2 $230.4m
Slide 26: Dividend cover
Dividend cover Dividends of $6.9 million were declared during the period, resulting in an operational dividend cover of 0.96x and total dividend cover of 1.20x. Illustrative Impact of ♦ On a dividends payable basis, Year ended Year ended $’m* improved operational 2024 2025 operational dividend cover
Slide 27: Operational Performance
Operational Performance US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 19 MARCH 2026 Progress Solar II (Granite Portfolio), North Carolina
Slide 28: Portfolio weather and non-weather-related performance
Portfolio weather and non-weather-related performance Porfolio Generation Variance from Forecast due to Weather (Quarterly) 20.0% 15.0% % Variance to Forecast 10.0% 5.0% 0.0% Average: -1.2% -5.0% -10.0% -15.0% -20.0% Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 2020 2020 2020
Slide 29: 2025 portfolio performance
2025 portfolio performance Overall generation of the Company’s portfolio was 11.7% below budget, with 0.4% attributable to below forecast solar irradiance, and 11.3% attributable to unscheduled outages and other non-irradiance related factors. Quarterly Generation Variance (FY25) 765 762 676 Generat
Slide 30: 2025 technical outages by asset
2025 technical outages by asset Technical outages were the primary driver of losses across the portfolio in 2025. Approximately half of the 11.3% variance was attributable to 7 assets. Approximately 70% of the 11.3% variance was attributable to 15 assets. Asset Portfolio Location % 2025 losses Prima
Slide 31: Capital investment initiatives
Capital investment initiatives Underperformance associated with the seven assets previously identified for capital investment contributed approximately 2.4% to unplanned outages in 2025. The status of the proposed capital initiatives is summarised in the table below. Size Asset (MWdc) Issue Status a
Slide 32: Revised generation assumptions
REPEAT OF PAGE 21 Revised generation assumptions In light of 2025 operating performance and the status of ongoing remediation activities, the Investment Manager, in consultation with the Board, has updated generation assumptions for purposes of portfolio valuation. Portfolio-wide generation forecast
Slide 33: Responsible investment
Responsible investment US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 19 MARCH 2026 Milford, Utah
Slide 34: Responsible investment
Responsible investment The Company is focused on sustainability, both in its driving purpose as an investor in solar generation capacity and in the way it manages its investments The Company draws on the Sustainable Development Goals to demonstrate the positive environmental and social characteristi
Slide 35: Outlook
Outlook US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 19 MARCH 2026 Red Oak (Heelstone Portfolio), North Carolina
Slide 36: 2026 Priorities
2026 Priorities Deliver financial resilience and disciplined capital allocation ♦ Maintain a resilient balance sheet and liquidity flexibility within the simplified capital structure ♦ Allocate capital selectively toward initiatives that enhance asset performance and reliability ♦ Reassess dividend
Slide 37: Appendices
Appendices US SOLAR FUND PLC 2025 ANNUAL RESULTS PRESENTATION 19 MARCH 2026 West Hines (Euryalus Portfolio), Oregon
Slide 38: NAV sensitivity analysis
NAV sensitivity analysis The key assumptions the Directors believe would have a material impact on the fair value of the investments are set out below Changes in Cents Per Share Electricity production (P90/P10) (17.16%) (10.38) 9.15 15.13% Electricity prices (-/+ 10%) (11.78%) (7.13) 7.00 11.57% Dis
Slide 39: Historic NAV
Historic NAV NAV* per share ($) since inception Dec-19 Jun-20 Dec-20 Jun-21 Dec-21 Jun-22 Dec-22 Jun-23 Dec-23 Jun-24 Dec-24 Jun-25 Dec-25 $0.97 $0.96 $0.97 $0.94 $0.98 $0.97 $0.96 $0.86 $0.78 $0.75 $0.63 $0.65 $0.60 1 0.95 0.9 0.85 0.8 0.75 0.7 0.65 0.6 0.55 0.5 Apr-20 Apr-21 Apr-22 Apr-23 Apr-24 A
Slide 40: Contacts
Contacts INVESTMENT MANAGER Amber Infrastructure Investment Advisor, LLC | info@ussolarfund.co.uk Investor Relations: Meredith Frost | Telephone: +44 207 939 0550 | Meredith.Frost@amberinfrastructure.com CORPORATE BROKER Cavendish Capital Markets Limited | Telephone: +44 20 7397 8900 PUBLIC RELATION