2025
eEnergy Group plc
Annual Report & Accounts
About us
Move faster towards Net Zero.Our purpose.
We turn the Net Zero mission into action
for businesses and public sector organisations. With rising costs and increasing demands,
we eliminate barriers to sustainable energy-leveraging technology, funding and expertise to make the transition seamless.
Our aim.
Net Zero isn't just an ambition; it's a profitable reality. We make sustainability work for our customers, ensuring cost savings and strong returns. With 1,300+ customers, we empower organisations to meet Net Zero goals sustainably, profitably and decisively.
Our vision.
Creating a world where achieving Net Zero
is possible and profitable for all organisations.
Our mission.
Eliminating energy waste and making Net Zero a profitable reality.
Contents
Strategic report 01 Highlights 02 At a glance
03 Chair's statement
05 Our investment case
06 CEO's statement
08 Key performance indicators
10 CFO overview
13 Our strategy
14 Business model
16 Our markets
24 Reducing carbon
26 Principal risks and uncertainties
27 Stakeholder engagement
28 Environmental, social and governance ('ESG')
Governance
33 Corporate governance statement
36 Board of Directors
38 Directors' Remuneration Report
40 Group Directors' Report
Statement of Directors' Responsibilities
Financial statements
Report of the Independent Auditor to the members of eEnergy Group plc
Consolidated statement of comprehensive income
Consolidated statement of financial position
Company statement of financial position
Consolidated statement of cashflows
Consolidated statement of changes in equity
Company statement of changes in equity
Notes to the financial statements
Corporate information
94 Officers and advisers
Highlights
Financial. Operational
Strategic report
achievements.
Revenue
(continuing operations)1,2 £m
£19.0m2025 | £19.0m 2025 | £2.2m | cost control, improved operational | |||
2024 | £22.5m | 2024 | £(0.7)m | efficiency and stronger financial discipline.
| ||
2023 | £14.7m | 2023 | £(6.4)m | Contracted and awarded forward | ||
order book reached £14.0m at year end, double the level at the start of the year. Investment-grade pipeline increased | ||||||
(16)% (2024: £22.5m)
Net Debt 3,4
£m
£(0.4)m£(0.4)m
)m
+£1.0m (2024: £(1.4)m)
Adjusted EBITDA (continuing operations)1,2 £m
£2.2m+2.9m (2024: £(0.7)m)
Net Cashflow
from operating activities1 £m
£2.8m+£19.4m (2024: £(16.6)m)
Improved profitability, stronger cash discipline: Following the adoption of a more conservative revenue recognition policy, the Group reported revenue of
£19.0m and Adjusted EBITDA of £2.2m. Net cash inflow from operating activities was positive at £2.8m, reflecting tighter
to £127.0m, giving the Group greater visibility and supporting confidence in future revenue conversion.
Largest ever single solar project win: The Group secured its largest single solar award to date, a £2.0m ground-mount Solar PV installation at a UK golf course.
2025
2024
2023
£(6.9)m
£(1.4
2025
2024
2023
£(16.6)m
£(2.1)m
£2.8m
This reflects growing momentum in solar and demonstrates the Group's ability to win and deliver larger-scale renewable infrastructure projects.
Capitalising on government-backed demand: In partnership with Mace, the
2025 and 2024 cover a 12-month period; 2023 covers an 18-month period which has been annualised for comparability
The 2024 figures have been restated following a review by management
The 2023 and 2024 figures have been restated following a review by management
Net debt does not include lease liabilities or financial liabilities due to funding partners
Key credentials.
Group expanded its role on a UK Government-backed programme to 73 schools. Covering Solar PV, battery storage, LED lighting and EV charging,
the programme highlights the strength of eEnergy's multi-technology offer
in education.
Framework success broadens reach: Frameworks are becoming a stronger route to market. During the year, the Group secured appointment to four
Lots under the LASER Supply Framework and won £1.7m of NHS projects through
#1 education sector
Digital energy services provider.
£2m
Approximate value of Energy Services projects being delivered each month.
60% energy savings
Save up to 60% energy and carbon emissions.
1,200+
Customers across the UK and Ireland.
10+ years
Providing energy and carbon reduction solutions.
4 software platforms
Enabling scalable solutions in the design and management of energy reduction and generation and EV charging.
direct framework awards, broadening access to funded public sector opportunities.
Broader routes to market, stronger resilience: Alongside direct sales, eEnergy made further progress through frameworks, strategic partnerships and public sector funding routes. This is reducing reliance on any single sales channel and building a more resilient and scalable commercial model.
Diversification strategy gaining traction: The Group continued to broaden beyond its traditional education base, with growth across healthcare, local authority and commercial sectors. Progress across solar, battery storage, EV charging and recurring revenues through SolarLife is creating a more balanced platform for future growth.
Stay up to date with our website eenergy.com/investors
01eEnergy Group plc
Annual Report & Accounts 2025
Strategic report
At a glance
The digital energy services provider.
We make funded energy upgrades simple - for single sites and multi-site portfolios - with zero upfront cost.
Our Reduce | Generate | Store | Charge model upgrades the four fundamentals of building energy: efficiency (LED and controls), on-site generation (solar), storage (Batteries), and EV charging.
Delivered through our digital platform, customers gain real-time visibility, optimised performance, and transparent reporting - with a clear, investable route from survey to delivery.
Saving costs with comprehensive energy solutions.
Reduce.
Cut energy waste with efficient LED lighting and controls-without disruption.
Generate.
Reduce grid reliance and produce clean energy with Solar PV-seamlessly.
Store.
Store clean energy, reduce peak demand and improve resilience with battery storage.
Charge.
Simplify EV charging infrastructure and management-effortlessly.
Key growth drivers
Race to Net Zero by 2050.
Lower energy supply costs.
Ageing estate needs upgrades.
Zero-upfront funded delivery.
Expansion into broader tech.
Key strategic supply partners.
Key growth drivers
Race to Net Zero by 2050.
Lower energy supply costs.
Energy price volatility hedging.
Underused/carport space.
Zero-upfront funded delivery.
Embedded IoT performance data.
Strategic partnerships and M&A.
Key growth drivers
Race to Net Zero by 2050.
Peak demand & capacity charges.
Maximise solar self-consumption.
Grid constraints + site resilience.
Falling battery costs improve ROI.
EV charging load management.
Flexible revenue, where viable.
Key growth drivers
2030/35 ban of ICE vehicles.
EV adoption accelerating demand.
Workplace charging rollouts.
Monetise charging infrastructure.
Zero-upfront funded delivery.
Embedded IoT platform.
Strategic partnerships & M&A.
Finance.
£100m Redaptive project funding facility (Pan European Public and Private Sector).
Digital energy services. Smarter. Simpler. More sustainable.
02
eEnergy Group plc
Annual Report & Accounts 2025
Chair's statement
Demand is accelerating for funded decarbonisation.Strategic report
The market drivers are stronger than ever. Record order book, Mace, and our NHS-ready funding solution show clear demand for capital-free decarbonisation at scale.
Andrew Lawley
Non-Executive Chair
The past year has been one of solid and measured progress for eEnergy, as we continued to execute our clear strategic plan in a dynamic market environment. With the urgency of the Net Zero transition intensifying and public sector capital budgets remaining constrained, demand for our Energy-as-a-Service model continued to grow. This was reflected both in the award of our largest project to date (the Mace programme covering a growing portfolio of schools) and in the successful launch of SolarLife, our new offering designed to maximise system performance, safeguard financial returns and ensure long term reliability for our customers. The Group continues to build its position as a differentiated, purpose-led provider with a compelling investment case, underpinned by scalable solutions and robust funding partnerships.
eEnergy's ability to design, fund and deliver energy infrastructure upgrades across multi-site portfolios, with zero upfront capital cost for customers, remains a compelling and differentiated proposition. By developing innovative funding structures that remove barriers to adoption and accelerate deployment, we continue to unlock decarbonisation at scale. Post year-end, the launch of our NHS-ready Energy Performance Contracting solution illustrates the success of this approach, creating an accessible pathway for healthcare estates to undertake decarbonisation projects within existing regulatory and budgetary frameworks. This reflects our responsiveness to market demand and our ability to anticipate emerging needs.
Financial performance and strategic progress
During the year, the Group delivered revenue of £19.0m (2024 restated: £22.5m) with a £2.9m increase in Adjusted EBITDA to
£2.2m, reflecting optimisation of the operating cost base, improved operating efficiencies and a continued focus on project profitability. This improvement in earnings quality, alongside a record year-end forward order book at the start of FY26 of £14.0m (double the
£7.0m at the start of the previous year) and an investment-grade pipeline of £127.0m, provides enhanced visibility over future revenues and underpins the Board's confidence in the Group. The year also marked further evolution from a predominantly direct-sales education business to a broader, multi-channel platform, winning larger projects and expanding into healthcare and commercial and industrial customers through frameworks and strategic partnerships.
Funding
The Board has also overseen the development of the Group's funding partnerships, including the utilisation of the £100m Redaptive facility and the recently agreed loans with Harwood Holdco Limited, to support the delivery of larger contracts. These arrangements are important enablers of growth, allowing the Group to participate in substantial tenders while maintaining capital discipline. The Board continues to scrutinise the balance between growth, profitability and cash generation, with a clear objective of moving the business to a more consistently cash-generative footing as larger projects commence and accrued revenues unwind.
During the year, we made good underlying progress towards improving our cash generation. However, cash generation has been temporarily held back by the short-term increase in net working capital associated with the mobilisation of our largest awarded tender to date, the Mace project. The Mace award, while strategically significant, was unquestionably a drain on cash flow
in FY25 given payment terms that are four times longer than our traditional projects. In response, we secured additional funding to support these near-term working capital demands, ensuring we can deliver Mace and similar large-scale programmes without constraining the day-to-day operations of the business.
Stakeholders and people
The Board recognises that eEnergy's success depends on the trust and engagement of a broad range of stakeholders, including customers, employees, funders and shareholders. During the year, the Group has deepened its relationships with the public sector, delivery partners and frameworks, positioning itself as a trusted vendor to help organisations achieve their Net Zero ambitions.
The Board is grateful for the continued support of our shareholders and recognises the importance of clear, consistent communication as the Group executes its strategy.
On behalf of the Board, I would like to thank our people for their hard work and commitment over the year. The continued progress reflects the dedication of our teams across the business. As the Group undertakes larger and more complex programmes, the Board remains focused on culture, talent development and ensuring that eEnergy continues to be an attractive place to work.
03eEnergy Group plc
Annual Report & Accounts 2025