Managing Director, Hilton Fulele commented

The 2025 financial year was characterised by robust operational stability and significant progress in our strategic expansion. We successfully managed our 94 MW operational portfolio, comprising the 34 MW Riverside Solar Plant and the 60 MW Itimpi-1 Solar Plant. Despite facing climate variabilities, our commitment to technical excellence and prudent financial management resulted in 63% increase in profit after tax, reaching USD 1.764 million (2024: USD 1.082 million).

Total renewable energy generation for the year reached 171.286GWh, representing an 11% increase over the previous year. Our assets maintained exceptional reliability, with both plants achieving availability just below 100%.

• Riverside Solar Plant: Performed well during the year, yielding 56.089 GWh (2024: 58.722 GWh), which was approximately 5% below 2024 results (58.722 GWh) accounting for 7% irradiation shortfalls.
• Itimpi-1 Solar Plant: Completed its first full year of operations with a yield of 115.24 GWh, 21% higher than 2024 generation (95.309 GWh). The plant maintained high availability (>99%) and performance ratio (>86%) despite a 9% shortfall in annual irradiation between actual and forecast.

A key strategic growth priority in 2025 was the continued execution of the 136 MW Itimpi-2 expansion project. As at year-end, the project had reached 75% overall completion, with procurement and mechanical works nearing completion. The expansion represents a significant capital investment of over USD 55 million during the year, financed through the Company’s Sustainable Finance Framework, comprising proceeds from the Green Bond and Shareholder Loan.

In 2025, our clean energy generation avoided 57,987 tonnes of CO2 emissions, reinforcing our commitment to a lower-carbon future. We also maintained our strong safety culture, recording zero Lost Time Injuries (LTI) from operations for the second consecutive year. Our dedication to diversity, equity and inclusion continues to be reflected in our workforce composition, with female representation currently at 56%, demonstrating meaningful progress toward a more inclusive and balanced organisation.

Looking ahead to 2026, we are focused on the successful integration of Itimpi-2 into our operational fleet and the exploration of new revenue streams through the generation and monetisation of carbon credits. Our aim is to achieve commercial operation of 136 MW Itimpi 2 in the first quarter of 2026. The plant will more than double our current solar capacity, from 94 MW to 230 MW. We remain dedicated to leading the transition to a sustainable energy future while delivering long-term value to our shareholders andour local economy.

Financial Highlights

Revenue and EBITDA increased by 14% and 13%, respectively, with revenue rising to USD 9.566 million in 2025 from USD 8.406 million in 2024, driven by the first full year of operations of the Itimpi-1 solar plant. EBITDA increased from USD 7.134 million to USD 8.067 million, reflecting strong operational performance and improved earnings generation. Profit after tax grew by 63% to USD 1.764 million, up from USD 1.082 million in the prior year, highlighting the growing contribution from the Company’s expanding renewable energy portfolio.

During the year, the Company honoured its Green Bond obligations with total payments of USD 14.089 million, comprising USD 12.750 million in coupon (interest) payments and USD 1.339 million in principal repayments, reflecting continued compliance with the terms of its sustainable financing programme.

The Company continues to expand its generation capacity through the development of solar power plants, resulting in a significant increase in capital investment during the year. Cash outflows on capital expenditure amounted to USD 55.718 million in 2025 (2024: USD 8.832 million), primarily reflecting ongoing investment in the Company’s renewable energy expansion projects.

At the end of the year, ended 31 December 2025, the entity’s cash balance was at USD 63.102 million, reducing from USD 135.621 million in 2024. The significant reduction in the cash balances was mainly due to the investment activities to develop Itimpi 2.

Dividends

No dividend was declared and paid during the period under review.

Cautionary on Forward-looking Information

This summary results announcement contains financial and non-financial forward-looking statements about the Company’s performance and position. We believe that while all forward-looking information contained herein is realistic at the time of publishing this report, actual results in future may differ from those anticipated. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause CEC Renewables’ actual results, performance or achievements to differ materially from the anticipated results, performance or achievements expressed or implied by these forward-looking statements. Although CEC Renewables believes that the expectations reflected in these forward-looking statements are reasonable, no assurance can be given that such expectations will prove to have been correct. We take no obligation to revise or update these forward-looking statements to reflect events or circumstances that arise after the statements have been made.