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Agenda

Overview

Nigel Pocklington, CEO

Financial performance

Rupert Sanderson, CFO

Strategic update

Nigel Pocklington, CEO

2 3-7 8-19

Q&A

Nigel Pocklington, CEO Rupert Sanderson, CFO

Interim Results | © 2023 Good Enaergy. Private & Confidential

20

Overview

The business has undergone a significant transformation in the last 12 months, from renewable supplier to services provider

Strong growth in operating profits

Revenue growth

• - Revenue growth of £6.0m, up 2.4% versus 2022.

  £m

• - Pricing reflects high commodity cost environment when entering 2023. Revenue

• - 2024 will show falling revenues reflecting lower commodity costs and associated tariffs.

Commodity prices - Commodity cost fall of £8.3m (-3.8%), versus 2022.

Cost of Sales

Gross Profit

Administration Costs

Other Operating Income

- Advantaged hedge position in H1 drove strong profitability. H2 a loss as Operating Profitexpected, with a return to more normal margins expected in 2024 as commodity prices stabilise.

An evolving P&L

• - Growth in overhead includes £4.2m investment into services business during 2023 (Works & Wessex) to deliver on strategy.

• - Zapmap accelerates its development phase.

• - Other admin costs include ECL and regulatory costs.

Net Finance Income

FY23

FY22

Delta

254.7

248.7

6.0

(210.5)

(218.8)

8.3

44.2

29.9

14.3

(37.3)

(28.1)

(9.2)

0.2

0.1

0.1

7.1

1.9

5.3

0.6

0.3

0.3

Share of Loss in Associate

(2.0)

(0.7)

(1.3)

Gain on loss of control of subsidiary

-

7.8

(7.8)

Profit before tax

5.7

9.2

(3.5)

Tax charge

(2.8)

(0.6)

(2.2)

Profit after tax

2.9

8.6

(5.7)

PBT development

Margin upside peaked in H1 2023. H2 performance was marginally ahead of expectations.

Expansion into energy services brings forecast additional costs in 2023 and sets the business up for future years.

Cashflow statement

Strong operational performance

Strongly cash generative in 2024 but:

• ˜ Customer credit balances growth of £9m - reflective of volatile wholesale costs, this will unwind over 2024.

• ˜ Ongoing requirement to hold cash for Working capital, Short term risk buffer, Regulatory commitments on credit balances/ROCs.

• ˜ £2.5m generated by releasing cash from security deposits.

Investing for growth

• ˜ £2.5m invested into Wessex, on acquisition.

• ˜ £4.2m invested into developing Works, Wessex and services offering during 2023.

• ˜ JPS purchase concluded Feb 2024.

Year End £(000)s	FY 2023	FY 2022
Operational cashflows before working capital	11,330	2,130
Working Capital movement	9,301	3,050
Cash generated from operations	£20,631	£5,180
Finance and tax cost	-£387	-£53
Net cashflow from operating activities	£20,244	£5,127
Net cashflow (used in)/from investing activities	-£2,369	£14,998
Net cashflow used in financing activities	-£1,015	-£2,337
Net increase in cash and cash equivalents	£16,860	£17,788
Cash and cash equivalents at beginning of year	£24,487	£6,699
Cash and cash equivalents at end of year	£41,347	£24,487
Memo:
Credit balances in above numbers	£13,935	£4,876
Security balances excluded above	£5,912	£8,462

Capital allocation

• - Substantially debt free with strong available cash balance of £21.2m* (2022 equivalent £14.6m).

• - Further M&A in energy services to expand regional footprint - JPS Acquisition Feb 2024.

• - £11m invested in solar and heat installation businesses. Updated segmentation reporting from 2024 to reflect evolution of business.

• - Dividend of 2.25p final dividend (2022: 2.0p).

*2023 Available cash based on £41.3, less balance sheet debt £6.2m and £13.9 customer credit balances 2022 Available cash based on £24.5m less balance sheet debt £5.1m and £4.8m customer credit balances

Strategic update

The UK energy supply market will be transformed over the next 10 years

Mass transition towards small-scale, low

carbon

Solar and storage

- UK Solar market worth £1.9bn*, installations +38% in 2023

- Market anticipated to be worth £4.6bn* by 2030:

+11% CAGR.

Heat pumps

- Air source heat pump installations grew 20% in 2023 to over 35,000, grant increased to £7,500.

- UK government target of 600,000 installations per year by 2028.

Cumulative installs (millions)

Annual installs (000s)

Solar installs <50kW (cumulative)

Solar installs <50kW (annual)Heat pumps (cumulative)

Heat pumps (annual)

Source: *MCS data base 2023. Domestic market <50kw.. UK Government solar deployment targets. LCP Delta.