These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Enviva Management UK, Limited is a private company limited by shares incorporated in England and Wales. The registered office is Maple House, Clifton Park, York, North Yorkshire, YO30 5PB.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Backgroundtrue

Enviva Management UK, Limited (“EMUK”) is a wholly owned subsidiary of Enviva Management International Holdings, Limited (the “Parent”), which is ultimately owned by Enviva, LLC (formerly Enviva Inc.) (the "Ultimate Parent").

On the 12 March 2024, Enviva, LLC (formerly Enviva Inc.) filed a voluntary Chapter 11 bankruptcy petition and was ultimately delisted from the New York Stock Exchange on the 11 October 2024 after failing to meet the conditions of listing. In connection with the preparation of subsidiaries’ financial statements for the year ended 31 December 2024, Management prepared this analysis to address the Subsidiaries’ ability to continue as a going concern.

Financial Position and Liquidity

• As of 31 December 2024, EMUK have net asset of £346,321.

Mitigating Factors

• The Ultimate Parent has provided a letter of support confirming its commitment to fund EMUK as required for at least 12 months from the date of approval and release of the financial statements.

• The Ultimate Parent entity successfully emerged from the bankruptcy on 6 December 2024, with sufficient financial resources to support the operation of EMUK. This is evidenced by the Ultimate Parent’s available cash of approximately $143 million as of the emergence date and a $200 million borrowing capacity from a Revolving Credit Facility as of February 2025.

• Historically, the Ultimate Parent has consistently provided the necessary financial support to EMUK. There are no indications of adverse changes in the Ultimate Parent’s ability or intent to provide ongoing support.

Conclusion

Based on the assessment performed and the Ultimate Parent’s commitment to provide financial support, the directors conclude that it is appropriate to prepare the financial statements of EMUK on a going concern basis.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised on a cost plus 5% basis, in line with the intercompany service agreement with the parent company. Intercompany turnover is recognised when all of the following conditions are satisfied:

• the amount of turnover can be measured reliably;

• it is probable that the Company will receive the consideration due under the intercompany service agreement;

• the costs incurred under the intercompany service agreement can be measured reliably.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Long term incentive plan (LTIP)

Employees of the Company are from time to time awarded Phantom Units under a group Long Term Incentive Plan (LTIP). The Phantom Units have vesting conditions attached to them and once vested, entitle the holder to settlement by way of the issue of Common Units in Enviva Partners, LP or else the fair value cash equivalent as at the vesting date.

Where Phantom Units are awarded to employees, the fair value of the units at the date of grant is charged to the profit or loss over the vest period, with the corresponding entry to the capital contribution reserve. Non-market vesting conditions are taken into account by adjusting the number of units expected to vest at each Balance Sheet date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of units that eventually vest. The cumulative expense is not adjusted for failure to achieve a market vesting condition.

The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).

Following the Chapter 11 bankruptcy of Enviva, LLC (formerly Enviva Inc.) the scheme was closed.

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

The directors consider the intercompany receivables to be recoverable in full, based on the support provided by the wider Enviva, LLC (formerly Enviva Inc.) group.

The average monthly number of persons (including directors) employed by the company during the year was:

Amounts owed by group undertakings are repayable on demand, unsecured and interest free.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Employees from the Company are from time to time awarded Phantom Units under a group Long Term Incentive Plan. The Phantom Units have vesting conditions attached to them and once vested, entitle the holder to settlement by way of the issue of Common Units in Enviva Partners, LP or else the fair value cash equivalent as at the vesting date. This arrangement gives rise to a present obligation to remunerate the employees for services provided. As the Company is deriving benefit form these employees, an expense equal to the fair value of the Phantom Units is recognised in the Company over the period that the services are incurred.

Settlements under this arrangement are made by an affiliate company. The Company does not have an obligation to repay these costs and as such the corresponding entry to the expense is a capital contribution. The increase in the capital contribution reserve during the year as a result of continued vesting of existing units, vesting of newly granted units and the fair value adjustments to previously vested units was £10,127 (2023 - £526,614).

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006.

The auditor's report is unqualified and includes the following:

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

The company has taken advantage of the exemption permitted by section 33 'Related Party Disclosures' of Financial Reporting Standard 102 'The Financial Reporting Standard Applicable in the UK and Republic of Ireland' from the requirement to disclose transactions between wholly owned group companies.

The immediate parent company is Enviva Management International Holdings, Limited a private company limited by shares incorporated in England and Wales.

Enviva, LLC (formerly Enviva Inc.), a company incorporated in the United States of America, is the ultimate parent company of Enviva Management UK, Limited and is the largest group for which consolidated accounts including Enviva Management UK, Limited are prepared. The ultimate parent company's office address is 7500 Old Georgetown Road, Suite 1400, Bethesda, MD 20814.

Following the delisting described in note 1.2, Enviva Inc. became Enviva, LLC.

In the opinion of the directors there is no single ultimate controlling party.