Company registration number 13656525 (England and Wales)
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
COMPANY INFORMATION
Directors
H Al Meer
V Nicolaas
(Appointed 25 August 2025)
C Mockl
(Appointed 27 March 2026)
D Lane
(Appointed 4 August 2025)
S Stanton
(Appointed 20 March 2026)
Secretary
P Sainsbury
J Donn
(Appointed 29 January 2025)
Company number
13656525
Registered office
Windmill Hill Business Park
Whitehill Way
Swindon
Wiltshire
United Kingdom
SN5 6PB
Auditor
Deloitte LLP
Statutory Auditor
Fusion Point 2
Dumballs Rd
Cardiff
Wales
CF10 5BF
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
CONTENTS
Page
Directors' report
1 - 3
Directors' responsibilities statement
4
Independent auditor's report
5 - 8
Statement of comprehensive income
9
Statement of financial position
10
Statement of changes in equity
11
Notes to the financial statements
12 - 23
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present their Annual Report and the Audited Financial Statements for the year ended 31 December 2025.

Principal activities

The principal activity of the company is the development of the Dogger Bank South (West) offshore wind farm situated off the coast of North Yorkshire.

As the wind farm is currently in development, no revenue generating operations are taking place.

Results and dividends

The company made a profit of £731k (2024: £72k) largely due to finance income from bank interest of £1,054k (2024: £154k), offset by administrative expenses not eligible for capitalisation of £60k (2024: £43k). As the company is a wind farm at the development stage, it is not expected to make an operating profit and the majority of expenditure incurred to date has been capitalised.

The results for the year are set out on page 9.

No ordinary dividends were paid during the year (2024: £nil). The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

H Al Meer
M Andre-Ferreira
(Resigned 25 August 2025)
I Kennaway
(Resigned 27 March 2026)
A Ezzamel
(Appointed 28 January 2025 and resigned 4 August 2025)
V Kalra
(Appointed 28 January 2025 and resigned 20 March 2026)
V Nicolaas
(Appointed 25 August 2025)
R Mauchle
(Appointed 6 August 2025 and resigned 6 February 2026)
B Freeman
(Appointed 1 November 2025 and resigned 16 November 2025)
C Mockl
(Appointed 27 March 2026)
D Lane
(Resigned 28 January 2025 and reappointed 4 August 2025)
S Stanton
(Resigned 28 January 2025 and reappointed 20 March 2026)
Qualifying third party indemnity provisions

The company has made qualifying third party indemnity provisions for the benefit of its directors during the year. These provisions remain in force at the date of approval of the financial statements.

Directors' insurance

The company maintains insurance policies on behalf of all the directors against liability arising from negligence, breach of duty and breach of trust in relation to the company.

Financial instruments
Financial risk management

The company has in place a risk management programme that seeks to limit the adverse effects on the financial performance of the company. The company's operations expose it to a few financial risks which are set out below.

Liquidity and cash flow risk

During the year, the company continued to receive financial support from shareholders through cash funding requests in accordance with the commitments made under the Shareholders' Agreement, which was entered into on 29 February 2024. The company manages its cash requirements in order to ensure the company has sufficient liquid resources to meet the operating needs of the business.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
Interest rate risk

The company is not currently exposed to interest rate risk.

Currency risk

A ll of the company's transactions and balances are currently denominated in sterling and there is therefore no foreign currency risk. In the future, where transactions are to be made in a foreign currency, the company will actively seek to hedge its exposure against movements in exchange rates through the use of forward contracts.

Credit risk

The company has no significant exposure to credit risk.

Price risk

The company has no significant exposure to price risk.

Current market and political risks

Significant economic uncertainty exists resulting from the ongoing conflict in the Middle East. Uncertainty concerning the export of oil, gas and other commodities from the Persian Gulf is expected to lead to a global increase in inflation. The directors anticipate that this will adversely affect the prices at which the company procures goods and services, including through index-linked contracts, and have factored this into the business plan and forecasts. Although it is not possible to anticipate the development of the conflict and its potential consequences, the company is not currently exposed to significant supply chain risks. The directors will continue to monitor developments and will carefully consider the risks and appropriate mitigation strategies when awarding future contracts.

Post reporting date events

On 14 January 2026, the Dogger Bank South (West) wind farm project was successful in obtaining a 20-year Contract for Difference (CfD), through its participation in the UK Government CfD Allocation Round 7, in which it achieved a strike price of £91.20 MWh (in 2024 prices). The UK CfD scheme seeks to provide support to renewables projects by providing a guaranteed unit price for electricity generated through a competitive auction. The strike price is subject to annual indexation at the Consumer Prices Index over the term of the contract. The success of the project in the auction is a significant milestone in the development of the wind farm, which is expected to proceed towards the final investment decision and construction in due course.

Future developments

The principal activities of the business will be to continue development of the Dogger Bank South (We st) wind farm.

Independent auditor

The auditor, Deloitte LLP, is deemed to be reappointed under section 487(2) of the Companies Act 2006.

Directors' confirmations

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware; and

- the director has taken all the steps that he/she ought to have taken as a director in order to make himself/herself aware of any relevant audit information and to establish that the company’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -
Going concern

The directors have fully considered the risks and uncertainties of the company’s cash flow forecasts and projections.

The going concern basis is considered to be appropriate by the directors as the company is in a net current asset position and financial obligations are forecast to be covered by equity funding.

On this basis, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from date of signing. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.

Small company provisions

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 414B of the Companies Act 2006 in not preparing a Strategic r eport.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
D Lane
Director
25 June 2026
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 101 “Reduced Disclosure Framework”. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
- 5 -
Report on the audit of the financial statements
Opinion

In our opinion the financial statements of RWE Renewables UK Dogger Bank South (West) (the ‘company’):

- give a true and fair view of the state of the company’s affairs as at 31 December 2025 and of the profit for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice, including Financial reporting standard 101 “Reduced Disclosure Framework”; and

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

We have audited the financial statements which comprise:

- the statement of comprehensive income;

- the statement of financial position;

- the statement of changes in equity; and

- the related notes 1 to 19.

The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101 “Reduced Disclosure Framework” (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report.

We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the Financial Reporting Council’s (the ‘FRC’s’) Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information contained within the annual report.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED (CONTINUED)
- 6 -

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.true

We have nothing to report in this regard.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

A further description of our responsibilities for the audit of the financial statements is located on the FRC’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

We considered the nature of the company’s industry and its control environment, and reviewed the company’s documentation of their policies and procedures relating to fraud and compliance with laws and regulations. We also enquired of management and the directors about their own identification and assessment of the risks of irregularities, including those that are specific to the company’s business sector.

We obtained an understanding of the legal and regulatory frameworks that the company operates in, and identified the key laws and regulations that:

- had a direct effect on the determination of material amounts and disclosures in the financial statements. These included UK Companies Act, Ofgem regulations and UK tax legislation; and

- do not have a direct effect on the financial statements but compliance with which may be fundamental to the company’s ability to operate or to avoid a material penalty. These included environmental regulations, health and safety regulations and data protections regulations.

We discussed among the audit engagement team including relevant internal specialists such as IT and Analytics specialists, regarding the opportunities and incentives that may exist within the organisation for fraud and how and where fraud might occur in the financial statements.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED (CONTINUED)
- 7 -

In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. In addressing the risk of fraud through management override of controls, we tested the appropriateness of journal entries and other adjustments; assessed whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluated the business rationale of any significant transactions that are unusual or outside the normal course of business.

In addition to the above, our procedures to respond to the risks identified included the following:

- reviewing financial statement disclosures by testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

- enquiring of management and in-house legal counsel concerning actual and potential litigation and claims, and instances of non-compliance with laws and regulations; and

- reading minutes of meetings of those charged with governance, reviewing internal audit reports and reviewing correspondence with HMRC and Ofgem.

Report on other legal and regulatory requirements

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

- the information given in the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the directors’ report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified any material misstatements in the directors’ report.

Matters on which we are required to report by exception

Under the Companies Act 2006 we are required to report in respect of the following matters if, in our opinion:

- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of directors’ remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit, or

- the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the directors’ report and from the requirement to prepare a strategic report.

We have nothing to report in respect of these matters.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED (CONTINUED)
- 8 -
Edward Thompson ACA (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
Cardiff
25 June 2026
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
2025
2024
Notes
£'000
£'000
Administrative expenses
(60)
(43)
Operating loss
4
(60)
(43)
Finance income
7
1,054
154
Profit before taxation
994
111
Tax on profit
8
(263)
(39)
Profit and total comprehensive income for the year
731
72

The statement of comprehensive income has been prepared on the basis that all operations are continuing operations.

There were no items of other comprehensive income.

The notes on pages 12 to 23 form part of these financial statements.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 10 -
2025
2024
Notes
£'000
£'000
£'000
£'000
Non-current assets
Intangible assets
9
510,894
345,644
Property, plant and equipment
10
132,433
113,247
643,327
458,891
Current assets
Trade and other receivables
11
3,160
1,057
Cash and cash equivalents
14,875
19,359
18,035
20,416
Current liabilities
Trade and other payables
12
(16,815)
(9,205)
Current tax liabilities
(263)
(39)
Lease liabilities
13
(10)
(10)
(17,088)
(9,254)
Net current assets
947
11,162
Total assets less current liabilities
644,274
470,053
Non-current liabilities
Lease liabilities
13
(29)
(39)
(29)
(39)
Net assets
644,245
470,014
Equity
Called up share capital
14
305,500
132,000
Share premium account
15
338,791
338,791
Accumulated losses
(46)
(777)
Total equity
644,245
470,014

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

The financial statements were approved by the board of directors and authorised for issue on 25 June 2026 and are signed on its behalf by:
D Lane
Director
Company registration number 13656525 (England and Wales)
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
Called up share capital
Share premium account
Accumulated losses
Total
Notes
£'000
£'000
£'000
£'000
Balance at 1 January 2024
-
0
-
0
(849)
(849)
Year ended 31 December 2024:
Profit and total comprehensive income
-
-
72
72
Transactions with owners:
Issue of share capital
14
132,000
6,500
-
138,500
Conversion of loan
-
332,291
-
332,291
Balance at 31 December 2024
132,000
338,791
(777)
470,014
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
731
731
Transactions with owners:
Issue of share capital
14
173,500
-
0
-
173,500
Balance at 31 December 2025
305,500
338,791
(46)
644,245
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

RWE Renewables UK Dogger Bank South (West) Limited is a private company limited by shares, incorporated in England and Wales and domiciled in the United Kingdom. The registered office is Windmill Hill Business Park, Whitehill Way, Swindon, Wiltshire, United Kingdom, SN5 6PB. The company's principal activities and nature of its operations are disclosed in the Directors' report.

1.1
Basis of preparation

The financial statements have been prepared in accordance with Financial Reporting Standard 101, ‘Reduced Disclosure Framework’ (FRS 101) and in accordance with the Companies Act 2006.

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 £'000.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

As permitted by FRS 101, the company has taken advantage of the relevant disclosure exemptions from the list below that are available under that standard in relation to share based payments, financial instruments, capital management, presentation of a cash flow statement, presentation of comparative information in respect of certain assets, standards not yet effective, impairment of assets, business combinations, discontinued operations, related party transactions, revenue from contracts with customers and leases.

- the requirements of paragraphs 45(b) and 46-52 of IFRS 2 Share based Payment;

- the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64 (o)(ii), B64(p), B64(q)(ii), B66 and B67of IFRS 3 Business Combinations. Equivalent disclosures are included in the consolidated financial statements of RWE AG in which the entity is consolidated;

- the requirements of paragraph 33 (c) of IFRS 5 Non-current Assets Held for Sale and Discontinued Operations;

- the requirements of IFRS 7 Financial Instruments: Disclosures;

- the requirements of paragraphs 91-99 of IFRS 13 Fair Value Measurement;

- the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers; and

- the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases. The requirements of paragraph 58 of IFRS 16, provided that the disclosure of details of indebtedness required by paragraph 61(1) of Schedule 1 to the Regulations is presented separately for lease liabilities and other liabilities, and in total;

- the requirement in paragraph 38 of IAS 1 ‘Presentation of Financial Statements’ to present comparative information in respect of: (i) paragraph 79(a) (iv) of IAS 1, (ii) paragraph 73(e) of IAS 16 Property Plant and Equipment (iii) paragraph 118 (e) of IAS 38 Intangibles Assets and (iv) paragraphs 76 and 79(d) of IAS 40 Investment Property;

- the requirements of paragraphs 10(d), 10(f), 16, 38A to 38D, 40A-D,111 and 134-136 of IAS 1 Presentation of Financial Statements;

- the requirements of IAS 7 Statement of Cash Flows;

- the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors;

- the requirements of paragraphs 88(c) and 88(d) of IAS 12 Income Taxes;

- the requirements of paragraph 17 of IAS 24 Related Party Disclosures;

- the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group, provided that any subsidiary which is a party to the transaction is wholly owned by such a member;

- the requirements of paragraphs 134(d)-134(f) and 135(c)-135(e) of IAS 36 Impairment of Assets.

Where required, equivalent disclosures are given in the group financial statements of RWE AG. The group financial statements of RWE AG are available to the public and can be obtained as set out in note 19.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.2
Going concern

The directors have fully considered the risks and uncertainties of the company’s cash flow forecasts and true projections.

The going concern basis is considered to be appropriate by the directors as the company is in a net current asset position and financial obligations are forecast to be covered by equity funding.

On this basis, the directors have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future, being at least 12 months from date of signing. Thus, they continue to adopt the going concern basis in preparing the annual financial statements.

1.3
Intangible assets other than goodwill

Intangible assets relate to the rights, licences and development costs incurred prior to the construction of the wind farm. Development expenditure is written off as incurred except where the directors are satisfied that the project under development has sufficient likelihood to generate future economic benefits. In such cases the identifiable expenditure is capitalised as an intangible asset until commencement of construction. Subsequent expenditure is then capitalised as tangible fixed assets. Provision is made for any impairment.

1.4
Property, plant and equipment

Property, plant and equipment is stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation of property, plant and equipment is provided on a straight line basis to write off the cost less the estimated residual value of the assets by equal instalments over their estimated useful economic life as follows:

Wind Farm
Assets in the course of construction are not depreciated.

Right-of-use assets capitalised under the asset classifications above are depreciated at the shorter of the lease term or expected useful life of the underlying asset.

1.5
Impairment of tangible and intangible assets

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible 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.

Intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

The 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. There was no impairment charge recognised in the current period.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

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.

1.6
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.7
Financial assets

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

Financial assets held at amortised cost

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Impairment of financial assets

Financial assets, other than those measured at fair value through profit or loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.

For trade receivables and contract assets, the company applies the simplified approach permitted by IFRS 9, which requires expected lifetime losses to be recognised from initial recognition of the receivables – see note 11.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

1.8
Financial liabilities

The company recogni s es financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Other financial liabilities

Other financial liabilities, including borrowings, t rade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Derecognition of financial liabilities

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised through profit or loss, except to the extent that it relates to items recognised in other comprehensive income. In this case, the tax is also recognised in other comprehensive income.

Current tax

The current income tax charge is calculated on the basis of the laws enacted or substantively enacted at the balance sheet date in the countries where the company operates and generates taxable income.

Deferred tax

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the statement of financial position date and are expected to apply when the related deferred income tax asset is realised or the deferred income tax liability is settled.

Deferred income tax assets are recognised only to the extent that it is probable that future taxable profits will be available against which the temporary differences can be utilised.

Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balance on a net basis.

1.11
Leases
As lessee

At inception, the company assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the company recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment.

The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -

The right-of-use asset is subsequently adjusted for remeasurements of the lease liability and applies the relevant cost model, fair value model or revaluation model as set out within the accounting policies for the applicable asset class. Where the cost model is applied, the asset is depreciated from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, and is periodically reduced by impairment losses, if any.

The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the company's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the company is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.

The lease liability is measured at amortised cost using the effective interest method. It is re assessed at each financial period end to reflect lease modifications and any changes to the factors considered at initial measurement, as set out above. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The company has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.

1.12
Foreign exchange

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.

2
Adoption of new and revised standards and changes in accounting policies

There are no amendments to accounting standards, or IFRIC interpretations that are effective for the year ended 31 December 2025 that have had a material impact on the company’s financial statements.

3
Critical accounting estimates and judgements

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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Critical accounting estimates and judgements
(Continued)
- 17 -
Capitalisation of development costs (judgement)

Rights, licences and development costs incurred prior to construction are capitalised as intangible assets where the directors are satisfied that the project under development has sufficient likelihood to generate economic benefit. This assessment requires judgements to be made by the directors.

The directors are also required to make judgements as to whether borrowing costs are directly attributable to bringing the generation and transmission assets to the location and condition necessary for them to be capable of operating according to their specifications. Those directly attributable costs are capitalised in accordance with IAS 23, Borrowing Costs.

Impairment (estimate)

Significant investments are made in intangible assets. Intangible assets are not yet amortised so testing for impairment is required annually as per the accounting policy. The recoverable amount has been calculated based on fair value less cost of disposal. In determining fair value less cost of disposal, recent market transactions are taken into account. There were no impairments in the current period.

4
Operating loss
2025
2024
Operating loss for the year is stated after charging:
£'000
£'000
Exchange losses
19
3
Fees payable to the company's auditor for the audit of the company's financial statements
41
40

No fees were paid to the auditor for non-audit services.

5
Employees

The company has no employees for the year under review (2024: none). Employees of the RWE group are employed by a fellow group company.

6
Directors' remuneration

The directors do not receive any remuneration from the company in respect of their services to the company. Instead, they are employed and paid by other related entities. Due to the nature of the services provided and the number of entities to which it relates, it is not possible to meaningfully allocate the directors’ remuneration in respect of qualifying services to the company.

7
Finance income
2025
2024
£'000
£'000
Interest income
Interest on bank deposits
1,054
154
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
8
Tax on profit
2025
2024
£'000
£'000
Current tax
UK corporation tax on profits for the current year
263
39

The tax charge for the year is higher than the standard rate of corporation tax in the UK (2024: higher than the standard rate of corporation tax in the UK) of 25.00% (2024: 25.00%).

The charge for the year can be reconciled to the profit per the statement of comprehensive income as follows:

2025
2024
£'000
£'000
Profit before taxation
994
111
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
249
28
Pre-trading expenses not deductible for tax purposes
14
11
Taxation charge for the year
263
39

The company has yet to commence trading and therefore a deferred tax asset of £234k has not been recognised in respect of pre-trading expenditure (2024: £219k).

Pillar Two income taxes

The company has applied the temporary exception, introduced in May 2023, from the accounting requirements for deferred taxes in IAS 12, so that the company neither recognises nor discloses information about deferred tax assets and liabilities related to Pillar Two income taxes. The impact of Pillar Two legislation is not expected to be material.

9
Intangible assets
Wind farm rights, licences and development costs
£'000
Cost
At 31 December 2024
345,644
Additions - purchased
165,250
At 31 December 2025
510,894
Carrying amount
At 31 December 2025
510,894
At 31 December 2024
345,644
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Intangible assets
(Continued)
- 19 -

Intangible assets relate to costs incurred as part of the development of the Dogger Bank South (West) wind farm. This includes £415,701k of option fee payments made to the Crown Estate to date (2024: £272,978k).

Cumulative borrowing costs of £6,025k (2024: £6,025k) have been included in the cost of wind farm rights, licences and development costs.

10
Property, plant and equipment
Wind Farm
£'000
Cost
At 1 January 2025
113,267
Additions
19,196
At 31 December 2025
132,463
Accumulated depreciation and impairment
At 1 January 2025
20
Charge for the year
10
At 31 December 2025
30
Carrying amount
At 31 December 2025
132,433
At 31 December 2024
113,247

Property, plant and equipment includes right-of-use assets, as follows:

Right-of-use assets
2025
2024
£'000
£'000
Net values at the year end
Wind Farm
37
48
Depreciation charge for the year
Wind Farm
10
10

Whilst the wind farm is in its development phase, depreciation charges incurred against right of use assets are re-capitalised to the intangible asset and the costs amortised over the lifetime of the asset once it commences operations.

Wind farm assets relate to assets in the course of construction.

RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
11
Trade and other receivables
2025
2024
£'000
£'000
VAT recoverable
1,332
693
Amounts owed by fellow group undertakings
1,283
297
Prepayments and accrued income
545
67
3,160
1,057

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

12
Trade and other payables
2025
2024
£'000
£'000
Trade payables
880
344
Amounts owed to parent undertakings
91
-
0
Amounts owed to fellow group undertakings
9,824
5,450
Amounts owed to related parties
843
355
Accruals and deferred income
5,177
3,056
16,815
9,205

Trade and other payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade and other payables are classified as current liabilities if payment is due within one year or less (or in the normal operating cycle of the business if longer). If not, they are presented as non-current liabilities.

Trade and other payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Amounts owed to parent and fellow group undertakings are unsecured, interest free and repayable on demand.

13
Lease liabilities
2025
2024
Net amounts due
£'000
£'000
Within one year
10
10
After more than one year
29
39
39
49
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
13
Lease liabilities
(Continued)
- 21 -
2025
2024
Maturity analysis of future lease payments
£'000
£'000
Within one year
12
12
In two to five years
30
42
Total undiscounted liabilities
42
54
Future finance charges and other adjustments
(3)
(5)
Lease liabilities in the financial statements
39
49

Total cash outflow for leases was £12k (2024: £12k).

14
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£'000
£'000
Issued and fully paid
Ordinary shares of £1 each
305,500,200
132,000,200
305,500
132,000
Reconciliation of movements during the year:
Ordinary shares
Number
At 1 January 2025
132,000,200
Issue of fully paid shares
173,500,000
At 31 December 2025
305,500,200

On 6 January 2025, 155,000,000 ordinary shares were allotted at par value.

On 16 April 2025, 3,000,000 ordinary shares were allotted at par value.

On 18 July 2025, 12,000,000 ordinary shares were allotted at par value.

On 17 October 2025, 3,500,000 ordinary shares were allotted at par value.

15
Share premium account
2025
2024
£'000
£'000
At the beginning of the year
338,791
-
0
Conversion of loan
-
0
332,291
Issue of share premium
-
0
6,500
At the end of the year
338,791
338,791
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
16
Capital commitments
2025
2024
£'000
£'000

At 31 December the company had capital commitments as follows:

Contracted for but not provided in the financial statements:
Acquisition of property, plant and equipment
3,000
2,241
Acquisition of intangible assets
157,898
165,116
160,898
167,357

The capital commitments consist of option fee payments due to the Crown Estate and other wind farm development costs.

17
Related party transactions

During the year the company entered into the following transactions with related parties:

Shareholder Loans
Recharged costs
2025
2024
2025
2024
£'000
£'000
£'000
£'000
Parent company
-
170,582
364
1,267
Other related parties
-
-
24,692
118,814
-
170,582
25,056
120,081

Recharged costs during the year consist of development costs borne by the parent companies and other related parties.

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due to related parties
£'000
£'000
Parent company
91
227
Other related parties
10,667
5,578
10,758
5,805

Transactions with related parties are unsecured. Amounts outstanding at the year-end are included within receivables and payables and will be settled in cash.

The following amounts were outstanding at the reporting end date:

2025
2024
Amounts due from related parties
£'000
£'000
Other related parties
1,283
297
RWE RENEWABLES UK DOGGER BANK SOUTH (WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Related party transactions
(Continued)
- 23 -

Transactions with related parties are unsecured. Amounts outstanding at the year-end are included within receivables and payables and will be settled in cash.

18
Events after the reporting date

On 14 January 2026, the Dogger Bank South (West) wind farm project was successful in obtaining a 20-year Contract for Difference (CfD), through its participation in the UK Government CfD Allocation Round 7, in which it achieved a strike price of £91.20 MWh (in 2024 prices). The UK CfD scheme seeks to provide support to renewables projects by providing a guaranteed unit price for electricity generated through a competitive auction. The strike price is subject to annual indexation at the Consumer Prices Index over the term of the contract. The success of the project in the auction is a significant milestone in the development of the wind farm, which is expected to proceed towards the final investment decision and construction in due course.

19
Controlling party

As at 31 December 2025, 51% of RWE Renewables UK Dogger Bank South (West) Limited share capital was owned by RWE Renewables UK Limited, 49% by Masdar DBS West Limited.

The company's immediate parent is RWE Renewables UK Limited.

The ultimate parent company and controlling party is RWE AG, a company incorporated in Germany. Copies of RWE AG's financial statements are available upon request from RWE AG, RWE Platz 1, 45141 Essen, Germany.

The most senior parent entity producing publicly available financial statements is RWE AG.

The following are the parents of the smallest and largest groups in which these financial statements are consolidated, for which the country of incorporation and address of the registered office are disclosed above:

Largest group
RWE AG
Smallest group
RWE AG
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