Company registration number 05321254 (England and Wales)
RWE RENEWABLES UK LONDON ARRAY LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
RWE RENEWABLES UK LONDON ARRAY LIMITED
COMPANY INFORMATION
Directors
D Wain
F Scholtka
(Appointed 1 January 2026)
E Do
(Appointed 1 June 2025)
Secretary
P Sainsbury
Company number
05321254
Registered office
Windmill Hill Business Park
Whitehill Way
Swindon
Wiltshire
United Kingdom
SN5 6PB
Auditor
Deloitte LLP
Statutory Auditor
2 New Street Square
London
United Kingdom
EC4A 3BZ
RWE RENEWABLES UK LONDON ARRAY LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5 - 8
Directors' responsibilities statement
9
Independent auditor's report
10 - 13
Statement of comprehensive income
14
Statement of financial position
15 - 16
Statement of changes in equity
17
Notes to the financial statements
18 - 34
RWE RENEWABLES UK LONDON ARRAY LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the Strategic report for the year ended 31 December 2025.

Review of the business

The company was formed to participate in the London Array project, an unincorporated joint venture, to develop a wind farm off the coast of Kent with a generating capacity of up to 630MW. The other partners in the project are Boreas (Investment) Limited, Greencoat London Array Limited, and Masdar Energy UK Limited. The company also holds 30% interest in London Array Limited, which acts as the operator and as an agent of the participants.

The company's key financial and other performance indicators during the year were as follows:
2025
2024
£000
£000
Revenue
138,024
137,603
Profit for the financial year
49,403
58,776
Net assets
130,379
127,976
Net current assets
21,734
7,558

Revenue has increased by 0.3% from the prior year. The increase in revenue was driven by higher weighted average selling price of £6 8.62 per MWh achieved in 202 5 (202 4: £64 per MWh). This was partially offset with a 4.1% decrease in the actual generation volume achieved. The company generated 662.59 GWh of electricity during the year (202 4: 690.82 GWh). This represents a 30% share of the total volume generated by the wind farm. The availability of the wind farm during the year was 94.7% (2024: 93.8%). This has increased due to generator replacements in the year.

Profit for the year has decreased by £10m from the prior year which can be mainly attributed to a £9m increase in administrative expenses due to extra services for generator replacements for a serial defect, and £2m decrease in other operating income.

Net current assets increased by £14m compared with the prior year, primarily due to a £14m increase in trade and other receivables at year end, driven by a higher clearing bank balance. Net assets increased by £2m compared with the prior year. This was mainly due to a £29m decrease in PPE, a £14m increase in trade and other receivables, partially offset with a £20m decrease in borrowings as a result of the annual loan redemption payment.

The results for the year are presented on page 14 of the financial statements. The position of the company as at 31 December 2025 is provided on pages 15 - 16 of the financial statements.

Principal risks and uncertainties

The principal risks and uncertainties facing the company and how the company mitigates these risks are as follows:

Political and regulatory

Risks

- Adverse changes in the regulatory and political environment for renewables generators, particularly with regards to changes to subsidy mechanisms and windfall taxes.

Mitigation

- Political and regulatory risks are monitored by undertaking regular political and regulatory analysis and mitigated by ensuring regulatory compliance.

RWE RENEWABLES UK LONDON ARRAY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

Cyber security

Risks

- Cyber-attacks on energy generation critical infrastructure.

Mitigation

- The company maintains high standards of cyber-security and has established, formalised processes which prevent, deter and limit the impact from cyber-attacks. As part of the RWE group the company is overseen by the group’s information security office who organises regular, mandatory, training, for all colleagues. Key controls are also in place to prevent cyber security risks as far as possible.

Availability and price

Risks

- Average wind speeds falling significantly below expectations leading to a reduction in revenues and cash flow;

- A medium- to long-term reduction in electricity prices leading to reduced profitability;

- Occurrence of technical faults and physical degradation of the wind farm asset leading to reduced generation availability and increased rectification costs;

- Shortages of labour or materials, or difficulties within the supply chain leading to a lack of essential parts needed to maintain the wind farm;

- An increase in the price of materials, components and consumables needed to maintain the wind farm leading to a reduction in profitability; and

- Impacts of climate change adversely affecting the availability and operations of the wind farm, and/or reducing the useful economic life of the wind farm asset.

Mitigation

- The wind farm’s remaining economic life is 10 years, and therefore short-term fluctuations in generated volumes and electricity prices are expected to have little impact on its lifetime profitability. Long-term changes in wind speeds and long-term price forecasts are monitored regularly; and

- Availability risk is managed using availability incentives and by monitoring the operational efficiency and physical conditions of the wind farm, taking remedial action where required. The company and its service provider maintain relationships with multiple suppliers for turbine components in order to reduce key supplier risk.

There are no significant issues around cash flow, debt recovery, and overall profitability arising from the above mentioned risks and therefore it is appropriate to conclude these are not key risks to the company.

The directors actively monitor and manage the principal risks above and do not currently foresee a significant impact to the company’s cash flow o r profitability as a result of these risks.

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.

RWE RENEWABLES UK LONDON ARRAY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

Statement by the directors of the company regarding their statutory duty under s172 (1) Companies Act 2006 to promote the success of the company

The directors of RWE Renewables UK London Array Limited believe they have acted in the manner most likely to promote the success of the company for the benefit of its members as a whole having a regard to the matters set out in s172(1)(a-f) of the Act.

The following important matters have been directly addressed:

S172(1) a "The likely consequences of any decision in the long term"

The strategy of the company is aligned with the wider RWE Group strategy and is intended to maintain and strengthen the position as a leading renewable energy company, while keeping safety and social responsibility fundamental to the core business approach.

The 2026-28 business planning process was completed in the year following engagement with the ultimate parent company. The business plan was designed to have a long-term beneficial impact on the company whilst seeking to optimise and improve the existing assets. The directors continue to operate the business within tight budgetary controls and in line with regulatory targets.

The planning process takes into account the impact of the company's operations on the community and environment.

S172(1) b "The interests of the company's employees"

Notwithstanding the fact that company does not have any direct employees, health and safety of all contractors and local stakeholders is of the highest importance to the directors of the company.

The directors ensure they provide a safe and secure working environment for all by ensuring strict health and safety policies are adhered to by all contractors working on behalf of the company. The company operates a comprehensive HSE management system, and actively monitors its performance in order to identify and implement improvements, with detailed information discussed by the directors at monthly board meetings.

S172(1) c "The need to foster the company's business relationships with suppliers, customers and others"

Delivering the strategy requires good relationships with suppliers, customers, government departments and local communities. The directors assess the priorities related to the relevant stakeholders with whom the c ompany does business, and, where applicable, a member of the board ensures close collaboration with the stakeholders on these particular topics.

As a 30% stakeholder in the unincorporated joint venture London Array, strong relationships between the participants are key to the continued success of the c ompany. Regular meetings are held to discuss the operations and maintenance of the wind farm. During the year, particular focus has been given to the array cable repairs and replacement that have been taking place during the year.

S172(1) d "The impact of the company's operations on the community and the environment"

The directors ensure that Environmental, Health and Safety, and social responsibility policy and plans adopted are in place to help protect both people and the environment.

Health, Safety and Environment is a primary concern for the directors who set policies for the benefit of all stakeholders working on behalf of the c ompany. The c ompany operates a comprehensive HSE management system, and actively monitors its performance in order to identify and implement improvements.

The directors actively engage with the local community where the c ompany's proposed business activities are likely to impact on them.

RWE RENEWABLES UK LONDON ARRAY LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -

S172(1) e “The desirability of the c ompany maintaining a reputation for high standards of business conduct”

The directors have adopted clear plans, policies and frameworks, such as the RWE Code of Conduct, specific ethics and compliance directives, and the Modern Slavery Statement, to ensure that high standards are maintained internally and across external business relationships.

The Renewables division of the RWE group has a designated Compliance Officer to ensure that both the way in which decisions are taken and how the co mpany acts promote high standards of business conduct. This is also augmented by Compliance (business ethics) training that is mandatory for all employees to undertake annually.

The directors recognise their role in ensuring the desired culture is embedded in the values, attitudes and behaviours the c ompany demonstrates, including external activities and stakeholder relationships.

S172(1) f “The need to act fairly as between members of the c ompany”

The c ompany is held directly by a single member, and has one ultimate parent company, RWE AG. After weighing up all relevant factors, the directors consider which course of action best enables delivery of the c ompany's strategy through the long-term, taking into consideration the impact on the RWE group. In doing so, the directors act fairly as between the immediate c ompany’s member and the ultimate parent.

On behalf of the board

D Wain
Director
24 July 2026
RWE RENEWABLES UK LONDON ARRAY LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 5 -

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 continued to be that of the generation and sale of electricity from the London Array wind farm.

Results and dividends

The results for the year are set out on page 14.

During the year, ordinary dividends were paid amounting to £47,000k (2024: £138,000k). 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:

S Baneke
(Resigned 6 May 2025)
D Wain
R Crowhurst
(Resigned 31 December 2025)
S Stanton
(Resigned 23 May 2025)
L Rose
(Resigned 6 May 2025)
F Scholtka
(Appointed 1 January 2026)
E Do
(Appointed 1 June 2025)
Qualifying third party indemnity provisions

RWE AG, the ultimate parent company, has made qualifying third party indemnity provisions for the benefit of the company’s 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

The company is a profitable and cash generating business. It participates in the RWE Group cash pooling mechanism through the ultimate parent undertaking, RWE AG, providing short term liquidity within agreed limits. Due to these factors the company is not subject to liquidity or cash flow risk.

Interest rate risk

The company’s activities expose it to interest rate risk. The company’s risk management programme seeks to minimise potential adverse effects on the company’s financial performance arising from the unpredictability of financial markets.

Currency risk

The company has limited exposure to foreign currency risk. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling.

RWE RENEWABLES UK LONDON ARRAY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
Credit risk

The company has no significant exposure to credit risk.

Price risk

The company’s activities expose it to price risk arising from the sale of electricity and Renewable Obligations Certificates (ROCs). The directors monitor the effects of changes to electricity and ROC prices and consider that this risk is acceptable to the business at the individual entity level.

Future developments

The company continues to hold an interest in the London Array wind farm which continues to comprise of a 30% shareholding in the operator company (London Array Limited) and a 30% interest in the contractual unincorporated joint venture. The operator company will continue to operate the London Array wind farm in the Thames Estuary.

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

Introduction

RWE Renewables UK London Array Limited jointly operates the London Array Offshore Wind Farm, holding rights to 30% of earnings and assets. Therefore, the data within this environmental report shows 30% of the total energy consumed and emissions associated with London Array Offshore Wind Farm. The wind farm operations are contracted to RWE Renewables UK Wind Services Limited and, therefore, scope 1 and 2 emissions from service vessels and heating and electricity of the onshore operations base are reported by that entity.

Energy consumption and GHG emissions

The tables below show the company’s UK greenhouse gas (GHG) emissions and energy consumption for the year ended 31 December 2025 in line with the UK Government Streamlined Energy and Carbon Reporting (SECR) requirements. The company produced a total of 215 tonnes of scope 2 CO2 equivalent (tCO2e) in the year ended 31 December 2025 - a decrease of 41% tCO2e when compared to the baseline year, 2020.

Energy consumed
Name & description
Units
2025
2024
2020
Fuel used for heat
kWh
-
-
111,952
Fuel used in transport (vessels)
kWh
1
-
3,856,005
Electricity (owned buildings & energy imports)
kWh
1,130,293
1,611,227
1,553,145
Total energy consumed
kWh
1,130,294
1,611,227
5,521,102
Total renewable generation output
GWh
663
691
776
Fuel used for heating buildings and on vessel transportation is now reported by the company's operations and maintenance provider, RWE Renewables UK Wind Services Limited. Total renewable generation output decreased by 15% compared to the baseline year. This is due to a combination of wind resource and technical availability of the wind farm.
GHG emissions breakdown
Summary of scope 1 (direct) GHG emissions for the year ended 31 December 2025.
Name & description
Units
2025
2024
2020
Fuel used for heat
tCO2e
-
-
22.81
Fuel used in transport (vessels)
tCO2e
-
-
1,059.82
Total scope 1 emissions
tCO2e
-
-
1,082.63
RWE RENEWABLES UK LONDON ARRAY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 7 -
Fuel used for heating buildings and on vessel transportation is now reported by the company's operations and maintenance provider, RWE Renewables UK Wind Services Limited.
Summary of scope 2 (indirect) GHG emissions for the year ended 31 December 2025.
Name & description
Units
2025
2024
2020
Electricity used in buildings & onshore assets
tCO2e
-
-
23.51
Electricity imports to offshore assets
tCO2e
214.55
333.64
338.59
Total scope 2 emissions
tCO2e
214.55
333.64
362.10

A decrease of 41% is observed in the total scope 2 emissions compared to the baseline year. This is predominantly due to the electricity used for operations and maintenance now being reported by the company's operations and maintenance provider, RWE Renewables UK Wind Services Limited. The reduction is also driven by changes in the underlying import electricity to the wind farm and difference in the conversion factor used in the baseline year compared to the current year, which is based on a one-year grid average for the UK, and not because of any specific measure to reduce energy consumption. The electricity usage of the site fluctuates depending on wind resource.

Scope 3 emissions have not been reported.

Carbon intensity ratio

For the year ended 31 December 2025, the company reports a carbon intensity ratio of 0.32 gCO2e per kWh electricity generated – a decrease of 34% compared to the prior reporting year and of 83% compared to the baseline year, 2020. This decrease is mainly attributed to the reporting of fuels used for vessels and for heating by the company's operations and maintenance contractor, rather than the company.

Baseline year

The data for the year ended 31 December 2020 represents the company’s first disclosure under the SECR requirements and shall continue to be used as the baseline year to enable tracking of data trends and performance against targets against future reporting years.

Energy efficiency measures

The company's operations and maintenance base is fitted with motion sensor LED lighting, enhanced air tightness, window tints, a grass roof and other features which ensure efficient energy consumption. Electric vehicle charging points are also installed on site.

Targets

The data for the year 01 January 2020 to 31 December 2020 represents the company’s first disclosure under the SECR requirements and therefore targets for energy efficiency shall seek to reduce energy consumption against the 2020 baseline in subsequent reporting years.

RWE Renewables is the operator of the London Array Wind Farm.  RWE AG has set Science-based Targets, including a commitment to Net Zero emissions by 2040 and a reduction of specific Scope 1 and 2 emissions by 2030.  RWE Renewables has developed a strategy for its offshore operational portfolio to ensure alignment with these targets.

RWE RENEWABLES UK LONDON ARRAY LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -

Methodology

Method for data collection, calculations & data sources

The Company has collated its GHG emissions and energy consumption in line with the UK Government Department for Energy Security and Net Zero (DESNZ) Environmental Reporting Guidelines and GHG Protocol. GHG emissions are classified in accordance with these standards.

Direct GHG emissions (Scope 1) include GHG emissions from sources that are owned or controlled by the Company.

Indirect GHG Emissions (Scope 2) include GHG emissions from the generation of purchased electricity. Purchased heat and steam are not applicable to this Company.

The DESNZ ‘Greenhouse gas reporting: conversion factors 2025 were used to convert data to tCO2e and kWh, as required.

The most appropriate metric for calculation of the carbon intensity ratio, is the output from the Company’s electricity generation activities (kWh). To calculate the energy intensity ratio (gCO2e/kWh), the Company’s scope 1 and 2 GHG emissions have been divided by its electricity generation output for the year ended 31 December 2025.

Section 172(1) statement - business relationships

The company has chosen in accordance with Companies Act 2006, s.414C(11) to set out in the company's Strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the Directors' report. It has done so in respect of engagement with suppliers, customers and others in a business relationship with the company.

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.

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 operational cash flows.

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.

On behalf of the board
D Wain
Director
24 July 2026
RWE RENEWABLES UK LONDON ARRAY LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -

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.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

RWE RENEWABLES UK LONDON ARRAY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RWE RENEWABLES UK LONDON ARRAY LIMITED
- 10 -
Report on the audit of the financial statements
Opinion

In our opinion the financial statements of RWE Renewables UK London Array Limited (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 25.

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.

RWE RENEWABLES UK LONDON ARRAY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RWE RENEWABLES UK LONDON ARRAY LIMITED (CONTINUED)
- 11 -

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.

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.

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.

RWE RENEWABLES UK LONDON ARRAY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RWE RENEWABLES UK LONDON ARRAY LIMITED (CONTINUED)
- 12 -

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 and relevant internal specialists, including 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.

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 strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors’ report have 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 strategic report or 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.

We have nothing to report in respect of these matters.

RWE RENEWABLES UK LONDON ARRAY LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF RWE RENEWABLES UK LONDON ARRAY LIMITED (CONTINUED)
- 13 -

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.

William Brooks FCA (Senior Statutory Auditor)
For and on behalf of Deloitte LLP
Statutory Auditor
London
24 July 2026
RWE RENEWABLES UK LONDON ARRAY LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 14 -
2025
2024
Notes
£000
£000
Revenue
138,024
137,603
Cost of sales
(42,402)
(42,113)
Gross profit
95,622
95,490
Administrative expenses
(23,807)
(14,251)
Other operating income
6,276
8,789
Operating profit
4
78,091
90,028
Finance income
7
2,072
3,632
Finance costs
8
(12,867)
(14,096)
Profit before taxation
67,296
79,564
Tax on profit
9
(17,893)
(20,788)
Profit and total comprehensive income for the year
49,403
58,776

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 18 to 34 form part of these financial statements.

RWE RENEWABLES UK LONDON ARRAY LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 15 -
2025
2024
Notes
£000
£000
£000
£000
Non-current assets
Intangible assets
10
3,424
3,755
Property, plant and equipment
11
310,375
339,022
Investments
12
324
324
314,123
343,101
Current assets
Inventories
14
353
353
Trade and other receivables
15
77,895
63,884
Cash and cash equivalents
5,317
4,109
83,565
68,346
Current liabilities
Borrowings
16
(20,000)
(20,000)
Trade and other payables
17
(8,106)
(7,228)
Current tax liabilities
(33,122)
(32,966)
Lease liabilities
18
(603)
(594)
(61,831)
(60,788)
Net current assets
21,734
7,558
Total assets less current liabilities
335,857
350,659
Non-current liabilities
Borrowings
16
(125,000)
(145,000)
Lease liabilities
18
(9,117)
(9,437)
(134,117)
(154,437)
Provisions for liabilities
Deferred tax liabilities
19
(31,020)
(29,623)
Other provisions
20
(40,341)
(38,623)
Net assets
130,379
127,976
Equity
Called up share capital
21
9,223
9,223
Retained earnings
121,156
118,753
Total equity
130,379
127,976
RWE RENEWABLES UK LONDON ARRAY LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2025
31 December 2025
- 16 -
The financial statements were approved by the board of directors and authorised for issue on 24 July 2026 and are signed on its behalf by:
D Wain
Director
Company registration number 05321254 (England and Wales)
RWE RENEWABLES UK LONDON ARRAY LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
Called up share capital
Retained earnings
Total
Notes
£000
£000
£000
Balance at 1 January 2024
9,223
197,977
207,200
Year ended 31 December 2024:
Profit and total comprehensive income
-
58,776
58,776
Transactions with owners:
Dividends
22
-
(138,000)
(138,000)
Balance at 31 December 2024
9,223
118,753
127,976
Year ended 31 December 2025:
Profit and total comprehensive income
-
49,403
49,403
Transactions with owners:
Dividends
22
-
(47,000)
(47,000)
Balance at 31 December 2025
9,223
121,156
130,379
RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
1
Accounting policies
Company information

RWE Renewables UK London Array 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, as modified by the revaluation of derivative financial assets and financial liabilities, measured at fair value. 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 25.

RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 19 -
1.2
Going concern

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

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 operational cash flows.

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
Revenue

Revenue recognised consists of revenue from contracts with customers recognised in line with IFRS 15.

Revenue from contracts with customers comprises the fair value of the consideration received or receivable in respect of the invoiced and accrued value of generated electricity, Renewable Obligations Certificates (ROCs) and Renewables Energy Guarantees of Origin (REGOs).

Revenue represents income from power purchase and ROC and REGO transfer agreements relating to the generation of electricity from wind farm sites. Revenue comprises the value of units of electricity, ROCs and REGOs supplied during the year and is recognised when the performance obligation has been satisfied, which is when the electricity is delivered to the customer. Units of electricity are determined by energy volumes recorded on the wind farm meters and market settlement systems. ROCs and REGOs granted to the company are recognised when eligible electricity is generated and is immediately transferable to the customer. Revenue is measured based on the consideration specified in a contract with a customer (transaction price) and excludes amounts collected on behalf of third parties, i.e. VAT. Variable consideration is recognised in revenue when it is highly probable that the revenue will not be reversed in subsequent periods. The consideration for the power is due when the actual power is delivered to the customer.

Where electricity, ROCs or REGOs are transferred to the customer before the customer pays consideration, or before payment is due, contract assets are recognised. Contract assets are included in the statement of financial position and represent the right to consideration for goods delivered.

Revenue is generated entirely within the United Kingdom from the principal activity of the company.

Other operating income

Other operating income comprises compensation related to goods and services provided by the company and income which is incidental to the company’s principal business activities.

1.4
Intangible assets other than goodwill

Intangible assets relate to the rights, licences and development costs incurred prior to the construction of the London Array 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.

Amortisation

Development costs are amortised from the date a project becomes operational.

Amortisation is provided on intangible assets on a straight line basis so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class Amortisation rate

Operating licence and development costs 23 years

RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 20 -
1.5
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:

Freehold land and buildings
Not depreciated
Leasehold land and buildings
23 years
Decommission asset
23 years
Wind farm
23 years

Assets in the course of construction are not depreciated.

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 recognised in the statement of comprehensive income.

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.

1.6

Joint Operation

A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets and obligations for the liabilities relating to the arrangement.

Recognition and Measurement

The company recognises in relation to its interest in a joint operation:

- its share of the joint assets and any liabilities incurred jointly;

- its own liabilities and assets it controls arising from the joint operation;

- its revenue from the sale of its share of the output arising from the joint operation; and

- its share of the expenses incurred jointly, and its own expenses incurred in relation to the joint operation.

Recognition and measurement are in accordance with the relevant accounting standards applicable to each item.

Presentation

The company’s share of assets, liabilities, revenues, and expenses from joint operations is presented in its financial statements in accordance with their nature, consistently with similar items that are wholly owned or incurred by the company.

1.7
Non-current investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 21 -
1.8
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 with indefinite useful lives and 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.

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.

1.9
Inventories

Inventories relate to spare parts to be used in the operation and maintenance of the wind farm. Inventories are stated at the lower of cost incurred in bringing each product to its present location and condition, or net realisable value.

Cost is calculated using the weighted average price method.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10
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.

1.11
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.

RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 22 -
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 15.

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.

1.12
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'.

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.

1.13
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.

1.14
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.

RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 23 -
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.

1.15
Provisions

A provision is made for the decommissioning of RWE Renewables UK London Array Limited based on an assessment of the current cost of decommissioning. Decommissioning is expected to take place in 2036.

Provisions for decommissioning are recognised in full when the related facilities are constructed. A corresponding amount equivalent to the provision is also recognised as part of the cost of the related plant and equipment. The amount recognised is the estimated cost of decommissioning, discounted to its net present value, and is reassessed each year in accordance with local conditions and requirements. Changes in the estimated timing of decommissioning costs estimates are dealt with prospectively by recording an adjustment to the provision, and a corresponding adjustment to the wind farm cost. The unwinding of the discount on the decommissioning provision is included as a finance cost.

1.16
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.

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.

RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 24 -

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.

1.17
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 year 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.

Renewables Obligation Certificate (ROC) recycle revenue (estimate)

The company has accrued for Renewables Obligation Certificates ('ROC') recycle revenue in the year. There is a high degree of estimation involved when accruing for expected ROC recycle revenue. The key estimate surrounds the unit price, which isn’t known until after the compliance period. In order to determine the relevant revenue for each financial year, management use an estimate for ROC prices provided by an independent energy expert consulting company, which takes into account expected generation for the UK. If the ROC recycle unit price increased or decreased by £1 this would lead to an increase or decrease in revenue of £1,038 k.

RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Critical accounting estimates and judgements
(Continued)
- 25 -
Decommissioning provision (estimate)

Amounts used in recording a provision for decommissioning of wind farms are estimates based on current legal and constructive requirements. Due to changes in relation to these items, the future actual cash outflows in relation to decommissioning are likely to differ in practice. To reflect the effects due to changes in legislation, requirements and technology and price levels, the carrying amounts of decommissioning provisions are reviewed on a regular basis. The effects of changes in estimates do not give rise to prior year adjustments and are dealt with prospectively over the estimated remaining useful lives for each wind farm. While the company uses its best estimates and judgement, actual results could differ from these estimates. In estimating decommissioning provisions, the company applied an annual average inflation rate of 2.5% (2024: 2.75%) and an average annual discount rate of 4.5% (2024: 4.75%).

Sensitivity analysis:

An increase in the inflation rate of 25 basis points would lead to an increase in the decommissioning provision and wind farm cost of £1,607k (2024: £1,528k), and a decrease in the inflation rate of 25 basis points would lead to a decrease of £1,521k (2024: £1,462k).

An increase in the discount rate of 25 basis points would lead to a decrease in the decommissioning provision and wind farm cost of £969k (2024: £1,024k), and a decrease in the discount rate of 25 basis points would lead to an increase of £1,025k (2024: £1,066k).

An increase of 10.00% in the cost estimate for decommissioning would lead to an increase in the decommissioning provision and wind farm cost of £4,050k (2024: £3,869k), and a decrease of 10.00% would lead to a decrease of £4,021k (2024: £3,857k).

4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£000
£000
Exchange gains
(7)
(1)
Fees payable to the company's auditor for the audit of the company's financial statements
41
40
Depreciation of property, plant and equipment
29,535
28,992
Amortisation of intangible assets (included within cost of sales)
331
331
Write downs of inventories recognised as an expense
-
0
568
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 another related entity, RWE Renewables Management UK Limited. 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.

RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 26 -
7
Finance income
2025
2024
£000
£000
Interest income
Interest receivable from group companies
2,072
3,632
8
Finance costs
2025
2024
£000
£000
Interest on financial liabilities measured at amortised cost:
Interest payable to group undertakings
10,129
11,448
Interest on lease liabilities
339
347
Parent company gurantee fees
188
235
Other interest payable
376
461
11,032
12,491
Other finance costs:
Unwinding of discount on provisions
1,835
1,605
Total finance costs
12,867
14,096
9
Tax on profit
2025
2024
£000
£000
Current tax
UK corporation tax on profits for the current year
-
0
17,610
Adjustments in respect of prior periods
67
1
Group relief
16,429
-
Total UK current tax
16,496
17,611
Deferred tax
Origination and reversal of temporary differences
1,434
3,177
Adjustment in respect of prior periods
(37)
-
0
1,397
3,177
Total tax charge
17,893
20,788
RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
9
Tax on profit
(Continued)
- 27 -

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
67,296
79,564
Expected tax charge based on a corporation tax rate of 25.00% (2024: 25.00%)
16,824
19,891
Effect of expenses not deductible in determining taxable profit
1,039
896
Adjustments in respect of previous periods - current tax
67
1
Adjustments in respect of previous periods - deferred tax
(37)
-
Taxation charge for the year
17,893
20,788

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.

Group relief tax disclosures:

The group includes a number of companies, including the parent company, which are part of a tax group for certain aspects of the tax legislation. One of these aspects relates to group relief whereby current tax liabilities can be offset by current losses arising in other companies within the same tax group. Amounts payable for group relief are within the current tax disclosures.

The company's total current tax charge for the year is shown above and comprises £16,429k (2024: £nil) in relation to group relief payable.

£16,429k (2024: £nil) of the current tax liability, as shown on the statement of financial position represents amounts due to fellow group undertakings in relation to group relief payable.

10
Intangible assets
Development costs
£000
Cost
At 31 December 2024
7,494
At 31 December 2025
7,494
RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
10
Intangible assets
Development costs
£000
(Continued)
- 28 -
Accumulated amortisation and impairment
At 31 December 2024
3,739
Charge for the year
331
At 31 December 2025
4,070
Carrying amount
At 31 December 2025
3,424
At 31 December 2024
3,755

The remaining amortisation period of wind farm rights, licences and development costs is 10 years.

11
Property, plant and equipment
Freehold land and buildings
Leasehold land and buildings
Wind farm
Decommission asset
Total
£000
£000
£000
£000
£000
Cost
At 1 January 2025
96
12,566
609,688
30,744
653,094
Additions
-
0
369
734
-
0
1,103
Disposals
-
0
(278)
-
0
-
(278)
Change in estimate
-
0
-
0
-
0
(117)
(117)
At 31 December 2025
96
12,657
610,422
30,627
653,802
Accumulated depreciation and impairment
At 1 January 2025
-
0
3,331
295,576
15,165
314,072
Charge for the year
-
0
702
27,902
931
29,535
Eliminated on disposal
-
0
(180)
-
0
-
0
(180)
At 31 December 2025
-
0
3,853
323,478
16,096
343,427
Carrying amount
At 31 December 2025
96
8,804
286,944
14,531
310,375
At 31 December 2024
96
9,235
314,112
15,579
339,022
RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
11
Property, plant and equipment
(Continued)
- 29 -

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
Leasehold land and buildings
8,804
9,235
Total additions in the year
369
554
Depreciation charge for the year
Leasehold land and buildings
702
702
12
Investments
Non-current
2025
2024
£000
£000
Investments in joint ventures
324
324
13
Joint ventures
Details of the company's joint ventures at 31 December 2025 are as follows:
Name of undertaking
Registered office
Principal activities
Interest
% Held
held
Direct
London Array Limited
England & Wales
Offshore wind farm operation
Ordinary shares
30.00

The joint venture has the same registered address as the company as disclosed in note 1. The percentage held above indicates the company's proportion of ordinary share holdings in the entity. The entity is incorporated in the United Kingdom. There have been no changes in the joint venture and all the information presented for them.

14
Inventories
2025
2024
£000
£000
Consumables and spare parts
353
353

During the reporting period, a review of the spare parts was undertaken and £nil (2024: £568k) written off relating to parts deemed defective.

RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 30 -
15
Trade and other receivables
2025
2024
£000
£000
VAT recoverable
1,968
1,952
Amounts owed by parent undertakings
72,545
58,907
Other receivables
641
-
Prepayments and accrued income
2,741
3,025
77,895
63,884

Trade receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

The company applies the IFRS 9 simplified approach to measuring expected credit losses which uses a lifetime or 12 months expected loss allowance for all receivables and contract assets depending on the change in the credit rating of the organisation being assessed. Expected credit losses trade receivables are considered insignificant to the company. Amounts owed by parent undertakings include £50,240k (2024: £41,178k) accrued in respect of contract assets for the sale of Renewables Obligation Certificates ('ROC').

Included in amounts owed by parent undertakings is an unsecured £22,305k (2024: £10,226k) loan repayable within one year from RWE AG. Interest is charged at the monthly SONIA average rate (comparable rate for other currencies) less 10 basis points except where the interest rate is negative and then it is a fixed rate of 0.00%.

The remaining amounts owed by parent undertakings are unsecured, interest free and repayable on demand.

16
Borrowings
Current
Non-current
2025
2024
2025
2024
£000
£000
£000
£000
Borrowings held at amortised cost:
Loans from parent undertakings
20,000
20,000
125,000
145,000

Included in loans from the parent undertaking s is a £145,000k (20 24: £165,000 k) loan from the immediate parent company, RWE Renewables UK Limited.

The loan was made on 28 November 2022 for a total amount of £205,000k. The loan i s unsecured and will be repaid in 19 semi-annual instalments of £10,000k beginning 31 May 2023, followed by one final repayment of £15,000k on 30 November 2032. The net interest rate is 6.4% per annum and is due to be paid quarterly based on the outstanding nominal amount.

RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 31 -
17
Trade and other payables
2025
2024
£000
£000
Trade payables
319
48
Amounts owed to parent undertakings
952
1,569
Accruals and deferred income
6,835
5,611
8,106
7,228

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.

Included in amounts owed to parent undertakings is an unsecured £1k (2024:£1k) loan repayable within one year to RWE AG. Interest is charged at monthly SONIA average rate (comparable rate for other currencies) plus 50 basis points except where the interest rate is negative and then it is fixed to a rate of 0.50%.

The amounts owed to parent undertakings are unsecured, interest free and repayable on demand.

18
Lease liabilities
2025
2024
Net amounts due
£000
£000
Current liabilities
603
594
Non-current liabilities
9,117
9,437
9,720
10,031
2025
2024
Maturity analysis of future lease payments
£000
£000
Within one year
921
923
In two to five years
3,688
3,632
In over five years
7,367
7,979
Total undiscounted liabilities
11,976
12,534
Future finance charges and other adjustments
(2,256)
(2,503)
Lease liabilities in the financial statements
9,720
10,031
Other leasing information is included in note 23.
RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 32 -
19
Deferred taxation
Liabilities
2025
2024
£000
£000
Deferred tax balances
31,020
29,623

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon during the current and prior reporting year.

Accelerated capital allowances
Other
Total
£000
£000
£000
Deferred tax liability at 1 January 2024
26,471
(25)
26,446
Deferred tax movements in prior year
Charge to profit or loss
3,177
-
3,177
Deferred tax liability at 1 January 2025
29,648
(25)
29,623
Deferred tax movements in current year
Charge to profit or loss
1,397
-
1,397
Deferred tax liability at 31 December 2025
31,045
(25)
31,020

Deferred tax assets and liabilities are offset in the financial statements only where the company has a legally enforceable right to do so.

All items of deferred tax are expected to be recovered or settled more than 12 months after 31 December 2025.

20
Other provisions
2025
2024
£000
£000
Decommissioning
40,341
38,623
Movements on provisions:
Decommissioning
£000
At 1 January 2025
38,623
Unwinding of discount
1,835
Change in estimate
(117)
At 31 December 2025
40,341
RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Other provisions
(Continued)
- 33 -

The provision for the decommissioning of the wind farm represents the net present value of the company’s best estimate of the costs to decommission the wind farm at the end of its useful life. The provision has been discounted to its present value at 4.5% (2024: 4.75%).

21
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£000
£000
Issued and fully paid
Ordinary shares of £1 each
9,223,000
9,223,000
9,223
9,223
22
Dividends
2025
2024
2025
2024
Amounts recognised as distributions:
per share
per share
Total
Total
£000
£000
£000
£000
Ordinary shares
Interim dividend paid
5.10
14.96
47,000
138,000
23
Other leasing information
As Lessee

Expenses relating to lease payments that have not been recognised under IFRS 16 as right-of-use assets and lease liabilities are as follows:

2025
2024
Amounts recognised in profit or loss:
£000
£000
Expense relating to short-term leases
53
46
Expense relating to variable lease payments not included in lease liabilities
389
402

The expenses above are included in the administrative expenses. Leases include leases of land on which the RWE Renewables UK London Array Limited wind farm is situated. These lease contracts include a fixed element which is subject to annual indexation, and a variable element, which is calculated based on the volume of generated electricity. The latter is excluded from the lease liability and expensed in the period to which it relates.

Total cash outflow for leases was £1,355k (2024: £1,345k).

Information relating to lease liabilities is included in note 18.
24
Related party transactions

The company has taken advantage of the exemption available under FRS 101 not to disclose related party transactions with wholly owned subsidiaries of RWE AG.

RWE RENEWABLES UK LONDON ARRAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 34 -
25
Controlling party

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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