The directors present their report, together with the financial statements, on the company for the year ended 31 December 2025.

The following persons were directors of the company during the whole of the financial year and up to the date of this report, unless otherwise stated:

The principal activity of the company is the development and operation of utility scale wind turbines. The portfolio has been performing in line with expectation. There have been no significant additions or disposals in the year.

During the coming year the Company will continue to manage the development and operation of the wind turbines that it owns.

The key risks arising in the Company are interest rate, credit, operational and liquidity risks which are discussed in more detail below.

Interest rate risk

The Company's principal exposure to interest rate risk comes from its loan borrowings from its parent undertaking. The loan borrowings are issued at fixed rate plus index linked which expose the Company to fair value interest rate risk.

Credit risk

The Company does not have a significant exposure to credit risk as receivables are mainly short-term trading items and related party receivables. The Company’s assets are managed by agents who have responsibility for the prompt collection of amounts due.

Operational risk

Operational risk arises as a result of inadequate or failed internal processes, people or systems; or from external events. Details of the CK William UK Holdings Group approach to operational risk are set out in the financial statements of CK William UK Holdings Limited, which manages and administers the Company's obligations as and when they fall due.

Liquidity risk

The Company does not have a significant exposure to liquidity risk. Liquidity risk is managed by ensuring that there is always sufficient headroom available on the unsecured loan agreement to meet the working capital requirements of the business. The Directors monitor the maturity of the Company's obligations as and when they fall due.

The company has net liabilities of £-0.7m (31 December 2024: £0.4m). Included within this is an unsecured loan of £10.5m (31 December 2024: £13.1m) from UK Renewables Energy Group Limited (the “parent undertaking”).

The parent undertaking has confirmed that it will not seek repayment of part or the entire amount loaned to the Company for at least twelve months from the date of approval of the Company's financial statements, where to do so will place this company in an insolvent position. The parent undertaking has also confirmed that it will provide addition support as required by the company in order to meet its short-term obligation. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements. In making this assessment, the Directors have considered forecast cash flows for a period of at least twelve months from the date of approval of these financial statements.

There have been no significant events since year end impacting on the financial position of the Company.

No matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.

The Company has no employees (2024: none).

This report is made in accordance with a resolution of directors.

On behalf of the directors

The directors are responsible for preparing the directors' 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the profit or loss of the company for that year.

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

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.

A strategic report has not been included in these financial statements as the Company qualifies for exemption as a small entity under Section 414B of the Companies Act 2006 relating to small entities.

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption in section 415A of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts, and confirm that the company is entitled to exemption from audit under section 476 for the financial year.

The financial statements cover Woolley Hill Electrical Energy Limited as an individual entity. The financial statements are presented in Pound sterling, which is Woolley Hill Electrical Energy Limited's functional and presentation currency.

Woolley Hill Electrical Energy Limited is a company limited by shares, incorporated and domiciled in the United Kingdom. Its registered office and principal place of business is:

A description of the nature of the company's operations and its principal activities are included in the directors' report, which is not part of the financial statements.

The financial statements were authorised for issue, in accordance with a resolution of directors, on 22 September 2026. The directors have the power to amend and reissue the financial statements.

Continuing Operations

All amounts reported in the Statement of Comprehensive Income for the years ended 31 December 2025 and 31 December 2024 relate to continuing operations.

Company information

The Company manages the development and operation of wind turbines in the UK.

The Company is a private company limited by shares and is incorporated and domiciled in United Kingdom. The registered office is Newington House, 237 Southwark Bridge Road, London, England, England, SE1 6NP.

The principal accounting policies adopted in the preparation of the financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

The company has adopted all of the new or amended Accounting Standards and Interpretations issued by the Financial Reporting Council ('FRC') that are mandatory for the current reporting period.

Any new or amended Accounting Standards or Interpretations that are not yet mandatory have not been early adopted.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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

The company is exempt from audit under section 479A of the Companies Act 2006, as it is a subsidiary undertaking whose liabilities are guaranteed by its ultimate parent undertaking, CK William UK Holdings Limited.

The company’s immediate parent undertaking is UK Renewables Energy Group Limited, which is wholly owned by CK William UK Holdings Limited.

CK William UK Holdings Limited is incorporated in United Kingdom and registered under company number 10004346. The company is included in the consolidated financial statements of CK William UK Holdings Limited, which are publicly available from Companies House.

The members have not required the Company to obtain an audit of its accounts for the year in accordance with section 476 of the Companies Act 2006.

For the year ending the company was not entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies, and rather took the exemption from audit under 479A as explained above.

The company has net liabilities of £-0.7m (31 December 2024: £0.4m). Included within this is an unsecured loan of £10.5m (31 December 2024: £13.1m) from UK Renewables Energy Group Limited (the “parent undertaking”).

The parent undertaking has confirmed that it will not seek repayment of part or the entire amount loaned to the Company for at least twelve months from the date of approval of the Company's financial statements, where to do so will place this company in an insolvent position. The parent undertaking has also confirmed that it will provide addition support as required by the company in order to meet its short-term obligation. For this reason, the Directors continue to adopt the going concern basis in preparing the financial statements. In making this assessment, the Directors have considered forecast cash flows for a period of at least twelve months from the date of approval of these financial statements.

Revenue comprises the fair value of the consideration received or receivable in respect of the invoiced value of generated electricity, Renewable Obligation Certificates (ROCs) and accrued income. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

Revenue on the generation of energy comprises the value of units supplied during the year. Units are determined by energy volumes recorded on the wind farm meters and market settlement systems.

Under the terms of its Power Purchase Agreements with customers, ROC’s are immediately transferable to the customer. Revenue in relation to ROC’s is recognised in line with the generation of energy.

Accrued income represents the sales value of energy (and related ROC’S) which is yet to be invoiced and is based upon the value of units supplied with respect to energy and quantity of units supplied with respect to ROC’s.

The company recognises revenue when:

- the amount of revenue can be reliably measured;

- it is probable that future economic benefits will flow to the entity;

There is only one operating activity and all Revenue is generated within the United Kingdom.

Cost of sales comprises direct costs associated with maintaining the operation of the plant.

Administrative expenses include all costs not directly incurred in the operation of the Company’s portfolio. This includes administration, finance and management expenses.

Interest income is recognised using the effective interest rate method.

Finance costs are recognised on an effective interest rate basis and include loan facility interest.

Tangible fixed assets are stated at their historic purchase cost, together with any incidental expenses of acquisition less accumulated depreciation. Costs include the original purchase price of the asset and the cost attributable to bringing the asset to its working condition for its intended use.

The cost of wind farms under development are treated as assets under construction and includes all costs associated with bringing the asset into productive use and related costs directly attributable to the specific development. A property ceases to be a development asset when brought into productive use and will begin to depreciate on a straight-line basis over its estimated useful economic life.

Once brought into productive use, depreciation is provided to write off plant and machinery on a straight-line basis over its estimated useful economic life of 25 years.

Debtors and other current assets

Debtors are recognised and carried at the lower of their originally invoiced value and recoverable amount. Where the time value of money is material the receivables are carried at amortised cost. Provisions are made where there is objective evidence that the amount will not be recovered in full.

Cash at bank and in hand comprises of cash and cash on deposit with banks, both of which are immediately available.

Current liabilities

Current tax assets and liabilities are measured at the amount expected to be recovered from or paid to taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted by the balance sheet date. Management periodically evaluates positions taken in tax returns with respect to situations in which the applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred tax

Deferred tax is provided in full, using the liability method on all temporary differences at the balance sheet date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

Deferred tax assets are recognised only to the extent that it is probable that taxable profit will be available against which deductible temporary differences, carried forward tax credits or tax losses can be utilised.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realised or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date.

Deferred tax relating to items recognised directly in changes in equity is recognised in the Statement of Changes in Equity and not in the Statement of Comprehensive Income.

Loans and borrowings are recognised initially at their issue proceeds less transaction costs incurred. Subsequently, borrowings are stated at amortised cost with interest being accrued cyclically as defined in the facility agreements. Borrowing costs have been capitalised and are being amortised using the effective interest rate method over the life of the loan. Interest expense associated with loans and borrowings is accounted for on an accruals basis.

At each balance sheet date, non-financial assets not carried at fair value are assessed to determine whether there is an indication that the asset may be impaired. If there is such an indication the recoverable amount of the asset is compared to the carrying amount of the asset.

The recoverable amount of the asset is the higher of the fair value less costs to sell and value in use. Value in use is defined as the present value of the future cash flows before interest and tax obtainable as a result of the asset’s continued use. These cash flows are discounted using a discount rate that represents the risks inherent in the asset.

If the recoverable amount of the asset is estimated to be lower than the carrying amount, the carrying amount is reduced to its recoverable amount. An impairment loss is recognised in the Statement of Comprehensive Income.

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

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

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

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

Share capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Financial instruments

The Company applies the recognition and measurement provisions of Sections 11 Basic Financial Instruments and 12 Other Financial Instruments Issues of FRS 102.

The Company is a qualifying entity for the purposes of FRS 102 and has therefore taken advantage of the disclosure exemptions available under that standard in respect of financial instruments, on the basis that the equivalent disclosures are included in the publicly available consolidated financial statements of its parent undertaking.

The Company’s financial instruments comprise basic financial instruments only, including trade and other receivables, cash and cash equivalents, trade and other payables, and loans from group undertakings.

Financial assets and liabilities are initially recognised at transaction price and subsequently measured at amortised cost using the effective interest method, where applicable.

The Company discloses transactions with related parties which are not wholly owned within the same Group. Where appropriate, transactions of a similar nature are aggregated unless, in the opinion of the Directors, separate disclosure is necessary to understand the effect of the transactions on the Company financial statements.

The Company has taken advantage of the exemption, under FRS 102, from disclosure of transactions with related parties who are wholly owned within the same Group. The Group includes the Company, its parent undertakings and its fellow subsidiary undertakings.

As part of the measurement and recognition of assets and liabilities in the period, the Company has recognised a provision for decommissioning obligations associated with the wind turbines. In determining the present value of the provision, assumptions and estimates are made in relation to the discount rates, the expected cost to dismantle and remove the plant from the site and the expected timing of these costs, and this data is compared to industry available data. The carrying amount of the provision as at 31 December 2025 was £0.6m (2024: £0.5m). The discount rate applied was 2%.

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

Amounts in this report have been rounded off to the nearest thousand pounds, or in certain cases, the nearest million.

The preparation of the Company’s Financial Statements requires the Directors to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities and the disclosure of contingent liabilities, at the reporting date. The estimates and associated assumptions are based on historical experience, expectations of future events and other factors that are considered to be relevant. However, uncertainty about these assumptions and estimates could result in outcomes that require a material adjustment to the carrying amount of the assets or liabilities affected.

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 that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next fractional year are outlined below.

Non-financial assets are reviewed for impairment at each balance sheet date. An impairment loss is recognised for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of an asset’s net selling price and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows.

As part of the measurement and recognition of assets and liabilities in the period, the Company has recognised a provision for decommissioning obligations associated with the wind turbines. In determining the present value of the provision, assumptions and estimates are made in relation to the discount rates, the expected cost to dismantle and remove the plant from the site and the expected timing of these costs, and this data is compared to industry available data. The carrying amount of the provision as at 31 December 2025 was £0.6m (2024: £0.5m). The discount rate applied was 2%.

An analysis of the company's turnover is as follows:

Operating profit for the year is stated after charging:

The Company did not have any employees during the year (2024: nil). Directors were employed and remunerated by another affiliated company. No recharge was made by the Parent company for their services (2024: £nil).

During the year no non-audit fees were paid to statutory auditors (2024 : £nil).

The current tax charge for the year is based on taxable profits for the period, together with an adjustment in respect of prior periods following finalisation of the corporation tax position for earlier accounting periods. The difference between the statutory rate of corporation tax and the effective tax rate is primarily attributable to differences between capital allowances and depreciation, items of expenditure that are not deductible for tax purposes, interest restricted under the Corporate Interest Restriction rules, and the utilisation or surrender of group relief within the Group.

Amounts owed by group undertakings are unsecured, interest free, have no fixed date of repayments and are payable on demand.

Loans from group undertakings are unsecured.

In 2016, the Company entered into a loan facility for a total available amount of £80m with Aviva Investors Infrastructure Income No.5 Limited. The loan from parent undertaking bears interest at 5.23% per annum with an RPI uplift, is unsecured, and is repayable on 31 March 2042. On 26 September 2024, the Company was acquired by UK Renewables Energy Group Limited, at which point the loan principal transferred ownership.

An amount of £0.3m (2024: £0.4m), representing Retail Price Index ("RPI") adjustment on the loan was capitalised to the loan principal during the year. An amount of £2.9m was repaid within the year. For the year ended 31 December 2025, interest expense of £1.0m ( 2024: £1.2m) was recognised in the Statement of Comprehensive Income.

The decommissioning provision for the future costs of decommissioning the wind farm. The provision has been discounted at an annual rate of 2% and this discount will be unwound and charged to the profit and loss account until 2040, the estimated date of decommissioning.

Amounts owed to group undertakings are unsecured, interest free, have no fixed date of repayments and are repayable on demand.

Lessee

The company has entered into lease agreements with the landowners on which its wind farm is situated to pay rent based on fixed amounts and amounts linked to turnover and production. Future minimum rentals payable under non-cancellable operations leases are as follows:

The amount of non-cancellable operating lease payments recognised as an expense during the year was £0.3m (2024: £0.4m).

No matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the company's operations, the results of those operations, or the company's state of affairs in future financial years.

The immediate parent of Woolley Hill Electrical Energy Limited is UK Renewables Energy Group Limited.

The ultimate shareholders are CK Infrastructure Holdings Limited (40%), CK Assets Holdings Limited (40%) and Power Assets Holdings Limited (20%), all of whom are listed on the Hong Kong Stock Exchange. As such, the directors consider that there is no ultimate controlling party.

The directors present their strategic report on CK William UK Holdings Limited (referred to hereafter as the 'consolidated entity') for the year ended 31 December 2025.

Through its Australian subsidiary CK William Australia Holdings Pty Ltd, the business controls (refer note 38), Australia Gas Infrastructure Holdings (AGIH) including Dampier Bunbury Natural Gas Pipeline Trust and its controlled entities (DBP or Dampier Bunbury Pipeline), AGI Development Group Nominees Pty Limited and its controlled entities (AGID), and Multinet Group Holdings Limited and its controlled entities (MG or Multinet Gas), Energy Developments Pty Limited and its controlled entities (EDL or Energy Developments), and United Energy Distribution Holdings Limited (UE or United Energy).

The AGIH business comprises of DBP, AGID and MG and their principal business activities include:

DBP is Western Australia’s principal gas transmission pipeline. It is the only pipeline connecting the natural gas reserves of the Carnarvon basin on Western Australia’s North West Shelf with industrial, commercial and residential customers in Perth and the surrounding regions. Natural gas supplies approximately 50% of total primary energy consumption in Western Australia.

AGID owns and operates gas pipelines in the Pilbara region and owns and operates WA’s biggest gas storage facility as well as the Tanami Pipeline in the Northern Territory.

MG's primary activities are the distribution of gas to the premises of residential, commercial and industrial gas users and the construction and maintenance of its gas network in Victoria, Australia.

EDL delivers reliable and cost-effective innovative and remote energy solutions through a portfolio of nearly 1 Gigawatt of energy generation capacity from 88 power stations across Australia, North America and Europe. EDL also provides energy through the supply of liquefied natural gas (LNG) and compressed natural gas (CNG) and is expanding its renewable natural gas (RNG) capabilities.

UE's primary activities are distribution of electricity from Victoria’s transmission network to the premises of residential, commercial and industrial electricity users enabled via the ongoing construction, augmentation and maintenance of its electricity network in Victoria, Australia.

Additional UK subsidiaries include UK Renewables Energy Group Limited (UKREG), Phoenix Energy Group Holdings Limited (PEGL) and N-GEN Energy Solutions Limited (NGEN) and their principal business activities include:

UK Renewables Energy Group Limited (UKREG) owns and operates single turbine and multiple turbine wind farms across the United Kingdom. The portfolio consists of 97 fully operational onshore wind assets that commenced operation between 2013 and 2017, with a capacity of 135MW, enough to power the equivalent of 181,900 homes.

Phoenix Energy Group Holdings Limited (PEGL) develops and operates a natural gas distribution network in Northern Ireland.

N-Gen Energy Solutions Limited (NGEN) develops schemes right from initial concept, through feasibility assessments, to the design, construction, ownership and maintenance of hydrogen production and infrastructure.

The primary activity of CK William UK Holdings Limited is to act as a holding company.

The increase in revenue in 2025 is primarily attributable to higher distribution, transportation, green credit, and gas revenues. This growth was driven by increased consumption, higher electricity and gas prices across existing operating entities, and the acquisition of three new operating entities. The increase in expenses is driven by higher personnel, repair and maintenance, depreciation and amortisation, and fuel expenses.

Income tax expense for the year was $88 million (2024: $123 million) which represents an effective tax rate of 32.2% (2024: 45.7%). The decrease in the effective tax rate is due to thin cap denial on shareholder loan interest expense in the previous year not being applicable in the current year.

Profit after income tax expense for the year was $185 million (2024: $146 million). The increase is primarily due to the lower effective tax rate as documented above.

Revenue and operating profit by operating entity is summarised as follows:

* Operating profit represents profit before income tax expense and finance expenses. AGIH

AGIH's revenue decreased by $103 million, mainly due to lower transportation, distribution and gas revenues. Operating profit decreased by $104 million due to the decreased revenue.

EDL revenue decreased marginally by $34 million compared to prior year mainly due to unfavourable volume and pricing of green credits , and a decrease in gas revenue. Operating profit decreased by $91 million driven by lower revenue, higher depreciation on new assets, higher personnel expenses, repair and maintenance and other expenses.

UE's revenue increased by $169 million mainly due to higher consumption in 2025. Operating profit increased by $129 million due to higher revenue.

PEGL's revenue increased by $86 million due to a full year of the business being part of the group compared to 8 months in the previous year. Operating profit increased by $46 million due to a full year of the business being part of the group compared to 8 months in the previous year.

The consolidated entity continues to invest significantly in replacement and growth capital assets in each operating business to maintain strong operating results. Note that PEGL and UKREG's 2024 balances include the acquisition value of property, plant and equipment. A breakdown of property, plant and equipment additions by entity is below:

Key performance indicators

The three major operating groups each maintain separate financial and non-financial key performance indicators (KPI). The consolidated entity's KPI’s focus on safety, reliability and financial performance.

Safety management

AGIH uses a variety of measures for the different types of gas businesses. DBP uses available hours for measuring reliability. UKREG uses wind turbine availability for measuring reliability. In 2025, DBP did meet their target reliability KPIs, and MG met two of their three reliability KPIs. The actual reliability performance is:

EDL uses generation of GigaWatt hours as the reliability metric. EDL generated 3,932 GWh against a target of 4,023 GWh (2024: 4,290 GWh generated against a target of 4,256 GWh).

UE uses Service Target Performance Incentive Scheme results, which includes a financial impact from reliability of supply. UE achieved

$17 million against a target of $10 million (2024: $16 million achieved against a target of $10 million).

Financial performance

Financial performance is discussed above on page 3.

Principal risks and uncertainties

Regulatory environment

The gas transmission, gas distribution and electricity distribution businesses within the group are subject to extensive legal and regulatory obligations, which the businesses must comply with. The possible changes in laws and regulatory standards could have an adverse effect on the operations and financial position of these businesses.

The consolidated entity mitigates this risk by having dedicated regulatory teams in each operating business which work closely with the regulator. In addition, dedicated compliance functions exist to ensure compliance obligations are performed.

Health and Safety

There is a risk that an incident within the operating businesses could lead to injury to an employee, contractor or member of the general public. Any such incident could have an adverse effect on the reputation of the operating business or lead to potential prosecution.

As Health and Safety is our number one priority, there are dedicated Health, Safety and Environment teams in the operating businesses who manage and monitor the safety systems and processes and adopts safety KPIs to monitor this. Each of the operating entities will roll out specific training to address key safety initiatives within their businesses.

Network Performance

If transmission or distribution network assets fail, it could result in a loss of supply to customers and associated adverse publicity. Significant outages can result in Guaranteed Service Level (GSL) payments to customers and in some cases, Service Target Performance Incentive Scheme (STPIS) penalties will apply.

This risk is mitigated by asset management procedures and network planning activities.

Macroeconomic environment

The consolidated entity provides essential services in gas transmission, gas distribution, electricity distribution and electricity generation. The regulated businesses are not materially impacted by the macroeconomic environment in the year marked by high inflation, high commodity prices and rising interest rates. The consolidated entity benefited from strong electricity prices in the electricity generation business in 2025.

High inflation risk

Inflation was high in 2025 in Australia, North America and Europe. In 2025 the largest inflationary increases were experienced in materials, parts and fuel expenses. The impact of high inflation on the consolidated entity's profitability is limited as inflation linked regulated revenue offsets the increase in expenses.

Transition to renewable energy

Our plan for transition to renewable energy is disclosed under Climate-related financial disclosures (CFD) which are included within the ESG report below.

Financial risk management

The consolidated entity's activities expose it to a variety of financial risks. The consolidated entity's overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the consolidated entity. The consolidated entity uses derivative financial instruments to hedge interest rate, foreign exchange and commodity price risk exposures. Derivatives are exclusively used for hedging purposes, i.e. not as trading or other speculative instruments. Financial risk management is carried out by the operational entities' treasury functions under policies approved by the respective boards of directors. See note 33 for detailed disclosure around financial risk mitigation and hedging.

Interest rate risk

The consolidated entity is exposed to interest rate risk as it invests and borrows funds at both fixed and floating interest rates. The risks are managed by maintaining an appropriate mix between fixed and floating rate borrowings and through the use of interest rate swap contracts and forward interest rate contracts. Hedging activities are evaluated regularly to confirm alignment with the debt and liquidity management policies and ensure that the operating entities are not exposed to excess risk from interest rate volatility.

The impact of increasing interest rates in 2025 has been limited due to high level of interest rate hedging for external borrowings with variable rates.

Foreign exchange risk

The consolidated entity enters into borrowings denominated in foreign currencies and has overseas operations in foreign currencies. Risk of foreign borrowings are managed by taking out cross currency swaps.

Commodity price risk

The consolidated entity is exposed to unregulated market price fluctuations and enters into fixed price electricity contracts to reduce the volatility attributable to price fluctuations.

Streamlined Energy and Carbon Reporting (SECR)

PEGL is required to disclose their energy consumption and greenhouse gas (GHG) emissions, along with energy efficiency actions and the methodology used for calculations. This is disclosed in their financial statements which are publicly available on Companies House and available on their website: www.phoenixenergyni.com.

Section 172(1) statement

The Directors present a corporate governance statement under the guidance of section 172 of the Companies Act.

The directors are fully aware of their responsibilities to promote the success of the company in accordance with s172 of the Companies Act 2006 to act in the way which they consider, in good faith, would be most likely to promote the success of the Company for the benefit of its members as a whole and, in doing so, to have regard (amongst other matters) to:

Overview of the Board

No directors of the board are also members of management of the operating groups. M. J. Horsley is the Chief Executive Officer of Northern Gas Networks Holdings Limited.

Each operating group within the consolidated entity has a separate board and board committees including audit, risk and remuneration committees. H. L Kam, A. J. Hunter and L. S. Chan are members of the AGIH and EDL boards and A. J Hunter is a member of the UE board.

Actions and responsibilities of the Board

The Board is responsible for and makes key decisions on the following areas.

Approving the strategic direction with consideration of the likely consequences in the long term

The Board is responsible for the strategic direction of the company and seeks to balance the best interests of the company with the objective of enhancing shareholder value. The long term objective is to deliver stable, profitable results to the shareholders.

Every 6 months, each CEO of the respective operating business presents their results and operational performance to the Board.

The interests of the company's employees

Under the delegated authority of the Board, each CEO of the operating businesses keeps their employees informed on matters relevant to their operating business through teleconferences, newsletters, intranet stories and other communications as applicable.

Each operating group manages programs to ensure that they retain, reward and incentivise employees. Annual bonus payments are approved by the respective remuneration committees.

Training and development of employees is a key focus of the consolidated entity, with operating groups having dedicated Learning and Development Teams to support employee needs.

Maintaining relationships with suppliers, customers and others

Under the delegated authority of the Board, each CEO of the operating businesses maintains procurement functions to manage supplier relationships.

Each of the operating groups and CK William Australia group provide reports on modern slavery risks across the business.

Under the delegated authority of the Board, each CEO of the operating businesses monitors customer satisfaction and where applicable to the operating business reliability of supply of electricity and gas to customers through various KPIs reported to the board. As part of the regulatory reset process, operating businesses undertake significant community and customer engagement to ensure that customer and community requirements are factored into the regulatory proposals.

Other stakeholders include the various regulatory bodies including economic and safety regulation. The operating businesses have dedicated regulatory teams for these relationships and monitors key safety KPIs reported to the board.

Monitoring the impact of the company’s operations on the community and the environment

Under the delegated authority of the Board, each CEO of the operating businesses maintains policies and procedures on managing environmental obligations. The consolidated entity is mindful about the impact of its actions on the environment and carries out a range of initiatives at its sites to protect the same. These initiatives range from Cultural Heritage Management Plans to Asbestos Management Plans to working with Landcare on a number of environmental projects.

Maintaining a reputation for high standards of business conduct

Under the delegated authority of the Board, each CEO of the operating businesses maintains risk functions within their businesses to identify and respond to business specific risks. On a six monthly basis, risk reviews are performed and top 10 risks, risk treatment plans and mitigating controls are reported to the respective risk committees.

Each operating business also maintains codes of conduct for employees, fraud mitigation and whistleblower policies and whistleblower hotlines.

Acting fairly as between members of the company

The Board is comprised of directors who are appointed by shareholders. As such each shareholder has representation and the ability to contribute to all Board meetings and so influence the decisions made by the Board.

Dividend payments

The Board approves any dividend declarations after consideration of planned growth opportunities for the consolidated entity.

The directors present their annual report on the affairs of the consolidated entity, together with the financial statements and auditors report. The consolidated entity consists of CK William UK Holdings Ltd (referred to hereafter as the 'company' or 'CK William') and the entities it controlled at the end of, or during, the year ended 31 December 2025.

The following disclosures have been disclosed in the strategic report but are cross referenced here: principal activities, business review including KPI’s, principal risks and uncertainties and financial risk management objectives and policies.

This excludes dividends payable to non-controlling interests in relation to the subsidiaries of the group.

Review of operations

The profit for the consolidated entity after providing for income tax and non-controlling interest amounted to $185 million (31 December 2024: $146 million).

Refer to the Strategic Report for further detail.

Matters subsequent to the end of the financial year

Subsequent to 31 December 2025, the Group commenced a process to dispose of its investment in Energy Developments Pty Limited and its controlled entities ("EDL"). The directors consider this to be a non-adjusting post balance sheet event as the decision to pursue the disposal arose after the reporting date. Accordingly, no adjustments have been made to the carrying amounts of the assets and liabilities included in these financial statements. At the date of authorisation of the financial statements, the disposal process remained ongoing.

No other matter or circumstance has arisen since 31 December 2025 that has significantly affected, or may significantly affect the consolidated entity's operations, the results of those operations, or the consolidated entity's state of affairs in future financial years.

Likely future developments

The consolidated entity continues to investigate future acquisitions and growth opportunities. Notwithstanding any potential acquisitions, the results of the operations are likely to continue.

Employees, customers and suppliers

Information on employees, customers and suppliers are discussed in the Strategic Report.

Research and development

The consolidated entity undertakes research and development activities in areas such as bushfire mitigation for electricity distribution and asset management and analytics techniques. The consolidated entity recognised nil R&D grant revenue during the year (2024: nil).

Disabled employees

The consolidated entity gives full consideration to employment applications from disabled persons where the candidate's particular aptitudes and abilities are consistent with adequately meeting the requirements of the job. Opportunities are available to disabled employees for training, career development and promotion.

Where existing employees become disabled, it is the consolidated entity's policy to provide continuing employment wherever practicable in the same or an alternative position and to provide appropriate training to achieve this aim.

Employee consultation

The consolidated entity places considerable value on the involvement of its employees and has continued to keep them informed on matters affecting them as employees and on the various factors affecting the performance of the consolidated entity. This is achieved through formal and informal meetings at an operational level of the respective businesses.

Indemnity of directors

As permitted by the Articles of Association, the directors have the benefit of an indemnity which is a qualifying third party indemnity provision as defined by Section 234 of the Companies Act 2006. The indemnity was in force throughout the last financial year and is currently in force. The Company also purchased and maintained throughout the financial year directors' and officers' liability insurance in respect of itself and its directors.

Disclosure of information to the auditors

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information, being information needed by the auditor in connection with preparing its report, of which the auditor is unaware. Having made enquiries of fellow directors and the consolidated entity's auditor, each director has taken all the steps that they are obliged to take as a director in order to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.

Going Concern

The consolidated entity's business activities, performance and position, together with its principal risks and uncertainties likely to affect its future development and performance are set out in the Strategic Report and above. The consolidated entity is able to pay its liabilities as they fall due, noting that it has a net asset position as at 31 December 2025 of $6,729 million (2024: $6,664 million). The consolidated entity has significant liquid resources including having access to unused finance facilities of $1,145 million as at 31 December 2025 and uses long term debt instruments to mitigate any liquidity risk as detailed in the Strategic Report.

The directors have a reasonable expectation that the company and consolidated entity have adequate resources to continue in operational existence for the foreseeable future based on the 2026 budget and 5-year plan. Accordingly, they continue to adopt the going concern basis in preparing the Annual Report and accounts.