UK small-cap RNS · 5 Mar 2026

Adjusted operating profit of $126.7m and a 21.2% margin land marginally above the $125m consensus guided in January, so profit grew on slightly lower revenue through cost savings and pricing.

AdvEn missed the extended 28 February 2026 repayment date on SPDI's loan, now €275,000. The RTO counterparty cannot repay, so the deal is under strain and the heads of terms will likely be amended.

BIA's formal approval of the Sagebrush lease assignment clears the main regulatory hurdle, leaving only the operatorship formality before the Sagebrush-1 extended production test can start.

Starts the new £100m buyback on 6 March 2026, returning excess capital after the earlier £100m programme; CET1 of 15.8% leaves headroom against the 13-13.5% target.

Extended Production Test at Sagebrush-1 to commence as soon as operatorship is finalised

Adjusted operating profit of $126.7m and a 21.2% margin land marginally above the $125m consensus guided in January, with profit growing on flat-to-lower revenue through cost savings and pricing.

Adds a 10 MWp Puglia PV project with 4 MW BESS land, taking the pipeline to about 135.5 MWp toward the 200 MWp target. The EUR 1.05m is paid only at Ready-to-Build, so little cash goes out now.

NAV per share fell to 99.0c from 110.5c and cash generation dropped to €114.6m, though dividend cover stayed 1.5x and the 2026 dividend target is held at 6.81c.

Underlying operating profit rose to £3.6m from £3.2m on higher gross margin and the dividend is held at 6.0p. Revenue was flat, Denmark made a loss, and 2026 profit is still guided slightly lower.

The $145-155m 2026 EBITDA range raised in January is only retained, not raised again. It still implies growth on the $135.7m 2025 outturn, with the Middle East flagged as a timing risk.

Revenues up 87% to £2.39 million (FY2024: £1.27 million), with the number of tenant contracts rising 85%, assisted by the continued positive impact of the Company's three-year guarantee product.

FY26 adjusted PBT is guided in line with consensus (£21.6m), so no change to expectations; a challenged new car market and £4-4.5m exceptional costs are offset by aftersales and cost control.

Confirms FY26 guidance of £100m-£115m PBT is on track after the North America accounting scandal, but adds a Middle East passenger-number warning and a stronger cost and cash focus.

Full-year results met 2025 guidance, but PBT fell to £382.5m from £418.1m and RoTE to 13.7% on an impairment charge, higher costs and lower NII; NIM was 228bps and 2026 RoTE is guided to low teens.