Drax Q1 Report 2024

We are excited about the opportunity to deliver BECCS at Drax Power Station, the country’s largest source of 24/7 renewable power by output. With a bridging mechanism and the right support from Government, our BECCS plans could help the UK meet its net zero targets and continue to support the country’s long-term energy security, while creating thousands of new jobs across the region. Drax Group CEO, Will Gardiner

Highlights

• Strong system support and generation performance during first three months of 2024
• Full year 2024 expectations for Adj. EBITDA in line with analysts’ consensus estimates
• New balance sheet facilities further extending maturity profile
• £408 million of term-loans with three to five year maturities
• €350 million five-year (2029) bond
• Repayment of 2025 bonds
• Notice of redemption of $500 million 2025 bond issued
• Tender process for repurchase of €250 million 2025 bond commenced
• Final dividend of 13.9 pence per share, subject to shareholder approval at today’s AGM
• Total dividend for 2023 of 23.1 pence per share (2022: 21.0 pence per share)