• Financial close of Neoen Australia's Victorian assets acquisition
• Acquisition adds 652MW of operational assets and 2.8GW development pipeline
• Neoen Victorian Development Team joins HMC to progress near-term projects

HMC Capital Limited (HMC) is pleased to announce the financial completion of the acquisition of Neoen Australia's Victorian assets (Neoen VIC Portfolio) on 1 August 2025, consistent with the expected timing set out in the previous ASX release. The Neoen VIC Portfolio complements HMC's existing Stor Energy BESS development pipeline and provides substantial day 1 operational scale of 652MW (maximum capacity) installed across 4 operational assets and a high-quality 2.8GW development pipeline. In addition, HMC has welcomed the Neoen Victorian Development Team who will continue to focus on delivering near-term projects including the up to 600MW Moorabool BESS and 600MW Kentbruck Wind Farm. The Neoen VIC Portfolio delivered unaudited EBITDA of $64 million for the twelve months to 30 June 2025, increasing ~6.5% on the prior corresponding period. HMC has appointed global private capital advisor Campbell Lutyens to undertake a process to introduce third party capital into the Energy Transition Platform, given the unique scale and quality of the platform.

The Neoen VIC Portfolio delivered unaudited EBITDA of $64 million for the twelve months to 30 June 2025, increasing ~6.5% on the prior corresponding period.

HMC's focus is on integrating the Neoen Victorian assets into its platform and generating maximum value for investors. The company remains confident in the quality and value of the asset base and the strong fundamentals underpinning its investment thesis around Energy Transition.