Greencoat UK Wind Plc · LSE:UKW
Greencoat UK Wind — FY2025 Earnings Presentation
42 slides from Greencoat UK Wind's earnings presentation, February 2026
Slide 1: Greencoat UK Wind 2025 Annual Results
Greencoat UK Wind 2025 Annual Results February 2026 Marketing material for professional clients only
Slide 2: Presenters
Matt Ridley Investment Manager, Partner at Schroders Greencoat Matt was appointed as co-lead manager of Greencoat UK Wind PLC in March 2024. Matt has 23 years’ investment management experience, including 17 years focused on UK wind projects. Prior to joining Schroders Greencoat, Matt was Co-Head of
Slide 3: 2025 Annual Results: Context
2025 Annual Results Context Renewables market Renewable investment Focus on long-term update trusts shareholder value • Government commitment to • Falling NAVs and below budget • Demonstrable action in 2025 Clean Power 2030 targets performance have weighed on • £181m disposals demonstrated in record
Slide 4: Financial and Operational Performance
Greencoat UK Wind – 2025 Annual Results Presentation Financial and Operational Performance 4
Slide 5: Financial Highlights
Financial Highlights £531m £291m 133.5p 2025 adjusted 2025 net cash NAV per share as cash EBITDA, generation, at 31 December +1.9% on 2024 +4.3% on 2024 2025 1.3x 10.70p 11% 2025 dividend 2026 dividend Portfolio IRR at cover target,+3.4% on NAV 2025 Past performance is not a reliable indicator of fu
Slide 6: Financial Performance – Net Cash Generation
Financial Performance – Net Cash Generation Robust net cash generation despite below budget generation £291m net cash generation Net Cash Generation For the year ended For the year ended Annual +4.3% y/y, benefiting from lower financing 31 December 2025 31 December 2024 change charges and lower mana
Slide 7: Financial Performance – Dividend Cover
Financial Performance – Dividend Cover 1.3x dividend cover for 2025 For the year ended For the year ended 31 December 2025 31 December 2024 Group and wind farm SPV cash flows £000 £000 Net cash generation 290,648 278,724 Dividends paid (227,047) (249,777) Net disposals/(acquisitions) 102,453 25,045
Slide 8: Dividend Track Record
Dividend Track Record Inflation linked dividend since IPO, delivering 4.2% DPS CAGR Dividend track record (pence per share) and annual cash dividend cover 1.3x 12 1.7x 1.3x 2.1x 1.3x Dividend cover in 2025 10 8 3.2x 1.3x 1.9x 1.6x 1.4x 1.8x 1.5x 10.70p 1.6x 1.7x 1.4x 6 Dividend target for 2026 Avera
Slide 9: Net Asset Value
Net Asset Value 2025 predominantly impacted by lower power price assumptions 2025 movement in NAV (p/sh) – Outturn 1.3x dividend cover below 1.8x budget at 1.3x dividend start of 2025 cover – 0.2x as a result of below budget generation 170 – 0.2x from lower achieved power prices 160 13.2 -10.3 – 0.1
Slide 10: Power Prices
Power Prices Dividend cover robust in a range of downside scenarios Modelled power price (1) – 2026 and 2027 prices reflect forward curve at 31 80 December 2025 £/MWh (real 2024) 60 40 – Portfolio achieved price of £70.03/MWh in 2025, which is an 13% capture discount to average 20 N2EX price 0 2026
Slide 11: Wind Resource
Wind Resource Normalisation of wind speeds in H2 2025 Monthly generation variance vs. wind speed variance – 2025 generation 8.5% below budget at 40.0% 5,403GWh, with average UK wind speeds 7% below long-term mean 30.0% – Normalisation of windspeeds in H2. Generation in 20.0% H2 2025 was 3% below bud
Slide 12: Balance Sheet
Balance Sheet Significant debt principal reduction in 2025, with further reduction targeted in 2026 UKW debt maturities (£’000) and weighted average annual coupon (1) 4.7% 300 7.0% Weighted average cost of debt 5.3% 250 2.6% 3.1% 5.2% 200 7.3% 5.3% £230m 5.7% 42.5% 5.4% £m 150 3.0% Gross gearing as
Slide 13: Renewables Market Expansion
Greencoat UK Wind – 2025 Annual Results Presentation Renewables Market Expansion 13
Slide 14: The Electrification of Energy
The Electrification of Energy Significant investment requirement to meet rising electricity demand GB electricity demand forecasts >£100bn wind investment by 2040 700.0 600.0 £90-100bn +30-35GW Range of +7% CAGR 500.0 GB system demand (TWh) NESO forecasts £10-13bn 400.0 +7-10GW +3% CAGR 300.0 £10-13
Slide 15: AR7 Auction Outcomes
AR7 Auction Outcomes Record volumes secured +50% increase in capacity secured in AR7 Providing a pathway towards Clean Power 2030 targets vs. AR6 across offshore, onshore and solar 8.2GW fixed bottom offshore wind 60 awarded (bids of 25GW), and gap to CP30 12 50 50 targets now only 5GW 40 5 Offshore
Slide 16: Strategy and Capital Allocation
Greencoat UK Wind – 2025 Annual Results Presentation Strategy and Capital Allocation Delivering long term value and growth 16
Slide 17: Simple Evergreen Business Model
Simple Evergreen Business Model Portfolio cashflows supporting dividends and substantial reinvestment Total capacity of 49 Wind farms 1,942 MW Total reinvestment Equity Total renewable electricity 34.4 TWh produced Debt £1.0bn £2.4bn Total net cash generation Total £1.4bn dividends paid Past perform
Slide 18: Capital Allocation: Progress in 2025
Capital Allocation Progress in 2025 2025 Sources and uses of capital (£m) £291m 600 Net cash generation, post Hornsea 1 debt amortisation 500 £181m £227m 400 181 227 Divestments, all at prevailing Dividends paid, with 1.3x cash NAV cover in 2025 300 50 £168m 10.70p 200 168 Reduction in debt principa
Slide 19: Capital Allocation Priorities for 2026
Capital Allocation Priorities for 2026 Disciplined focus on long-term shareholder value Dividend Well-covered and CPI-linked dividend 10.7p/sh or c.£230m (base case Further disposals, building on £222m dividend cover of 1.7x) disposals already achieved Net cash generation £350-410m Continued debt re
Slide 20: 2026-30 Capital Allocation
2026-30 Capital Allocation £0.8-1.2bn excess free cashflow 4.0 2026 Guidance – EBITDA £560-660m 3.5 £3.1-3.8bn – Net cash generation £350-410m – Dividend 10.70p/sh or c.£230m 3.0 – Central case dividend cover 1.7x £bn (2026-30 cumulative) 2.5 £2.0-2.4bn 2.0 £1.2bn 1.5 1.0 £0.8-1.2bn 0.5 0.0 EBITDA N
Slide 21: Sustainable Portfolio Cashflows
Sustainable Portfolio Cashflows Reinvestment drives growth in long-term net cashflow 600 £0.8-1.2bn excess cashflow 2026-30 Excess cashflow available to invest to grow 500 portfolio cashflows over the longer term £1.0bn of excess cashflows already reinvested since IPO 400 Supports well-covered infla
Slide 22: Summary
Greencoat UK Wind – 2025 Annual Results Presentation Summary 22
Slide 23: Summary: Challenges, Action, Opportunity
2025 Annual Results Summary Challenges Action Opportunity • We recognise the challenges in • Cash generation and disposals • Cash generative model gives the sector put to work to address situation optionality • Imbalance of supply of products • Disposals, debt repayment and • £0.8-1.2bn to allocate
Slide 24: Q&A
Greencoat UK Wind – 2025 Annual Results Presentation Q&A 24
Slide 25: Appendix
Greencoat UK Wind – 2025 Annual Results Presentation Appendix 25
Slide 26: Chairman's statement on rebuilding shareholder value
“ We recognise the need to continue to take further action to rebuild shareholder value and we have clear priorities for capital allocation during 2026 which include further divestments, reducing gearing, continuing share buybacks and a disciplined return to reinvestment. Beyond that, our structural
Slide 27: Strong independent Board
Strong independent Board Leading the sector since IPO Lucinda Riches C.B.E – Chairman Ex-Head of Equity Capital Markets at UBS in 2013 ECM and financial markets experience 1st renewable investment trust to list Nick Winser C.B.E – Senior Independent Director Ex-CEO of National Grid UK on the LSE P
Slide 28: Investment Manager
Investment Manager UKW benefits from Schroders Greencoat and Schroders Capital expertise Value creation enabled by One of the largest pureplay specialised mid-market expertise renewable infrastructure and global network managers globally >£14bn £73bn Invested in 135+ energy Under management transiti
Slide 29: Consistent Delivery with 1.7x dividend cover
Consistent Delivery with 1.7x dividend cover Healthy dividend cover enabling reinvestment Period Net Cash Generation Cash Dividend Reinvestment Dividend Cover 2013(1) £21.6m £3.9m £17.7m 2014 £32.4m £20.8m £11.6m 1.6x 2015 £48.3m £35.9m £12.4m 1.7x(2) 2016 £49.0m £35.1m £13.9m 1.4x 2017 £80.1m £52.3
Slide 30: 2025 NAV movement table
2025 NAV movement table NAV decline predominantly driven by power price assumptions £’000 Pence per share NAV as at 31 December 2024 3,409,104 151.2 Net cash generation 290,648 13.2 Dividend (227,047) (10.3) Depreciation (105,950) (4.9) Power price (240,780) (10.9) Inflation 19,286 0.9 SPV budget up
Slide 31: NAV Sensitivities
NAV Sensitivities Impact on NAV (p/sh) Discount rate (+/- 0.5%) -6.0 6.4 Long term inflation rate (-/+ 0.5%) -5.5 5.8 Energy yield (10 year P90/P10) -13.8 13.4 Power price (-/+ 10%) -13.8 13.8 Asset life (-/+ 5 years) -16.2 11.3 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Projections are based on
Slide 32: Portfolio Map
Portfolio Map Generating sufficient electricity to power 2.2(1) million homes 43 1 Andershaw 14 Dalquhandy 2 Bicker Fen 15 Deeping St. Nicholas 3 Bin Mountain 16 Douglas West 4 Bishopthorpe 17 Drone Hill 5 Braes of Doune 18 Dunmaglass 45 6 Brockaghboy 19 Earl’s Hall Farm 18 21 7 Burbo Bank Extension
Slide 33: Portfolio Composition
Portfolio Composition Diverse portfolio with predictable revenue streams Hornsea 1 Humber Gateway 15% Top 10 assets London Array South Kyle 30% – 49 Assets 9% Clyde Walney – Largest asset is Hornsea 1, Stronelairg Corriegarth 3% 8% representing 15% of portfolio value 3% 8% Brockaghboy Burbo Bank Ext
Slide 34: Asset Portfolio (1)
Asset Portfolio (1) Group Commercial Forecast Forecast Total Net Acquisition ROCs/ Wind Farm Country Turbines PPA Ownership Operations Net Load 2026 Output MW MW¹ Date MWh Stake Date Factor² (GWh) Andershaw Scotland Vestas Statkraft 35.0 67.35% 23.6 Feb-17 Sep-21 0.9 31.9% 65.8 Bicker Fen England Se
Slide 35: Asset Portfolio (2)
Asset Portfolio (2) Group Commercial Forecast Forecast Total Net Acquisition ROCs/ Wind Farm Country Turbines PPA Ownership Operations Net Load 2026 Output MW MW¹ Date MWh Stake Date Factor² (GWh) Dunmaglass Scotland GE SSE 94.0 35.53% 33.4 Dec-17 Mar-19 0.9 42.1% 123.1 Earl’s Hall Farm England Senv
Slide 36: Asset Portfolio (3)
Asset Portfolio (3) Group Commercial Forecast Forecast Total Net Acquisition ROCs/ Wind Farm Country Turbines PPA Ownership Operations Net Load 2026 Output MW MW¹ Date MWh Stake Date Factor² (GWh) Red Tile England Senvion EDF 24.6 80% 19.7 Apr-07 Oct-17 1.0 23.8% 41.1 Rhyl Flats Wales Siemens RWE 90
Slide 37: ESG
ESG Sustainability and long-term value creation are fundamentally aligned – GHG emissions reporting TCFD – TCFD related climate disclosures reported for the fourth time – Sustainability Focus label adoption in 2024¹ SDR – UKW’s first Product Level Sustainability report showcasing how it has delivere
Slide 38: Contacts
Contacts Investment Manager Administrator and Company Registrar Secretary Schroders Greencoat LLP Computershare Limited 1 London Wall Place Ocorian Administration (UK) The Pavilions London Bridgwater Road EC2Y 5AU Limited Bristol Unit 4, The Legacy Building BS99 6ZZ Investor relations Northern Irela
Slide 39: Glossary
Glossary AR7 – Allocation Round 7 GWh – Giga-Watt Hour REGO – Renewable Energy Guarantee of Origin Bn – Billion IMA – Investment Manager/Management Agreement ROC – Renewable Obligation Certificate CAGR – Compound Annual Growth Rate IPO – Initial Public Offering SPV – Special Purpose Vehicle CfD – Co
Slide 40: Disclaimer
Disclaimer Important Information This presentation and its contents are confidential. Past Performance is not a guide to future performance and may not be repeated. All information is as at 31 December 2025, unless otherwise stated NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY
Slide 41: Disclaimer
Disclaimer Any subsequent offer may only be made in Jersey where the offer is valid in the United Kingdom or Guernsey and is circulated in Jersey only to persons similar to those to whom, and in a manner similar to that in which, it is for the time being circulated in the United Kingdom or Guernsey
Slide 42: Thank you
Thank you