Greencoat Renewables Plc · EURONEXT:GRP
Greencoat Renewables — H1 2025 Earnings Presentation
34 slides from Greencoat Renewables's earnings presentation, September 2025
Slide 1: Greencoat Renewables PLC 2025 Half Year Results Presentation
September 2025 GREENCOAT RENEWABLES PLC 2025 Half Year Results Presentation Marketing material for professional clients only.
Slide 2: Disclaimer
Disclaimer This Presentation (the 'Presentation') has been prepared and issued by Greencoat Renewables PLC (the 'Company' or 'Greencoat Renewables'). While this Presentation has been prepared in good faith, the information contained in it has not been independently verified and does not purport to b
Slide 3: Contents
Contents 1 2 HIGHLIGHTS FINANCIAL & OPERATING PERFORMANCE 3 4 CAPITAL ALLOCATION & DEBT STRATEGY M&A & MARKET BACKDROP 5 6 EMERGING AI OPPORTUNITY SUMMARY 3
Slide 4: 2025 Half Year Highlights
2025 Half Year Highlights €68.7m¹ €156m2 101.0c NAV Gross cash generated Disposal of portfolio of 9.4% levered and 1.8x gross dividend Irish assets at premium portfolio return3 cover to NAV 2.9% c.600 GWh p.a. Weighted avg. cost of Total volumes Emerging Datacentre debt (extended Facility recontract
Slide 5: Historical Financial Performance
Historical Financial Performance Consistent dividend growth Gross Cash Dividends PF debt Gross Year Reinvestment² Generation Paid Repayment Dividend Cover ● c.€850m of cash generated since IPO 2017¹ €11.8m – – €11.8m – ● Gross dividend cover of 1.8x in H1 2025 2018 €23.1m €20.9m – €2.2m 1.1x (1.7x n
Slide 6: Outlook – Significant Opportunity
Outlook – Significant Opportunity Capitalising on the European Energy Transition Favourable Euro Rate Environment European Renewables Fundamentals Convergence of Digital & Power Favourable Euro Rate Environment ● Accelerating need for investment in energy ● Societal need for digitalisation without ●
Slide 7: 2. Financial & Operating Performance
2. FINANCIAL & OPERATING PERFORMANCE
Slide 8: Financial Performance
Financial Performance 2025 H1 financials impacted by lower wind resource • €64.9 million net cash generation driving resilient net dividend cover of 1.7x HY 2024 HY 2025 • Movement in revenue explained by: Consolidated Cash P&L (€m) (€m) ● €64.9 million net cash generation with dividends paid of €37
Slide 9: 2025 H1 Generation
2025 H1 Generation Variance to budget driven by weak wind resource irec1 Index H1 Country Budget Actual Variance Variance % of Total Output compensated (GWh) (%) Variance Ireland Germany (GWh) production (GWh Ireland 1,050 921 -129 -12.3% 41% Germany 497 382 -115 -23.1% 36% -17.5% Sweden 330 309 -21
Slide 10: Financial Performance
Financial Performance 2025 H1 overview FY 2024 HY 2025 Balance sheet • Fair value of investments reflecting (€m) (€m) investment activity and change in asset valuation Fair Value of investments(1) 2,389 2,338 • GAV reduced by 1% due to valuation Other(2) (3) (3) decrease partially offset by increase
Slide 11: Strong and Predictable Cashflows
Strong and Predictable Cashflows 1.5x illustrative dividend cover out to 2029 Illustrative dividend cover profile 76% 2025 2026 2027 2028 2029 2025-2029 Contracted revenues Illustrative net dividend cover 1.3x 1.4x 1.4x 1.6x 1.8x 1.5x 2025 - 2029 Weighted average captured 48.5 48.5 45.2 58.5 64.7 me
Slide 12: PPAs & Re-contracting Strategy
PPAs & Re-contracting Strategy Delivering income and capital value HIGHLIGHTS PPA & Re-contracting Strategy 7 >25% ● Capitalise on growing demand for green electrons Fixed price PPAs Merchant volumes signed since out to 2030 under ● Benefit from alternative route to market for assets coming out of s
Slide 13: Net Asset Value
Net Asset Value H1 NAV impacted by revised P50s & power prices 1.8x gross dividend cover 120.0 6.2 (3.4) ● Robust cash generation in H1 despite 115.0 (3.4) challenging wind conditions 0.6 0.4 (4.5) ● Accretive disposal of a portfolio of Irish NAV (cents per share) 110.0 assets (completed post period
Slide 14: 3. Capital Allocation & Debt Strategy
3. CAPITAL ALLOCATION & DEBT STRATEGY
Slide 15: Disciplined Capital Allocation
Disciplined Capital Allocation1 €0.5bn deployed over 18 months • 7 assets sold at premium to NAV across geographies and varying asset profiles over last 18 months • €405m generated: – 60% allocated to deleveraging – 30% funding progressive dividends – 5% allocated to share buybacks – 5% allocated to
Slide 16: Strong Balance Sheet
Strong Balance sheet Consistent approach & proactive management • €132m of organic deleveraging over 18 €1.4bn 51.8%1 49.9%2 2.9% Aggregate Debt Gross Gearing Net Gearing Weighted Av Cost of Debt months • Extended €350m RCF for additional 2 Debt principal movement 109 (88) years to Feb 20281, €290m
Slide 17: M&A and Market Backdrop
M&A AND MARKET BACKDROP
Slide 18: Investment Activity
Investment Activity >€200m in accretive disposals1 Irish portfolio disposal Acquisitions ● Portfolio sold at 4% premium to last reported NAV ● Andella forward sale agreement completed H1 2025 – no further acquisitions expected ● Unlocking embedded value via sale to repowering specialist in 2025 Irel
Slide 19: Country Specific Investment Opportunities
Country Specific Investment Opportunities Strong investment fundamentals in core markets ● Renewable Electricity Support Scheme (RESS) underpins 80% renewables by 2030 target with ● Regular CRE1 auctions for wind and solar create stable CfD style contracts predictable pipeline. ● RESS 3 (2024): Over
Slide 20: Compelling Opportunity
Compelling Opportunity Renewables projected at 85% of power generation by 2050 Projected Power Demand Growth Projected Renewables Capacity Driven By Electrification and AI Data Centres Quadrupling of European Renewables TWh 2,000 2,500 3,000 3,500 2TW • Renewables growth accelerating & 2024A represe
Slide 21: Increasing UK to Euro Yield Premium
Increasing UK to Euro Yield Premium Euro interest rate environment conducive to renewables investment 6.0% 5.0% • European interest rates(1) materially below those of UK 4.0% • European benchmark rates on 3.0% downward trajectory since June 2024, and longer duration yields more stable 2.0% than UK 1
Slide 22: 5. Emerging AI Opportunity
5. EMERGING AI OPPORTUNITY
Slide 23: AI Driving Electricity Consumption
AI Driving Electricity Consumption Huge opportunity for GRP specifically in Ireland • Data centres are expected to account for 6% of global electricity consumption by AI’s proportion of global electricity demand 20301 Energy demand (TWh) Percent of global electricity • In Ireland, Eirgrid estimates
Slide 24: Ireland's Energy Park Opportunity
Ireland’s Energy Park Opportunity • Emerging opportunity in Ireland for up to 2GW of new Data Centre (DC) capacity requiring c.€35bn1 of investment Linking digital and renewables investments between data centre and renewables • New projects being developed are 138MW 233 required to provide: Grid Exp
Slide 25: 5. Summary
5. SUMMARY
Slide 26: Summary
Summary Strong business fundamentals and ability to scale in growth market Structural Positives for Operational & Strategic Progress Broadening Opportunity Set Renewable Infrastructure ● NAV accretive disposals with proceeds allocated to ● Electrification and AI driving rapid increase in ● Rapidly e
Slide 27: 6. Appendix
6. APPENDIX
Slide 28: Electricity Market Developments (1)
Electricity Market Developments (1) Market dynamics and PPA achievements/opportunities Capture power prices (real €/MWh) 250 Power market ● Government support for data centres with issuance of new Large 200 Energy User Policy 150 ● 80% renewables penetration target by 2030 100 Ireland PPA market 50
Slide 29: Electricity Market Developments (2)
Electricity Market Developments (2) Market dynamics and PPA achievements/opportunities Capture power prices (real €/MWh) Power market 60 ● Pricing expected to increase due to significant medium term demand 50 growth in SE1 pricing zone of c.18TWh by 2030 40 ● Government considering the abolishment o
Slide 30: Capital Allocation Options
Capital Allocation Options Potential investment opportunities measured against shareholder returns • c.€200m organic excess cashflow, post 15% dividends available over 2025-29 14% • Potential for further asset recycling 13% • Attractive range of investment 12% opportunities into core operational ren
Slide 31: Capital Allocation in 2025
Capital Allocation in 20251 Disposals allocated to deleveraging • H1 cash generation allocated to debt repayment in addition to dividends • Agreed the disposal of a portfolio of Irish assets at 4% premium to last reported NAV • €141m debt repayment made post period end using disposal proceeds • Ande
Slide 32: Strong Balance Sheet
Strong Balance Sheet Debt extensions underlining lender appetite 800 ● Irish portfolio disposal proceeds used to 700 repay RCF post period end, pro forma 600 gearing at c.52% 500 Illustrative 5 yr net ● Extended €350m RCF for additional 2 years cash generation 400 to Feb 2028 300 ● Locked in 3.9% co
Slide 33: Net Asset Value
Net Asset Value NAV sensitivities at 30 June 2025 Impact on NAV Valuation factors Impact on NAV ● The base case asset life depends on the technology as those are underpinned by Discount rate (+/- 0.25%) different design life: – On-shore wind assets’ lifetime is typically 30 years Inflation rate (-/+
Slide 34: High-Quality and Long-Term Investor Base
High-Quality and Long-Term Investor Base Supportive institutional & wealth investors Investor Ordinary shares held % Key considerations Blackrock 9% ● Listings on Euronext Dublin, London Stock Exchange (AIM). AltX Johannesburg (JSE) KBI Global Investors 7% listing effective from 9 June 2025 Newton 5