Greencoat UK Wind Plc · LSE:UKW
Greencoat UK Wind — Investor Day (October 2026)
46 slides from Greencoat UK Wind's investor day presentation, Oct 15, 2026
Slide 1: Greencoat UK Wind: The Next Phase of Delivery
Greencoat UK Wind The Next Phase of Delivery 15 October 2026
Slide 2: Our core investment proposition remains unchanged
“ Our core investment proposition remains unchanged. What is evolving is how we deliver it. By broadening our investment toolkit, we can access a wider range of attractive opportunities within UK wind, extend the life of our portfolio and deliver a stronger, higher value portfolio for our shareholde
Slide 3: UKW's Business Model and its Relevance
Session 1 | Section 1 | Greencoat UK Wind – Capital Markets Event UKW’s Business Model and its Relevance 3
Slide 4: UKW's Business Model
UKW’s Business Model Enduring, differentiated and consistently delivered What UKW offers How it is delivered Track record since IPO • A permanent capital vehicle for UK • Scaled, diversified portfolio of • Dividend increased with inflation renewable infrastructure operating UK wind assets • 1.7x ave
Slide 5: From First Mover to Established Market Leader
From First Mover to Established Market Leader UKW has built scale and evidenced the proposition Proof of concept Building scale Resilience 2,000 Cumulative net capacity (MW) 1,500 1,000 500 0 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 Cumulative net MW Acquisition Partial
Slide 6: UKW's Design
UKW’s Design A self-sustaining business model in action Total capacity of Total reinvestment 49 Wind farms 1,942 MW Equity Total renewable electricity 37.4 TWh produced Debt £1.1bn £2.6bn Total net cash generation Total £1.5bn dividends paid Past performance is not a reliable indicator of future res
Slide 7: Why Reinvestment is Important
Why Reinvestment is Important Reinvestment protects the portfolio from erosion 700 600 Cashflow from fixed life assets Net cash generation (£m) 500 eventually erodes 400 Without reinvestment, dividends become unsustainable 300 This is why UKW was designed 200 around reinvestment 100 0 2027 2029 2031
Slide 8: Reinvesting to Grow Cashflows
Reinvesting to Grow Cashflows Self-generated capital supports long-term dividend cover 700 600 Net cash generation (£m) 500 Self-generated capital is invested 400 to grow cashflows over time 300 Dividend cover maintained over the long term 200 100 0 2027 2029 2031 2033 2035 2037 2039 2041 2043 2045
Slide 9: What Matters in Today's Market
What Matters in Today’s Market UKW already possesses all the key attributes to succeed Scale Self-funding £5bn £0.9-1.4bn Gross Asset Value spread across 49 assets; Potential self-generated capital(2) over five FTSE 250 constituent (1) years (2027–31) A scaled, high-quality portfolio of UK wind Comb
Slide 10: UKW's Self-funding Model
UKW’s Self-funding Model £0.9–1.4bn of potential self-generated capital over 2027–31 4.5 4.0 £3.3-4.0bn 3.5 (2027-31 cumulative) 3.0 2.5 £2.2-2.7bn £bn 2.0 £1.3bn 1.5 £0.9-1.4bn 1.0 0.5 0.0 EBITDA Net cash generation CPI-linked dividends Self-generated capital Past performance is not a reliable indi
Slide 11: Opportunities to Broaden Sources of Return
Session 1 | Section 2 | Greencoat UK Wind – Capital Markets Event Opportunities to Broaden Sources of Return 11
Slide 12: A Broader Toolkit to Strengthen Delivery
A Broader Toolkit to Strengthen Delivery More investment routes and more management levers Investment opportunity Return driver Resource, O&M Same market, more options Operational assets expertise and power prices Project management Construction assets expertise Existing skill set Technical and asse
Slide 13: What Characterises These Opportunities
What Characterises These Opportunities Four investment routes, assessed on a common framework Opportunity Yield profile NAV effect Levered return Revenue profile Operational asset Construction asset Life extension Repowering One framework, four opportunities Each investment opportunity is tested aga
Slide 14: Operational assets: the yielding core
What Characterises These Opportunities Operational assets: the yielding core Opportunity Yield profile NAV effect Levered return Revenue profile Base case of 10–11%, varies Fixed and Operational asset High Depreciating by revenue variable composition Operational assets Income from day one with NAV d
Slide 15: Construction assets: near-term yield traded for higher returns
What Characterises These Opportunities Construction assets: near-term yield traded for higher returns Opportunity Yield profile NAV effect Levered return Revenue profile Base case Construction asset Zero, then high Appreciating +50–200 bps Highly fixed Construction assets No yield during build, but
Slide 16: Life extension: enhanced returns from assets we own
What Characterises These Opportunities Life extension: enhanced returns from assets we already own Opportunity Yield profile NAV effect Levered return Revenue profile Base case Life extension High Appreciating +300–500 bps Variable Life extension Continuous yield, low to no capex and NAV appreciatio
Slide 17: Repowering: building value from assets we own
What Characterises These Opportunities Repowering: building value from assets we already own Opportunity Yield profile NAV effect Levered return Revenue profile Variable across Base case Repowering project Appreciating +200–400 bps Highly fixed delivery Repowering Repowering offers long-duration cas
Slide 18: Different investments offer different portfolio benefits
What Characterises These Opportunities Different investments offer different portfolio benefits Opportunity Yield profile NAV effect Levered return Revenue profile Base case of 10–11%, varies Fixed and Operational asset High Depreciating by revenue variable composition Base case Construction asset Z
Slide 19: Illustrative Construction Asset
Illustrative Construction Asset Growing NAV initially and more fixed cashflow thereafter NAV per £1 committed 1.40 +50–200 bps 1.20 Levered return premium to base case, 1.00 compensating for construction risk 0.80 0.60 0.40 0.20 0.00 Appreciating and highly fixed 0 1 2 3 4 5 6 7 8 9 10 Asset age (ye
Slide 20: Illustrative Operational Asset and Repowering
Illustrative Operational Asset and Repowering Older assets assessed for repowering and life extension NAV per £1 committed 1.40 Mature asset +200–400 bps 1.20 Repowered asset Levered return premium to base case on 1.00 repowering, whilst adding long-term fixed 0.80 0.60 cashflows 0.40 0.20 0.00 Stro
Slide 21: Illustrative Portfolio Impact
Illustrative Portfolio Impact Creating a more sustainable NAV by combining options NAV per £1 committed 1.40 Broader investment portfolio Improved NAV profile 1.20 Standard operational assets A broader blend of investments sustains 1.00 NAV, with construction and repowering 0.80 0.60 offsetting run-
Slide 22: The Same Proposition, More Ways to Deliver
The Same Proposition, More Ways to Deliver Dividend policy and return targets unchanged UKW is With more ways Creating a more advantaged to deploy durable portfolio ■ Scale ■ Four routes, ■ More ways to add ■ Self-generated compared on value capital price, return and ■ Longer-lived ■ Large target ri
Slide 23: Executing a Broader Set of Opportunities
Session 1 | Section 3 | Greencoat UK Wind – Capital Markets Event Executing a Broader Set of Opportunities 23
Slide 24: Evolution With Discipline
Evolution With Discipline A broader toolkit within our core skill set Still UK wind Financial discipline retained Broadening the range of opportunities Unchanged approach to gearing, within UK wind to access a wider set of delivering well-covered dividends and the returns across the cycle hurdle any
Slide 25: We Already Have These Capabilities
We Already Have These Capabilities Skills required sit in the team and the wider platform In the UKW team In Schroders Greencoat Matt Ridley and Steve Packwood are already experienced in origination, late- Significant platform experience with stage development and construction and investment across
Slide 26: Onshore CfD construction pipeline
Where We See the Opportunities A real and executable pipeline: Onshore CfD construction Opportunity Market size Examples Onshore CfD YTD, UKW has reviewed or construction c.3.8GW of priced over AR5 to AR7 supported supported 350MW, with projects create a steady onshore c.100MW pipeline of shovel-rea
Slide 27: Life extensions pipeline
Where We See the Opportunities A real and executable pipeline: Life extensions Opportunity Market size Examples Over 20 assets Life extensions in the UKW A growing population of 5.4GW portfolio, UK wind farms are more more than representing than 20 years old; 20 years more than extension is the lowe
Slide 28: Repowering pipeline
Where We See the Opportunities A real and executable pipeline: Repowering Opportunity Market size Examples 4GW of Willow portfolio Repowering onshore (96MW) is Older sites rebuilt with capacity among a modern turbines, more than number of sites potentially lifting output 20 years actively being mate
Slide 29: Operating assets pipeline
Where We See the Opportunities A real and executable pipeline: Operating assets Opportunity Market size Examples Operating assets 2-3GW YTD, UKW has Continued trading of traded reviewed over operating assets where annually in 250MW of pricing and portfolio fit the UK operational are compelling marke
Slide 30: Revenue Management – Our Approach
Revenue Management – Our Approach Balanced exposure to fixed and merchant cashflows, actively managed Inflation linked CfDs and ROCs, alongside PPAs and short-term hedges underpin the dividend, while a balanced long-run mix keeps meaningful exposure to power price upside A balanced book by design Ta
Slide 31: How Investments Compete for Capital
How Investments Compete for Capital Every pound of self-generated capital competes Return Cashflow Portfolio impact Risk-adjusted return Effect on dividend cover, Effect on NAV profile, measured against the and whether the cashflow asset age and operational asset base is fixed or merchant concentrat
Slide 32: The Future of UKW
Session 1 | Section 4 | Greencoat UK Wind – Capital Markets Event The Future of UKW 32
Slide 33: Today's Portfolio, Before Reinvestment
Today’s Portfolio, Before Reinvestment NAV Existing portfolio cashflows, split fixed and floating Would decline steadily as assets deplete without replacement 700 Cashflow and dividend cover 600 Would weaken over time as assets reach end of life and self-generated capital remains uninvested Net cash
Slide 34: Adding Reinvestment Into Operational Assets
Adding Reinvestment Into Operational Assets NAV The historic approach, applied to today’s cashflows Limited opportunity for value creation 700 Cashflow and dividend cover 600 Preserved with cashflows from new assets replacing depleting cashflows from existing assets Net cash generation (£m) 500 400
Slide 35: Using the Broader Toolkit
Using the Broader Toolkit NAV A balanced portfolio of investments More scope for value creation 700 Cashflow and dividend cover 600 Bolstered longer-term, with minimal cash drag from short-dated construction activities Net cash generation (£m) 500 400 Asset age Portfolio refreshed with new assets vi
Slide 36: Performance Metrics of the Broader Toolkit
Performance Metrics of the Broader Toolkit Stronger, more visible and higher quality earnings Optionality Longer-duration More ways to Enhanced cashflows fix cashflows NAV Growth Investments compete for capital A younger and growing portfolio, Greater exposure to new CfDs, Improved NAV profile, with
Slide 37: Conclusion: The next phase of delivery
Conclusion The next phase of delivery A market-leading An even more Broader choices company durable portfolio ■ Scaled ■ Multiple ways to ■ Longer-duration invest cashflows ■ Self-funding ■ Each competes ■ More ways to add for capital value 37
Slide 38: Repowering and the Future of Existing Wind Farms
Session 2 | Fireside chat Repowering and the Future of Existing Wind Farms 38
Slide 39: Repowering and Life Extension
Repowering and Life Extension Opportunity across UK onshore fleet, and our own portfolio What it Case study: Scale The decision delivers Willow A growing More energy from Depends on Our acquisition of number of UK the same site, remaining viable the EDF minority onshore wind NAV appreciation, life a
Slide 40: Repowering Economics and Delivery
Repowering Economics and Delivery Value created in stages, and delivering it takes a broad technical skill set Stages of Repowering The work required Operate High current yield Planning and Leases Grid Existing project continues to Existing cash generation funds Obtain planning and secure (in Confir
Slide 41: Willow: A Live Case Study
Willow: A Live Case Study Immediate yield and long-dated optionality Stage Headline What it means 19.3MW net acquired Acquire across 5 assets – Bicker £10.5m acquisition Buying the remaining 20% of a portfolio Fen, Glass Moor, Red price we have operated since 2017 House, Red Tile and Deeping St Nich
Slide 42: Appendix
Appendix 42
Slide 43: Contacts
Contacts Investment Manager Administrator and Company Secretary Registrar Schroders Greencoat LLP Ocorian Administration (UK) Limited Computershare Limited 1 London Wall Place Unit 4, The Legacy Building The Pavilions London Northern Ireland Science Park Bridgwater Road EC2Y 5AU Queen’s Road, Belfas
Slide 44: Glossary
Glossary AR5–AR8 – CfD Allocation Rounds 5 to 8 EBITDA – Earnings Before Interest, Tax, Depreciation and O&M – Operations and Maintenance Amortisation AUM – Assets Under Management p – Pence (NAV per share) GW – Gigawatt bn – Billion PPA – Power Purchase Agreement IPO – Initial Public Offering BoP –
Slide 45: Disclaimer
Disclaimer Disclaimer - For Investment Professionals only. By attending this meeting or by reading these slides, you agree to be bound by the following: This presentation has been prepared by Schroders Greencoat LLP (“Schroders Greencoat”). Schroders Greencoat is the exclusive investment manager to
Slide 46: Thank You
Thank You 46