Slide 1: Half Year Results
Half Year Results July 2025 For Professional Investors Only
Slide 2: H1 2025 Summary
H1 2025 Summary £163.3m / 1.4x Low H1 wind speeds leading to generation 14% below budget Net cash generation / dividend cover Financials NAV impacted by below budget generation and softer power prices NAV of £3,182.7m / 143.4p H1 gross debt to GAV at 41.5% Pro forma gearing (post disposals) below 40
Slide 3: Simple Business Model
Simple Business Model UKW targets a net >10% return to investors at NAV 6-49 wind Generating capacity farms increased from 127 to Dividend increases with RPI 1,982MW since IPO Total reinvestment 12 consecutive annual Equity increases of RPI or better Total renewable since IPO 31.5TWh electricity
Slide 4: Consistent delivery with 1.8x average dividend cover
Consistent delivery with 1.8x average dividend cover 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 £52.3m £27.8m 1.5x 2018 £117.3m £72.3m £45
Slide 5: Investment Portfolio
Investment Portfolio Scaled portfolio representing c.6% UK wind market share 5
Slide 6: Portfolio Overview
Portfolio Overview Balanced portfolio composition Note: breakdown by value as at 30 June 2025 6
Slide 7: Financial Performance
GREENCOAT UK WIND Financial Performance he Th ‘i ‘i a |
Slide 8: Financial Performance – Dividend Cover
Financial Performance – Dividend Cover (1) Past performance is not a reliable indicator of future results (1) 2024 dividend paid adjusted to exclude 1.24p per share / £28.6m paid in respect of 2023 dividend 8
Slide 9: Financial Performance – Net Cash Generation
Financial Performance – Net Cash Generation Past performance is not a reliable indicator of future results 9
Slide 10: Net Asset Value
Net Asset Value Resilient cashflows sufficient to cover both dividends and depreciation H1 2025 cashflow was c.£50m below budget with c.75% related to low wind speeds 1.4x dividend cover in H1 +0.6p accretion from £40.5m buyback 160.0 1.4x dividend cover at weighted average 24% discount to 1
Slide 11: Power Prices
Power Prices Modelled power price (1) 2025 and 2026 power prices updated to reflect futures curve Long-term power prices provided by a leading market consultant, adjusted to reflect capture price and PPA assumptions Consultant power curve assumes 1.65x increase in demand by 2050, materially lo
Slide 12: Sustainable debt structure
Sustainable debt structure 5.8% 300 H1 debt of £2.26bn, gearing 41.6% 7.0% 250 £1,490m term debt 2.6% 3.1% 5.2% 200 £270m RCF (£400m facility) 5.3% 7.3% 6.2% 5.4% 150 £m 3.0% £500m Hornsea 1 amortising debt 100 (fully repaid by March 2036) 50 Next maturities in November 2026 - for £200m ac
Slide 13: Key Themes
GREENCOAT UK WIND Key Themes he Th ‘i ‘i a |
Slide 14: UK Wind Market Developments
UK Wind Market Developments UK wind market to expand >2x under Clean Power 2030 UK wind market growth 250 Clean Power 2030 targets 3x offshore capacity by 2030 (43-50GW) and 1.7x onshore (27-29GW) UK wind secondary market 200 150 Based on current expectations of build-out, which value (£bn) 10
Slide 15: Asset Management Optimisation
Asset Management Optimisation Total optimisation value add since IPO Portfolio optimisation Other, £28.1m Generation - increasing output Revenue - enhanced payment for output £143m Generation, value £65.4m Opex - efficiency added Revenue, £33.2m Continual process of hardware and software u
Slide 16: Capital Allocation
Capital Allocation >£1bn free cashflow over 5yrs after paying RPI linked dividends £181m of further disposals Clear near-term capital allocation Attractive longer-term announced, all at Q2 NAV priorities opportunities Brings total disposal proceeds Completed £132m of accretive Returns measured
Slide 17: Portfolio Returns
Portfolio Returns UKW levered portfolio IRR unchanged 16.0% at 11% 14.0% The 11% levered portfolio IRR results in a >10% return to investors (net of 12.0% all fees and costs), assuming 10.0% investment at NAV 8.0% IM fees rebased from 1 January 2025, with UKW the only 6.0% company in the secto
Slide 18: ESG Report
ESG Report Greencoat UKW 2024 ESG Report published April 2025 5,484 GWh Reaffirms UKW’s we operate 49 assets, generating 5,484 commitment to being a GWh of renewable electricity in 2024 catalyst for positive change in the global fight against climate change 2m Environment homes powered (1) • Our
Slide 19: Summary
GREENCOAT UK WIND Summary he Th ‘i ‘i a |
Slide 20: H1 2025 Summary
H1 2025 Summary £163.3m / 1.4x Low H1 wind speeds leading to generation 14% below budget Net cash generation / dividend cover Financials NAV impacted by below budget generation and softer power prices NAV of £3,182.7m / 143.4p H1 gross debt to GAV at 41.5% Pro forma gearing (post disposals) below 40
Slide 21: Appendix
GREENCOAT UK WIND Appendix he Th ‘i ‘i a |
Slide 22: UKW – Addressing a Convergence of Needs
UKW – Addressing a Convergence of Needs Designed to deliver RPI linked Addressing the growing need for dividend and real NAV growth asset recycling as market scaled Providing long-term growth and Investors Industry Allowing utilities to free-up inflation protection capital to build new proje
Slide 23: UKW Board and Management Team
UKW Board and Management Team Independent UK Board Lucinda Riches – Chairman Nick Winser – Senior Independent Director Ex-Head of Equity Capital Markets at UBS Ex-CEO of National Grid UK ECM and financial markets experience Policy and network operations experience Caoimhe Giblin – Director, Audit Co
Slide 24: Investment Performance
Investment Performance Outperformed sector since listing Past performance is not a reliable indicator of future results Note: total return from IPO to 30 June 2025 24
Slide 25: Disclaimer (1)
Disclaimer (1) Important Information This presentation and its contents are confidential. Past Performance is not a guide to future performance and may not be repeated. NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES (OR TO ANY US PERSON), AUSTRALI
Slide 26: Disclaimer (2)
Disclaimer (2) 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 Guern