Greencoat UK Wind Plc · LSE:UKW
Greencoat UK Wind — H1 2026 Earnings Presentation
42 slides from Greencoat UK Wind's earnings presentation, July 2026
Slide 1: Greencoat UK Wind Half Year Results
Greencoat UK Wind Half Year Results July 2026 Marketing material for professional clients only
Slide 2: 2026 Half Year Results
2026 Half Year Results Positive H1 performance with UKW well placed for growth H1 results underpin UKW’s advantage Our growth opportunity 2026 guidance • Return to NAV growth alongside • UKW offers an attractive investor • Potential 2x growth in UK electricity strong net cash generation(1) propositi
Slide 3: Financial and Operational Performance
Greencoat UK Wind – 2026 H1 Results Presentation Financial and Operational Performance 3
Slide 4: Financial Highlights
Financial Highlights £353m £222m 1.9x H1 2026 adjusted H1 2026 net cash H1 2026 dividend cash EBITDA, +23% generation, +36% cover on H1 2025 on H1 2025 134.1p 11.5% £350-410m NAV per share as at Levered portfolio Net cash generation 30 June 2026, IRR at NAV, for 2026 on course +0.4% since 31 increas
Slide 5: 2026 Guidance
2026 Guidance Entering H2 2026 with positive momentum 2026 financial guidance(1) 700 – EBITDA on course for top end of £560-660m – Net cash generation on course for top end of £560-660m 600 £350-410m – Dividend 10.70p/sh (+3.4% YoY) or c.£230m 500 – Dividend cover on course to be at or above 1.7x 40
Slide 6: Net Cash Generation
Net Cash Generation Net cash generation positively impacted by above budget generation and favourable power prices Higher output drives revenue Net Cash Generation For the six months ended For the six months ended % change increase 30 June 2026 30 June 2025 Majority of revenue increase is volume rel
Slide 7: Capital Allocation
Capital Allocation Excess cashflows in H1 2026 adding to optionality H1 2026 Sources and uses of capital (£m) £222m 300 Net cash generation, post Hornsea 1 debt amortisation 250 24 £54m £114m 200 114 Debt repaid during H1, Dividends paid, with 1.9x cash 150 including £30m RCF cover in H1 2026 repaym
Slide 8: Dividend Cover
Dividend Cover 1.9x dividend cover for H1 2026 For the six months ended For the six months ended 30 June 2026 30 June 2025 Group and wind farm SPV cash flows £000 £000 Net cash generation 221,606 163,301 Dividends paid (113,762) (113,954) Net disposals/(acquisitions) - (176) Transaction costs (927)
Slide 9: Dividend Track Record
Dividend Track Record Inflation linked dividend since IPO, delivering 4.4% DPS CAGR(1) Dividend track record (pence per share) and annual cash dividend cover 1.9x 12 1.3x ≥1.7x Dividend cover in H1 2026 2.1x 1.3x 10 8 3.2x 1.4x 1.3x 1.9x 1.6x 1.4x 1.5x 10.70p 1.6x 1.7x £1.5bn 6 10.00 10.35 10.70 Pai
Slide 10: Net Asset Value
Net Asset Value NAV growth in H1 2026 despite adoption of higher discount rates H1 2026 movement in NAV (p/sh) – Stable period for NAV in H1 2026 150 1.9x dividend cover – Net cash generation at 10.3p was higher than sum 145 of dividends and depreciation (-5.3p and -2.1p) -5.3 140 0.2 10.3 -2.1 0.0
Slide 11: Power Prices
Power Prices Near-term forward curves remain elevated Modelled power price (1) – Forward curves included in NAV for Winter-26 are 80 c.25% ahead of levels assumed in Dec-2025 NAV. Annualised 2027 prices are c.10% higher £/MWh (real 2025) 60 40 – Consultant provided curve c.2% lower than Dec- 20 2025
Slide 12: Wind Resource
Wind Resource UKW generation above budget over last 12 months Quarterly generation variance to budget and wind speed variance to long-term average 8.0% 5.5% 6.0% – H1 2026 generation 4.9% above budget at 4.5% 3,003GWh, with average UK wind speeds 1% 4.0% above long-term mean 2.0% 0.0% – Generation a
Slide 13: Balance Sheet
Balance Sheet £200m refinance executed in H1, progress towards sub-40% leverage target UKW debt maturities and weighted average annual coupon (1) 5.1% 300 RCF 7.0% Term loans - existing Weighted average cost of 250 debt, potential small decline Term loans - refinanced 2.6% with next £150m refinancin
Slide 14: UKW: A Self-Sustaining Business Model
Greencoat UK Wind – 2026 H1 Results Presentation UKW: A Self-Sustaining Business Model 14
Slide 15: Evergreen Business Model
Evergreen Business Model A self-sustaining business model in action Total capacity of 49 Wind farms 1,942 MW Total reinvestment 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 o
Slide 16: The Next Years
The Next 5 Years Potential £0.8-1.3bn excess free cashflow 4.5 4.0 3.5 £3.2-3.9bn (2027-31 cumulative) 3.0 £bn 2.5 £2.1-2.6bn 2.0 £1.3bn 1.5 1.0 £0.8-1.3bn 0.5 0.0 EBITDA Net cash generation CPI linked dividends Excess cashflow Past performance is not a reliable indicator of future results. Projecti
Slide 17: Capital Allocation
Capital Allocation Focus on long-term shareholder value with a return to disciplined reinvestment CPI-linked dividend 10.7p/sh or c.£230m Net cash generation H1 2026 dividend cover of 1.9x Now expected towards the top end ✓ Self sustaining model generating of 2026 guidance for £350-410m, excess cash
Slide 18: Sustainable Portfolio Cashflows
Sustainable Portfolio Cashflows Reinvestment drives growth in long-term net cashflow 600 Potential £2.1-2.6bn 5-year net cash generation 500 Expected £1.3bn CPI linked dividend Balance of £0.8-1.3bn to be allocated Ability to supplement organic cashflows with 400 asset rotation Free cashflow (£m) 30
Slide 19: Wind to Dominate UK Generation
Wind to Dominate UK Generation 4x expansion in wind generation volumes by 2050 Wind is the dominant technology underpinning the UK’s energy transition requiring significant new capacity and repowering 1.9GW UKW portfolio with embedded investment 800 opportunities 700 Onshore Wind ~£200bn Offshore Wi
Slide 20: Conclusion
Conclusion UKW well positioned to continue leading the sector ATTRACTIVE A SELF-SUSTAINING LOW EXECUTION RISK PROPOSITION AT SCALE MODEL £2.6bn cash generated since IPO Operational asset base 1.9GW across 49 windfarms £1.5bn dividends paid Deep expertise and track record Meaningful scale
Slide 21: Q&A
Greencoat UK Wind – 2026 H1 Results Presentation Q&A 21
Slide 22: Appendix
Greencoat UK Wind – 2026 H1 Results Presentation Appendix 22
Slide 23: Chairman quote on positive six months
“ It has been a positive six months for the Company, demonstrating the strength of our business model. Generation was ahead of budget, which, combined with favourable power prices, led to strong cash generation, putting us firmly on course to deliver a full-year outturn towards the upper end of our
Slide 24: 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 Nick Winser C.B.E – Senior Independent Director Ex-CEO of National Grid UK trust to list on the LSE P
Slide 25: Investment managers
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 26: 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 >£14.5bn £83bn Invested in 140+ energy Under management(1) tra
Slide 27: The UK's Electrification Journey
The UK’s Electrification Journey Significant demand growth as transport and heat electrify and data centre capacity expands The forecast: demand set to roughly double by 2050 What's driving demand: today vs. 2050 900 TODAY (2025) WHAT'S DRIVING IT BY 2050 800 Electric vehicles EVs represent 23% of a
Slide 28: Renewables: Key to UK's Energy Transition
Renewables: Key to UK’s Energy Transition Faster to build, lower cost and more energy secure 52.5% UK electricity from renewables in 2025 – a record Renewables are the UK’s primary source of new power – faster high to build, lower cost and more secure than fossil fuels Speed to market Cost Energy se
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: H1 2026 NAV movement table
H1 2026 NAV movement table NAV growth despite adoption of higher discount rates £’000 Pence per share NAV as at 31 December 2025 (1) 2,882,356 133.5 Net cash generation 221,606 10.3 Dividend (113,762) (5.3) Depreciation (44,632) (2.1) Power price 12,508 0.6 Inflation 36,710 1.7 Movements in fair val
Slide 31: Portfolio Composition
Portfolio Composition Diverse portfolio with predictable revenue streams Hornsea 1 Humber Gateway 14% Top 10 assets London Array South Kyle 30% – 49 Assets 9% Clyde Walney – Largest asset is Hornsea 1, 9% Stronelairg Corriegarth 3% representing 14% of portfolio value 4% 8% – Brockaghboy Burbo Bank E
Slide 32: Portfolio Map
Portfolio Map Generating sufficient electricity to power 2.0(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: NAV Sensitivities
NAV Sensitivities Impact on NAV (p/sh) Levered portfolio IRR (+/- 0.75%) -5.6 5.9 Long term inflation rate (-/+ 0.5%) -5.5 5.8 Energy yield (10 year P90/P10) -13.2 13.2 Power price (-/+ 10%) -13.6 13.6 Asset life (-/+ 5 years) -16.2 11.2 -20.0 -15.0 -10.0 -5.0 0.0 5.0 10.0 15.0 20.0 Projections are
Slide 34: Asset Portfolio (1)
Asset Portfolio (1) Group Commercial Forecast Budget 2026 Total Net Acquisition ROCs/ Wind Farm Country Turbines PPA Ownership Operations Net Load 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 Senv
Slide 35: Asset Portfolio (2)
Asset Portfolio (2) Group Commercial Forecast Budget 2026 Total Net Acquisition ROCs/ Wind Farm Country Turbines PPA Ownership Operations Net Load 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 Senvio
Slide 36: Asset Portfolio (3)
Asset Portfolio (3) Group Commercial Forecast Budget 2026 Total Net Acquisition ROCs/ Wind Farm Country Turbines PPA Ownership Operations Net Load 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 90.0
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 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 39: Glossary
Glossary AR7 / AR8 – Allocation Round 7 / 8 GAV – Gross Asset Value NPV – Net Present Value AUM – Assets Under Management GB – Great Britain P90/10 – Production probability levels Bn – Billion GW – Gigawatt p/sh – Pence per Share CAGR – Compound Annual Growth Rate GWh – Giga-Watt Hour PPA – Power Pu
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 42