Greencoat Renewables Plc · EURONEXT:GRP
Greencoat Renewables — FY2025 Earnings Presentation
37 slides from Greencoat Renewables's earnings presentation, March 2026
Slide 1: 2025 Full Year Results & Capital Allocation Update
March 2026 GREENCOAT RENEWABLES PLC 2025 Full Year Results & Capital Allocation Update 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: Agenda
Agenda 2025 FY Results & Capital Allocation update 1 2025 Financial Results 2 Capital Allocation 3 Value Accretive Growth Past performance may not be indicative of future results. 3
Slide 4: 1. 2025 Financial Results
1. 2025 FINANCIAL RESULTS
Slide 5: Financial Performance
Financial Performance 2025 overview FY24 FY25 FY24 FY25 ● €115m net cash generation underpinning a Consolidated Cash P&L Balance Sheet (€m) (€m) (€m) (€m) resilient 1.5x net dividend cover Fair Value of Revenue 357 296 (17%) 2,389 2,157 • >80% of revenue contracted in 2025 investments1 ● Revenue: -€
Slide 6: Predictable Cashflows
Predictable Cashflows Existing portfolio providing 1.6x illustrative 5-year dividend cover Illustrative dividend cover profile (based on existing portfolio) 2026 2027 2028 2029 2030 2026-2030 Strong contracted cashflows Illustrative net dividend underpinning dividend capacity cover 1.2x 1.4x 1.5x 1.
Slide 7: Net Asset Value
Net Asset Value NAV impacted by revised P50s & power prices 125.0 1.6x gross dividend ● 11% cash yield on closing NAV (6.8) 10.7 ● NAV decline of 10.5c driven by: 120.0 • -4.3c relating to lower short to mid term (4.1) 115.0 NAV (cents per share) power prices 110.5 110.3 (4.3) • -5.7c relating to P5
Slide 8: 2025 Capital Allocation
2025 Capital Allocation Disposal proceeds allocated to debt repayment • €259m cash generated from: • Organic cash generation (€122m) • Disposal proceeds (€137m1 ) • Irish portfolio sold at 4% premium to NAV • Funding: • Dividend (€76m) • Debt repayment (€149m) • Increase cash balance • Andella acqui
Slide 9: Debt Maturity Profile
Debt Maturity Profile Cost effective debt structure supported by contracted revenue profile ● Debt reduced by €57m in 2025 €1.2bn 52.3% 3.4% 89% • €149m of debt repayment (offset by Aggregate Debt Gross Gearing Cost of Debt of Debt is Fixed Rate €91m acquisition debt drawdown) ● 3.4% weighted averag
Slide 10: 2. New Capital Allocation Framework
2. NEW CAPITAL ALLOCATION FRAMEWORK
Slide 11: Capital Allocation Principles
Capital Allocation Principles 3 strategic aims 1 Narrow the discount to NAV in the near term Recycling capital into new value-accretive growth opportunities 2 over time Maintain an attractive dividend underpinned by strong dividend 3 cover Past performance may not be indicative of future results. 11
Slide 12: Strategy to 2030 - Overview
Strategy to 2030 - Overview Prioritising shareholder return in the near term while positioning for value-accretive higher-return opportunities 1 Buybacks Enhanced Capital Allocation 2 Deleveraging Capital Allocation Prioritising return of Principles capital to shareholders in Portfolio Review & 3 th
Slide 13: Strategy to 2030: Capital Allocation Pillars
Strategy to 2030: Capital Allocation Pillars Near-term focus on closing discount to NAV 1 Enhanced Capital 2 1 Buybacks €100m buyback program – scale over the next 12 months Allocation 3 • To start immediately funded by organic cash 4 • Potential to be extended beyond initial period should NAV disco
Slide 14: Strategy to 2030: Value Accretive Growth
Strategy to 2030: Value Accretive Growth Building higher returning investment opportunities in the near-term; medium-term capital deployment focused on market-leading Irish position 1 Enhanced Capital 2 4 Hybridisation Co-located battery and solar strategy RoE1 Allocation 3 strategy +500bps 4 Un-loc
Slide 15: Strategy to GRP 2030: Self Funded Plan
Strategy to GRP 2030: Self Funded Plan Capital deployment plan self-funded whilst preserving balance sheet flexibility with c.45% gearing Capital deployment Sources & Uses (5 year plan) 2026 2027 2028 2029 2030+ Sources Range Uses Range Enhanced Capital 1 Buybacks Organic Free €500- 600m Share €100m
Slide 16: Strategy to GRP 2030: Value Creation
Strategy to GRP 2030: Value Creation Structurally increase the return on equity of the portfolio and revenue diversification Enhanced Capital 1 Buybacks Return of Allocation capital 2 Deleveraging (scale) Cash 2 Prioritising return of capital generation to shareholders in the short per share to medi
Slide 17: 3. Value Accretive Growth
3. VALUE ACCRETIVE GROWTH
Slide 18: Hybridisation Strategy
4 Hybridisation Strategy Co-location of Battery and Solar assets across the existing portfolio 1 3-year pilot study complete; 10 existing assets identified 2 Partnership with CATL 3 Development capital only before 2028 4 >13% unlevered IRR with low risk Forecasts are not a reliable indicator of futu
Slide 19: Ireland Hybridisation Opportunity
4 Ireland Hybridisation Opportunity Enhancing existing portfolio with co-located solar and battery assets Unlocking of incremental revenues Optimised grid capacity utilisation Potential to meet additionality requirements for corporate PPAs RoE1 +500bps Accelerated development timelines (Unlevered IR
Slide 20: Portfolio Case Study
4 Portfolio Case Study GRPs first co-located battery – maximising grid capacity in Killala Killala, Ireland Agreement reached for 19MW wind farm (10MW Procurement & grid capacity) construction 2019 2020 2021 2022 Successful delivery against investment case Planning COD & permission commencement secu
Slide 21: Organic Pipeline – Co-location Battery and Solar
4 Organic Pipeline – Co-location Battery and Solar De-risked development opportunity via existing assets Overview of two ongoing projects ● 175 MW organic co-located BESS pipeline relating to 10 existing assets Project A Project B ＞ €135m investment potential Long Duration 36MW Solar & 30MW/240MWh B
Slide 22: Green Digital Infrastructure
Green Digital Infrastructure New platform to address hyperscaler market and leverage renewable assets 1 New JV platform, with high-quality team First acquisition made; blueprint for future grid and customer 2 needs Irish market interlinks renewables and digital; wider growth 3 opportunity 4 >3x cash
Slide 23: Ireland Data Centres: Unlocking the Power Demand
5 Ireland Data Centres: Unlocking the Power Demand First European market to address data centre growth in a power-constrained backdrop Backdrop of Irish Market Irish Opportunity in 2026 • Ideal geography and climate • Data centre power needs mean development is about power, not real • European HQ fo
Slide 24: Convergence of Digital & Energy
5 Convergence of Digital & Energy Data centre complexity is coalescing around power and GRP’s specific capabilities Land GRP’s Irish Market Positioning Suitable land for building a Fibre data centre Access to fibre optic cable routes e.g. “dark fibre” Renewable Energy Player in Ireland - 800 MW in o
Slide 25: Green Digital Infrastructure Platform
5 Green Digital Infrastructure Platform New development platform, with first acquisition made, and significant scale available First Investment – Drogheda Energy Park Targeting Drogheda, Irelandvery large opportunity for 40km north of green digital infrastructure, initially in Drogheda, Ireland Dubl
Slide 26: Enhanced Contracted Assets & PPAs
6 Value Accretive Growth – Enhanced Contracted Assets & PPAs1 Recycling of existing asset portfolio into newly contracted assets Return on equity Recycling out of merchant assets and rotating into +200bps contracted assets at early development stage (Unlevered IRR > 11%) Leveraging existing relation
Slide 27: Strategy to GRP 2030: Summary
Strategy to GRP 2030: Summary Structurally increase the return on equity of the portfolio and revenue diversification Return of Narrow the discount to NAV in the near capital 1 term (scale) Cash generation 2 per share Recycling capital into new value- increased 2 accretive growth opportunities over
Slide 28: 4. Appendix
4. APPENDIX
Slide 29: Historical Financial Performance
Historical Financial Performance High structural cash generation since inception Gross Cash Dividends PF debt Gross Year Reinvestment(2) Generation Paid Repayment Dividend Cover ● €890m+ total cash generated 2017(1) €11.8m – – €11.8m – 2018 €23.1m €20.9m – €2.2m 1.1x ● €425m+ total dividend payments
Slide 30: Electricity Market Developments (1/2)
Electricity Market Developments (1/2) Market dynamics and PPA1 achievements/opportunities Capture power prices (real €/MWh) Power market ● Government support for data centres with issuance of new 250.00 Large Energy User Policy 200.00 ● Increased demand growth for power to come from DC space 150.00
Slide 31: Electricity Market Developments (2/2)
Electricity Market Developments (2/2) Market dynamics and PPA1 achievements/opportunities Capture power prices (real €/MWh) Power market ● Exceptionally strong prices seen in January due to low 50.00 precipitation 40.00 ● Pricing expected to increase due to significant medium term 30.00 demand growt
Slide 32: Net Asset Value
Net Asset Value NAV sensitivities – 31 December 2025 Impact on NAV Valuation factors ● The base case asset life depends on the Discount rate (+/- 0.25%) technology as those are underpinned by different design life: – On-shore wind assets’ lifetime is typically Inflation rate (-/+ 0.5%) 30 years – Of
Slide 33: 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% RBC Brewin Dolphin 6% ● Listings on Euronext Dublin, London Stock Exchange (AIM) & AltX KBI Global Investors 6% Johannesburg (JSE) Newton Investment Mg
Slide 34: Re-contracting Opportunity
Re-contracting Opportunity Merchant volumes unlocking potential GRP Contracted Mix 4,500 1 Signed first PPA 4,000 with DC company 3,500 1,249 1,583 1,721 1,753 1,540 1,548 1,913 3,000 2,500 251 1 Signed second PPA 435 443 with DC company 2,000 2 424 446 445 2 445 1,500 Signed third PPA 2,408 with Ir
Slide 35: Investment & Divestment Activity
Investment & Divestment Activity Strategic disposals completed Irish portfolio disposal Acquisitions ● Portfolio sold at 4% premium to last reported NAV ● Andella forward sale agreement completed H1 2025 ● Unlocking embedded value via sale to repowering specialist Ireland ● Disposal of older assets
Slide 36: Operating Performance 2025
Operating Performance 2025 Portfolio generation and revenue broken down by markets Ireland – 50% of revenue mix, Spain and Sweden (100% merchant) – 7% of revenue mix ● Production impacted by wind resource in all jurisdictions Production Cash Revenue Implied Price ● Revenues in line with generation 2
Slide 37: Track Record & Platform
Track Record & Platform Strong business with the scale, quality, and cashflows for strategic flexibility and capital returns Scaled Platform Robust 2025 Strategic Flexibility €2.1bn €115m Demonstrable track record Gross asset value 2025 Net cash generation (cash generation & asset recycling) 1.4GW 1