Greencoat Renewables Plc · EURONEXT:GRP
Greencoat Renewables — FY2024 Earnings Presentation
34 slides from Greencoat Renewables's earnings presentation, March 2025
Slide 1: 2024 Full Year Results Presentation
March 2025 GREENCOAT RENEWABLES PLC 2024 Full 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 INTRODUCTION 2024 FINANCIAL PERFORMANCE 3 4 CAPITAL ALLOCATION ASSET MANAGEMENT & CONTRACTING 5 6 SUMMARY APPENDIX 3
Slide 4: 1. Introduction
1. INTRODUCTION
Slide 5: Large-scale and well-positioned portfolio
Greencoat Renewables large-scale and well-positioned portfolio • Large, diversified and robust Pan- Spain (3%) European renewables platform France (8%) Geography1 Sweden (10%) • High-quality and modern 1.5GW Ireland Sweden portfolio (57%) 236MW Germany (22%) • Underpinned by long-term Battery Storag
Slide 6: Delivering for shareholders
Greencoat Renewables Delivering for shareholders Consistent Delivery Since IPO Disciplined Capital Allocation Actions Compelling Growth Opportunity ● Expanded portfolio to 39 renewable energy assets ● >€100m distributed to shareholders in 2024 ● Investible European renewables market forecast at of 1
Slide 7: 2024 Full Year Highlights
2024 Full Year Highlights €148.6m¹ €235m² 110.5c NAV³ Gross cash generated Early refinancing of 9.3% levered and 2.0x dividend cover Oct-25 term debt portfolio return⁴ €100.2m⁵ 6.81c Returned to Dividend target for shareholders via 2025, +1% annual dividends and buybacks growth Past performance may
Slide 8: 2. Financial Performance
2. FINANCIAL PERFORMANCE
Slide 9: Historical Financial Performance
Historical Financial Performance Capital allocation flexibility Gross Cash Dividends PF debt Gross Year Reinvestment² ● Structural high cash generation supporting Generation Paid Repayment Dividend Cover progressive dividends and enhancing 2017¹ €11.8m – – €11.8m – strategic optionality 2018 €23.1m
Slide 10: Financial Performance: 2024 overview
Financial Performance 2024 overview FY 2023 FY 2024 Consolidated Cash P&L (€m) (€m) ● €140.8 million net cash generation Revenue 379.2 357.2 ● Revenue impacted by Operating expenses (128.0) (149.3) – Reduced like for like generation EBITDA 251.2 207.9 – Power price decline in merchant markets Financ
Slide 11: Financial Performance: balance sheet
Financial Performance 2024 overview FY 2023 FY 2024 Balance sheet ● FV of investments reflecting net (€m) (€m) investment activity and change in asset Fair Value of investments¹ 2,479.0 2,388.8 valuation Other² (0.4) (2.9) ● €25m accretive share buyback completed Total cash³ 142.9 107.3 ● €79m reduc
Slide 12: Resilient Net Asset Value
Resilient Net Asset Value High structural cash generation underpinning NAV 2.0x gross dividend cover 130.0 13.3 ● 12% cash yield on opening NAV (6.7) 125.0 ● Strong cash generation funding dividends NAV (cents per share) (5.8) and underpinning stable NAV 120.0 (0.2) (1.1) ● Accretive €25m share buyb
Slide 13: Strong and Predictable Cash Flows
Strong and Predictable Cash Flows 40% of share price¹ to be returned via dividends to 2029 + capital allocation flexibility Illustrative only 2025 2026 2027 2028 2029 2025-29 €718m 5 Yr net cash generation Base case net cash generation €131m €131m €126m €157m €173m €718m Potential dividends €75m €76
Slide 14: 3. Capital Allocation
3. CAPITAL ALLOCATION
Slide 15: Disciplined Capital Allocation
Disciplined Capital Allocation Maximising shareholder value 2024 Actions Future options Organic deleveraging via €96m1 of term Continued high dividend cover providing material Debt Repayment debt repayments from operating cashflows organic deleveraging option c.€335m Asset Recycling First asset disp
Slide 16: Capital Allocation in 2024
Capital Allocation in 2024 Balanced inflows and outflows €m ● 2024 cash allocated in line with 250 communicated capital allocation strategy €211m €211m¹ ● >€100m distributed to shareholders 200 Existing cash Acquisition 7% through dividends and share buyback representing 8% of NAV Disposal Proceeds
Slide 17: Strong Balance Sheet
Strong Balance Sheet Term debt 5-year overview €1.3bn 51% 2.9% 10 ● €150m new term debt agreed and used to Aggregate Debt Gross Gearing Weighted Av Cost of Debt Institutional Lenders repay RCF ● Early agreement to extend €235m of the €275m Facility A maturing in October 25 for additional 5-years at
Slide 18: Investment and divestments
Investment and divestments Value creation via active portfolio management Acquisition South Meath acquisition ● Currently limited by disciplined capital ● Finalised the acquisition from Statkraft allocation Meath, ● 15-year contracted cash flows to 2039 with major July 2024 40MW ● 50% purchase of 80
Slide 19: 4. Asset Management and Contracting
4. ASSET MANAGEMENT AND CONTRACTING
Slide 20: Asset Management
Asset Management Active asset optimisation improving asset yield, value and ESG performance Active Asset management Performance improvement HSE and ESG PPA initiatives Performance improvement projects Health, Safety & Environment ● Data Centre contract in Ireland ● 15 initiatives completed ● 394 aud
Slide 21: 2024 Generation
2024 Generation Production variance to budget by country 2024 production ● Geographic and technology diversification – German offshore wind speeds were Actual Budget Variance Variance % of total 1–2% above long-term average in 2024 Country compensated (GWh) (GWh) (%) production prod. (GWh) ● Low win
Slide 22: Emerging Opportunity from AI
Emerging Opportunity from AI Big Tech and AI driving demand growth Market Developments Impact and Opportunity for GRP ● PPAs are an alternative and attractive ● Over 500GWh of PPAs signed during route to market 2023 and 2024 Big Tech & AI driving ● Surge in power demand driven ● 10 Year pay as produ
Slide 23: Case Study: Keppel DC REIT PPA
Case Study Keppel DC REIT PPA PPA Strategy ● Capitalise on surging demand driven by Big Tech and AI ● Benefit from alternative route to market ● High demand for Irish sourced-GoOs1 ● Retain competitive edge through strong market position with ability to source NAV accretive pricing Benefits of speci
Slide 24: Electricity Market Developments (1)
Electricity Market Developments (1) Market dynamics and PPA achievements/opportunities Baseload power prices (€/MWh) Power market 180 160 ● New government has demonstrated robust support for data centres 140 c.€130/MWh(1) ● 80% renewables penetration target by 2030 120 100 80 PPA market 60 40 Irelan
Slide 25: Electricity Market Developments (2)
Electricity Market Developments (2) Market dynamics and PPA achievements/opportunities Baseload power prices (€/MWh) 60 Power market 50 ● SE1 pricing lower due to higher hydro output and grid constraints 40 ● Power prices currently amongst lowest in Europe but forecast to increase strongly due to si
Slide 26: Contracting Strategy
Contracting Strategy High contracted revenues and positive impact of PPAs Forecasted revenue breakdown Revenue mix 100% ● c.75% of the revenues over next five years 90% 18% 18% 25% to 2029 are contracted 80% ● c.50% of revenues to 2029 are 70% 23% 23% contractually inflation linked 21% 60% 50% Balan
Slide 27: 5. Summary
5. SUMMARY
Slide 28: Summary
Summary Addressing short term challenges to position for future opportunities Proactively addressing Structural positives for GRP has a high-quality market challenges renewable infrastructure diversified portfolio ● €2.5bn pan European portfolio ● Disciplined capital allocation ● Electrification and
Slide 29: 6. Appendix
6. APPENDIX
Slide 30: Consistent Track Record of Operational Delivery
Consistent Track Record of Operational Delivery Diversified growth Capacity 1.5 1.5 1.2 +1.5 GW 0.4 0.5 0.6 0.8 0.1 Added Net Capacity since IPO 2017 2018 2019 2020 2021 2022 2023 2024 Generation 3,933 3,158 2,487 >3,900GWh 441 1,154 1,404 1,522 182 Generation in 2024 2017 2018 2019 2020 2021 2022 2
Slide 31: Consistent Track Record of Financial Performance
Consistent Track Record of Financial Performance Diversified growth Cash Revenue Profile 330.6 379.2 357.1 46% CAGR¹ 92.9 118.7 139.3 17.5 39.0 Increase in Cash Revenue to 2024 2017 2018 2019 2020 2021 2022 2023 2024 Net Cash Generation 215.0 196.7 148.6 Strong and Consistent 48.8 66.4 70.5 11.8 23.
Slide 32: Pan-Euro Owner & Operator of Renewable Assets
Pan-Euro Owner & Operator of Renewable Assets OUR Top 10 largest pure-play listed European renewable players POSITIONING Installed Renewable Capacity in Europe¹ One of the largest owners of (Net Capacity rank in Europe) European Renewables, with a portfolio of >1.5GW of net capacity Leading position
Slide 33: Net Asset Value
Net Asset Value NAV sensitivities 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 Inflation rate (-/+ 0.5%) typically 30 years – Off-shore wind assets
Slide 34: High-Quality and Long-Term Investor Base
High-Quality and Long-Term Investor Base Major shareholders include a mix of institutional and wealth investors Investor Ordinary shares held %² Key considerations Blackrock 10% ● Listings on Euronext Dublin and London KBI Global Investors 9% Stock Exchange (AIM) Fidelity 7% ● Dividends paid quarter