Greencoat Renewables Plc · EURONEXT:GRP

Greencoat Renewables — FY2024 Earnings Presentation

34 slides from Greencoat Renewables's earnings presentation, March 2025

  1. Slide 1: 2024 Full Year Results Presentation

    March 2025 GREENCOAT RENEWABLES PLC 2024 Full Year Results Presentation Marketing material for professional clients only.

  2. 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

  3. Slide 3: Contents

    Contents 1 2 INTRODUCTION 2024 FINANCIAL PERFORMANCE 3 4 CAPITAL ALLOCATION ASSET MANAGEMENT & CONTRACTING 5 6 SUMMARY APPENDIX 3

  4. Slide 4: 1. Introduction

    1. INTRODUCTION

  5. 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

  6. 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

  7. 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

  8. Slide 8: 2. Financial Performance

    2. FINANCIAL PERFORMANCE

  9. 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

  10. 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

  11. 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

  12. 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

  13. 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

  14. Slide 14: 3. Capital Allocation

    3. CAPITAL ALLOCATION

  15. 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

  16. 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

  17. 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

  18. 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

  19. Slide 19: 4. Asset Management and Contracting

    4. ASSET MANAGEMENT AND CONTRACTING

  20. 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

  21. 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

  22. 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

  23. 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

  24. 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

  25. 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

  26. 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

  27. Slide 27: 5. Summary

    5. SUMMARY

  28. 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

  29. Slide 29: 6. Appendix

    6. APPENDIX

  30. 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

  31. 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.

  32. 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

  33. 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

  34. 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

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