Greencoat Renewables Plc · EURONEXT:GRP
Greencoat Renewables — H1 2026 Earnings Presentation
37 slides from Greencoat Renewables's earnings presentation, 2026
Slide 1: 2026 Interim Results
GREENCOAT RENEWABLES PLC 2026 Interim Results 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: Business Overview
Greencoat Renewables Business Overview Pan-European Strong HY Financial Renewables Platform Performance Highly cash-generative portfolio €2.3bn 1,851GWh Gross asset value Compensated production 1.4GW €59.8m Pan European diversified portfolio Total capacity H1 26 net cash generation >€950m 3.41c Cash
Slide 4: Capital Allocation Framework
Greencoat Renewables Capital Allocation Framework 1 Buybacks Initial €25m buyback complete with Enhanced Capital second €25m tranche in progress Allocation 2 Deleveraging Prioritising return of Portfolio review complete and capital to shareholders disposal processes underway in the short to medium t
Slide 5: Agenda
Agenda 1 Financial Performance 2 Market Overview 3 Capital Allocation Progress 4 Value Accretive Growth 5 Appendix Past performance may not be indicative of future results. 5
Slide 6: Financial Performance
y FINANCIAL PERFORMANCE
Slide 7: H1 Financial Performance: Cash P&L
H1 Financial Performance Cash P/L Consolidated Cash P&L HY25 (€m) HY26 (€m) €157m ● Net cash generation of €59.8m Portfolio Revenues Revenue 160.2 157.0 (2%) (2025: €64.8m) equating to 1.6x (+4% like for like increase) dividend cover Operating expenses (70.4) (67.1) ● Weaker wind resource in Q1 EBIT
Slide 8: H1 Financial Performance: Balance Sheet
H1 Financial Performance Balance Sheet FY25 HY26 Balance Sheet (€m) (€m) €2.1bn ● Strong balance sheet supports Fair Value of investments1 2,157 2,093 Cash Generative Portfolio continued execution of the capital allocation framework Other2 14 26 ● €2.1bn portfolio of renewable Total cash3 138 139 en
Slide 9: H1 Operating Performance
H1 Operating Performance Revenue resilience underpinned by higher priced contracted markets and portfolio diversification Average Revenue Market Production2 GWh Production % Revenue €m Revenue % €/MWh ● Production 6% below budget reflecting weaker wind resource in Q1; Q2 Ireland 867 47% 87.3 55% 100
Slide 10: H1 NAV Bridge
H1 NAV Bridge NAV Total Return underpinned by strong cash generation and disciplined capital allocation NAV bridge NAV (cents per share) ● Operating performance and accretive 1.6x net dividend cover share buybacks contributed 6.4c per share of value in H1 104.0 ● €62.5m returned to shareholders (3.4
Slide 11: Debt Structure
Debt Structure Strong balance sheet underpinning disciplined capital allocation €1.2bn 53% 3.5% 89% Aggregate Debt Gross Gearing Cost of Debt of Debt is Fixed Rate ● Cost effective financing secured through 2030 with a weighted average cost of debt of 3.5% €139m ~€600m1 Cash on balance sheet Illustr
Slide 12: Cashflows Support Distributions and Capital Allocation
Cashflows Support Distributions and Capital Allocation Contracted revenues and resilient cash generation (existing portfolio) Illustrative Dividend Cover 2026 2027 2028 2029 2030 To 2030 Illustrative net dividend cover 1.5x 1.6x 1.5x 1.9x 1.9x 1.7x ~€600m Weighted average captured merchant €/MWh 61.
Slide 13: Power Prices
Power Prices Tightening energy market fundamentals underpin power prices Monthly Market Merchant Capture Prices2 by Jurisdiction and Technology Germany – Offshore Wind Spain – Onshore Wind €/MWh €/MWh ● Merchant volumes c27%1 of total 150 150 volume in 2026 directly exposed to 100 100 power price mo
Slide 14: Revenue Management and PPAs
Revenue Management and PPAs Selective PPAs can secure attractive market pricing whilst reinforcing cashflow visibility Revenue management strategy 70%+ Lock in PPAs contracted revenues when pricing supports NAV and on a rolling 5-year basis cashflow visibility Proven Capability Borkum PPA Future Por
Slide 15: Market Overview
y MARKET OVERVIEW
Slide 16: EU Clean Energy Outlook
EU Clean Energy Outlook A confluence of geopolitics, market, and policy Multi Year Macro Trend 6–12 Month Events Impact Impact Energy security essential; Policy and capital focussed Geopolitical insecurity; Decarbonisation; electrification Domestically generated green on grid capabilities and AI pow
Slide 17: Implications for Renewable Generators
Implications for Renewable Generators Market developments creating cashflow and strategic value opportunities ● Improved price capture Grid infrastructure investment ● Lower constraints • Market developments are ● Arbitrage and trading creating both cashflow and Power-price volatility strategic valu
Slide 18: Ireland Market Update
Ireland Market Update Irish portfolio well-positioned for near-term opportunities 2030 Investment Requirements €19bn3 €40bn1 investment investment into into grid renewables generation 1 Clean Electrification ● 80% renewable electricity by 20301 with strong cross party government support ● Significan
Slide 19: Capital Allocation Progress
CAPITAL ALLOCATION PROGRESS
Slide 20: Strategy to GRP 2030: Self Funded Plan
Strategy to GRP 2030: Self Funded Plan Capital deployment plans unchanged Capital deployment Sources and Uses (5-year plan) 2026 2027 2028 2029 2030+ 1 Buybacks Sources Range Uses Range 1 Share buyback €100m+ Enhanced Capital Organic Free 2 Deleveraging €500–600m Allocation Cashflow 2 Deleveraging €
Slide 21: Strategy to 2030: Capital Allocation
Strategy to 2030: Capital Allocation Progress on strategic update Progress Milestones Notes 1 Enhanced Capital 2 1 Buybacks €50m of €100m programme ● NAV-accretive for continuing Allocation announced shareholders 3 €100m buyback program over 12 months ● Funded through existing cash 4 €25m completed
Slide 22: Strategy to 2030: Value Accretive Growth
Strategy to 2030: Value Accretive Growth Progress towards March 2026 strategic update pillars Progress Milestones Notes 1 Enhanced Capital 4 Hybridisation Attractive pipeline identified ● Opportunity to enhance returns 2 Allocation from existing assets 3 RoE +500bps Selected projects progressing (Un
Slide 23: Portfolio Disposals
Portfolio Disposals Assessment framework influenced by shifting value environment 1 Market Characteristics 4 Competitive advantage 2 Asset-level performance 5 Portfolio risk • €300m+ disposals target (by end of 2027) 3 Growth and optionality 6 Value crystallisation • Expectation to favour lower cash
Slide 24: Value Accretive Growth
VALUE ACCRETIVE GROWTH
Slide 25: Hybridisation - Killala case study
Hybridisation - Killala case study Existing assets potential for incremental value creation Existing economics 1,994 2,067 2,348 c.10%+ 1,904 1,612 1,714 1,372 1,087 1,150 Unlevered IRR1 874 2022 2023 2024 2025 2026 c.15%+ Cash yield2 (Annualised) Revenue EBITDA Current opportunity ● Policy developm
Slide 26: Data Centre Site Development
Data Centre Site Development Strong progress at Drogheda Energy Park H1 2026 H2 2026 Development Milestones Development Schedule Site acquired ✓ Planning progression + Planning advanced ✓ Renewable energy identified + • Platform fully operational with experienced senior leadership team in position G
Slide 27: Data Centre Site Development
Data Centre Site Development Indicative value creation potential for Drogheda as milestones are achieved Powered Land FID3 Drogheda – Illustrative Value Creation2 Illustrative value 1 2 3 €m 40 Powered FID Origination Development Structuring Land 30 20 Illustrative Value Relationships and Planning a
Slide 28: Data Centre Site Development
Data Centre Site Development Stakeholder focus on green power access, grid connections and credible delivery partners Digital Platform Feedback Opportunity Implications ● Renewable generation becoming a strategic differentiator ● Power availability increasingly influences site selection Hyperscalers
Slide 29: Conclusion
y CONCLUSION
Slide 30: Greencoat Renewables
Greencoat Renewables Capital Allocation Framework 1 Buybacks Initial €25m buyback complete with Enhanced Capital second €25m tranche in progress Allocation 2 Deleveraging Prioritising return of Portfolio review complete and capital to shareholders disposal processes underway in the short to medium t
Slide 31: Appendix
y APPENDIX
Slide 32: Net Asset Value
Net Asset Value NAV sensitivities – 30 June 2026 Impact on NAV Valuation Assumptions Cent per share ● The base case asset life based on technology: Discount rate (+/- 0.25%) ● On-shore wind assets’ lifetime is typically 30 years Inflation rate (-/+ 0.5%) ● Off-shore wind assets’ lifetime is based on
Slide 33: Historical Financial Performance
Historical Financial Performance Consistent cash generation had funded dividends, portfolio growth and future value creation Income Cash Metrics Cash Generation Dividends Reinvestment Dividend Cover €221m cash generated Focus on dividend growth Income 2017–2021 €221m €136m €48m 1.6X Growth 2022–2024
Slide 34: Revenue Management and Contracting
Revenue Management and Contracting Combining contracted cashflow visibility with power price exposure Long term contracted market Year on year baseload power prices1 Real €/MWh ● Attractive market for long dated PPAs2 with pricing supportive of new renewable investment 200 150 ● Data centre demand s
Slide 35: Revenue Management and Contracting
Revenue Management and Contracting Merchant exposure providing strategic flexibility Strategic merchant exposure Year on year baseload power prices1 Real €/MWh ● Baseload H1 2026 prices materially above 100 prior year levels 80 ● Improving medium term outlook supported 60 by regional demand growth a
Slide 36: Structural Changes Support New Value Creation Approaches
Structural Changes Support New Value Creation Approaches Macroeconomic landscape reinforces GRP’s strategic approach Established GRP model Embedded Opportunity Revenue profiles Shaped delivery, As-generated energy Value from generation PPAs, trading 1 Enhanced Capital 2 Allocation 3 Asset scarcity G
Slide 37: Thank You
THANK YOU Marketing material for professional clients only.