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Greencoat Renewables (GRP) investor relations material

Greencoat Renewables H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary15 Sep, 2025

Executive summary

  • Gross cash generation for H1 2025 was €68.7 million, supporting a 1.8x gross dividend cover and €37.7 million in dividends paid, despite historically low wind speeds and moderating power prices.

  • Over €100 million of capital was recycled in the last 12 months through disposals at a premium to NAV, including a €156 million sale of six Irish assets at a 4% premium, with proceeds used for debt repayment.

  • NAV per share declined to 101.0c, mainly due to asset revaluations, P50 revisions, and lower power prices in mainland Europe.

  • The business is strategically focused on capitalising on the European energy transition and emerging AI-driven demand, especially in Ireland.

  • Shareholders reaffirmed support for the business model at the May AGM despite short-term share price underperformance.

Financial highlights

  • Net cash generation for H1 2025 was €64.9 million, with a resilient EBITDA margin of 56% and revenue of €160.3 million.

  • EBITDA fell to €89.9 million from €145.3 million year-over-year, with gross cash generation down 40% and net cash generation down 41% year-over-year.

  • NAV per share dropped by 9.5c, primarily due to asset revaluations and power price movements.

  • 76% of revenue is contracted through 2029, supporting stable cash flows.

  • Asset disposals totaling €156 million are reflected in the fair value of investments, with gearing at 51.8% pro forma for disposals.

Outlook and guidance

  • Strong contracted cashflows (76% of 2025–2029 revenues) underpin predictable dividends, with illustrative net dividend cover of 1.5x out to 2029.

  • The business is focused on disciplined capital allocation and sees significant growth opportunities in the convergence of digital and power sectors, especially with AI/data center demand.

  • On track to meet the 2025 target dividend of 6.81c per share.

  • European interest rates are on a downward trajectory, supporting renewables investment.

  • EU policy targets and rising demand for renewables, especially from data centers, underpin long-term sector attractiveness.

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Frequently asked questions

Greencoat Renewables PLC is a dedicated investor in euro-denominated renewable energy infrastructure assets, boasting an impressive portfolio with over 1,138MW of generation capacity. The company's core strategy revolves around targeting the vast secondary markets in continental Europe, recognizing a substantial opportunity to amass operating renewable energy generation assets.

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