Greencoat UK Wind
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Greencoat UK Wind (UKW) investor relations material

Greencoat UK Wind H2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H2 2025 earnings summary6 Mar, 2026

Executive summary

  • Largest non-utility owner of UK wind farms, generating 2% of UK electricity and avoiding 2.2 million tons of CO2 in 2025.

  • Delivered £531m adjusted cash EBITDA and £291m net cash generation in 2025, both up year-over-year.

  • 12 consecutive years of inflation-linked dividend growth, with £1.4bn paid out and £1bn reinvested since inception.

  • Sector leadership shown through innovative fee structure, share buybacks, and asset disposals.

  • Positive long-term outlook for renewables, with UK government supporting record renewable capacity.

Financial highlights

  • Adjusted cash EBITDA of £531m (+1.9% y/y); net cash generation of £291m (+4.3% y/y) in 2025.

  • Dividend cover at 1.3x for 2025; historical average 1.7x, forecasted to rise to 1.8x over next five years.

  • Portfolio IRR at 11% (NAV), yield nearly 8% on NAV and close to 11% on share price.

  • £227m dividend paid in 2025; 12th consecutive year of inflation-related dividend at or above RPI.

  • NAV per share at 31 December 2025 was 133.5p, down from 151.2p, mainly due to lower power price assumptions.

Outlook and guidance

  • Dividend target for 2026 set at 10.7p, a 3.4% increase.

  • 2026 guidance: EBITDA £560-660m, net cash generation £350-410m, dividend 10.70p/share, central case dividend cover 1.7x.

  • Forecasts indicate £1.2bn in CPI-linked dividends and £800m–£1.2bn excess cash for allocation over next five years.

  • Reinvestment in existing portfolio prioritized, with disciplined approach to new investments.

  • Target gearing below 40% and continued focus on disposals, debt reduction, and buybacks.

Prioritize 2026-30 excess cashflow allocation
Mitigate power price impact on NAV
How to capitalize on market rationalization?
Impact of data center growth on power demand
Rationale for switching dividend linkage to CPI
Strategy for sector rationalization and mergers
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Next Greencoat UK Wind earnings date

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H1 202629 Jul, 2026
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H1 202629 Jul, 2026

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Frequently asked questions

Greencoat UK Wind offers investors the opportunity to participate in the UK wind generation sector through a premium listed vehicle. The company's portfolio is exclusively dedicated to operational onshore and offshore UK wind farms, generating ongoing income. As a trailblazer in the renewable infrastructure space, Greencoat UK Wind holds the distinction of being the first renewable infrastructure fund to be listed on the LSE main market. Moreover, it proudly stands as the sole infrastructure fund or renewable infrastructure fund incorporated in the UK. The company holds a prestigious position as a constituent of the FTSE-250 index and operates as a UK Investment Trust, incorporated in England and Wales. The management team, composed of seasoned executives from Schroders Greencoat LLP, a prominent European renewable investment manager, oversees the operations of Greencoat UK Wind. The company also benefits from the guidance of an experienced independent board of directors. With a diverse investor base, which includes numerous blue-chip institutional investors, Greencoat UK Wind ensures that its Ordinary Shares can be recommended by independent financial advisers to retail private investors, adhering to the Financial Conduct Authority's rules regarding non-mainstream investment products. This approach has been effective, and the company plans to maintain this strategy in the foreseeable future. Being a UK plc and an approved investment trust, Greencoat UK Wind enjoys the benefit of having its Shares classified as excluded securities, exempt from the FCA's restrictions that typically apply to non-mainstream investment products, given their association with an investment trust.

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