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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.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.
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