Greencoat UK Wind (UKW) investor relations material

Business model and track record

• Permanent-capital model focused on UK wind, with inflation-linked dividend targets, reinvestment and disciplined capital allocation.

• Since IPO, dividends increased with inflation; average annual dividend cover was 1.7x, £1.5bn was returned in dividends, £1.1bn reinvested and annualised NAV total return was 8.6% through 30 June 2026.

• Portfolio comprised 49 wind farms with 1,942 MW capacity and 37.4 TWh of renewable electricity produced from IPO to 30 June 2026.

• Reinvestment is intended to replace cashflows as fixed-life assets deplete, supporting long-term dividend cover and portfolio resilience.

Broader investment toolkit

• Four investment routes—operational assets, construction, life extension and repowering—are assessed on yield, NAV effect, levered return and revenue profile.

• Illustrative levered return estimates: operational assets 10–11%; construction base case +50–200 bps; life extension +300–500 bps; repowering +200–400 bps.

• A balanced mix is intended to offset asset run-off, refresh portfolio age and expand fixed cashflows; construction and repowering may absorb cash early before lifting overall yield.

• Potential self-generated capital is £0.9–1.4bn over 2027–31, after £1.3bn of inflation-linked dividends; long-term annual NAV total return target is 10.5% to 2045, based on assumptions and not guaranteed.

• Fixed or contracted cashflow target is >60% on a straight-average basis over the next five years and ~50% over the portfolio’s life on an NPV basis.

Opportunity pipeline and portfolio outlook

• Onshore CfD construction: 3.8GW supported across AR5–AR7; 350MW reviewed or priced YTD, with ~100MW in advanced consideration.

• Life extensions: over 20 portfolio assets representing >800MW may be suitable; UK wind farms >20 years old are expected to total 5.4GW by 2030.

• Repowering: 4GW of onshore capacity will be more than 20 years old by 2030; the 96MW Willow portfolio is among sites being assessed.

• Operational assets: 2–3GW traded annually in the UK market; >250MW of opportunities reviewed YTD.

• The broader toolkit is modelled to extend cash-generating life, improve NAV growth and lift fixed cashflows to ~50% in 2045 versus ~30% under an operational-only case; outcomes are illustrative, not forecasts.