Greencoat Renewables (GRP) H2 2024 earnings summary

Executive summary

• Achieved pan-European scale with 39 renewable assets totaling 1.5 GW net capacity across five countries, spanning wind (onshore/offshore), solar, and battery assets, making it a top 10 listed European renewables company.

• Maintained high contracted cash flow (71% over next five years) and strong financial performance despite challenging equity markets.

• Delivered €148.6 million cash generation in 2024, supporting a 2x dividend cover and over €100 million returned to shareholders via dividends and buybacks.

• Executed first asset disposal in Finland at a 6% premium to NAV, releasing €50 million profit and reducing net debt by €78 million.

• Positioned to benefit from rising demand driven by AI and data centers, with over 500GWh of PPAs signed in 2023–2024.

Financial highlights

• 2024 revenue: €357.2 million; EBITDA: €207.9 million; cash generation: €148.6 million.

• Dividend increased by 5% to 6.74%, with gross dividend cover at 2x and net cover at 1.9x.

• NAV per share at year-end 2024 was 110.5c, with a 4.5% total NAV return including dividends.

• GAV declined from €2.62 billion to just under €2.5 billion, mainly due to lower power prices and P50 adjustments.

• EBITDA declined from €251.2 million in 2023 to €207.9 million in 2024; finance costs increased to €43.0 million.

Outlook and guidance

• Forecasting €718 million net cash generation and €383 million dividends over 2025–2029, with 71% of cashflows contracted.

• 2025 dividend target increased by 1% to 6.81c per share.

• Expect continued deleveraging and selective capital recycling through disposals in 2025.

• Progressive dividend policy supported by strong cash generation and high dividend cover.

• Anticipate further opportunities from data center demand, especially in Ireland, and ongoing asset hybridization.