REG - Greencoat Renewables - Final Results Announcement

Greencoat RenewablesAnnouncement

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RNS Number : 4022V  Greencoat Renewables PLC  05 March 2026

Greencoat Renewables 2025 Final Results

 

Dublin, London, Johannesburg | 5 March 2026: Greencoat Renewables PLC
("Greencoat Renewables" or the "Company") today announces its results for the
year ended 31 December 2025 ("Final Results"), which have been published in
full on the Company's website: www.greencoat-renewables.com
(http://www.greencoat-renewables.com/) .

 

Final Results for the year ended 31 December 2025

 

 

2025 Highlights

 

·    3,684 GWh of clean electricity generated in the period with total
capacity of 1.4GWh across 36 renewable generation and storage assets in five
European countries.

 

·    Cash generation of €114.6 million (2024: €140.8 million),
delivering net dividend cover of 1.5x (2024: 1.9x) with dividends paid
amounting to €75.6 million.

 

·      NAV per share of 99.0 cents (2024: 110.5 cents)

 

·    Completed the disposal of a 116MW portfolio of Irish assets for total
proceeds of €156 million, including €17 million in non contingent deferred
consideration, representing a 4% premium to NAV.

 

·    Completed the acquisition of the Andella forward-sale asset located
in Spain.

 

·    Aggregate Group Debt reduced to €1,206 million (2024: €1,263
million), equivalent to 52% of GAV.

 

·    Additional listing on the AltX segment of the Johannesburg Stock
Exchange ("JSE") completed in June 2025.

 

·    2026 target dividend of 6.81c per share, unchanged vs 2025.

 

·    Portfolio generated renewable energy sufficient to power
approximately 770,000 homes, preventing around 1.4 million tonnes(1) of CO₂
emissions.

 

Portfolio Review and New Capital Allocation Framework

 

·    Selective disposal programme underway to recycle up to €350 million
of assets over the next 18 months.

 

·    Initial 12 month buyback programme of €100 million commencing
immediately - equating to 13% of issued capital.

 

·    Accelerated de-leveraging with gearing expected to reduce to c45% in
2027.

 

Value Accretive Growth Opportunity

 

·    New green digital infrastructure platform launched targeting green
energy solutions for hyperscalers and grids.

 

·    Asset hybridisation programme initiated alongside portfolio review to
increase return on equity. Limited to development expenditure in near term.

 

 

(1) Estimated emissions avoided are calculated assuming that renewable energy
generation replaces the marginal generator (i.e., the generation that is most
likely to be displaced as the next dispatch option in the electricity system)
in each region. The marginal generators in each country are listed here:
combined cycle gas turbine (CCGT) generation for Ireland and
Spain, nuclear generation for France and Sweden, biomass generation for
Finland, and coal generation for Germany. The "Operating margin" approach
is the preferred option under PCAF guidance for measuring carbon avoided.
Carbon emissions factors (gCO2/kWh) for the marginal generator in each region
is sourced from an IEA dataset (2024). Nuclear carbon emissions
factor is sourced from IPCC.

 

 

 

Ronan Murphy, Non-Executive Chairman of Greencoat Renewables, said:

 

 

"2025 saw a strong operational performance against the backdrop of low wind
volumes across Europe. Our net cash generation was robust, and our dividend
well covered. Beyond our operational performance, the business has been
focused on broader strategy in response to the persistent discounts to NAV
across the sector. We are today announcing a new proactive approach of
significant scale.

 

Following a holistic portfolio review, we have begun an initial €300+
million asset disposal program to recycle capital and tighten focus on our
strongest markets. In the near-term, and our highest priority, we will be
returning significant capital to shareholders via our intended €100 million
share buyback programme and deleveraging the business.

 

Alongside this we are making measured but important investments for the medium
term, including the launch of a new green digital infrastructure platform to
develop green energy data centres and energy parks. Looking forward, Greencoat
Renewables has a clear plan; the scale, quality, and cashflows to move
strategically and return capital to investors; and an exciting opportunity set
for which we are building the foundations."

 

 

Key Metrics - Year Ended 31 December 2025

 

 Market capitalisation                                     €765 million
 Share price                                               68.7 cent
 Dividends paid in the year                                €75.6 million
 Dividend with respect to the year per share               6.81 cent
 GAV                                                       €2,308 million
 NAV                                                       €1,102 million
 NAV per share                                             99.0 cent
 Discount to NAV                                           30.6%
 Renewable energy generated                                3,684 GWh
 CO2 emissions avoided per annum                           c.1.4 million tonnes
 Homes powered per annum                                   c.770,000
 Funds committed in community funds and social projects    €1.2 million

 

 

A copy of the Final Results has been submitted to the National Storage
Mechanism and will shortly be available for inspection at:
https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism
(https://www.fca.org.uk/markets/primary-markets/regulatory-disclosures/national-storage-mechanism)
and is also available on the JSE cloudlink at
https://senspdf.jse.co.za/documents/2026/JSE/ISSE/GCTE/FY2025.pdf
(https://senspdf.jse.co.za/documents/2026/JSE/ISSE/GCTE/FY2025.pdf)

 

 

Conference call for analysts and investors

 

A conference call and webcast for analysts and investors will be held at 10.00
am GMT/12:00 am SAST today, 5 March 2026. To register, please contact FTI
Consulting by email at greencoat@fticonsulting.com
(mailto:greencoat@fticonsulting.com) .

 

· Webcast: To register for the webcast, please click here
(https://brrmedia.news/GRP_FY_25)

· Conference call: To register for the conference call, please contact FTI
Consulting by email at greencoat@fticonsulting.com
(mailto:greencoat@fticonsulting.com)

 

 Presentation materials are available on the Company's
website: www.greencoat-renewables.com (http://www.greencoat-renewables.com/)
.

 

 

--- ENDS ---

 

 

The Company has listings on the Alternative Investment Market of the LSE and
the Euronext Growth Market of Euronext Dublin and a secondary listing on the
Alternative Exchange of the JSE.

 

 For further information, please contact:

 

 Schroders Greencoat LLP (Investment Manager)
 Bertrand Gautier                                          +44 20 7832 9400

 Paul O'Donnell

 John Musk

 FTI Consulting (Investor Relations & Media)
 Melanie Farrell                                           +353 86 401 5250
 Aoife Mullen                                              greencoat@fticonsulting.com (mailto:greencoat@fticonsulting.com)

 

 

About Greencoat Renewables PLC

Greencoat Renewables PLC is an investor in euro-denominated renewable energy
infrastructure assets. Initially focused solely on the acquisition and
management of operating wind farms in Ireland, the Company has also invested
in wind and solar assets in other European countries with stable and robust
renewable energy frameworks. It is managed by Schroders Greencoat LLP, an
experienced investment manager in the listed renewable energy infrastructure
sector.

 

 

 

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