REG - Greencoat Renewables - Interim Results to 30 June 2025

Greencoat RenewablesAnnouncement

Mon 07:00

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RNS Number : 3020Z  Greencoat Renewables PLC  15 September 2025

 

Greencoat Renewables 2025 Interim Results

 

Dublin, London, Johannesburg | 15 September 2025: Greencoat Renewables PLC
("Greencoat Renewables" or the "Company") today announces its results for the
six months ended 30 June 2025 ("Interim Results"), which have been published
in full on the Company's website: www.greencoat-renewables.com
(http://www.greencoat-renewables.com/) .

 

Highlights

 

·    1,830 GWh of renewable electricity generated in period where wind
resource continued to be below the statistical average (15% below budget, H1
2024: 1,927 GWh)

 

·    Gross cash generation of €68.7 million 1  (#_ftn1) (H1 2024:
€113.6 million) equating to robust gross dividend cover of 1.8x (H1 2024:
3.0x)

 

·    Dividends of 3.41 cents per share paid or declared with respect to
the period, in line with the full year dividend target

 

·    NAV per share of 101.0 cents (H2 2024: 110.5c), incorporating
reduction in P50 wind resource budgets previously announced

 

·    Aggregate Group debt of €1,351 million, equivalent to 54.6% of GAV

 

·    Agreed the disposal of a portfolio of Irish assets for €156 million
in the period representing a 4% premium to last reported book value with
proceeds allocated to debt repayment (total accretive disposals now >€200
million)

 

·    Increase in illustrative 5-year contracted cashflow profile to 76%
through to 31 December 2029

 

·    2-year RCF extension to February 2028 and entered into swaps to lock
in total cost of debt of 3.9% relating to Facility A through to October 2030
shortly after period end

 

·    Agreed a new 10-year Power Purchase Agreement ('PPA') with Keppel DC
REIT. This is the seventh PPA entered into, representing c20% of its 5-year
merchant volumes, since the Company launched its re-contracting strategy

 

·    Progress on strategic initiatives through revised management fee
agreement and additional listing on the JSE

 

·    Bernard Byrne appointed as a Non-Executive Director, bringing
extensive finance and commercial experience to the Board

 

 

Rónán Murphy, Non-Executive Chairman of Greencoat Renewables, commented:

 

"The first six months of the year have been a busy and pro-active period for
Greencoat Renewables with clear strategic progress and good operational
performance, notwithstanding ongoing challenges in the wider environment.

 

Gross cash generation amounted to €68.7 million, translating to a robust
gross dividend cover of 1.8x despite a statistically low-wind year across
Northern Europe.

 

Deleveraging through NAV-accretive disposals, the extension of our RCF, and
the fixing of Facility A at an all in cost of debt of 3.9% through to October
2030, further strengthens our balance sheet and enhances our financial
flexibility. The rapid rise in data-centre demand driven by AI has continued
to accelerate across Europe and we were pleased to sign our second PPA with
Keppel DC REIT in the period.

 

In the period, we took an innovative step to broaden our investor base and
improve liquidity through a secondary listing on the Johannesburg Stock
Exchange. In addition, we agreed a reduction in our management fees, effective
1 April 2025.

 

The European renewables sector has proven to be resilient, underpinned by
binding government commitments to decarbonisation, accelerating corporate
demand for clean energy, and the convergence of digital and energy. Greencoat
Renewables' diversified portfolio and active asset management approach
position us well, despite current challenges, to capitalise from significant
long-term sector growth".

 

Key Metrics

 

                                                 As at

                                                 30 June 2025
 Market capitalisation                           €855 million
 Share price                                     76.8 cent
 Dividends with respect to the period            €37.9 million
 Dividends with respect to the period per share  3.41 cent
 GAV                                             €2,475 million
 NAV                                             €1,124 million
 NAV per share                                   101.0 cent
 Discount to NAV                                 23.9%

 

A copy of the Interim 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/2025/JSE/ISSE/GCTE/HY2025.pdf
(https://senspdf.jse.co.za/documents/2025/JSE/ISSE/GCTE/HY2025.pdf)

Conference call and webcast or analysts and investors

Greencoat Renewables' Management Team will host a conference call and webcast
for analysts and investors to discuss these results today at 09.00am BST /
10.00am SAST on the same day. Participants can register for the conference
call and webcast through the below links.

 

·    Conference call:
https://register-conf.media-server.com/register/BIbdbbe4f2b9304d54bfbef2aa1788d0bb
(https://register-conf.media-server.com/register/BIbdbbe4f2b9304d54bfbef2aa1788d0bb)

 

·    Webcast: https://edge.media-server.com/mmc/p/h8xa2gw5/
(https://edge.media-server.com/mmc/p/h8xa2gw5/)

 

 

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

 

--- ENDS ---

For further details contact:

 

 Schroders Greencoat LLP (Investment Manager)
 Bertrand Gautier
 Paul O'Donnell
 John Musk                                        +44 20 7832 9400
 FTI Consulting (Investor Relations & Media)
 Sam Moore                                        +353 87 737 9089
 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 also invests in
wind and solar assets in certain 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.

 

 

 

 1  (#_ftnref1) Gross cash generation is stated gross of scheduled SPV level
debt repayments amounting to €3.9 million. After taking into account SPV
level debt repayments, net cash generation amounted to €64.8 million.

 

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