Greencoat UK Wind (UKW) investor relations material

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 in 2025, up 1.9% year-over-year, and £291m net cash generation, up 4.3% year-over-year.

• 13-year track record with a simple model: inflation-linked dividends and reinvestment.

• 49 wind farms, 34.4 TWh generated, £2.4bn cash generated, £1.4bn paid in dividends, £1bn reinvested.

• Sector leader with innovative fee structure and active capital management.

Financial highlights

• Adjusted cash EBITDA of £531m (+1.9% y/y); net cash generation of £291m (+4.3% y/y).

• Dividend cover at 1.3x despite 8.5% below-budget generation due to low wind speeds.

• EBITDA and IRR of 11% at NAV; yield nearly 8% on NAV and close to 11% on share price.

• £227m dividend paid in 2025, 12th consecutive year of inflation-linked dividend growth.

• NAV per share at 31 December 2025 was 133.5p, down from 151.2p, mainly due to lower power price assumptions.

Outlook and guidance

• 2026 dividend target set at £0.107, a 3.4% increase.

• 2026 guidance: EBITDA £560-660m, net cash generation £350-410m, dividend 10.70p/share, central case dividend cover 1.7x.

• Forecasting 1.8x dividend cover over next five years, with £1bn capital for allocation.

• Central case for 2026 net cash generation is £380m, with continued focus on reducing gearing and disciplined reinvestment.

• £0.8-1.2bn excess free cashflow expected over 2026-30, supporting reinvestment and further shareholder returns.