Commenting on today’s results, Lucinda Riches, Chairman of Greencoat UK Wind, said:

“The Board and the Investment Manager recognise that this has been a further challenging year for investors and have been working tirelessly to protect and build shareholder value. Net cash generation remained robust at £291 million. Material progress has been made on capital allocation in 2025, having delivered a 12th consecutive year of dividend increases with or ahead of inflation, significant divestments at prevailing NAVs, a sector-leading share buyback programme and a material reduction in debt principal.

We recognise the need to continue to take further action to rebuild shareholder value and we have clear priorities for capital allocation during 2026 which include further divestments, reducing gearing, continuing share buybacks and a disciplined return to reinvestment. Beyond that, our structurally high dividend cover model is expected to deliver around £1 billion of excess cashflow over the next five years which, when supported by further strategic disposals, provides significant optionality to enhance value for shareholders. The Board and the Investment Manager remain fully aligned with shareholders and committed to making the right decisions to deliver long term value for all shareholders.”

Dividend Policy

Following the outcome of the Renewable Obligation (RO) Indexation Consultation, which changed the indexation basis for the RO scheme, the Company has reviewed its dividend policy.

The principal instrument from which the Company derived explicit RPI cashflow linkage was the RO scheme, which will now be indexed to CPI. The Company’s CFD investments also have explicit CPI linkage. The Board therefore determined that its dividend policy will now be to aim to provide shareholders with an annual dividend that increases in line with CPI inflation and, accordingly, the Company will target a dividend of 10.70 pence per share for 2026, a 3.4 per cent increase in line with December 2025’s CPI, which continues to be underpinned by our strong cashflow generation.

Current yield 10.7%

Current discount to NAV 30%