Greencoat Renewables PLC

Greencoat Renewables PLC reported net cash generation of EUR60 million in H1 2026, down from EUR65 million in H1 2025, underpinning a net dividend cover of 1.6x versus 1.7x a year earlier and ahead of the 1.2x guidance issued in December 2025, with full-year 2026 cover expected around 1.5x. Revenue came in at EUR157 million, down 2% on a reported basis but up 4% like-for-like after adjusting for the EUR156 million Irish portfolio disposal in early 2025, while production rose 6% like-for-like but finished 6% below budget as Q1 wind resource ran at minus 10%. EBITDA was flat at EUR90 million, operating expenses fell to EUR67 million from EUR70 million, and net asset value declined 4% to EUR1.1 billion, or EUR97.2 per share, down EUR1.8 from December, largely on a close to 10% reduction in the German power price curve. Gearing stood at 53% against a target of mid-40s by the end of 2027, with 89% of debt fixed at a weighted average cost of 3.5%, EUR139 million of cash on balance sheet and EUR240 million of RCF capacity. The company announced a EUR100 million buyback program, with the first EUR25 million tranche complete and a second EUR25 million tranche in progress at an average discount of 23%, and said its portfolio review is complete with formal disposal processes underway expected to add in excess of EUR250 million of liquidity and more than EUR300 million of assets expected to crystallize by mid-to-end of next year. Greencoat also disclosed a 15-month Borkum PPA for 450 GWh at EUR96 per MWh, a EUR6 per MWh premium to the H1 price of EUR90 per MWh, and said its Drogheda Energy Park data center platform is at an initial 32 MW with capacity to scale, targeting a cash-on-cash return of more than 3x.