Net Asset Value and Dividend Announcement
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THIS ANNOUNCEMENT IS NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, BY ANY MEANS OR MEDIA, IN OR INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, NEW ZEALAND, JAPAN OR ANY OTHER JURISDICTION IN WHICH RELEASE, PUBLICATION OR DISTRIBUTION WOULD BE UNLAWFUL.
Net Asset Value and Dividend Announcement
Dublin, London, Johannesburg|8 May 2026: Greencoat Renewables PLC ("Greencoat Renewables" or the "Company") today announces that its unaudited Net Asset Value as of 31 March 2026 is €1,100 million (99.5c per share).
Net Asset Value
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Net Asset Value / Net Asset Value per share |
€1,100 million /99.5c per share |
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Q1 Dividend/Dividend per share |
€18.8 million / 1.70250c per share |
Financial and Operational Highlights
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· Robust cash generation and dividend cover o Q1 net cash generation of €45.5 million, in line with budget, equating to 2.4x dividend cover o Q1 generation -10% versus budget (-6% due to low wind resources and balance due to availability/dispatch down) o Portfolio's ability to capture near term power price increases offsetting generation underperformance in Q1
· Delivering on capital allocation framework o Investment of an initial €6.0 million for 50% of the Company's Green Digital Infrastructure Platform which acquired its first asset, Drogheda Energy Park o Initial €25 million share buyback programme in progress with 7.5 million shares bought back as at 31 March 2026, +0.2c accretion to NAV o Disposals progressing as planned with proceeds expected to be primarily allocated to debt repayment
· Balance sheet providing stability and optionality o Total debt amounting to €1,205 million equating to 52% gearing o Strong liquidity with total cash amounting to €154 million with €240 million of the €350 million RCF facility undrawn
· Increase in NAV underpinned by consistent cash generation: o Q1 NAV +0.5c per share at 99.5c per share: § +4.2c Q1 cash generation, offset by -2.1c of depreciation and -1.7c for dividends paid § -0.7c discount rate increase (+25bps) relating to contracted cashflows § +1.1c short term power price increase offset by -0.4c long term power price decrease § -0.2c reduction of GoOs2 forecasts § +0.2c accretion from share buyback § +0.1c other Levered portfolio IRR at 9.5%1 on NAV implying c.12% on a share price adjusted basis and c.9% spread over 10-year Euro sovereign debt Q1 NAV per share movement
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1Based on unlevered portfolio IRR of 7.6%, long term gearing assumption of 35% and cost of debt assumption of 4.7%.
2 Guarantee of Origin
The Company's Q1 2026 Factsheet is available on the Company's website,
The Company also announces a quarterly interim dividend of 1.70250c per share with respect to the quarter ended 31 March 2026.
Dividend Timetable
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Currency conversion announcement (by 11h00 South African ("SA") time) for SA register: |
25 May 2026 |
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Last day to trade for SA register: |
26 May 2026 |
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Ex-Dividend Date for SA register: |
27 May 2026 |
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Ex-Dividend Date for United Kingdom ("UK") and Ireland register: |
28 May 2026 |
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Record Date: |
29 May 2026 |
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Payment Date: |
22 June 2026 |
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Irish Dividend Withholding Tax
The gross dividend will be subject to Irish Dividend Withholding Tax ("Irish DWT") at a rate of 25%, which will be deducted from the amount paid to shareholders. Shareholders who are not tax resident or ordinarily resident in Ireland and who meet certain conditions may be entitled to claim a refund of Irish DWT (being the full amount of the Irish DWT deducted) withheld from the Irish Revenue Commissioners.
Shareholders beneficially entitled to the dividend who are not companies, are not resident or ordinarily resident for the purposes of tax in Ireland, and are tax resident in a relevant territory (such as South Africa) can apply for a refund of Irish DWT. Companies can also apply for a refund if they are tax resident in South Africa and not under the direct or indirect control of Irish tax residents; are controlled by persons who are tax resident in South Africa (or another country with which Ireland has a double taxation agreement) and not controlled directly or indirectly by others; or if their principal class of shares (or those of their parent company) are substantially and regularly traded on a recognised stock exchange in Ireland or in a country with which Ireland has a double taxation agreement. Such shareholders are not generally expected to have any Irish tax charge on dividends.
A refund of Irish DWT withheld can be applied for with the Claim for refund of Dividend Withholding Tax available on the Irish Revenue Commissioner's official website and the following link:
https://www.revenue.ie/en/companies-and-charities/documents/dwt/dwt-claim-for-refund.pdf
Shareholders should complete the required details and select Option A or Option B as appropriate. Shareholders will also be required to provide the relevant Exemption Declaration with the form (Form V2A for individuals, Form V2B for companies and Form V2C for other unincorporated shareholders). The Forms V2A and V2C require confirmation from the local tax authority that the shareholder is tax resident in that jurisdiction. The relevant forms can be found at this link:
The relevant form must be filed with Irish Revenue before the expiry of four years from the year in which the Irish DWT was deducted in order to claim the refund.
South African income tax and dividends tax consequences
The dividend should be regarded as a 'foreign dividend' for South African income tax and South African dividends tax purposes, paid from Ireland.
Foreign dividends received in respect of shares which are dual-listed on the JSE are, however, exempt from income tax. Consequently, no South African income tax should be incurred by the shareholders in respect of the dividend received.
For shareholders on the South African register, the dividend is subject to South African dividend tax at a rate of 20% ("SA DWT"), unless the shareholder qualifies for an exemption.
Any shareholder who receives a dividend which is subject to SA DWT (i.e. where no exemption is available) will qualify for a reduction in SA DWT in respect of Irish DWT, to the extent that the Irish Revenue Commissioners does not allow the refund of the Irish DWT after application for same (i.e. where there is no right of recovery).
The ultimate result, should Irish DWT be refunded, is that the dividend will be subject to SA DWT at a rate of 20% (unless a shareholder qualifies for an exemption from SA DWT).
Additional information for shareholders on the South African Register
To facilitate settlement of the dividend to entitled SA shareholders, shares may not be dematerialised or rematerialised between Wednesday, 27 May 2026 (the SA Ex-Dividend Date) and Friday, 29 May 2026 (the Record Date). The exchange rate for determining the quarterly dividend paid in rand will be confirmed by way of an announcement on Monday, 25 May 2026. Shares cannot be moved between the SA Share Register, or between the SA, UK and Ireland register, between Monday, 25 May 2026 and Friday, 29 May 2026. All dates are inclusive.
The Company has a total of 1,094,726,891 shares in issue, of which 200,000 are held in treasury. The dividend will be distributed by the Company (Irish tax registration number 598470) and is regarded as a foreign dividend for shareholders on the South African register.
General
These comments are provided for general information purposes only. Shareholders should seek independent professional tax advice if they are uncertain about their tax position.
--- ENDS ---
For further information, please contact:
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Schroders Greencoat LLP (Investment Manager) |
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Bertrand Gautier |
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Paul O'Donnell |
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John Musk |
+44 20 7832 9400 |
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FTI Consulting (Investor Relations & Media) |
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Melanie Farrell |
+353 86 401 52507 |
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Conor Pierce |
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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 expanded to invest in wind and solar assets across other European countries with stable and robust renewable energy frameworks. It has recently broadened its strategy with the launch of a green digital infrastructure platform targeting renewably powered data centre developments in Ireland and across Europe.
Greencoat Renewables is managed by Schroders Greencoat LLP, an experienced investment manager in the listed renewable and energy infrastructure sector.
Forward Looking Statements and Important Information
This announcement may include statements that are, or may be deemed to be, "forward-looking statements", including terms such as "believes", "estimates", "anticipates", "expects", "intends", "may", "plans", "projects", "will", "explore" or "should" or, in each case, their negative or other variations or comparable terminology or by discussions of strategy, plans, objectives, goals, future events or intentions. Forward-looking statements include all matters that are not historical facts. By their nature, forward-looking statements involve risks and uncertainties because they relate to future events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company's actual investment performance, results of operations, financial condition, liquidity, distribution policy and the development of its financing strategies may differ materially from the impression created by, or described in or suggested by, the forward-looking statements contained in this announcement. In addition, this announcement may include target figures for future financial periods. Any such figures are targets only and are not forecasts. Subject to their legal and regulatory obligations, Greencoat Renewables, the Directors and Schroders Greencoat LLP, expressly disclaim any obligations to update or revise any forward-looking statement contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.
The financial information contained in this announcement has not been audited or reviewed by Greencoat Renewables' auditors in accordance with the International Standards on Auditing (Ireland) or International Standard on Review Engagements.
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