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Net Asset Value and Dividend Announcement
GREENCOAT RENEWABLES PLC
(Incorporated in the Republic of Ireland)
Registration Number: 598470
LSE Share Code: GRP
Euronext Dublin Share Code: GRP
JSE Share Code: GCT
ISIN Code: IE00BF2NR112
LEI: 635400TVSIFFQOB8RB67
("GRP" or the "Company")
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| 30 October 2025: Greencoat Renewables PLC ("Greencoat
Renewables" or the "Company") today announces that its unaudited Net Asset Value as of
30 September 2025 is €1,130 million (101.5c per share).
Net Asset Value
Net Asset Value / Net Asset Value per share €1,130 million /101.5c per share
Q3 Dividend/Dividend per share €19.0 million / 1.70250c per share
Financial and Operational Highlights
• Strong cash generation and dividend cover in low generation period
o Q3 gross cash generation of €23.2 million1 equating to 1.2x gross dividend cover in a low
generation period
o Q3 generation 2% below budget
o 6.81 cent per share target dividend for 2025, with full year gross dividend cover anticipated
to be 1.6x
• Completion of accretive disposals and reduced gearing
o Completed the disposal of a 116MW portfolio of six Irish assets for total proceeds of €156
million, representing a 4% premium to last reported net asset value
o Proceeds used for debt repayment resulting in a reduction in total debt to €1,209 million
with gearing down to 51.7% from 54.6% at Q2
o Weighted average cost of debt of 2.9% increasing to 3.4% on a pro-forma basis from October
2025 post the extension of Facility A
• Additional listing supporting improved liquidity for shareholders
o The Company's JSE listing is driving increased liquidity representing 14% of total volumes in
Q3
o The Company expects to seek JSE approval to list on the Main Board, in order to achieve
index inclusion and expand its access to a wider investor base in due course
• Robust NAV and operational performance
o Q3 NAV up 0.5c at 101.5c:
* +2.1c from Q3 net cash generation, offset by -1.7c of dividends paid, -0.2c for
depreciation and -0.7c accruals movement
* +1.5c short and long-term power price increase
* +0.3c impact from higher near-term CPI
* -0.5c reduction of GoOs forecasts (across Europe)
* -0.3c miscellaneous operating updates
Levered portfolio IRR at 9.3%2 on NAV implying c.13% on a share price adjusted basis and
c.10% spread over 10-year Euro sovereign debt
Q3 NAV per share movement
cents per
share
NAV as at 30 June 2025 101.0
Net cash generation 2.1
Depreciation (0.2)
Dividend (1.7)
Accruals movement (0.7)
Power price 1.5
GoOs forecast (0.5)
CPI 0.3
Miscellaneous (0.3)
NAV as at 30 September 2025 101.5
1. Net cash generation after project level debt repayments amounted to €22.1m
2. Based on unlevered portfolio IRR of 7.5%, long term gearing assumption of 35% (down from 40%) and cost of debt assumption of 4.7%.
The Company's Q3 2025 Factsheet is available on the Company's website,
www.greencoat-renewables.com.
The Company also announces a quarterly interim dividend of 1.70250c per share with respect
to the quarter ended 30 September 2025.
Dividend Timetable
Currency conversion announcement (by 11h00 South African ("SA") 17 November 2025
time) for SA register:
Last day to trade for SA register: 18 November 2025
Ex-Dividend Date for SA register: 19 November 2025
Ex-Dividend Date for United Kingdom ("UK") and Ireland register: 20 November 2025
Record Date: 21 November 2025
Payment Date: 12 December 2025
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:
https://www.revenue.ie/en/companies-and-charities/dividend-withholding-
tax/exemptions-for-non-residents.aspx
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, 19 November 2025 (the SA Ex-
Dividend Date) and Friday, 21 November 2025 (the Record Date). The exchange rate for
determining the quarterly dividend paid in rand will be confirmed by way of an
announcement on Monday, 17 November 2025. Shares cannot be moved between the SA
Share Register, or between the SA, UK and Ireland register, between Monday, 17 November
2025 and Friday, 21 November 2025. All dates are inclusive.
The Company has a total of 1,113,535,009 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 ---
30 October 2025
Sponsor
Valeo Capital Proprietary Limited
For further information, please 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
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.
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.
Date: 30-10-2025 04:01:00
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