Greencoat Renewables : Interim Results Presentation

Greencoat Renewables PLC

HY 2022 Results Presentation

Disclaimer

This Presentation (the "Presentation") has been prepared and issued by Greencoat Renewables PLC (the "Company" or "Greencoat Renewables"). While this Presentation has been prepared in good faith, the information contained in it has not been independently verified and does not purport to be comprehensive.

Subject to their legal and regulatory obligations, the Company and Greencoat Capital LLP (the "Investment Manager") and each of their respective officers, employees, agents and representatives expressly disclaim any and all liability for the contents of, or omissions from, this Presentation, or any obligation to provide any additional information or to update this Presentation or to correct any inaccuracies that become apparent, and for any other written or oral communication transmitted or made available to the recipient or any of their officers, employees, agents or representatives.

No representations or warranties are or will be expressed or are to be implied on the part of the Company or the Investment Manager, or any of their respective officers, employees, agents or representatives in or from this Presentation or any other written or oral communication from the Company or the Investment Manager, or any of their respective officers, employees, agents or representatives concerning the Company or the Investment Manager or any other factors relevant to any transaction involving the Company or the Investment Manager or as to the accuracy, completeness or fairness of this Presentation, the information or opinions on which it is based, or any other written or oral information made available in connection with the Company or the Investment Manager.

This Presentation may include statements that are, or may be deemed to be, "forward-looking statements". These forward-looking statements can be identified by the use of forward-looking terminology, including the terms "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. These forward-looking statements include all matters that are not historical facts. They may appear in a number of places throughout this Presentation and may include, but are not limited to, statements regarding the intentions, beliefs or current expectations of the Company, the Directors and/or the Investment Manager concerning, amongst other things, the investment objectives and investment policy, financing strategies, investment performance, results of operations, financial condition, liquidity, prospects, and distribution policy of the Company and the markets in which it invests.

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 Presentation.

In addition, even if actual investment performance, results of operations, financial condition, liquidity, distribution policy and the development of its financing strategies, are consistent with the forward looking statements contained in this Presentation, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments of the Company to differ materially from those expressed or implied by the forward looking statements including, without limitation, general economic and business conditions, global renewable energy market conditions, industry trends, competition, changes in law or regulation, changes in taxation regimes, the availability and cost of capital, currency fluctuations, changes in its business strategy, political and economic uncertainty. Any forward-looking statements herein speak only at the date of this Presentation. As a result, you are cautioned not to place any reliance on any such forward-looking statements and neither the Company nor any other person accepts responsibility for the accuracy of such statements.

In addition, this Presentation may include target figures for future financial periods. Any such figures are targets only and are not forecasts. Nothing in this Presentation should be construed as a profit forecast or a profit estimate.

This Presentation does not constitute or form part of, and should not be construed as, an offer, invitation or inducement to purchase or subscribe for any securities of the Company nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract or investment decision relating to such securities, nor does it constitute a recommendation regarding the securities of the Company.

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SECTION 1

Overview

Europe

Greencoat Renewables H1 2022 Highlights

Building a leading European renewable infrastructure company

Key Strengths

Consistent delivery of business model

TSR of 51%1 since IPO with 28% via dividends

Proven growth and aggregation capability

Simple business model

7x capacity growth in 5 years since IPO, including diversification across 6 countries2

Equity

€2,155m

2 > 28 wind farms

Convert wind

Leading investment manager

>€10 bn of funds under management. One of Europe's largest investors dedicated to renewables

Power price exposure

Portfolio benefitting from upside generated by higher power prices

Highly contracted portfolio

c.70% of cash flows contracted to 2032, mostly inflation linked

Debt

Gross Asset137 > 1,028 MW

Value

5,829 GWh

€102.0m

Reinvestment

€311.8m3

to energy

Electricity sold to grid

Group cash generation

Positive impact on electricity system Portfolio generates significant amounts of power and provides crucial system services which contribute to electricity system stability

€43.3m

PF Repayment

€166.5m Dividends

1	As at June 30th, 2022	4
2 6 countries includes forward sales
3	Group cash generation is gross of SPV level debt repayment in this instance	Disclaimer: Past performance may not be indicative of future results

Greencoat Renewables H1 2022 Overview

Strong cash generation of €92.1m1	3.0x1
Divided Cover

€31.1m of dividends paid in H1 2022	6.18c per share
2022 Dividend Target

NAV growth of 5.0c per share in H1 2022	€1.101 NAV per share
Q2 2022 NAV

€422m invested in H1 2022, with continued diversification into Europe	1,028 MW
Operating Portfolio

Strong pipeline for growth with committed acquisitions for 2022 and 2023	€517m
399 MW acquisitions agreed

Capital structure optimised for growth with €750m medium term fixed rate debt in place	€750m
HoldCo Debt

1 Cash generation and dividend cover exclude SPV level debt repayments. Net dividend cover is 2.7x

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Disclaimer: Past performance may not be indicative of future results