Greencoat UK Wind : NAV Report – September 2025 Document

Listing LSE Main Market since Mar 2013	Index Inclusion FTSE 250
Investment Manager Schroders Greencoat LLP	Number of shares in issue 2,180,431,301
Gross Asset Value ("GAV") £5,204m	Aggregate Group Debt £2,138m
Net Asset Value ("NAV") £3,066m	NAV per share 140.7p
Market capitalisation £2,436m	Share price 111.7p
Target dividend 10.35p for 2025	Dividend payment dates May, Aug, Nov, Feb

Key Statistics as at 30 Sept 2025 (unaudited)

Greencoat UK Wind PLC (the "Company") is the leading listed renewable infrastructure fund, invested in UK wind farms.

Highlights • Q3 generation 5% below budget owing to lower wind resource

• Q3 typically has lower net cash generation than other quarters, reflecting the

  lower generation volumes during the summer period

• Payment in period of £57m dividend in respect of Q2 2025 (2.59p per share)

• 2.7p decrease in NAV per share driven by lower net cash generation and depreciation; modest fall in power prices offset by uptick in inflation

• Completion of previously announced disposals supported share buybacks (£45m), a reduction in the Company's share of Hornsea 1 debt (£75m) and partial repayment of the RCF (£40m)

• 39.1m shares bought at an average cost of 115p per share, adding 0.5p NAV per share

• Aggregate Group Debt of £2,138m comprising £1,482m term debt + £230m drawn RCF at fund level + £425m share of Hornsea 1 debt, resulting in gearing of 41.1%

• The Board and Investment Manager are aligned with shareholders and remain committed to improving the Company's overall attractiveness against the market backdrop

	Pence per share
NAV as at 30 June 2025	143.4
Net cash generation	1.2
Dividend	(2.6)
Depreciation	(1.5)
Share buybacks	0.5
Mark to market movements of debt	(0.1)
Power prices	(0.8)
Inflation	0.6
NAV as at 30 September 2025	140.7

Investment Objective Investment Policy

The Company's aim is to provide investors with an annual dividend that increases in line with RPI inflation while preserving the capital value of its investment portfolio in the long term on a real basis through reinvestment of excess cash flow.

The substantial majority of the investment portfolio will be operating UK wind farms. The Company intends to maintain a balanced exposure to power prices. Aggregate Group Debt will not exceed 40% of GAV at drawdown.

Portfolio Operating Portfolio (by value) Investment Manager Contact Details

The portfolio comprises interests in 49 operating wind farms totalling 1,942MW:

• Diversified geographical mix across England, Scotland, Wales and Northern Ireland

• Weighted average net load factor 34.6%

• Weighted average age 9.1 years

The Company's Investment Manager is Schroders Greencoat LLP, which is authorised and regulated by the FCA. Schroders Greencoat LLP has a highly experienced investment management team led by Stephen Packwood and Matt Ridley.

Matt Ridley 020 7832 9487 [e-mail] Stephen Packwood 020 7658 7047 [e-mail]

Greencoat UK Wind PLC currently conducts its affairs so that its Ordinary Shares (the "Shares") can be recommended to retail private investors in accordance with the Financial Conduct Authority ("FCA") rules in relation to non-mainstream investment products and intends to continue to do so for the foreseeable future. The Company is a UK plc and has been approved as an investment trust and, accordingly, the Shares are excluded securities for the purposes of the FCA's restrictions (which apply to non-mainstream investment products) as they are shares in an investment trust.