Greencoat UK Wind : Results Presentation - February 2022

Annual Results

February 2022

For Professional Investors Only

2021 Highlights

Power generation 20% below budget	2,933GWh
Power generation
High power prices, strong cash generation and high dividend cover	£256.8m / 1.9x
Net cash generation / dividend cover
Stable inflation linked revenue stream and RPI linked dividend	£148.0m / 7.18p per share
Dividends declared with respect to the period
Investment portfolio grew to 43 wind farms with £570m invested in 2021	1,422MW
Generating capacity
Outstanding commitments	306MW
Committed investment
GAV increased by 21%	£4,043.7m (from £3,329.9m)
Gross Asset Value
Two successful and large equity raises	£648m
Equity raised
NAV increased to £3.1 billion and 133.5p per share, an increase of 11.3p	£3,093.7m (from £2,229.9m)
Net Asset Value
NAV increased on a real basis since listing	34.4% v RPI of 27.7%
Market cap increased to £3.3 billion	£3,257.8m
Market capitalisation
Gearing of £950m	23% / 2.6%
Gearing (percentage of GAV) / Average cost

The leading UK listed renewable infrastructure fund, invested in UK wind farms

Note: all numbers to or at 31 December 2021

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Simple Model

Equity	Total
Debt	reinvestment

£271.9m

6-43 wind	Generating capacity increased
farms	from 127 to 1,422MW since IPO

14.4TWh

Total power produced

£878.4m

Total cash generated

£606.5m Total dividends paid or declared

"6p dividend, increasing with RPI inflation and real NAV preservation''

Note: from IPO to 31 December 2021

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Wind Resource and Generation

UK average wind speed (m/s)(1)

	Annual average	10 year average
7
6
5
4
3
2
1
0

	2013(2)	2014	2015	2016	2017	2018	2019	2020	2021
Wind Speed:	+ 3%	- 2%	+ 5%	- 6%	- 1%	- 4%	- 8%	+ 2%	- 12%
Production:	+ 8%	- 3%	+ 8%	- 6%	0%	- 6%	- 11%	- 3%	- 20%

Notes: (1) source: www.gov.uk/government/statistics; (2) 27 March to 31 December 2013;

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Track Record of Consistent Delivery

Period	Production	Cash Generation	Dividend(1)	Dividend Cover(2)	RPI	NAV Growth
2013(3)	292GWh	£21.6m	£14.2m (4.50p)	1.8x	1.9%	2.5%
2014	565GWh	£32.4m	£24.8m (6.16p)	1.6x	1.6%	2.5%
2015	799GWh	£48.3m	£29.6m (6.26p)	1.7x	1.2%	0.5%
2016	978GWh	£49.0m	£38.8m (6.34p)	1.4x	2.5%	4.0%
2017	1,457GWh	£80.1m	£57.3m (6.49p)	1.5x	4.1%	2.4%
2018	2,003GWh	£117.3m	£74.8m (6.76p)	1.6x	2.7%	10.8%
2019	2,385GWh	£127.7m	£100.4m (6.94p)	1.4x	2.2%	-1.4%
2020	2,952MWh	£145.2m	£118.7m (7.10p)	1.3x	1.2%	0.6%
2021	2,933MWh	£256.8m	£148.0m (7.18p)	1.9x	7.5%	9.4%

Secure and stable dividend cover as a result of low leverage

and cash generative nature of operational wind farms

Notes: (1) dividends declared with respect to the period; (2) dividend cover as reported; (3) 27 March to 31 December 2013

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