Greencoat UK Wind PLC today announces the final results for the year to 31 December 2025.
2025 Highlights
Performance
- Net cash generation (Group and wind farm SPVs) was £291 million.
- The Group’s investments generated 5,403GWh of renewable electricity.
Capital allocation
- A 12th consecutive year of dividend increases in line with or ahead of RPI. Clear dividend policy to target an annual dividend that increases in line with CPI going forward, following change to Renewable Obligations framework.
- Divestments of £181 million, all at the prevailing NAV, taking total disposal proceeds to £222 million in the previous 14 months.
- Share buybacks of £109 million, at an average discount to NAV of 23 per cent, taking the total spent on share buybacks to £199 million since October 2023.
Balance sheet
- A reduction in debt principal of £168 million.
- Asset optimisation initiatives that have added £5 million to NAV, taking the cumulative total to £148 million since 2016.
Key Metrics
|
As at |
As at |
|
|
Market capitalisation |
£2,118.8 million | £2,878.5 million |
|
Share price |
98.1 pence | 127.7 pence |
|
Dividends with respect to the year |
£226.8 million | £226.8 million |
|
Dividends with respect to the year per share |
10.35 pence |
10 pence |
|
GAV |
£5,008.5 million | £5,652.7 million |
|
NAV |
£2,882.4 million | £3,409.1 million |
|
NAV per share |
133.5 pence | 151.2 pence |
|
TSR |
(15.7) per cent | (8.6) per cent |
|
CO2 emissions reduced per annum |
2.2 million tonnes | 2.2 million tonnes |
|
Homes powered in the year |
2.0 million homes | 2.0 million homes |
|
Funds invested in community projects in the year |
£6.7 million | £5.7 million |
Commenting on today's results, Lucinda Riches, Chairman of Greencoat UK Wind, said:
The Board and the Investment Manager recognise that this has been a further challenging year for investors and have been working tirelessly to protect and build shareholder value. Net cash generation remained robust at £291 million. Material progress has been made on capital allocation in 2025, having delivered a 12th consecutive year of dividend increases with or ahead of inflation, significant divestments at prevailing NAVs, a sector-leading share buyback programme and a material reduction in debt principal.
We recognise the need to continue to take further action to rebuild shareholder value and we have clear priorities for capital allocation during 2026 which include further divestments, reducing gearing, continuing share buybacks and a disciplined return to reinvestment. Beyond that, our structurally high dividend cover model is expected to deliver around £1 billion of excess cashflow over the next five years which, when supported by further strategic disposals, provides significant optionality to enhance value for shareholders. The Board and the Investment Manager remain fully aligned with shareholders and committed to making the right decisions to deliver long term value for all shareholders.
Greencoat UK Wind named winner in the AJ Bell Investment Awards
Disposal of interests in three wind farms for £181m
