Greencoat UK Wind PLC (LSE:UKW)

Half Year 2026 Greencoat UK Wind PLC Earnings Call Transcript

Jul 30, 2026 / 08:00 AM GMT

Release Date Price: £1.09 (+2.45%)

Transcript

Key Points

Positve

Operational performance was robust with generation 4.9% ahead of budget.
Net cash generation increased 36% to £222 million, driven by above-budget wind speeds and higher power prices.
Dividend cover was strong at 1.9 times, with the dividend already covered for the full year.
The company has a self-sustaining model, generating excess cash for reinvestment without needing external equity.
A new share buyback program is in place, and the company has £240 million in cash to allocate for growth.

Negative

Gearing stands at 41.7%, slightly above the self-imposed limit of 40%.
Availability was slightly below budget due to faults at offshore wind farms caused by high winds and cable issues.
The NAV saw a negative impact of 1p from other costs, reflecting higher long-term operational cost assumptions.
Power price volatility persists due to geopolitical tensions, such as the Middle East conflict, creating uncertainty.
Reinvestment opportunities face execution risk, and the company has not yet concluded any new investments despite active appraisal.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

UKWG.L - Greencoat UK Wind PLC
Half Year 2026 Greencoat UK Wind PLC Earnings Call
Jul 30, 2026 / 08:00AM GMT

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Presentation
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Unidentified_1 [1]
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Good morning and welcome to our 14th half year results presentation.

Thank you for joining us online today.

First, some housekeeping.

We'll run for around 20 or 25 minutes and we'll allow some time for Q&A at the end. John Musk will moderate that and the operator will explain how to lodge a question.

There's a disclaimer at the end of the presentation which we draw your attention to but encourage you to read on your own time.

So Stephen and I will now take you through the results, but before we do so, I wanted to give an overview of the areas that we'll cover and make some remarks about the market and the sector.

So the first half of 2026 has shown the strengths of

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