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Marketing material for professional clients only. 2026 Interim Results GREENCOAT RENEWABLES PLC
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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 Schroders Greencoat 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 theInvestment 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 itsfinancing 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. All information is stated as at 30 June 2026 unless otherwise stated. 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. To the extent that any information in this presentation is construed as a profit forecast or a profit estimate in terms of the JSE Listings Requirements, such information has not been reviewed or reported on by the Company’s auditor and is the responsibility of the board of directors of the Company. 2 Disclaimer
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€2.3bn Gross asset value 1,851GWh Compensated production 1.4GW Total capacity €59.8m H1 26 net cash generation >€950m Cash generation since 2017 IPO 3.41c H1 26 dividends paid 54.6c per share Cumulative dividend since IPO 1.6x H1 26 net dividend cover 3 Past performance may not be indicative of future results. Business Overview Greencoat Renewables Highly cash-generative portfolio Pan European diversified portfolio Leading market position in Ireland Pan-European Renewables Platform Strong HY Financial Performance
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4 Capital Allocation Framework Greencoat Renewables 4 Hybridisation strategy 5 Green digital infrastructure 6 Enhanced contracted assets with premium PPAs 1 Buybacks 2 Deleveraging 3 Dividend Prioritising return of capital to shareholders in the short to medium term… Enhanced Capital Allocation …while positioning value-accretive higher-return opportunities Value Accretive Growth Initial €25m buyback complete with second €25m tranche in progress Portfolio review complete and disposal processes underway Establishment of Green Digital Infrastructure Platform Hybridisation – site screening complete, land and pre-planning work ongoing Past performance may not be indicative of future results.
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5 Agenda Past performance may not be indicative of future results. Financial Performance Market Overview Capital Allocation Progress Value Accretive Growth Appendix 1 3 2 4 5
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FINANCIAL PERFORMANCE
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7 ● Net cash generation of €59.8m (2025: €64.8m) equating to 1.6x dividend cover ● Weaker wind resource in Q1 (previously reported) with Q2 broadly on budget resulting in 6% below budget production in H1 ● Underlying like for like revenue and production increased by 4% and 6% respectively ● Cash generation provides flexibility to execute the Company’s capital allocation strategy Cash P/L H1 Financial Performance Past performance may not be indicative of future results. Consolidated Cash P&L HY25 (€m) HY26 (€m) Revenue 160.2 157.0 (2%) Operating expenses (70.4) (67.1) EBITDA 89.8 89.9 (-%) Finance costs (20.1) (22.3) Tax (1.0) (3.9) Debt Repayments (3.9) (3.9) Net cash generation 64.8 59.8 (8%) Dividend (37.7) (37.5) Net dividend cover 1.7x 1.6x €157m Portfolio Revenues (+4% like for like increase) €60m Net Cash Generation 1.6x Net Dividend Cover
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8 ● Strong balance sheet supports continued execution of the capital allocation framework ● €2.1bn portfolio of renewable energy generation assets across 5 European markets ● €1.2bn borrowings with gearing broadly unchanged at 53% (50% net basis) remaining well within 60% internal ceiling ● H1 NAV of 97.2c per share and 2% NAV total return including 3.41c dividends paid Balance Sheet H1 Financial Performance Past performance may not be indicative of future results. 1Reported Investments at Fair Value Through Profit or Loss and Assets Held for Sale less cash and cash equivalents as set out within the 2026 Interim Report. 2Represents a balancing figure to arrive at reported GAV. 3Represents reported Group cash and cash held within subsidiaries. 4Includes aggregate group term debt, RCF debt and project level debt and related swaps. €2.1bn Cash Generative Portfolio €139m Cash Resources (€240m RCF availability) 53% Gearing (50% on a net basis) Balance Sheet FY25 (€m) HY26 (€m) Fair Value of investments1 2,157 2,093 Other2 14 26 Total cash3 138 139 GAV 2,308 2,258 (2%) Borrowings4 (1,206) (1,203) Net assets 1,102 1,055 (4%) Gearing 52% 53% NAV cps 99.0 97.2
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9 ● Production 6% below budget reflecting weaker wind resource in Q1; Q2 broadly on budget ● Ireland remains largest earnings contributor with 47% of total production generating 55% of total revenue ● Mainland European production impacted by weaker wind resource in Q1 and temporary German offshore operational constraints, now resolved ● Merchant power prices remained materially above budget, offsetting weaker production in Spain and Sweden Revenue resilience underpinned by higher priced contracted markets and portfolio diversification H1 Operating Performance Past performance may not be indicative of future results. 1Excludes €1.1m of revenue receipts relating to October and November 2025 production received in 2026. 2Represents compensated production. Market Production2 GWh Production % Revenue €m Revenue % Average Revenue €/MWh Ireland 867 47% 87.3 55% 100.7 Germany 440 24% 41.8 27% 95.0 France 131 7% 13.6 9% 95.21 Sweden 272 14% 8.8 6% 32.6 Spain 141 8% 5.5 3% 38.8 Total 1,851 100% 157.0 100% 84.8 Portfolio diversification and Irish portfolio performance helped mitigate the impact of lower production on H1 revenues 91% of revenue generated in core markets ~€95+/MWh Average revenue in core contracted markets
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5.7 0.7 1.5 (3.4) (3.2) (0.7) (1.9) (0.5) 99.0 97.2 94.0 96.0 98.0 100.0 102.0 104.0 Opening NAV Net cash generation Dividend Depreciation Discount rates Power price Inflation Share buyback Others Closing NAV NAV bridge NAV (cents per share) 10 ● Operating performance and accretive share buybacks contributed 6.4c per share of value in H1 ● €62.5m returned to shareholders through dividends and share buybacks ● Initial €25m buyback complete with second €25m tranche in progress ● Lower long term power prices in Germany, GoOs, inflation and discount rate assumptions reduced NAV by 3.1c per share ● NAV Total Return of c2% including dividends paid NAV Total Return underpinned by strong cash generation and disciplined capital allocation H1 NAV Bridge Past performance may not be indicative of future results. 1Power price contains the Guarantees of Origins. 1 1.6x net dividend cover
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€1.2bn Aggregate Debt 53% Gross Gearing 3.5% Cost of Debt €139m Cash on balance sheet 89% of Debt is Fixed Rate ~€600m1 Illustrative portfolio cash generation to 2030 11 ● Cost effective financing secured through 2030 with a weighted average cost of debt of 3.5% ● Contracted revenues supporting financing flexibility, with 73%2 of revenues contracted through to 2030 ● ~€600m of illustrative portfolio cash generation providing substantial capacity for dividends, deleveraging and capital allocation ● Proactive lender discussions underway well in advance of the 2027 Facility C maturity Strong balance sheet underpinning disciplined capital allocation Debt Structure Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which maynot prove to be accurate. 1Illustrative cash generation of existing portfolio to 2030 including H1 2026. 2Borkum PPA increases contracted revenues to 75% to 2030 0 100 200 300 400 500 2026 2027 2028 2029 2030 Term Debt Maturity Profile €m
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12 Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which maynot prove to be accurate. – Assumes the reinvestment of 60% of excess cashflows into Irish RESS example assets yielding current market rates starting in 2027, equating to an investment of €145.8m, which makes a cumulative contribution to net cash generation of €16.0m. – Dividend assumed to remain unchanged and does not factor in share buybacks. – Excludes any potential power price upside relating to Irish tariffs. – Surplus cash used to repay debt and assumes debt facilities maturing in the period are refinanced at 4.0%. – Power price based on market futures to 2028 and external consultants price curves thereafter. Increase in weighted average capture price in 2029 and 2030 due to a combination of increase in consultant merchant price assumptions alongside some contracted Irish assets falling into merchant market. – Sensitivities to dividend cover relate to the captured merchant price applied to merchant generation volumes only. Contracted revenues and resilient cash generation (existing portfolio) Cashflows Support Distributions and Capital Allocation Illustrative Dividend Cover 2026 2027 2028 2029 2030 To 2030 Illustrative net dividend cover 1.5x 1.6x 1.5x 1.9x 1.9x 1.7x Weighted average captured merchant €/MWh 61.5 48.1 46.6 60.7 61.0 Contracted cashflows % 73% 78% 80% 70% 65% 73% Sensitivities – dividend cover €70/MWh +0.1x +0.4x +0.5x +0.2x +0.3x €50/MWh -0.1x +0.1x +0.1x -0.2x -0.3x €40/MWh -0.2x -0.3x -0.2x -0.6x -0.6x ~€600m Cash generation potential to 2030 (including H1 2026) 73% (75% post Borkum PPA) Contracted cashflows to 2030 underpinning dividend capacity Strong cashflow visibility provides flexibility to balance shareholder distributions, deleveraging and value accretive reinvestment
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13 ● Merchant volumes c27%1 of total volume in 2026 directly exposed to power price movements ● Higher gas prices and tightening energy market fundamentals supported power prices in H1 ● Capture prices exceeding budget in all markets ● Gas prices have continued to strengthen post period end, supporting the power price outlook ● Material increase in H2 Ireland futures versus Q2 NAV Tightening energy market fundamentals underpin power prices Power Prices Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which maynot prove to be accurate. 1Excluding impact of Borkum PPA signed shortly after period end. 2Actual capture prices for H1, futures for H2 as per Q2 NAV, with externally sourced August futures at 31 August 2026. Future cannibalisation rates sourced from third party consultant. Monthly Market Merchant Capture Prices2 by Jurisdiction and Technology Germany – Offshore Wind €/MWh Spain – Onshore Wind €/MWh Spain – Onshore Solar €/MWh Sweden – SE1 Onshore Wind €/MWh 0 50 100 150 Jan-26 Jun-26 Dec-26 Actual / Q2 NAV August Futures Budget 0 50 100 150 Jan-26 Jun-26 Dec-26 Actual / Q2 NAV August Futures Budget 0 20 40 60 Jan-26 Jun-26 Dec-26 Actual / Q2 NAV August Futures Budget 0 50 100 Jan-26 Jun-26 Dec-26 Actual / Q2 NAV August Futures Budget
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Selective PPAs can secure attractive market pricing whilst reinforcing cashflow visibility Revenue Management and PPAs Revenue management strategy 70%+ contracted revenues on a rolling 5-year basis Lock in PPAs when pricing supports NAV and cashflow visibility Proven Capability Future Portfolio Optionality Experience and Scale Tried and tested process to capture NAV accretive PPAs Increasing Corporate Demand Electrification, decarbonisation targets and growing power scarcity increasing demand for renewable PPAs Borkum PPA Utility counterparty 450 GWh Short Term (15 months) H1 NAV neutral price €89.65/MWh PPA price €95.72/MWh 8 PPAs Since 2022 7yrs Average tenor ~870 GWh Generation per annum Big Tech Utilities Multi-Nationals Accretive PPA Premium captured: +€6/MWh 14 Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which may not prove to be accurate.
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MARKET OVERVIEW
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EU Clean Energy Outlook Policy Momentum Accelerating Geopolitical insecurity; AI power demandDecarbonisation; electrification A confluence of geopolitics, market, and policy Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which may not prove to be accurate. 1European Commission, Clean Energy Investment Strategy (COM(2026)116), March 2026. 2European Commission, AccelerateEU – Energy Union (COM(2026)370), April 2026. 3European Commission, Strategic Roadmap for Digitalisation and Artificial Intelligence in Energy (COM(2026)501), June 2026. 4European Commission, EU Electrification Action Plan, July 2026. 5European Commission, Commission Staff Working Document SWD(2022)230, accompanying the REPowerEU Plan. 6European Parliament and Council, Directive (EU) 2023/2413 amending Directive (EU) 2018/2001 on the promotion of energy from renewable sources (RED III). 7European Commission, Commission Staff Working Document SWD(2026)502. Policy and capital focussed on grid capabilities and generation capacity Energy security essential; Domestically generated green electrons the answer €660bn1 annual energy investment needed 2026–2030: >2.5x current rate 1 €584bn5 electricity grid investment required this decade 42.5%6 binding 2030 EU renewable energy target from 26.2% today 28GW7 EU data centre capacity by 2030 (from c 13GW in 2026) Multi Year Macro Trend 6–12 Month Events Material Capital Deployment into Energy and Digital March ’26 EU Clean Energy Investment Strategy1 June ‘26 EU Digitalisation and AI in Energy Roadmap3 April ’26 AccelerateEU2 July ’26 EU Electrification Action Plan4 Impact Impact 16
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Implications for Renewable Generators Market developments creating cashflow and strategic value opportunities Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which maynot prove to be accurate. 17 • Market developments are creating both cashflow and strategic value opportunities • Cashflow/NAV drivers directionally positive • Embedded value component growing and requires increasing focus on non-cash characteristics • Capital allocation framework balances near term cash generation with unlocking long term embedded value Green PPA demand Power-price volatility Grid infrastructure investment Domestic capacity growth Co-location/Hybridisation Grid connection scarcity ● Scale and relationships ● Green electron premium ● Arbitrage and trading ● Revenue Management ● Improved price capture ● Lower constraints ● Likely thermal/renewable mix ● Risk/opportunity ● Value density ● Revenue diversification ● Strategic optionality (e.g. DC) ● Firm-access premium Near-term cashflow generation Long-term embedded strategic value
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1 Clean Electrification ● 80% renewable electricity by 20301 with strong cross party government support 2 AI and Data Centres ● Significant investment in generation, storage and grid reinforcement ● DC’s to consume 30% of Irish electricity by 20302 3 Policy and Infrastructure planning ● Clarity from Large Energy Users Connection Plan (“LEAP”) ● Increasing focus on renewable generation, storage and network investment 4 Scarcity Value ● Grid access as a key constraint for large users ● Demand for renewable supply increasing Irish portfolio well-positioned for near-term opportunities Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which may not prove to be accurate. 1Energy Ireland, Accelerating Renewable Energy for a Secure and Low- Carbon Future (May 2023). 2Oireachtas Library & Research Service, The Future of Data Centres in Ireland (March 2025).3Department of Climate, Energy and the Environment (December 2025). Ireland Market Update €19bn3 investment into grid €40bn1 investment into renewables generation 2030 Investment Requirements Ireland is a leading clean energy investment market at the intersection of renewable generation, grid expansion and digital infrastructure growth 680MW operating renewable capacity Generating c.4% of Irish renewable electricity Positioned across generation, storage, grid and digital infrastructure opportunities Deep relationships across utilities, developers and offtakers 18
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CAPITAL ALLOCATION PROGRESS
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Deleveraging Capital deployment plans unchanged Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which maynot prove to be accurate. Strategy to GRP 2030: Self Funded Plan Sources Range Organic Free Cashflow €500–600m Phase 1 (26–27) Disposals €300–400m Phase 2 (27–30) Recycling €300–400m Total c€1.3bn Value Accretive Growth Enhanced Capital Allocation 4 5 6 1 2 3 Capital deployment 2026 2027 2028 2029 Uses Range Share buyback €100m+ Deleveraging €300–400m Dividend €300–350m Hybridisation €150–200m Green DC €75–100m Contracted assets €300–400m Total c€1.3bn Sources and Uses (5-year plan) 2030+ 4 5 6 1 2 3 20 Green digital infrastructure Hybridisation strategy Dividend Buybacks Enhanced contracted assets coupled with premium PPAs
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Deleveraging Accelerating deleveraging with gearing expected to reduce to 45% by end of 2027 Dividend Stable and resilient, underpinned by robust dividend cover ● Full year net dividend cover guidance of 1.5x ● 2026 dividend target of 6.81c reaffirmed H1 dividends paid of €37.5m H1 net dividend cover of 1.6x Buybacks €100m buyback program over 12 months Progress on strategic update Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which maynot prove to be accurate. Strategy to 2030: Capital Allocation 1 2 3 Value Accretive Growth Enhanced Capital Allocation 4 5 6 1 2 3 €50m of €100m programme announced €25m completed and €25m in progress ● NAV-accretive for continuing shareholders ● Funded through existing cash Progress Milestones Notes Formal disposal processes underway Refinancing discussions commenced ● Strong lender interest and engagement ● Path to 45% gearing unchanged 21
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Progress towards March 2026 strategic update pillars Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which maynot prove to be accurate. Strategy to 2030: Value Accretive Growth Attractive pipeline identified Selected projects progressing ● Opportunity to enhance returns from existing assets ● Supportive regulatory developments emerging 1 2 3 Enhanced Capital Allocation Value Accretive Growth 4 5 6 Hybridisation RoE +500bps (Unlevered IRR > 13%) 4 ● Significant market opportunity identified ● Corporate offtake opportunities under evaluation Medium term objective FEI Framework as an enabler Green Digital Infrastructure Cash on Cash return > 3x Platform established and operational First asset progressing well ● Strong customer and partner engagement ● Attractive growth pipeline emerging Enhanced PPA RoE +200bps (Unlevered IRR > 11%) 2028 5 6 22 Progress Milestones Notes
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23 Assessment framework influenced by shifting value environment Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which maynot prove to be accurate. Portfolio Disposals • €300m+ disposals target (by end of 2027) • Expectation to favour lower cash yielding disposals outside of Ireland • Formal sales processes now launched for selected assets Market Characteristics1 Asset-level performance2 Growth and optionality3 Competitive advantage4 Portfolio risk5 Value crystallisation6 • Enhancing cash generation and revenue quality • Retaining assets and markets with the strongest growth potential • Positioning for emerging long-term value drivers • Capital recycling into higher returning opportunities
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VALUE ACCRETIVE GROWTH
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Irish hybrid market- Regulatory advances Portfolio Implications 1,087 1,372 1,994 2,067 874 1,150 1,612 1,714 2022 2023 2024 2025 2026 (Annualised) Revenue EBITDA Existing assets potential for incremental value creation Hybridisation - Killala case study c.10%+ Unlevered IRR1 c.15%+ Cash yield2 Current opportunity 2,348 1,904 Existing economics 25 ● Policy developments increasingly supportive of co-location ● Network and ancillary service reforms improving project economics ● Wholesale-market access now available for BESS ● Existing assets provide multiple pathways for incremental value creation ● Supports disciplined capital allocation into adjacent energy infrastructure Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which maynot prove to be accurate. 1 Represents gross IRR based on a sale value equivalent to the Q2-26 NAV 2 Computed as the average cash generation over the capex cost of the asset
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Workstreams on track – €1.0m ahead of budget • Platform fully operational with experienced senior leadership team in position • All workstreams on track with positive momentum • Planning application submitted with response expected in H2 2026 • Strong early-stage customer engagement reinforcing opportunity 26 Grid works agreed Site de-risking Regulatory alignment Site acquired Planning advanced ✓ ✓ ✓ ✓ ✓ Commence site preparation Grid capacity modelling Customer engagement Planning progression Renewable energy identified + + + + + Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which may not prove to be accurate. H2 2026 Development Schedule H1 2026 Development Milestones Data Centre Site Development Strong progress at Drogheda Energy Park
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3 Structuring 2 Development Indicative value creation potential for Drogheda as milestones are achieved Data Centre Site Development Relationships and Expertise 27 Drogheda – Illustrative Value Creation2 0 10 20 30 40 0 1 2 3 4 5 Investment Illustrative Value FID3 FID Powered Land Powered Land 1 Origination Site Secured Land Control Planning approvals secured Regulatory Consents completed Grid Capacity Secured1 Customer MOU Clean energy Agreed FID Ready Expected sale at Powered Land or FID3 stage with targeted returns of 3x Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which maynot prove to be accurate. Source: Schroders Greencoat. For illustrative purposes. 1Including proximate generation. 2Illustrative only and based on projected returns being delivered consistently over time. 3Financial Investment Decision. Illustrative value €m Powered Land €1.5m–€2.0m/MW FID3 €2.0m–€4.0m/MW
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Hyperscalers/ large energy users ● Power availability increasingly influences site selection ● Grid connectivity remains a critical constraint ● Interest in flexible generation and storage solutions ● Renewable generation becoming a strategic differentiator ● Co-located generation and flexibility solutions increasingly valued ● Potential routes to long term contracted revenues Utilities ● Significant inbound interest around flexible generation solutions ● Interest in collaborative delivery models ● Growing focus on system flexibility ● Potential partnership opportunities ● Additional routes to market for flexibility assets ● Broader commercial opportunities across generation and storage Site owners ● Greater emphasis on securing power alongside land ● Clear preference for credible delivery partners ● Energy infrastructure increasingly influences site attractiveness ● Potential access to future development opportunities 28 Forecasts are not a reliable indicator of future performance. Forecasts are based on certain assumptions and models which maynot prove to be accurate. Stakeholder focus on green power access, grid connections and credible delivery partners Data Centre Site Development Digital Platform Feedback Opportunity Implications
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CONCLUSION
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30 Capital Allocation Framework Greencoat Renewables 4 Hybridisation strategy 5 Green digital infrastructure 6 Enhanced contracted assets with premium PPAs 1 Buybacks 2 Deleveraging 3 Dividend Prioritising return of capital to shareholders in the short to medium term… Enhanced Capital Allocation …while positioning value-accretive higher-return opportunities Value Accretive Growth Initial €25m buyback complete with second €25m tranche in progress Portfolio review complete and disposal processes underway Establishment of Green Digital Infrastructure Platform Hybridisation – site screening complete, land and pre-planning work ongoing Past performance may not be indicative of future results.
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APPENDIX
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32 Impact on NAV Cent per share ● The base case asset life based on technology: ● On-shore wind assets’ lifetime is typically 30 years ● Off-shore wind assets’ lifetime is based on 35 years ● Base case long term CPI1 assumption is 2% all countries ● Short term power prices based on liquid exchanges with longer term power price forecasts provided by leading market consultants ● No terminal value assumed at the end of operating life NAV sensitivities – 30 June 2026 Net Asset Value Past performance may not be indicative of future results. Shown for illustration purposes only. 1Consumer Price Index. -20c -10c 0c 10c 20c Asset Life (+/- 5 years) Power price (-/+ 10%) Energy yield (10 year P90/P10) Inflation rate (-/+ 0.5%) Discount rate (+/- 0.25%) Valuation Assumptions
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33 Past performance may not be indicative of future results. Phase totals are the sum of annual cash generation, dividends paid and reinvestment across the years shown. Figures aggregated from audited annual results; reinvestment includes RCF debt repayments, buybacks, acquisitions, capex and working capital requirements. Average cover shown per phase; 2017 represents a 10-month period and the 2025 onwards phase includes a 6-month 2026 stub. Excludes PF debt repayments totalling €89m. Consistent cash generation had funded dividends, portfolio growth and future value creation Historical Financial Performance Income €221m cash generated Focus on dividend growth Growth €560m cash generated Focus on portfolio expansion Balanced Capital Allocation €186m cash generated Focus on income and value creation Cash Metrics Cash Generation Dividends Reinvestment Dividend Cover Income 2017–2021 €221m €136m €48m 1.6X Growth 2022–2024 €560m €214m €306m 2.6x Balanced Capital Allocation 2025+ €186m €113m €61m 1.7x Total €967m €463m €415m 2.1x GRP has consistently generated cash while adapting capital allocation to changing market opportunities
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Ireland (c.50% of volume) Germany (c.25% of volume) 34 Combining contracted cashflow visibility with power price exposure Past performance may not be indicative of future results. 1Baseload prices sourced from Nordpool and SEMO. 2Power Purchase Agreements. Revenue Management and Contracting Long term contracted market ● Attractive market for long dated PPAs2 with pricing supportive of new renewable investment ● Data centre demand supporting renewable procurement ● Established track record securing attractive technology sector PPAs Flexible revenue management market ● Attractive mix of contracted and merchant revenue opportunities ● Established relationships with utilities and large industrial counterparties ● Flexibility across short, medium and long term tenures 0 50 100 150 January February March April May June 2025 2026 0 50 100 150 200 January February March April May June 2025 2026 Year on year baseload power prices1 Real €/MWh Year on year baseload power prices1 Real €/MWh
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Sweden (c.15% of volume) Spain (c.5% of volume) 35 Merchant exposure providing strategic flexibility Past performance may not be indicative of future results. 1Baseload prices sourced from Nordpool and OMIE. Revenue Management and Contracting 0 20 40 60 80 100 January February March April May June 2025 2026 0 50 100 150 January February March April May June 2025 2026 Strategic merchant exposure ● Baseload H1 2026 prices materially above prior year levels ● Improving medium term outlook supported by regional demand growth and increasing interconnection capacity ● Retaining flexibility to contract as market opportunities emerge Selective contracting opportunity ● Merchant exposure outlook improving after a challenging Q1 ● Onshore wind continues to command a premium to solar generation, supporting portfolio positioning ● Exploring opportunities to contract out longer term Year on year baseload power prices1 Real €/MWh Year on year baseload power prices1 Real €/MWh
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Structural Changes Support New Value Creation Approaches Macroeconomic landscape reinforces GRP’s strategic approach Revenue profiles Value from generation Asset scarcity What is hard to replicate Offtake Who buys the power Operating Model How value is captured Established GRP model Embedded Opportunity As-generated energy Shaped delivery, PPAs, trading Subsidy and merchant Corporate and large energy users Capital and turbines Grid access, land, and flexibility Aggregation and scale Integrated platform Value Accretive Growth 4 5 6 Increased visibility of emerging value creation opportunities 1 2 3 Enhanced Capital Allocation 36
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