Interim report
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Delivering value today. Positioning for tomorrow. INTERIM REPORT FOR THE SIX MONTHS ENDED 30 JUNE 2026 Knockacummer
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GREENCOAT RENEWABLES INTERIM REPORT 2026 2 CONTENTS All capitalised terms are defined in the list of defined terms on pages 34 to 36 unless separately defined. At a Glance 3 Strategic Report Chairman’s Statement 4 Investment Manager’s Report 6 Statement of Directors’ Responsibilities 17 Financial statements Condensed Consolidated Statement of Comprehensive Income (unaudited) 18 Condensed Consolidated Statement of Financial Position (unaudited) 19 Condensed Consolidated Statement of Changes in Equity (unaudited) 20 Condensed Consolidated Statement of Cash Flows (unaudited) 21 Notes to the Unaudited Condensed Consolidated Financial Statements 22 Company Information 33 Defined Terms 34 Alternative Performance Measures 37 Forward Looking Statements and other Important Information 38 Returning capital. Creating value. Building for growth. Borkum Main heading CONTENTS
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3 AT A GLANCE Alternative performance measures are defined on page 37. Summary Greencoat Renewables PLC is an investor in euro-denominated renewable energy infrastructure assets. The portfolio consists of interests in 36 operating assets with net installed capacity of c.1.4GW. It is managed by Schroders Greencoat LLP , an experienced investment manager in the listed renewable energy infrastructure sector. Key characteristics of the Portfolio: • Cash generative on-shore and off-shore wind, solar and storage assets • Highly contracted revenue streams and strong inflation protection • Active asset management optimising performance and unlocking embedded value • Green Digital Infrastructure Platform established in January 2026 OVERVIEW €59.8m 3.41c Net cash generation for the period was €59.8 million equating to dividend cover of 1.6x Total dividends declared of 3.41 cent per share and on track to meet 2026 target dividend of 6.81 cent per share 53.3% €50m €1,203 million Aggregate Group Debt equivalent to 53.3% of GAV €50 million of share buyback programmes announced in line with the Company’s capital allocation framework KEY METRICS As at 30 June 2026 Market capitalisation €803 million Share price 73.9 cent Dividends with respect to the period €37.5 million Dividends with respect to the period per share 3.41 cent GAV €2,258 million NAV €1,055 million NAV per share 97.2 cent Premium/(Discount) to NAV (24.0)% AT A GLANCE
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GREENCOAT RENEWABLES INTERIM REPORT 2026 4 CHAIRMAN’S STATEMENT This is my first statement as Chairman of Greencoat Renewables and I am pleased to be able to report tangible progress in the first half of the year. At our full year results in March this year, the Board and Investment Manager set out a revised capital allocation framework for the business. That revised framework was well received by our investors. Our focus since March has been on execution and I have been encouraged by the pace of early delivery. Bernard Byrne Chairman Net dividend cover 1.6x €50.0 million Buybacks announced Before going over results, I would like to record the Board’s thanks to my predecessor, Rónán Murphy, who stepped down following the 2025 results, having chaired the Company since its IPO. Under Rónán’s tenure, the Company grew from two seed assets into a diversified, utility-scale platform, and it is on those foundations that we are able to build. Capital allocation framework I want to restate the three principal objectives the revised capital allocation framework is designed to achieve: to help narrow the discount to NAV in the near term; to recycle capital into new value- accretive growth opportunities that increase return on equity over time; and to maintain an attractive dividend underpinned by strong profitability. In practice, the framework is built around two complementary pillars. The first, enhanced capital allocation, prioritises the return of capital to stakeholders over the short to medium term through share buybacks and accelerated deleveraging. The second, value-accretive growth, positions the business for structurally higher returns through hybridisation of our existing assets, exposure to rapid growth in the data centre sector through our green digital infrastructure platform, and by contracting our assets with premium priced PPAs. Due to the cash generative nature of our portfolio and balance sheet capacity, we maintain our commitment to distributing attractive dividends, underpinned by strong dividend cover. Every capital allocation decision is assessed against a clear return threshold, balancing immediate value creation through capital returns against investment opportunities capable of generating superior long-term shareholder returns. Returning capital to shareholders The clearest evidence of short-term progress has been the return of capital to shareholders. Shortly after the period end, the Company completed its initial €25 million share buyback, repurchasing 27.7 million shares at an average discount to NAV of 23%. We have since announced a further €25 million programme, bringing total buybacks announced to €50 million, equivalent to approximately 7% of the Company’s market capitalisation at 31 December 2025. Importantly, these buybacks have been funded from operating cash reserves, demonstrating both the strength of the Company’s balance sheet and the cash-generative nature of the underlying portfolio. I am pleased that we are well on course to deliver half of our initial commitment within a few months of announcing the framework. There is much still to do, but the pace of execution so far gives me confidence that we will continue to make progress against our stated objectives. Our priorities have not changed since we set out the framework. In the near term, share buybacks and debt reduction remain our primary focus. Growth return-enhancing initiatives Beyond the return of capital, the business has made encouraging early progress across its growth initiatives. Informed by the portfolio review, the hybridisation programme has advanced through site screening, engineering assessments and grid analysis. The work is still at an early stage, but it supports our view that hybridisation can reposition assets, increase contracted revenues, improve utilisation of existing grid connections and enhance returns for modest development capital. The most significant developments have been around the Green Digital Infrastructure Platform established at the start of the year, with Drogheda Energy Park as its seed investment. It has attracted interest beyond the Board’s initial expectations. While we remain at an early stage, the level of engagement from potential hyperscaler customers, infrastructure partners and other stakeholders reinforces our belief that the Company’s assets, grid expertise and position within the Irish market provide a differentiated platform from which to participate in a structurally growing area of profitable, higher yielding, electricity demand. Together, these initiatives are intended to complement the Company’s existing portfolio by creating additional avenues for growth and enhancing long-term returns on equity, while remaining consistent with our disciplined approach to capital allocation. Portfolio review and selective disposals A key element of our capital allocation framework is that it is substantially self- funded, with selective asset disposals providing an important source of capital. The Company is targeting more than €300 million of disposals by mid-2027. This will reduce our exposure to certain markets and concentrate capital and management attention on areas where we see the strongest combination of scale, relationships and long-term growth opportunity. The portfolio review has been informed by an assessment framework which evaluates each asset against a range of factors, including local market dynamics, opportunities to secure contracted revenues, asset-level financial performance and the role of each asset within the future shape of the portfolio. Based on the Main heading CHAIRMAN’S STATEMENT
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GREENCOAT RENEWABLES INTERIM REPORT 2026 5CHAIRMAN’S STATEMENT continued CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION portfolio review described above, a number of sales processes have been initiated and are underway. The capital allocation framework also incorporates an assessment of the potential for value creation through initiatives such as hybridisation, energy storage and other growth opportunities. The review directs capital towards those assets and opportunities capable of generating the highest risk-adjusted returns, and gives us a clear roadmap for portfolio optimisation over the coming years. Operational and financial performance As in the prior year, wind resource across Northern Europe remained below long- term averages, with portfolio generation 6% below budget. Wind resource improved markedly in the second quarter following a challenging start to the year, with production in line with budget during Q2. Ireland, where the majority of our assets are located, generated in excess of budget during H1, with elements of our mainland European portfolio the main drag on performance versus budget. The Investment Manager delivered a range of value-enhancing initiatives during the period, including revenue optimisation, availability improvements and cost efficiency measures. These initiatives demonstrate the benefits of active asset management and contributed to the strong underlying performance of the portfolio. Cash generation was in line with budget, with higher price capture across the Company’s uncontracted portfolio offsetting the impact of lower wind resource. The portfolio once again demonstrated the resilient and cash-generative characteristics that have underpinned the business since inception. Net cash generation for the period was €59.8 million (H1 2025: €64.9 million), supporting dividends paid of €37.5 million, or 3.41 cent per share (H1 2025: €37.9 million and 3.41 cent per share), and net dividend cover of 1.6x. Our 2026 dividend target of 6.81 cent per share remains unchanged. NAV per share was 97.2 cent at 30 June 2026 (31 December 2025: 99.0 cent). Movements during the period primarily reflected the negative impact of changes in German medium and long-term power price assumptions, partially offset by continued strong operational performance and the accretive effect of share repurchases. I am also pleased to note our transition to the Main Board of the Johannesburg Stock Exchange on 28 May 2026, a milestone that should broaden access to the Company’s shares and support liquidity over time. Market and sector context The energy sector’s macroeconomic backdrop shifted during the half, with geopolitical events driving higher energy prices, now increasingly expected to remain elevated, and greater capital market volatility. While parts of our portfolio benefited financially from these developments, instability and thus unpredictability remains, which is unwelcome. The most significant longer- term implication however is a renewed focus across Europe on energy security, following two energy crises in the last five years. Support for domestic renewable generation, and critically for the grid infrastructure required to enable it, has strengthened materially. Alongside energy security, continued growth in electricity demand driven by digitalisation, artificial intelligence and broader electrification trends is reinforcing the strategic value of renewable generation and associated infrastructure. Electrification is increasingly being driven by economics as well as sustainability, with users generally seeking to reduce exposure to fossil fuel price volatility. Large energy users are reinforcing the trend while also facing increasing expectations around security of supply, sustainability and grid impact. In response, policy and regulatory frameworks in Ireland, and increasingly elsewhere, are evolving to facilitate investment in clean power solutions that support, rather than constrain, the electricity system. Closer to home, we have seen a notable increase in corporate activity across the listed renewables sector, with a number of peers becoming the subject of consolidation and take-private interest as discounts to NAV have persisted. The Board’s view is that the right response to a discount is to address it directly, and that is what we have chosen to do. Through a disciplined capital allocation framework, we have begun returning capital to shareholders and have taken important steps towards narrowing the discount to NAV and improving return on equity. We believe these developments position the Company to benefit from long-term fundamentals that can be expected to support the increasing value of green electrons. Principal Risks and Uncertainties As detailed on pages 27 to 29 of the Company’s Annual Report for the year ended 31 December 2025, the principal risks and uncertainties affecting the Company and investee entities are generally unchanged and include: • Generation underperformance; • Wind and solar resource (short term volatility); • Electricity prices (volatility in the market price of electricity); • Financing risks; • Risks of investment returns becoming unattractive; • Regulation (changes in government policy, laws on renewable energy and market structure); • Dispatch down (reduction of output due to grid constraints and curtailments); • Asset life (lower than expected life of the wind farm); and • Health and Safety and the Environment. The principal risks outlined above remain the most likely to affect the Company and its investee companies in the second half of the year. Outlook The progress achieved during the first half of the year demonstrates early delivery against each of the framework’s three objectives. Share repurchases in combination with our value creation strategic plan have begun addressing the discount to NAV , return enhancing growth initiatives continue to support the delivery of higher returns on equity over time, and strong cash generation has maintained dividend cover at attractive levels. We enter the second half of the year with a resilient and highly cash-generative portfolio, clear momentum behind our capital allocation framework and significant opportunities ahead of us. Alongside the continued return of capital to shareholders, we will remain focused on proactive balance sheet management, portfolio optimisation and the measured progression of our growth return enhancing initiatives. While the external environment remains uncertain, the Company is well positioned to capitalise on the opportunities created by the energy transition, increasing electrification and growing demand for renewable power and related infrastructure. The next 12 months will be an important period for the business as we continue to execute against the framework outlined earlier this year. We do so with confidence in the quality of our asset base, the strength of our operating platform and the discipline of our capital allocation approach. It is a privilege to take on the chairmanship at this point in the Company’s development. I would like to thank the Investment Manager and my fellow Directors for their work over the first half of the year, and I look forward to reporting on our continued progress at year end. Bernard Byrne Chairman Greencoat Renewables plc 13 September 2026 Main heading
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GREENCOAT RENEWABLES INTERIM REPORT 2026 6 INVESTMENT MANAGER’S REPORT Overview H1 2026 represented an important period in the execution of the Company’s revised capital allocation framework. During the period, the Company returned capital to shareholders through an organically funded buyback programme, established a Green Digital Infrastructure Platform to pursue growth opportunities arising from increasing electricity demand, continued to progress hybridisation opportunities across the portfolio and maintained a strong financial position characterised by resilient cash generation and 1.6x dividend cover. While execution remains at an early stage, the Board and Investment Manager believe these actions demonstrate tangible progress against the framework’s objectives of narrowing the discount to NAV , increasing return on equity and maintaining an attractive dividend. Capital Allocation Framework A defining feature of the period has been the communication and progression of the Company’s revised capital allocation framework announced in March 2026. Historically, the majority of surplus capital generated by the business was recycled into additional renewable generation assets. The revised framework broadens the range of capital deployment alternatives available to the Company and introduces a more explicit focus on shareholder returns and return on equity. The framework reflects the Board’s objective of enhancing long-term shareholder returns through disciplined capital allocation whilst maintaining an attractive dividend and preserving balance sheet strength. The revised framework recognises that capital generated by the business, whether through operating cash flows or asset disposals, should be allocated to the opportunities expected to generate the highest risk-adjusted returns. Accordingly, capital allocation decisions are assessed against a range of alternatives including share buybacks, debt reduction, investment within the existing portfolio, portfolio hybridisation opportunities and selected investments in complementary growth initiatives. The framework also reflects the significant financial flexibility inherent within the Company’s business model. The portfolio continues to benefit from a combination of contracted revenues, diversified cash flows and active asset management, providing the Company with multiple avenues through which value can be created and returned to shareholders over time. The Board and Investment Manager continue to assess opportunities carefully and do not consider short-term outcomes alone will be an appropriate measure of success. Rather, progress should be viewed in the context of the Company’s medium-term objectives of narrowing the discount to NAV , improving return on equity, strengthening the balance sheet and positioning the Company for sustainable long-term growth. Killala €59.8m Net cash generation 1.6x Net dividend cover Strong underlying performance and disciplined execution of our strategic priorities Main heading INVESTMENT MANAGER’S REPORT
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GREENCOAT RENEWABLES INTERIM REPORT 2026 7INVESTMENT MANAGER’S REPORT continued CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION Progress to Date Whilst only a few months have elapsed since the announcement of the revised framework, encouraging progress has already been made across a number of its key components as set out below. Return of Capital A core component of the Company’s revised capital allocation framework is the return of capital to shareholders where the Board believes the Company’s shares are trading at a material discount to intrinsic value. Shortly after period end, the Company completed its initial share buyback programme amounting to €25 million, resulting in the repurchase of 27.7 million shares at an average discount to NAV of 23%. The Company has subsequently announced a further €25 million share buyback programme, funded out of existing cash resources, which commenced shortly after the completion of the initial programme. Taken together these programmes will result in the return of €50 million of capital to shareholders, representing half of the €100 million return of capital commitment outlined in March 2026. Repurchasing shares at a material discount to NAV represents an attractive use of capital, generating immediate NAV accretion for continuing shareholders whilst increasing ownership of the Company’s underlying assets on a per share basis. The buyback programmes demonstrate the financial flexibility afforded by the Company’s cash-generative business model and provide tangible evidence of the early-stage execution of the revised framework. Whilst share buybacks remain a key component of the revised capital allocation framework, the objective remains to allocate capital to the opportunities expected to deliver the highest risk-adjusted returns for shareholders over the long term. Hybridisation During the period, the Investment Manager continued to progress a portfolio-wide review of hybridisation opportunities across a number of existing sites in Ireland. Activities undertaken during the feasibility stage included site screening, preliminary engineering assessments, grid connection analysis and engagement with relevant stakeholders. This work has enhanced the Company’s understanding of the opportunities capable of generating attractive returns from its Irish portfolio and helped refine its future development pipeline. A number of opportunities progressed beyond the feasibility stage during the period. Activities undertaken included environmental survey work, the procurement of planning and environmental services and engagement with landowners and other stakeholders. These initiatives represent important milestones in advancing selected opportunities through the project lifecycle. During the period, the Commission for Regulation of Utilities (“CRU”) issued a decision permitting the sharing of Maximum Export Capacity (“MEC”), albeit subject to a number of conditions. The associated implementation roadmap published by the Grid Operators contemplates a lead time before the framework becomes operational which, subject to further regulatory and implementation developments, may impact project delivery timelines. Notwithstanding this, the decision represents an important step towards the more efficient utilisation of existing grid infrastructure and supports the longer-term development of hybrid energy projects. The CRU also published its minded-to decision regarding the application of network charges to energy storage systems. Subject to final implementation, the proposed approach is expected to reduce the projected operating costs of energy storage projects and improve the economics of the Company’s hybridisation pipeline. At this early stage, the Company’s hybridisation initiatives are characterised by relatively modest capital requirements compared with the size of the existing portfolio whilst offering the potential to diversify and enhance revenues, improve utilisation of existing infrastructure and increase returns from assets already owned and operated by the Company. The Investment Manager believes that hybridisation represents an attractive opportunity to create incremental value from the Company’s existing asset base by leveraging established grid connections, operational expertise and portfolio scale. Green Digital Infrastructure Platform Growing demand for electricity arising from electrification, data centres and artificial intelligence-related workloads represents a significant long-term opportunity. The Company believes its renewable generation expertise, land positions, grid knowledge and established relationships provide a differentiated platform from which to participate in a structurally growing area of electricity demand. Accordingly, the Company established a Green Digital Infrastructure Platform in January 2026 alongside funds managed by the Investment Manager. The platform was seeded through the acquisition of the Drogheda Energy Park in Ireland and is intended to explore opportunities that sit at the intersection of renewable generation, power infrastructure and large electricity users. The establishment of the platform reflects the Company’s view that the energy and digital sectors are becoming increasingly interconnected. Initially focused on Ireland, where the Company benefits from an established market presence and an experienced local team, the platform seeks to leverage existing capabilities and relationships to identify opportunities capable of generating attractive long-term returns. Whilst activities remain at an early stage of development, work undertaken during the period has focused on progressing development plans, evaluating commercial opportunities and refining the investment and funding frameworks through which future projects may be pursued. The Company continues to assess a range of structures that may facilitate future growth whilst preserving balance sheet flexibility and maintaining capital discipline. Importantly, the Green Digital Infrastructure Platform forms part of the broader capital allocation framework rather than a standalone strategic objective. The Company’s primary focus remains the ownership and active management of high-quality renewable energy infrastructure assets. 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GREENCOAT RENEWABLES INTERIM REPORT 2026 8 INVESTMENT MANAGER’S REPORT continued Investment Portfolio continued Any future investment opportunities will continue to be assessed against alternative uses of capital and will only be pursued where expected returns compare favourably with share buybacks, debt reduction and opportunities within the existing portfolio Whilst execution remains at an early stage, the Board and Investment Manager believe the actions undertaken to date demonstrate a measured and disciplined approach to pursuing opportunities arising from the evolving energy landscape whilst remaining aligned with the Company’s objective of enhancing long-term shareholder returns. Portfolio As at 30 June 2026, the Group owned and operated 36 renewable energy generation and storage assets characterised by attractive cash generation, long operating lives and strong downside protection, with installed capacity of 1.4 GW. Wind Farm Country Turbines Operator PPA Total MW Ownership Stake Net MW Ballybane Republic of Ireland Enercon EnergyPro Energia / Erova / Keppel 48.3 100% 48.3 Beam Extension Republic of Ireland Enercon EnergyPro Flogas 6.9 100% 6.9 Carrickallen Republic of Ireland Senvion EnergyPro SSE 20.5 50.0% 10.3 Cloosh Valley Republic of Ireland Siemens Gamesa SSE SSE 108.0 75.0% 81.0 Cloghan Republic of Ireland Vestas Statkraft Statkraft 37.8 100% 37.8 Cnoc Republic of Ireland Enercon EnergyPro “Electroroute via Supplier Lite Structure” 11.5 100% 11.5 Cordal Republic of Ireland GE Statkraft “Electroroute via Supplier Lite Structure” 89.6 100% 89.6 Glanaruddery Republic of Ireland Vestas EnergyPro Supplier Lite 36.3 100% 36.3 Glencarbry Republic of Ireland Nordex Ecopower “Electroroute via Supplier Lite Structure” 35.6 100% 35.6 Killala Republic of Ireland Siemens Gamesa EnergyPro Electroroute 20.4 100% 20.4 Killala Battery Republic of Ireland Fluence Fluence Grid Beyond / Statkraft 10.8 100% 10.8 Killhills Republic of Ireland Enercon EnergyPro Orsted 36.8 100% 36.8 Knockacummer Republic of Ireland Nordex EnergyPro Orsted 100.0 50% 50.0 Letteragh Republic of Ireland Enercon Statkraft SSE 14.1 100% 14.1 Lisdowney Republic of Ireland Enercon EnergyPro Flogas 9.2 100% 9.2 Monaincha Republic of Ireland Nordex Statkraft Bord Gais 36.0 100% 36.0 Raheenleagh Republic of Ireland Siemens Gamesa ESB ESB 35.2 50.0% 17.6 Sliabh Bawn Republic of Ireland Siemens Gamesa Bord na Mona Supplier Lite 64.0 25.0% 16.0 South Meath Republic of Ireland Canadian Solar Statkraft Microsoft 80.5 50.0% 40.3 Taghart Republic of Ireland Vestas Statkraft Statkraft 25.2 100% 25.2 Tullahennel Republic of Ireland GE Statkraft Microsoft 37.1 100% 37.1 Tullynamoyle II Republic of Ireland Enercon Statkraft Bord Gais 11.5 100% 11.5 Total Ireland 941.0 682.3 Borkum Riffgrund 1 Germany Siemens Gamesa Orsted Orsted 312.0 50.0% 156.0 Butendiek Germany Siemens Gamesa SGRE / DWT Danske Energy 288.0 38.2% 110.1 Total Germany 600.0 266.1 Arcy Precy France Vestas Volkswind Axpo Solutions AG 16.0 100% 16.0 Genonville France Nordex Volkswind Axpo Solutions AG 21.6 100% 21.6 Grande Piece France Vestas Volkswind Axpo Solutions AG 20.7 100% 20.7 Menonville France Enercon Volkswind Axpo Solutions AG 9.4 100% 9.4 Saint Martin France Senvion Greensolver Sorégies 10.3 100% 10.3 Sommette France Nordex Greensolver EDF 21.6 100% 21.6 Pasilly France Siemens Gamesa Greensolver EDF 20.0 100% 20.0 Total France 119.6 119.6 Soliedra Spain GE Alfanar Engie 24.0 100% 24.0 Torrubia Spain Suntech Grupotec Merchant 50.0 100% 50.0 Andella Spain Siemens Gamesa BlueTree Merchant 50.0 100% 50.0 Total Spain 124.0 124.0 Erstrask North Sweden Enercon Enercon Skelleftea Kraft 134.4 100% 134.4 Erstrask South Sweden Enercon Enercon Skelleftea Kraft 101.1 100% 101.1 Total Sweden 235.5 235.5 Total Operating Portfolio 2,020.1 1,427.5 Main heading
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GREENCOAT RENEWABLES INTERIM REPORT 2026 9INVESTMENT MANAGER’S REPORT continued CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION (1) Killala wind farm and Killala Battery are a single site on the above map as shown in location 10. Ireland Ballybane 1 Beam Hill Extension 2 Carrickallen 3 Cloghan 4 Cloosh Valley 5 Cnoc 6 Cordal 7 Glanaruddery 8 Glencarby 9 Killala and Killala Battery(1) 10 Killhills 11 Knockacummer 12 Letteragh 13 Lisdowney 14 Monaincha 15 Raheenleagh 16 Sliabh Bawn 17 South Meath 18 Taghart 19 Tullahennel 20 Tullynamoyle II 21 France Arcy Precy 22 Genonville 23 Grande Piece 24 Menonville 25 Pasilly 26 Saint Martin 27 Sommette 28 Germany Borkum Riffgrund 1 29 Butendiek 30 Spain Andella 31 Soliedra 32 Torrubia Solar 33 Sweden Erstrask North 34 Erstrask South 35 2 3 21 10 17 18 19 4 15 14 16 69 11 12 20 8 13 5 7 1 333231 28 2225 34 27 35 29 26 30 23 24 Main heading
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GREENCOAT RENEWABLES INTERIM REPORT 2026 10 INVESTMENT MANAGER’S REPORT continued Financial Performance During H1, the Company’s portfolio continued to demonstrate the resilient cash- generative characteristics that have underpinned shareholder returns since IPO. Net cash generation amounted to €59.8 million (H1 2025: €64.9 million), equating to 1.6x dividend cover. This performance reflects the benefits of the Company’s diversified portfolio, balanced revenue strategy and continued operational focus across the asset base. Significantly, after adjusting for the reduction in portfolio size following accretive disposal activity in 2025, underlying portfolio cash generation increased by approximately 4% on a like-for-like basis compared with the prior year, demonstrating the strength and resilience of the operating portfolio. Dividends paid during the period amounted to €37.5 million, or 3.41 cent per share (H1 2025: €37.9 million and 3.41 cent per share). Cash Movements and Dividend Cover For the six months ended 30 June 2026 Net (1) €’m Gross(1) €’m Net cash generation 59.8 63.7 Dividends paid ( 3 7. 5 ) ( 3 7. 5 ) Investment activity (2) ( 6 . 4 ) ( 6 . 4 ) Debt facilities (3) – ( 3 . 9 ) Buyback (4) ( 2 0 . 6 ) ( 2 0 . 6 ) Other (5) 5.8 5.8 Movement in cash 1.1 1.1 Opening cash balance 137.5 137.5 Ending cash balance 138.6 138.6 Dividend cover 1.6x 1.7x Net Cash Generation – Breakdown For the six months ended 30 June 2026 Net €’m Gross €’m Revenue 157.0 157.0 Operating expenses (67.1) (67.1) Implied EBITDA 89.9 89.9 Interest expense and finance costs (22.3) (22.3) Project level debt repayment ( 3 . 9 ) – Tax (3.9) (3.9) Net cash generation 59.8 63.7 1. Net column reflecting cash generation stated after taking scheduled project level debt repayments into account amounting to €3.9 million. 2. Investment activity representing acquisitions amounting to €6.0 million, and transaction costs of €0.4 million. 3. Movement in project level debt repayments amounting to €3.9 million. 4. Includes €20.6 million of buyback and associated costs. 5. Includes €5.8 million in advance government subsidy receipts not recognised in net cash generation. Operational Performance Portfolio compensated production¹ during the first half of 2026 was 1,851 GWh compared with budgeted production of 1,961 GWh, representing a shortfall of 110 GWh, or 6%. The underperformance was primarily driven by elevated grid constraints and curtailment, and slightly weaker wind resource during Q1, as shown in the chart below (in GWh). Assets Other 53% Butendiek 1 1% Borkum Riffgrund 1 9% Cloosh Valley 9% Cordal 8% Erstrask North 6% Knockacummer 4% Principal Equipment Supplier Siemens Gamesa 39% Enercon 20% Nordex 1 3% GE 12% Vestas 11% Others 5% Asset Age < 3 years 1 2% 3 –5 years 10% 5 –10 years 46% > 10 years 32% Geography Republic of Ireland 5 5% Germany 2 0% France 10% Sweden 8% Spain 7% Breakdown of operating portfolio by value as at 30 June 2026. Main heading
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GREENCOAT RENEWABLES INTERIM REPORT 2026 11INVESTMENT MANAGER’S REPORT continued CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION Compensable Budget Wind farm availability Grid Outages Net Dispatch Down Resource/ Other Compensated Production 1,961 (41) (34)(14)(21) 1,851 1 Compensated production includes grid constraints and curtailments which are compensated, commercial curtailment (due to low and negative pricing) where it would be unprofitable to generate, technical issues where the downtime is compensated under availability guarantees. Performance improved materially during the second quarter, with production broadly in line with budget. Strong wind resource during April and June supported this improvement, contributing to a marked recovery in operating performance across a number of markets. The Irish portfolio, which remains the Company’s largest contributor to both production and cash generation, performed broadly in line with expectations during the period, compensated production of 867 GWh and accounting for approximately 47% of total portfolio output. Importantly, Ireland contributed 55% of portfolio revenues, highlighting the differentiated value of production across the Company’s markets and route-to-market arrangements. Outside Ireland, performance was more mixed, reflecting lower wind resource conditions together with a limited number of non- recurring operational issues affecting certain mainland European assets. These included temporary operational constraints at the German offshore portfolio, which have since been resolved. While production remained below budget overall, performance continued to improve relative to recent years. On a like-for-like basis, H1 2026 generation was c.6% higher than the corresponding period in 2025, reflecting improved operational performance and a normalisation of wind resource conditions following the weaker sector-wide production environment experienced in recent years. Asset Management The Investment Manager views asset management as a key driver of long-term shareholder value. The objective is not only to preserve asset performance but also to enhance returns through a combination of technical, commercial and operational initiatives. Revenue optimisation During the period, the Investment Manager continued to optimise revenues through active participation in ancillary service markets, battery dispatch optimisation and enhanced trading strategies. Active trading management during transmission outages in Ireland and modifications to trading approaches in Sweden and Germany generated approximately €1.6 million of incremental revenues. In addition, the Investment Manager continued to progress a range of commercial and contracting initiatives aimed at enhancing long- term revenue visibility and supporting future cash generation. Cost management Procurement activities remained focused on reducing operating costs through contract management, purchasing efficiencies and portfolio scale benefits. The Investment Manager also continued to identify opportunities to improve asset performance and reduce maintenance expenditure through enhanced monitoring and data-driven operational decision making. A portfolio-wide performance and condition analytics platform was deployed across 11 sites representing 335 MW, with early-stage fault detection and optimisation initiatives delivering approximately €0.15 million of savings during the period. Asset performance Technical initiatives continued across the portfolio with a focus on improving availability, reducing downtime and maximising long-term energy production. Significant availability improvements were achieved in Sweden contributing an estimated €0.8 million increase in revenue compared to the same period in 2025. The Investment Manager also initiated an industry-wide anonymous survey of wind technicians in Ireland to better understand behavioural safety practices and support continued improvements in health and safety performance across the sector. Main heading
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GREENCOAT RENEWABLES INTERIM REPORT 2026 12 INVESTMENT MANAGER’S REPORT continued Asset management remains at the core of the Company’s strategy with a clear focus on health and safety, governance, delivering the investment case and enhancing long-term value. H1 Power Prices Power prices continued to be influenced by a combination of commodity markets, weather conditions, renewable penetration rates and broader macroeconomic factors. During H1 2026, prices were impacted by geopolitical events and the associated disruption across energy and capital markets, contributing to an increase in short-term power price expectations. Due to the Company’s high contracted revenue profile, the financial result for H1 2026 was primarily impacted by price movements relating to Germany, Sweden and Spain. Ireland – Onshore Wind France – Onshore Wind Spain – Solar Spain – Onshore Wind Sweden – SE1 Onshore Wind Germany – Offshore Wind 0 20 40 60 80 100 120 H1 2025 H1 2026 Average Merchant Price (€/MWh) Ireland – Solar Source: Baseload prices from NordPool, Omie, SEMO and capture rates as per Pexapark. While short-term power prices remain inherently difficult to predict, the Company’s diversified portfolio and balanced revenue strategy enabled it to benefit from stronger market pricing in certain geographies during the period. Merchant-exposed assets captured a proportion of the increase in power prices, partially offsetting the impact of lower resource experienced across parts of the portfolio. This outcome highlights the value of maintaining a measured level of merchant exposure alongside contracted revenues. The Company’s exposure to power price movements continues to be moderated through a combination of geographic diversification, revenue contracting and active revenue management. This approach reduces reliance on any single market, technology or revenue source while maintaining exposure to favourable long-term power market fundamentals. Looking beyond the near term, the outlook for renewable generation remains supported by structural growth in electricity demand. Electrification, increasing data centre demand, artificial intelligence-related workloads and industrial decarbonisation are expected to remain important drivers of power consumption over the coming decades. Energy security has also become an increasingly important strategic priority across Europe, supporting continued investment in domestic renewable generation and associated infrastructure. Revenue Management Revenue management remains a key component of the Company’s investment strategy. The Company continues to maintain a balanced approach between contracted and merchant revenues, seeking to optimise long-term shareholder returns while preserving cash flow visibility and supporting the debt structure. Main heading
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GREENCOAT RENEWABLES INTERIM REPORT 2026 13INVESTMENT MANAGER’S REPORT continued CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION Illustrative Portfolio Performance 2026 2027 2028 2029 2030 5 yrs to 2030 Illustrative Dividends €74m €74m €74m €74m €74m €370m Illustrative Dividend Cover 1.5x 1.6x 1.5x 1.9x 1.9x 1.7x Contracted Cashflows % 73% 78% 80% 70% 65% 73% Weighted average captured merchant €/MWh 61.5 48.1 46.6 60.7 61.0 55.6 Illustrative dividend cover sensitivity €70/MWh 1.5x 2.0x 2.0x 2.2x 2.2x €50/MWh 1.4x 1.7x 1.6x 1.7x 1.7x €40/MWh 1.3x 1.3x 1.3x 1.3x 1.3x Basis of preparation • 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. As at 30 June 2026, approximately 73% of forecast revenues were contracted through to 2030. This contracted position is expected to support average dividend cover of 1.7x through to 2030, providing a strong foundation for dividend sustainability while retaining flexibility for capital allocation and reinvestment. The benefits of this strategy were evident during the period. Contracted revenues continued to provide cash flow stability while merchant exposure enabled the portfolio to benefit from stronger power prices. As a result, higher price capture partially offset lower than budgeted production in H1 2026, supporting portfolio cash generation. This dynamic is consistent with management’s objective of balancing downside protection with selective exposure to power market upside. No material changes were made to the Company’s revenue contracting strategy during the period. Accordingly, management’s focus remains on preserving strategic flexibility while continuing to assess opportunities to enhance shareholder returns through revenue management, active asset management, share buybacks, deleveraging initiatives and selective growth investment opportunities. Whilst the Company’s capital allocation framework includes both asset disposals and capital recycling, the impact on the cash generation profile of the business is expected to be modest, reflecting the Company’s focus on disposing of lower-yielding assets and reinvesting proceeds into opportunities capable of delivering comparable or enhanced cash flow generation over time. Financing Maintaining a resilient balance sheet remains a key strategic priority. The Company benefits from a long-term contracted revenue base, diversified cash flows and substantial covenant headroom, which together provide the financial flexibility to support the disciplined execution of the Company’s capital allocation framework whilst preserving balance sheet strength. Aggregate debt amounted to €1,203 million (31 December 2025: €1,206 million). Gross gearing was 53.3% (31 December 2025: 52.3%). The Group’s weighted average cost of debt was 3.5% (31 December 2025: 3.4%) with the weighted average term of debt of 3.1 years (31 December 2025: 3.6 years). The Investment Manager remains committed to reducing leverage whilst preserving financial flexibility. Capital released through operating cash generation and future asset recycling activities will be assessed against alternative uses, including debt reduction, share repurchases, investment within the existing portfolio and selective growth opportunities. This approach is intended to enhance shareholder returns whilst reducing financial risk over the medium term. The Board believes maintaining financial flexibility remains critical in an evolving market environment and therefore continues to assess debt reduction opportunities alongside other capital allocation alternatives. The portfolio’s diversified cash flows, contracted revenue profile and strong cash-generative characteristics provide a resilient foundation to support both the existing business and the disciplined execution of the Company’s strategic priorities. Portfolio Valuation NAV per share amounted to 97.2 cent per share as at 30 June 2026 (31 December 2025: 99.0 cent per share). Main heading
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GREENCOAT RENEWABLES INTERIM REPORT 2026 14 INVESTMENT MANAGER’S REPORT continued NAV as at 31 December Net investment activity Movement in SPV valuation Movement in cash (Group and SPVs) Movement in other relevant assets/(liabilities) of Group Movement in Aggregate Group Debt NAV as at 30 June 2026 0.0 200.0 400.0 600.0 800.0 1,000.0 1,200.0 €1,101.8m €6.0m €(57.7)m €1.0m €0.3m €4.0m €1,055.4m Shares in issue 1,113,335,009 1,085,680,489 97.2NAV/share (cent) 99.0 The principal drivers of NAV movement during the period are set out in the table below: NAV Bridge €’000 Cent per share December 2025 1,101,806 99.0 Net cash generation 63,700 5.7 Dividends paid ( 3 7, 5 3 5 ) ( 3 . 4 ) Depreciation ( 3 4 , 6 4 1 ) ( 3 . 2 ) Power price (1) ( 2 0 , 5 6 7 ) ( 1 . 9 ) Discount rate ( 7, 5 7 7 ) (0.7) Inflation ( 5 , 4 1 2 ) ( 0 . 5 ) Share buyback (20,636) 0.7 Others (2) 16,237 1.5 June 2026 1,055,375 97.2 (1) Includes Guarantees of Origin forecast updates amounting to (1.3) cents per share (2) Primarily comprises of compensation for curtailments in Ireland. A summary of the main movements in the period is set out below: • Cash generation of 5.7c was in line with expectations, reflecting strong operational performance during the period. • Dividends paid amounted to 3.41c were in line with the Company’s 2026 target of 6.81c per share. • Depreciation reduced NAV by 3.2c per share, reflecting the mechanical unwinding of the valuation discount rate. • Power price movements reduced NAV by 1.9c per share, with the impact of elevated near term prices offset by softer medium- and long-term German power price expectations and forecasted reduction in Guarantees of Origin • Discount rate adjustments reduced NAV by 0.7c per share, reflecting a 25bps increase in valuation discount rate assumptions applied to contracted revenues. • Inflation rate updates in line with macro environment reduced NAV by 0.5c. • Share buybacks increased NAV by 0.7c per share, following the repurchase of 27.7m shares at an average discount to NAV of approximately 23%. Main heading
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GREENCOAT RENEWABLES INTERIM REPORT 2026 15INVESTMENT MANAGER’S REPORT continued CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION • Other portfolio assumptions increased NAV by 1.5c per share, primarily reflecting updated expectations regarding Irish dispatch down compensation. As at 30 June 2026 €’000 As at 31 December 2025 €’000 DCF valuation 2,094,448 2,155,322 Other relevant assets/(liabilities) ( SPVs) 10,616 1,448 Cash ( SPVs) 105,941 92,899 Fair value of investments (1) 2,211,005 2,249,669 Cash (Group) 32,615 44,607 Other relevant assets/(liabilities) 13,983 13,748 GAV 2,257,603 2,308,024 Aggregate Group Debt (2) (1,202,228) (1,206,218) NAV 1,055,375 1,101,806 Shares in issue (3) 1,085,680,489 1,113,335,0 09 NAV per share (cent) 97.2 99.0 (1) The fair value of investments excludes €67.2 million of debt and swap values held at SPV level that are not included in the equivalent figure in the consolidated Statement of Financial Position. (2) Aggregate Group debt includes €67.2 million of debt and swaps held at SPV level, term debt of €1,025 million and RCF debt of €110 million. (3) Shares in issue exclude 200,000 shares held in treasury and shares repurchased under the share buyback programme but not cancelled as at 30 June 2026. NAV Assumptions Generation Generation of energy is based on a combination of statistical analyses performed by third parties calibrated against data gathered during the period ownerships. As with all statistical analyses, the longer the duration of assessment, the more representative the data is considered. Discount Rates The base case discount rate is a blend of a lower discount rate applied to contracted cashflows and a higher discount rate applied to merchant cashflows. The blended portfolio unlevered post tax nominal discount rate at 30 June 2026 was 7.6%, representing a 10bps increase from 31 December 2025. The DCF valuation is produced by aggregating the unlevered individual asset level discounted cashflows. The portfolio implied levered discount rate, based on a long-term gearing ratio of 35% and cost of debt of 4.7%, was 9.5%. Based on the Company’s cost ratio of c.1.2%, the implied levered equity net return to shareholders is c.12% based on share price as at 30 June 2026 representing a c. 9% premium over 10 year Euro sovereign debt. Power Prices Short-term power price assumptions are derived from observable futures market data, while long-term forecasts are informed by leading independent market consultants. Higher power prices during H1 benefited the Company’s merchant-exposed generation and supported cash generation during the period. Conversely, updated long-term power price forecasts in Germany contributed to a 2.1c per share reduction in NAV . This demonstrates that while short-term market conditions can enhance earnings and cashflows, changes in long-term power price expectations can have a different impact on portfolio valuations across geographies. The table below illustrates the weighted average base case power price profile (before any PPA discounts) relating to the Company’s merchant revenues, showing stable prices over the short term before elevating to higher levels from mid 2028 onwards reflecting higher prices in locations where the Company has merchant exposure. 0 20 40 60 80 100 2041204020392038203720362035203420332032203120302029202820272026 €/MWh (Real) 2042 Main heading
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GREENCOAT RENEWABLES INTERIM REPORT 2026 16 INVESTMENT MANAGER’S REPORT continued Inflation The Company’s inflation assumptions are based on individual central bank forecasts over the short term with an assumption of 2% over the long term, in line with European central bank forecasts. There were no changes to underlying inflation assumptions from 31 December 2025. NAV Sensitivity The Company performs regular sensitivity to its NAV adjusting key inputs to reflect a range of potential scenarios. The table below illustrates the impact to NAV as at 30 June 2026 to a range of key input changes. -20c -15c -10c -5c 0c 5c 10c 15c Energy yield (10 year P90/P10) cent per share Discount rate (+/- 0.25%) Inflation rate (-/+ 0.5%) Power price (-/+ 10%) Asset Life (+/- 5 years) 20c Impact on NAV ESG and Health & Safety The Company remains committed to high standards of environmental, social and governance performance. Health and safety remains a key operational priority for both the Company and the Investment Manager. Governance arrangements include regular reporting, audits, training programmes and a continued focus on operational improvement. The Company can report that during H1 2026 there was one lost time incident (H1 2025: 1) and three lost workdays (H1 2025: 7). During the period, the Company initiated an industry-wide behavioural safety survey of wind technicians in Ireland. The survey is intended to provide greater insight into workforce behaviours, safety culture and the prevalence of unsafe practices across the sector, supporting the development of targeted initiatives to further enhance health and safety performance. The Company also published its ESG Report during the period, setting out its sustainability strategy, governance framework and performance across environmental, social and governance matters. The report reflects the Company’s commitment to responsible asset stewardship, supporting the energy transition and delivering long-term value for shareholders and stakeholders, and is available on the Company’s website; grp-esg-report-2025.pdf The Company continues to focus on maintaining high standards of governance, responsible asset stewardship and health and safety performance across its portfolio while supporting the transition to a lower-carbon energy system. Outlook Execution of the revised strategy remains the principal focus for the remainder of 2026 and beyond. The Company’s near-term priorities remain narrowing the discount to NAV , maintaining an attractive dividend and returning capital to shareholders in order to improve return on equity over time. The Company continues to benefit from a portfolio of high-quality renewable infrastructure assets characterised by strong cash generation, diversified revenue streams and active asset management. These characteristics provide a resilient foundation from which the Board can continue to execute its revised capital allocation framework, allocating capital between share buybacks, balance sheet optimisation, investment within the existing portfolio and selected growth opportunities. While execution remains at an early stage, encouraging progress has been made across a number of the framework’s core components. The Investment Manager believes the combination of a highly cash-generative renewable infrastructure portfolio, financial flexibility and a disciplined approach to capital allocation positions the Company well to enhance shareholder returns over the medium term. Looking further ahead, the Company believes it is well positioned to benefit from long-term structural trends supporting renewable energy infrastructure, including electrification, increasing electricity demand, energy security requirements and the growing interaction between energy and digital infrastructure. Any future growth investments will continue to be assessed against alternative uses of capital with a focus on generating attractive risk-adjusted returns for shareholders whilst maintaining balance sheet discipline. Main heading
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GREENCOAT RENEWABLES INTERIM REPORT 2026 17STATEMENT OF DIRECTORS’ RESPONSIBILITIES CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION The Directors are responsible for preparing the interim report and condensed consolidated financial statements for the six months ended 30 June 2026 in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union, the Transparency Regulations and the applicable provisions of the Companies Act 2014. The Directors confirm that, to the best of their knowledge: 1. The condensed consolidated financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting as adopted by the European Union and give a true and fair view of the assets, liabilities, financial position and profit of the Group; 2. The Interim Report includes a fair review of the information required by the Transparency Regulations, including important events that have occurred during the first six months of the financial year and their impact on the condensed consolidated financial statements, together with a description of the principal risks and uncertainties for the remaining six months of the financial year; and 3. The Interim Report includes a fair review of material related party transactions and any material changes therein. The Directors are responsible for ensuring that adequate accounting records are maintained in accordance with the requirements of the Companies Act 2014 and for safeguarding the assets of the Group and taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors are also responsible for maintaining appropriate systems of internal control and risk management, relating to the Company, and are satisfied that such systems operated effectively during the period. The Directors have assessed the Group’s ability to continue as a going concern and, having reviewed the Group’s financial resources, cash flow forecasts, financing arrangements and covenant compliance, have concluded that it is appropriate to prepare the condensed consolidated financial statements on a going concern basis. Bernard Byrne Chairman 13 September 2026 Main heading STATEMENT OF DIRECTORS’ RESPONSIBILITIES
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CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE For the six months ended 30 June 2026 GREENCOAT RENEWABLES INTERIM REPORT 2026 18 Note For the six months ended 30 June 2026 €’000 For the six months ended 30 June 2025 €’000 Return on investments 3 42,095 (37,440) Other income 392 – Total income and gains 42,487 (37,440) Operating expenses 4 (6,665) (8,045) Investment acquisition and divestment costs (240) (552) Operating profit/(loss) 35,582 (46,037) Finance expense 13 (21,776) (20,834) Profit/(loss) for the period before tax 13,806 (66,871) Taxation 5 (1,885) (1,166) Profit/(loss) for the period after tax 11,921 (68,037) Profit/(loss) and total comprehensive income attributable to: Equity holders of the Company 11,921 (68,037) Earnings per share Basic and diluted earnings from continuing operations during the period (cent) 6 1.08 (6.11) The accompanying notes on pages 22 to 32 form an integral part of the condensed consolidated interim financial statements.
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CONDENSED CONSOLIDATED STATEMENT OF FINANCIAL POSITION As at 30 June 2026 GREENCOAT RENEWABLES INTERIM REPORT 2026 19 CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION Note 30 June 2026 €’000 31 December 2025 €’000 Non current assets Investments at fair value through profit and loss 8 2,143,777 2,178,451 Receivables 10 7,460 7,834 2,151,237 2,186,285 Current assets Receivables 10 9,917 8,884 Cash and cash equivalents 11 32,615 44,607 42,532 53,491 Current liabilities Loan and borrowings 13 (275,000) – Payables 12 (7,189) (7,526) Net current(liabilities)/assets (239,657) 45,965 Non current liabilities Loans and borrowings 13 (856,205) (1,130,444) Net assets 1,055,375 1,101,806 Capital and reserves Called up share capital 15 10,858 11,135 Treasury reserve 15 (145) (145) Other distributable reserves 675,363 740,276 Capital redemption reserves 55,359 27,704 Retained earnings 313,940 322,836 Total shareholders’ funds 1,055,375 1,101,806 Net assets per share (cent) 16 97.2 99.0 Authorised for issue by the Board on 13 September 2026 and signed on its behalf by: Bernard Byrne Chairman Niamh Marshall Director The accompanying notes on pages 22 to 32 form an integral part of the condensed consolidated interim financial statements.
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CONDENSED CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (UNAUDITED) For the six months ended 30 June 2026 GREENCOAT RENEWABLES INTERIM REPORT 2026 20 For the six months ended 30 June 2026 Note Share capital €’000 Other distributable reserves €’000 Capital redemption reserve €’000 Treasury reserve €’000 Retained earnings €’000 Total €’000 Opening net assets attributable to shareholders (1 January 2026) 11,135 740,276 27,704 (145) 322,836 1,101,806 Dividends paid in the period 7 – (37,535) – – – (37,535) Share buyback 15 (277) (27,378) 27,655 – (20,787) (20,787) Share buyback costs (30) (30) Profit and total comprehensive income for the period – – – – 11,921 11,921 Closing net assets attributable to shareholders 10,858 675,363 55,359 (145) 313,940 1,055,375 After taking account of cumulative unrealised gains in fair value of investments of €16.8 million the total reserves distributable by way of a dividend as at 30 June 2026 were €972.5 million calculated as “other distributable reserves plus Retained earnings less cumulative unrealised gains in fair value of investments. For the six months ended 30 June 2025 For the six months ended 30 June 2025 Note Share capital €’000 Other distributable reserves €’000 Capital redemption reserve €’000 Treasury reserve €’000 Retained earnings €’000 Total €’000 Opening net assets attributable to shareholders (1 January 2025) 11,135 815,913 27,704 – 375,253 1,230,005 Dividends paid in the period 7 – (37,721) – – – (37,721) Share buyback 15 – – – (145) – (145) Profit and total comprehensive income for the period – – – – (68,037) (68,037) Closing net assets attributable to shareholders 11,135 778,192 27,704 (145) 307,216 1,124,102 After taking account of cumulative unrealised gains in fair value of investments of €139.9 million the total reserves distributable by way of a dividend as at 30 June 2025 were €945.5 million. The accompanying notes on pages 22 to 32 form an integral part of the condensed consolidated interim financial statements.
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CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS (UNAUDITED) For the six months ended 30 June 2026 GREENCOAT RENEWABLES INTERIM REPORT 2026 21 CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION Note For the six months ended 30 June 2026 €’000 For the six months ended 30 June 2025 €’000 Net cash flows from operating activities 17 38,719 54,648 Cash flows from investing activities Acquisition of investments 8 (7,391) (124,946) Investment acquisition costs (220) (870) Repayment of shareholder loan investments 8 36,831 67,661 Net cash flows generated by/(used in) investing activities 29,220 (58,155) Cash flows from financing activities Share capital buyback 15 (20,636) (145) Share buyback costs (30) – Dividends paid 7 (37,535) (37,721) Amounts drawn down on loan facilities – 92,000 Finance costs (21,730) (21,840) Net cash flows (used in) / from financing activities (79,931) 32,294 Net (decrease)/increase in cash and cash equivalents during the period (11,992) 28,787 Cash and cash equivalents at the beginning of the period 44,607 13,479 Cash and cash equivalents at the end of the period 32,615 42,266 The accompanying notes on pages 22 to 32 form an integral part of the condensed consolidated interim financial statements.
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 GREENCOAT RENEWABLES INTERIM REPORT 2026 22 1. Material accounting policies Basis of accounting The condensed consolidated financial statements included in this Half Year Report have been prepared in accordance with IAS 34 “Interim Financial Reporting”. The same accounting policies, presentation and methods of computation are followed in these condensed consolidated financial statements as were applied in the preparation of the Group’s consolidated annual financial statements for the year ended 31 December 2025 and are expected to continue to apply in the Group’s consolidated financial statements for the year ended 31 December 2026. The Group’s consolidated annual financial statements were prepared on the historic cost basis, as modified for the measurement of certain financial instruments at fair value through profit or loss and in accordance with IFRS to the extent that they have been adopted by the EU and with those parts of the Companies Act 2014 (including amendments by the Companies (Accounting) Act 2017) applicable to companies reporting under IFRS. These condensed consolidated financial statements are presented in Euro (“€”) which is the currency of the primary economic environment in which the Group operates and are rounded to the nearest thousand, unless otherwise stated. These condensed consolidated financial statements do not include all information and disclosures required in the annual financial statements and should be read in conjunction with the Group’s consolidated annual financial statements as of 31 December 2025. The audited annual accounts for the year ended 31 December 2025 have been delivered to the Companies Registration Office. The audit report thereon was unmodified. Review The Interim Report has not been audited or formally reviewed by the Company’s Auditor in accordance with the International Standards on Auditing (ISAs) (Ireland) or International Standards on Review Engagements (ISREs). Going concern The Group’s business activities, together with the factors likely to affect its future development, performance and position, are set out in the Investment Manager’s Report on pages 6 to 16. As at 30 June 2026, the Group had net current liabilities of €239.7 million (31 December 2025: net current assets of €46.0 million). This primarily reflects the accounting classification of borrowings maturing within the next 12 months rather than a deterioration in the Group’s underlying liquidity position. In assessing the appropriateness of the going concern basis, the Board has considered the Group’s projected cash flows, available cash resources, expected cash generation from its operational portfolio, as well as financing arrangements and ongoing discussions with lenders. The Group had cash balances of €32.6 million at 30 June 2026 (31 December 2025: €44.6 million). Cash balances held by investee companies, excluding restricted cash, amounted to €47.9 million (31 December 2025: €44.9 million). Together with expected cash generation from the Group’s portfolio, these resources are considered sufficient to meet obligations as they fall due. The Directors are therefore satisfied that the Group has sufficient liquidity and financial flexibility to meet its obligations as they fall due throughout the going concern assessment period. The major cash outflows of the Group are the payment of dividends, costs relating to the acquisition of new assets and purchases of its own shares, all of which are discretionary. The Group currently has no commitments as set out in note 14 to the financial statements. The Board has reviewed Group projections which cover a period of at least 12 months from the date of approval of this report. On the basis of this review, taking into account foreseeable changes in investment and trading performance, and after making due enquiries, the Directors have a reasonable expectation that the Company and the Group have adequate resources to continue in operational existence from the date of approval of this report to at least September 2027. Accordingly, they continue to adopt the going concern basis in preparing the financial statements. Segmental reporting Operating segments are reported in a manner consistent with the internal reporting provided to the chief operating decision-maker. The chief operating decision-maker, who is responsible for allocating resources and assessing performance of the operating segments, has been identified as the Board of Directors, as a whole. The key measure of performance used by the Board to assess the Group’s performance and to allocate resources is the total return on the Group’s net assets, as calculated under IFRS, and therefore no reconciliation is required between the measure of profit or loss used by the Board and that contained in the condensed consolidated financial statements. The Group is engaged in a single segment of business, being investment in renewable energy infrastructure assets to generate investment returns. The Group presents the business as a single segment comprising a homogeneous portfolio. All of the Group’s income is generated within Ireland and Continental Europe. All of the Group’s non-current assets are also located in Ireland and Continental Europe. Seasonal and cyclical variations The Group’s results do not vary significantly during reporting periods as a result of seasonal activity.
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 continued GREENCOAT RENEWABLES INTERIM REPORT 2026 23 CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION 2. Investment management fees Under the terms of the Investment Management Agreement, the Investment Manager is entitled to a management fee from the Company, which is calculated quarterly in arrears in accordance with the Investment Management Agreement. The Fee is calculated as set out on page 61 of the Company’s Annual Report for the year ended 31 December 2025. For the six months ended 30 June 2026 €’000 For the six months ended 30 June 2025 €’000 Investment management fees 4,608 5,680 4,608 5,680 As at 30 June 2026, €2.3 million was payable in relation to investment management fees (31 December 2025: €2.4 million). 3. Return on investments For the six months ended 30 June 2026 €’000 For the six months ended 30 June 2025 €’000 Dividends received (Note 18) 23,613 31,288 Interest on shareholder loan investment (Note 18) 33,710 39,189 Unrealised movement in fair value of investments (Note 8) (15,228) (107,917) 42,095 (37,440) 4. Operating expenses For the six months ended 30 June 2026 €’000 For the six months ended 30 June 2025 €’000 Investment management fees (Note 2) 4,608 5,680 Non-executive Directors’ remuneration 293 277 Group and SPV administration fees 161 146 Fees to the Company’s Auditor: for audit of the statutory financial statements 101 78 for other services 4 4 Other expenses 1,498 1,860 6,665 8,045 Other expenses primarily relate to costs associated with consulting, legal and other professional services. The fees to the Company’s Auditor include an estimate of €3,860 (30 June 2025: €3,680) payable in relation to a limited review of these interim financial statements, and estimated accruals apportioned across the year for the audit of the statutory financial statements. 5. Taxation Tax charge for the period ended 30 June 2026 is €1.9 million (30 June 2025: €1.2 million) and relates to Irish corporation tax. 6. Earnings per share For the six months ended 30 June 2026 For the six months ended 30 June 2025 Profit/(Loss) attributable to equity holders of the Company – €’000 11,921 (68,037) Weighted average number of ordinary shares in issue 1,103,033,469 1,113,490,810 Basic and diluted earnings / (losses) earnings from continuing operations in the period (cent) 1.08 (6.11)
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 continued GREENCOAT RENEWABLES INTERIM REPORT 2026 24 7. Dividends paid and declared during the period Dividends paid during the period ended 30 June 2026 Dividend per Share cent Total Dividend With respect to the quarter ended 31 December 2025 1.7025 18,958 With respect to the quarter ended 31 March 2026 1.7025 18,577 3.4050 37,535 Dividends declared after 30 June 2026 and not accrued in the period Dividend per Share cent Total Dividend With respect to the quarter ended 30 June 2026 1.7025 18,577 1.7025 18,577 The Board approved a dividend of 1.7025 cent per share on 29 July 2026 in relation to the quarter ended 30 June 2026, bringing total dividends declared with respect to the six month period to 30 June 2026 to 3.405 cent per share. The record date for the dividend is 21 August 2026 and the payment date is 14 September 2026. 8. Investments at fair value through profit or loss The investments made in underlying assets are carried at fair value through profit and loss. The investments are typically made through a combination of shareholder loans and equity into the SPVs which own the underlying asset. The value of the shareholder loan investments at 30 June 2026 including loan interest receivable was €1,331,769 (2025: €1,357,216). For the period ended 30 June 2026 As at 30 June 2026 €’000 As at 31 December 2025 €’000 Opening balance 1 January 2026 2,178,451 2,403,389 Additions 6,000 127,723 Disposals – (108,346) Capitalised interest 1,391 1,623 Repayment of shareholders loan investments (Note 18) (36,831) (148,312) Unrealised movement in fair value of investments* (5,234) (97,626) Closing balance 30 June 2026 2,143,777 2,178,451 * Includes €10.0 million (2025: €11.7 million) movement in loan interest. Fair value measurements As disclosed on pages 64 and 65 of the Company’s Annual Report for the year ended 31 December 2025, IFRS 13 “Fair Value Measurement” requires disclosure of fair value measurement by level. The level of fair value hierarchy within the financial assets or financial liabilities ranges from level 1 to level 3 and is determined on the basis of the lowest level input that is significant to the fair value measurement. The fair value of the Group’s investments is ultimately determined by the underlying fair values of the SPV investments. Due to their nature, they are always expected to be classified as level 3, as the investments are not traded and contain unobservable inputs. There have been no transfers between levels during the six months ended 30 June 2026. All other financial instruments are classified as level 2.
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 continued GREENCOAT RENEWABLES INTERIM REPORT 2026 25 CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION 8. Investments at fair value through profit or loss (continued) Sensitivity analysis The fair value of the Group’s investments is €2,144 million (31 December 2025: €2,178 million). The following analysis is provided to illustrate the sensitivity of the fair value of investments to a change in an individual input, while all other variables remain constant. The Board considers these changes in inputs to be within reasonable expected ranges. This is not intended to imply the likelihood of change or that possible changes in value would be restricted to this range. Input Base case Change in input Change in fair value of investments €’000 Change in NAV per share cent Discount rate 6 – 7% + 0.25% (36,749) (3.4) - 0.25% 37,917 3.5 Energy yield P50 10-year P90 (138,886) (12.8) 10-year P10 137,196 12.6 Power price Forecast by leading consultant - 10% (194,521) (17.9) + 10% 191,271 17.6 Inflation rate 2.0% - 0.5% (65,996) (6.1) + 0.5% 70,118 6.5 Asset Life 30 years onshore / 35 years offshore - 5 years + 5 years (207,311) 150,874 (19.1) 13.9 The sensitivities above are assumed to be independent of each other. Combined sensitivities are not presented. 9. Unconsolidated subsidiaries, associates and joint ventures There are no changes to unconsolidated subsidiaries of the Group and there are no other changes to associates and joint ventures of the group as disclosed on pages 67 of the Company’s Annual Report for the year ended 31 December 2025. As the Company is regarded as an investment entity under IFRS, these subsidiaries have not been consolidated in the preparation of the financial statements. There are no material changes to security deposits or guarantees as disclosed on page 67 of the Company’s Annual Report for the year ended 31 December 2025. 10. Receivables 30 June 2026 €’000 31 December 2025 €’000 Deferred consideration(1) 16,547 16,164 Accrued income 627 213 Prepayments 203 184 VAT receivable – 157 17,377 16,718 (1) Deferred consideration noted above relates to discounted non-contingent deferred consideration associated with the disposal of a portfolio of Irish Wind Farms that completed in 2025, split between: Current €9,917,000 (2025: €8,884,000) and Non-current €7,460,000 (2025: €7,824,000). 11. Cash and cash equivalents The total of Group cash is €32.6 million (31 December 2025: €44.6 million) and is held in current accounts with AIB and RMB.
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 continued GREENCOAT RENEWABLES INTERIM REPORT 2026 26 12. Payables 30 June 2026 €’000 31 December 2025 €’000 Loan interest payable 2,087 2,758 Investment management fees payable 2,338 2,400 Corporation tax payable 400 400 Commitment fee payable 283 284 Deferred consideration 161 161 Other payables(1) 1,920 1,523 7,189 7,526 (1) Other payables primarily include payables to administrators, auditors and depository agents. 13. Loans and borrowings 30 June 2026 €’000 31 December 2025 €’000 Opening balance 1,130,444 1,177,534 Revolving Credit Facility Drawdowns – 142,000 Repayments – (141,000) Finance costs capitalised during the period – (700) Amortisation of finance costs 327 1,353 Term Debt Facilities Drawdowns – 225,000 Repayments – (275,000) Finance costs capitalised (6) (272) Amortisation of finance costs 440 1,529 Closing balance(2) 1,131,205 1,130,444 Reconciled as Current liabilities 275,000 – Non-current liabilities 856,205 1,130,444 Non-current liabilities 1,131,205 1,130,444 For the six months ended 30 June 2026 €’000 For the six months ended 30 June 2025 €’000 Loan interest 20,092 18,682 Amortised facility arrangement fees 1,029 1,629 Commitment fees 618 483 Professional fees 37 40 Finance expense 21,776 20,834 In relation to non-current loans and borrowings, the Directors are of the view that the current market interest rate is not significantly different to the respective instruments’ contractual interest rates, therefore the fair value of the non-current loans and borrowings at the end of the reporting period is not significantly different from their carrying amounts. (2) Closing balance stated net of €3.8 million of capitalised finance costs.
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 continued GREENCOAT RENEWABLES INTERIM REPORT 2026 27 CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION 13. Loans and borrowings (continued) RCF The Group maintains a €350 million RCF provided by CIBC, RBC and Commerzbank at a margin of 1.4% per annum plus EURIBOR, with a repayment date of 13 February 2028 with two one-year extension provisions. The Group is obliged to pay a quarterly commitment fee of 0.49% per annum of the undrawn commitment available under the facility. Lenders’ security consists of comprehensive debentures incorporating a fixed and floating charge over the Group including a charge over the Group’s bank accounts and shares in underlying investments. As at 30 June 2026, the principal balance of the RCF was €110 million (31 December 2025: €110 million), which is recorded as a non current liability. Term debt facilities of the Group are detailed below: Facility A On 18 December 2024, the Group entered into an Amendment and Restatement Agreement to extend the facility for another 5 year term from 7 October 2025 to 7 October 2030. The amount refinanced is €225 million with a loan margin of 1.65%. Details of the Group’s term debt facilities and associated interest rate swaps are set out in the tables below: Provider Maturity date Loan margin % Loan principal €’000 Swap fixed rate % Notional swap value €’000 CBA 7 October 2030 1.65 71,808 2.270 84,375 NAB 7 October 2030 1.65 71,809 2.268 84,375 Natwest 7 October 2030 1.65 47,872 2.263 56,250 NNIP/GC 7 October 2030 1.65 33,511 225,000 225,000 These loans contain interest rate swaps that are not closely associated given NNIP/GC is not an interest rate swap counter-party. The weighted average cost of Facility A is 3.9%. Facility B In July 2021, the Group entered into a 7-year fixed term debt arrangement with AXA. Details are set out in the table below: Facility B Provider Maturity date Loan margin % Mid swap rate % Loan principal €’000 AXA 30 September 2028 1.85 (0.141) 150,000 AXA 30 September 2028 1.85 (0.045) 50,000 200,000 The weighted average cost of debt of Facility B is 1.7%.
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 continued GREENCOAT RENEWABLES INTERIM REPORT 2026 28 13. Loans and borrowings (continued) Facility C In April 2022, the Group entered into a 5-year term debt arrangement with the existing term debt lenders, being, CBA, ING, NAB and NatWest. Details of the Group’s term debt facilities under Facility C and associated interest rate swaps are set out in the below table: Facility C Provider Maturity date Loan margin % Swap fixed rate % Loan principal €’000 CBA 01 April 2027 1.45 2.0620 75,000 ING 01 April 2027 1.45 2.0587 75,000 NAB 01 April 2027 1.45 2.0570 75,000 NatWest 01 April 2027 1.45 2.0770 50,000 275,000 These loans contain swaps that are contractually linked. Accordingly, they have been treated as single fixed rate loan agreements. The weighted average cost of debt of Facility C is 3.5%. Facility D In March 2023, the Group entered into a 7-year term debt arrangement with AXA and NNIP . The term debt of €175 million was utilised in two tranches on 29 March 2023 (€152.5 million and €22.5 million). Details are set out in the below table: Facility D Provider Maturity date Loan margin % Base rate % Loan principal €’000 NNIP 29 March 2030 1.85 2.94 50,000 AXA 29 March 2030 1.85 2.94 102,500 AXA 29 March 2030 1.85 EURIBOR 22,500 175,000 The weighted average cost of debt of Facility D is 4.8%. Facility E On 1 February 2024, the Group entered into a 5-year term debt arrangement (“Facility E”), with a syndicate of lenders including two existing lenders NAB and CBA and a new lender Rabobank. The aggregate term debt commitment under the facility is €150 million with each lender committing €50 million. This loan has a floating rate with a 1.45% margin plus EURIBOR. Further, an interest rate swap was entered into to fix the debt for the term of the agreement. The loan was fully drawn on 15 February 2024. Details are set out in the below table: Facility E Provider Maturity date Loan margin % Swap fixed rate % Loan principal €’000 CBA 01 February 2029 1.45 2.6230 50,000 Rabobank 01 February 2029 1.45 2.6210 50,000 NAB 01 February 2029 1.45 2.6180 50,000 150,000 These loans contain swaps that are contractually linked. Accordingly, they have been treated as single fixed rate loan agreements. The weighted average cost of debt of Facility E is 4.07%. All borrowing ranks pari passu with a debenture over the assets of Holdco 1 and Holdco 2 and a floating charge over Holdco 1 and Holdco 2’s bank accounts. Classification of liabilities as Current or Non-Current (amendments to IAS 1 Presentation of Financial statements) The Group’s borrowing facilities comprise term debt and a revolving credit facility with total committed facilities of €1,135 million (31 December 2025: €1,135 million). The facilities are governed by a Common Terms Agreement (“CTA”), which includes customary financial covenant requirements that are assessed and reported to lenders on a quarterly basis. Further information on the nature of the Group’s covenant obligations is provided on Page 71 of Company’s Annual Report for the year ended 31 December 2025. At 30 June 2026, the Group was in compliance with all covenant requirements applicable under its financing arrangements. Based on this assessment, management concluded that the related borrowings are to be classified as non-current. Facility C is presented as a current liability due to its contractual maturity on 1 April 2027.
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 continued GREENCOAT RENEWABLES INTERIM REPORT 2026 29 CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION 14. Contingencies & Commitments As at the date of these financial statements the Group does not have any material contingencies or commitments. 15. Share capital – ordinary shares At 30 June 2026, the Company had authorised share capital of 2,000,000,000 ordinary shares of €0.01 each. At 30 June 2026, the Company had issued share capital of 1,085,680,489 (excluding shares bought back but not cancelled) ordinary shares of €0.01 each. Date Issued and fully paid Number of shares issued Share capital €’000 Treasury shares €’000 Total €’000 1 January 2026 Opening balance 1,113,335,009 11,135 (145) 10,990 To 30 June 2026 Share buyback (27,654,520) (277) – (277) 30 June 2026 1,085,680,489 10,858 (145) 10,713 Shareholders are entitled to all dividends paid by the Company and, on a winding up, provided the Company has satisfied all its liabilities, the Shareholders are entitled to all of the residual assets of the Company. On 5 March 2026 the company announced a share buy-back programme. To 30 June 2026 the Company purchased 27,654,520 shares at an average price of €0.7516 per share (total cost €20.8 million, total cash outflow €20.6, excluding costs). The reserves that are detailed in the Consolidated Statement of changes in Equity include: Other distributable reserves, that provide the company with flexibility to make shareholder distributions (including dividends and/ or share buy-backs) where retained earnings alone may be insufficient or where it is operationally preferable to use a dedicated distributable reserve. Capital redemption reserve, that preserve capital and protect creditors by ensuring that the reduction in nominal share capital arising from redemptions/buy-backs is matched by a corresponding non-distributable reserve. Treasury reserve, that reflects the capital management activity of buy-backs where shares are held for potential re-issue (e.g. to manage discount/premium, satisfy scrip/DRIP or other corporate purposes if applicable) rather than being immediately cancelled. 16. Net assets per share 30 June 2026 €’000 31 December 2025 €’000 Net assets – €’000 1,055,375 1,101,806 Number of ordinary shares issued(1) 1,085,680,489 1,113,335,009 Total net assets – cent 97.2 99.0 (1) Excluding 200,000 shares held in treasury 17. Reconciliation of operating profit for the period to net cash from operating activities For the six months ended 30 June 2026 €’000 For the six months ended 30 June 2025 €’000 Operating profit for the period 35,582 (46,037) Adjustments for: Unrealised movement in fair value of investments (Note 8) 5,234 101,520 Investment acquisition costs 240 552 Corporation tax paid (1,885) (1,166) (Increase) in receivables* (616) (445) Increase in payables* 164 224 Net cash flows from operating activities 38,719 54,648 * These increases and decreases do not reflect the movements in Finance expenses and Investment activity costs payable and receivable.
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 continued GREENCOAT RENEWABLES INTERIM REPORT 2026 30 18. Related party transactions The nature of the Group’s related party transactions is unchanged from that disclosed on pages 77 – 80 in the Company’s Annual Report for the year ended 31 December 2025 and principally comprises Directors fees, dividends received from investee entities and interest earned on shareholder loans provided to investee entities. There were no material changes to these arrangements during the period. The table below shows the Group’s dividend income: For the six months ending 30 June 2026 For the six months ending 30 June 2025 Ballybane 2,800 1,500 Beam – 625 Cloosh Valley 1,125 3,750 Cordal 6,388 4,463 Garranereagh – 400 Glencarbry 1,050 – Gortahile – 900 Killhills 3,200 3,000 Knockacummer 5,500 12,500 Knocknalour – 200 Kostroma – 800 Lisdowney 1,150 500 Raheenleagh – 825 Sliabh Bawn – 375 Taghart 1,700 1,450 Tullahennel 700 – 23,613 31,288
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 continued GREENCOAT RENEWABLES INTERIM REPORT 2026 31 CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION 18. Related party transactions (continued) The table below shows the Group’s shareholder loans with SPV’s: Loans at 1 January 2026 €‘000(1) Loans advanced in the period €’000 Capitalised interest €’000 Loan repayments €’000 Loans at 30 June 2026 €’000 Accrued interest at 30 June 2026 €’000 Total €’000 Interest on Shareholder loan €’000 Andella 63,785 – – – 63,785 972 64,757 1,932 Arcy 939 – – – 939 40 979 21 Ballybane 27,894 – – (1,100) 26,794 – 26,794 278 Beam Extension 7,195 – – (250) 6,945 – 6,945 143 Borkum Riffgrund 157,753 – – (9,060) 148,693 2,735 151,428 4,938 Butendiek I 66,243 – 1,391 (2,146) 65,488 2,562 68,050 2,968 Butendiek II 82,924 – – – 82,924 2,944 85,868 2,262 Carrickallen 9,698 – – (775) 8,923 – 8,923 286 Cloghan 37,135 – – (2,200) 34,935 – 34,935 731 Cloosh Holdings 79,123 – – (6,750) 72,373 – 72,373 2,297 Cnoc 12,064 – – (900) 11,164 – 11,164 238 Cordal 131,606 – – – 131,606 – 131,606 2,664 Erstrask North 107,430 – – – 107,430 22,463 129,893 3,255 Erstrask South 37,534 – – – 37,534 5,960 43,494 1,137 Genonville 18 – – – 18 54 72 – Glanaruddery 36,971 – – (2,900) 34,071 – 34,071 359 Glencarbry 49,573 – – (2,000) 47,573 – 47,573 983 Grande Piece 322 – – – 322 55 377 7 GRP Sweden 25,223 – – – 25,223 7,302 32,525 764 Killala 23,243 – – (750) 22,493 – 22,493 608 Killhills 12,820 – – – 12,820 – 12,820 129 Knockacummer 17,789 – – – 17,789 1,228 19,017 662 Kostroma 13,581 – – – 13,581 – 13,581 136 Letteragh 21,707 – – (700) 21,007 – 21,007 564 Lisdowney 7,553 – – – 7,553 – 7,553 112 Menonville 4,307 – – – 4,307 182 4,489 99 Monaincha 50,944 – – (2,500) 48,444 – 48,444 502 Pasilly 19,092 – – (700) 18,392 – 18,392 563 Saint Martin 13,598 – – (100) 13,498 – 13,498 403 Sliabh Bawn 961 – – (750) 211 – 211 – Soliedra 18,335 – – – 18,335 183 18,518 363 Sommette 34,272 – – (1,300) 32,972 – 32,972 1,011 South Meath 27,831 – – – 27,831 230 28,061 763 Taghart 26,921 – – (350) 26,571 – 26,571 542 Torrubia 33,633 – – – 33,633 1,812 35,445 1,019 Tullahennel 46,424 – – (1,400) 45,024 – 45,024 850 Tullynamoyle II 12,046 – – (200) 11,846 – 11,846 121 1,318,487 1,391 (36,831) 1,283,047 48,722 1,331,769 33,710 (1) Excludes accrued interest as at 31 December 2025 of €38.7 million compared to €48.7 million as at 30 June 2026 representing a movement of €10.0 million.
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NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS For the six months ended 30 June 2026 continued GREENCOAT RENEWABLES INTERIM REPORT 2026 32 19. Headline earnings In order to comply with JSE Listing Requirements the Headline earnings and diluted headline earnings per share are noted below: Headline earnings reconciliation For the six months ended 30 June 2026 For the six months ended 30 June 2025 Profit attributable to equity holders of the Company (€’000) 11,921 (68,037) Adjustments for headline earnings – – Headline earnings 11,921 (68,037) Weighted average number of ordinary shares in issue 1,103,033,469 1,113,490,810 Earnings per share – basic and diluted from continuing operations in the year (cents) 1.08 (6.11) Headline earnings per share – basic and diluted from continuing operations in the year (cents) 1.08 (6.11) 20. Subsequent events The Directors have considered events occurring between 30 June 2026 and the date of approval of these condensed consolidated financial statements. Whilst the Group has continued to undertake normal business activities during this period, no events have been identified that require adjustment to, or disclosure in, these condensed consolidated financial statements in accordance with IAS 10 Events after the Reporting Period. 21. Board approval The Group’s Interim Report and Financial Statements were authorised for issue by the Board on 13 September 2026.
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COMPANY INFORMATION GREENCOAT RENEWABLES INTERIM REPORT 2026 33 CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION Directors (all non-executive) Bernard Byrne Emer Gilvarry Marco Graziano Niamh Marshall Valerie Lawlor (appointed 28 January 2026) Investment Manager Schroders Greencoat LLP 1 London Wall Place London EC2Y 5AU Company Secretary Ocorian Administration (UK) Limited Unit 18 Innovation Centre Northern Ireland Science Park Queens Road Belfast BT3 9DT Administrator Ocorian Fund Services (Ireland) Limited 1st Floor 1 Windmill Lane Dublin 2 D0 2F206 Ireland Depositary Ocorian Depositary Services (Ireland) Limited 1st Floor 1 Windmill Lane Dublin 2 D0 2F206 Ireland Registrar Computershare Investor Services (Ireland) Limited Heron House, Corrig Road Sandyford Industrial Estate Dublin 18 JSE Corporate Adviser and Sponsor Valeo Capital Proprietary Limited Unit G02 Skyfall Building De beers Avenue Paardevlei, Somerset West Western Cape South Africa 7130 Registered Company Number 598470 Registered Office Riverside One Sir John Rogerson’s Quay Dublin 2 Registered Auditor Deloitte Ireland LLP Deloitte & Touche House 29 Earlsfort Terrace Dublin 2 Legal Advisers McCann Fitzgerald Riverside One Sir John Rogerson’s Quay Dublin 2 Euronext Growth Listing Sponsor, NOMAD and Broker J&E Davy Davy House 49 Dawson Street Dublin 2 Joint Broker RBC Capital Markets 100 Bishopsgate London EC2N 4AA Joint Broker Barclays 1 Churchill Place London E14 5RB Deposit Bank Allied Irish Banks plc. 40/41 Westmoreland Street Dublin 2 Rand Merchant Bank 1 Merchant Place Fredman Drive Sandton 2196 South Africa
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DEFINED TERMS GREENCOAT RENEWABLES INTERIM REPORT 2026 34 EU means the European Union Euronext means the Euronext Dublin, formerly the Irish Stock Exchange EURIBOR means the Euro Interbank Offered Rate Eurozone means the area comprising 19 of the 28 Member States which have adopted the euro as their common currency and sole legal tender FCA means Financial Conduct Authority FIT means Feed-In Tariff FRC means Financial Reporting Council Garranereagh means Sigatoka Limited GAV means Gross Asset Value as defined in the Admission Document Genonville means Ferme Eolienne de Genonville Glanaruddery means Glanaruddery Windfarms Limited and Glanaruddery Energy Supply Limited Glencarbry means Glencarbry Windfarm Limited Gortahile means Gortahile Windfarm Limited Grande Piece means Ferme Eolienne de la Grande Piece Group means the Company, Holdco, Holdco 1 and Holdco 2 GRP Sweden means GRP Sweden Holding AB Holdco means GR Wind Farms 1 Limited Holdco 1 means Greencoat Renewables 1 Holdings Limited Holdco 2 means Greencoat Renewables 2 Holdings Limited Holdcos mean GR Wind Farms 1 Limited, Greencoat Renewables 1 Holdings Limited and Greencoat Renewables 2 Holdings Limited IAS means International Accounting Standards IFRS means International Financial Reporting Standards ING means ING Bank N.V . Investment Management Agreement means the agreement between the Company and the Investment Manager Investment Manager means Greencoat Capital LLP IPEV means the International Private Equity and Venture Capital Valuation Guidelines IPO means Initial Public Offering Irish Corporate Governance Annex is a corporate governance annex addressed to companies with a primary equity listing on the Main Securities Market of Euronext IRR means internal rate of return I-SEM means the Integrated Single Electricity Market, which is the wholesale electricity market arrangement for Ireland and Northern Ireland Joint Broker means RBC and J&E Davy JSE means Johannesburg Stock Exchange Killala means Killala Community Wind Farm DAC Killhills means Killhills Windfarm Limited Knockacummer means Knockacummer Wind Farm Limited Knocknalour means Knocknalour Wind Farm Holdings Limited and Knocknalour Wind Farm Limited Kostroma Holdings means Kostroma Holdings Limited Letteragh means Seahound Wind Developments Limited Lisdowney means Lisdowney Wind Farm Limited Menonville means Ferme Eolienne de la Butte de Menonville Monaincha means Monaincha Wind Farm Limited NAB means National Australia Bank Natwest means National Westminster Bank NAV means Net Asset Value as defined in the Admission Document NAV per Share means the Net Asset Value per Ordinary Share Admission Document means the Admission Document of the Company published on 31 December 2019 Aggregate Group Debt means the Group’s proportionate share of outstanding third-party debt. AI means Artificial Intelligence AIB means Allied Irish Bank plc AIC means the Association of Investment Companies AIC Code of Corporate Governance sets out a framework of best practice in respect of the governance of investment companies. It has been endorsed by the Financial Reporting Council as an alternative means for our members to meet their obligations in relation to the UK Corporate Governance Code AIC Guide means the AIC’s Corporate Governance Guide for Investment Companies AIF means Alternative Investment Funds (as defined in AIFMD) AIFM means Alternative Investment Fund Manager (as defined in AIFMD) AIFMD means Alternative Investment Fund Managers Directive AIM means Alternative Investment Market AGM means Annual General Meeting of the Company AMC means Average Market Capitalisation AXA means funds managed by AXA Investment Managers UK Limited Ballincollig Hill means Tra Investments Limited Ballybane means Ballybane Windfarms Limited Beam means Beam Hill and Beam Hill Extension Beam Hill means Beam Wind Limited Beam Hill Extension means Meenaward Wind Farm Limited Board means the Directors of the Company Borkum Riffgrund 1 means Borkum Riffgrund oHG Boston Holding means Boston Holding A/S Brexit means the withdrawal of the United Kingdom from the European Union Butendiek means OWP Butendiek GmBH, Butendiek Asset Beteilgungs GmBH and OWP Butendiek Asset GmBH Butendiek HoldCo means GRP Luxembourg Holding S.a r.l Carrickallen means Carrickallen Wind Limited CBA means Commonwealth Bank of Australia CBI means the Central Bank of Ireland CDP means Carbon Disclosure Project CFD means Contract for Difference CIBC means Canadian Imperial Bank of Commerce Cloghan means Cloghan Wind Farm Limited Cloosh Valley means Cloosh Valley Wind Farm Holdings DAC and Cloosh Valley Wind Farm DAC Cnoc means Cnoc Windfarms Limited Company means Greencoat Renewables PLC Cordal means Cordal Windfarm Holdings Limited, Oak Energy Supply Limited and Cordal Windfarms Limited CPI means Consumer Price Index DCF means Discounted Cash Flow Deloitte Ireland LLP means the Company’s Auditor as at the reporting date DS3 means Delivering a Secure, Sustainable Electricity System EGM means Extraordinary General Meeting of the Company Erstrask North means Erstrask Vind North AB Erstrask South means Erstrask Vind South AB ESG means the Environmental, Social and Governance
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EU means the European Union Euronext means the Euronext Dublin, formerly the Irish Stock Exchange EURIBOR means the Euro Interbank Offered Rate Eurozone means the area comprising 19 of the 28 Member States which have adopted the euro as their common currency and sole legal tender FCA means Financial Conduct Authority FIT means Feed-In Tariff FRC means Financial Reporting Council Garranereagh means Sigatoka Limited GAV means Gross Asset Value as defined in the Admission Document Genonville means Ferme Eolienne de Genonville Glanaruddery means Glanaruddery Windfarms Limited and Glanaruddery Energy Supply Limited Glencarbry means Glencarbry Windfarm Limited Gortahile means Gortahile Windfarm Limited Grande Piece means Ferme Eolienne de la Grande Piece Group means the Company, Holdco, Holdco 1 and Holdco 2 GRP Sweden means GRP Sweden Holding AB Holdco means GR Wind Farms 1 Limited Holdco 1 means Greencoat Renewables 1 Holdings Limited Holdco 2 means Greencoat Renewables 2 Holdings Limited Holdcos mean GR Wind Farms 1 Limited, Greencoat Renewables 1 Holdings Limited and Greencoat Renewables 2 Holdings Limited Hybridisation refers to the enhancement of an existing renewable energy asset through the addition of complementary technologies IAS means International Accounting Standards IFRS means International Financial Reporting Standards ING means ING Bank N.V . Investment Management Agreement means the agreement between the Company and the Investment Manager Investment Manager means Schroders Greencoat LLP IPEV means the International Private Equity and Venture Capital Valuation Guidelines IPO means Initial Public Offering Irish Corporate Governance Annex is a corporate governance annex addressed to companies with a primary equity listing on the Main Securities Market of Euronext IRR means internal rate of return I-SEM means the Integrated Single Electricity Market, which is the wholesale electricity market arrangement for Ireland and Northern Ireland Joint Broker means RBC and J&E Davy JSE means Johannesburg Stock Exchange Killala means Killala Community Wind Farm DAC Killhills means Killhills Windfarm Limited Knockacummer means Knockacummer Wind Farm Limited Knocknalour means Knocknalour Wind Farm Holdings Limited and Knocknalour Wind Farm Limited Kostroma Holdings means Kostroma Holdings Limited Letteragh means Seahound Wind Developments Limited Lisdowney means Lisdowney Wind Farm Limited Menonville means Ferme Eolienne de la Butte de Menonville Monaincha means Monaincha Wind Farm Limited NAB means National Australia Bank GREENCOAT RENEWABLES INTERIM REPORT 2026 35DEFINED TERMS continued CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION DEFINED TERMS
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Natwest means National Westminster Bank NAV means Net Asset Value as defined in the Admission Document NAV per Share means the Net Asset Value per Ordinary Share NNIP means NN Investment Partners B.V . NOMAD means a company that has been approved as a nominated advisor for the Alternative Investment Market (AIM), by Euronext Dublin and London Stock Exchange O&M means operations and maintenance Pasilly means Société d’Exploitation du Parc Eolien du Tonnerois PPA means Power Purchase Agreement entered into by the Group’s wind farms PSO means Public Support Obligation Rabobank means Cooperatieve Rabobank U.A. Raheenleagh means Raheenleagh Power DAC RBC means Royal Bank of Canada RCF means the Group’s Revolving Credit Facility REFIT means Renewable Energy Feed-In Tariff RESS means Renewable Energy Support Scheme RMB means Rand Merchant Bank Saint Martin means Parc Eolien Des Courtibeaux SAS Santander means Abbey National Treasury Services Plc (trading as Santander Global Corporate Banking) SEM means the Single Electricity Market, which is the wholesale electricity market operating in the Republic of Ireland and Northern Ireland SFDR means Sustainable Finance Disclosure Regulation Sliabh Bawn means Sliabh Bawn Holding DAC, Sliabh Bawn Supply DAC and Sliabh Bawn Power DAC SMSF means SMSF Holdings Limited Solar PV means a solar photovoltaic system, which is a power system designed to supply usable solar power by means of photovoltaics. Soliedra means Parque Eolico Soliedra Sommette means Parc Eolien Des Tournevents SAS South Meath means SMSF Holdings Limited SPVs means the Special Purpose Vehicles, which hold the Group’s investment portfolio of underlying operating wind farms TCFD means Task Force on Climate-Related Financial Disclosures Torrubia means Energia Inagotable de Eolo SLU TSR means Total Shareholder Return Tullahennel means Ronaver Energy Limited Tullynamoyle II means Tullynamoyle Wind Farm II Limited UK means United Kingdom of Great Britain and Northern Ireland UK Code means UK Corporate Governance Code issued by the FRC. GREENCOAT RENEWABLES INTERIM REPORT 2026 36 DEFINED TERMS continued Main heading
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Performance Measure Definition CO2 emissions avoided per annum The estimate of the portfolio’s annual CO2 emissions avoided through the displacement of thermal generation, based on the portfolio’s estimated generation as at the relevant reporting date. Homes powered per annum The estimate of the number of homes powered by electricity generated by the portfolio, based on the portfolio’s estimated generation as at the relevant reporting date. Generation The amount of energy generated by the underlying SPV’s (investments) in the portfolio over the period. NAV movement per share (adjusting for dividends) Movement in the ex-dividend Net Asset Value per ordinary share during the year. NAV per share The Net Asset Value per ordinary share. Net cash generation The operating cash flow of the Group and renewable generation and storage SPVs. Premium/(Discount) to NAV The percentage difference between the published NAV per ordinary share and the quoted price of each ordinary share as at the relevant reporting date. Total return (NAV) The movement in the ex-dividend NAV per ordinary share, plus dividend per ordinary share declared or paid to shareholders with respect to the year. Total Shareholder Return The movement in share price, combined with dividends paid during the year, on the assumption that these dividends have been reinvested. GREENCOAT RENEWABLES INTERIM REPORT 2026 37ALTERNATIVE PERFORMANCE MEASURES CHAIRMAN’S STATEMENTFINANCIAL STATEMENTS INVESTMENT MANAGER’S REPORTDEFINED TERMSIMPORTANT INFORMATION COMPANY INFORMATION ALTERNATIVE PERFORMANCE MEASURES
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This document 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 document and may include, but are not limited to, statements regarding the intentions, beliefs or current expectations of the Company, the Directors and/or the Investment 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. By their nature, forward-looking statements involve risks and uncertainties because they relate to future events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance. The Company’s actual investment performance, results of operations, financial condition, liquidity, distribution policy and the development of its financing strategies may differ materially from the impression created by, or described in or suggested by, the forward-looking statements contained in this document. All figures and data presented are as at the date of the Report, unless otherwise stated. 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 any forward-looking statements contained in this document, 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 document. 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. Subject to their legal and regulatory obligations, the Company, the Directors and the Investment Manager expressly disclaim any obligations to update or revise any forward- looking statement contained herein to reflect any change in expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based. In addition, this document may include target figures for future financial periods. Any such figures are targets only and are not forecasts. Targets are based on certain assumptions and models which may not prove to be accurate. Nothing in this document should be construed as a profit forecast or a profit estimate. To the extent that any information in this document is construed as a profit forecast or profit estimate in terms of the JSE Listings Requirements, such information has not been reviewed or reported on by the Company’s auditors and is the responsibility of the Board. This Report has been prepared for the Company as a whole and therefore gives greater emphasis to those matters which are significant in respect of Greencoat Renewables PLC and its subsidiary undertakings when viewed as a whole. GREENCOAT RENEWABLES INTERIM REPORT 2026 38 FORWARD LOOKING STATEMENTS AND OTHER IMPORTANT INFORMATION Main heading FORWARD LOOKING STATEMENTS AND OTHER IMPORTANT INFORMATION
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GREENCOA T RENEWABLES Registered Address Riverside One Sir John Rogerson’s Quay Dublin 2 D02 X576, Ireland Investment Manager Schroders Greencoat LLP 1 London Wall Place London, EC2Y 5AU +44 20 7832 9400 Greencoat-Renewables@Ocorian.com