GREENCOAT RENEWABLES PLC - Net Asset Value and Dividend Announcement
What this filing means
Greencoat Renewables declared a quarterly interim dividend of 1.70250c per share for the quarter to 30 September 2026, alongside an unaudited net asset value of €1,047 million, or 97.4c per share, at that date. Q3 production ran 8% below budget, but elevated power prices offset the shortfall and pushed net cash generation above budget at €9.8 million. The 2026 target dividend of 6.81c per share is maintained with full-year net dividend cover reiterated at 1.5x, and NAV per share moved up 0.2c in the quarter.
Greencoat owns euro-denominated wind and solar assets and pays a quarterly dividend out of what the portfolio earns. This notice confirms that quarterly payout and the value of the fund's assets per share, which barely moved over the quarter. For a holder, the practical points are the cash and the tax: the payout is on track, with full-year net dividend cover reiterated at 1.5x, but Irish withholding tax of 25% is deducted first, and eligible South African holders may apply for a refund subject to the stated tax-residency and ownership conditions — whether a given holder qualifies depends on their own circumstances.
AI-generated summary by SENS-AI, based on the original JSE SENS filing.
SENS-AI conclusion
A scheduled quarterly update that confirms rather than changes the story: the payout is unchanged, cover is reiterated at 1.5x, and NAV per share moved 0.2c. The interesting detail sits inside the NAV bridge — power prices added 2.2c while a higher Nordic merchant discount rate took off 1.2c, so the fund's valuation is being pulled by assumptions as much as by generation. So what: nothing here re-rates the share; the portfolio optimisation work and the second buyback tranche are what the next update must show progress on.
The next quarterly update is where the market will see progress on the disclosed asset disposals, hybridisation initiatives and the second buyback tranche.
Evidence from the filing
The quarterly dividend declared.
“The Company also announces a quarterly interim dividend of 1.70250c per share with respect to the quarter ended 30 September 2026.”
Full-year dividend target and cover maintained.
“2026 target dividend of 6.81c per share maintained, with full year net dividend cover reiterated at 1.5x”
A higher Nordic merchant discount rate subtracted from NAV.
“(1.2c) from merchant discount rate increase in Nordics”
Production ran behind budget in the quarter.
“Q3 net cash generation above budget at €9.8 million with elevated prices offsetting production shortfall of 8% versus budget”
Gearing sits at 53% with total debt of €1,201 million.
“Total debt of €1,201 million, equating to 53% gearing”
Buybacks executed at an average discount of 24%.
“Initial €25 million buyback programme completed in Q3 with a total of 33.1 million shares repurchased at an average discount of 24%”
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