DAVY VIEW

Greencoat Renewables’ (GRP) FY25 financial results take a back seat to the more meaningful strategy update unveiled this morning – a plan that reflects how the energytransition landscape has evolved since the company’s IPO in 2017. Management has introduced a new capital allocation framework designed to (i) close the discount to net asset value (NAV) and (ii) reshape the portfolio for the next phase of growth. Key highlights include over €300m of disposals, a €100m buyback programme and a credible pathway to delever. This comes alongside the launch of a new green digital infrastructure platform targeting the fastgrowing hyperscaler market. At 69c/share, we believe GRP provides attractively priced exposure to the growing intersection of renewables and digital infrastructure demand.