DAVY VIEW

Beneath the softer Q2 net asset value (NAV) print, the underlying operational performance of Greencoat Renewables (GRP) in Q2 remains encouraging. Despite portfolio production running 6% below budget, H1 net cash generation remained in line with expectations, and the full-year dividend cover outlook has improved. Looking ahead, successful execution of the capital allocation strategy remains central to the investment case, particularly asset disposals which will provide an important benchmark for the underlying portfolio value.