DAVY VIEW

Greencoat UK Wind (UKW) has delivered a strong H1 performance. While net asset value (NAV) was broadly unchanged in Q2, the key takeaway is management's confidence that both EBITDA and net cash generation will finish towards the top end of FY26 guidance – highlighting the strength of the underlying portfolio and supportive power price environment. Attention will now turn to the 09:00 conference call, where we expect further discussion around capital allocation priorities and the opportunity set for deploying UKW's growing excess cash generation.