DAVY VIEW

Against a seasonally weak quarter for wind generation, Greencoat Renewables’ (GRP) Q3 net asset value (NAV) was broadly stable, with higher power prices offsetting below-budget generation and other negative NAV movements. With 2026 dividend cover guidance of 1.5x reiterated, focus increasingly turns to 2027 and execution on the group’s broader strategic initiatives. The breadth of the opportunity set remains encouraging, with disposals, hybridisation and development providing the avenues for value creation. Delivery across these initiatives will be key from here.