Profit after tax for the period running to the end of June 2026 increased to €11.9m following a loss of €68m for the same period last year, which boosted the fund’s earnings to 1.08% per share from a loss of 6.11% per share.

Greencoat announced an interim dividend of 3.41% per share as well as an update on its €50m share buyback programmes announced in March 2026, with 36,059,472 shares repurchased at a cost of €27.3m as of September 10, which contributed to a 0.7c per share increase to NAV.

It confirmed that depreciation reduced NAV by 3.2c per share, reflecting the mechanical unwinding of the valuation discount rate. It was also impacted by power price movements which saw its NAV reduced by 1.9c per share, offset by softer medium and long-term German power price expectations and forecasted reduction in Guarantees of Origin. The NAV per share fell from 99.0c in December 2025 to 97.2c in June 2026.

In its statement, it said: “1,851 GWh of renewable electricity generated during the period, with production 6% below budget due to lower wind resource predominantly in quarter 1. Ireland, which represents the majority of total revenues, performed in line with expectations…

“Outside Ireland, performance was more mixed, reflecting lower wind resource conditions together with a limited number of nonrecurring operational issues affecting certain mainland European assets. These included temporary operational constraints at the German offshore portfolio, which have since been resolved.”

The combined debt was €1.2bn, equivalent to 53.3% of Gross Asset Value (GAV), remaining well within the 60% investment policy limit.

Bernard Byrne, non-executive chairman of Greencoat Renewables, said: “The first half of 2026 demonstrated the resilience of Greencoat Renewables’ portfolio and business model. While generation was modestly below budget overall, our home market of Ireland, which accounts for the majority of the group’s revenues, performed in line with expectations and underpinned strong cash generation and robust dividend cover.

“The board remains focused on disciplined capital allocation, maintaining a resilient balance sheet and delivering sustainable long-term value for shareholders, while positioning the company to benefit from the opportunities for growth arising from the energy transition.”