Greencoat Renewables keeps dividend target after swing back to profit

Greencoat Renewables PLC reported on Monday it restored interim profit and affirmed its full-year dividend guidance.

The Dublin-based renewable energy infrastructure investor swung to a pretax profit of EUR13.8 million for the six months that ended June 30 from a loss of EUR66.9 million a year earlier.

Income was ZAR42.5 million, flipped from a loss of EUR37.4 million.

Greencoat said the 1,851 gigawatt-hour of renewable electricity generated during the first half was 6% below budget due to lower wind resource predominantly in first quarter.

Ireland, which represents the majority of total revenue, performed in line with expectations, the company said.

Greencoat maintained its interim dividend at 3.41 euro cents and indicated that its dividend target of 6.81 cent for 2026 remains unchanged.

Additionally, from March to Thursday last week, Greencoat bought back 36.1 million shares for EUR27.3 million as part of its EUR50 million buyback programme.

Earnings per share and headline EPS were both 1.08 euro cents, swung from loss of 6.11 cents.

As at June 30, net asset value per share was 97.2 euro cents, down 3.8% from 101.0 cents at June 30, 2025, and 1.8% lower than 99.0 cents at December 31, 2025.

Greencoat said it remained focused on narrowing the discount to NAV in the near term, recycling capital into new value-accretive growth opportunities, and maintaining an "attractive" dividend.

Greencoat shares were down 2.0% to EUR0.77 in London early Monday. They were untraded at ZAR14.55 in Johannesburg.

The company said it has entered the second half of 2026 with a resilient and highly cash-generative portfolio.

It said it is well positioned to capitalise on the opportunities created by the energy transition, increasing electrification and growing demand for renewable power and related infrastructure.

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