Greencoat UK Wind PLC (LON:UKW) reported a flat total return for the third quarter.
The net asset value (NAV) per share as of September 30, 2025 amounted to
140,7p.
The renewable energy fund was negatively impacted by below-plan power generation in the seasonally weak quarter. Due to lower wind volumes, actual generation was 5% below expectations.
5 % below expectations.
The main positive contributions to the development of the NAV included the net inflows of funds
(+0.8% of the initial NAV), updated inflation assumptions
(+0.4%) and share buybacks
(+0,3 %). These positive effects were offset by burdens from depreciation
(-1.0%), lower assumptions for the development of electricity prices
(-0.6%) and mark-to-market valuations of liabilities (-0.1%).
(-0.1 %).
Cash generation was weaker compared to other quarters, which is partly due to lower than planned generation and a delay effect from the second quarter, in which generation was also below plan. Income from electricity prices is received with a one-month delay, while subsidy income is received with a delay of three to four months.
Despite the shortfall in generation, the company expects only a minor impact on dividend coverage for the year as a whole.
dividend cover for the year as a whole, which amounted to
1.4 times. This limited impact is due to the fact that the proportion of annual cash flows received in the third quarter is usually low.
The valuation effects from electricity prices and inflation largely balanced each other out. The weakness in electricity prices is likely to have impacted the medium-term part of the forecasts, while strong inflation reflected higher prices for RPI swaps.
As at September 30, 2025, the Greencoat UK Wind Group's total debt amounted to
2,138 million, resulting in a debt ratio of
41.1% of the gross asset value.
