NAV, Dividend and Government Policy Announcements

27 April 2026

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO, THE UNITED STATES (INCLUDING ITS TERRITORIES AND POSSESSIONS, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), AUSTRALIA, CANADA, NEW ZEALAND, THE REPUBLIC OF SOUTH AFRICA OR JAPAN.

GREENCOAT UK WIND PLC

(the "Company")

Net Asset Value, Dividend and Government Policy Announcements

Net Asset Value

The Company announces that its unaudited Net Asset Value ("NAV") as of 31 March 2026 is £2,897 million (134.2 pence per share), including a 2.1 pence per share reduction as a result of a post period adjustment for the removal of Carbon Price Support from April 2028.

The Company's March 2026 Factsheet is available on the Company's website, www.greencoat-ukwind.com.

The performance of the Company's assets for the quarter was strong, with wind generation 4.2 per cent above budget, and power prices ahead of expectations. Continued delivery of the Company's structurally robust cashflow will fund its 2026 capital allocation priorities and, in line with its initial priority of reducing gearing, the Company repaid £30 million of its Revolving Credit Facility at the end of March 2026.

The past two months have presented a compelling opportunity to enter into power price hedging arrangements for a portion of the Company's merchant volume. At the start of 2026, the Company had merchant power exposure of 4.5TWh pa. Over the past quarter, the Company entered into hedges for 1TWh of power sales through to March 2027. As a result, for the next 12 months, 68 per cent of the Company's cashflows are fixed in nature.

These hedges have secured power prices at NAV accretive rates, and together with above budget generation, serve to further underpin full year dividend cover expectations, whilst retaining a balanced exposure to merchant power prices in the near term.

Dividend

The Company also announces a quarterly interim dividend of 2.68 pence per share with respect to the quarter ended 31 March 2026, in line with the annual dividend target of 10.70 pence per share for 2026.

Dividend Timetable

Ex-dividend date         14 May 2026

Record date                 15 May 2026

Payment date               29 May 2026

Government Policy Announcements

Last week the Government released a number of UK energy policy statements, including changes to the Electricity Generator Levy ("EGL"), the introduction of Wholesale Contracts for Differences ("Wholesale CFDs") for operational renewable energy projects and its Reformed National Pricing Delivery Plan.

EGL

The EGL was introduced in January 2023 and applies a 45 per cent tax to exceptional revenues from the sale of power. The electricity price above which the tax applies currently stands at £82.61 / MWh. The rate of tax has now been increased to 55 per cent with effect from 1 July 2026 and the tenor of the EGL, which was due to expire on 1 April 2028, will be extended.

In 2023, the Company (and its group) paid £14 million of EGL in respect of elevated power revenues received in 2023. At today's forecast power prices, the net power price that the Company expects to receive for all future forecast periods is lower than the threshold.

Wholesale CfDs

The Company, and Schroders Greencoat LLP the ("Manager"), have for some time advocated for the introduction of a Wholesale CfD mechanism. It has the potential to address the long-term challenge of how the wholesale electricity market functions as low marginal cost generators become the majority. It could provide both meaningful savings to consumers and attractive, inflation-linked cashflows conducive to sustained investment in UK renewables.

The Company and the Manager will continue to engage with the Government to ensure a balanced outcome for both consumers and generators. The Manager's view is that, if implemented carefully, this mechanism could be a constructive option to use in composing the Company's revenue profile. The Company will judge how it will participate in the mechanism as conversations with the Government progress and further detail is provided.

Reformed National Pricing Delivery Plan

Following the Government's decision to retain a single wholesale electricity market, the Reformed National Pricing Delivery Plan (the "Plan") sets out how the Government plans to approach electricity market reform. It includes proposals to reduce constraint costs, improve system operability and solicits views on reforms that could sharpen locational investment signals. In considering forward-looking reforms, the Plan recognises the need to not undermine confidence in the sector. The Company will continue to engage with the Government through the consultations that follow, in particular to preserve existing investments and investor confidence.

For further information, please contact:

Greencoat UK Wind PLC                 

Matt Ridley

Stephen Packwood

John Musk (Investor Relations)                       +44 20 7832 9425

[email protected]

Headland Consultancy                                   +44 20 3805 4822

Stephen Malthouse

Charlie Twigg

[email protected]

Ocorian Administration (UK) Limited               Company Secretary

Josh Finlay                                           +44 28 9693 0219

Disclaimer

This announcement is not for publication or distribution, directly or indirectly, in or into the United States (including its territories and possessions, any state of the United States and the District of Columbia), Australia, Canada, New Zealand, South Africa or Japan. The distribution of this announcement may be restricted by law in certain jurisdictions and persons into whose possession any document or other information referred to herein comes should inform themselves about and observe any such restriction. Any failure to comply with these restrictions may constitute a violation of the securities laws of any such jurisdiction.

This announcement does not contain or constitute an offer for sale of, or the solicitation of an offer or an invitation to buy or subscribe for, Ordinary Shares to any person in the United States, Australia, Canada, New Zealand, South Africa or Japan or in any jurisdiction to whom or in which such offer or solicitation is unlawful.

The Company will not be registered under the US Investment Company Act of 1940, as amended. In addition, the Ordinary Shares referred to herein have not been and will not be registered under the US Securities Act of 1933 (the "Securities Act") or under the securities laws of any state of the United States and may not be offered or sold in the United States or to or for the account or benefit of US persons absent registration or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and in compliance with any applicable State securities laws. The offer and sale of Ordinary Shares referred to herein has not been and will not be registered under the Securities Act or under the applicable securities laws of any state, province or territory of Australia, Canada, New Zealand, South Africa or Japan. Subject to certain exceptions, the Ordinary Shares referred to herein may not be offered or sold in Australia, Canada, New Zealand, South Africa or Japan or to, or for the account or benefit of, any national, resident or citizen of Australia, Canada, New Zealand, South Africa or Japan. There will be no public offer of the Ordinary Shares in the United States, Australia, Canada, New Zealand, South Africa or Japan.