Annual Results

February 2023

For Professional Investors Only

2022 Highlights

£560.1m / 3.2x

Strong cash generation and high dividend cover

Net cash generation / dividend cover

Power generation 5% below budget

4,362GWh

Power generation

High power prices and capture

£203.79/MWh / 11% capture discount

Average day ahead power price, N2EX

RPI linked dividend

£178.9m / 7.72p per share

Dividends declared with respect to the period

£340m of reinvestment

1,610MW

Total generating capacity

Outstanding commitments (South Kyle and Kype Muir Extension)

269MW

Committed investment

NAV increased to 167.1p per share, an increase of 33.6p

£3,873.2m

Net Asset Value

NAV has increased on a real basis since listing

68.5% vs RPI of 44.9%

NAV growth vs RPI inflation

Total debt of £1,780m(1)

with £600m RCF partially drawn (£200m)

31%

Gearing (percentage of GAV)

£3,523.5m

Market capitalisation

Market capitalisation

Continued delivery of simple, low risk and proven strategy

Note: all numbers to or at 31 December 2022; (1) sum of fixed rate term debt (£900m), drawn RCF (£200m) and UKW's share of Hornsea 1 Holdco debt (£680m)

2

Simple Model

Equity

Total

Debt

reinvestment

£653m

6-45 wind

Generating capacity increased

farms

from 127 to 1,610MW(1) since IPO

18.8TWh

Total renewable electricity produced

£1,438m

Total cash generated

£785m Total dividends paid or declared

"Annual dividend increasing with RPI inflation and real NAV preservation''

Note: from IPO to 31 December 2022

3

Track Record of Consistent Delivery

Period

Production

Cash Generation

Dividend(1)

Dividend

Dividend

RPI

NAV Growth

Cover(2)

growth

2013(3)

292GWh

£21.6m

£14.2m (4.50p)

1.8x

-

1.9%

2.5%

2014

565GWh

£32.4m

£24.8m (6.16p)

1.6x

1.9%

1.6%

2.5%

2015

799GWh

£48.3m

£29.6m (6.26p)

1.7x

1.6%

1.2%

0.5%

2016

978GWh

£49.0m

£38.8m (6.34p)

1.4x

1.2%

2.5%

4.0%

2017

1,457GWh

£80.1m

£57.3m (6.49p)

1.5x

2.5%

4.1%

2.4%

2018

2,003GWh

£117.3m

£74.8m (6.76p)

1.6x

4.1%

2.7%

10.8%

2019

2,385GWh

£127.7m

£100.4m (6.94p)

1.4x

2.7%

2.2%

-1.4%

2020

2,952GWh

£145.2m

£118.7m (7.10p)

1.3x

2.2%

1.2%

0.6%

2021

2,933GWh

£256.8m

£148.0m (7.18p)

1.9x

1.2%

7.5%

9.4%

2022

4,362GWh

£560.1m

£178.9m (7.72p)

3.2x

7.5%

13.4%

25.4%

RPI linked dividend, well covered by RPI linked cash flows

Notes: (1) dividends declared with respect to the period; (2) dividend cover as reported; (3) 27 March to 31 December 2013

4

Operational and Financial Performance

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Disclaimer

Greencoat UK Wind plc published this content on 23 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 February 2023 07:12:03 UTC.