Greencoat Renewables (LON: GRP), a euro-denominated renewable energy infrastructure company that owns wind and solar assets mainly in Ireland, reported a return to statutory profit today. Profit after tax was €11.9 million for the six months to 30 June 2026, reversing a €68.0 million loss a year earlier.
Shares fell to €0.754 in early trade, down 3.7% from Friday’s close of €0.783 and matching the session low, after opening at €0.762 and touching €0.804 intraday. The results were published via RNS before markets opened today.
The drop points to markets weighing the operational shortfall more heavily than the profit turnaround. Generation of 1,851 GWh ran 6% below budget, driven mainly by weak wind resource, though Ireland, which accounts for the majority of Group revenue, performed in line with expectations.
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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 dividend of 3.41 cents per share was maintained, in line with the full-year target, and covered 1.6 times by net cash generation of €59.8 million. The company has bought back €50 million of shares since March against a €100 million target, part of what Byrne called “a self-funded plan designed to enhance shareholder returns while maintaining balance sheet discipline”.
At the 30 June 2026 period-end, shares traded at a 24% discount to net asset value of 97.2 cents per share, down from 99.0 cents in December 2025.
