Wind and solar energy group Greencoat Renewables has today reported profits after tax of €11.9m for the first half of the year, up from a loss of €68m the same time last year.
That was despite the renewables company's infrastructure generating slightly less energy than had been expected in the period.
Greencoat said it generated 1,851 GWh of renewable electricity in the six months to the end of June, with production 6% below budget due to lower wind resources mainly in the first quarter of 2026.
But it added that its operations in Ireland, which represents the majority of total revenues, performed in line with expectations.
Greencoat Renewables said its earnings and headline earnings increased to 1.08 cents per share compared to a loss of 6.11 cents in the first half of 2025.
During the six month period, it completed the step up to the main board of the Johannesburg Stock Exchange as part of its wider equity capital markets strategy.
Bernard Byrne, the non-executive Chairman of Greencoat Renewables, said that the first half of 2026 demonstrated the resilience of its 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," Mr Byrne said.
Mr Byrne said the company introduced a revised capital allocation framework with a self-funded plan in March designed to enhance shareholder returns while maintaining balance sheet discipline and supporting long-term value creation.
"Since then, we have announced €50m of share buyback programmes, representing half of our €100m capital return objective. Alongside this, we have continued to advance portfolio optimisation and initiated formal asset sale processes, whilst assessing hybridisation and development opportunities that have the potential to create additional sources of future value," he said.
"The board remains focused on disciplined capital allocation, maintaining a resilient balance sheet and delivering sustainable long-term value for shareholders, while positioning the company to benefit from the opportunities for growth arising from the energy transition," he added.
Shares in Greencoat Renewables rose in Dublin trade today.
