<p>RNS 编号：7614U Greencoat UK Wind PLC2026 年 2 月 27 日</p>
<p>Greencoat UK Wind (UKW)</p>
<p>2026 年 2 月 27 日</p>
<p>来自 Kepler Trust Intelligence 的结果分析</p>
<p>尽管承认情绪方面的挑战背景，以及回报方面令人失望的一年，但在我们看来，这是一组来自 Greencoat UK Wind (UKW) 的自信结果。在 2025 年，UKW 的净资产价值（NAV）每股下降了 17.8 便士，降至 133.5 便士，下降幅度为 11.8%。最显著的影响是电价预测的下调，主要是由于全年天然气价格的下跌。考虑到折扣扩大，基于股价和考虑到股息的股东总回报为-4.9%。</p>
<p>本年度宣布的股息总额为每股 10.35 便士，代表股息覆盖率为 1.3 倍。自上市以来，股息已连续 12 年按零售价格指数（RPI）或更高水平增长，这意味着 UKW 是少数几家实现这一目标的 FTSE 250 公司之一。此外，约 10 亿英镑的超额现金流已被再投资于投资组合中。</p>
<p>与市场情绪形成对比的是，UKW 的折扣逐渐扩大（目前约为 30%），但英国的电力需求基本面似乎比以往任何时候都更加光明。管理团队强调，交通（电动车）和供热的电气化，以及数据中心的需求，意味着在相对较短的时间内，英国需要显著更多的电能。风能资产是提供这种供应的相对快速且具有成本效益的方式（例如，比较最近 CfD 拍卖中陆上风能的成本为 72 英镑/兆瓦时，而英国政府最新的天然气估算为 147 英镑/兆瓦时）。</p>
<p>自首次公开募股（IPO）以来，UKW 强劲的回报特征和资本结构提供了 1.7 倍的总股息覆盖率。过去两年，股息覆盖率降至 1.3 倍，但团队预测在未来五年内将恢复至 1.8 倍。我们认为，UKW 明确的股息政策，即支付与消费者价格指数（CPI）通胀相一致的股息，是其一个关键特征。此外，UKW 结构性较高的股息覆盖率意味着它在电价下行情景中提供了显著的韧性，并且仍有选择将多余的现金流用于新投资、回购或减少债务。我们注意到 UKW 打算继续回购股票，表明董事会对资产负债表的强劲信心。自 12 年前推出以来，UKW 已实现 178% 的净资产总回报，但目前股价低于其首次公开募股价格。然而，正如管理者所强调的，英国利用风能满足激增需求的理由无疑变得更强。任何缩小 30% 折扣的举动都将增加基础资产的强劲潜在回报。</p>
<p>点击此处阅读完整报告</p>
<p>访问 Kepler Trust Intelligence 获取更多高质量的独立投资信托研究。</p>
<p>重要信息</p>
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<p>Greencoat UK Wind (UKW) 报告称，2025 年的净资产值（NAV）下降了 11.8%，降至每股 133.5 便士，主要原因是电价预测下调。尽管股东的总回报为-4.9%，但 UKW 仍保持强劲的分红政策，已宣告的分红总额为每股 10.35 便士。管理层预计在未来五年内，分红覆盖率将恢复至 1.8 倍。尽管当前股价折让约 30%，但 UKW 的基本面依然强劲，受益于电力需求的增加，特别是来自电气化和数据中心的需求</p>

<p>RNS Number : 7614U Greencoat UK Wind PLC 27 February 2026</p>
<div class="lb-trans"><p>RNS 编号：7614U Greencoat UK Wind PLC2026 年 2 月 27 日</p>
</div><p>Greencoat UK Wind (UKW)</p>
<div class="lb-trans"><p>Greencoat UK Wind (UKW)</p>
</div><p>27/02/2026</p>
<div class="lb-trans"><p>2026 年 2 月 27 日</p>
</div><p>Results analysis from Kepler Trust Intelligence</p>
<div class="lb-trans"><p>来自 Kepler Trust Intelligence 的结果分析</p>
</div><p>Whilst acknowledging the challenging backdrop in terms of sentiment, as well as the disappointing year in terms of returns, this was a confident set of results from Greencoat UK Wind (UKW), in our view. Over 2025, UKW's NAV decreased by 17.8p per share to 133.5p, a decrease of 11.8%. The most significant impact was lower power price forecasts, driven principally by falling gas prices over the year. The shareholder total return for the year, based on the share price and when factoring in dividends, was -4.9%, given the discount widening.</p>
<div class="lb-trans"><p>尽管承认情绪方面的挑战背景，以及回报方面令人失望的一年，但在我们看来，这是一组来自 Greencoat UK Wind (UKW) 的自信结果。在 2025 年，UKW 的净资产价值（NAV）每股下降了 17.8 便士，降至 133.5 便士，下降幅度为 11.8%。最显著的影响是电价预测的下调，主要是由于全年天然气价格的下跌。考虑到折扣扩大，基于股价和考虑到股息的股东总回报为-4.9%。</p>
</div><p>Declared dividends for the year totalled 10.35p per share, representing dividend cover of 1.3x. Since listing, dividends have risen by RPI or more for 12 consecutive years meaning UKW is one a few FTSE 250 companies to have achieved this. In addition, c. £1bn of excess cashflow has been reinvested in the portfolio.</p>
<div class="lb-trans"><p>本年度宣布的股息总额为每股 10.35 便士，代表股息覆盖率为 1.3 倍。自上市以来，股息已连续 12 年按零售价格指数（RPI）或更高水平增长，这意味着 UKW 是少数几家实现这一目标的 FTSE 250 公司之一。此外，约 10 亿英镑的超额现金流已被再投资于投资组合中。</p>
</div><p>In contrast to market sentiment, which has seen UKW's discount creep wider (currently c. 30%), the fundamentals for electricity demand across the UK appear brighter than ever. The management team highlighted that electrification of transport (EVs) and heat, not to mention demand from data centres, mean significantly greater electrons are needed in the UK over a relatively short period of time. Wind assets are a relatively quick and cost-effective way of providing this supply (for example compare the cost of onshore wind from the recent CfD auction of £72/MWh to the UK Government's latest estimate of gas at £147/MWh).</p>
<div class="lb-trans"><p>与市场情绪形成对比的是，UKW 的折扣逐渐扩大（目前约为 30%），但英国的电力需求基本面似乎比以往任何时候都更加光明。管理团队强调，交通（电动车）和供热的电气化，以及数据中心的需求，意味着在相对较短的时间内，英国需要显著更多的电能。风能资产是提供这种供应的相对快速且具有成本效益的方式（例如，比较最近 CfD 拍卖中陆上风能的成本为 72 英镑/兆瓦时，而英国政府最新的天然气估算为 147 英镑/兆瓦时）。</p>
</div><p>Since IPO, UKW's strong return profile and capital structure have delivered aggregate dividend cover of 1.7x. The last couple of years have seen dividend cover fall to 1.3x, but the team predict a recovery over the next five years to 1.8x. UKW's unambiguous dividend policy, of paying a dividend which rises in-line with CPI inflation is a key attribute, in our view. In addition, UKW's structurally higher dividend cover means that it offers significant resilience to downside scenarios with regards power prices, and still has options to deploy surplus cashflows towards new investments, buybacks or reducing debt. We note that UKW intends to continue to buy shares back, illustrating the confidence the board has in strength of the balance sheet. UKW has delivered impressive NAV total returns of 178% since launch 12 years ago, yet shares currently trade below their IPO price. Yet as the manager highlights, the case for the UK harnessing wind energy to meet surging demand has arguably got stronger. Any narrowing of the wide 30% discount would add to the strong potential returns from the underlying assets.</p>
<div class="lb-trans"><p>自首次公开募股（IPO）以来，UKW 强劲的回报特征和资本结构提供了 1.7 倍的总股息覆盖率。过去两年，股息覆盖率降至 1.3 倍，但团队预测在未来五年内将恢复至 1.8 倍。我们认为，UKW 明确的股息政策，即支付与消费者价格指数（CPI）通胀相一致的股息，是其一个关键特征。此外，UKW 结构性较高的股息覆盖率意味着它在电价下行情景中提供了显著的韧性，并且仍有选择将多余的现金流用于新投资、回购或减少债务。我们注意到 UKW 打算继续回购股票，表明董事会对资产负债表的强劲信心。自 12 年前推出以来，UKW 已实现 178% 的净资产总回报，但目前股价低于其首次公开募股价格。然而，正如管理者所强调的，英国利用风能满足激增需求的理由无疑变得更强。任何缩小 30% 折扣的举动都将增加基础资产的强劲潜在回报。</p>
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<div class="lb-trans"><p>点击此处阅读完整报告</p>
</div><p>Visit Kepler Trust Intelligence for more high quality independent investment trust research.</p>
<div class="lb-trans"><p>访问 Kepler Trust Intelligence 获取更多高质量的独立投资信托研究。</p>
</div><p>Important information</p>
<div class="lb-trans"><p>重要信息</p>
</div><p>This report has been issued by Kepler Partners LLP. The analyst who has prepared this report is aware that Kepler Partners LLP has a relationship with the company covered in this report and/or a conflict of interest which may impair the objectivity of the research.</p>
<div class="lb-trans"><p>本报告由 Kepler Partners LLP 发布。准备本报告的分析师意识到 Kepler Partners LLP 与本报告所涉及的公司存在关系和/或可能影响研究客观性的利益冲突。</p>
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<div class="lb-trans"><p>过去的表现并不能可靠地指示未来的结果。投资的价值可能会下跌，也可能会上升，当您决定出售投资时，您可能会收回少于您投资的金额。强烈建议如果您是私人投资者，在做出任何投资或财务决策之前，应寻求独立的财务建议。</p>
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<div class="lb-trans"><p>本网站包含的信息并不打算构成，也不应被解释为投资建议。任何人对信息的准确性或完整性不作任何明示或暗示的陈述或保证，并且对信息的准确性或充分性不承担任何责任或义务，包括任何错误、遗漏或失实陈述，无论是过失还是其他。尽管所给出的观点和意见是出于善意，但可能会在没有通知的情况下发生变化。</p>
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<div class="lb-trans"><p>这不是条款的正式确认，也不是购买、出售或采取任何与此处提到的任何投资相关的行动的推荐、要约或邀请。此处包含的任何价格或报价仅供参考。</p>
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RCS - Greencoat UK Wind - 来自 Kepler Trust Intelligence 的业绩分析