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Gresham House Energy Storage Fund
Gresham House Energy Storage Fund (GRID) investor relations material
Gresham House Energy Storage Fund H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary24 Sep, 2025
Executive summary
Achieved first gigawatt-scale operational battery storage portfolio in Great Britain, reaching 1,072MW/1,701MWh post-period end, with 18% market share by MW and nearly 100% year-over-year EBITDA growth driven by expanded capacity and improved revenue rates.
Completed refinancing with a £220 million, seven-year amortising loan at SONIA +225bps, unlocking £45 million for growth and reducing interest margin from 300bps.
88% of operational portfolio now has long-term revenue floor contracts, enhancing revenue stability.
Capital allocation prioritised for growth and augmentations, with minimal dividends in 2025–2026 and higher, fully covered dividends expected from 2027 as new capacity comes online.
External transactions validated NAV, with a minority stake in Glassenbury sold at NAV and a peer acquired at NAV.
Financial highlights
EBITDA grew by 97.6% year-over-year to £20.5 million, with underlying operational portfolio revenue of £31.7 million (+76.9% YoY) for the six months to June 2025.
NAV per share at 30 June 2025 was 107.71p, down 1.5% from 109.35p at 31 December 2024, mainly due to lower third-party revenue forecasts.
Net debt increased to £111.8 million, with net debt to NAV at 18% and expected to remain below 30%.
EBITDA margin reached 64.7% for the period.
Share price at period end was 78.5p, narrowing the discount to NAV to 27.1%.
Outlook and guidance
Focused on delivering the Three-year Plan, including augmentations and construction of a 694MW pipeline, aiming to grow operational capacity by 70% to 1.77GW/3.44GWh over two years.
Augmentations underway are expected to add 350MWh across eight projects, with further expansions planned.
Dividend policy prioritizes reinvestment, with minimal dividends in 2025 and 2026, and higher, fully covered dividends expected from 2027.
Additional project finance facilities being arranged for new pipeline construction.
Ongoing regulatory improvements by NESO and Ofgem are anticipated to further enhance revenue opportunities.
Why did NAV decline despite strong H1 EBITDA?
Impact of new floor contracts on future NAV?
How will BESS skip rates improve utilization?
How will OBP and rule changes impact revenue curves?
What is the Gate 2 process impact on project timelines?
Alternative strategies to close NAV discount?
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Next Gresham House Energy Storage Fund earnings date
H2 202522 Apr, 2026
Gresham House Energy Storage Fund
Next Gresham House Energy Storage Fund earnings date
H2 202522 Apr, 2026
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Frequently asked questions
Gresham House Energy Storage Fund plc is a United Kingdom-based closed-ended investment company active in the renewable energy sector. Its principal activity involves investing in special purpose vehicles that manage a diversified portfolio of operational utility-scale battery energy storage systems across Great Britain. These systems, which may also include generators, are crucial for balancing supply and demand in the energy grid, especially given the intermittent nature of renewable energy sources. The company aims to provide shareholders with a sustainable dividend over the long term and the opportunity for capital growth by re-investing net cash generated in excess of the target dividend. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.
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