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Investor Relations14 Oct 2025
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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 substantial year-over-year growth in both revenue and EBITDA, with EBITDA up 97.6% and revenue also increasing, driven by expanded operational capacity and improved revenue rates since early 2024.
Operational portfolio reached 1,072MW/1,701MWh post-period end, representing the first 1GW battery storage portfolio in Great Britain and 18% market share by MW.
Completed refinancing with a £220mn, seven-year amortising loan at SONIA +225bps, unlocking £45mn for growth and reducing interest margin from 300bps.
Dividend policy reinstated with low payouts 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 £20.5mn, with revenue up 76.9% to £31.7mn 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.
Portfolio debt increased to $220 million/£220mn following refinancing, with a reduced spread from 300 to 225 basis points.
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.
Dividends set at 0.11p/share for 2025 and 0.25p/share for 2026, with higher, fully covered dividends from 2027.
Additional project finance facilities being arranged for new pipeline construction.
Scenario analysis suggests free cash flow per share could reach 10p or higher, with upside if merchant rates improve.
Ongoing regulatory changes and market reforms are anticipated to reduce skip rates and enhance battery 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?
Expected impact of OBP and Ofgem rule changes?
Strategy to narrow the NAV discount.
Explain profitability of new construction projects.
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Next Gresham House Energy Storage Fund earnings date
H2 202522 Apr, 2026
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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