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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Gresham House Energy Storage Fund
Gresham House Energy Storage Fund (GRID) investor relations material
Gresham House Energy Storage Fund H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary23 Sep, 2026
Executive summary
NAV per share increased 15.8% to 131.30p as of 30 June 2026, driven by revaluation of 397MW of projects under construction after securing financing and starting construction.
Over 1GW of new capacity acquired or conditionally acquired, with 397MW fully funded and in construction, and 777MW in the pipeline.
Strategic partnership with Summit Transition Partners (STP) brought in equity at a premium and reduced capital requirements for new projects, with STP acquiring 25% stakes in key projects.
Revenues and EBITDA rose 9.5% and 14.5% year-over-year, respectively, despite some assets being offline for maintenance and augmentation.
Alternative Revenues strategy exceeded expectations in pilot, with plans to scale up and target £25mn incremental annualised EBITDA.
Financial highlights
NAV: £747.2mn (up from £645.0mn at Dec 2025 and £612.9mn at Jun 2025); NAV per share: 131.30p (up from 113.34p at Dec 2025).
Revenue: £34.7mn (up 9.5% year-over-year); EBITDA: £23.5mn (up 14.5% year-over-year); EBITDA margin: 68% (up from 65% in H1 2025).
Net debt: £171.4mn (22.9%–23% of NAV), well below the 50% policy maximum.
Operational capacity: 1,072MW/1,853MWh (up from 945MW/1,447MWh in Jun 2025); augmentations added 152MWh in H1 2026.
Contracted revenues now 61% of total, up from 35% in H1 2025, de-risking the revenue profile.
Outlook and guidance
Focus on delivering construction and augmentation programmes, scaling Alternative Revenues, and advancing pipeline financing.
Revised Growth Plan prioritises new projects over augmentations, requiring only £25mn of equity and targeting annualised EBITDA of £141mn by late 2029.
Ofgem's provisional 25-year LDES contract for Ocker Hill and ongoing NESO reforms expected to support long-term revenue stability.
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Latest events from Gresham House Energy Storage Fund
- NAV/share rose 24.2%, with strong operating results and a growing commissioning pipeline.GRID
H1 2022 - NAV per share rose 33.1% as battery capacity growth offset market and delivery pressures.GRIDH2 2022
- NAV per share up 15.8% to 131.30p, with strong EBITDA growth and expanded project pipeline.GRIDH1 2026 TU
- Strong H2 recovery, 20% revenue growth, and refinancing to unlock new projects and dividends.GRIDH2 2024
- £141m EBITDA targeted by 2029, with 90% less equity and 50% NAV uplift projected.GRIDCMD 2026
- FY2025 revenue and EBITDA grew as capacity topped 1GW, while queue delays temper expansion.GRIDH2 2025
- Revenue and EBITDA surged as operational capacity exceeded 1GW, with NAV per share stable.GRIDH1 2025
- Three-year plan targets £150m EBITDA by 2027, leveraging growth, innovation, and partnerships.GRIDCMD 2024
- NAV and EBITDA fell, but capacity and contracted revenues rose, supporting future recovery.GRIDH1 2024
Next Gresham House Energy Storage Fund earnings date
H2 202620 Apr, 2027
Gresham House Energy Storage Fund
Next Gresham House Energy Storage Fund earnings date
H2 202620 Apr, 2027
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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.