Gore Street Energy Storage Fund (GSF) H2 2026 earnings summary

Executive summary

• NAV per share declined to 74.9p from 102.8p year-over-year, mainly due to lower revenues and revised third-party forecasts.

• New Board and strategy implemented, focusing on capital recycling, cost efficiencies, and strong shareholder distributions.

• Portfolio consists of 28 assets across five geographies, with 1.16 GW total capacity and 643.11 MW operational.

• Dividend policy targets 7p per share annually, with a yield of 13.3%.

Financial highlights

• Revenue rose to £36.27m, but average revenue per MW/hr declined to £7.32, reflecting challenging market conditions.

• Total adjusted fund earnings dropped to £5.96m from £9.8m last year.

• Gearing increased to 21.9% of GAV (from 17.8%).

• Group cash stood at £51.6m, with £37.8m undrawn debt capacity and £105.8m total drawn debt.

• NAV fell to £378.3m from £519.3m year-over-year.

Outlook and guidance

• Strategy centers on capital recycling, asset disposals, and higher-return opportunities at a 15% IRR.

• Quarterly dividend distributions planned, with 1.75p per quarter.

• Augmentation projects on two GB assets are on track, targeting 130 MWh by year-end.

• Failure to meet KPIs or complete asset sales may risk dividend payments and bring forward a continuation vote.