Gresham House Energy Storage Fund (GRID) H1 2026 TU earnings summary

Executive summary

• Transitioned Growth Plan from preparation to execution, acquiring or conditionally acquiring over 1GW of new capacity and fully funding three projects totaling 397MW, now under construction.

• Completed augmentations at Glassenbury and Stairfoot, adding 150MWh of operational capacity.

• Alternative Revenues strategy trial exceeded expectations and is scaling to commercial capacity by year-end.

Financial highlights

• NAV per share increased 15.8% to 131.30p as of 30 June 2026, mainly due to revaluation of 397MW under construction.

• Portfolio revenues rose 9.5% year-over-year to £34.7mn; EBITDA up 14.5% to £23.5mn.

• Revenue per operational MW decreased to £63,200/MW from £75,100/MW due to weaker merchant environment and asset downtime.

• £1.1mn in liquidated damages and £242k net revenues from Alternative Revenues contributed to results.

Outlook and guidance

• Target energisation for Monets Garden and Elland 2 in H2 2027, Cockenzie in H1 2028.

• Alternative Revenues strategy aims for £25mn incremental annual EBITDA when fully operational.

• Growth Plan revised to require only £25mn equity (down from £300mn) for a £141mn annualised EBITDA run rate.

• Final Ofgem cap and floor contract awards for Ocker Hill expected Autumn 2026.