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

Executive summary

• NAV per share rose 15.8% to 131.30p at 30 June 2026, reflecting revaluation of projects after construction commenced.

• 397MW across three projects was fully funded and under construction; a further 777MW was conditionally acquired, taking new capacity acquired or conditionally acquired above 1GW.

• Revenues and EBITDA grew year over year, while contracted revenues increased to 61% of total.

Financial highlights

• Revenue was £34.7mn, up 9.5% from £31.7mn in H1 2025; EBITDA was £23.5mn, up 14.5% from £20.5mn.

• EBITDA margin improved to 68% from 65%, supported by cost efficiencies.

• Total NAV was £747.2mn, up from £645.0mn at December 2025; NAV per share rose from 113.34p to 131.30p.

• Net debt was £171.4mn, or 22.9% of NAV, below the 50% policy limit.

• Contracted revenues rose to 61% of total from 35% in H1 2025.

Outlook and guidance

• Revised Growth Plan prioritises new projects over augmentations, reducing required equity from £300mn to £25mn and targeting £141mn annualised EBITDA by late 2029.

• Alternative Revenues strategy targets £25mn incremental annualised EBITDA, with scaling to 20MW by year-end 2026 and half the portfolio by 2027.

• The three projects under construction target grid energisation in H2 2027; Monets Garden is expected first.

• Ocker Hill was provisionally included in Ofgem’s LDES cap-and-floor awards; final decisions were expected in autumn 2026.

• The 777MW pipeline is progressing toward construction readiness; Rayleigh awaited a NESO Gate 2 offer.