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

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.