Gresham House Energy Storage Fund (GRID) H2 2025 earnings summary

Executive summary

• Operational capacity reached 1,072MW / 1,701MWh at 31 Dec 2025, up from 845MW / 1,207MWh a year earlier.

• FY2025 operational portfolio revenue rose 29.9% to £60.4mn and EBITDA increased 33.4% to £38.8mn.

• NAV per share reached 113.34p, up 3.7% year over year, despite lower third-party revenue curves.

• A three-year growth plan focuses on augmentations, pipeline projects and scaling alternative revenues.

Financial highlights

• Operational EBITDA margin increased to 64.2% in 2025 from 62.5% in FY2024.

• Contracted revenues more than doubled to £23.8mn from £11.5mn, accounting for 39% of revenue versus 25% in 2024.

• Revenue generation reached £68.6k/MW/year, up 14.7% from £59.8k/MW/year in FY2024.

• Net debt was £159mn, 25% of NAV; gross debt was £220mn.

Outlook and guidance

• 2026 plans include 350MWh of augmentations across eight projects, taking average portfolio duration toward ~2 hours; the plan targets capacity of 1.8GW.

• Alternative Revenues strategy targets £25mn incremental EBITDA by end-2027; trials more than doubled existing revenues on trial capacity, with scale-up subject to staged reviews.

• Three pipeline projects totalling 397MW / 794MWh were acquired under agreements signed in Dec 2025; project financing is expected to cover up to 70% of costs through senior debt.

• Monets Garden and Cockenzie have confirmed 2027 connections; Ocker Hill and Lister Drive are scheduled for 2029 following queue reform delays.

• Gradual return to sustainable dividends is expected as cash generation supports payouts; dividend policy remains under review.