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Gresham House Energy Storage Fund (GRID) investor relations material
Gresham House Energy Storage Fund H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary24 Sep, 2025
Executive summary
Achieved nearly 100% year-over-year EBITDA growth and strong revenue increase, driven by expanded operational capacity and improved revenue rates in H1 2025 compared to H1 2024.
Reached 1.1 GW operational scale, with a clear three-year plan focused on augmentations and pipeline execution to reach 1.8 GW at two-hour duration.
Completed refinancing with a £220mn, seven-year amortising loan at SONIA +225bps, unlocking £45mn for growth and reducing interest margin from 300bps.
Prioritised capital allocation to growth, with low dividends in 2025–2026 and higher, fully covered dividends expected from 2027 as new capacity comes online.
External transactions validated NAV, with a minority stake in Glassenbury sold at NAV and a peer acquired at NAV.
Financial highlights
EBITDA grew by 97.6% year-over-year to £20.5mn, with revenue up 76.9% to £31.7mn for the six months to June 2025.
NAV per share at 30 June 2025 was 107.71p, down 1.5% from 109.35p at 31 December 2024.
Portfolio debt at £160 million drawn from a £175 million facility as of H1 2025, later upsized to £220 million.
EBITDA margin reached 64.7% for the period.
Free cash flow projected to exceed 10p per share by 2028 after capacity expansion.
Outlook and guidance
Focused on completing augmentations and starting construction on new pipeline projects by year-end or early next year.
Dividends set at 0.11p/share for 2025 and 0.25p/share for 2026, with higher, fully covered dividends from 2027.
Revenue mix shifting towards trading as frequency response matures; trading revenues expected to grow.
Additional project finance facilities being arranged for new pipeline construction.
Regulatory changes and new balancing platforms anticipated to reduce skip rates and improve battery utilization.
Why did NAV decline despite strong H1 EBITDA?
Impact of new floor contracts on future NAV?
How will BESS skip rates improve utilization?
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Next Gresham House Energy Storage Fund earnings date
H2 202522 Apr, 2026
Next Gresham House Energy Storage Fund earnings date
H2 202522 Apr, 2026
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Frequently asked questions
Gresham House Energy Storage Fund plc is a United Kingdom-based closed-ended investment company active in the renewable energy sector. Its principal activity involves investing in special purpose vehicles that manage a diversified portfolio of operational utility-scale battery energy storage systems across Great Britain. These systems, which may also include generators, are crucial for balancing supply and demand in the energy grid, especially given the intermittent nature of renewable energy sources. The company aims to provide shareholders with a sustainable dividend over the long term and the opportunity for capital growth by re-investing net cash generated in excess of the target dividend. The company is headquartered in London, United Kingdom, and its shares are listed on the London Stock Exchange.
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