Gore Street Energy Storage Fund (GSF) H1 2026 earnings summary

Executive summary

• Interim results for the six months ending 30 September 2025 show a NAV per share of 90.1p, reflecting a 12% decrease driven by lower revenue curves in key markets.

• Operational capacity reached 643.1 MW with 94%+ availability, as all construction assets were energized and US assets (Texas and California) brought online.

• Portfolio is highly diversified across GB, Ireland, California, Texas, and Germany, totaling 1.16 GW.

• Board refresh and succession advanced, with new chair and directors appointed following shareholder engagement and an activist challenge.

• Comprehensive strategy review led to asset monetisation plans, cost reductions, and a revised capital allocation strategy focused on asset sales, augmentations, and revenue optimisation.

Financial highlights

• NAV per share declined from 102.8p to 90.1p, the largest single-period drop since IPO, mainly due to revised revenue assumptions and fund expenses.

• Total revenue for the period was £16.74m, with operational EBITDA of £8.6m (51% margin).

• Annualised dividend yield was 8.5%, with 2.19p per share declared for the period, including a special dividend.

• Gearing stood at 18.3% of gross asset value, with £101.95m in debt drawn.

• Group cash of £50.5m and undrawn debt capacity of £41.7m support reinvestment and growth.

Outlook and guidance

• Management expects continued pressure on merchant revenues due to increased storage buildout, especially in Texas and California.

• Contracted revenue expected to comprise over 25% of CY2026 revenue, reducing merchant risk.

• Augmentation of key GB and Irish assets to two-hour duration is underway, with Stony and Ferrymuir upgrades scheduled for FY2026 Q3.

• Middleton project in GB progressing through the LDES scheme, targeting 800 MWh capacity and 20 years of revenue certainty.

• Focus remains on cost reduction, revenue optimization, capital recycling, and prudent leverage management.