Gore Street Energy Storage Fund (GSF) H2 2025 earnings summary

Executive summary

• Achieved strong annual results with revenue over £35 million and EBITDA of £21 million, supported by a growing portfolio now at 753 MW in operation across five energy systems.

• Sustained growth and strong returns focused on NAV and dividend growth through augmentation and incremental capacity across a diversified portfolio.

• Proprietary technology and integrated management delivered outperformance versus sector benchmarks.

• Efficiency gains realized through revised management agreements and data-led asset management, reducing costs and operational overheads.

• Strategic partnerships and third-party capital mobilization continue to support portfolio scaling.

Financial highlights

• Revenue exceeded benchmark by 11%, with portfolio-wide average of £10/MWh and strong outperformance in several markets.

• NAV per share at 31 March 2025 was 102.8p, down from 107.0p the previous year.

• Operational EBITDA for FY24/25 was £28.4m.

• Dividend yield for FY24/25 was 9.5%, compared to 11.6% in FY23/24.

• Cash or cash equivalents at year-end were £30.5m, compared to £60.7m the previous year.

Outlook and guidance

• Minimum dividend for FY2026 set at £0.0225 per share, fully covered by operational cash flow, with potential for upward adjustment if revenues improve.

• Focus for the next 12 months includes expanding asset base, driving revenue growth, optimizing cost efficiencies, and mobilizing external capital.

• Board announced a target minimum quarterly dividend of 0.75p per share from Q2 FY25/26, aligned with operational cashflows.

• Special dividend of 3.0p to be paid by year-end, split into two payments based on ITC proceeds.

• Augmentation of two UK assets planned, with CapEx of £18–22 million, expected to increase free cash flow for distribution by up to 25%.