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

Executive summary

• Achieved significant growth in 2025, increasing operational capacity to over 1 GW and laying the foundation for a three-year plan focused on augmentations, new projects, and alternative revenues.

• Strong turnaround in financial performance, with share price up over 70% and substantial increases in revenue and EBITDA.

• Successfully raised project-level capital at NAV valuation and completed refinancing at lower interest rates and longer maturities.

• Substantial progress on augmentations, with two completed and six more in progress, and 90 MW being brought back online.

• Alternative revenue streams trialed and set to scale, targeting £25 million incremental EBITDA over three years.

Financial highlights

• Portfolio revenue increased 30% year-over-year to £60 million in 2025.

• Portfolio EBITDA rose 33% to £38.8 million, despite some assets being offline.

• NAV per share up 3.7%, even after a £0.16 haircut from forward revenue curves.

• Contracted revenues more than doubled to over 40% of total revenue.

• Net debt to NAV at £159 million (25% of NAV); gross debt at £220 million.

Outlook and guidance

• Three-year plan targets nearly doubling portfolio duration to close to two hours and growing capacity to 1.8 GW.

• Expectation to scale alternative revenues to 50% of operational capacity by year-end.

• Pipeline of new projects (397 MW signed, 297 MW to sign) to enter construction, with 70% senior debt financing.

• Anticipated continued growth in contracted revenues and risk-adjusted returns.

• Gradual return to sustainable dividends as cash generation supports payouts.