Sparks - Gresham House Energy Storage Fund

Gresham House Energy Storage Fund (GRID) reported unaudited NAV per share of 113.34p as of 31 December 2025, up 3.7% y-o-y (31 December 2024: 109.35p) and down 2.0% in Q4. NAV per share increased 3.99p over the full year, with positive company actions contributing 13.63p and portfolio cash generation adding 5.35p. These gains were partially offset by a 15.61p reduction driven by falling third-party revenue curves. The weighted average discount rate tightened marginally to 10.33% (FY24: 10.73%).

In FY25, operational portfolio revenue rose 29.9% y-o-y to £60.4m and EBITDA increased 33.4% y-o-y to £38.8m, delivering an EBITDA margin of 64.2% (FY24: 62.5%). Revenue per MW improved to £68.6k/MW/year from £59.8k/MW/year in FY24, reflecting stronger performance across the existing fleet on a largely fixed cost base.

Three new projects, Melksham (100MW/200MWh), West Bradford (87MW/174MWh) and Shilton Lane (40MW/80MWh), became fully operational during the year, lifting total operational capacity by 26.9% to over 1GW. Long-term floor contracts are now in place on 939MW of the portfolio, providing downside protection as revenue curves continue to fall. Publication of GRID’s annual results are expected in April 2026.