Gresham House Energy Storage Fund (GRID) delivered strong H125 operational performance, with underlying portfolio revenues up 76.9% y-o-y to £31.7m and EBITDA rising 97.6% to £20.5m, driven by improving revenue rates and increased operational capacity, which has now reached 1,072MW. Despite this, NAV per share declined 1.5% to 107.71p, primarily due to further reductions in third-party revenue forecasts (negative 11.54p impact), which was largely offset by operational improvements and cash generation. The board has prioritised reinvestment over near-term cash distributions to shareholders, announcing minimal dividends through 2026. The focus is on funding the three-year plan, which aims to double capacity to 3.5GWh by 2027-28. This strategy reflects management's confidence in the substantial value-creation potential during the company's current growth phase. At 30 June 2025, GRID's net debt stood at £111.8m. Management further highlighted its confidence in the industry outlook, including the National Energy System Operator's commitment to use more batteries in its system.Den vollständigen Artikel lesen ...
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