REG - Gore Street Energy - Half-year Financial Report
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RNS Number : 4732L Gore Street Energy Storage Fund PLC 15 December 2025
15 December 2025
Gore Street Energy Storage Fund
('Gore Street' or the 'Company')
Interim Results
NAV and Dividend Declaration
Key Highlights
Financial:
· Net Asset Value ("NAV") per ordinary share of 90.1 pence (31
March 2025: 102.8p), primarily driven by adjustments to third-party forward
revenue curves for GB and US markets.
· NAV total return for the period was -10.6%, bringing NAV total
return since IPO to 31.6%.
· Dividends declared for the period of 2.19 pence per share,
including a 1.5 pence special dividend. This represents an annualised dividend
yield of 8.5% based on the 30 September share price
· A special dividend of 1.5 pence per share was paid on 31 October
2025, linked to the monetisation of the Big Rock Investment Tax Credit (ITC);
The second special dividend of 1.5 pence per share will also be paid out of
ITC proceeds. The proceeds have been received and are being held in a
lender-controlled account until certain project financing conditions are met.
Once these are satisfied and funds are released, the dividend will be
declared.
· The weighted average discount rate applied to the portfolio was
10.2% (31 March 2025: 10.2%).
· Group cash at period end: £50.5 million.
· Group debt drawn: £101.95m with a debt to GAV ratio of 18.3%.
· The Board has today declared a dividend of 0.69 pence per share
for the quarter ended 30 September 2025. The dividend is fully covered by
operational cash flow.
£ million Pence Per Share
Opening NAV (31 March 2025) 519.3 102.8
Underlying portfolio return (Rollover & Actuals) +7.6 +1.5
Revenue curves -51.3 -10.2
Discount rate & opex -7.1 -1.4
Fund expenses -6.3 -1.2
Dividends paid -10.1 -2.0
Other valuation movements +3.2 +0.6
Closing NAV (30 September 2025) 455.3 90.1
Operational:
· Operational capacity increased to 643.1 MW (31 March 2025: 417.1
MW).
o All assets under construction have been completed; Dogfish in Texas
(75MW), Big Rock in California (200MW) and Enderby in GB (57MW), with Dogfish
and Big Rock becoming fully operational during the period.
o The Enderby asset is not yet fully operational and is not yet realising
its full revenue potential due to technical issues, which are being addressed
in consultation with the EPC contractor and NESO.
· Total portfolio revenue: £16.7 million (30 September 2024:
£15.2 million)
o The increase in revenue has been driven by additional operational
capacity, with initial revenues from the Big Rock asset located in California
during the period and continued strong revenues from the German and Irish
assets.
o The GB market has seen a material improvement from the lows seen over
FY24/25, however, both the delay in the Enderby asset becoming fully
operational and the poor performance from the Texas market, which has
underperformed expectations by as much as c.90% have weighed on overall
revenue generation.
· Average revenue over the period was £67.9k per MW/year (H1 24:
£82.7k per MW/yr).
· Operational EBITDA: £8.6 million (30 September 2024: £8.6
million).
· Asset availability over the period averaged 94.3%.
· An EPC contract was successfully signed post-period for the
augmentation of two of the Company's GB assets (Stony and Ferrymuir) to
increase their duration from one to two hours. The assets are scheduled to be
completed in FY 2026 Q3.
· In addition to the reported total earnings during H1 2025, which
fully covered the declared half-year dividend of 0.69 pence per share, the
Company is pursuing further liquidated damages for delays to certain assets.
These damages compensate for lost revenue and are calculated at an hourly MW
rate. As these additional amounts are not reflected in reported revenue or
dividend cover for the period, they remain outside the current figures.
However, for illustration, if all liquidated damages considered owed were
accrued, fund earnings would have supported a dividend of c.1.32 pence per
share for the period.
Capital Allocation
The Company's strategy remains focused on four key areas:
· Selective sale or co-investment of pre-construction assets:
The sale or co-investment of the 495 MW pre-construction portfolio is
progressing with a sell side advisor appointed, beginning with the sale of the
22 MW Cremzow asset in Germany.
· Augmentation of select GB and Irish assets:
Augmentation is underway at the Stony (79.9 MW) and Ferrymuir (49.9 MW) sites,
upgrading both from 1-hour to 2-hour duration. EPC contracts for these
augmentations were successfully signed post period, with construction
scheduled to be completed by Q3 FY2026. The total cost is at the lower end of
the previously guided £18-22 million range. Based on the disclosed curves
within the Interim report, GB assets with a two-hour duration are expected to
generate a c.30% revenue premium compared to one-hour GB assets.
· Revenue optimisation through GSET platform onboarding:
As at 30 September 2025, c.192 MW of assets had been onboarded to the GSET
trading platform, which continues to consistently outperform the Modo
benchmark.
· Cost reduction across the portfolio:
The Board and the Investment Manager are committed to delivering further cost
reductions, supported by the revised fee structure for the Investment Manager
effective from 1 October 2025, and ongoing operational savings in areas such
as insurance, where a c.£600k annual saving has been made, with further
savings expected from reduced financing costs.
Shareholder Engagement:
The Company has engaged extensively with shareholders, including activist
investors, and is grateful for the continued support of shareholders. GSF
remains committed to improving returns and has in place a clear strategy to
drive increased value for shareholders. The Board intends to hold another
round of formal shareholder engagement toward the end of the current financial
year to update on progress against the outlined strategy.
Market Outlook
Battery Energy Storage Systems remain fundamentally a predominantly merchant
asset class, which naturally brings periods of higher and lower returns.
However, the underlying fundamentals remain robust: capital expenditure costs
have declined rapidly, and utilisation is increasing across multiple markets,
such as the Scheduling Dispatch Programme in Ireland and the widely reported
balancing mechanism changes in GB, as well as rule changes across the other
markets the Company is exposed to, designed to increase market efficiency.
Growing load and deeper integration of renewables continue to drive demand,
which in turn continues to lead to an increase in the procurement volumes of
the essential services BESS provides. Regulators and grid operators are also
introducing supportive mechanisms to accelerate build-out, such as the LDES
scheme in GB, (under which the Company's Middelton asset is under final
evaluation to become an 8-hour long-duration energy storage assets,
potentially securing 20 years of revenue certainty via a cap-and-floor
mechanism), and a similar mechanism currently under consultation in Ireland.
Dividends
The Board has indicated its intention for dividends to be covered by
operational cash flow. In line with this policy, quarterly payments commenced
in respect of the September-end quarter 2025, for which the Board has declared
a dividend of 0.69 pence per share, fully covered by operational cash flow.
Two further ordinary dividends are expected in respect of the current
financial year.
In addition to regular dividends under the policy, the Board has announced
special distributions linked to the monetisation of the Dogfish and Big Rock
Investment Tax Credits (ITCs). The first tranche of 1.5 pence per ordinary
share was paid on 31 October 2025. The second tranche of 1.5 pence per share
will also be paid out of ITC proceeds. The proceeds have been received and are
being held in a lender-controlled account until certain project financing
conditions are met. Once these are satisfied and funds are released, the
dividend will be declared.
Dividend Declaration
In line with the Company's dividend policy, the Board of Directors has
approved a dividend of 0.69 pence per ordinary share for the September-end
quarter 2025. The ex-dividend date will be 29 December 2025, followed by a
record date of 30 December 2025. The dividend will be paid on or around 23
January 2026.
Any such dividend payment to Shareholders may take the form of either dividend
income or "qualifying interest income", which may be designated as an interest
distribution for UK tax purposes and, therefore, subject to the interest
streaming regime applicable to investment trusts. Of this dividend declared of
0.69 pence per share, 0.69 pence is treated as qualifying interest income.
Patrick Cox, Chair of the Company, commented:
"This has been a difficult period for the Company and the sector. While we
have delivered a substantial increase in operational capacity and completed
our current construction cycle, the reduction in third-party revenue curve
forecasts has weighed on our NAV and shareholder returns. The Board has taken
decisive action to address these challenges, including a revised capital
allocation strategy, a reduction in management fees, and a refreshed Board.
As this is my final interim report as Chair, I would like to thank
shareholders for their engagement and valued support over the years. I am
pleased to be passing the baton to Angus Gordon Lennox, whose experience and
perspective will serve the Company well as it navigates the next phase of
growth. The Board remains focused on transparency, prudent management, and
delivering value for all shareholders."
CEO of Gore Street Investment Management, the Investment Manager of the
Company, Alex O'Cinneide, commented:
"The listed energy storage sector continues to face headwinds, with persistent
discounts to NAVs despite NAV validating transactions seen across the private
markets. Despite these challenges, we have increased operational capacity and
maintained strong cash generation. Our focus remains on disciplined capital
allocation, cost efficiency, and unlocking value through targeted asset
augmentations and strategic disposals."
Results Presentation
There will be a presentation for sell-side analysts at 9:00 a.m. today, 15
December 2025. Please contact Burson Buchanan for details at
gorestreet@buchanan.uk.com (mailto:gorestreet@buchanan.uk.com)
A presentation for all existing and prospective investors will also be held
today, 15 December 2025, at 10:30 a.m. on the Investor Meets Company Platform.
The presentation is open to all existing and potential shareholders. Questions
can be submitted at any time during the live presentation. Investors who
already follow the Company on the Investor Meet Company platform will
automatically be invited.
Investors can sign up to Investor Meet Company without cost and add to meet
GORE STREET ENERGY STORAGE FUND PLC
via:https://www.investormeetcompany.com/gore-street-energy-storage-fund-plc/register-investor
(https://www.investormeetcompany.com/gore-street-energy-storage-fund-plc/register-investor)
The Presentations will be given by members of the Investment Manager, the
Commercial Services Manager, the GSET trading desk and a representative from
the Company's Board of Directors.
Report Access
The interim report will shortly be available from the Company's
website, www.gsenergystoragefund.com (http://www.gsenergystoragefund.com/)
. Please click on the following link to view the document:
http://www.rns-pdf.londonstockexchange.com/rns/4732L_1-2025-12-13.pdf
(http://www.rns-pdf.londonstockexchange.com/rns/4732L_1-2025-12-13.pdf)
The Company has also submitted its interim report to the National Storage
Mechanism, which will shortly be available for inspection
at https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .
For further information:
Gore Street Capital Limited
Alex O'Cinneide / Paula Travesso / Ben Paulden
Email:
ir@gorestreetcap.com
Tel: +44 (0) 20 3826 0290
Shore Capital (Joint Corporate Broker)
Anita Ghanekar / Sophie
Collins (Corporate Advisory) Tel:
+44 (0) 20 7408 4090
Fiona Conroy (Corporate Broking)
J.P. Morgan Cazenove (Joint Corporate Broker)
William Simmonds / Jérémie Birnbaum (Corporate Finance) Tel:
+44 (0) 20 3493 8000
Burson Buchanan (Media Enquiries)
Charles Ryland / Henry Wilson / Samuel
Adams Tel: +44
(0) 20 7466 5000
Email: gorestreet@buchanan.uk.com
https://www.gsenergystoragefund.com (https://www.gsenergystoragefund.com)
Interim Report
Gore Street Energy Storage Fund plc
For the six-month period ended 30 September 2025
Key Metrics
For the period ending 30 September 2025
NAV PER SHARE
90.1p
(March 2025: 102.8p)
OPERATIONAL CAPACITY
643.1MW
(March 2025: 417.11MW)
OPERATIONAL EBITDA*
for the 6 month period
£8.6m
(September 2024: £8.6m)
NAV TOTAL RETURN*
for the 6 month period
-10.6%
(September 2024: -3.0%)
DIVIDEND YIELD*
annualised and inclusive of the special dividend paid
8.5%
(September 2024: 7.0%)
DIVIDENDS DECLARED
for the period
2.19p
(September 2024: 2.0p)
Key Metrics As at As at
30 September 2025
31 March 2025
Net Asset Value (NAV) £455.3m £519.3m
Number of issued Ordinary shares 505.1m 505.1m
NAV per share 90.1p 102.8p
NAV total return since IPO* 31.6% 48.0%
Share price 51.8p 58.2p
Market capitalisation £261.6m £294.0m
Share price total return since IPO* -22.9% -14.3%
Discount to NAV* -42.5% -43.4%
GSF portfolio's total capacity(2) 1.16 GW 1.16 GW
GSF portfolio's operational capacity(2) 643.1 MW 417.11 MW
Gross Asset Value (GAV)* £557.2m £631.9m
Gearing* 18.3% 17.8%
Ongoing Charges Figure* 1.49% 1.38%
Key Metrics for the Period (1 April - 30 September) As at As at
30 September 2025
30 September 2024
NAV Total Return for the six month period* -10.6% -3.0%
Share Price Total return for the six month period -9.5% -8.2%
Average operational capacity(2) 492.1MW 367.21 MW
Total portfolio revenue for the six month period(2) £16.7m £15.2m
Average revenue (excluding liquidated damages) per MW/year for the six month £67,853 £82,649
period(2)
Operational EBITDA for the six month period*(3) £8.6m £8.6m
Total Fund earnings (excluding one-off costs) for the six month period* £3.5m £6.1m
Total Fund dividend cover for the period*(1) 1.00x 0.60x
Annualised Dividend Yield*(1) 8.5% 7.0%
Dividends per Ordinary Share declared during the period 2.19p 2.0p
* Some of the financial measures above are classified as
Alternative Performance Measures, as defined by the European Securities and
Markets Authority and are indicated with an asterisk (*). Definitions of these
performance measures, and other terms used in this report, are given on page
48 of the 2025 Interim Report together with supporting calculations where
appropriate.
1 The methodology for calculating dividend yield and
dividend cover has been revised. These metrics are now based on dividends
declared for the period, rather than dividends paid during the period, to
provide a more meaningful measure of the underlying portfolio's cash
generation ability to cover distributions made by the PLC. Comparative figures
for prior periods have been updated accordingly. The special dividend of 1.5p
previously declared and paid in October 2025 has been excluded from Total Fund
Dividend Cover (but not dividend yield) as this was linked to ITC transaction
proceeds and not ongoing fund earnings.
2 The total portfolio revenue, operational EBITDA, total
capacity, operational capacity and average operational capacity are adjusted
to reflect GSF's equity ownership in each asset. Comparative period figures
have also been updated to reflect GSF ownership. For the Northern Irish
assets, GSF financed all construction through a shareholder loan structure.
Under this arrangement, GSF was entitled to 100% of cash flows until all
capital expenditure plus a coupon had been repaid. Due to strong asset
performance and a system design of only 26 minutes of duration, thereby
minimising capex costs, full repayment occurred in c.3.5 years. From the start
of this reporting period, these assets therefore began distributing cash to
the minority partner, and the average operational capacity has been adjusted
accordingly.
Additionally, certain assets that reached commercial operations during the
period have been weighted to reflect their operational status for only a
portion of the reported period. Further, assets that are not yet generating
revenue through the full range of revenue generating services available have
been excluded for the purposes of determining the total portfolio revenue and
the average revenue per MW per year to provide a more accurate reflection of
portfolio performance. This includes Enderby in 2025 and Ferrymuir in 2024,
which, while generating revenue from some streams, has faced delays preventing
access to some available revenue sources. In cases of delay, as previously
disclosed, commercial remedies such as liquidated damages may be pursued to
compensate for lost revenue periods. Comparative period revenue, operational
EBITDA, and average revenue have also been updated for this treatment to
exclude liquidated damage payments from portfolio revenue, EBITDA, and average
revenue metrics to show more accurately market performance of the portfolio.
3 Operational EBITDA is presented after deducting lease and
rent payments for leased land. For comparison, operational EBITDA before rent
is disclosed on page 19 of the 2025 Interim Report to reflect scenarios where
projects have purchased land and therefore incur no rental costs.
Chair's Statement
On behalf of the Board of the Gore Street Energy Storage Fund plc, I am
pleased to present the Company's Interim Report covering the six months ended
30 September 2025.
It was a very difficult six-month period, both for the Company and the market
as a whole, key developments over the period are as follows:
· The Company brought its Texas and California assets
online, bringing operational and revenue-generating capacity to over 643MW. In
GB, the Enderby Project (57MW) faced some delays, and while generating limited
income from certain revenue streams, it is not yet able to access all possible
revenue streams.
· The Company completed a strategy review, which was
announced on 30 July 2025, focused on augmenting existing assets and
monetising certain assets, either via disposals or through JV partnerships.
· The Company received c.$84 million net of insurance costs
in Investment Tax Credits (ITC) proceeds, which, with operating income,
reduced debt and allowed payment of a special dividend of 1.5 pence per share.
A second special dividend of 1.5 pence per share will be paid out of ITC
proceeds. The proceeds have been received and are being held in a
lender-controlled account until certain project financing conditions are met.
Once these are satisfied and funds are released, the dividend will be
declared.
· The Company secured a material reduction in investment
advisory fees from the investment manager.
· Following a pause during the strategy review, the Board
restarted its succession process, leading to the appointment of three new,
experienced directors, a new Chair, and a clear plan for full Board
refreshment over the coming six months.
· The Company saw a challenge from a long-standing
shareholder who has turned activist, resulting in a General Meeting (GM) one
month before the scheduled Annual General Meeting (AGM), in which that
shareholder sought Board changes. The resolutions were decisively defeated,
but they evidenced a material minority of disaffected shareholders.
· Saba joined the share register in October with a
disclosable c.5% holding.
· The Board engaged in extensive dialogue with shareholders
on areas of concern and the various opportunities available to the Company.
· The Company has increased the level of disclosure around
operational fees paid to the Manager, to provide clarity to shareholders.
Each of these points is covered below in detail and will continue to be
addressed by the Board and the Manager as the Company moves forward under the
guidance of a new Board of Directors.
Performance and Unaudited NAV
Average revenue over the half-year period was £7.75 per MW per hour-above
that of a GB-only portfolio, underscoring the benefit of geographical
diversification. Asset availability remained positive, with average asset
uptime exceeding 94% across the portfolio. However, appreciation in the
Company's NAV per share resulting from operational milestones being achieved
was offset by reductions in the third-party revenue curves that underpin the
asset valuations. These updated revenue curves were the primary driver of NAV
during the period, and resulted in a reduction of c.12%, from 102.8 pence per
share as at 31 March 2025 to 90.1 pence per share as at 30 September 2025.
Further details of valuation movements can be found on page 14 of the 2025
Interim Report.
Capital Allocation
In response to evolving market conditions and following an independent review,
the Board introduced a revised capital allocation strategy during the period.
The strategy focuses on four key areas:
· Selective sale or co-investment of the 495 MW
pre-construction portfolio, starting with the sale of the 22 MW German asset
Cremzow. Progress so far: Sell-side advisor appointed ahead of going out to
market.
· Augmentation of key GB and Irish assets, including
enhancements of the Stony (79.9MW) and Ferrymuir (50MW) sites from 1-hour to
2-hour duration. Progress so far: Initial focus has been on GB assets, with
the EPC contract successfully signed post period and works scheduled to
commence on site shortly, with a post augmentation COD scheduled for FY 2026
Q3.
· Increasing revenues through additional onboarding of
assets to the GSET platform, which continues to consistently outperform
third-party benchmarks. Progress so far: During the period, three of the
Company's Texas assets were successfully onboarded onto the GSET platform.
This brings the total capacity optimised through GSET to c.192 MW as at 30
September 2025.
· Cost reductions across the portfolio. Progress so far:
Post period (effective from 1 October 2025), Investment Manager fees were
materially reduced, with performance-based and exit-based fees removed.
Additional operational savings have been realised across key areas such as
insurance on a per-MW basis, which has resulted in an annual saving of
c.£600k with further reductions targeted, including lower financing costs.
Given ongoing uncertainty around interest rates, leverage will continue to be
managed prudently.
Opportunities to diversify and secure long-term revenues are being explored.
Notably, the pre-construction Middleton project is under final evaluation to
become an 8-hour long-duration energy storage (LDES) asset, potentially
securing 20 years of revenue certainty via a cap-and-floor mechanism. Other
opportunities to realise shareholder value and improve revenue generation from
the portfolio are under active evaluation.
The Board has evaluated all available options to address the persistent share
price discount, including buybacks. After considering liquidity, scale,
effectiveness, and opportunity, we have pursued what we believe is the most
effective way to create value for the Company. The Board remains confident
that these initiatives will drive long-term value creation and improve
shareholder returns.
Dividends
Based on historic cash generation of the Company's underlying portfolio and a
conservative view on future revenue, the Board announced the Company's
dividend policy prior to the FY24/25 Annual Report. Rather than the prior
fixed target approach, dividends are now based on actual cash generation from
the underlying portfolio.
In addition, we have guided to two 1.5 pence per share special dividends,
linked to the receipt of the investment tax credits. The first tranche
ITC-linked special dividend of 1.5 pence per share was declared and paid in
October 2025. The second special dividend of 1.5 pence per share will be paid
out of ITC proceeds. The proceeds have been received and are being held in a
lender-controlled account until certain project financing conditions are met.
Once these are satisfied and funds are released, the dividend will be declared
In accordance with the dividend policy, the Board has today declared a 0.69
pence per share dividend for the September-end quarter to be paid on or around
23 January 2026.
Activist Shareholders
The Board has engaged extensively with shareholders to address concerns and
maintain transparency. This included dialogue with activist investors. Over
the period, an activist shareholder convened a General Meeting. Although the
requisitioned resolutions were decisively rejected at the GM, the Board
acknowledges the perspectives raised and has incorporated relevant feedback
and accelerated the Board succession, as evidenced by the announced new
Directors and a new Chair to bring fresh perspectives.
Liquidity and Balance Sheet
The balance sheet remains strong, with active efforts underway to unlock value
from pre-construction assets and redeploy capital into higher-return
opportunities. The group ended the period with £50.5 million in group cash
and £41.7 million in undrawn debt capacity.
Total debt drawn, across the Company and its assets, was £101.95 million as
at 30 September 2025, resulting in a GAV ratio of 18.3%, in line with the
previously guided target ratio of 15-20%.
Board Succession
This period marked a significant phase of Board refreshment. We were pleased
to welcome Simon Merriweather to the Board during the period, followed by
Norman Crighton and Angus Gordon Lennox post-period. These appointments bring
deep expertise across investment trusts, renewables and infrastructure, and
corporate activity.
As part of a structured succession process, we have announced the retirement
of several long-serving Board members, including myself. Angus Gordon Lennox
will assume the role of Chair on 19 January 2026, following a selection
process led by the Remuneration and Nomination Committee, as detailed in the
Governance section of this report. This process was overseen by a dedicated
sub-committee using objective criteria and a structured evaluation framework.
Angus joined the Board on 22 October 2025 and brings extensive leadership
experience, including current roles as Chair of Aberforth Geared Value &
Income Trust plc and Executive Chair of two private family businesses. He is a
former Chair of the Mercantile Investment Trust plc and past Senior
Independent Director of Securities Trust of Scotland, with a 24‑year career
as a corporate broker at Cazenove & Co and J.P. Morgan Cazenove.
To ensure continuity, I will remain on the Board until 31 March 2026. We also
acknowledge the retirement of Thomas Murley and Malcolm King, who have served
since the Company's IPO. We thank them for their invaluable contributions over
the past seven years. To complete the refresh, one additional Non-Executive
Director will be appointed ahead of the 2026 AGM.
Shareholder Engagement and Reporting
Over the reported period, the Board engaged closely with shareholders through
a roadshow to gather feedback on the Company's market position, cash
allocation, US ITCs, and leverage strategy. Options discussed included
investing for sustainable growth, dividends, share buybacks, and debt
repayment. A majority of investors consulted expressed a preference for
distributing ITC proceeds via dividends, which we are in the process of
delivering.
Additionally, during the period, the Company held both a GM and its AGM. At
the GM, all requisitioned resolutions (1-4) were strongly rejected by poll. At
the AGM held on 18 September, all ordinary resolutions were approved, and two
of the four special resolutions (Resolutions 16 and 17) were passed.
Resolutions 14 and 15, which concern the removal of pre-emption rights for
potential new share issuance, received over 74% support but did not meet the
75% threshold required to pass. These outcomes have no immediate operational
impact.
Manager Fee Revision
As part of the review of strategy completed during the period, the Board
secured a material reduction in fees payable to the Investment Manager.
Effective from 1 October 2025, the revised fee structure is rebased to 1% of
equal weighting of market capitalisation of the Company and NAV. Based on the
prevailing share price, this delivers a material reduction in management fees,
reflecting our commitment to cost efficiency and alignment with shareholder
interests. This adjustment was achieved following constructive engagement with
the Manager and benchmarking against industry standards. In addition, all
performance and exit fees have been removed from the Investment Management
contract.
Based on the FY2024 average share price, the revised structure would have
delivered an estimated 22% reduction in fees (c.£1.14m), excluding additional
savings from the removal of performance and exit fees.
Following investor feedback, on 30 September 2025, we published a detailed
breakdown of the fees paid to the Managers under the Commercial Management
Agreement (CMA), the terms of which were previously disclosed in 2022 and
route to market agreements (RTM) at PLC and at the SPVs. CMA fees have been
benchmarked against industry standards and reflect the full scope of services
provided, including construction management, asset oversight, and commercial
optimisation. We are committed to maintaining this level of transparency going
forward, and details of fees paid in respect of this reported period are
detailed within this report. Further details are available on page 20 of the
2025 Interim Report.
Reporting Framework
We have also significantly improved our reporting framework to provide greater
clarity and comparability across the sector. Historically, revenue reporting
has varied between the Company and its peers, with figures presented on a
gross or net basis, and sometimes net of certain fees such as RTM but
inclusive of others. To eliminate ambiguity, we present within the report
gross revenue, followed by a more granular breakdown of portfolio costs,
bridging these through to total fund earnings. To ensure transparency on GSF's
attributable performance, all revenue and MW figures have been prorated. We
have introduced period-on-period revenue curve comparisons by market,
supplemented with commentary on portfolio operating costs. This became more
important over the period as the Northern Irish assets had a unique structure:
originally funded via a shareholder loan, GSF covered all capex and held
rights to 100% of cash flow until repayment of principal and coupon. Strong
revenues and a low capex build-out enabled full repayment within a short
timeframe-given Commercial operations Date ("COD") in 2021, this demonstrates
an attractive payback period. The assets (MEL and DEL, 100MW in total) now
distribute to both the minority JV partner and GSF.
This report includes details on operating costs at both the PLC and portfolio
level. We have also committed to [quarterly revenue updates in factsheets] and
accelerated Board refreshment, which is nearing completion. The Board plans to
hold another round of formal shareholder engagement towards the end of the
financial year to update on progress against strategy.
Impact and Sustainability
Sustainability remains a core part of the Company's strategy as reflected in
the 2024-2025 ESG and Sustainability Report, which was published on 08
September 2025. Over the year, the operational fleet avoided 11,970 tCO2e and
stored 39,290 MWh of renewable electricity, demonstrating the portfolio's
tangible contribution to the energy transition.
The Report also outlines the Company's commitments as an Article 8 product
under the EU Sustainable Finance Disclosure Regulation (SFDR), and its
voluntary alignment with the UN Principles of Responsible Investment (PRI) and
Task Force on Climate-Related Financial Disclosures (TCFD). Energy storage
continues to play a vital role in enabling a low-carbon future, and the strong
fundamentals of the portfolio reflect this strategic importance.
As the Board refreshment progresses and the capital allocation strategy is
implemented, the Company is well-positioned to navigate market conditions,
pursue revenue opportunities across its diversified portfolio, and maintain
constructive engagement with shareholders. The Board remains committed to open
dialogue and will continue to respond to shareholder feedback.
Patrick Cox
Chair
Dividend & Capital Allocation policy
Dividend Policy Overview
The Board has indicated its intention for dividends to be covered by
operational cash flow. In line with this policy, quarterly payments commenced
with the September-end quarter 2025, for which the Board has declared a
dividend of 0.69 pence per share, fully covered by operational cash flow.
Dividends Declared to Date
Quarter ended 30 June 2025: No dividend was declared.
Quarter ended September 2025: A dividend of 0.69 pence per share has been
declared today, 15 December 2025.
Special Dividends
In addition to regular dividends under the policy, the Board has announced
special distributions linked to the monetisation of the Dogfish and Big Rock
Investment Tax Credits (ITCs):
First tranche: 1.5 pence per ordinary share, paid on 31 October 2025.
Second tranche: The second special dividend of 1.5 pence per share will be
paid out of ITC proceeds. The proceeds have been received and are being held
in a lender-controlled account until certain project financing conditions are
met. Once these are satisfied and funds are released, the dividend will be
declared.
Capital Allocation
The Board remains committed to delivering value for shareholders through a
disciplined and transparent approach to capital allocation. The primary
objective is to maximise investment returns while maintaining financial
flexibility. This requires continuous monitoring of forecast cash flows and
expected returns, undertaken in close collaboration between the Board and the
Investment Manager.
The Board have also taken shareholder feedback and engaged a third party to
conduct an external review of the Company's strategy. This process has
informed the development of a clear framework designed to optimise resources
and enhance returns.
The Company's capital allocation framework is built on four key pillars:
1 Monetisation of pre-construction assets - Unlocking capital
through the sale of the Company's 22 MW German asset, and the sale or
co-investment of c.495 MW of pre-construction projects.
2 Asset augmentation - Targeted augmentation of select GB and
Irish assets to increase energy capacity.
Augmentations will be funded from existing cash and debt headroom, with future
augmentation expected to be funded through capital recycling.
3 Revenue optimisation - Leveraging proprietary trading models to
maximise revenue.
4 Cost efficiency - Drive further reductions in operating costs
across the portfolio to improve margins.
This structured approach ensures that capital is deployed where it can
generate the greatest long-term benefit, supporting both growth and resilience
in a rapidly evolving market environment.
Investment Manager's Report
Introduction
Dr. Alex O'Cinneide
Chief Executive Officer, GSC
There's a clear disconnect between public and private market valuations-listed
energy storage funds are trading at deep discounts, while private transactions
continue to reflect intrinsic value. We are now recycling capital where
private appetite is strongest, investing in high-return opportunities, and
scaling the infrastructure that underpins the energy transition.
Navigating a Complex Market and Unlocking Value
The listed energy storage sector remains under pressure, with persistent
discounts to NAV and revenue volatility weighing on investor sentiment.
Despite these challenges, the long-term fundamentals and growth potential of
the asset class remain robust. Global power systems are accelerating towards
renewables, driving an urgent need for flexibility and resilience. Battery
storage sits at the heart of this transition, providing the critical
infrastructure required to balance intermittent generation and maintain grid
stability.
This structural role of BESS is reflected in private market transactions. The
implied public market valuations for renewable and storage funds have
compressed significantly, with London-listed vehicles trading at double-digit
discounts. In contrast, private transactions continue to clear at or near
stated NAVs, and in some cases at premium multiples. This disconnect is
striking and informs our approach: recycle capital where private appetite is
consistently strong, deploy into augmentation where returns are highest, and
maintain appropriate assumptions in our valuation methodology.
At the same time, the sector's fundamentals are improving. Battery capex has
fallen sharply over the past two years, resetting project IRRs and making
longer-duration assets increasingly economical. Regulatory developments such
as the UK's Long Duration Energy Storage (LDES) scheme and the automation of
the Open Balancing Platform (OBP) are expected to enhance revenue visibility
and market access over the medium term. The Company's pre-construction GB
asset, Middleton has progressed to Stage 2 of the LDES application, with
potential for an 800 MWh Track 1 asset in 2029. These efforts underscore our
long-duration strategy and commitment to positioning the Company to benefit
from these structural tailwinds.
We continue to invest in the Gore Street Capital (GSC) team to drive portfolio
value creation. Today, the team currently consists of over 40 FTE, primarily
based in GB, with satellite offices worldwide. Our integrated approach spans
the entire asset lifecycle, bringing together construction, asset management,
commercial, and trading teams. This collaboration ensures rapid communication
and maximises economies of scale to deliver sustainable growth.
Over the reported period, the GSC team has acted decisively to enhance
shareholder value. We monetised US tax credits above guidance, generating
significant liquidity and reducing gearing; we initiated asset sales to
realise value from pre‑construction projects and committed capital to
high-return augmentation opportunities that strengthen revenue resilience. We
have also completed the construction of all prioritised assets within the
Company's portfolio, which now has over 600 MW of operational assets that
support cash generation and dividend distribution for shareholders.
Post period, we successfully completed the execution of augmentation EPC
contracts for the two GB assets, Stony and Ferrymuir. The cost of the
augmentation is at the lower end of the previously guided £18-22 million, and
has a strict contractual availability backed into the contract, and a COD for
both assets in FY 2026 Q3.
NAV & Financials
Financial performance over the period reflects the resilience of GSF's
portfolio in challenging conditions. Operational EBITDA for the period was
£8.60 million with a margin of 51%, supported by disciplined cost management
and multi asset contracts which leveraged the portfolio's scale to manage
costs. A detailed breakdown of operating costs have been included to provide
the market with higher levels of disclosure to more appropriately value the
portfolio which can be found on page 18 of the 2025 Interim Report.
Revenue-related costs remained broadly in line with expectations, and
operating costs were controlled through leveraging the scale of the fleet for
cost efficiencies and the use of technology, something the market should
expect to see continue and expand over time.
NAV declined over the period from £519.3 million to £455.3 million, which
was driven predominantly by adjustments to forward revenue curves across GB
and US markets. These revisions reflect updated third-party market
expectations for ancillary service pricing and trading spreads, which have
softened in the near term due to increased capacity and evolving system
dynamics.
Further detail on the valuation and revenue assumptions can be found on page
14 of the 2025 Interim Report.
Balance Sheet
As at period end, available group cash stood at £50.5 million, with £41.7
million in undrawn debt capacity, providing flexibility to fund ongoing
operations and future growth.
Total debt drawn across the Company and its assets was £101.95 million as at
30 September 2025, resulting in a GAV gearing ratio of 18.3%. This remains
firmly within the previously guided target range of 15-20%.
Asset Development and Augmentation
Recent trends of declining capital expenditure have enabled the deployment of
longer-duration battery systems at significantly reduced marginal costs. The
cost of augmentation has now fallen to nearly half of what it was just a few
years ago, reinforcing our strategic approach of waiting for optimal pricing
windows and deploying capital in a manner that maximises long-term value for
investors.
These upgrades enable assets to charge and discharge over longer durations,
unlocking additional trading opportunities in particular. Post period the
Company executed the EPC contracts for the augmentation of Stony and Ferrymuir
to extend their duration to two hours, which is expected to deliver a material
uplift in revenue and ultimately EBITDA. Construction will begin in March 2026
for completion in FY 2026 Q3. Beyond near-term cash generation, two-hour
systems in the GB market typically command a valuation premium over one-hour
assets.
Additionally, the Company's Middleton asset was one of 77 projects selected
from 171 submissions to proceed to second‑stage assessment during the LDES
application window. The LDES programme operates under a cap-and-floor regime,
which mitigates investment risk by guaranteeing minimum revenues. The
second-stage submission has been completed, with initial decisions expected in
Spring 2026.
If selected, Middleton will deliver a Track 1 800 MWh asset in 2029,
representing a significant step forward in the Company's long-duration
strategy.
Delivering on Strategic Objectives
Following a comprehensive review of the Company's strategy and in response to
feedback from both investors and the Board, we launched a programme to unlock
value from the Company's pre-construction assets through targeted disposals
and co-investment opportunities. Alongside evaluating the 495 MW in
pre-construction, the Company has also announced the intention to sell the 22
MW Cremzow asset in Germany, allowing GSF to consolidate its operational
presence in GB, Ireland and US.
Earlier in the period, we successfully monetised the Big Rock and Dogfish
Investment Tax Credits (ITCs) at levels exceeding initial guidance. This
achievement enabled a reduction in the Big Rock debt facility, lowering
gearing and supporting the payment of a special dividend to shareholders. The
first tranche of this dividend has already been distributed and a second
special dividend of 1.5 pence per share will be paid out of ITC proceeds. The
proceeds have been received and are being held in a lender-controlled account
until certain project financing conditions are met. Once these are satisfied
and funds are released, the dividend will be declared.
Sustainability and Impact
The Company's 2025 ESG & Sustainability Report was published in the
period, highlighting that the operational portfolio stored 39,290 MWh of
renewable electricity and avoided 11,970 tCO2e. This year, the Manager's ESG
function adopted a marginal emission factor methodology, which was developed
in consultation with industry groups, to more accurately reflect the emissions
displaced by battery assets in GB, Texas, and Ireland. While the previous gas
peaking plant proxy‑based approach was retained for Germany, the new model
incorporates variables such as turbine efficiency and carbon intensity and
improves comparability across funds.
However, limitations remain in calculating avoided emissions from ancillary
services due to data constraints and the absence of an industry-standard
methodology. The 2025 ESG & Sustainability Report and previous reports and
disclosures can be found on the Company's website.
Valuation
Valuation Overview
£m Pence/share
Opening NAV (31 March 2025) 519.3 102.8
Underlying portfolio return (Rollover & Actuals) +7.6 +1.5
Revenue curves -51.3 -10.2
Discount rate & opex -7.1 -1.4
Fund expenses -6.3 -1.2
Dividends paid -10.1 -2.0
Other valuation movements +3.2 +0.6
Closing NAV (30 September 2025) 455.3 90.1
Portfolio Valuation Overview
Operational* Pre-Operational
GB £164,311,747 £14,696,834
NI £35,150,166 -
Texas £39,096,280 £6,693,218
California £143,139,643 -
Europe (GER/ROI) £58,126,771 £16,242,128
* Includes the PBSL2 and 57 MW Enderby asset, which,
although generating some revenue, has experienced delays and is not yet
realising its full revenue potential.
Summary
The Company's NAV declined from £519.3 million (102.8 pence per share) as at
31 March 2025 to £455.3 million (90.1 pence per share) as at 30 September
2025, driven primarily by a reduction in revenue curves across the
Great Britain and the US markets.
The updated curves are more closely aligned with recent actual performance and
are notably lower than the latest peer group disclosures.
Operationally, the portfolio continued to generate strong cash flow, and
several projects achieved key milestones. However, the positives of the
underlying performance were outweighed by the impact of revised merchant
revenue curves and increases in discount rates.
Underlying Portfolio Return
This line item reflects actuals and rollover. Revenue generation from the
underlying portfolio supported by strong asset availability is captured within
the actuals and rollover, as well as the timely receipt of ITC proceeds in the
US.
Revenue Forecasts
As at 30 September 2025, the valuation reflects updated mid-case revenue
forecasts across all markets where the Company operates. The revenue curves
disclosed below reflect the weighted duration of the assets in each respective
grid. The approach and underlying data providers remained consistent with
those used in the previous valuation period. Revenue curves were a significant
driver of valuation movement during the period, contributing to an overall
reduction in NAV of c.12%.
Relative to the assumptions applied at 31 March 2025, Great Britain showed a
downward adjustment in merchant revenue expectations. This revision reflects
the expected increase in installed battery capacity, further supported by the
Long Duration Energy Storage Scheme (LDES) cap-and-floor mechanism in GB,
which aims to procure significant BESS capacity under its framework.
Approximately 28.7 GW of projects are under consideration for the second-stage
of assessment, but OFGEM has yet to confirm how much capacity will be awarded
in final contracts. These changes are consistent with recent historic run-rate
performance. For the GSET optimised GB assets, near-term revenue forecasts
have been manually adjusted by a 20% increment up to 2027, to reflect
consistent outperformance vs forecasts.
In addition to the weighted average revenue curve used across the Company's GB
fleet, the "GSF 1hr & 2hr Curve-GB" graph included on page 15 of the 2025
Interim Report, shows the one and two hour revenue curves broken out
separately.
In the United States, short-term forecasts were also moderated to account for
recent policy uncertainties and slower than expected renewable deployment.
While these factors reduced near-term expectations, the longer-term outlook
remains more positive, with incremental improvements expected over the medium
term. Based on the Investment Manager's close monitoring of market conditions,
a prudent step has been taken to manually adjust near-term U.S. revenue curves
for ERCOT and CAISO. These adjustments place projections below those provided
by third-party forecasters to align with recent historical averages. This
approach is consistent with prior disclosures and practices when the
Investment Manager identifies discrepancies between actual performance and
short-term forecasts.
Germany saw a modest uplift in revenue forecasts, supported by structural
shifts in the generation mix and reduced nuclear availability over the medium
term.
Ireland remained broadly consistent with the previous period, with no material
impact on valuations.
Inflation Assumptions
The short-term inflation assumption for the remainder of 2025 shows a minor
increase in Great Britain, a slight decrease in Europe and broadly flat across
the US. The net effect of these changes is broadly flat.
Long-term inflation assumptions from 2026 onward remain consistent with the
March-end assumptions across all geographies. The long-term figures represent
the average inflation expected to occur over the remaining life of each asset,
demonstrating how inflation impacts revenue over time.
Assumptions 2025 2026+
GB 3.44% 2.50%
EUR 2.10% 2.25%
US 2.92% 2.25%
Discount Rates
Discount rate assumptions for Great Britain, Ireland and Germany remained
unchanged from those applied in the 31 March 2025 valuations. In the U.S.
markets, discount rates were increased by 25-basis points to reflect higher
market volatility. However, for the Dogfish and Big Rock assets, discount
rates were reduced to reflect the lower risk associated with operational
assets compared to those under construction leading to a slight net overall
increase in the average discount rate applied to the US assets.
As at 30 September 2025, the weighted average discount rate used across the
portfolio was 10.2%.
Discount Rate Matrix Pre-construction phase Operational phase*
Contracted Income 10.75-12.00% 7.25-9.25%
Uncontracted Income 10.75-12.00% 8.75-9.50%
MW 456.6 700.1
* Includes the 57 MW Enderby asset, which, although generating
some revenue, has experienced delays and is not yet realising its full revenue
potential.
Other Valuation Movements
This line item reflects adjustments to capex forecast decreases, Commercial
Operation Date updates, and the impact of foreign exchange movements over the
period.
Sensitivity Analysis
The chart included on page 17 of the 2025 Interim Report, illustrates the
sensitivity of GSF's NAV per share to changes in key input assumptions.
Contracted Revenue
BESS primarily operates as a merchant asset class, generating income through
wholesale trading and ancillary services. Through diversification, the number
of additional contracted revenue streams available to the portfolio has
increased and now includes GB and Irish capacity market contracts, DS3 Capped
in Ireland which is a fixed price contract, DS3 uncapped which acts as a cap
and floor agreement and the Resource Adequacy program in California.
To mitigate merchant risk, the Company has increased the proportion of
contracted revenues within the portfolio.
Over a quarter of revenue for the next calendar year (2026) will be fully
contracted, based on secured agreements and the revenue forecasts disclosed
above for the merchant portion of the revenue stack. Nominal revenue
unadjusted for availability was used for the purpose of calculating this
metric.
Valuation Methodology
The Company has maintained a consistent and transparent approach to
valuations, using mid-case blended averages from multiple independent
providers for revenue curves, and maintained a consistent approach to macro
assumptions, which are disclosed on a bi-annual basis. This methodology avoids
the use of high or low case forecasts to influence NAV or borrowing capacity,
resulting in lower NAV volatility compared to peers. The Company employs an
independent valuer (BDO) as well as an independent auditor (EY) to oversee the
valuation process.
Within this framework, the valuation of the Company's pre-construction GB
asset, "Middleton", has reflected sector-wide trends and project-specific
developments. Due to the valuable, 15-year Capacity Market contract being
gained by Middleton, it was deemed appropriate to apply a DCF valuation to
this pre-construction asset; the Company's other pre-construction assets are
valued at cost. Fluctuations in the Middelton's value have been driven by
factors such as the award of a high-value Capacity Market contract, changes to
the expected Commercial Operation Date (COD), and updates to revenue curves
which follow the wider market trend. Downward revaluations have occurred when
the COD was pushed out, due to NGET changing the connection date of the asset.
This delay affected the assumed start of operations, which in turn impacted
the Capacity Market contract assumptions and have resulted in a higher
discount rate being applied to the project. The revenue curves used in the
asset valuation, sourced from third-party research houses, have also shown a
broadly downward trend in recent periods.
The graph included on page 17 of the 2025 Interim Report shows NAV movements
excluding dividends across GSF and its peers, highlighting the consistency and
resilience of GSF's valuation methodology.
Financial Performance
Financial Performance of the Underlying Portfolio
The financial performance of the Company's underlying portfolio for the
interim period to 30 September 2025 demonstrates the continued resilience of
the business model. Total revenue for the period was £16.74 million, derived
from ancillary services, capacity market payments (or equivalent), and trading
activities. The ongoing diversification of income streams with the portfolio
spanning five distinct markets materially reduced the portfolio's exposure to
volatility in any single geography or revenue source.
Reflecting the changing portfolio construct with significant assets coming
online in the US, the period saw a further reduction in the Company's
concentration in the Great Britain market. This shift was particularly evident
in the increased amount of contracted income from capacity market and capacity
market-equivalent contracts, such as the Resource Adequacy contract in
California. Additionally, the portfolio's merchant revenue saw a greater
emphasis on trading strategies. This was driven by the growing weighting of
international operational assets within the portfolio.
Revenue-related costs, which are made up of Route-to-Market (RTM) fees and
energy costs, accounted for c.10% of revenue, or £1.70 million in aggregate.
RTM fees have not been disclosed standalone given the commercial sensitivity.
RTM fees remain the only cost directly linked to revenue, which therefore will
scale as a percentage of net revenue. Energy and grid costs, while variable,
are more closely linked to operational factors such as asset cycling and
dispatch patterns rather than to revenue itself.
Operating costs, which include recurring operations and maintenance (O&M)
contracts, essential repairs, and site-level operational expenses, amounted to
£4.68 million. The Company continues to benefit from multi-asset O&M
contracts with external providers, which provide both cost certainty and
benefit from economies of scale. As the portfolio has expanded, these
contracts have enabled the Company to control costs, with increases in
operating costs primarily attributable to the larger asset base rather than
inefficiencies.
Administrative costs amounted to £1.13 million related to insurance premiums,
Tax, Audit, and other administrative expenses. Insurance costs have reduced on
a MW basis, leading to an annual saving of c.£600k relative to already
well-optimised insurance premiums from the 24/25 policy, due to a softening
market further supported by a focus on data‑driven asset management, which
has fed into insurance premiums. The majority of these costs are fixed by
contract or set annually.
Underlying Operational Portfolio Performance
Average operational MW during the period* 492.1
Average operational MWh during the period 557
Revenue (£)
Ancillary Services 11.66m
Capacity market/Resource Adequacy 3.04m
Wholesale Trading 1.86m
Other 0.18m
Total Revenue (£) 16.74m
Revenue-related costs (1.70m)
Net Revenue (£) 15.03m
Other operating costs (4.68m)
Administrative costs (1.13m)
Operational EBITDA before rent (£) 9.22m
Rent (0.62m)
Operational EBITDA (£) 8.60m
EBITDA margin 51%
Key Metrics (£)
Revenue/MW 67,853
Revenue/MW/hr 7.75
Revenue/MWh 59,951
Revenue related costs as a % of revenue (10)%
Total cost/MW (32,993)
Other operating and admin costs per MW (26,082)
EBITDA/MW 34,860
EBITDA/MWhr 30,800
* The total operational capacity is adjusted to reflect
GSF's equity ownership in each asset. Certain assets that reached commercial
operations during the period have been weighted to reflect their operational
status for only a portion of the reported period. Further, assets that are not
yet generating revenue through the full range of revenue generating services
available have been excluded for the purposes of determining the total
portfolio revenue and the average revenue per MW per year to provide a more
accurate reflection of portfolio performance. This includes Enderby in 2025,
which, while generating revenue from some streams, has faced delays preventing
access to some revenue sources. In cases of delay, as previously disclosed,
commercial remedies such as liquidated damages may be pursued to compensate
for lost revenue periods. Accrued Liquidated damages and net earnings for
projects not participating in full revenue services are included in a separate
line.
Aggregated Financial Information (£)
Operational portfolio EBITDA 8.60m
Liquidated damages accrued and net earnings for capacity market only period 1.67m
Intermediate HoldCos OpEx (net of interest income) (0.30m)
Realised gain/(loss) on derivative 0.06m
Portfolio earnings before interest, tax and depreciation 10.03m
GSF Plc admin & other expenses (3.64m)
GSF Plc - external interest income 0.12m
GSES 1 level debt facility commitment fees (0.26m)
GSES 1 level debt facility interest expense (2.21m)
Project level debt interest expense (0.54m)
Total Fund earnings (excluding one-off costs) 3.50m
Fees Payable to the Gore Street Capital Group
This section outlines the fees incurred by the Company and its subsidiaries
for services provided by the Gore Street Capital (GSC) group. These fees cover
a range of technical, investment and administrative services delivered under
distinct contractual arrangements as set out below.
1. AIFM & Investment Management Agreement
Gore Street Investment Management Limited (a GSC group entity) provides
investment and risk management services to the Company. Following a Board-led
fee review, a revised agreement was reached and subsequently implemented on
1 October 2025, resulting in a substantial reduction in fees. This change
delivers meaningful cost savings and enhances long-term alignment with
shareholder interests.
· Services: Investment management and risk oversight
· Terms:
- Annual fee of 1% of the average (50:50) of market capitalisation and
adjusted NAV, subject to a cap of 1% of adjusted NAV
- Fixed fee of £75,000 per annum for AIFM services
- No performance fees
2. Commercial Management Agreement (CMA)
Gore Street Services (a GSC group entity) provides essential commercial and
operational services to the Company and its subsidiaries. These include
construction oversight, fleet management, financial and corporate
administration, ESG support, and insurance coordination.
· Services: Construction, operational, administrative, and company
secretarial support
· Terms:
- Fees capped at the lower of cost plus 15% or 1% of NAV
- Cap applies to all payments, whether made at PLC or SPV level
- Any excess above the cap is reimbursed by GSC within 14 days
- Actual run-rate fees paid were lower for the period than for previous
equivalent periods
3. GSET Optimisation Agreement
The Company has onboarded some of its assets to Gore Street Energy Trading
(GSET), a GSC entity, to manage revenue optimisation strategies. This
internalisation of trading services within the Investment Manager's group
enhances technical integration and supports bespoke optimisation.
· Services: Revenue stacking and asset optimisation
· Terms:
- Fees based on a percentage of revenue, broadly aligned with prior
third-party contracts
- Capped at not more than or equal to 0.25% of the lower of market
capitalisation or NAV
- Actual fees paid to date remain materially below the stated cap
The proprietary software developed by GSC for this purpose is tailored
specifically to energy storage assets, enabling tighter synergy between
trading and asset management functions. Performance is reviewed regularly and
has consistently outperformed external benchmarks.
H1 26 (Apr 25 to Sep 25) H1 25 (Apr 24 to Sep 24)
Fees Payable to Gore Street Capital Group over the period (£) PLC SPV Total Total
Investment Advisory fee 2,628,793 - 2,628,793 2,620,412
AIFM fee 37,500 - 37,500 37,500
Commercial management services delivered to GSF Plc 346,279 - 346,279 289,210
Commercial management services delivered to operational assets - 1,347,356 1,347,356 1,324,913
Commercial management services delivered to construction assets - 910,801 910,801 1,051,164
Total CMA 346,279 2,258,157 2,604,436 2,665,287
GSET Optimisation fees - 255,956 255,956 -
Total GSC group fees 3,012,572 2,514,113 5,526,685 5,323,199
Revenue Breakdown from Operational Portfolio
This section provides a detailed breakdown of revenue generated by the
Company's underlying operational portfolio. It highlights the contribution of
each market to overall revenue, highlighting the performance across different
geographies and market services.
£(000's) % within grid
GB 237.5 MW / 228.4 MWh
Ancillary Services 6,027.1 90%
Capacity Market 703.6 10%
Wholesale Trading (73.1) (1)%
Other 54.4 1%
Total £6,712.0 100%
Ireland 81MW / 51.7 MWh
Ancillary Services 4,084.3 83%
Capacity Market 557.5 11%
Wholesale Trading 177.3 4%
Other 108.5 2%
Total 4,927.6 100%
Germany 19.8MW / 26.1 MWh
Ancillary Services 1,394.8 81%
Wholesale Trading 321.9 19%
Other 4.5 0%
Total 1,721.2 100%
Texas 83.95 MW / 113.8 MWh
Ancillary Services 62.6 7%
Wholesale Trading 867.3 93%
Other 1.0 0%
Total 930.9 100%
California 69.77 MW / 139.5 MWh
Ancillary Services 88.5 4%
Wholesale Trading 568.6 23%
Resource Adequacy 1,783.2 73%
Other 7.8 0%
Total 2,448.1 100%
Portfolio Total 16,739.9
Revenue £(000's)/ £(000's)/
Market £(000's) MW/yr £/MW/hr MWh/yr £/MWh/hr
GB £6,712.0 £56.4 £6.44 £58.6 £6.7
Ireland £4,927.6 £121.3 £13.85 £190.0 £21.7
Germany £1,721.2 £173.4 £19.79 £131.5 £15.0
Texas £930.9 £22.1 £2.52 £16.3 £1.9
California £2,448.1 £70.0 £7.99 £35.0 £4.0
Weighted Average £16,739.9 £67.9 £7.75 £60.0 £6.8
Total Revenue
£(000's) Jun-end 2025 Sep-end 2025
GB 3,382.0 3,330.0
Ireland 2,440.3 2,487.3
Germany 877.1 844.1
Texas 367.8 563.1
California 0.0 2,448.1
Total Revenue 7,067.3 9,672.7
Commercial Manager's Report
Operational Overview from Gore Street Services
Alicja Kowalewska-Montfort
Technical Principal, GSS
The portfolio continued to deliver strong technical performance, with
availability exceeding 94% across regions. Over the period we successfully
completed construction on all remaining assets and advancing targeted
augmentations to unlock further value. These decisions are grounded in
data-driven by real-time analytics, enhanced monitoring, and a commitment to
operational excellence.
I am pleased to present an overview of the market conditions and technical
performance of the Company's assets over the six-month period ending on 30
September 2025. Over the period, the fleet delivered strong technical
performance and demonstrated resilience across diverse markets despite
volatility in certain regions.
Fleet wide performance generated an average revenue of £67.9k per MW per hour
which is based on the average operational capacity over the period delivered
total revenue of £16.7 million. These figures reflect the benefits of
diversification across multiple markets and the continued optimisation of
revenue strategies. Asset availability remained strong, with the portfolio
achieving a weighted average of c.94%, supported by the increasing access and
use of data and remote monitoring.
All assets under construction during the period were successfully energised,
including Big Rock in CAISO, which achieved strong early performance following
commissioning. This milestone marks the completion of the current construction
cycle and positions the portfolio for stable operations and revenue generation
across all markets. Strategic initiatives progressed during the period,
including the augmentation works at priority sites in GB and Ireland.
The first phase, being Stony and Ferrymuir, are on track to meet the
previously guided cost and downtime metrics. These projects are expected to
unlock significant commercial upside through increased duration. Alongside
this, the deployment of advanced analytics and automated escalation protocols
continue to enhance operational resilience and optimise performance.
The Company also participated in Ofgem's Long Duration Energy Storage (LDES)
Cap and Floor programme. This regime is designed to provide revenue certainty
for qualifying projects by guaranteeing a minimum revenue floor while capping
upside returns, thereby mitigating investment risk for assets. The Company's
Middleton asset was one of 77 projects selected from 171 submissions to
progress to the second-stage assessment during the first application window.
The Stage 2 submission has been completed, with initial decisions expected in
Spring 2026. If successful, Middleton will deliver an 800 MWh Track 1 asset in
2029, representing a significant milestone for the Company. The Cap and Floor
framework is expected to play a critical role in supporting the UK's
decarbonisation targets under the Clean Power 2030 Action Plan, and the
Company's engagement positions it to benefit from stable, long-term revenues
while contributing to system flexibility and security of supply.
Market Updates
Great Britain (GB)
Average BESS revenue in GB increased by 18% compared to FY24/25, and by 63%
compared to the equivalent six‑month period last year (April to September
2024). Volume-weighted Dynamic Containment, Moderation, and Regulation (DCMR)
prices rose 45% year-on-year, with procurement volumes up 17%. As a result of
rule changes for ABSVD (Applicable Balancing Services Volume Data), and the
introduction of QR for non-BM (Balancing Mechanism) assets, September 2025 saw
an additional 11% increase in DCMR prices compared to earlier months in the
interim period. Day-ahead spreads increased by 11% compared to the preceding
six-months, and the occurrence of negatively priced periods decreased by 7%.
During the period, 1.1 GW of new battery capacity was installed. This
represents 78% of the total built capacity of the preceding 12-months,
demonstrating the increased growth rate in BESS capacity in GB.
The period saw changes in ABSVD rules for BESS in Ancillary Services. ABSVD
repayments previously only applied to BM registered assets and served to
net-off imbalance volumes from Ancillary Services delivery. Prior to the
changes, non-BM assets and BM assets typically opted from opposite strategies
in Ancillary Services. These changes have aligned incentives for all BESS in
GB more closely.
During the period, OFGEM introduced a Cap and Floor tender for LDES (Long
Duration Energy Storage). This tender seeks to procure capacity for projects
with at least 8 hours of duration above 100 MW. The Cap and Floor would
provide revenue certainty for LDES projects over 25 years, from 2029. The
Company's Middleton asset successfully passed stage 1 of the tender, and the
Manager has submitted a tender response for stage 2.
Ireland
The Irish Market operates under the combined Republic of Ireland (ROI) and
Northern Ireland (NI) market called the Single Energy Market (SEM). The
Delivering a Secure Sustainable Electricity System (DS3) initiative was
introduced in Ireland to facilitate the integration of non-synchronous
renewable energy sources, primarily wind power onto the grid. Under the DS3
regime, batteries in Ireland hold long term DS3 contracts which allow systems
to participate in Ancillary Services.
The portfolio's Northern Irish assets, Mullavilly and Drumkee, hold DS3
uncapped contracts. The Republic of Ireland site, Porterstown, holds a DS3
capped contract. DS3 capped contracts are fixed price contracts. DS3 uncapped
contract prices vary according to scaling factors linked to the System
Non-Synchronous Penetration (SNSP). SNSP is a real-time metric that gauges the
level of intermittent renewable generation and net interconnector flows within
the grid, defined as a percentage of electricity demand on the system. DS3
rates increase as SNSP increases, meaning that batteries delivering DS3
services see increasing remuneration for their response at times when the
system needs it the most.
In the interim period, high SNSP (System Non-Synchronous Penetration) events,
where enhanced TSS apply, increased by 86%, driven by more renewables and the
commissioning of the Greenlink interconnector. Day-ahead spreads rose by about
6% compared to the previous interim period.
The Scheduling Dispatch Programme (SDP) was launched on 12 November. The SDP
will allow batteries to participate more freely in wholesale markets by
providing greater certainty of dispatch. This is expected to increase revenue
from trading, providing an alternative to DS3 participation.
The TSOs have extended DS3 arrangements until the earliest of DASSA Go-Live or
September 2028. DASSA, which will be the successor to DS3 for Ancillary
Service procurement, is currently expected in May 2027. The extension of DS3
arrangements ensures stability until new market structures are implemented.
ERCOT
During the period, the Texas BESS market experienced a significant downturn,
with revenues falling c.90% below initial expectations. This decline was
driven primarily by two factors.
Depressed gas prices reduced pricing volatility, limiting opportunities for
batteries to capture high spreads through arbitrage. The second course was
market saturation, with the rapid deployment of BESS assets in the state
causing margins to compress and reduced ancillary service revenues.
In ERCOT, average day-ahead (DA) and real-time (RT) spreads in the West
trading hub were around 35% and 26% lower respectively than the equivalent
period in the previous Financial Year. ERCOT summer revenues remain driven by
periods of scarcity caused by high net loads, and low reserve margins on the
grid. ERCOT average load increased by 4% this summer compared to summer 2024,
however, net load decreased by 2%, as higher renewable support offset the
increased demand. ERCOT load is forecast to grow significantly in coming
years.
Installed BESS capacity has increased by 4 GW since October 2024. ERCOT issued
a notice in April 2025 on the seasonal increase of Ancillary Service volumes
for May, driven by higher load volatility and increased outages. Average ECRS
(ERCOT Contingency Reserve Service) and Non-Spin prices increased in May, up
133% and 275% respectively compared to the preceding 6-months. During the
period, the Company's 75 MW/75 MWh Dogfish asset became operational.
CAISO
During the period, the Company's 200 MW/400 MWh Big Rock asset became
operational and began delivering against its resource adequacy (RA) contract.
In CAISO, BESS revenue declined by 35% compared to the same period in the
previous financial year according to industry benchmarks. The peak summer
demand decreased by 4 GW compared to the summer of 2024 due to lower average
temperatures. A 6.3 GW increase in RA capacity also contributed to more
flexible capacity on the grid.
Average real-time (RT) 5-min prices were 26% higher in electricity trading hub
South of Path 15 (SP15) compared to the same period in the previous financial
year. However, RT 5-min trading spreads decreased by 8%, as, due to an
increase in the daily trough price.
In June 2025, CAISO implemented an energy storage enhancement for Flexible
Ramping Products (FRP). Batteries awarded Flex Ramp Up/Down must now maintain
sufficient state of charge (SOC) to ensure delivery when needed. FRP is not an
ancillary service that can be bid into; CAISO procures it in real-time based
on available capacity and ramp rate.
Germany
In Germany, Ancillary Services represented the majority of revenue. aFRR
(automatic Frequency Restoration Reserve) pricing remains elevated due to high
grid balancing costs and represented 62% of Cremzow's revenue for the period.
FCR (Frequency Containment Reserve) prices decreased by 9% compared to the
same period in the previous Financial Year (Apr-24 to Sept-24). Battery
buildout accelerated since September 2024 period, with capacity increasing by
46% to 2.2GW as of September 2025. Simultaneously, peak Solar generation
increased by 10% year-on-year, further increasing balancing requirements on
the German grid.
On 30 September, the day-ahead auction settlement shifted from hourly to
15-minute settlement intervals. This change provides further granularity for
DA trading positions for market participants, especially for renewable energy.
This change allows for further flexibility of participants in DA trading.
Asset Performance & Availability
Overall, project capacity levels met or exceeded expectations, and
availability remained steady and consistent. This strong performance reflects
the deployment of enhanced battery analytics and improved approaches to
maintenance with O&M partners. The rollout of an automated data collection
approach is ongoing and expected to further improve availability, particularly
at newer flagship assets with enhanced operational data available from
inception.
The Commercial Manager continues to invest in tools to improve project
performance through automated analytics and escalation protocols, improving
response times to unplanned events. With these initiatives and anticipated
operational improvements, the portfolio is expected to maintain or exceed
current availability levels for the remainder of the year.
Asset Availability by Region
Region Sep-end 2025
Great Britain 93.5%
Island of Ireland 97.1%
Germany 90.4%
Texas 90.7%
California 96.3%
Portfolio 94.3%
The fleet achieved a weighted average asset availability of 94.3% during the
period, with performance impacted primarily by issues at Boulby and GS10,
including spare part obsolescence and resolved connection and communication
issues at Lower Road and Lascar. Availability is expected to remain stable,
with a modest improvement anticipated as technical resolutions, and a focus on
optimising Capacity Market participation. The Irish portfolio (Mullavilly,
Drumkee and Porterstown) maintained strong performance, achieving a weighted
average of 97.1%. Minor inverter issues at the Northern Irish sites were
resolved remotely, supported by enhanced remote 24/7 operations support and
rapid response times (often <5 minutes).
The German project Cremzow achieved 90.4% availability for the period, with
early challenges largely stemming from the 2 MW 'pilot' project, not the 20 MW
'expansion' site. Availability improved to 96.1% in Q2 following resolution of
long-standing issues. With enhanced support from the OEM site controller,
future downtime is expected to be reduced, supporting continued high
performance.
In ERCOT, availability averaged 90.7% during the period, supported by the
strong performance of Dogfish since its May energisation. The Investment
Manager is actively working with the O&M contractor to address persistent
issues at the 10MW "Texas Trio" assets, primarily related to HVAC pump
failures and inverter faults. The financial impact of disruptions at older
sites were effectively mitigated through successful liquidated damages claims
under their O&M contracts. Manufacturer-funded equipment replacements are
under review, and the sites performed well over the summer without notable
weather-related disruptions. Big Rock, the portfolio's CAISO asset, achieved
96.3% availability during the period, reflecting strong early performance
despite commission-related delays and corrections, a planned metering upgrade,
and unplanned downtime on one of the two grid transformers. With these issues
now resolved, near-100% availability is expected through the second half of
the year.
Enderby Project Update
While the Enderby site has begun generating revenue from certain streams, full
access to all revenue opportunities will only be possible once the asset
achieves full operational capability, now scheduled for FY2026/27 Q4.
The connection point for Enderby is on the tertiary winding of a Super Grid
Transformer (400/132/13kV) at the Enderby 400kV Substation. This configuration
is uncommon and introduces additional complexity from a control and compliance
perspective. During Grid Code Compliance Testing, voltage instability was
observed, highlighting the inherent "weakness" of the grid at this point.
The EPC contractor is completing a comprehensive review of the control system,
compliance submission, and testing methodology to resolve this issue. The
issue has been identified, and proposed changes are being submitted to NESO
for review and approval.
Augmentation Works
Following a fleet-wide review, Great Britain and Ireland have been identified
as priority markets for augmentation. GB currently operates with an average
duration of 1-hour and both markets have significant commercial upside from
targeted duration increases. and have significant commercial upside from
targeted duration increases.
The first phase of augmentation works will increase energy capacity at Stony
and Ferrymuir. Subsequent phases are planned for Hulley, Lascar, Larport,
Breach, Mullavilly, Drumkee, and Enderby. Across all sites, grid upgrades are
not required, land rights and lease conditions are supportive of construction,
and planning consents are not expected to present any issues.
Stony and Ferrymuir
Post-period, the Investment Manager successfully completed the execution of
Augmentation EPC contracts for Stony and Ferrymuir. The Investment Manager
expects Stony A, Stony B and Ferrymuir to return to a full suite of commercial
services at nameplate power capacity in FY 2026, Q3. The total cost of the
augmentation was at the lower end of the previously guided £18-22 million
range. Each project's programme of works was fine-tuned to optimise project
commercial availability against a target completion date for the augmentation
works, with a contractual target imposed of c.75% availability across 2026.
This is an aggressive target illustrating the Investment Manager's foresight
for the augmentation requirements of these projects.
The EPC contracts represent an exciting move forward for the GB BESS industry.
The contracts are materially more technically complex due to their interaction
with existing O&M contracts for the projects and the need to define
performance warranties and availability levels at portions of the projects
whilst the rest is constructed, and vice versa. The technical solution was
optimised to avoid major downtime through grid compliance testing or
remodelling of the project's impact on the grid (as "DC augmentation" will be
employed).
Asset Capacity (MW) Current Duration Post Augmentation COD Target Post Augmentation
(MWh)
Duration (MWh)
Stony 79.9 79.9 159.8 FY 2026/27 Q3
Ferrymuir 50 50 100 FY 2026/27 Q3
Investment Portfolio
Operational Portfolio
Market Asset MW MWh Ownership (%)
GB Lascar 20 20 100%
GS10 11.2 11.2 100%
Larport 19.5 19.5 100%
Hulley 20 20 100%
Breach 10 10 100%
Cenin 4 4.8 49%
Boulby 6 6 100%
POTL 9 4.5 100%
LOR 10 5 100%
Stony 79.9 79.9 100%
Ferrymuir 49.9 49.9 100%
NI MEL 50 21.3 51%
DEL 50 21.3 51%
ROI PBSL 30 30 100%
TEXAS Snyder 9.95 19.9 100%
Sweetwater 9.95 19.9 100%
Westover 9.95 19.9 100%
Dogfish 75 75 100%
CALIFORNIA Big Rock 200 400 100%
GER Cremzow 22 29 90%
Total Operational Capacity 696.4 867.1
Total Operational Capacity 643.1 840.9
(Adjusted For Ownership)
Energised Portfolio
Market Asset MW MWh Ownership (%)
GB Enderby 57 57 100
Total Energised Capacity 57 57
(Adjusted For Ownership)
Pre-Construction Portfolio
Market Asset MW MWh Ownership (%)
GB Middleton 200 400 100%
ROI PBSL-expansion 60 60 100%
KBSL 30 30 100%
KBSL-expansion 90 90 100%
Mucklagh 75 75 51%
Mineral Wells 9.95 9.95 100%
Cedar Hill 9.95 9.95 100%
TEXAS Wichita Falls 9.95 9.95 100%
Mesquite 9.95 9.95 100%
Total Pre-Construction Capacity 494.8 694.8
Total Pre-Construction Capacity (Adjusted For Ownership) 458.05 658.05
Total Operational Capacity
Market Asset MW MWh
GB Operational 239.5 230.8
Energised 57 57
Pre-construction 200 400
NI Operational 100 42.6
Pre-construction 0 0
ROI Operational 30 30
Pre-construction 255 255
Texas Operational 104.85 134.7
Pre-construction 39.8 39.8
California Operational 200 400
Pre-construction 0 0
GER Operational 22 29
Pre-construction 0 0
Total Capacity 1.25 GW 1.62 GWh
Total Capacity (Adjusted for Ownership) 1.16 GW 1.56 GWh
Trading Report
Trading Performance Overview
Gore Street Energy Trading (GSET)
Alan Smallwood
Optimisation Principal, GSET
GSET continues to outperform the Modo 1hr benchmark, achieving a 23% revenue
premium across the GB fleet while expanding into new markets. Our in-house
optimisation systems are built for precision and adaptability- capturing value
in real time and safeguarding asset health through continuous monitoring and
data-driven decision-making.
Gore Street Energy Trading (GSET) continues to generate revenues in excess of
the Modo 1hr benchmark, while also monitoring assets and ensuring their
long-term health. From April through September 2025, revenue generated by GSET
was 23% above the Modo 1-hr benchmark, (£6.61/MW/h against £5.39/MW/h). This
equated to an additional £867k across the GB fleet over this period.
At the start of September, there were significant changes to the dynamic
frequency markets, with ABSVD (Applicable Balancing Service Volume Data) rules
being applied to non-BM assets for the first time. While September saw a
slight dip in performance, due to temporary grid unavailability and poor
market opportunities, we saw continued strong performance in October, with
initial estimates indicating a return to a ~25% premium over the Modo 1-hr
benchmark.
From August, GSET onboarded three assets in Texas (Sweetwater, Westover, and
Snyder) totalling 30 MW. Our ERCOT optimisation software, developed entirely
in-house, borrows elements from our GB system, but uses an engine designed
specifically for the Texas market. Although market conditions in ERCOT remain
challenging, our optimisation system is working well, capturing all available
value.
Summary of Assets Optimised by GSET
Asset Capacity Commencement of GSET Optimisation
GB
Port of Tilbury 9 MW / 4.5 MWh Oct-24
Breach 10 MW / 10.0 MWh Nov-24
Larport 19.5 MW / 19.5 MWh Nov-24
Hulley 20 MW / 20 MWh Dec-24
Lascar 20 MW / 20 MWh Dec-24
Cenin 4 MW / 4.8 MWh Apr-25
Stony 79.9 MW / 79.9 MWh Apr-25
GB TOTAL 162.4 MW / 158.7 MWh
ERCOT
Snyder 9.95 MW / 19.9 MWh Aug-25
Sweetwater 9.95 MW / 19.9 MWh Aug-25
Westover 9.95 MW / 19.9 MWh Aug-25
ERCOT TOTAL 29.85 MW / 59.7 MWh
Total as of September 2025 192.25 MW / 218.4 MWh
Directors' Interim Report
Principal Risks and Uncertainties
The principal risks and uncertainties with the Company's business fall into
the following categories: Changes to Market Design; Inflation; Exposure to
Lithium-Ion Batteries, Battery Manufacturers, and technology changes; Service
Provider; Valuation of Unquoted Assets; Delays in Grid Energisation or
Commissioning; Currency Exposure; Cyber-Attack and Loss of Data; and Physical
and transitional climate-related risks. A detailed explanation of the risks
and uncertainties in each of these categories can be found on pages 37 to 39
of the Company's published annual report for the year ended 31 March 2025.
These risks and uncertainties have not materially changed during the six
months ended 30 September 2025. However, the Board has noted that geopolitical
factors continue to create uncertainties, including relating to energy policy,
supply chains and interest rates.
These risks and uncertainties have not materially changed during the six
months ended 30 September 2025. The board has however identified a new
principal risk to draw to shareholders' attention. Share price performance,
and its impact on the share price to NAV discount, provides an opportunity for
new entrants to the share register to seek to realise short-term gains, which
could prejudice the interest of the longer-term shareholders. To mitigate
this, the Board and the Manager will continue to engage with all shareholders,
to better understand investors' requirements.
In addition, the Board has noted that geopolitical factors continue to create
uncertainties, including relating to energy policy, supply chains and interest
rates, as do trade wars and tariffs.
Going Concern
Having assessed the principal risks and uncertainties, and the other matters
discussed in connection with the viability statement as set out on page 40 of
the published annual report for the year ended 31 March 2025, the Directors
consider it appropriate to adopt the going concern basis in preparing the
accounts.
Related Party Transactions
There have been no transactions with related parties that have materially
affected the financial position or the performance of the Company during the
six months ended 30 September 2025.
Directors' Responsibility Statement
The Directors confirm that, to the best of their knowledge, this set of
condensed financial statements has been prepared in accordance with UK adopted
IAS 34 Interim Financial Reporting and with the Statement of Recommended
Practice, "Financial Statements of Investment Companies and Venture Capital
Trusts" issued in July 2022, and that this half year report includes a fair
review of the information required by 4.2.7R and 4.2.8R of the FCA's
Disclosure Guidance and Transparency Rules.
Chair Designate selection process Post-period end, a subcommittee of the
Remuneration and Nomination Committee was formed to select the Chair
Designate. The process was led by Simon Merriweather and did not include the
Chair or the candidates.
The sub-committee assessed the candidates against criteria including
experience as a chair, knowledge of investment trusts, and experience of
working with shareholders and stakeholders in a wide range of scenarios.
Patrick Cox
Chair
Interim Condensed Statement of Comprehensive Income
For the Period ended 30 September 2025
1 April 2025 to 30 September 2025 1 April 2024 to 30 September 2024
Notes Revenue Capital Total Revenue Capital Total
(£) (£) (£) (£) (£) (£)
Net loss on investments at fair value through profit and loss - (69,245,088) (69,245,088) - (21,512,393) (21,512,393)
Investment income 19,451,460 - 19,451,460 9,488,686 - 9,488,686
Administrative and other expenses (4,108,188) - (4,108,188) (3,632,205) - (3,632,205)
Profit/(loss) before tax 15,343,272 (69,245,088) (53,901,816) 5,856,481 (21,512,393) (15,655,912)
Taxation 4 - - - - - -
Profit/(loss) after tax for the period 15,343,272 (69,245,088) (53,901,816) 5,856,481 (21,512,393) (15,655,912)
Total comprehensive income/(loss) for the period 15,343,272 (69,245,088) (53,901,816) 5,856,481 (21,512,393) (15,655,912)
Loss per share (basic and diluted) - pence per share 5 (10.67) (3.10)
All Revenue and Capital items in the above statement are derived from
continuing operations.
The Total column of this statement represents Company's Income Statement
prepared in accordance with UK adopted International Accounting Standards. The
loss after tax and loss for the period is the total comprehensive income and
therefore no additional statement of other comprehensive income is presented.
The supplementary revenue and capital columns are presented for information
purposes in accordance with the Statement of Recommended Practice issue by the
Association of Investment Companies.
The notes on pages 40 to 47 of the 2025 interim report form an integral part
of these financial statements.
Interim Condensed Statement of Financial Position
As at 30 September 2025
Company Number 11160422
30 September 31 March
2025 2025
Notes (£) (£)
Non - current assets
Investments at fair value through profit or loss 6 447,057,319 510,251,383
447,057,319 510,251,383
Current assets
Cash and cash equivalents 8 9,854,381 9,595,425
Trade and other receivables 210,291 114,354
10,064,672 9,709,779
Total assets 457,121,991 519,961,162
Current liabilities
Trade and other payables 1,831,574 666,939
1,831,574 666,939
Total net assets 455,290,417 519,294,223
Shareholders equity
Share capital 10 5,050,995 5,050,995
Share premium 10 331,302,899 331,302,899
Merger reserve 10 10,621,884 10,621,884
Capital reduction reserve 10 37,401,431 47,503,421
Capital reserve 10 23,119,628 92,364,716
Revenue reserve 10 47,793,580 32,450,308
Total shareholders equity 455,290,417 519,294,223
Net asset value per share 9 0.90 1.03
The interim financial statements were approved and authorised for issue by the
Board of directors and are signed on its behalf by;
Patrick Cox
Chair
Date: 12 December 2025
The notes on pages 40 to 47 of the 2025 interim report form an integral part
of these financial statements.
Interim Condensed Statement of Changes in Equity
For the Period ended 30 September 2025
Share Share Merger Capital reduction Capital Revenue Total
premium
shareholders
capital reserve reserve reserve reserve reserve equity
(£) (£) (£) (£) (£) (£) (£)
As at 1 April 2025 5,050,995 331,302,899 10,621,884 47,503,421 92,364,716 32,450,308 519,294,223
(Loss)/profit for the period - - - - (69,245,088) 15,343,272 (53,901,816)
Total comprehensive (loss)/income for the period - - - - (69,245,088) 15,343,272 (53,901,816)
Transactions with owners
Dividends paid - - - (10,101,990) - - (10,101,990)
As at 30 September 2025 5,050,995 331,302,899 10,621,884 37,401,431 23,119,628 47,793,580 455,290,417
For the Period Ended 30 September 2024
Share Share Merger Capital reduction Capital Revenue Total
premium shareholders
capital reserve reserve reserve reserve reserve equity
(£) (£) (£) (£) (£) (£) (£)
As at 1 April 2024 5,050,995 331,302,899 10,621,884 75,089,894 95,542,635 23,088,186 540,696,493
Profit/(loss) for the period - - - - (21,512,393) 5,856,481 (15,655,912)
Total comprehensive income/(loss) for the period - - - - (21,512,393) 5,856,481 (15,655,912)
Transactions with owners
Dividends paid - - - (17,484,483) - - (17,484,483)
As at 30 September 2024 5,050,995 331,302,899 10,621,884 57,605,411 74,030,242 28,944,667 507,556,098
Capital reduction reserve and revenue reserves are available to the Company
for distributions to Shareholders as determined by the Directors.
The notes on pages 40 to 47 of the 2025 interim report form an integral part
of these financial statements.
Interim Condensed Statement of Cash Flows
For the Period ended 30 September 2025
1 April 2025 to 1 April 2024 to
30 September 30 September
2025 2024
Notes (£) (£)
Cash flows used in operating activities
Loss for the period (53,901,816) (15,655,912)
Net loss on investments at fair value through profit and loss 69,245,088 21,512,393
(Increase)/decrease in trade and other receivables (95,937) 271,020
Increase/(decrease) in trade and other payables 1,164,635 (376,512)
Net cash generated from operating activities 16,411,970 5,750,989
Cash flows used in investing activities
Funding of investments (11,167,767) (29,832,113)
Loan principal repayment from investment 5,116,743 -
Net cash used in investing activities (6,051,024) (29,832,113)
Cash flows used in financing activities
Dividends paid (10,101,990) (17,484,483)
Net cash outflow from financing activities (10,101,990) (17,484,483)
Net increase/(decrease) in cash and cash equivalents for the period 258,956 (41,565,607)
Cash and cash equivalents at the beginning of the period 9,595,425 60,667,572
Cash and cash equivalents at the end of the period 9,854,381 19,101,965
During the period, interest received by the Company totalled £19,451,460
(2024: £9,488,686).
The notes on pages 40 to 47 of the 2025 interim report form an integral part
of these financial statements.
Notes to the Interim Condensed Financial Statements
For the Period Ended 30 September 2025
1. General information
Gore Street Energy Storage Fund plc (the "Company") was incorporated in
England and Wales on 19 January 2018 with registered number 11160422. The
registered office of the Company is First Floor, 16-17 Little Portland Street,
London, W1W 8BP.
Its share capital is denominated in Pound Sterling (GBP) and currently
consists of ordinary shares. The Company's principal activity is to invest in
a diversified portfolio of utility scale energy storage projects primarily
located in UK, the Republic of Ireland, North America and Germany.
2. Basis of preparation
Statement of compliance
The half yearly condensed financial statements for the period 1 April 2025 to
30 September 2025 have been prepared in accordance with UK adopted IAS 34
Interim Financial Reporting, and the Disclosure Guidance and Transparency
Rules of the United Kingdom's Financial Conduct Authority.
The half yearly financial statements do not include all the information and
disclosures required in the annual financial statements, and should be read in
conjunction with the Company's annual financial statements as at 31 March
2025.
The same accounting policies, presentation and methods of computation are
followed in these condensed financial statements as were applied in the
preparation of the Company's annual financial statements for the year ended 31
March 2025.
The Company is an investment entity in accordance with IFRS 10 which holds all
its subsidiaries at fair value and therefore prepares unconsolidated accounts
only. The financial information for the year ended 31 March 2025 has been
extracted from the latest published audited financial statements which have
been filed with the Registrar of Companies. The Independent Auditor's Report
on those accounts contained no qualification or statement under Section 498
(2), (3) or (4) of the Companies Act 2006.
The financial information contained in this Half Year Report does not
constitute statutory accounts as defined in Sections 434 of the Companies Act
2006. The financial information for the six months ended 30 September 2025 and
30 September 2024 has not been audited by the Company's external auditor.
Functional and presentation currency
The currency of the primary economic environment in which the Company operates
(the functional currency) is Pound Sterling ("GBP or £") which is also the
presentation currency.
Going Concern
In assessing the going concern basis of accounting the Directors have had
regard to the guidance issued by the Financial Reporting Council. After making
enquiries and bearing in mind the nature of the Company's business and assets,
the Directors consider the Company to have adequate resources to continue in
operational existence over the period to 31 December 2026, being at least 12
months from the date of approval of the financial statements. As such, they
have adopted the going concern basis in preparing the annual report and
financial statements.
As at 30 September 2025, the Company had net current assets of £8.23 million
and had cash balances of £9.85 million (excluding cash balances within
investee companies), which are sufficient to meet current obligations as they
fall due. The Company had no contingencies and significant capital
commitments as at the 30 September 2025. The Company is a guarantor to GSES1
Limited's £100m revolving credit facility.
Financial forecast models have been reviewed for the going concern period
which consider available cash and existing debt capacity at the start of the
period and key financial assumptions at the Company level as well as at the
project level. These financial assumptions include expected remaining capital
expenditure on portfolio companies and cash generated by the portfolio
companies available to be distributed to the Company, as well as ongoing
administrative costs for the Company and intermediary holding companies.
Expected inflows and outflows (including interest repayments) on the external
debt facility at GSES 1 level and the project-level debt in California are
also considered.
As part of the going concern assessment the Directors have modelled downside
scenarios considering potential changes in trading performance. The Directors
consider the following scenarios:
· A base case scenario based on a blended average mid-case
scenario from third-party consultants;
· Although a simultaneous reduction in project companies'
revenue across the five grids they operate is not considered likely, a
plausible 30% average reduction in base case revenue has been considered as a
downside scenario.
This analysis shows that, under both the base case and downside scenarios, the
Company is expected to have comfortably sufficient financial resources
available to meet current obligations and commitments as they fall due from
period end until 31 December 2026.
The Directors acknowledge their responsibilities in relation to the financial
statements for the interim period ended 30 September 2025 and have prepared
the financial statement on a going concern basis. The Company expects to meet
its obligations as and when they fall due for at least the next twelve months
to 31 December 2026.
Operating Segments
Under IFRS 8, particular classes of entities are required to disclose
information about any of their individual operating segments. All of the
Company's portfolio is held through the Company's direct subsidiary, GSES 1
Limited. Therefore, the Directors are of the opinion that there is only one
segment and therefore no operating segment information is given.
3. Significant accounting judgements, estimates and assumptions
The preparation of the financial statements requires management to make
judgements, estimates and assumptions that affect the application of
accounting policies and the reported amount of assets, liabilities, income and
expenses. Estimates and underlying assumptions are reviewed on an ongoing
basis. Revisions to the accounting estimates are recognised in the period in
which the estimates are revised and in any future periods affected.
During the period the Directors considered the following significant
judgements, estimates and assumptions:
Assessment as an investment entity
Entities that meet the definition of an investment entity within IFRS 10 are
required to measure their subsidiaries at fair value through profit or loss
rather than consolidate them unless they provided investment related services
to the Company. To determine that the Company continues to meet the definition
of an investment entity, the Company is required to satisfy the following
three criteria:
a) the Company obtains funds from one or more investors for the
purpose of providing those investors with investment management services;
b) the Company commits to its investors that its business purpose is
to invest funds solely for returns from capital appreciation, investment
income, or both; and
c) the Company measures and evaluates the performance of
substantially all of its investments on a fair value basis.
The Company meets the criteria as follows:
· the stated strategy of the Company is to deliver stable
returns to shareholders through a mix of energy storage investments;
· the Company provides investment management services and
has several investors who pool their funds to gain access to infrastructure
related investment opportunities that they might not have had access to
individually; and
· the Company has elected to measure and evaluate the
performance of all of its investments on a fair value basis. The fair value
method is used to represent the Company's performance in its communication to
the market, including investor presentations. In addition, the Company reports
fair value information internally to Directors, who use fair value as the
primary measurement attribute to evaluate performance.
Having assessed the criteria above and in their judgement, the Directors are
of the opinion that the Company has all the typical characteristics of an
investment entity and continues to meet the definition in the standard. This
conclusion will be reassessed on an annual basis.
Valuation of investments
Significant estimates in the Company's financial statements include the
amounts recorded for the fair value of the investments. By their nature, these
estimates and assumptions are subject to measurement uncertainty and the
effect on the Company's financial statements of changes in estimates in future
periods could be significant. These estimates are discussed in more detail in
note 7.
4. Taxation
The Company is recognised as an Investment Trust Company ("ITC") for
accounting periods beginning on or after 25 May 2018 and is taxed at the main
rate of 25%. ITCs are exempt from UK corporation tax on their capital gains.
Additionally, ITCs may designate all or part of dividends distributions to
shareholders as an interest distribution, which is tax deductible, to the
extent that it has "qualifying interest income" for the accounting period.
Therefore, there is no corporate tax charge for the period (2024: £nil).
30 September 30 September
2025 2024
(£) (£)
(a) Tax charge in profit and loss account
UK Corporation tax - -
(b) Reconciliation of the tax charge for the period
(Loss)/profit before tax (53,901,816) (15,655,912)
Tax at UK standard rate of 25% (2024: 25%) (13,475,454) (3,913,978)
Effects of:
Unrealised loss on fair value investments not taxable 16,986,912 5,378,098
Expenses not deductible for tax purposes - 67
Group relief claimed (119,326) -
Movement in deferred tax not recognised (626,712) 907,984
Interest distribution (2,765,420) (2,372,171)
Tax charge for the period - -
There is no corporate tax charge for the period (2024: £nil). The Company may
utilise available tax losses from within the UK tax group to relieve future
taxable profits in the Company and may also claim deductions on future
distributions or parts thereof designated as interest distributions. Therefore
a deferred tax asset, measured at the prospective corporate rate of 25% (2024:
25%) of £298,704 (2024: £6,705,533) has not been recognised in respect of
the carried forward losses.
5. Earnings per share
Earnings per share (EPS) amounts are calculated by dividing the profit or loss
for the period attributable to ordinary equity holders of the Company by the
weighted average number of ordinary shares in issue during the period. As
there are no dilutive instruments outstanding, basic and diluted earnings per
share are identical.
30 September 30 September
2025 2024
Net loss attributable to ordinary shareholders (£53,901,816) (£15,655,912)
Weighted average number of ordinary shares for the period 505,099,478 505,099,478
Loss per share - Basic and diluted (pence) (10.67) (3.10)
6. Investments
30 September 31 March
Percentage 2025 2025
Place of business ownership (£) (£)
GSES1 Limited ("GSES1") England & Wales 100% 447,057,319 510,251,383
Reconciliation 30 September 31 March
2025 2025
(£) (£)
Opening balance 510,251,383 481,659,515
Loan drawdowns during the period/year 11,167,767 88,407,212
Loan repayments during the period/year (5,116,743) (45,870,425)
Loan interest received during the period/year (19,328,891) (15,664,565)
Loan interest receivable from GSES 1 Limited during the period/year 18,031,451 35,244,421
(Transfer)/purchase of investments in Porterstown and Kilmannock during the - (10,767,000)
period/year
Total fair value movement on equity investment during the period/year (67,947,648) (22,757,775)
447,057,319 510,251,383
The Company meets the definition of an investment entity. Therefore, it does
not consolidate its subsidiaries or equity method account for associates but,
rather, recognises them as investments at fair value through profit or loss.
The Company is not contractually obligated to provide financial support to the
subsidiaries and associate, except as guarantor to the revolving credit
facility entered into by GSES 1 Limited, and there are no restrictions in
place in passing monies up the structure.
The investment in GSES1 is financed through equity and a loan facility
available to GSES1. The facility may be drawn upon, to any amount agreed by
the Company as lender, and is available for a period of 20 years from 28 June
2018. The rest is funded through equity. The amount drawn on the facility at
30 September 2025 was £423,942,137 (31 March 2025: £417.891,112). The loan
is interest bearing and attracts interest at 8.5% per annum.
Realisation of increases in fair value in the indirect subsidiaries will be
passed up the structure as repayments of loan interest and principal. The
Company holds a 100% investment in GSES 1. GSES 1 in turn holds investments in
various holding companies and operating assets as detailed below.
Percentage
Immediate Parent Place of business Ownership Investment
GSF Albion Limited ("GSF Albion") GSES1 England & Wales 100%
NK Boulby Energy Storage Limited GSF Albion England & Wales 99.998% Boulby
Kiwi Power ES B Limited GSF Albion England & Wales 49% Cenin
Ferrymuir Energy Storage Limited GSF Albion England & Wales 100% Ferrymuir
GSF England Limited ("GSF England") GSES1 England & Wales 100%
OSSPV001 Limited GSF England England & Wales 100% Lower Road and Port of Tilbury
GS10 Energy Storage Limited GSF England England & Wales 100% Beeches, Blue House Farm, Brookhall, Fell View, Grimsargh, Hermitage,
Heywood Grange, High Meadow, Hungerford, Low Burntoft
Breach Farm Energy Storage Limited GSF England England & Wales 100% Breach Farm
Hulley Road Energy Storage Limited GSF England England & Wales 100% Hulley Road
Larport Energy Storage Limited GSF England England & Wales 100% Larport
Lascar Battery Storage Limited GSF England England & Wales 100% Lascar
Stony Energy Storage Limited GSF England England & Wales 100% Stony
Enderby Battery Storage Limited GSF England England & Wales 100% Enderby
Middleton Energy Storage Limited GSF England England & Wales 100% Middleton
GSF IRE Limited ("GSF IRE") GSES1 England & Wales 100%
Mullavilly Energy Limited GSF IRE Northern Ireland 51% Mullavilly
Drumkee Energy Limited GSF IRE Northern Ireland 51% Drumkee
Porterstown Battery Storage Limited GSF IRE Republic of Ireland 100% Porterstown
Kilmannock Battery Storage Limited GSF IRE Republic of Ireland 100% Kilmannock
Mucklagh Battery Storage Facility Limited GSF IRE Republic of Ireland 51% Mucklagh
GSF Atlantic Limited ("GSF Atlantic") GSES1 England & Wales 100%
GSF Americas Inc. ("GSF Americas") GSF Atlantic Delaware 100%
GSF Green Power Cremzow Gmbh & Co KG GSF Atlantic Germany 90% Cremzow LP
GSF Green Power Cremzow Verwaltungs GmbH GSF Atlantic Germany 90% Cremzow GP
Snyder ESS Assets, LLC GSF Americas Delaware 100% Snyder
Sweetwater ESS Assets, LLC GSF Americas Delaware 100% Sweetwater
Westover ESS Assets, LLC GSF Americas Delaware 100% Westover
Mineral Wells ESS Assets, LLC GSF Americas Delaware 100% Mineral Wells
Cedar Hill ESS Assets, LLC GSF Americas Delaware 100% Cedar Hill
Wichita Falls ESS Assets, LLC GSF Americas Delaware 100% Wichita Falls
Mesquite ESS Assets, LLC GSF Americas Delaware 100% Mesquite
Dogfish ESS Assets, LLC GSF Americas Delaware 100% Dogfish
Big Rock ESS Assets, LLC GSF Americas Delaware 100% Big Rock
Gore Street Facilities Management Inc. GSF Americas Delaware 100%
7. Fair Value measurement
Valuation approach and methodology
There are three traditional valuation approaches that are generally accepted
and typically used to establish the value of a business; the income approach,
the market approach and the net assets (or cost based) approach. Within these
three approaches, several methods are generally accepted and typically used to
estimate the value of a business.
The Company has chosen to utilise the income approach, which indicates value
based on the sum of the economic income that an asset, or group of assets, is
anticipated to produce in the future. Therefore, the income approach is
typically applied to an asset that is expected to generate future economic
income, such as a business that is considered a going concern. Free cash flow
to total invested capital is typically the appropriate measure of economic
income. The income approach is the Discounted Cash Flow "DCF" approach and the
method discounts free cash flows using an estimated discount rate (Weighted
Average Cost of Capital "WACC").
Valuation process
The Company's portfolio of lithium-ion energy storage investments has a total
capacity of 1.16 GW (September 2024: 1.16 GW). As at 30 September 2025, 643.10
MW of the Company's total portfolio was operational (September 2024: 417.11
MW) and 516.9 MW pre‑operational (September 2024: 742.89 MW) (the
"Investments").
The Investments comprise projects, based in the UK, the Republic of Ireland,
mainland Europe and North America. The Directors review and approve these
valuations following appropriate challenge and examination. The current
portfolio consists of non-market traded investments and valuations are
analysed using forecasted cash flows of the assets and used the discounted
cash flow approach as the primary approach for the purpose of the valuation.
The Investment Manager prepares financial models utilising revenue forecasts
from external parties to determine the fair value of the Company's investments
with appropriate short term adjustments made to reflect near term expectations
of market including both upturns and down turns as applicable. The Company
engages external, independent, and qualified valuers to verify the valuations.
As at 30 September 2025, the fair value of the portfolio of investments has
been determined by the Investment Manager and reviewed by BDO UK LLP. The fair
value of the subsidiary is inherently dependent on these unobservable inputs
and the sensitivity analysis presented, as changes in these assumptions could
impact the valuation.
The below table summarises the significant unobservable inputs to the
valuation of investments.
Significant Inputs Fair Value
30 September 31 March
Valuation 2025 2025
Investment Portfolio technique Description (Range) (£) (£)
Great Britain (excluding Northern Ireland) DCF Discount Rate Revenue/MW/hour 7.25% - 12% 179,008,562 194,056,145
£7 - £11
Northern Ireland DCF Discount Rate 8% - 9.25% 35,150,167 35,179,794
Revenue/MW/hour €9 - €24
Republic of Ireland DCF Discount Rate 8.25% - 11% 58,362,817 52,701,213
Revenue/MW/hour €8 - €15
Other OECD DCF Discount Rate 8.5% - 11% 204,942,543 269,536,752
Revenue/MW/hour €9 - €16 /
$7 - $20
Holding Companies NAV (30,406,770) (41,222,521)
Total Investments 447,057,319 510,251,383
The fair value of the holding companies represents the net current assets
including cash, held within those companies in order to settle any operational
costs.
Sensitivity analysis
The below table reflects the range of sensitivities in respect of the fair
value movements of the Company's investments and via GSES1.
Significant Inputs Estimated effect on Fair Value
30 September 31 March
Valuation 2025 2025
Investment Portfolio technique Description Sensitivity (£) (£)
Great Britain (excluding Northern Ireland) DCF Revenue +10% 35,817,602 38,091,863
-10% (35,971,899) (38,317,304)
Discount rate +1% (25,144,241) (26,724,999)
-1% 29,341,946 31,192,033
Northern Ireland DCF Revenue +10% 4,671,203 4,583,713
-10% (4,669,728) (4,580,601)
Discount rate +1% (2,831,192) (2,621,530)
-1% 3,280,452 3,022,662
Exchange rate +3% (1,148,675) (1,115,314)
-3% 1,219,730 1,184,308
Republic of Ireland DCF Revenue +10% 16,836,284 15,595,403
-10% (17,724,129) (16,309,692)
Discount rate +1% (12,985,548) (11,160,731)
-1% 15,449,594 13,224,245
Exchange rate +3% (1,600,687) (1,442,480)
-3% 1,699,699 1,531,706
Other OECD DCF Revenue +10% 31,468,240 35,149,719
-10% (32,157,646) (36,026,351)
Discount rate +1% (16,330,327) (18,103,268)
-1% 18,572,113 20,583,145
Exchange rate +3% (6,119,841) (8,030,124)
-3% 6,497,698 8,525,811
High case (+10%) and low case (-10%) revenue information used to determine
sensitivities are provided by third party pricing sources.
8. Cash and cash equivalents
30 September 31 March
2025 2025
(£) (£)
Cash at bank 9,854,381 9,595,425
9,854,381 9,595,425
9. Net asset value per share
Basic NAV per share is calculated by dividing the Company's net assets as
shown in the Statement of Financial Position that are attributable to the
ordinary equity holders of the Company by the number of ordinary shares
outstanding at the end of the period. As there are no dilutive instruments
outstanding, basic and diluted NAV per share are identical.
30 September 31 March
2025 2025
Net assets per Statement of Financial Position £455,290,417 £519,294,223
Ordinary shares in issue as at 30 September/31 March 505,099,478 505,099,478
NAV per share - Basic and diluted (pence) 90.14 102.81
10. Share capital and reserves
Share capital Share premium reserve Merger reserve Capital reduction reserve Capital reserve Revenue reserve Total
(£) (£) (£) (£) (£) (£) (£)
At 1 April 2025 5,050,995 331,302,899 10,621,884 47,503,421 92,364,716 32,450,308 519,294,223
Dividends paid - - - (10,101,990) - - (10,101,990)
Profit/(loss) for the period - - - - (69,245,088) 15,343,272 (53,901,816)
At 30 September 2025 5,050,995 331,302,899 10,621,884 37,401,431 23,119,628 47,793,580 455,290,417
Share capital Share Special Merger Capital reduction reserve Capital Revenue reserve Total
premium reserve
reserve reserve reserve
(£) (£) (£) (£) (£) (£) (£) (£)
At 1 April 2024 5,050,995 331,302,899 - 10,621,884 75,089,894 95,542,635 23,088,186 540,696,493
Dividends paid - - - - (27,586,473) - - (27,586,473)
Profit/(loss) for the period - - - - - (3,177,919) 9,362,122 6,184,203
At 31 March 2025 5,050,995 331,302,899 - 10,621,884 47,503,421 92,364,716 32,450,308 519,294,223
11. Dividends
30 September 30 September
Dividend 2025 2024
per share (£) (£)
Dividends paid during the period
For the 3 month period ended 31 December 2023 2 pence - 9,907,990
For the 3 month period ended 31 March 2024 1.5 pence - 7,576,493
For the 3 month period ended 31 December 2024 1 pence 5,050,995 -
For the 3 month period ended 31 March 2025 1 pence 5,050,995 -
10,101,990 17,484,483
An interim dividend of 1 pence for the period 1 October 2024 to 31 December
2024 was proposed by the Directors, and subsequently paid on the 11 April
2025.
An interim dividend of 1 pence for the period 1 January 2025 to 31 March 2025
was proposed by the Directors and subsequently paid on 15 August 2025.
Post balance sheet date, A special dividend of 1.5 pence was proposed by the
Directors and subsequently paid on 31 October 2025.
12. Transactions with related parties
The Company and the Directors are not aware of any person who, directly or
indirectly, jointly, or severally, exercises or could exercise control over
the Company. The Company does not have an ultimate controlling party.
Details of related parties are set out below:
Directors
Patrick Cox, Chair of the Board of Directors of the Company, is paid a
director's remuneration of £79,000 per annum, (2024: £77,000), Caroline
Banszky is paid a director's remuneration of £59,000 per annum, (2024:
£57,000) with the remaining directors being paid directors' remuneration of
£49,000 per annum, (2024: £47,000). Simon Merriweather was appointed 18
September 2025 and will be paid a director's remuneration of £49,000 per
year.
Total director's remuneration and associated employment costs of £168,800
were incurred in respect of the period with £nil being outstanding and
payable at the period end.
Investment advisor
Up to 30 September 2025, the Investment Advisor, Gore Street Investment
Management Limited ('GSIM', the "Investment Advisor"), a Gore Street Capital
('GSC') group entity, was entitled to advisory fees under the terms of the
Investment Advisory Agreement amounting to 1% of Adjusted Net Asset Value. The
advisory fee was calculated at each NAV calculation date and payable quarterly
in arrears.
Investment advisory fees of £2,628,793 (30 September 2024: £2,620,412) were
incurred during the period; there were £1,308,127 (30 September 2024:
£1,295,165) outstanding fees as at 30 September 2025 (31 March 2025: £nil
outstanding).
In addition, the Investment Adviser is entitled to a fixed fee of £75,000 per
annum for AIFM services. AIFM fees of £37,500 (30 September 2024: £37,500)
were charged to the Company from GSIM during the period. As at period end,
£nil remained outstanding.
As of 1 October 2025, the fees payable under the Investment Advisory Agreement
have been substantially reduced to a fee calculated as 1% per annum of the
average (50:50) of market capitalisation and Adjusted NAV. The revised
advisory fee is subject to a cap of 1% of Adjusted NAV.
Under the revised agreement, Investment Advisory fees are paid quarterly in
arrears. Market capitalisation is calculated as the average of the closing
daily market capitalisation on each business day in the quarter (Ordinary
Shares held by the Company in treasury are to be excluded for the purposes of
the quarterly advisory fee). Adjusted Net Asset Value means Net Asset Value,
minus Uncommitted Cash. Uncommitted Cash means all cash on the Company's
balance sheet that has not been allocated for repayment of a liability on the
balance sheet or any earmarked capital costs of any member of the Group. As of
30 September, there was no uncommitted cash.
Commercial Management Agreement (CMA)
Gore Street Services Limited ('GSS'), a direct subsidiary of GSC, provides
commercial and operational services to the Company and its subsidiaries. As at
30 September 2025, charges of £346,279 (30 September 2024: £289,210) were
paid by the Company to GSS.
Fees paid during the period from the underlying construction and operational
subsidiaries to GSS under the CMA amounted to £2,258,157 (30 September 2024:
£2,376,077).
GSET Optimisation Agreement
The Company has onboarded a number of its assets to Gore Street Energy Trading
('GSET'), a GSC entity, to manage revenue optimisation. During the period,
fees of £255,956 (30 September 2024: £nil) were payable by these group
entities. As at 30 September 2025, GSET optimised 192.25 MW. (30 September
2024: nil).
Other
Certain third party fees were recharged at cost from Gore Street Capital Group
to GSF Plc ('The Company') and its subsidiaries during the period. These
totalled to £88,329 (30 September 2024: £117,083).
13. Capital Commitments
The Company together with its direct subsidiary, GSES1 Limited entered into
Facility and Security Agreements with Santander UK PLC in May 2021 for £15
million. The Facility was increased to £100 million in November 2024. On 30
July 2025 the lender of the Facility syndicated £50 million to Rabobank,
bringing another leading lender to the energy storage market into the
facility. Under these agreements, the Company acts as chargor and guarantor to
the amounts borrowed under the Agreements by GSES1 Limited. As at 30 September
2025, an amount of £57,375,066 had been drawn on this facility (31 March
2025: £56,547,933).
The Company had no contingencies and significant capital commitments as at the
30 September 2025.
14. Post balance sheet events
The Directors have evaluated the need for disclosures and/or adjustments
resulting from post balance sheet events through to 12 December 2025, the date
the financial statements were available to be issued.
Subsequent to the balance sheet date, on 22 October 2025, Angus Gordon Lennox
and Norman Crighton were appointed to the Board of Directors.
The Board approved on the 2 October 2025, the issuance of a special dividend
of 1.5 pence per share. This dividend totalling £7,576,492 was paid to
investors on 31 October 2025.
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