Gore Street Energy Storage Fund Plc · LSE:GSF
Gore Street Energy Storage Fund — FY2025 Earnings Presentation
35 slides from Gore Street Energy Storage Fund's earnings presentation, 2025
Slide 1: Annual Results presentation for the year ended 31 March 2025
Gore Street Energy Storage Fund plc Annual Results presentation For the year ended 31 March 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared by Gore Street Investment Management Limited ("Gore and the persons into whose possession this document comes should inform themselves Street") for information and discussion purposes only and should not be considered to be an about, and observe, any su
Slide 3: Highlights
) Gore Street @ Energy Storage Fund Highlights
Slide 4: Financial Highlights
Financial Highlights 102.8p 9.5% 17.8% £30.5m Financial Financials FY23/24: 107.0p FY23/24: 11.6% FY23/24: 6.5% FY23/24: £60.7m NAV per Share Dividend Yield Gearing (of GAV) Cash or cash equivalents1 £35.3m £21.0m 753.4 MW 408.9 MW 11% Delivery FY23/24: £41.4m FY23/24: £28.4m FY23/24: 421.4 MW FY23/
Slide 5: Portfolio Summary
Portfolio Summary 1.25 GW 753.4 MW / 924.1 MWh 494.8 MW across five grids Energised portfolio Pre-construction portfolio California, US (27%) Great Britain (39%) < 1 hour (16%) Split by Island of Ireland (17%) Duration 1 ≤ hour < 2 hour (54%) MW Texas, US (14%) ≥ 2 hour (30%) Germany (3%) LSES (26.5
Slide 6: Next Months Focus
Next 12 Months Focus Contracted Big Rock Dogfish Enderby ITC Income FY24/25 • Energised in • Energised in • Energised in • Pricing exceeded FY24/25 FY24/25 FY24/25 guidance to date • Stackable long- term contract, • Largest asset to • The Company’s • First transmission • Dogfish proceeds expected to
Slide 7: Portfolio Operational Performance
Portfolio Operational Performance
Slide 8: Revenue Drivers
Revenue Drivers Great Britain Island of Ireland • Average revenue in the GB market saw a • DS3 phase out, and the implementation 22.5% y-o-y increase based on of the new service is delayed until benchmarks (excluding CM). September-end 2027 at the latest. DS3 • Dynamic Containment prices also remain
Slide 9: Revenue Breakdown
Revenue Breakdown Average revenue per grid during the twelve-month period ending 31 March 2025 £7.37/ MW/hr Great Island of Ireland £14.52/ MW/hr Britain £65,000/ MW /yr Irish trading revenue increased by 127% £127,000/ The GSET managed during the period, driven by an increase MW/yr portfolio (68% o
Slide 10: Market Developments
Market Developments Great Britain Ireland NESO Connections Reform ongoing – plans to streamline T&D infrastructure and cut grid queues Market reform to improve trading opportunities for BESS (e.g. SDP, now Zonal pricing rejected as part of scheduled for November 2025) REMA. Attention now focus
Slide 11: Gore Street Energy Trading (GSET)
Gore Street Energy Trading (GSET)
Slide 12: GSET: A battery focussed, data-driven solution
GSET: A battery focussed, data-driven solution • Software has been fully developed in-house • Focussed entirely on storage assets • Monitors assets and markets, create forecasts, determines optimal strategies, and optimises in real-time • Each asset has unique qualities and characteristics • We opti
Slide 13: GSET: Performance
GSET: Performance 10.00 11% outperformance 9.50 of Modo Benchmark 9.00 Average Revenue (£/MW/hr) 8.50 8.00 7.50 7.00 6.50 6.00 5.50 5.00 Dec-24 Jan-25 Feb-25 Mar-25 Average GSET Revenue (£/MW/hr) MODO Benchmark (£/MW/hr) • The portion of the GB portfolio managed commercially by GSET, was benchmarked
Slide 14: Valuations
Gore Street Energy Storage Fund Valuations
Slide 15: NAV Bridge
NAV Bridge 120.0 107.0 5.2 102.8 100.0 -5.5 3.2 -6.1 -1.0 80.0 NAV (Pence per ordinary share) Dividends Macroeconomic Drivers Active Management 60.0 • Dividends paid during the • Revenue Curves: -6.1p • A mixture of proactive period resulted in a decrease management and of -5.5p PPS • Inflation: -1.
Slide 16: Appropriate Revenue Forecasts
Appropriate Revenue Forecasts Revenue curves (-6.1p) • Revenue curves are sourced from • GB and Ireland markets forecasts a short-term decrease in commodity prices (further affected independent third parties by increased capacity from new interconnectors coming online) • These curves exclude capacit
Slide 17: NAV Assumptions
NAV Assumptions Inflation Assumptions Inflation Assumptions • The Inflation assumptions applied across the grids reflect the 2024 2025 2026+ inflationary macro environment observed globally. • These assumptions remain in line with those presented in the GB 2.50% 3.30% 2.50% Company’s Interim Report.
Slide 18: Capital Structure
Gore Street Energy Storage Fund Capital Structure
Slide 19: Modest Leverage
Modest Leverage % of GAV 30% 25% 20% 15% 10% 5% 0% Mar-end 2024 Sep-end 2024 Mar-end 2025 1 Revolving Credit Facility 2 Big Rock Facility Type: Portfolio-level Type: Project-level (Big Rock – 200 MW/ 400 MWh asset) Facility Size: £100 million Facility Size: $60 million (post period). Currency: GBP C
Slide 20: Investment Tax Credits
Investment Tax Credits Big Rock and Dogfish energised \ earlier this year. Post-period, proceeds received from the sale of the Investment Tax Credits for the Dogfish asset (75 MW/ 75 MWh). Post-period, the Big Rock asset (200 MW / 400 MWh) entered into an agreement for the sale of Investment Tax Cre
Slide 21: ESG
) Gore Street @ Energy Storage Fund ESG
Slide 22: Environmental, Social and Governance
Environmental, Social and Governance 11,970 tCO2e 39,290 MWh Net CO2 emissions avoided Total renewable electricity stored Gore Street Energy Storage Fund | 22
Slide 23: Outcomes from Board Roadshow
Outcomes from Board Roadshow
Slide 24: Board Roadshow
Board Roadshow • In May & early June, the Company’s Board conducted a comprehensive roadshow with Board institutional investors to gather feedback on the Company’s market position and capital Roadshow allocation strategy. • Changes to fees from 01 October 2025. • Management Fees: will be calculated
Slide 25: Historic Dividends
Historic Dividends £122m (42.0 pence paid per share) in dividends since inception 120 100 Dividends paid (£m) 80 60 40 20 0 FY18/19 FY19/20 FY20/21 FY21/22 FY22/23 FY23/24 FY24/25 (excl. special dividend) Cumulative dividends paid (£m) Dividends paid (£m) Gore Street Energy Storage Fund | 25
Slide 26: Dividend Guidance
Dividend Guidance • The Board has reviewed the Company’s dividend policy, and has maintained the intention to align the profile and quantum of dividends with operational cashflows rather than NAV. • Based on a conservative revenue assumption, reflecting the last 12-month period, and an average opera
Slide 27: Next 12 Months
) Gore Street @ Energy Storage Fund Next 12 Months
Slide 28: Focus on Efficiency, Cost and Revenue
Focus on Efficiency, Cost and Revenue 1 Expand Asset Base Energise capacity beyond 1 GWh 2 Drive Revenue Growth Leveraging GSET’s expertise across multiple markets to drive revenue growth 3 Optimise Cost Efficiencies Applying a data-led, cross-functional approach from asset management to commercial
Slide 29: 1. Expand Asset Base (firstly Stony and Ferrymuir augmentation)
1. Expand Asset Base (firstly Stony and Ferrymuir augmentation) 1 Requirements to augment to a 2- 12-months hour system: 2-hour duration One-year augmentation process with IRR consistent with targets fewer than 50 days (equivalent) Land revenue loss from downtime Planning £18-22m Compatible cells Es
Slide 30: 2. Drive Revenue Growth Beyond Benchmarks
2. Drive Revenue Growth Beyond Benchmarks 2 Engineered for Commercial Impact Intelligent at the Core Performance Purpose built for BESS, 11% GSET outperformance \ as opposed to other \ Advanced forecasting \ compared to Modo technologies model benchmark ML with neural networks >95% uptime of total \
Slide 31: 3. Optimise Cost Efficiencies & Availability Improvements
3. Optimise Cost Efficiencies & Availability Improvements 3 The Investment Manager is developing a platform to optimise cost efficiencies with the intended impacts: • Multi-purpose software platforms prevents need for additional hardware • API integration enables optimisation of non-GB assets by GSE
Slide 32: 4. Mobilise External Capital
4. Mobilise External Capital 4 Range of options available to the Company - assuming that no new equity is available in capital markets) 494.8 MW of pre-construction assets across three grids & augmentation of existing assets Portfolio Rebalancing Strategic Partnerships • Realisation of an asset Stro
Slide 33: Conclusion
) Gore Street @ Energy Storage Fund Conclusion
Slide 34: Conclusion
Conclusion Sustained Growth, Technology-Led Efficiency Gains, Diversified and Scaling Strong Returns Outperformance Lowering Costs Targeting continued As revenue dispersion A declining cost base Continuing Gore Street’s NAV and dividend widens across the sector, underpinned by revised strong history
Slide 35: Contact
Contact Gore Street Capital – Shore Capital – J.P. Morgan Cazenove – The Investment Manager Joint Corporate Broker Joint Corporate Broker Alex O’Cinneide / Paula Travesso Anita Ghanekar (Corporate Advisory) William Simmonds/ Jérémie Birnbaum Tel: +44 (0) 20 4551 1382 Fiona Conroy (Corporate Broking)
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