Gore Street Energy Storage Fund Plc · LSE:GSF
Gore Street Energy Storage Fund — H1 FY25/26 Earnings Presentation
30 slides from Gore Street Energy Storage Fund's earnings presentation, Dec 15, 2025
Slide 1: Interim Results Presentation
Interim Results Presentation For the six-month period ended 30 September 2025
Slide 2: Key Metrics
Key Metrics FINANCIAL NAV PER SHARE ANNUALISED DIVIDEND YIELD* GEARING (OF GAV) 90.1p 8.5% 18.3% (FY24/25: 102.8p) (H1 FY24/25: 7.0%) (FY 24/25: 17.8%) PORTFOLIO TOTAL REVENUE OPERATIONAL EBITDA OPERATIONAL CAPACITY** £16.7m £8.6m 643.1MW (H1 FY24/25: £15.2m) (H1 FY24/25: £8.6m) (FY24/25: 417.11 GW)
Slide 3: A Unique Portfolio Offering Internationally Diversified Exposure to 5 BESS Markets
A Unique Portfolio Offering Internationally Diversified Exposure to 5 BESS Markets Total Capacity: Germany (2%) 1.16 GW Texas, US (12%) United States (Adjusted fo r GSF Europe Split by Owner ship) MW % California, US (17%) Island of Irel and (26%) Gre at Britain (43%) 200MW 495MW GB California Germa
Slide 4: Company Structure
Company Structure GSF Plc (“the Company”) has access to experienced advisors and managers. Independent Board GSIM GSS GSET of Directors Investment Commercial Optimiser & Pat Cox (Chair) Manager Manager Energy Trading Angus Gordon Lennox (Chair Key roles: Key roles: Designate, effective Key roles: 19
Slide 5: Investment Manager's Report
Investment Manager’s Report
Slide 6: Asset Class Characteristics and Developments
Asset Class Characteristics and Developments BESS fundamentals remain attractive, but volatility is inherent to the asset class. • Growing demand for stability services as grids become increasingly dependent on renewables • Falling capex supporting project IRRs • Longer duration systems are increasi
Slide 7: Navigating Complex Asset Fundamentals
Navigating Complex Asset Fundamentals The complexity of BESS requires active management. The Company has approached challenging market conditions through two routes: 1 2 Diversification Appropriate Capital ✓ Geographic diversification to Structuring reduce exposure to market- ✓ Recycling capital whe
Slide 8: Execution of Strategy
Execution of Strategy Operational Enhancements Development • Data-driven approach of the Commercial Manager – • Brought online the Big Rock and Dogfish projects supported by remote monitoring and response • Enderby has faced delays preventing access to some capabilities to improve asset uptime and d
Slide 9: Financial Highlights
Financial Highlights
Slide 10: NAV Bridge
NAV Bridge Increase Decrease Total 110 105 1.5 102.8 100 95 -10.2 -1.4 0.6 90.1 90 -1.2 pence/share -2 85 80 75 70 65 60 Openi ng NAV Underlying Revenue Discount rate & opex Fund Dividends Other Closing NAV (31 March portfoli o curves expe nse s paid val uation (30 September 2025) return (Rollover m
Slide 11: Revenue Forecasts Were a Key NAV Driver
Revenue Forecasts Were a Key NAV Driver GB Revenue Curves (Real 2024) Revenue Curves 100,000 (-10.2p) 90,000 • Updated curves align with recent actual performance and are notably GBP (£) 80,000 lower than the latest peer disclosures. 70,000 • GB: Downward adjustment in 60,000 expectations, reflectin
Slide 12: NAV Assumptions
NAV Assumptions Inflation Assumptions 2025 2026+ • Short-term (2025): Slight increase in GB, slight decrease in Europe, flat in the US; overall impact is broadly flat. GB 3.44% 2.50% • Long-term (2026 onward): Assumptions remain unchanged EUR 2.10% 2.25% from March across all regions. US 2.92% 2.25%
Slide 13: Valuation Methodology and Comparison
Valuation Methodology and Comparison • Consistent, transparent methodology using mid-case blended averages from independent providers; macro assumptions disclosed biannually. The • Avoids the use of high or low case forecasts to influence NAV or borrowing capacity and reduces NAV Company’s volatilit
Slide 14: Diversification of Revenue Sources
Diversification of Revenue Sources Revenue streams across the portfolio are diversified by market and contract type. Revenue By Market (Stream and % Contracted) 8 80% 7 70% 6 60% Revenue (£ Millions) Proportion Contracted 5 50% 4 40% 3 30% 2 20% 1 10% 0 0% GB Ireland Germany Texas California -1 -10%
Slide 15: Bridge Between Revenue and Total Fund Earnings
Bridge Between Revenue and Total Fund Earnings Increase Decrease Total 18.00 16.74 16.00 -1.70 14.00 12.00 1.67 0.06 10.00 -4.68 (millions) £ -0.30 -1.13 -0.62 8.00 6.00 -3.64 4.00 0.12 3.50 -3.01 2.00 0.00 Revenue Revenue Oper ating Administr ative Rent LDsand LDs & CM Realised gain Holdco costs PL
Slide 16: Growth & Capital Recycling
Growth & Capital Recycling
Slide 17: Targeted Liquidation Events to Unlock Value
Targeted Liquidation Events to Unlock Value Key Asset Sales & Monetisation of ITCs Metrics Co-Investment above guidance Group Cash £50.5m Recycling capital where Enabled capital distribution and private appetite is strongest restructuring Underdrawn Selected sale or co-investment of the Debt Capacit
Slide 18: Commercial Manager's Report
Commercial Manager’s Report
Slide 19: Market Developments
Market Developments California £7.99 Texas per MW/hr In CAISO, the Company's 200 In ERCOT, day-ahead and real-time spreads California £2.52 MW/400 MWh Big Rock project fell 35% and 26% year-on-year, but ancillary was operationalised and began per MW/hr service prices surged amid higher load RA deliv
Slide 20: Energisation & Asset Availability
Energisation & Asset Availability Technology Impact Focus 94%+ average • Reduced costs • Remote monitoring • ~£600k in insurance portfolio • Improved data premium savings availability analytics • Faster response times Period updates: • Completion of in-construction projects: Big Rock & Dogfish • Del
Slide 21: Strategic Augmentation Works
Strategic Augmentation Works Decreasing cost of augmentation has led to increased IRR on upgrades. GB was identified as a priority market because it: • Currently operates with average durations of 1-hour. • Has significant commercial upside from targeted duration increases. • 2-hour systems expected
Slide 22: GSET Trading Report
GSET Trading Report
Slide 23: Continued Asset Onboarding and Outperformance of Benchmarks
Continued Asset Onboarding and Outperformance of Benchmarks Commencement of GSET continued to outperform the Modo 1-hr Asset Capacity GSET Optimisation benchmark, achieving a 23% revenue premium GB across the GB fleet. Port of Tilbury 9 MW / 4.5 MWh Oct-24 Breach 10 MW / 10.0 MWh Nov-24 Temporary gr
Slide 24: Board of Directors
Board of Directors
Slide 25: Board Refreshment
Board Refreshment The Board Refreshment process is underway – with 1 new member joining during the period and 2 post-period. Angus Gordon Lennox Simon Norman Chair, effective 19 Jan 2026 Merriweather Crighton 24-year career as a corporate broker, as a partner 25 years of experience in developing, 35
Slide 26: Strategy
Strategy An external review of strategy supported the 4-pillar capital allocation plan released 30 July 2025. 1 2 3 4 Strategic sale of co- Increased duration of Increasing revenue Further cost reductions investment of the 495 selected GB and Ireland through proven than those announced. MW pre-const
Slide 27: Key Target Areas
Key Target Areas 1. Robust Governance Board Roadshow completed: • Topics included market position, cash allocation, US ITCs, and leverage • Investor Preference for distributing ITC proceeds through dividends (currently being delivered) An additional round of shareholder engagement is expected toward
Slide 28: Looking Ahead
Looking Ahead
Slide 29: Strategic Actions to Unlock Value
Strategic Actions to Unlock Value Focused on unlocking value Targeted disposals Long-term upside and and co-investments Strong liquidity and strategic augmentation disciplined capital Supported by the allocation Sale of the 22 MW Management Group’s Cremzow asset. in-house asset EPC Contract signed f
Slide 30: Contact
Contact Gore Street Capital – The Investment Manager Alex O’Cinneide / Paula Travesso / Ben Paulden Tel: +44 (0) 20 4551 1382 Shore Capital and Corporate Limited and Shore Capital Stockbrokers Limited (“Shore Capital”) – Joint Corporate Broker Anita Ghanekar (Corporate Advisory) Fiona Conroy (Corpor
Gore Street Energy Storage Fund — H1 FY25/26 Earnings Presentation on 6ix