Gore Street Energy Storage Fund Plc · LSE:GSF
Gore Street Energy Storage Fund — FY2026 Earnings Presentation
28 slides from Gore Street Energy Storage Fund's earnings presentation, July 2026
Slide 1: Annual Results Presentation
Annual Results Presentation For the financial year ended 31 March 2026 Gore Street Energy Storage Fund | 1
Slide 2: Disclaimer
Disclaimer Important information expressions. Such statements involve known and This presentation has been prepared by Gore Street unknown risks and uncertainties, and actual results Investment Management Limited (“Gore Street”), may differ materially from those expressed or which is authorised and
Slide 3: Contents
Contents 1. Introduction 2. Key Metrics Alex O’Cinneide CEO Investment Manager 3. Valuation and Angus Gordon Lennox Financial Performance Chair, Board of Directors 4. Operational Sumi Arima CIO/CFO Performance Investment Manager Keith Pickard 5. Strategic Update Audit Committee Chair 6. Conclusion A
Slide 4: 1. Introduction
1. Introduction Gore Street Energy Storage Fund | 4
Slide 5: Overview and Key Takeaways
Overview and Key Takeaways Three themes for today’s presentation: WHERE WE'VE BEEN WHERE WE ARE WHERE WE'RE GOING Material NAV Decrease Progress on New Strategy Looking Ahead 102.8p 74.9p Distributions in line with policy NAV per share (FY24/25 FY25/26) Substantial initiatives for growth Disposal
Slide 6: The Importance of BESS
The Importance of BESS BESS fundamentals remain strong; GSF’s aim is to convert that structural need into Shareholder value WHY NOW WITHOUT STORAGE THE GSF PLATFORM TODAY 5 Markets 33% → 67% Blackouts Internationally diversified Renewables share of generation, 2030 20501 If demand > supply 1.16 GW
Slide 7: 2. Key Metrics
2. Key Metrics Gore Street Energy Storage Fund | 7
Slide 8: The Portfolio (as at 31 March 2026)
The Portfolio (as at 31 March 2026) GSF is a diversified BESS platform with 28 assets across 5 geographies California, US (44%) Great Britain (32%) Geography Island of Ireland (6%) (MWh) Texas, US (15%) Germany (3%) Total Capacity: 1.16 GW1 (Adjusted for GSF LSES (28.6%) Ownership) NEC ES (10.9%) Te
Slide 9: FY25/26 Key Metrics and Financial Performance
FY25/26 Key Metrics and Financial Performance FINANCIAL NAV PER SHARE DIVIDEND YIELD GEARING (OF GAV) 74.9p 13.3% 21.9% (FY24/25: 102.8p) (FY24/25: 6.9%) (FY 24/25: 17.8%) PORTFOLIO TOTAL REVENUE OPERATIONAL EBITDA OPERATIONAL CAPACITY1 £36.27m £18.02m 643.11MW HIGHLIGHTS (FY24/25: £32.84m) (FY24/25
Slide 10: 2. Valuation and Financial Performance
2. Valuation and Financial Performance Gore Street Energy Storage Fund | 10
Slide 11: Resetting the Valuation Framework
Resetting the Valuation Framework NAV declined during the year, driven principally by revised revenue curves, lower actual revenues, and changes in operating expenditure assumptions Increase Decrease Total 120 9.3 102.8 100 -6.1 NAV (pence per share) 80 -19.0 -0.6 1.1 74.9 -5.6 -2.3 -4.2 -0.5 60 40
Slide 12: Revenue Curves (-19.0p/-£95.8m)
Revenue Curves (-19.0p/-£95.8m) Revised revenue curves, reflecting weaker market conditions, drove the majority of the decline - with the largest revisions in GB and the US GB Revenue Curves (Mar-26 vs Mar-25)* US Revenue Curves (Mar-26 vs Mar-25)* 120,000 240,000 220,000 100,000 200,000 180,000 GBP
Slide 13: Other Valuation Assumptions
Other Valuation Assumptions Actuals (-6.1p/-£30.9m) • Actuals reflect the variance between the portfolio’s realised revenues and previously assumed forecasts • In FY25/26, revenues came in below forecasts due to suppressed revenue conditions 2026 2027+ Inflation Assumptions (+1.1p/+£5.5m) GB 3.70% 2
Slide 14: Sensitivities and Scenarios
Sensitivities and Scenarios The following sensitivities and scenarios illustrate how changes in key assumptions would move the portfolio’s valuation: Inflation +/- 1% (11.5) 12.9 FX +/- 3% (1.5) 1.6 Discount Rates +/- 1% (11.0) 12.9 EPC +/- 10% (2.0) 2.0 (35) (25) (15) (5) 5 15 25 35 Change in NAV i
Slide 15: Balance Sheet
Balance Sheet The Group maintains a low gearing profile 31 March 2026 (£) GROUP CASH Non – current assets £51.6m Investments at Fair Value 373.09m Current assets Cash and cash equivalents 6.23m UNDRAWN DEBT CAPACITY Trade and other receivables 0.35m £37.8m Total assets Current liabilities Trade and
Slide 16: Bridge from Revenue to Total Adjusted Fund earnings
Bridge from Revenue to Total Adjusted Fund earnings Revenue rose vs FY24/25, but higher operating and debt costs reduced total adjusted fund earnings to £5.96m (FY24/25: £9.82m) Increase Decrease Total 40 36.27 35 -3.48 30 25 -10.83 2.69 20 -2.79 -1.16 15 0.03 -6.98 10 5.96 5 -7.81 0 Revenue Revenue
Slide 17: 3. Operational Performance
3. Operational Performance Gore Street Energy Storage Fund | 17
Slide 18: Market Developments
Market Developments Weaker market conditions across all geographies were the principal driver of this year’s performance Portfolio Weighted Average Great Britian £5.6 £7.3 per MW/hr The market experienced a strong first half of the per MW/hr £14.9 GB year, and high AS pricing, but a weaker second pe
Slide 19: GSET Market Performance
GSET Market Performance GSET, the Manager’s in-house optimiser, oversees c.38% of the operational portfolio—including Dogfish which was onboarded post-period—and continues to outperform sector benchmarks Great Britain1 Texas • Aggregated alpha: +£50.9k above Modo benchmark over • Aggregated alpha: +
Slide 20: Data-Based Asset Management
Data-Based Asset Management The Asset Management team’s data-led approach protected value: limiting downtime, improving cost efficiency, and lowering operational risk Enabling Management- Insurance • automated analytics across developed premium Comprehensive reductions by the fleet; proprietary asse
Slide 21: ESG & Sustainability Performance
ESG & Sustainability Performance The operational portfolio meaningfully contributed to a cleaner grid – the 5th annual ESG & Sustainability Report will be published in autumn 2026 with further information on performance Net tCO2e avoided by Renewable operational portfolio electricity stored 15,142 t
Slide 22: 4. Strategic Update
4. Strategic Update Gore Street Energy Storage Fund | 22
Slide 23: Execution Against Strategy
Execution Against Strategy Announced in March 2026: recycle capital from mature assets into higher-return opportunities, while capturing value from existing and augmented assets Ongoing cost optimisation and reductions Enhanced Shareholder Operational Income Distributions Capital Pool Capital Recycl
Slide 24: Enhanced Shareholder Distributions & Stakeholder Alignment
Enhanced Shareholder Distributions & Stakeholder Alignment The rebased dividend returns more cash to Shareholders, supported by operational cash flows and disposal proceeds Enhanced distributions Strengthened stakeholder alignment DIVIDEND - DELIVERED % IN FY25/26 7p per share -£1.2m in fees vs prio
Slide 25: Progress on Disposals & Capital Recycling
Progress on Disposals & Capital Recycling Headway has been made toward the announced KPIs for FY26/27, with offers for the first sale (Cremzow) and positive progress at the Stony and Ferrymuir site augmentations Disposals Capital recycling IN SALES PROCESS AUGMENTATION ONGOING 417 MW currently in sa
Slide 26: 5. Conclusion
5. Conclusion Gore Street Energy Storage Fund | 26
Slide 27: Outlook and Priorities
Outlook and Priorities It was a difficult year: NAV declined substantially and revenue fell short –the strategy underway is designed to convert the portfolio’s scale into realised Shareholder value, with a three-year growth plan to follow WHERE WE ARE NOW WHERE WE ARE GOING A challenging year, ackno
Slide 28: Contact
Contact Gore Street Investment Management Limited Alex O’Cinneide / 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 (Corporate Broking) Tel: +4
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