Gresham House Energy Storage Fund Plc GBP · LSE:GRID
Gresham House Energy Storage Fund Plc GBP — Gresham House — Investor Presentation (March 2026)
35 slides from Gresham House Energy Storage Fund Plc GBP's investor presentation, March 2026
Slide 1: Manager's presentation
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Slide 2: Important information & key risks
Important information & key risks This presentation has been issued as a financial promotion for the purposes of Section 21 of the Financial Services and Markets Act 2000 by Gresham House Asset Management Limited (Gresham House) whose registered office is 5 New Street, London EC4A 3TW. Gresham House
Slide 3: Gresham House introduction
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Slide 4: Our global presence & leading market positions
Our global presence & leading market positions Leading the way in areas of growing asset allocation Office and partner locations 2nd Largest UK Venture Capital Trust manager by AUM1 UK & Ireland ▪ London ▪ Oxford ▪ Edinburgh Continental ▪ Dumfries No. 1 Largest battery energy storage fund in Europe2
Slide 5: Investment in team
Investment in team 2nd Largest UK Venture Capital Trust manager* *Second largest VCT manager by AUM (source AIC as at 31/01/26) Investment in team Assets under management (£m) £900 £57 47 £800 £700 £600 £374 2.6x growth £500 £400 18 £300 £200 £431 £331 £100 £0 2018 2025 2018 2025 Baronsmead GH VCTs
Slide 6: Performance summary – improvement over the years
Performance summary – improvement over the years 2019 2026 6 Past performance is not a reliable indicator of future performance. Data as at 31 January 2019 - source: the AIC Stats Online, AIM & Generalist VCTs only. Data as at 28 February 2026 - source: the AIC Stats Online, AIM & Generalist VCTs on
Slide 7: Ken Wotton, Trevor Hope, Jens Düing, Marieke Christmann
Ken Wotton Trevor Hope, Jens Düing, Marieke Christmann, Managing Director, Managing Director Head of Portfolio, Portfolio Partner, Public Equity & CIO, Private Equity Private Equity Private Equity
Slide 8: Drivers of Performance / Portfolio Construction
Drivers of Performance / Portfolio Construction
Slide 9: Summary of key messages
Summary of key messages The value & differentiation of the hybrid approach Performance challenges and steps to improve Improving performance & drivers Investment to enhance team & operational strength Proactive portfolio management Budget changes and wider macro Investment approach cannot guarantee
Slide 10: Highly diversified portfolio
Highly diversified portfolio Exposure to 84 direct companies and 160 in total, including Equity Funds1 holdings Complementary asset class exposure: direct AIM and unquoted businesses + diversified Equity Funds 1 Over 5x greater scale from established AIM holdings vs earlier stage unquoted companies
Slide 11: Diversification
Diversification Quoted Unquoted investments investments 43 41 Indirect quoted investments 76 11
Slide 12: Hybrid strategy supports consistent dividends
Hybrid strategy supports consistent dividends ▪ Highly diversified mature portfolio ▪ underpinned by a blend of portfolio companies at different stages of maturity and ▪ more flexible liquidity relative to generalist peers ▪ Historically, lower volatility long-term returns for Baronsmead VCT shareho
Slide 13: Cash returned to shareholders
Cash returned to shareholders NAV total returns* to investors from £100,000** invested in Offer years £140,000 £130,596 £131,754 £132,989 £129,448 £114,531 £120,000 £100,000 £84,853 £66,412 £93,474 £76,799 £80,000 £59,410 £60,000 £36,577 £40,000 £22,649 £25,121 £16,901 £7,122 £20,000 £30,000 £30,000
Slide 14: Components of NAV performance
Components Componentsof ofNAV NAVperformance performance Unquoted Equity Funds Quoted Dividend Share Unquoted Equity Funds Quoted Dividend Share Other* Other* performance performance performance distributions buybacks performance performance performance distributions buybacks 460.0 450.0 6.56 (1.61)
Slide 15: Unquoted performance summary
Unquoted performance summary ▪ Improving comparative performance Rolling 1 year Baronsmead VCT unquoted ▪ J curve and lengthening average hold portfolio performance 10.0% ▪ Increased use of preferred capital structures 5.0% ▪ Realised & Unrealised portfolio value growth ▪ A diverse base of unquoted
Slide 16: Portfolio – 2025 Investments and Realisations
Portfolio – 2025 Investments and Realisations
Slide 17: FY 2025 and FY 2026 YTD investments
FY 2025 and FY 2026 YTD investments FY 2025 FY 2026 £20.5mn deployed £20.0mn deployed Quoted Unquoted Unquoted Quoted Unquoted Unquoted Follow-on New Follow-on Follow-on New Follow-on £1.7mn £10.3mn £8.5mn £2.6mn £7.9mn £9.5mn 24 deals 9 deals (6 new and 14 follow-ons) (2 new and 7 follow-ons) 17 FY
Slide 18: FY 2025 and 2026 realisations
FY 2025 and 2026 realisations FY 2025 Realisations FY 2026 YTD Realisations £24.2mn proceeds £12.3mn proceeds Quoted £4.5mn Unquoted £19.7mn Quoted £12.3mn MoC 1.3x* MoC 3.0x* MoC 7.0x** Past performance is not a reliable indicator of future performance. Capital at risk. 18 * Multiple on Cost. Combi
Slide 19: Value Creation – Portfolio Management
Value Creation – Portfolio Management
Slide 20: Proactive portfolio management
Proactive portfolio management Value creation Resource allocation Valuations ▪ Revenue growth: #1 focus, ▪ Proactive allocation ▪ Critical importance panel of experts ▪ Human & financial resources ▪ Strong processes already ▪ Technology: Specialist in place as validated by FCA, advisors identified (
Slide 21: Proactive portfolio management – value creation initiatives
Proactive portfolio management – value creation initiatives Scale provides differentiated advantage: ▪ Enabling portfolio companies to share knowledge / experiences ▪ Sourcing topical experts unavailable / too expensive for individual companies Q1 '26 Q2 '26 Q3 '26 Webinar on pricing Webinar / forum
Slide 22: Implications of the Budget on portfolio
Implications of the Budget on portfolio
Slide 23: Implications of the Budget for portfolio companies
Implications of the Budget for portfolio companies ▪ The government is increasing the Venture Capital Trust (VCT) and Enterprise Investment Scheme (EIS) limits to allow investors to follow-on as companies grow beyond the start-up phase ▪ In this respect, the government will: ▪ Double the annual inve
Slide 24: Quantum
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Slide 25: Portfolio Case Study - Panthera
Portfolio Case Study - Panthera
Slide 26: Building conviction through active ownership
Buildingconviction Building conviction through through active activeownership ownership Increasing capital deployed with increasing conviction ▪ Total invested: £6.4mn across multiple rounds ▪ Changing CFO and Chair ▪ Rationalising the board ▪ Installing stronger financial controls and management in
Slide 27: From volatility to value creation
From From volatility tovalue volatility to valuecreation creation Strong performance ▪ EBITDA: (£0.5mn) → £4.5mn~158% ▪ Revenue CAGR (FY20–25) ▪ 47% Gross margin; ▪ 23% EBITDA margin Competitive Sales Process ▪ EY appointed to run structured process ▪ 42 initial approaches ▪ 12 first-round bids ▪ 4
Slide 28: AIM market
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Slide 29: The health of the AIM market
The health of the AIM market Importance of AIM to UK economy - £135bn of capital raised since 1995; £5.4bn tax revenue in 2023 The evolution of AIM over the AIM’s economic contribution Since AIM’s inception in past decade1 to the UK (in 2023) 1 19951 Number of companies 2015 838 2025 601 Delta -28%
Slide 30: AIM market outlook
AIM market outlook AIM IHT tax changes ▪ Volatility in the AIM market since 2024 ▪ Marginal buyers and sellers hard to predict ▪ Main market moves for larger AIM companies ▪ Liquidity is encouraging Enhanced VCT investment limits ▪ Follow on opportunities ▪ Deal flow pipeline IPO market starting to
Slide 31: Outlook & Conclusion
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Slide 32: Outlook
Outlook Outlook Risks & uncertainties Opportunities & supportive trends Macro and global Ongoing geopolitical uncertainty: US, Diversification of capital away from US towards factors Russia/Ukraine, Venezuela, Iran, Taiwan Europe and the UK UK domestic Persistent negative sentiment Subdued but stabl
Slide 33: Offers for Subscription 2025/26 tax year
Offers for Subscription 2025/26 tax year This is an investment advertisement in connection with the prospectus and is to be read alongside the fund offering documentation. 33
Slide 34: Q&A
Trevor Hope, Marieke Christmann, Ken Wotton Jens Dúing, Managing Director Portfolio Partner, Managing Director, Head of Portfolio, & CIO, Private Equity Private Equity Public Equity Private Equity Q&A
Slide 35: Baronsmead
Baronsmead