GORE STREET ENERGY STORAGE FUND PLC (GSF) — Interim Results for the six-month period ended 30 September 2025

Investor webinar replay

Replay transcript excerpt

Morning, and welcome to the GORE STREET ENERGY STORAGE FUND PLC Interim Results Investor Presentation. The company may not be in a position to answer every question received during the meeting itself. However, the company can review your questions submitted today and publish responses where it is appropriate to do so. Before we begin, I would like to submit the following poll. And I would now like to hand you over to CEO, Alex Okoneda. Good morning to you. Good morning. And thank you all for joining here on this cold winter's morning. We're happy to present the interim results for the last six months ending September 30. There is five of us here from, the manager and from the board. So very pleased to welcome Angus, who will be our new chair of GSF from the January 19, but has already joined the board. He has some words at the end of this presentation. I'm also joined, by, our colleagues, John, Alicia, and Alan, in this presentation, and Paulo will help moderate as well. So a full team here from GORE STREET to take you through, the interims. So first, let's start with some key metrics. We'll go into some detail on these, especially in John's section with a few of the metrics to call out. So NAV per share, just over 90 p. This is a decline. We'll go through, the drivers of that decline, but in essence, they come down to, the energy research houses, curves for California, Texas, and GB being lower than, previously. GORE STREET, through our eight years of being an enlisted vehicle, works with multiple energy research houses, takes their mid case curves, takes the average of those, and uses them to update the valuation. And so here we see, what is, in essence, driven by, as a victim of the success of energy storage, so large build out of storage in Texas, California, and...