GORE STREET ENERGY STORAGE FUND PLC - Results for the twelve months ended 31 March 2026

Gore Street Energy Storage Fund PLC’s latest investor update outlined a strategic reset following the appointment of a new board, with management focused on enhancing shareholder value through capital recycling, disciplined asset disposals, portfolio optimisation and sustainable distributions. The company reported a significant reduction in NAV to 74.9p per share, reflecting lower-than-expected revenues, revised third-party energy market forecasts and more conservative valuation assumptions, particularly across the UK and US battery storage markets. Despite these headwinds, the diversified battery energy storage portfolio continues to demonstrate operational strength, maintaining 95% asset availability, generating £36.3m of revenue and benefiting from strong performance in Ireland and Germany, while California provides a high level of contracted income. Management highlighted ongoing cost reductions, lower investment management fees, insurance savings and technology-led operational efficiencies aimed at supporting EBITDA, margins and long-term cash generation. The growth strategy centres on selective asset sales, battery augmentation projects and targeted investments, while maintaining a conservative balance sheet with 22% gearing and a 7p annual dividend target. Management remains confident that increasing renewable penetration, higher grid volatility and growing electricity demand—particularly from AI-driven data centres—will strengthen long-term battery storage revenues despite short-term market oversupply. The investor presentation reinforced Gore Street’s commitment to disciplined capital allocation, improving shareholder returns and positioning the portfolio for long-term growth as energy storage continues to play a critical role in the global energy transition.