AUS
NZ
UK
CA
USA
IND
Highlights
NAV per share declined to 90.1 pence, primarily due to changes in forward revenue curves in the GB and US markets.
Operational capacity rose to 643.1 MW following the completion of multiple construction projects.
The Board declared a quarterly dividend of 0.69 pence per share, fully covered by operational cash flow.
Gore Street Energy Storage Fund plc (LSE:GSF) has released its interim results, reporting a decline in Net Asset Value (NAV) alongside continued dividend payments and a significant increase in operational capacity. The update outlines financial performance for the period, progress across construction and operational assets, capital allocation priorities, and the outlook for the battery energy storage market.
NAV and Financial Performance
For the period, Gore Street reported a NAV per ordinary share of 90.1 pence, compared with 102.8 pence as at 31 March 2025. The movement was mainly driven by adjustments to third-party forward revenue curves in Great Britain and the United States. NAV total return for the period was -10.6%, bringing the cumulative NAV total return since IPO to 31.6%.
Dividends declared during the period totalled 2.19 pence per share, including a special dividend of 1.5 pence linked to the monetisation of the Big Rock Investment Tax Credit (ITC). This resulted in an annualised dividend yield of 8.5% based on the share price at 30 September 2025. Group cash at the period end stood at £50.5 million, while debt drawn amounted to £101.95 million, representing a debt-to-GAV ratio of 18.3%.
Operational Portfolio Expansion
Operational capacity increased to 643.1 MW, up from 417.1 MW at the previous period end. All assets under construction were completed, including Dogfish in Texas (75 MW), Big Rock in California (200 MW), and Enderby in Great Britain (57 MW). Dogfish and Big Rock became fully operational during the period.
The Enderby asset is not yet fully operational and has not achieved full revenue generation due to technical issues, which are being addressed with the EPC contractor and NESO. Asset availability across the portfolio averaged 94.3%.
Revenue and Earnings Update
Total portfolio revenue rose to £16.7 million, compared with £15.2 million in the prior year period, supported by additional operational capacity and initial revenues from the Big Rock asset. German and Irish assets continued to contribute positively, while revenue generation was affected by the delayed full operation of Enderby and lower-than-expected performance in the Texas market.
Average revenue during the period was £67.9k per MW per year, down from £82.7k per MW per year previously. Operational EBITDA remained unchanged at £8.6 million.
Capital Allocation and Market Outlook
The Company continues to pursue selective asset sales or co-investments, starting with the planned sale of the 22 MW Cremzow project in Germany. Augmentation projects are underway at the Stony and Ferrymuir sites in Great Britain to extend duration from one hour to two hours, with completion expected in FY 2026 Q3.
Gore Street also continues onboarding assets to its GSET trading platform, with approximately 192 MW integrated as at 30 September 2025. Cost reduction initiatives remain a focus, including lower insurance and financing expenses.
Dividend Declaration and Share Price Reaction
The Board has declared a dividend of 0.69 pence per share for the quarter ended 30 September 2025, payable on or around 23 January 2026. Two further ordinary dividends are expected in the current financial year, alongside an additional 1.5 pence per share special dividend from ITC proceeds once financing conditions are met.
Following the interim results announcement, GSF shares fell by nearly 12% to GBX 52.70 as at 15 December 2025.
