Title: 242502494.pdf URL Source: https://documentscdn.financialexpress.net/Literature/4D5FFE89B93277DEA25FF32F92572D9B/242502494.pdf Number of Pages: 4 Markdown Content: YTD 1 yr to date 3 yr to date Since inception (Nov 2018) Share price total return -7.17% 14.46% -50.56% -5.84% NAV total return 1.08% 4.84% -23.47% 52.33% # Gresham House Energy Storage Fund plc 31 March 2026 Ben Guest Managing Director, Energy Transition ## Fund manager ## Overview Gresham House Energy Storage Fund plc (GRID or the Company) is the UK’s largest fund investing in utility-scale battery energy storage systems, known as BESS. GRID invests in a portfiolio of BESS across Great Britain and can invest internationally. The Company seeks to provide investors with the prospect of capital growth through the re-investment of net cash generated in excess of its target dividend and in accordance with the Company’s investment policy. ## Company information Ticker GRID Listing LSE Specialist Fund Segment ISIN GB00BFX3K770 Year end 31 December ## Total return as at 31 March 2026 Key facts as at 31 March 2026 Share price (closing price) 73.15p NAV per share 114.56p Market capitalisation £416.3mn Net assets £651.9mn Mgt. fee equal weight Net Asset Value and market capitalisation 1.0% <£250mn 0.9% £250mn-£500mn 0.8% >£500mn Ongoing charges 1 1.16% Ordinary Shares in issue 569,064,139 ## Highlights ƒ NAV per share of 114.56p at 31 March 2026, up 1.1% from 31 December 2025 ƒ Operational capacity as of 31 March 2026 of 1,072MW/1,701MWh ƒ During the first quarter, the most significant changes to NAV per share included: – +1.30p from the net movement in working capital, fund, and debt costs. Cash generation has grown over recent quarters as the portfolio generates more revenue from having greater operational capacity; – -1.05p impact of changes to independent third-party revenue forecasts; – +0.76p from the movement in the forward SONIA rates adding value to the interest rate hedge position; – +0.62p from the model roll-forward in the period; – -0.15p from updates in other revenue assumptions; – -0.15p from construction delays and increased augmentation costs; – -0.12p from cost assumption updates to insurance and capacity charges; ƒ No changes to inflation assumptions or underlying discount rates were made during the period. ƒ Weighted average discount rate (WADR) is 10.36% for the full portfolio compared to 10.33% at 31 December 2025. ƒ Operational assets are valued at an average of £749k/MW. Discounted cashflows represented £738k/MW of the total while working capital represented the remainder. ƒ Total debt drawn at the end of the period was £203.7mn and cash on hand between the Company and its investments was £35.4mn. The gives a net debt to NAV ratio of 25.8% (net debt to GAV of 19.7%). ## Subsequent highlights ƒ Glassenbury and Stairfoot were both re-energised in April 2026 following successful augmentations, increasing capacity from 50MW/38MWh to 50MW/110MWh and 40MW/40MWh to 40MW/120MWh respectively. ƒ The acquisitions of Cockenzie, Monet’s Garden, and Elland 2 have now been completed, adding 397MW of pipeline to the portfolio. ƒ Export credit agency-backed financing signed for Cockenzie and Monet’s Garden. ƒ Cockenzie, Monet’s Garden, and Elland 2 senior debt project financing is well progressed and expected to close by the end of May. ƒ Rayleigh (480MW/960MWh) conditionally acquired as GRID targets continued NAV growth. Capital at risk. Past performance is not a reliable indicator of future performance. > 1. As at 31 December 2025 updated annually James Bustin Associate Director, Energy Transition ## Assistant fund manager Targets may or may not materialise. Capital at risk. Past performance is not a reliable indicator of future performan ce. # Portfolio earnings update The underlying portfolio generated revenues of £17.7mn and EBITDA of £12.5mn in Q1 2026[1]. This represents an 11% growth in revenues and EBITDA from Q1 2025 (£15.9mn and £11.2mn respectively). Glassenbury and Shilton Lane, which were offline during the period for augmentations, did not contribute to the earnings. The figures for Q1 2026 include net revenues of £242k and EBITDA of £204k earnt under the Alternative Revenues strategy from the ongoing trial. Stairfoot was brought back online at its new capacity of 40MW/120MWh on 24 April and Glassenbury, which is now 50MW/110MWh, started trading again on 20 May. These two upgraded assets add c.150MWh of extra capacity to the operational portfolio and are now able to generate revenues at a higher rate as a result. Red Scar and Rufford are the next two assets scheduled to be taken offline during Q2 as these projects undergo their own augmentations. The three new pipeline projects, Cockenzie, Monet’s Garden, and Elland 2, have not been valued on a discounted cashflow (DCF) basis in the Q1 NAV. Once these assets are in construction, which is anticipated before the end of Q2 2026, these assets will be able to be revalued on a DCF basis in line with the valuation policy. The Q1 2026 valuation does not include any assumptions for Alternative Revenues. Q4 2025 vs Q1 2026 curve comparison > Source: Gresham House Energy Transition, 31 March 2026 NAV (p/share) bridge from 31 December 2025 to 31 March 2026 > Source: Gresham House Energy Transition, 31 March 2026 Forecasts and projections are based on assumptions and market conditions that may change. 113.34 114.56 0.62 2.15 0.76 (0.12) (0.15) (1.05) (0.15) (0.29) (0.56) 112.00 112.50 113.00 113.50 114.00 114.50 115.00 Dec 2025 NAV per Share > Rollforward > Operating cost assumptions Construction > updates Revenue forecasts > Other revenue assumptions > Working Capital > Gain > Fund costs (incl Transaction fees) > Debt costs > Interest swap Mar 2026 NAV per > Share Quarter NAV Increase Decrease 50,000 60,000 70,000 80,000 90,000 100,000 110,000 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 2041 2042 2043 2044 2045 2046 2047 2048 2049 2050 Q4 2025 Blend 1h Q4 2025 Blend 1.5h Q4 2025 Blend 2h Q1 2026 Blend 1h Q1 2026 Blend 1.5h Q1 2026 Blend 2h Construction completion timeline is estimated and could be subject to change. Targets may or may not materialise. Capital at risk. Past performance is not a reliable indicator of future performan ce. Project Location MW Status 1. Staunch Staffordshire 20 Operational 2. Rufford Nottinghamshire 7 Operational 3. Lockleaze Bristol 15 Operational 4. Littlebrook Kent 8 Operational 5. Roundponds Wiltshire 20 Operational 6. Wolverhampton West Midlands 5 Operational 7. Glassenbury Kent 40 Operational 8. Cleator Cumbria 10 Operational 9. Red Scar Lancashire 49 Operational 10. Bloxwich West Midlands 41 Operational 11. Thurcroft South Yorkshire 50 Operational 12. Wickham Market Suffolk 50 Operational 13. Tynemouth North Tyneside 25 Operational 14. Glassenbury Extension Kent 10 Operational 15. Nevendon Essex 15 Operational 16. South Shields Tyne and Wear 35 Operational 17. Byers Brae West Lothian 30 Operational 18. Arbroath Scotland 35 Operational 19. Enderby Leicester 50 Operational 20. Stairfoot North Yorkshire 40 Operational 21. Coupar Angus Scotland 40 Operational 22. Grendon 1 Northampton 50 Operational 23. West Didsbury Manchester 50 Operational 24. York York 50 Operational 25. Penwortham Preston 50 Operational 26. Elland 1 West Yorkshire 50 Operational 27. Melksham Wiltshire 100 Operational 28. Shilton Lane Scotland 40 Operational 29. Bradford West West Yorkshire 87 Operational Total operational 1,072 30. Walpole Cambridgeshire 100 Target TBC Total portfolio owned by the company 1,172 Portfolio and pipeline Pipeline project Location MW Status 31. Cockenzie Scotland 240 Target: TBC 32. Monet's Garden North Yorkshire 57 Target: TBC 33. Lister Drive Merseyside 57 Target: TBC 34. Elland 2 West Yorkshire 100 Target: TBC 35. Ocker Hill Midlands 240 Target: TBC 36. Rayleigh Essex 480 Target: TBC Total pipeline 1,174 Total portfolio and pipeline 2,346 > In construction Pipeline Operational > Key > 18 21 17 8923 16 10 19 20 11 232 31 33 34 35 16 13 28 26 29 24 25 22 12 15 47/14 3527 30 > 36 ## Portfolio manager Gresham House Asset Management Ltd (GHAM) As the operating business of Gresham House, GHAM manages and advises funds and co-investments across a range of differentiated alternative investment strategies for third-party clients. Gresham House is a specialist asset manager and adviser with c.£8.7bn AUM. Source: Gresham House as at 31 December 2024. ## Important information This document has been approved as a financial promotion for the purposes of section 21 of the Financial Services and Markets Act 2000 by Gresham House Asset Management Limited (GHAM) of 5 of 5 New Street Square, London, England, EC4A 3TW. GHAM is registered and authorised in England and regulated by the UK Financial Conduct Authority (682776). This document is intended for information purposes only and does not constitute investment advice. No undertaking, representation, warranty or other assurance, express or implied, is made or given by or on behalf of GHAM as to the accuracy or completeness of the information or opinions contained in this document and no responsibility or liability is accepted by any of them for any such information or opinions. This document does not itself constitute an offer or invitation or any solicitation of any offer to subscribe for or purchase any shares or other securities or recommendation to invest in any shares or other securities, and should not be construed as such. The distribution of this document may be restricted by law and persons into whose possession it comes are required to inform themselves of and comply with any such restrictions. Before investing you should satisfy yourselves as to suitability and the risks involved, and you may wish to consult a financial adviser. It should be borne in mind that the shares of the Fund are admitted to trading on the Specialist Fund Segment (SFS) of the London Stock Exchange. The SFS is designed for highly specialised investment entities that wish to target institutional, highly knowledgeable investors or professionally advised investors only. Past performance is not indicative of future results. The value of investments may fall as well as rise and investors may not get back the amount invested. Please contact a member of the Gresham House team if you wish to discuss your investment or provide feedback on this document. Gresham House is committed to meeting the needs and expectations of all stakeholders and welcomes any suggestions to improve its service delivery. (0) 20 7382 0999 info@greshamhouse.com www.greshamhouse.com > Copyright © 2026 Gresham House ## Contact details Ben Guest Fund Manager +44 (0) 20 3903 0558 b.guest@greshamhouse.com James Bustin Assistant Fund Manager +44 (0) 20 3875 9861 j.bustin@greshamhouse.com Jefferies International Limited Stuart Klein Gaudi le Roux T: 020 7029 8000 Peel Hunt 100 Liverpool Street London EC2M 2AT T: 020 7418 8900 Registrar enquiries Computershare Investor Services plc T: 0370 703 0157 investorcentre.co.uk Administrator & Company Secretary JTC (UK) Limited, The Scalpel, 18th Floor, 52 Lime Street, London EC3M 7AF Harry Hutchinson Investment Manager +44 (0) 20 3837 6270 h.hutchinson@greshamhouse.com