Q1 2026 Quarterly NAV announcement

22 May 2026

Gresham House Energy Storage Fund plc

(GRID or the Company)

Q1 2026 Quarterly NAV announcement

Gresham House Energy Storage Fund plc (LSE: GRID), the UK's largest fund investing in utility-scale battery energy storage systems (BESS) reports its latest NAV. As of 31 March 2026, NAV was £651.9mn and NAV per share was 114.56p per ordinary share (31 December 2025: 113.34p).

Highlights as of 31 March 2026

· NAV per share of 114.56p at 31 March 2026, up 1.1% from 31 December 2025

· Operational capacity as of 31 March 2026 of 1,072MW/1,701MWh

· During the first quarter, the most significant changes to NAV per share included:

o  +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;

o  -1.05p impact of changes to independent third-party revenue forecasts;

o  +0.76p from the movement in the forward SONIA rates adding value to the interest rate hedge position;

o  +0.62p from the model roll-forward in the period;

o  -0.15p from updates in other revenue assumptions;

o  -0.15p from construction delays and increased augmentation costs;

o  -0.12p from cost assumption updates to insurance and capacity charges;

· No changes to inflation assumptions or underlying discount rates were made during the period.

· Weighted average discount rate (WADR) is 10.36% for the full portfolio compared to 10.33% at 31 December 2025.

· Operational assets are valued at an average of £749k/MW. Discounted cashflows represented £738k/MW of the total while working capital represented the remainder.

· 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

· 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.

· The acquisitions of Cockenzie, Monet's Garden, and Elland 2 have now been completed, adding 397MW of pipeline to the portfolio.

· Export credit agency-backed financing signed for Cockenzie and Monet's Garden.

· Cockenzie, Monet's Garden, and Elland 2 senior debt project financing is well progressed and expected to close by the end of May.

· Rayleigh (480MW/960MWh) conditionally acquired as GRID targets continued NAV growth.

Portfolio 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.

2026 Capital Markets Day Webinar

The Company will host a Capital Markets webinar at 2.00pm (BST) on Thursday, 28 May 2026 where it will provide existing and potential investors with further details on the Company's progress to date on the existing Three-year Plan and its growth ambitions to be set out as the next stage of the Company's plan.

Register to attend here:

https://greshamhouse.zoom.us/webinar/register/WN_GPgaOb04SCOTzfnUQ44vMQ#/registration

Ben Guest, Fund Manager of Gresham House Energy Storage Fund plc & Managing Director of Gresham House Energy Transition, said:

"We are pleased to report another quarter of NAV growth, which reflects the improved cash generation within the business. We have been hard at work with asset augmentations and securing funding for the recently acquired projects in order to begin their construction. The Manager's focus is now on executing the construction of these projects to get MWs and MWhs online and increase the portfolio's cash generation."

ENDS

For further information, please contact:

Gresham House Energy Transition

Ben Guest +44 (0) 20 3837 6270James Bustin

Harry Hutchinson

Jefferies International Limited

Stuart Klein +44 (0) 20 7029 8000 Gaudi Le Roux Harry Randall 

Peel Hunt

Luke Simpson +44 (0) 20 7418 8900

Huw Jeremy

KL Communications [email protected]Charles Gorman +44 (0) 20 3882 6644Charlotte Francis

JTC (UK) Limited as Company Secretary [email protected] Ruth Wright +44 (0) 20 7409 0181

About the Company and the Manager

Gresham House Energy Storage Fund plc aims to invest in a diversified portfolio of utility-scale battery energy storage systems (known as BESS) located in Great Britain and 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 in accordance with the Company's investment policy.

Gresham House Asset Management Ltd is the FCA authorised operating business of Gresham House Ltd, a specialist alternative asset manager. Gresham House is committed to operating responsibly and sustainably, taking the long view in delivering sustainable investment solutions.

www.greshamhouse.com

Definition of utility-scale battery energy storage systems (BESS)

Utility-scale battery energy storage systems (BESS) are the enabling infrastructure that will support the continued growth of renewable energy sources such as wind and solar, essential to the UK's stated target to reduce carbon emissions. They store excess energy generated by renewable energy sources and then release that stored energy back into the grid during peak hours when there is increased demand.