Gore Street Energy Storage Fund (LSE:GSF) reported an unaudited net asset value of 87.9 pence per share as of 31 December 2025, compared with 90.1 pence previously. When adjusting for the impact of a special dividend, the company said underlying NAV remained broadly stable over the period.
Quarterly revenue increased 24% to £9.7 million, supported by additional operational capacity in the United States. However, revenue generated per megawatt declined due to changes in market conditions and a shift in the composition of the asset portfolio.
The fund reaffirmed its updated strategic direction by declaring a quarterly dividend of 1.75 pence per share, maintaining its annual dividend target of 7.0 pence per share. Management also confirmed that an additional special dividend remains under consideration, pending final approvals linked to the monetisation of U.S. tax credits.
Operationally, the company made progress across several initiatives aimed at strengthening cash generation and improving efficiency. These include duration upgrades at the Stony and Ferrymuir battery storage assets, selective asset disposals, further deployment of the GSET trading platform, and the development of a new data platform. Together, these measures are intended to enhance operational performance, reduce costs and strengthen the fund’s competitive positioning in the increasingly crowded energy storage market.
From a financial perspective, the company’s outlook benefits from a strong solvency position and solid recent cash generation. Shareholder-focused actions such as cost control measures, strategic investments and director share purchases provide additional support. However, these positives are partly offset by weak technical indicators, including a downward share price trend and negative momentum. Operating results have also been volatile, and while the fund offers a high dividend yield, valuation metrics remain pressured by a negative price-to-earnings ratio.
More about Gore Street Energy Storage
Gore Street Energy Storage Fund is a London-listed investment company specialising in grid-scale battery energy storage systems across Great Britain, Ireland, Germany and the United States. The fund generates revenue through a mix of ancillary grid services, power trading and contracted capacity arrangements. Its strategy focuses on delivering stable income and capital growth by capitalising on opportunities created by the energy transition and volatility in electricity markets.
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