Gresham House Energy Storage Fund PLC recorded a net asset value per share of 113.3p at December 31, 2025, representing a 2.0% fall over the fourth quarter. The company attributed the quarterly NAV decline principally to lower revenue assumptions applied to its portfolio.
The fund said that the reduction to revenue assumptions cut the September NAV by 5.3%. That downward effect was partly offset by roughly 2% of uplift from positive business developments and about 1% from cash generation during the period.
Operationally, the fund reported that its underlying portfolio generated £15.4m of revenue and delivered £9.5m of EBITDA in the quarter.
In outlining progress on strategy execution, the fund noted that the final component of its three-year plan - alternative revenue - has been in trial since December 2025. Management said additional detail will be provided when final results are published.
On valuation metrics, the fund's weighted-average discount rate stood at 10.33% at December 31, 2025, down from 10.46% in the third quarter. The fund indicated that underlying discount rates remained unchanged.
Portfolio additions include three projects - Cockenzie, Monet's Garden and Elland 2 - with acquisition agreements signed in December 2025. These assets are currently carried at cost. The fund expects to commence construction in the first half of 2026 subject to receipt of grid connection offers.
Management said it anticipates signing agreements for the remaining two projects in the pipeline, which are expected to begin construction in early 2027.
Of the newly acquired assets, Cockenzie is a 240MW project that currently holds the only confirmed connection offer and has a connection date of June 2027. The fund noted that the other four assets in its portfolio have protected status and are awaiting connection offers scheduled to arrive between now and May 2026.
Implications
The quarter's NAV movement was driven by valuation inputs rather than an operational collapse: revenue assumptions were revised lower, but the portfolio continued to produce revenue and EBITDA and the pipeline remains intact pending grid connections.