London · Delayed Price · Currency is GBP · Price in GBX Gore Street Energy Storage Fund Earnings Call Transcripts
Fiscal Year 2026
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The board reaffirmed its strategy of orderly asset sales, value augmentation, and annual distributions, opposing Saba's resolutions for accelerated wind-up. Recent asset sales and dividends demonstrate progress, while the board stresses that a rushed process would harm shareholder value at a cyclical low.
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NAV declined to GBP 0.749 per share due to lower revenues and revised forecasts, but the portfolio remains diversified with strong contracted income and market-leading availability. The new strategy focuses on capital recycling, shareholder distributions, and targeted augmentations, with quarterly dividends planned.
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A new board has implemented a refreshed strategy focused on asset recycling, targeted asset sales, and a quarterly dividend of 1.75p per share, with additional returns linked to U.S. tax credits. Operational and cost efficiencies are being prioritized, and shareholder alignment is strengthened through revised management terms and KPIs.
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NAV per share fell to 90.1p due to lower revenue forecasts in key markets, but the portfolio remains diversified and operationally strong, with 30% contracted revenue and ongoing cost reductions. Dividend of 0.69p per share was fully covered by earnings, and capital recycling initiatives are underway.
Fiscal Year 2025
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Strong annual results with revenue and EBITDA growth, portfolio expansion to 753 MW, and a revised management fee structure saving over £1 million annually. Dividend policy is now fully cash flow covered, with asset augmentation and cost efficiencies set to drive future returns.
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Energized capacity reached 421 MW, with 750 MW targeted for early next year. Portfolio diversification, strong operational performance, and new long-term contracts underpin stable revenues, while debt remains low and ITC monetization is expected to enhance shareholder value.
Fiscal Year 2024
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Operational EBITDA reached nearly £30 million with a robust 11.6% dividend yield, while a diversified portfolio drove a 45% increase in energized capacity and a 5.5% revenue rise. Three major projects will nearly double operational assets by March 2025, with strong cash flow and ITC inflows supporting future growth.