The issuer advises of a minor amendment to the Quarterly NAV announcement and that the following replaces the Gore Street Energy Storage Fund plc announcement released at 07:00 on 18 March 2026 under RNS No. 0528X.

The record date year of the declared dividend has been corrected to 2026. Accordingly, the ex-dividend date will be 26 March 2026, followed by a record date of 27 March 2026. The dividend will be paid on or around 21 April 2026.

All other details remain unchanged.

The full amended text is shown below.

Gore Street Energy Storage Fund plc

(the 'Company' or 'GSF')

Quarterly NAV, Portfolio Update and Dividend Declaration

The GSF Board today announces the Company's unaudited Net Asset Value ('NAV') as at 31 December 2025 ('Q3 FY25/26' or 'the Quarter'), as well as an update on operational priorities.

Q3 FY25/26 Highlights

·    Unaudited NAV was 87.9 pence per share (30 September 2025: 90.1 pence per share).

o  The Unaudited NAV was broadly flat, excluding the payment of the 1.5 pence per share special dividend.

·    Quarterly revenue increased 24% to £9.7 million (Q3 FY24/25: £7.8 million).

o  Revenue growth reflected an increase in operational capacity, with two large US assets and a combined energy capacity of 475 MWh becoming operational between periods.

o  Revenue on a MW-weighted basis declined year on year due to market conditions.

·    EPC contracts for the augmentation of the Stony (79.9 MW, GB) and Ferrymuir (49.9 MW, GB) assets from one to two-hour duration were executed.

o  Augmentation works are progressing as planned, with completion targeted by the end of 2026.

·    A new asset management data platform is in trials, which will improve efficiency and immediately reduce costs and further optimise revenue (see below).

·    Board refreshment was completed, with final appointments effective from 1 February 2026.

·    The Board completed a review of the existing strategy and announced an updated strategy following engagement with certain Shareholders, as set out in the RNS dated 17 March 2026.

·    In line with the new strategy, a dividend of 1.75 pence per ordinary share has today been declared in respect of the Quarter. The Board has committed to an annual distribution of 7.0 pence per share, paid on a quarterly basis.

·    As previously announced, a further special dividend of 1.5 pence per share, representing the final special dividend linked to the monetisation of the Dogfish and Big Rock Investment Tax Credits is still to be declared.

o  The process has been delayed due to involvement of government-related third parties resulting in longer-than-anticipated processing timelines.

o  The outstanding administrative processes required were progressed without material issues. All deliverables have now been completed, ahead of final approvals for the release of funds from the lender.

o  As the process is now in its final sign-off stages, there is increased visibility on completion timing and the Company expects to make a further announcement soon.

·    The Group remained well capitalised and funded with £53.5 million of cash or cash equivalents.

·    The Group had drawn debt of £105.7 million, equal to c.19% of GAV, with £38.1 million of undrawn debt capacity remaining.

Quarterly Unaudited Net Asset Value Movements

Net Asset Value as at 31 December 2025

Unaudited NAV as at 31 December 2025 was 87.9 pence per share (30 September 2025: 90.1 pence), reflecting a decline of 2.2 pence per share over the quarter. After adjusting for the 1.5 pence per share special dividend paid during the period, underlying NAV performance was broadly flat, reflecting resilient cash generation offset by specific asset valuation updates at Enderby.

Operational cash generation and the valuation roll forward contributed £2.6 million (0.5 pence per share) to NAV. This was partly offset by fund operating expenses of £2.4 million (0.5 pence per share) and the first £7.6 million (1.5 pence per share) special dividend paid following the monetisation of the US Investment Tax Credits.

An update to the valuation of Enderby reduced NAV by £2.8 million (0.5 pence per share) during the quarter. The September-end 2025 valuation reflected commercial operations in FYQ3 2025/26. The asset is now expected to reach commercial operations in May 2026. Updated augmentation assumptions include postponing the upgrade timing for Enderby from 2027 to 2028 and reflecting higher augmentation capex assumptions.

Other updates reduced the NAV by £0.9 million (0.2 pence per share), reflecting updated availability assumptions and newly signed opex contracts.

Q3 FY25/26 Portfolio Update

*For the Northern Irish assets, GSF funded construction via Shareholder loans and received 100% of cash flows until capex plus coupon was repaid. During the comparator periods, distributions to the minority partner commenced, explaining the revenue per MW increase while aggregate revenue decreased.

Total portfolio revenue for the Quarter increased by over 24% to £9.7 million from £7.8 million in the equivalent period last year, reflecting continued growth in the Company's operational capacity. On an average MW basis, revenue was lower year‑on‑year, with a weighted average revenue of £6.83/MW/hr compared with £8.42/MW/hr. This can be attributed to the addition of the Big Rock asset, which introduced an additional £3.2 million of revenue weighted at £7.18/MW/hr and a net reduction in Irish revenue due to the ownership conditions changing. Specific market updates are provided below:

Revenues from assets in Great Britain remained broadly flat, with lower power price volatility reducing ancillary services pricing and merchant opportunities; however, dispatch rates in the Balancing Mechanism increased over the quarter, and recent changes introduced by the grid operator are expected to support greater utilisation over time. The Island of Ireland continued to be a standout market for performance, benefiting from its predominantly contracted revenue structure and early positive impacts from the new Scheduling and Dispatch Programme introduced in November 2025; the Irish portfolio delivered a year‑on‑year increase in revenue on a per MW basis and total basis, averaging £15.72/MW/hr.

Revenue from the German asset averaged £10.60/MW/hr. This was a good level despite the reduced opportunities for value creation in the autumn and winter period, as is typical of this market. Compared to the same quarter last year, revenue decreased by c.£0.8/MW/hr due to slightly lower ancillary service pricing.

In Texas, revenue was notably lower at just under £2/MW/hr, due to compressed trading spreads reducing associated revenue generating opportunities, with trading being the dominant revenue source over this Quarter.

California also experienced lower trading spreads; however, the highly contracted nature of GSF's large 200 MW / 400 MWh Big Rock assets supported stronger revenue generation, achieving over £7/MW/hr.

Operational Updates

1.    Sale or co-investment of selected assets

The Company commenced a selective asset realisation and co‑investment programme as outlined in 2025. An independent sell‑side adviser, Alexa Capital, was appointed to support the sale of the Company's stake in the 22 MW operational German asset, Cremzow. The asset has attracted strong initial interest, with transaction completion targeted by 30 June 2026. In parallel, the Company has initiated further sale processes for other selected pre-construction assets, with Alexa and PWC appointed as sell side advisors. Further updates on this will be made as appropriate.

2.    Augmentation of Stony and Ferrymuir

The Stony (79.9 MW) and Ferrymuir (49.9 MW) augmentation projects continue to progress in line with the Investment Manager's expectations. The augmentations will extend the duration of the assets from one to two hours, improving revenue resilience and flexibility as the market evolves, while maximising returns from existing grid connections and infrastructure. Key long‑lead items have been ordered and early works are underway, with the upgrades targeted to be delivered with minimal downtime and a contractual minimum availability of 75% (weighted average) through 2026. The assets are scheduled to begin operating as two‑hour systems in Q3 FY26/27.

3.    GSET Platform

Ten assets, totalling c.192 MW / 218 MWh, have been onboarded to the GSET optimisation platform, of which c.30 MW is in Texas and the remainder in Great Britain. GSET is an energy trading and optimisation platform, built around using custom software designed specially for BESS, to maximise revenue from the energy markets while protecting the long-term health of the batteries. The Company is progressing the onboarding of its Northern Ireland assets and the remaining Texas asset, Dogfish, which is expected to be completed over the summer. The platform has consistently outperformed market benchmarks, creating revenue above that of the market for Shareholders, enabling improved capture of market opportunities and revenue performance of the portfolio.

4.   Cost Reductions

New Asset Management Data Platform

To facilitate technology-enabled cost reductions, Gore Street Capital, at the request of GSF, is developing a proprietary asset management data platform. It is currently being trialled at the Big Rock and Dogfish assets, with wider rollout subject to proof of value. The platform will enhance asset performance through faster issue identification, improved state‑of‑charge management and better integration of operational data across teams. Developed at the Investment Manager's expense, the platform provides a more cost-effective alternative to third‑party solutions and supports the Company's focus on extracting greater value through greater commercial and availability performance.

Planned Retirement of Board Member

Caroline Banszky, currently Chair of the Audit Committee, is due to retire from the board effective 31 March 2026. As previously announced, Keith Pickard will assume the Chair of the Audit Committee. This will complete the board refreshment. 

Dividend Declarations

In line with the Company's dividend policy, the Board of Directors has approved a dividend of 1.75 pence per ordinary share for Q3 FY25/26. The ex-dividend date will be 26 March 2026, followed by a record date of 27 March 2026. The dividend will be paid on or around 21 April 2026.

Any such dividend payment to Shareholders may take the form of either dividend income or "qualifying interest income", which may be designated as an interest distribution for UK tax purposes and, therefore, subject to the interest streaming regime applicable to investment trusts. Of this dividend declared of 1.75 pence per share, 1.75 pence per share is treated as qualifying interest income.

Angus Gordon Lennox, Chair of the Company, commented:

"As outlined earlier this week, the Board has committed to an annual distribution of 7.0 pence per share, reflecting our confidence that the Company's new capital recycling model will deliver attractive value for our investors."

"As a new Board, we have moved swiftly to assess where best value lies across the business, in consultation with external parties, advisers and Shareholders, including a comprehensive review of all significant contracts. This work has enabled us to act quickly and decisively, through completing a full review and setting out a new strategy with the aim of delivering significant returns to Shareholders, the success of which the Board will monitor closely and on which the market will be kept regularly informed."

Alex O'Cinneide, CEO of the Investment Manager, commented:

"The Q3 FY25/26 NAV reflects the portfolio's resilience despite challenging conditions, particularly in the GB and ERCOT markets. The Company's Irish portfolio delivered robust performance, generating its strongest revenue of the past three quarters. Further, we are pleased to report progress on augmenting the Stony and Ferrymuir assets to two-hour duration, together with encouraging developments on the sale of the Cremzow and pre-construction assets."

"We are pleased to have developed and agreed a clear new strategy with the Board. With that support we are now firmly focused on execution, delivering further improvements in line with this strategy and our mandate. This includes cost efficiencies supported by the deployment of a new asset management data solution to reduce costs, and continuing the addition of assets onto the GSET platform, which has demonstrated consistent market outperformance since its inception; both initiatives further strengthen operational performance and data-driven decision-making across the portfolio.  We look forward to providing a full update alongside the Company's annual results in July."

- Ends -

For further information:  

Gore Street Capital Limited

Alex O'Cinneide / Ben Paulden                                                                                  Tel: +44 (0) 20 4551 1382

Email: [email protected]

Shore Capital (Joint Corporate Broker) 

Anita Ghanekar / Sophie Collins (Corporate Advisory)                            Tel: +44 (0) 20 7408 4090

Fiona Conroy (Corporate Broking)

J.P. Morgan Cazenove (Joint Corporate Broker)

William Simmonds                                                                                 Tel: +44 (0) 20 3493 8000

Burson Buchanan (Media Enquiries)

Henry Wilson / Henry Harrison-Topham / Nick Croysdill                         Tel: +44 (0) 20 7466 5000

Email: [email protected]   

https://www.gsenergystoragefund.com