Investment Companies Daily GRID Capital Markets Seminar, HVPE Finals, FGT Interims/Enhanced Dividend, MAJE Interims, GIMB Q1 NAV

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Investment Companies Daily GRID Capital Markets Seminar, HVPE Finals, FGT Interims/Enhanced Dividend, MAJE Interims, GIMB Q1 NAV

C A Z E N O V E Europe Equity Research

28 May 2026

Investment Companies Daily

GRID Capital Markets Seminar, HVPE Finals, FGT

Interims/Enhanced Dividend, MAJE Interims, GIMB Q1

NAV

• Gresham House Energy Storage (GRID, Neutral) - Capital Markets European Investment Companies

AC Seminar - GRID has this morning announced some of the key elements of its Christopher Brown

growth plans that it will discuss at the capital markets seminar this afternoon. (44-20) 7134-4722

It will udpdate investors on the UK BESS Industry and progress on its three christopher.brown@jpmorgan.com

year plan, with a focus on the pipeline and funding strategy as well as the Adam Kelly, CFA

alternative revenues. The pipeline will see aggregate portfolio capacity growth (44-20) 7742-9526

from 2,246MW/4,399MWh now having added Rayleigh to the pipeline. The adam.kelly@jpmorgan.com

J.P. Morgan Securities plc

modelled run rate EBITDA is now £141m (previously £150m), but with a

‘fraction’ of the equity previously assumed, maximising RoE. GRID will also Investment companies Research

detail the potential uplift from the upsized pipeline which is now estimated to homepage -click here

be 56pps in the base case vs a current JPMe NAV of around 117pps. It will also

confirm a 10pps free cash flow target, which we infer is an annual figure, once

the portfolio has been fully built out. Largest movers over the last week (%)

• J.P. Morgan View: To put the £141m run rate EBITDA into perspective, the BluefieldabrdnSolarPropertyIncomeIncomeFund -15.0 -3.8

most recent quarter’s annualised EBITDA was £50m. When the three year plan CQS Natural Resources G&I -3.6