Ampeak Energy Limited (LON:AMP) has announced its unaudited interim results for the six months ended 30 June 2026.
Chairman’s Statement
Introduction
When I wrote to shareholders in our 2025 Annual Report, I described 2025 as the most significant year in the Company’s history. It was the year we transitioned from a developer of projects to the constructor and future owner of major energy assets. The first half of 2026 has been about executing on that strategy.
Our focus has been firmly centred on delivering the projects that will underpin the Group’s long-term value creation. Construction of the AW1 Battery Storage Project has progressed throughout the period, and we continue to work closely with our funding partners, suppliers and contractors to deliver the project safely, on time and on budget.
At the same time, we have continued to develop the next generation of projects within our portfolio. Planning-consented projects at Uskmouth and MeyGen provide the Group with a substantial platform for future growth, while management continues to evaluate new opportunities capable of complementing and expanding our existing portfolio.
The Board remains committed to the strategy we set out in Building a Sustainable Future to 2035. Our objective remains unchanged: to transform Ampeak into a leading developer, owner and operator of sustainable energy infrastructure capable of generating long-term, predictable cashflows for shareholders.
Delivering the Battery Energy Storage Strategy
The development of battery energy storage projects remains the cornerstone of the Company’s growth strategy.
AW1 represents a transformational project for the Group and continues to demonstrate the significant value embedded within our project development capability. During the first half of the year, development and construction activities continued in line with the project programme and the Group realised substantial further value from the project.
Importantly, after the period end, JB Energy acquired a 24.7% equity interest in AW1 Storage Holdings Limited for £7.8 million, whilst the Group retained a controlling 50.6% interest in the project. This transaction reinforces the value of the asset we have created while simultaneously strengthening the Group’s liquidity position and supporting future development activities.
In parallel with the delivery of AW1, we are progressing with plans for an expansion following the current project’s completion to increase AW1’s capacity from 2 hours to 4 hours. In addition, we continue to progress AW2 and Mey BESS. While both projects continue to advance through the development process, the ongoing National Grid connections reform programme has introduced greater uncertainty around future connection timelines across the sector. The Board remains encouraged by the strategic quality of both projects, their scale and locations, and the important role they are expected to play within the Group’s future portfolio. At the same time, the management team is also actively exploring additional opportunities both within and beyond our existing sites to ensure the Group maintains multiple avenues for growth.
MeyGen and Tidal Stream
MeyGen remains a world-leading tidal stream project and a key component of our business.
During the period, generation was lower than the comparable period in 2025 following planned offshore works and the return of one turbine to shore for servicing. Nevertheless, the project continues to benefit from the expertise of our operations and maintenance teams, whose experience remains unrivalled within the sector. Three turbines operated successfully throughout the period and the team continues to work towards the redeployment of the serviced turbine.
We continue to believe tidal energy has an important role to play in the future energy mix, particularly because of its predictability and complementary role alongside other renewable technologies. Although development of future phases remains challenging, the Board continues to support efforts to advance the next stage of the MeyGen project where commercially viable opportunities arise.
Financial Performance
The Group reported revenue of £2.2 million for the six months ended 30 June 2026 (H1 2025: £3.5 million) The reduction primarily reflects lower electricity generation from MeyGen as a result of turbine servicing activities during the period.
The Group reported a loss before tax of £4.7 million, broadly in line with the prior period. Operating costs fell to £3.7 million from £4.6 million in the comparable period primarily due to a non-recurring £0.8 million downward adjustment to the value of the AW1 land sale reported in the prior period. Employee costs also reduced during the period despite the continued growth and execution demands of the business.
At 30 June 2026 the Group held cash and cash equivalents of £3.6 million. The Board recognises that securing further funding remains an important priority, and we continue to pursue a range of funding initiatives in addition to the completion of the AW1 equity transaction in September 2026 that has further strengthened the Group’s position.
Outlook
Ampeak enters the second half of 2026 with significant momentum.
AW1 continues to progress towards operations, our wider battery portfolio continues to advance, and we are actively evaluating additional growth opportunities. We have demonstrated our ability to create value through project development, attract external investment and retain meaningful ownership of strategically important assets.
The requirement for large-scale battery energy storage across the UK and Ireland continues to grow as renewable generation expands and electricity markets evolve with significant demand growth from digital infrastructure. The Board believes Ampeak is exceptionally well positioned to benefit from these structural trends.
While funding markets remain challenging and macroeconomic uncertainty persists, we have a highly experienced management team, an attractive portfolio of projects, supportive commercial partners and a clear strategic direction.
I remain confident in the Group’s future prospects and would like to thank our shareholders, employees, partners and wider stakeholders for their continued support.
Duncan Black
Chairman
