Foresight Environmental Infrastructure Limited (LON:FGEN), a leading listed investment company with a diversified portfolio of environmental infrastructure assets across the UK and mainland Europe, has announced its Annual Report and Accounts for the financial year ended 31 March 2026.
Clear strategy delivers resilient earnings; dividend target met and increased for 12th consecutive year:
· Positive NAV total return for the year of 6.2% and resilient NAV per share of 105.2p (FY25: 106.5p)
· FY26 dividend target of 7.96p met and increased to 8.04p for FY27, representing a current dividend yield of 9.8%
· Prudent balance sheet maintained with conservative gearing at 28.8% (FY25: 28.7%)
Consistent cash generation from a diversified environmental infrastructure portfolio:
· Highly differentiated portfolio of 39 underlying assets continues to contribute strong cash generation
· Several value-accretive follow-on investments made, with a combined IRR in the mid-teens
· Encouraging ramp-up progress made across the Company’s growth assets
· Diversification across different markets and sectors actively managing exposure to prevailing market, regulatory and weather volatility
Increasingly well positioned for organic growth and stable, predictable income:
· Board remains focused on progressive dividend strategy, maintaining healthy cover of 1.25x for FY26, post project debt amortisation
· Growth in NAV targeted through continued operational excellence and selective capital recycling
Board changes announced today:
· Ed Warner will step down from the FGEN Board and Nomination Committee with effect from the conclusion of the AGM on 17 September 2026. Stephanie Coxon, currently Senior Independent Director and Chair of the Audit Committee, will succeed as Chair. Alan Bates will be appointed to the role of Senior Independent Director.
Summary of changes in NAV
| NAV per share | |
| NAV at 31 March 2025 | 106.5p |
| Dividends paid in the year | -7.9p |
| Power price forecasts (incl RO/FiT consultation outcome and CPS removal) | -2.0p |
| Inflation | +1.1p |
| Uplift from share buy-back programme | +0.7p |
| Other movements (including discount rate unwind less fund overheads) | +6.8p |
| NAV at 31 March 2026 | 105.2p |
Key investment metrics
| All amounts presented in £million (except as noted) | Year ended31 March 2026 | Year ended31 March 2025 |
| Net assets¹ | 655.5 | 678.7 |
| Portfolio value² | 759.1 | 765.7 |
| Operating income and gains on fair value of investments | 44.8 | 6.0 |
| Net Asset Value per share³ | 105.2p | 106.5p |
| Distributions, repayments and fees from portfolio³ | 78.6 | 90.4 |
| Profit/(loss) before tax | 37.2 | (2.8) |
| Gross asset value³ | 920.1 | 951.3 |
| Market capitalisation³ | 423.9 | 457.0 |
| Share price | 68.0p | 71.7p |
| NAV total return for the year | 6.2% | 0.6% |
| Annualised NAV total return since IPO³ | 7.2% | 7.3% |
| Total Shareholder Return since inception³ | 49.4% | 41.0% |
| Annualised total shareholder return ³ | 3.4% | 3.2% |
1. Also referred to as “NAV”.
2. Classified as investments at fair value through profit or loss in the statement of financial position.
3. Net Asset Value per share, distributions, repayments and fees from portfolio, total shareholder return, annualised total shareholder
return, market capitalisation, annualised NAV total return since IPO and Gross Asset Value are alternative performance measures (“APMs”). The APMs within the accounts are defined in the 2026 Annual Report.
Annual report
The Annual Report is available on the Company’s website at: https://www.fgen.com/investors/reports-and-publications
A copy of the annual report has been submitted to the National Storage Mechanism and will shortly be available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Annual results presentation to equity analysts
Edward Mountney and Charlie Wright, Investment Managers to FGEN, will host a live presentation with Q&A for equity analysts at 10:00 a.m. (UK time) on Thursday 18 June 2026.
Analysts wishing to attend in-person or online, should contact FTI Consulting by email on [email protected] where further details will be provided.
