Foresight Environmental Infrastructure Limited (LON:FGEN) half-year results for the six months ended 30 September 2025.
FGEN, a leading investor in private environmental infrastructure assets across the UK and mainland Europe, is pleased to announce the Company’s interim results for the six months ended 30 September 2025.
Ed Warner, Chair of Foresight Environmental Infrastructure, said:
“FGEN has delivered another period of solid progress despite persistent sector headwinds. Our diversified portfolio continues to generate strong cash flows, providing a dependable foundation for dividend growth and long-term value creation.
“We remain on track to meet our full-year dividend target, supported by proactive portfolio management and disciplined follow-on investments that unlock further value. While the market backdrop has been challenging, our strategy positions FGEN to deliver sustainable income and NAV growth without reliance on new fundraising.
“Looking ahead, we are confident in our portfolio’s combined ability to deliver long-term predictable income for investors alongside attractive upside potential from our growth assets. We remain optimistic about the structural drivers underpinning the green economy.
“We continue to be fully committed, alongside our Investment Manager, to closing the discount to NAV and ensuring that FGEN’s share price more accurately reflects the intrinsic value of its portfolio.”
Summary of results:
Resilient Earnings and NAV :
• NAV per share of 104.7 pence, delivering positive NAV total return for the period of 2.0% after payment of dividends.
• Annualised NAV total return of 7.2% since IPO.
• Company remains on track to deliver the full year dividend target of 7.96 pence, representing a yield of 12% on the share price at the date of this report.
Strong operational performance:
• Strong operational performance with assets generating dividend cover of 1.22x in the period, after amortisation of project-level debt facilities.
• Company remains on track to maintain or improve operational performance over the remainder of the financial year.
• Generation +0.5% over budget¹, with anaerobic digestion facilities continuing to perform particularly well.
Growth assets already delivering NAV uplift:
• CNG Fuels growing truck numbers and maintaining profitability.
• Rjukan aquaculture now fully operational, after successfully delivering its first trout harvest in the period.
• The Glasshouse continues to onboard new customers and targets being cash flow breakeven later this year.
1. After accounting for the anticipated recovery of downtime from operator guarantees and insurances
Summary of changes in NAV:
| NAV per share | |
| NAV at 31 March 2025 | 106.5p |
| Dividends paid in the period | -4.0p |
| Power price forecasts | -1.0p |
| Battery updates | -0.2p |
| Inflation | 0.8p |
| Portfolio performance | 0.1p |
| Uplift from share buyback programme | 0.7p |
| Other movements (including discount rate unwind less fund overheads) | 1.8p |
| NAV at 30 September 2025 | 104.7p |
Key investment metrics
| All amounts presented in £million (except as noted) | Six months ended30 September 2025 | Year ended31 March 2025 |
| Net assets¹ | 652.7 | 678.7 |
| Portfolio value² | 751.9 | 765.7 |
| Operating income and gains on fair value of investments | 13.6 | 6.0 |
| Net Asset Value per share³ | 104.7p | 106.5p |
| Distributions, repayments and fees from portfolio³ | 39.7 | 90.4 |
| Profit/(loss) before tax | 9.5 | (2.8) |
| Gross asset value | 940.0 | 951.3 |
| Market capitalisation³ | 436.4 | 457.0 |
| Share price | 70.0p | 71.7p |
| NAV total return for the period | 2.0% | 0.6% |
| Annualised NAV total return since IPO³ | 7.2% | 7.3% |
| Total Shareholder Return since IPO³ | 44.8% | 41.0% |
| Annualised total shareholder return³ | 3.3% | 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, market capitalisation, Gross Asset Value, total shareholder return (since IPO and annualised), distributions, repayments and fees from portfolio and annualised NAV total return since IPO are alternative performance measures (“APMs”). The APMs can be found on pages 71 and 72 of the Half-year report 2025.
Half-year report
A copy of the half-year report has been submitted to the National Storage Mechanism and will shortly be available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism. The half-year report will also be available on the Company’s website at http://www.fgen.com where further information on FGEN can be found.
Analyst Briefing
Chris Tanner, Ed Mountney and Charlie Wright, Investment Managers to FGEN, will host a presentation with Q&A for equity analysts at 10:00 am GMT today, Friday 28 November 2025.
Analysts wishing to register should contact SEC Newgate by email on fgen@secnewgate.co.uk where further details will be provided.
The results and presentation materials will be posted on the Company’s website, www.fgen.com.
