Foresight Group Holdings Limited (LON:FSG), a leading investment manager offering institutional and retail investors a diverse range of private and listed investment solutions in real assets located in the UK, Europe and Australia, and growth capital for SME businesses across the UK and Ireland, has announce its full year results for the financial year ended 31 March 2026.
Financial and Operational Highlights – continuing operations[1]
| 31 March 2026 | 31 March 2025 | Change | |
| Year-end AUM (£m) | 13,024 | 12,068 | +8% |
| Year-end FUM (£m) | 9,022 | 8,432 | +7% |
| Total Revenue (£m) | 164.9 | 148.6 | +11% |
| Recurring Revenue (£m) | 135.3 | 128.1 | +6% |
| Recurring Revenue (% of Total) | 82.1% | 86.1% | -4 pts |
| Core EBITDA pre-SBP (£m) | 68.6 | 62.2 | +10% |
| Core EBITDA pre-SBP margin (%) | 41.6% | 41.8% | -0.2 pts |
| Adjusted basic earnings per share (pence) | 46.4 | 40.9 | +13% |
| Dividend per share (pence) | 27.1 | 24.2 | +12% |
Assets under Management / Funds under Management (“AUM”/”FUM”)
AUM increased by 8% to £13.0 billion (FY25: £12.1 billion AUM) and FUM increased by 7% to £9.0 billion (FY25: £8.4 billion FUM).
| ● | AUM and FUM figures reflect continuing operations, following the agreed sale of the Group’s public markets division, Foresight Capital Management | |
| ● | On a constant currency basis, AUM increased by 5% to £12.7 billion and FUM increased by 5% to £8.8 billion. FY26 foreign exchange related increases have partially recovered the aggregate historical decreases since the FY23 Australia acquisition | |
| ● | Fifth successive year of record annual fundraising for higher margin retail vehicles, with £630 million representing a 7% year-on-year increase (FY25: £587 million) and a 93% increase over the last three years (FY23: £327 million) | |
| ● | The multi-vintage roll out of the Group’s institutional regional private equity strategy continued, with FY26 gross inflows of £95 million[2], including the launch of a 16th fund | |
| ● | Foresight Energy Infrastructure Partners II SCSp (“FEIP II”) has secured €595 million commitments to date, making progress towards achieving its €1.25 billion target | |
| ○ | Portfolio currently includes three investments totalling €183 million committed across battery storage, solar and onshore wind | |
| ● | Successful realisations in Australia included Zenith Energy, a leading independent power producer and Kinetic, a global transport company | |
| ○ | These realisations added to the team’s strong investment track record and contributed material performance fees to the Group, whilst decreasing AUM by £250 million | |
Profitability
Core EBITDA pre-SBP grew by 10%, driven by an increase in recurring revenue and higher year-on-year performance fees following larger institutional fund exits in Australia. These successful realisations and performance fees in FY26 resulted in 82% recurring revenue, with the Group continuing to target 85-90%.
Capital Allocation
Reflecting this year’s increase in core EBITDA pre-SBP and the Group’s high levels of cash generation, the Board is recommending the payment of a 19.0p final dividend, resulting in a 12% year-on-year increase in the total dividend to 27.1p (FY25: 24.2p). The final dividend will be paid on 2 October 2026 with an ex-dividend date of 17 September 2026 and a record date of 18 September 2026.
Following the April 2025 announcement of an up to £50 million share buyback programme over three years, a net £9.6 million was utilised to repurchase Ordinary Shares in FY263. The remaining £40.4 million of the current share buyback programme is expected to be utilised over FY27 and FY28, noting that the Board will reassess the utilisation of the share buyback authority when considering capital allocation priorities. Going forward, all Ordinary Shares repurchased that are not required to satisfy our Performance Share Plan awards will be cancelled bi-annually.
Current Trading
Post period end, AUM increased to c.£13.1 billion and FUM increased to c.£9.2 billion4, following incremental fundraising across our retail and institutional distribution channels.
The announced sale of the Group’s public markets division on 11 June 2026 is expected to complete during the third quarter of 2026, streamlining Foresight’s operating model and enabling the business to focus on its core Real Assets and Private Equity divisions, which provide high quality revenue visibility through long duration capital.
Bernard Fairman, Executive Chairman of Foresight Group Holdings Limited, commented:
“FY26 was another year of profitable growth, with double-digit percentage increases in core EBITDA pre-SBP, adjusted earnings per share and dividend per share.
Investors continued to back our strategies with record retail fundraising of £630 million – a fifth successive year high – alongside institutional momentum in our flagship FEIP II strategy and our regional private equity funds. Our fundraising achievements remain underpinned by strong investment performance, with our Australian exits further enhancing the team’s track record and contributing material performance fees to the Group.
We enter the new financial year wholly focused on our core Real Assets and Private Equity divisions with a diversified fundraising pipeline across institutional and retail investment vehicles managing long duration capital, and remain committed to our medium-term growth guidance.”
Annual Report
A copy of the FY26 Annual Report has been submitted to the National Storage Mechanism and will shortly be available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
