Foresight Group Holdings Limited (LON:FSG) is 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.
The Group has announced its results for the six months ended 30 September 2025.
Financial and Operational Highlights1
| 30 September 2025 | 31 March 2025 | Change | |
| Period-end AUM (£m) | 13,680 | 13,195 | +4% |
| Period-end FUM (£m) | 9,627 | 9,559 | +1% |
| 30 September 2025 | 30 September 2024 | Change | |
| Total Revenue (£m) | 81.5 | 73.2 | +11% |
| Recurring Revenue (% of Total) | 86.6% | 86.7% | -0.1 pts |
| Core EBITDA pre-SBP (£m) | 30.6 | 29.0 | +6% |
| Core EBITDA pre-SBP margin | 37.6% | 39.6% | -2.0 pts |
| Dividend per Share (pence) | 8.1 | 7.4 | +9% |
| ● | Assets under Management (“AUM”) and Funds under Management (“FUM”) increased by 4% and 1% to £13.7 billion and £9.6 billion respectively (FY25: £13.2 billion AUM and £9.6 billion FUM). On a constant currency basis, AUM increased to £13.5 billion, with FUM at £9.5 billion. | |
| ◌ | £223 million raised into higher margin retail vehicles which are on track for another record year supported by a strong H2 pipeline | |
| ◌ | €505 million commitments secured to date for Foresight Energy Infrastructure Partners II (“FEIP II”) from a combination of four new and three existing limited partners, concluding the first phase of fundraising. | |
| ◌ | FEIP II completed a combined £210 million investment into UK battery storage, alongside another Foresight fund, acquiring Harmony Energy Income Trust (“HEIT”). | |
| ◌ | Foresight Capital Management delivered positive investment performance of £56 million but experienced net outflows of £155 million. | |
| ● | High quality recurring revenue of 87% was maintained in the period, within our target range of 85-90%. | |
| ● | In Australia, the sale of leading independent power producer Zenith Energy at a valuation materially above the fund’s prior holding value generated £3.4 million of performance fees for the Group. | |
| ● | H1 FY26 core EBITDA pre-SBP increased by 6% to £30.6 million (H1 FY25: £29.0 million) driven by successful fundraising into higher margin retail vehicles. | |
| ◌ | Core EBITDA pre-SBP margin decreased to 37.6%, impacted by outflows from our FCM division. The margin is expected to remain stable for the remainder of the year, with institutional real asset fundraising being the catalyst for future margin expansion. | |
| ● | The Board is pleased to extend the Group’s strong dividend track record with an interim dividend of 8.1 pence per share (H1 FY25: 7.4 pence), to be paid on 30 January 2026 based on an ex-dividend date of 15 January 2026, with a record date of 16 January 2026. This is in line with the Group’s dividend policy which targets a total dividend payout ratio of 60% of adjusted profit after tax. | |
Current Trading
Post period end, the multi vintage roll out of the Group’s regional private equity strategy continued with a £90 million[1] first close of its 16th regional fund. This fund launch further consolidates the Group’s excellent coverage of the UK and Ireland, supporting some of the country’s most promising smaller companies.
Further exit success within our real assets division included the partial sale of Kinetic, a global transport company, at a premium to holding value, with Foresight retaining a 30% stake. Foresight Natural Capital also successfully made its first afforestation exit, Banc Woodland, at a 1.8x multiple on invested capital.
Bernard Fairman, Executive Chairman of Foresight Group Holdings Limited, commented:
“During the period we have benefitted from sustained investor appetite for our specialist retail and institutional products. Our sales team has successfully raised a total of £566 million over the last 12 months into higher margin retail vehicles, representing a 31% increase on the prior year equivalent period and is on track for another record year in FY26. Our multi vintage approach to institutional fundraising saw our flagship real asset strategy, FEIP II, finalise its first phase of fundraising at €505 million and, post period end, our regional private equity strategy launched its 16th fund with a £90 million first close.
Fundraising is underpinned by investment performance, with strong recent real asset exits in Australia and from our natural capital strategy further enhancing the team’s track record. With our focus on long duration capital, we are confident that the Group’s diversified strategies can deliver further growth as we remain on track to achieve our guidance to double core EBITDA pre-SBP in the five years to FY29.”
Half-year Report
A copy of the H1 FY26 Half-year Report has been submitted to the National Storage Mechanism and will shortly be available at https://data.fca.org.uk/#/nsm/nationalstoragemechanism.
Analyst Presentation
A pre-recorded presentation will be available to view on the Company’s website (https://www.foresightgroup.eu/shareholders) on 2 December 2025.
This presentation will be played at the start of a webcast from 09:00 GMT on Tuesday 2 December 2025 and be followed by live Q&A for analysts hosted by Bernard Fairman (Executive Chairman) and Gary Fraser (CEO). Those wishing to join the webcast should register via the following link: Register here.
