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Foresight Solar Fund Limited (FSFL) investor relations material

Foresight Solar Fund Limited H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary18 Sep, 2025

Executive summary

  • Operational performance exceeded expectations, with global generation 4.0% above budget and UK assets producing nearly 9% above budget, driven by higher irradiation, despite increased grid outages.

  • Dividend cover target of 1.3x for 2025 is supported by strong operational results, effective power price hedging, and contracted revenues.

  • Share buyback programme increased to £60m, with £29m returned to investors in H1 2025 via buybacks and dividends.

  • Strategic focus on capital recycling, debt reduction, and exploring structural options to address share price discount, with ongoing divestments in Australia and core markets.

  • Development pipeline advanced, with BESS capacity awards and approvals for a solar project in Spain moving assets closer to ready-to-build status.

Financial highlights

  • NAV at 30 June 2025 was £603.8m, down from £634.4m at 31 December 2024, mainly due to lower power price forecasts.

  • Total operating profit (EBITDA) for H1 2025 was £66.5m, up from £60.6m in H1 2024.

  • Dividend cover for H1 2025 at 0.67, up from 0.44 YoY, with full-year guidance at 1.3x (vs. 1.4x prior year).

  • Share buybacks have added nearly 3p to NAV since May 2023.

  • RCF resized from £150m to £100m, expected to save £1m in debt costs over its term.

Outlook and guidance

  • Board remains confident in achieving the 1.3x dividend cover target for FY 2025, with normalization to 1.1x-1.2x expected in future years as power prices revert.

  • Building hedged positions for future years to maintain financial strength, with 88% of 2025 revenues contracted.

  • Regulatory tailwinds in the UK and Spain, with supportive government policies and mechanisms for renewables and storage.

  • Focus on operational strength, cost control, and capital returns amid market volatility.

  • Market conditions remain challenging, requiring flexibility in asset sales and capital allocation.

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Q3 202521 Nov, 2025
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Frequently asked questions

Foresight Solar Fund Limited (FSFL) is a Jersey-based closed-ended investment company that focuses on providing investors with sustainable and progressive quarterly dividends through a diversified portfolio of solar photovoltaics (PV) and battery storage assets. The company's primary investment objective is centered around achieving long-term investment returns while also delivering environmental, social, and governance (ESG) benefits. The company is headquartered in Saint Helier, Jersey, and its shares are listed on the London Stock Exchange.

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