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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.
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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