Foresight Environmental Infrastructure (FGEN) H1 2026 earnings summary

Executive summary

• Portfolio of 39 diversified environmental infrastructure assets valued at £751.9m, with a reported NAV of £652.7m (£1.047 per share) as of 30 September 2025.

• Dividend growth continues, with a full-year target of 7.96p per share, representing a 12% yield, and dividend cover at 1.22x.

• Strong operational performance, with growth assets (Glasshouse, CNG Fuels, Rjukan) fully operational or ramping up for future capital appreciation.

• Strategic focus on progressive dividends, proactive portfolio management, and disciplined investment to balance income and growth.

• Portfolio diversification across renewable energy (71%), other energy infrastructure (11%), and sustainable resource management (18%) reduces risk.

Financial highlights

• Net assets at £652.7m, portfolio value at £751.9m, and operating income of £13.6m for the half-year.

• Profit before tax was £9.5m, up from a £0.5m loss in the prior period; adjusted EPS rose to 5.3p.

• Cash distributions from investments totaled £39.7m, with cash flow from operations covering dividends by 1.22x.

• £30m share buyback programme completed, supporting NAV per share.

• Ongoing charges ratio reduced to 1.15%, with gearing at 30.6% of GAV.

Outlook and guidance

• On track to deliver the full-year dividend target of 7.96p per share, with robust dividend cover and capital appreciation targeted.

• Strategic focus on proactive management, ramp-up of growth assets, and disciplined capital allocation.

• New investment opportunities monitored, prioritizing core environmental infrastructure and further diversification.

• Optimism for long-term value creation despite macroeconomic and sector headwinds.