Foresight Environmental Infrastructure (FGEN) H2 2026 earnings summary

Executive summary

• Delivered a 6.2% NAV total return for the year, supported by resilient cash generation and a diversified environmental infrastructure portfolio.

• Maintained a progressive dividend policy, with the FY 2027 target dividend increased to GBP 0.0804 per share, marking the 12th consecutive rise since IPO.

• Portfolio strategy centers on diversification across renewable energy (71%), other energy infrastructure, and sustainable resource management.

• Strategic focus on organic NAV growth, disciplined capital allocation, and low gearing, supporting both income and capital growth.

Financial highlights

• NAV per share was GBP 1.052, down from GBP 1.065 last year; net assets at GBP 655.5m; portfolio value at GBP 759.1m.

• Dividend cover was 1.25x in FY 2026, with guidance for similar coverage ahead; gearing at 28.8%.

• Profit before tax of GBP 37.2m (vs. GBP -2.8m prior year); adjusted EPS up to 9.4p from 8.3p.

• Cash receipts from project distributions were GBP 78.6 million, 2.9% below budget, but 2.3% ahead when including expected recoveries.

Outlook and guidance

• Targeting a minimum NAV total return of 8%-10% per annum over time.

• FY27 dividend target increased to 8.04p (+1.0%).

• Focus remains on stable income, balance sheet discipline, and realizing growth potential through selective reinvestment and opportunistic divestments.

• Dividend cover expected to remain in the 1.2x to 1.3x range.

• Growth assets, particularly CNG and the Glasshouse, are expected to contribute more as they mature.