Foresight Group (FSG) H1 2026 earnings summary

Executive summary

• Achieved strong H1 FY26 financial performance with 4% AUM growth to £13.7bn, 11% revenue growth to £81.5m, and 6% core EBITDA pre-SBP growth to £30.6m, supported by robust retail and institutional fundraising and a diversified platform across real assets, private equity, and capital management in the UK, Europe, and Australia.

• Recurring revenue remained high at 85%-90%, with over 90% long-duration capital, providing strong revenue visibility and compounding growth.

• Profits and adjusted EPS have grown significantly since IPO, with adjusted EPS up 15% to 20.4p and profit attributable to shareholders rising to £18.4m.

• Management fee margins and dividend payout ratios have remained stable, with interim DPS up 9% to 8.1p per share.

• Demonstrated a strong post-IPO track record, with AUM CAGR of 15% and a resilient business model.

Financial highlights

• AUM increased 4% year-over-year to £13.7bn; FUM up 1% to £9.6bn.

• Revenue rose 11% to £81.5m; recurring revenue at 86.6%-87% of total.

• Core EBITDA pre-SBP grew 6% to £30.6m; margin compressed to 37.6%-38% due to negative contribution from FCM/public markets.

• Adjusted EPS up 15% to 20.4p; basic EPS at 16.3p (up from 10.9p); interim dividend up 9% to 8.1p per share.

• Total dividends have delivered a 21% three-year CAGR, returning over £90m to shareholders since IPO.

Outlook and guidance

• On track to double core EBITDA pre-SBP by FY29, targeting c.£118m, supported by strong demand for tax-efficient products and multi-vintage institutional strategies.

• Margin expected to remain stable for the rest of the year, with improvement anticipated in H2 but likely to remain below 40%; medium-term target is mid-40s by FY29.

• Positive tailwinds for tax-efficient products following UK budget; no material impact from recent policy changes.