Foresight Group (FSG) H2 2025 earnings summary

Executive summary

• Delivered strong full-year performance with AUM up 9% to GBP 13.2 billion and FUM up 14% to GBP 9.6 billion, supported by diversified investment strategies in real assets and SME growth capital across the U.K., Europe, and Australia.

• Revenue increased 9% year-over-year to GBP 154 million, driven by successful fundraising and higher management fee rates, with 87% from recurring fees.

• Core EBITDA pre-SBP rose 5% to GBP 62.2 million, with a margin of 40.4% despite short-term margin compression.

• Record fundraising in U.K. retail tax-efficient products (GBP 587 million) and strong institutional inflows supported growth.

• Strategic acquisitions, including WHEB Asset Management, expanded product diversity and scale.

Financial highlights

• AUM increased 9% year-over-year to GBP 13.2 billion; FUM up 14% to GBP 9.6 billion.

• Revenue rose 9% to GBP 154 million, with 87% from recurring fees.

• Core EBITDA pre-SBP grew 5% to GBP 62.2 million; adjusted EPS up 6% to 40.8p.

• Dividend per share increased 9% to 24.2p.

• Over GBP 1.1 billion of long-duration capital raised organically.

Outlook and guidance

• On track to double core EBITDA pre-SBP by FY29, with further margin expansion expected as institutional fundraising scales.

• Confident in achieving at least EUR 1.25 billion target for FEIP II and GBP 600 million annual gross fundraising for U.K. tax-efficient products.

• Strong structural drivers and disciplined capital allocation expected to support further growth.