Foresight Group (FSG) H2 2026 earnings summary

Executive summary

• Achieved double-digit year-over-year growth in core EBITDA pre-SBP (+10%), adjusted EPS (+13%), and DPS (+12%) for FY26, with core profitability nearly tripling since IPO in 2021.

• Sale of Foresight Capital Management/public markets division agreed, enabling sharper focus on private markets, Real Assets, and Private Equity; completion expected Q3 2026.

• Group AUM reached £13.0bn (+8%), with 65% institutional and 20% retail capital, diversified across energy transition, natural capital, and private equity strategies.

• Maintained strong fundraising momentum, especially in retail channels, with record retail fundraising of £630 million and continued institutional inflows.

• Successful exits in Australia contributed to strong investment performance and material performance fees.

Financial highlights

• Year-end AUM from continuing operations rose 8% to £13.0 billion, driven by record retail inflows and institutional progress.

• Revenue increased 11% to £164.9 million, supported by £646 million net fundraising and higher performance fees from real asset realizations.

• Core EBITDA pre-SBP grew 10% to £68.6 million, with a margin of 41.6%-42%.

• Adjusted EPS increased by 13% to 46.4p; total DPS rose 12% to 27.1p, maintaining a 60% payout ratio.

• Recurring revenue represented 82% of total revenue, below the 85%-90% target due to strong performance fees.

Outlook and guidance

• Targeting more than £600 million annual retail fundraising and approximately £100 million annual institutional private equity fundraising.

• FEIP II aims for €1.25 billion in fundraising by June 2027; €595 million already secured with strong progress from new and existing LPs.

• Margin expansion expected as the group focuses on higher conviction areas and benefits from operating leverage; FY29 anticipated as a significant realization year with strong performance fees.

• Current AUM and FUM at £13.1bn and £9.2bn, respectively, with continued SMA progress in Australia.

• Medium-term growth guidance reaffirmed, with a positive start to FY27.