Foresight Group (FSG) Q2 2026 TU earnings summary

Executive summary

• Achieved strong financial performance for H1 FY26, with results in line with expectations and continued growth in assets under management and revenue.

• Maintained high quality, recurring revenue streams, expected to remain within the 85-90% target range, and demonstrated robust fundraising across retail and institutional channels.

• Delivered significant operational milestones, including successful fundraisings, asset deployments, and exits at premium valuations, such as the sale of Zenith Energy in Australia.

• €505 million in commitments secured for Foresight Energy Infrastructure Partners II (FEIP II), with the first phase of fundraising completed.

• £223 million was raised into higher margin retail vehicles, positioning for another record year, supported by a strong H2 pipeline.

Financial highlights

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

• Revenue rose 11% to £81.5 million; recurring revenue remained stable at 87%.

• Core EBITDA pre-SBP grew 6% to £30.6 million, aligned with expectations and consensus.

• Interim dividend per share increased 9% to 8.1p.

• Real Assets AUM grew 6% to £10.8 billion; Private Equity AUM stable at £1.8 billion; FCM AUM declined 9% to £1.1 billion.

Outlook and guidance

• On track to double core EBITDA pre-SBP in the five years to FY29, with guidance maintained.

• Confident in achieving FEIP II fundraising target, with strong tailwinds for tax-efficient products and a strong investor pipeline.

• Recurring revenue for FY26 expected to remain within the 85-90% target range.

• Expect margin stability in FY26, with potential expansion as institutional real assets fundraising delivers.

• FEIP II expected to reach €1.25 billion target fund size by mid-2027.