Foresight Group (FSG) Trading Update summary

Financial performance and growth

• Core EBITDA pre-SBP for H1 FY25 expected at approximately £29 million, aligning with the goal to double core EBITDA over five years.

• Assets under management (AUM) reached £12.6 billion, up 4% from £12.1 billion at FY24; funds under management (FUM) rose to £8.8 billion, a 5% increase.

• Infrastructure AUM grew 5% to €10.3 billion, while Private Equity and FCM remained stable at €1.6 billion and €0.7 billion, respectively.

• High quality recurring revenue remains within the 85-90% target range, supported by strong performance fees from Private Equity realisations.

Fundraising and investment activity

• Achieved a €300 million first close for Foresight Energy Infrastructure Partners II SCSp (FEIP II).

• Raised £241 million into higher margin retail vehicles during the period.

• Foresight Capital Management delivered a positive investment performance of £56 million, with net outflows decelerating to £111 million.

Strategic outlook and guidance

• Management remains on track to deliver five-year organic growth guidance, supported by recent fundraising momentum.

• Anticipated interest rate reductions and narrowing valuation gaps between public and private markets are expected to boost investor sentiment and fundraising.

• Cash-generative business model positions the group for value-accretive acquisitions.