Foresight Group (FSG) Trading Update summary

Financial and operational highlights

• AUM grew 9% to £13.2bn and FUM rose 14% to £9.6bn; on constant currency, AUM reached £13.5bn and FUM £9.7bn.

• Record £587m raised in higher margin retail vehicles, up 35%, driven by strong VCT performance.

• FEIP II fund commitments reached €485m, progressing toward a €1.25bn target.

• Two new regional private equity funds launched, raising £112m and expanding UK/Ireland coverage.

• FCM saw net outflows of £225m but added £744m AUM through strategic activity, enhancing product diversity.

Earnings and profitability

• Recurring revenue remained within the 85-90% target range, with over 90% of AUM as long duration capital.

• High revenue visibility and earnings resilience maintained despite market challenges.

• FY25 core EBITDA pre-SBP expected in line with consensus (£62.2m–£63.8m), up from £59.3m in FY24.

• On track to double core profitability metric over five years to FY29.

Capital allocation and shareholder returns

• Completed £17m share buyback; new buyback programme of up to £50m over three years announced.

• Substantially all free cash flow to be returned to shareholders via buybacks and dividends.

• Board to reassess buyback authority in light of other capital allocation priorities, including M&A.