Foresight Group Holdings Ltd. · LSE:FSG
Foresight — FY2026 Earnings Presentation
30 slides from Foresight's earnings presentation, June 2026
Slide 1: Investing beyond capital
Investing beyond capital Foresight Group Holdings Limited Results presentation for year ended 31 March 2026
Slide 2: Agenda
Agenda 01 02 03 CEO overview Financial highlights Outlook and guidance 2
Slide 3: Highlights
Highlights Profitable growth and simplified structure Business growth Sale of FCM FY26 delivered double digit percentage growth in: Agreed sale of Foresight Capital Management o Core EBITDA pre-SBP o Enabling focus on core private market Real Assets and Private Equity divisions +10% o Adjusted earni
Slide 4: CEO Overview
CEO Overview Gary Fraser Chief Executive Officer
Slide 5: CEO priorities
CEO priorities Turning market opportunity into scalable, high-quality growth Execution Agenda 01 02 03 04 Growth & distribution Investing beyond capital Operational maturity Operating leverage Extend profitable growth Drive investment excellence Scale through a focused Convert AUM growth into throug
Slide 6: Specialist private markets investment manager
Specialist private markets investment manager £13 billion AUM diversified across investor channels, real asset themes and private equity strategies At a glance Real Assets Private Equity £13bn AUM by investor channel Group AUM 7% 8% 65% institutional 20% retail insti. retail A specialist platform sp
Slide 7: Market opportunities across Foresight's investment divisions
Market opportunities across Foresight’s investment divisions Long-term structural growth trends across our strategies Real Assets Private Equity Opportunity size $296bn1 £65bn2 European clean-energy supply investment in 2025 SME lending gap in the UK Market • Energy transition and • Adaptation and r
Slide 8: Fundraising
Fundraising Institutional momentum across core strategies, complemented by market-leading retail fundraising Institutional: Progress across strategies Retail: #1 annual unquoted business relief fundraising FEIP II • £630 million raised across business relief products and flagship VCTs • Flagship Eur
Slide 9: FY26 Deployment
FY26 Deployment Targeted deployment across proven strategies Total capital deployed (£m) Real Assets 654 565 864 603 419 574 o Year-on-year deployment increased by 96%, 174 supported by FEIP II fundraising progress 59 o In FY26, 85% deployed in energy transition, 81 244 including investment across F
Slide 10: Realisations
Realisations Australia deep dive: Disciplined exits crystalise performance while preserving future exposure Diversified Infrastructure Trust (DIT) and Energy Infrastructure Trust (EIT) realising investments to satisfy investor redemptions, driven by a Market opportunity structural shift in the Austr
Slide 11: Financial highlights
Financial highlights Gary Fraser Chief Executive Officer
Slide 12: FY26 Financial Overview
FY26 Financial Overview AUM FUM Revenue £13.0 billion £9.0 billion £164.9 million +8% +7% +11% FY25 £12.1 billion FY25 £8.4 billion FY25 £148.6 million Recurring Revenue % Core EBITDA pre-SBP FY26 total DPS 82% £68.6 million 27.1p -4pts +10% +12% FY25 86% FY25 £62.2 million FY25 24.2p FY26 and FY25
Slide 13: AUM movements
AUM movements AUM increase driven by sustained strength in retail fundraising (£m) • AUM from ongoing operations 344 13,024 807 increased by 8% in FY26 137 12,680 ( -161 ) o Driven by record £630m of gross retail (-171 ) inflows 12,068 o Institutional inflows included steady FEIP II progress and the
Slide 14: Financial summary
Financial summary High-quality, recurring earnings • Revenue up 11% FY26 FY25 Δ o Net fundraising of £646 million, supporting management fee growth Revenue £m 164.9 148.6 +11% o Strong Real Assets realisations led to Recurring % 82% 86% -4 pts higher YoY performance fees Cost of sales £m -10.2 -6.5
Slide 15: Revenue
Revenue • Revenue increased by 11% driven by: Robust recurring revenues supplemented by strong performance fees o High quality recurring revenue up 6% (FY25: +5%) o Performance fees more than doubling due to larger institutional exits in Australia Recurring 86% 82% revenue (%) (£m) • We continue to
Slide 16: Core costs
Core costs Single digit core cost growth from continuing operations FTE 425 393 [457] 418 • Core costs grew 8% in FY26, driven by Total 80.3 86.8 staff costs and overheads (£m) • Staff costs contribute over 70% of total Staff costs operating expenses and increased 8% YoY 16.0 o Driven by an average
Slide 17: Core EBITDA pre-SBP
Core EBITDA pre -SBP Resilient and profitable growth Margin 35% 37% 42% 42% 42% 42% (£m) 24% 5yr CAGR 68.6 62.2 58.1 45.9 28.6 23.0 FY21 FY22 FY23 FY24 FY25 FY26 All figures represent continuing operations following the agreed sale of the Group’s public markets division. 17
Slide 18: Earnings and dividend per share
Earnings and dividend per share Strong track record of delivering sustainable returns to shareholders 22% 4yr Adjusted EPS CAGR Pence per share 18% 4yr DPS CAGR 46.4 40.9 38.5 19.0 33.5 Final 27.1 22.2 24.2 20.7 20.1 13.8 8.1 Interim FY22 FY23 FY24 FY25 FY26 Adjusted basic EPS DPS Adjusted EPS repre
Slide 19: Capital allocation
Capital allocation Delivering growth through targeted allocation FY26 Looking ahead Total DPS Dividend payout ratio of adj. profit Dividend 27.1p 60% Corporate activity Sale of Strategic and opportunistic M&A to FCM accelerate growth Share buyback1 FY26 net shares repurchased 3yr2 share buyback prog
Slide 20: Outlook and guidance
Outlook and guidance Bernard Fairman Co-founder and Executive Chairman
Slide 21: Guidance and current trading
Guidance Current trading • Reaffirming guidance of reaching £118 million core EBITDA pre-SBP by FY29 • AUM and FUM increased to £13.1 billion1 and £9.2 billion1 respectively • Key drivers: • SMA progress in Australia o Energy transition focused strategies, including the FEIP II €1.25 billion • Sale
Slide 22: Strong 5-year track record to build upon
Strong 5-year track record to build upon Consistently delivered sustainable and predictable growth through economic cycles AUM Recurring revenue Core EBITDA pre-SBP (£bn) (£m) (£m) Average mgmt. fee 1.1% 1.5% rate 1.8x 13.0 2.4x 135.3 68.6 3x 7.2 56.3 23.0 FY21 FY26 FY21 FY26 FY21 FY26 FY26 and FY25
Slide 23: Q&A
Q&A Bernard Fairman Co-founder and Executive Chairman Gary Fraser Chief Executive Officer
Slide 24: Appendices
Appendices -oresight
Slide 25: Appendix 1: Key financial metrics
Appendix 1: Key financial metrics Actuals Constant currency basis 31 Mar 2026 31 Mar 2025 Period Change 31 Mar 2026 Period Change Assets/Funds Period-end AUM (£m) 13,024 12,068 +8% 12,680 +5% Period-end FUM (£m) 9,022 8,432 +7% 8,819 +5% 31 Mar 2026 31 Mar 2025 YoY Change Revenue Total revenue (£m)
Slide 26: Appendix 2: Diversification positions the Group for future success
Appendix 2: Diversification positions the Group for future success Core EBITDA pre-SBP - by division Vehicles - by AUM Leveraging specialised and complementary skill sets 100% long duration capital within evergreen and LP vehicles FY26 72% 28% FY26 50% 50% Real Assets Private Equity Evergreen LP Dis
Slide 27: Appendix 3: Reconciliation – core administrative expenses
Appendix 3: Reconciliation– core administrative expenses Core Administration costs Non-core costs Statutory £m Staff costs 64.6 4.3 68.9 Staff costs - acquisitions 0.0 1.7 1.7 Depreciation & amortisation 0.0 7.3 7.3 Legal and professional 6.2 1.0 7.3 Other administration costs 16.0 0.0 16.0 Total 86
Slide 28: Appendix 4: Glossary
Appendix 4: Glossary Acronym Definition FEIP II Foresight Energy Infrastructure Partners II ARIF Australian Renewables Investment Fund FNC Foresight Natural Capital ITS Foresight’s Inheritance Tax Solution AITS Foresight’s Accelerated Inheritance Tax Solution EITS Foresight’s Enhanced Inheritance Ta
Slide 29: Important Information
Important Information NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA (INCLUDING ITS TERRITORIES AND DEPENDENCIES, ANY STATE OF THE UNITED STATES AND THE DISTRICT OF COLUMBIA), CANADA, AUSTRALIA, NEW ZEALAND, JAPAN, THE REPUBLIC OF SOUTH
Slide 30: Thank you
Thank you For further information, please contact: Foresight Group LLP The Shard t: +44 (0)20 3667 8100 32 London Bridge Street e: info@foresightgroup.eu London SE1 9SG w: foresightgroup.eu United Kingdom
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