Foresight Group Holdings Ltd. · LSE:FSG
Foresight — FY2025 Earnings Presentation
30 slides from Foresight's earnings presentation, June 2025
Slide 1: Results presentation for the full year ended 31 March 2025
Results presentation for the full year ended 31 March 2025
Slide 2: Overview, Financial results, Drivers of growth, Market opportunity and outlook, Q&A
Overview 3 Financial results 7 Drivers of growth 13 Market opportunity and outlook 18 Q&A 24 Front cover: Glendevon BESS, Scotland, part of Foresight’s Portfolio 2
Slide 3: Bernard Fairman, Executive Chairman and Co-founder
Bernard Fairman Bernard Fairman Executive Chairman and Co-founder Executive Chairman and Co-founder Mt Mercer Wind Farm, Australia, part of Foresight's portfolio
Slide 4: We create shareholder value by delivering consistent growth
We create shareholder value by delivering consistent growth 4
Slide 5: FY25 highlights
FY25 highlights Institutional regional UK retail tax Institutional real assets Public markets private equity efficient Launched two regional private Record fundraising of FEIP II is progressing towards Execution of strategic equity funds raising an £587 million in higher the €1.25 billion final targ
Slide 6: AUM and Core EBITDA pre-SBP growth
AUM (£bn) Core EBITDA pre-SBP (£m) 24% CAGR 38% CAGR 13.2 62.2 12.2 12.1 59.3 50.2 8.8 7.2 31.8 4.5 23.9 12.6 FY20 FY21 FY22 FY23 FY24 FY25 FY20 FY21 FY22 FY23 FY24 FY25 6
Slide 7: Gary Fraser, Chief Executive Officer
Bernard Fairman Gary Fraser Executive Chairman and Co-founder Chief Executive Officer Silvermines PSH, Ireland, part of Foresight's portfolio
Slide 8: On track across all key metrics
On track across all key metrics AUM FUM Revenue +9% +14% +9% FY24 £12.1 billion FY24 £8.4 billion FY24 £141.3 million Recurring Revenue Core EBITDA pre-SBP DPS Stable +5% +9% FY24 87% FY24 £59.3 million FY24 22.2p 8
Slide 9: Over £1.1 billion of long duration capital raised organically
Over £1.1 billion of long duration capital raised organically (£bn) 0.7 (0.1) 1.3 13.5 (0.3) (0.5) (0.1) gross retail inflows into tax efficient products 13.2 (0.3) (0.5) raised in institutional vehicles across 12.1 infrastructure and private equity earnings accretive strategic activity1 31 31 Mar M
Slide 10: FY25 financial results
FY25 FY24 Δ • Revenue up £12.7 million, driven by: o Successful fundraising Revenue £m 154.0 141.3 +9% o Higher average management fee rate Recurring % 86.6 86.6 - o Recurring revenue within 85-90% guidance range Cost of sales £m (7.8) (7.3) +7% Core administrative expenses1,3 £m (84.3) (75.0) +12%
Slide 11: Strong product demand supports management fee rates
Strong product demand supports management fee rates • 85-90% recurring revenue underpinned by resilient management fee rates Average management fee %1 o Combined with >90% long-duration capital, delivers high quality earnings • Strong fundraising in regional private equity and UK tax efficient produ
Slide 12: Supporting delivery of fundraising and deployment
Supporting delivery of fundraising and deployment • Core staff costs grew 14% in (£m) FY25 0.8 • Wage inflation +7% o Includes higher fundraising-related 3.1 bonuses • Headcount growth +6% 3.7 o Across investment, asset 62.5 management and central functions, including technology and data 54.8 FY24 W
Slide 13: Gary Fraser, Chief Executive Officer
Gary Fraser Chief Executive Officer Skaftåsen Wind Farm, Sweden, part of Foresight’s Portfolio
Slide 14: FY25 progress puts us on track to achieve medium-term organic growth guidance
FY25 progress puts us on track to achieve medium-term organic growth guidance c.£120m £62.2m £59.3m FY24 FY25 Institutional real assets UK retail tax efficient Institutional regional Margin expansion FY29 core EBITDA pre-SBP core EBITDA pre-SBP products private equity core EBITDA pre-SBP 14
Slide 15: Multi-vintage approach across key strategies
Multi-vintage approach across key strategies Value proposition Strategy Vintage I Vintage II Energy transition (FEIP)1 Size +€1bn +€1.25bn • Offering end-to-end infrastructure investment solutions for retail and # Investments 15 12-15 institutional investors • Investments that benefit economies, Tar
Slide 16: #1 in annual unquoted business relief fundraising, growing market share
#1 in annual unquoted business relief fundraising, growing market share Performance Total unquoted business relief gross inflows • Business Relief products consistently meet 16% Market CAGR return targets 31% FSG CAGR • Top 2 performance for flagship VCTs2 £1.9bn £1.7bn Competitive advantage 28% £1.
Slide 17: Confidence in future fundraising underpinned by strong competitive position
Confidence in future fundraising underpinned by strong competitive position Competitive advantage Institutional regional private equity AuM 28% CAGR • Deep regional relationships with a hard to replicate £720m boots-on-the-ground approach • 55 investment professionals across 12 offices £609m • 15 ac
Slide 18: Bernard Fairman, Executive Chairman and Co-founder
Bernard Fairman Executive Chairman and Co-founder Plug planting at solar site, Cornwall, to celebrate the launch of Foresight’s Nature Recovery Blueprint
Slide 19: Infrastructure market size and structural drivers
Current market size (AUM, 2024) Foresight share 6% 1% 5% Annual investment (2023/24 average) CAGR 19-24 +9% +7% +9% Structural drivers • • Global decarbonisation and government energy transition commitments Energy security concerns • Increasing electricity consumption requirements, particularly from
Slide 20: Unquoted business relief products and VCT market
Unquoted business relief products Venture capital trusts Historic growth Gross annual fundraising last 5 years last 5 years Structural drivers • • AIM business relief portfolio relief reduced to 50% Pensions subject to inheritance tax from 2027 • Sunset clause extension to 2035 Total Total Future ma
Slide 21: Regional private equity market
Annual investment (2024A)1 Foresight share 6% 6% • Government support for regional investment and productive assets Structural drivers • Interest rates moderating as inflation decreases • Increasing pension fund allocations Future market growth Historic growth in annual investment last 5 years last
Slide 22: Returned over 70% of FY25 operating cash to shareholders
Returned over 70% of FY25 operating cash to shareholders FY25 Looking ahead DPS Dividend payout ratio of adj. EPS Dividend Share buyback FY25 share buyback 3yr share buyback up to M&A Acquisition of Strategic and opportunistic M&A to 1. Acquisition of the trade and assets of WHEB Asset Management LL
Slide 23: Summary and current trading
• AUM and FUM increased to c.£13.4 billion2 and c.£9.7 billion2 respectively • Strong structural drivers supporting further growth across our strategies • Strong retail fundraising more than offset listed market net outflows • Following FY25 progress, remain on-track to double core EBITDA • Launched
Slide 24: Q&A
Hume Hydro, Australia, Part of Foresight’s Portfolio
Slide 25: Appendix
Slide 26: Key performance indicators
Actuals Constant currency basis 31 Mar 2025 31 Mar 2024 Period Change 31 Mar 2025 Period Change Assets/Funds Period-end AUM (£m) 13,195 12,144 +9% 13,457 +11% Period-end FUM (£m) 9,559 8,397 +14% 9,711 +16% 31 Mar 2025 31 Mar 2024 YoY Change Revenue Total revenue (£m) 154.0 141.3 +9.0% Recurring rev
Slide 27: Investment divisions, vehicles, distribution and geography
Investment divisions Vehicles Distribution Geography by Core EBITDA pre-SBP by AUM by AUM by AUM FY25 FY25 FY25 FY25 1% 1% 36% 45% 200+ 51% 66% investors 25% 63% 45% c.40,000 34% investors 18% 9% 1% 4% Infrastructure Private Equity FCM Institutional Retail US Europe Australia UK Other Evergreen LP O
Slide 28: Core administration costs reconciliation
Core Administration costs Non-core costs Statutory £000 Staff costs 62,578 3,8621 66,440 £000 Staff costs - acquisitions - 4,888 4,888 £000 Depreciation & amortisation - 6,121 6,121 Net impairment of intangible assets (customer £000 6,3453 6,345 contracts) Legal and professional £000 6,475 7242 7,19
Slide 29: Important notice
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 AFRICA, THE REPUBLIC O
Slide 30: For further information, please contact
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
Foresight Group Holdings — FY2025 Earnings Presentation on 6ix