Foresight Group Holdings Ltd. · LSE:FSG
Foresight — H1 FY26 Earnings Presentation
27 slides from Foresight's earnings presentation, December 2025
Slide 1: Beyond capital, we are investing to power change
Beyond capital, we are investing topower change Results presentation for the half year ended 30 September 2025
Slide 2: Foresight at a glance
Foresight at a glance Bernard Fairman Co-founder and Executive Chairman Pictured: Zenith Energy, Australia, part of Foresight’s portfolio
Slide 3: Foresight's strengths
Foresight's strengths 1. High Quality 2. Specialist Earnings Capabilities 3. Market 4. Diversified Opportunity Product Range 3
Slide 4: Strong post-IPO track record
Strong post-IPO track record AUM CAGR Recurring revenue Core EBITDA pre-SBP (£b) 13.7 15% 87% (£m) 7.2 62.2 FY21 H1 FY26 2.6x Stability in average management fee margin 1.2% >90% 23.9 1.1% Long duration capital 1 FY21 FY25 FY22 FY23 FY24 FY25 4
Slide 5: Financial results
Financial results Gary Fraser CEO Pictured: : Kölvallen Wind Farm, Sweden, part of Foresight’s portfolio
Slide 6: H1 FY26 financial highlights
H1 FY26 financialhighlights In line with expectations AUM FUM Revenue £13.7billion £9.6 billion £81.5million +4% +1% +11% FY25 £13.2 billion FY25 £9.6 billion H1 FY25 £73.2 million Recurring Revenue Core EBITDA pre-SBP FY26 Interim DPS 87% £30.6 million 8.1p - +6% +9% H1 FY25 87% H1 FY25 £29.0 milli
Slide 7: AUM bridge
AUM bridge AUM increase driven by sustained strength in retail fundraising • AUM increased by 4% in H1 FY26 (£m) o >90% long duration capital 303 349 13,548 131 13,680 13,195 (299) • £223 million raised into higher margin retail vehicles • Completed the €505 million first phase of FEIP II fundraisin
Slide 8: Financial summary
Financial summary • Revenue up 11%, driven by: o Retail and institutional fundraising H1 FY26 H1 FY25 Δ o Increased mix of higher margin products Revenue £m 81.5 73.2 11% o Performance fees realised from strong Recurring % 87% 87% - exits Cost of sales £m 6.4 3.8 n.m. • Total core administrative cos
Slide 9: High quality revenue model
High quality revenue model Compounding effect of recurring revenue (£m) Recurring management fees on gross funds raised1,2 • c.£50 million1,2 of management 50 fees in FY25 would be attributable to funds raised in the 40 last 4 years o Represents 100% increase on FY21 30 base management fees of £50 m
Slide 10: Core staff costs
Core staff costs Supporting delivery of fundraising and deployment • Core staff costs grew 10% in H1 FY26, driven by: (£m) +4% o Wage inflation (+3%), including +6% increased employer NI 1.2 1.8 o Headcount increases (+3%), primarily across retail sales and IR, as well as technology capabilities 33.
Slide 11: Core EBITDA pre-SBP
Core EBITDA pre -SBP H2 weighting driven by retail fundraising dynamics FY (£m) 23.9 31.8 50.2 59.3 62.2 57% 56% 53% 53% 52% 30.6 48% 47% 47% 47% 44% 43% FY21 FY22 FY23 FY24 FY25 H1 FY26 H1 H2 11
Slide 12: Dividends
Dividends Profit expansion supports significant dividend growth 21% Total dividend 3yr Pence per CAGR share 24.2 22.2 20.1 13.8 16.8 15.5 15.5 9.8 7.4 8.1 6.7 4.0 4.6 FY22 FY23 FY24 FY25 H1 FY26 Interim Final 12
Slide 13: Capital allocation
Capital allocation Empowering growth through targeted allocation H1 FY26 Looking ahead Interim DPS Dividend payout ratio of adj. EPS Dividend 8.1p 60% M&A Integration of Strategic and opportunistic M&A to WHEB accelerate growth Share buyback1 H1 FY26 shares repurchased 3yr2 share buyback programme u
Slide 14: Operational update
Operational update Gary Fraser CEO Pictured: Tree planting at Frongoch, Wales, part of Foresight’s portfolio
Slide 15: Institutional real assets
Institutional real assets Strong deployment, asset performance and exits underpinned by specialist capabilities Growth strategies • FEIP1 • Natural Capital • ARIF2 Fundraising • First phase of FEIP II fundraising completed with a total of €505 million secured to date progress • Remain confident in F
Slide 16: Case study: Harmony Energy Income Trust
Case study: Harmony Energy Income Trust First step in FEIP II’s strategy of developing a pan-European battery storage platform High quality portfolio Performance and delivery • Acquired 8 operational Battery Energy Storage System (“BESS”) assets across • Stable and indexed revenue streams, backed by
Slide 17: Retail UK tax efficient products
Retail UK tax efficient products Market leader in annual unquoted business relief fundraising Growth strategies • Unquoted business relief • VCTs Fundraising • Large and established in-house distribution team raised a total of £223 million progress Operational • On-track to raise >£600 million per y
Slide 18: Institutional regional private equity
Institutional regional private equity Differentiated regional strategy continues to support delivery Growth strategies • Regionally focused funds providing growth capital to SMEs Fundraising • Post period end, the multi vintage roll out of the Group’s regional private equity strategy continued with
Slide 19: Current trading and outlook
Current trading and outlook Bernard Fairman Bernard Fairman Executive Chairman and Co-founder Co-founder and Executive Chairman Pictured: Fordie Estate, Scotland, part of Foresight’s portfolio
Slide 20: Current trading and Outlook
Current trading and Outlook • Post period end o The multi vintage roll out of the Group’s regional private equity strategy continued with a £90 million first close of a 16th regional fund o DIT agreed the partial sale of Kinetic to TPG Rise Climate at a premium to holding value ⁃ As a part of the tr
Slide 21: Q&A
Q&A Pictured: Los Llanos, Spain, part of Foresight’s portfolio
Slide 22: Appendices
Appendices
Slide 23: Appendix 1: Key financial metrics
Appendix 1: Key financial metrics Actuals Constant currency basis 30 Sep 2025 31 March 2025 Period Change 30 Sep 2025 Period Change Assets/Funds Period-end AUM (£m) 13,680 13,195 +4% 13,548 +3% Period-end FUM (£m) 9,627 9,559 +1% 9,539 0% 30 Sep 2025 30 Sep 2024 YoY Change Revenue Total revenue (£m)
Slide 24: Appendix 2: Diversification positions the Group for future success
Appendix 2: Diversification positions the Group for future success Investment divisions Vehicles Distribution Geography by Core EBITDA pre-SBP by AUM by AUM by AUM H1 FY26 H1 FY26 H1 FY26 H1 FY26 1% 25% 45% 200+ 51% 66% investors 80% 26% 46% c.40,000 34% investors 18% (4%) 8% 4% 1% Real Assets Priva
Slide 25: Appendix 3: Reconciliation – Statutory to core expenses
Appendix 3: Reconciliation– Statutory to core expenses Core Administration costs Non-core costs Statutory £m Staff costs 33.3 2.6 35.9 Staff costs - acquisitions 0.0 2.0 2.0 Depreciation & amortisation 0.0 3.4 3.4 Legal and professional 2.7 0.2 3.0 Other administration costs 8.6 0.0 8.6 Total 44.7 8
Slide 26: 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 27: 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
Foresight Group Holdings — H1 FY26 Earnings Presentation on 6ix