Investing
beyond capital

Business performance

In FY26 we delivered another period of profitable growth, with double‑digit percentage increases in core EBITDA pre-SBP, earnings per share and dividend per share. Since IPO in 2021, core EBITDA pre-SBP has now nearly tripled, supporting dividends that have paid out a cumulative total of over £100 million to Shareholders over the last five years. Whilst our current valuation remains disappointing, we are focused on improving this by delivering further value to Shareholders in the form of profitable growth and capital returns.

Despite headwinds facing private market fundraising, the Group’s diversified pipeline of new capital has continued to drive growth, capitalising on the long-term structural trends present across our key markets. Rising geopolitical conflicts strongly reinforce the strategic imperative for energy security and investment in renewables and their enabling infrastructure. FEIP II directly serves this investment demand in the UK and Europe and the deployment from this second vintage is well underway. We remain confident of reaching our total fundraising target of €1.25 billion, enhanced by the ongoing maturation of the FEIP I track record.

Funding shortfalls remain in the UK and Ireland SME market, driven by high interest rates, rising operational costs and structural, long‑term deficiencies in risk finance. Private capital that helps to bridge this regional SME equity gap is as critical as ever. With 16 active institutional funds, we are supporting some of the UK and Ireland’s most promising smaller companies and helping them achieve their long-term growth objectives.

We anticipate demand for further vintages of these funds to be underpinned by the team’s regional boots‑on‑the‑ground presence across 13 UK and Ireland offices supported by a track record of strong performance and deep regional LP relationships.

Retail investor demand has remained strong through the year. Our products provide clients with the opportunity to benefit from a strong investment performance whilst also directing investment into UK regional businesses and infrastructure. Our well‑established sales team raised a record £630 million into higher‑margin retail vehicles in FY26 (FY25: £587 million), retaining our number one position in annual UK unquoted business relief fundraising. We are expecting another record year in FY27.

The Group’s diversified fundraising pipeline across both institutional and retail investment vehicles, combined with a focus on managing long‑duration capital, helps drive sustainable and predictable growth through economic cycles.With complete focus now on our core Real Assets and Private Equity divisions following the post-period‑end agreed sale of our public markets division, our streamlined business will continue to leverage our multi-decade history and proven track record of performance excellence in private markets investment.

Leadership and Board changes

In June 2025, Gary Fraser was appointed as Group CEO. This appointment has enabled Gary to increase focus on shaping and executing the ongoing delivery of the Group’s strategy in FY26, building on his already pivotal contribution during his over 20 years at Foresight.

In April, John Le Poidevin, a former senior audit partner at BDO LLP, joined us as a Non-Executive Director on the Board and will assume the role of Chair of the Audit & Risk Committee later in 2026, in addition to already being a member of the Audit & Risk, Nomination and Remuneration Committees. John brings strong technical audit capability, a rigorous approach to risk and controls, and a clear understanding of public market governance.

Capital allocation

Continuing profitable growth enables growing dividends to be delivered to our Shareholders in line with the Group’s policy which targets a total dividend payout ratio of 60% of adjusted profit. Given our performance in the year, including maintaining a high level of cash generation, the Board is pleased to declare a final dividend of 19.0 pence per share for approval by Shareholders at the upcoming AGM. When combined with our interim dividend of 8.1 pence per share (H1 FY25: 7.4 pence per share) this gives a total dividend payment for the year of 27.1 pence per share, representing a12% increase on prior year (FY25: 24.2 pence per share). The final dividend will be paid on 2 October 2026 based on an ex‑dividend date of 17 September 2026, with a record date of 18 September 2026.

Following the April 2025 announcement of an up to £50 million share buyback programme over three years, a net £9.6 million was utilised to repurchase Ordinary Shares in FY26. Over FY27 and FY28, the remaining £40.4 million of the current share buyback programme is expected to be utilised, noting that the Board will reassess the utilisation of the share buyback authority when considering capital allocation priorities. Going forward, all Ordinary Shares repurchased that are not required to satisfy our Performance Share Plan Awards will be cancelled bi-annually to lock in the resulting earnings accretion for Shareholders.

On behalf of the Board, I would like to thank all our colleagues for their valuable contributions to the success of the Group and for their ongoing efforts as we enter FY27.

Bernard Fairman

Executive Chairman

29 June 2026

As I mark my first anniversary as Chief Executive Officer of Foresight, I do so with a strong sense of confidence in our business model, with clarity about the path ahead and in the strong relationships we hold with our investors, communities and people.

High‑quality, recurring earnings remain a defining feature of our business and at the close of the year ended 31 March 2026, £13.0 billion of Assets Under Management was spread across a diversified base of retail and institutional capital. In a volatile macro and geopolitical environment, our diversity across investment strategies, geographies and client channels continues to underpin the resilience of our platform.

My commitment as Chief Executive Officer will be to focus, scale and compound the strengths that already define us. To deliver this, I have established four strategic objectives for the Group: to grow fee‑paying AUM, both organically and through accretive M&A, to deliver investment excellence as our organising principle, to expand margin as the business scales and to maintain a high level of cash generation to support capital allocation priorities.

Growth and distribution

These results continue to prove our consistent ability to meet market expectations and extend a multi-year trajectory of profitable, organic growth through successful fundraising.

Foresight’s growth model is deliberately built around two complementary engines: the breadth and consistency of UK retail capital, and the depth and long‑term certainty of worldwide institutional capital. In FY26, our retail fundraising continued to break prior records, with over £600 million raised into higher‑margin, tax‑efficient products, underlining sustained investor demand and the strength of our multi‑channel distribution capability.

Alongside this, demand for our regional private equity remains robust, with £95 million raised during FY26. Our multi‑vintage rollout across our regional SME investment strategy continues to mature. We are also seeing defined sector focus emerging, particularly across defence, sustainability and resilience, and increasing exposure to UK deep tech, where innovation, security and productivity intersect with long‑term capital needs.

Institutionally, progress continued across our flagship real asset investment platform, Foresight Energy Infrastructure Partners II SCSp (“FEIP II”) which is investing in Europe’s energy transition, infrastructure resilience and the security of energy supply. Despite elongated fundraising periods across the sector, the Fund is making good progress towards achieving its €1.25 billion target, having secured €595 million in commitments to date including three investors new to Foresight. Portfolio currently includes three investments completed across battery storage, solar and onshore wind.

The teams’ commitment to capital raising through proactive client service and lateral thinking has enabled ongoing engagement with investors and the development of new opportunities.

Investing beyond capital

Foresight has never been a business built on short‑term momentum. Our success has been driven by a uniquely entrepreneurial approach to invest “beyond capital” in a repeatable, systemic way across the business with excellence as our organising principle.

Delivering investment excellence

I define this as an end-to-end discipline at Foresight which runs from origination and capital deployment through to active ownership, stewardship and exit. In this way, Foresight teams offer more than just investment by combining their specialist expertise and active ownership with a persistent focus on achieving net positive impact and long-term value creation for clients, Shareholders and our portfolio of companies and assets.

In FY26, this discipline continued to deliver. Our multi‑vintage approach remains central to sustaining this performance. By repeatedly backing proven strategies and teams, each new fund benefits from insight, data and experience gained and embedded in previous vintages, strengthening consistency and compounding capabilities over time. The agreed sale of our public markets division post-period end underscores this focus and commitment to our proven strengths in the private markets across real assets and regional private equity and our leadership in tax-efficient investing.

Investment excellence and our proven track record have been evidenced this year by high‑quality realisations. The successful exit of TES Group, which generated a 4x multiple, demonstrated the value of active ownership, operational professionalisation and disciplined exit execution within our private equity strategy. In Australia, strong realisations have contributed to material performance fees for the Group, whilst  our natural capital team’s exit from Banc Farm also delivered a multiple on invested capital of 1.8x.

People, culture and sustainability

Engagement levels across the business remain exceptionally high with a 79% staff engagement score in our annual survey. 78% of colleagues believe Foresight has a positive impact on communities and the environment, reflecting the strong sense of personal as well as professional investment in what we do.

This year we developed a new Group Sustainability Strategy, providing a credible, transparent demonstration of our ongoing commitment to sustainability. This aligns with our business model and reflects our ambition to look “beyond capital” to deliver long-term value for all our key Stakeholders, our investors, clients and the communities in which we operate, through its three pillars: Responsible Business, Climate and Environment, and People and Culture.

Alongside this, we have published our first Climate Alignment Plan. The Plan covers 96% of the Group’s Scope 1–3 greenhouse gas emissions, with a particular focus on Real Assets, reflecting its central role in shaping our overall climate profile. We have used recognised external frameworks to guide our approach, including the Science Based Targets initiative (“SBTi”) Financial Institutions Net Zero (“FINZ”) recommendations. We believe that the objectives we have set out within the Plan provide a clear and credible direction for our climate ambition which can be delivered throughout the business and establishes clear objectives across climate‑aligned assets, climate solutions, clean energy exposure and power generation emissions intensity, which we will monitor and report against over time.

Post-period end, we were also pleased to publish our first Group-wide Stewardship Report, marking a significant milestone for Foresight. The report represents our first submission to the UK Stewardship Code and establishes a strong foundation for further progress across the Group in meeting client expectations in this important area.

Operational maturity, leverage and innovation

Over the past year, I have taken deliberate steps to evolve how we lead and run the Group. From an attractive margin base, my intention is to grow it as our operations scale through a focused business model, new product development, disciplined M&A activity and the next generation of leadership.

Post-period end, I was pleased to announce the appointment of Duncan Symonds as the new Global Head of Real Assets. We are confident that Duncan’s extensive Real Asset experience across our key geographies of the UK, Europe and Australia ideally positions him to strengthen and grow our Real Assets platform. Duncan also joined Foresight Group’s Executive Committee, reflecting the strategic importance of his leadership of this division.

Building a smarter, more efficient and productive organisation is essential to scaling Foresight responsibly. Over the last year, we have made tangible progress in advancing our technology foundations to modernise core systems and invest in platforms that enable better collaboration and decision‑making across the business. At the same time, we are approaching the use of AI in a controlled, value‑additive way to reduce administrative burden and improve productivity, supported by training and clear guidance.

As we grow, our priority is to ensure that scale delivers operating leverage, translating growth in AUM into margin expansion, strong cash generation and sustained returns on capital.

Capital allocation discipline remains critical, with ongoing share buybacks reflecting confidence in the long‑term value of the business and our commitment to Shareholder returns.

Foresight is entering its next phase of growth with a clear strategy, investing in our strongest platforms with a strengthened leadership foundation. As CEO, my priority is to ensure we stay focused on what we do best, scale what works and ensure that growth translates into sustainable profitability, cash generation and long‑term value creation.

Gary Fraser

Chief Executive Officer

29 June 2026