Net Asset Value and Dividend Announcement
Summary by AI BETAClose X
Wednesday 12 August 2026
FORESIGHT ENVIRONMENTAL INFRASTRUCTURE LIMITED
("FGEN" or the "Company")
Net Asset Value and Dividend Update
The Board of FGEN, a leading investor in private environmental infrastructure assets across the UK and mainland Europe, announces its unaudited Net Asset Value ("NAV") and dividend for the quarter ended 30 June 2026.
Highlights
· Positive NAV total return delivered: NAV total return of 1.4% for the quarter, demonstrating the resilience of the Company's diversified portfolio despite softer power price forecasts.
· Total Shareholder Return ("TSR"): TSR of 28.2% for the quarter, reflecting increased investor recognition of FGEN's differentiated strategy, the resilient portfolio and progressive dividend policy.
· Stable NAV supported by operational performance: NAV of £652.4 million (31 March 2026: £655.5 million), with NAV per share of 104.7 pence. Positive valuation movements and portfolio performance largely offsetting the impact of lower power price assumptions.
· Strong cash generation underpinning dividend target: The portfolio continues to generate robust cash flows, with dividend cover expected to remain within the Company's target range of 1.2x to 1.3x, post project debt amortisation.
· Quarterly dividend declared in line with target: Quarterly dividend of 2.01 pence per share declared, maintaining progress towards the Company's full-year dividend target of 8.04 pence per share.
· Prudent balance sheet maintained: Gearing remained amongst the lowest in the sector at 29.2% as at 30 June 2026 (28.8% at 31 March 2026), providing financial flexibility to support disciplined capital allocation.
· Well positioned for organic NAV growth: the Board remains focused on delivering the Company's progressive dividend strategy, alongside NAV growth through consistent operational performance, value enhancements and selective capital recycling.
Stephanie Coxon, Chair-designate of FGEN, said: "FGEN has delivered another strong operational quarter, underpinned by the resilient performance of our highly cash-generative, diversified environmental infrastructure portfolio.
lt is encouraging to see the quality of our assets recognised, with FGEN delivering a 28.2% TSR during the period and a partial rerating in our share price. Whilst the wider renewable infrastructure sector continues to face headwinds, the Board believes that an 18.8%¹ discount to NAV continues to undervalue the Company and its underlying assets.
The breadth and quality of our distinct portfolio remain the Company's true differentiator that supports our confidence in its future and our ability to continue delivering shareholder returns, as reflected in the declaration of today's quarterly dividend of 2.01 pence per share."
Summary of changes in NAV:
|
|
NAV per share |
|
NAV at 31 March 2026 |
105.2p |
|
Dividends paid in the period |
-2.0p |
|
Power price forecasts |
-1.3p |
|
Other movements (including discount rate unwind less fund overheads) |
+2.8p |
|
NAV at 30 June 2026 |
104.7p |
Valuation factors
Power price forecasts
Independent market forecasts for power and gas prices softened during the period, contributing to the overall 1.3p decrease in NAV per share. The principal driver was a reduction in short to medium-term power price assumptions, reflecting improved stability in energy markets and lower uncertainty surrounding gas supplies. Long-term power price assumptions remain broadly unchanged. Since 30 June 2026, near-term power prices have strengthened, however, these movements are not reflected in the period-end valuation.
Other NAV movements
Other NAV movements contributed a net uplift of +2.8 pence per share during the quarter. This included the usual positive impact from discount rate unwind, net of fund operating costs, of +1.9 pence per share. The Company also recognised a valuation uplift at its Vulcan anaerobic digestion facility, which contributed a further +1.0 pence per share and reflects the continued strong performance of the pressure reduction system commissioned last year, together with additional gas supply contracts that are expected to support a significant increase in biomethane volumes injected into the grid. These positive movements were partially offset by a number of smaller valuation movements elsewhere in the portfolio totalling -0.1 pence per share.
Gearing
In line with the Company's stated approach to capital allocation, FGEN continues to maintain one of the lowest levels of gearing in the sector. As at 30 June 2026, total gearing was 29.2% (31 March 2026: 28.8%), with the Company's Revolving Credit Facility ("RCF") £128.5 million drawn.
Portfolio performance
Overall, the portfolio performed broadly in line with expectations over the quarter. The renewable energy generation portfolio was a notable highlight, with generation 3.8% ahead of budget, supported by strong output from the anaerobic digestion and biomass portfolios.
Alongside FGEN's income-generating investments, the Company's growth assets continued to make progress:
- CNG Fuels: the business continues to see strong growth in volumes of gas dispensed across its strategically located network of 16 operating public access Bio-CNG refuelling stations, with total volumes 8.1% higher than the equivalent period last year. Construction is underway at two additional stations, further increasing network capacity.
- The Glasshouse: The business continues to scale successfully, with EBITDA 27% ahead of budget in the first quarter of the year and 41% ahead of the equivalent period last year. Trading remains positive and management expects continued growth through the remainder of the year.
- Rjukan: Works are progressing on site, with management focused on addressing operational constraints and improving production performance as the asset moves towards steady-state operations. During the period, FGEN provided additional funding to support capital works and associated working capital requirements, helping to support the delivery of the project's operational and performance objectives.
Dividend
The Company declares a quarterly interim dividend of 2.01 pence per share for the quarter ended 30 June 2026, consistent with the full-year target of 8.04 pence per share for the year to 31 March 2027, as set out in the 2026 Annual Report. This equates to a yield of 9.4% on the closing share price on 11 August 2026.
Dividend Timetable
Ex-dividend date 3 September 2026
Record date 4 September 2026
Payment date 25 September 2026
This announcement contains information that is inside information for the purposes of the Market Abuse Regulation (EU) No.596/2014.
Contacts
For further information, please visit www.fgen.com or contact:
Foresight Group +44(0)20 3667 8100
Edward Mountney fgenir@foresightgroup.eu
Charlie Wright
Wilna de Villiers
Winterflood Securities Limited +44(0)20 3100 0000
Neil Langford
FTI Consulting +44 (0)7703 330 199
Ambrose Fullalove fgen@fticonsulting.com
Zac Lewis
Apex Fund and Corporate Services (Guernsey) Limited +44 (0)20 3530 3158
Michael Mabaso Mlilo fgen@apexgroup.com
About FGEN
FGEN invests into environmental infrastructure to deliver stable returns, long term predictable income and opportunities for growth, whilst driving decarbonisation and sustainability.
Investing across renewable generation, other energy infrastructure and sustainable resource management, it targets projects and businesses with an emphasis on long term stable cash flows, secured revenues, inflation linkage and the delivery of essential services. FGEN's aim is to provide investors with a sustainable, progressive dividend per share, paid quarterly, alongside the potential for capital growth.
The target dividend for the year to 31 March 2027 is 8.04 pence per share².
FGEN is not formally subject to the EU Sustainable Finance Disclosure Regulation but voluntarily discloses against the requirements of an Article 9 SFDR fund. It further discloses voluntarily against the UK's Sustainability Disclosure Requirements regime as a 'Sustainability Focus' fund. Beyond its alignment with evolving regulation, FGEN prides itself on its transparent and award-winning approach to ESG.
Further details can be found on FGEN's website http://www.fgen.comand LinkedIn page.
1. Source: Morningstar - based on the closing share price on 11 August 2026.
2. These are targets only and not profit forecasts. There can be no assurance that these targets will be met or that the Company will make any distributions at all.
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