**Summary**
Foresight Environmental Infrastructure Limited (FGEN) released its half-year report for the six months ended 30 September 2025, highlighting solid progress despite sector challenges. Key points include
1. **Financial Performance**
**Net Asset Value (NAV) per share**104.7 pence, with a positive NAV total return of 2.0% after dividends.
**Annualised NAV total return since IPO**: 7.2%.
**Dividend**On track to meet the full-year target of 7.96 pence per share, representing a 12% yield.
**Profit before tax**£9.5 million, compared to a loss of £0.5 million in the same period last year.
2. **Operational Highlights**
**Strong operational performance**Assets generated dividend cover of 1.22x, with generation 0.5% <mark style="background-color:yellow">above</mark> budget.
**Growth assets**CNG Fuels, Rjukan aquaculture, and The Glasshouse are delivering NAV uplifts and progressing well.
3. **Portfolio Management**
**Proactive management**Follow-on investments in CNG Fuels and Vulcan Renewables are unlocking further value.
**Diversification**The portfolio is well-diversified across renewable energy, other energy infrastructure, and sustainable resource management.
4. **Strategic Focus**
**Discount to NAV**The Board is committed to closing the discount and ensuring the share price reflects intrinsic value.
**Share buyback**A £30 million share buyback program is actively deployed to support NAV accretion.
**Regulatory Engagement**Actively engaging with government and industry bodies on proposed changes to the Renewables Obligation (RO) and Feed-in Tariffs (FiTs) schemes.
5. **Outlook**
**Optimistic about structural drivers**Confident in the portfolio’s ability to deliver long-term predictable income and growth.
**Sustainable income and NAV growth**Focused on delivering sustainable returns without reliance on new fundraising.
6. **Corporate Updates**
**Investment Manager fee structure**Revised to 50% based on NAV and 50% on market capitalisation, aligning with shareholder value.
**Retail Investor Webinar**Scheduled for 2 December 2025 to present interim results to retail investors.
Overall, FGEN remains resilient and well-positioned to capitalize on the green economy’s structural drivers, despite sector headwinds.