REG - Foresight Solar Fund - Interim results to 30 June 2025

Foresight Solar FundAnnouncement

18/09/2025 07:00

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RNS Number : 7688Z  Foresight Solar Fund Limited  18 September 2025

18 September 2025

 

Foresight Solar Fund Limited

(Foresight Solar, FSFL or the Company)

 

Interim results to 30 June 2025

 

Foresight Solar, a sustainability-focused fund investing in solar and battery
storage assets in the UK and internationally, announces its results for the
six months ended 30 June 2025.

 

Highlights

·    Net Asset Value (NAV) of £603.8 million and NAV per Ordinary Share
of 108.5 pence (31 December 2024: £634.4 million and 112.3 pence),
principally driven by lower power price forecasts.

 

·    Plentiful solar resource contributed to better-than-expected
production in the UK, Foresight Solar's core market. Global generation was
4.0% above budget in the six months to June.

 

·    Combined with an active power price hedging strategy, strong
operational performance gives the board confidence in the 1.3x dividend cover
target for the year.

 

·    The buyback programme was increased to a total of up to £60 million.
In the first half of 2025, Foresight Solar distributed £29 million to
Shareholders between dividends and buybacks.

 

·    Despite headwinds in Australia, the Board remains committed to the
sale of the Australian portfolio and the targeted divestment of a further 75MW
of operational solar capacity to unlock cash.

 

·    The benefits of the proprietary development pipeline are appearing.
Grid capacity was allocated to Foresight Solar's BESS projects in Spain and
the Muel solar project is approaching ready-to-build status.

 

Key investment metrics

 

                                                   Six months to      Six months to

                                                   30 June            30 June

                                                   2025               2024
 Net Asset Value (NAV)¹                            £603.8m            £656.8m
 NAV per share                                     108.5p             114.9p
 Dividend declared per share for the period        4.05p              4.00p
 Gross Asset Value (GAV)                           £1,005.6m          £1,085.2m
 UK portfolio valuation                            £1.09m/MW          £1.16m/MW
 Cash flow from operations                         £14.8m             £9.6m
 Total operating profit (EBITDA)                   £66.5m             £60.6m
 Net debt/EBITDA                                   3.1x               3.2x
 Enterprise value (EV)/EBITDA                      7.5x               7.6x

 

Key operational metrics

 

             30 June 2025                                     30 June 2024
             Total          Generation       Irradiation      Total          Generation       Irradiation

             generation     variance in      variance in      generation     variance in      variance in

             (GWh)¹         relation to      relation to      (GWh)¹         relation to      relation to

                            base case²       base case                       base case²       base case
 United      394            8.9%             16.7%            348            (4.3)%           (2.7)%

 Kingdom
 Spain       60             (14.0)%          (3.1)%           65             (7.9)%           (3.7)%
 Australia   124            0.0%             (4.6)%           118            (14.0)%          (4.5)%
 Global      578            4.0%             8.5%             531            (7.1)%           (3.3)%

 portfolio

 

Commenting on the results, Tony Roper, Chair of Foresight Solar, said:

"The start to the year was favourable, with robust operational performance and
what was then an encouraging re-rating of the share price, but there is more
to achieve amid sustained market volatility and a continued rise in long-dated
government bond yields.

 

"Electricity generation exceeded forecasts by 4.0%, supported by irradiation
8.5% higher than expected - the second-best start to the year since FSFL
listed in 2013. UK assets led the way, with production 8.9% above budget.
Excluding distribution network operators' outages, generation in the Company's
main market would have been 13.0% above base case.

 

"The Directors and I remain focused on finding acceptable solutions in a
difficult market for alternative investment trusts and will continue our
active engagement with investors to ensure we understand your views.

 

"We're also exploring other ways to improve transparency and reporting, and to
ensure our structure remains fit for purpose.

 

"With a clear strategy, a strong track record, and a committed team, we are
confident the Company is well-positioned to benefit from the global transition
to a low-carbon economy."

 

Half-year report

A copy of the half-year report has been submitted to the National Storage
Mechanism and is available at
https://data.fca.org.uk/#/nsm/nationalstoragemechanism
(https://data.fca.org.uk/#/nsm/nationalstoragemechanism) .

 

The half-year report is also available on Foresight Solar's website, where you
can find all information about the
Company: https://www.foresightsolar.com/reports-and-publications
(https://www.foresightsolar.com/reports-and-publications) .

 

Results presentation

A meeting for analysts will be held today at 10:00 at Sodali & Co's London
offices at The Leadenhall Building, 122 Leadenhall St, City of London, EC3V
4AB.

 

To register your interest in attending the presentation, please contact Sodali
& Co at fsfl@sodali.com
(file:///C:/Users/MadeleineGordon-Foxw/AppData/Local/Microsoft/Windows/INetCache/Content.Outlook/D91L8A97/fsfl@sodali.com)
.

 

For those unable to join in person, an audio webcast will be available.

 

Ross Driver, Managing Director, and Toby Virno, Associate Director, will
present the interim results to retail investors via Investor Meet Company
(IMC) on Friday, 26 September 2025, at 11:00.

 

The meeting is open to all existing and potential shareholders. Questions can
be submitted before the event through the IMC dashboard or at any time during
the presentation.

 

Investors can sign up to Investor Meet Company for free, follow Foresight
Solar and gain access to the meeting via:
www.investormeetcompany.com/foresight-solar-fund-limited/register-investor
(http://www.investormeetcompany.com/foresight-solar-fund-limited/register-investor)
.

 

For more information, follow Foresight Solar on LinkedIn
(https://www.linkedin.com/showcase/foresight-solar/)  or contact:

 

 Foresight Group                  +44 (0)20 3911 2318

 Matheus Fierro

 (fsflir@foresightgroup.eu)

 Jefferies International Limited  +44 (0)20 7029 8000

 Gaudi Le Roux

 Harry Randall

 Singer Capital Markets           +44 (0)20 7496 3000

 Mark Bloomfield

 Sodali & Co                      +44 (0)20 7250 1446

 Gilly Lock

 Madeleine Gordon-Foxwell

 JTC                              +44 (0)1534 700 000

 Hilary Jones

 

LEI: 213800VO4O83JVSSOX33

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