Foresight Environmental Infrastructure: CMD takeaways – growth assets transitioning to execution phase

Research evidence excerpt

Foresight Environmental Infrastructure: CMD takeaways – growth assets transitioning to execution phase

Equity Research

European Investment Companies

14 May 2026

Foresight Environmental Infrastructure

CMD takeaways – growth assets

transitioning to execution phase

The CMD highlighted progress within the growth assets as FGENF.L/FGEN LN OVERWEIGHT

NEUTRALthey transition towards ramp-up phase. In our view, CNG EuropeanCompaniesInvestment

Fuels offers the greatest near-term potential for FGEN. Price Target GBp 110

Crucially, management are focused on crystallising value and Price (13-May-26) GBp 73 Potential Upside/Downside +50.1%

Source: Bloomberg, Barclays Researchmaintain robust cash flow guidance from the lowly-geared

portfolio.

Conor Finn, CFA

Foresight Environmental Assets has the portfolio mix that many renewable peers are +44 (0)20 7116 6066

striving for – a core, income-generating portfolio complemented by growth optionality conor.finn@barclays.com

through a c.20% allocation to higher risk construction and development assets. The CMD Barclays, UK

highlighted the upside potential from the principal growth investments – CNG Fuels, Rishikesh Panathuparambil Suresh

Rjukan and The Glasshouse (all private, not covered) – which together account for 18% of +91 (0)22 6175 4071

portfolio value. The company’s track record on growth and development assets has been rishikesh.suresh@barclays.com

mixed, particularly in light of the HH2E write-down. However, tangible progress has been Barclays, UK

made in de-risking these three investments over the last 12 months as they move from

early-stage development into ramp-up phases. While substantial execution risk remains in

delivering the underlying business plans, in our view, it is encouraging that management