Foresight Environmental Infrastructure: FY26: Progress on growth assets, AD underpins robust medium-term cash outlook

Research evidence excerpt

Foresight Environmental Infrastructure: FY26: Progress on growth assets, AD underpins robust medium-term cash outlook

Equity Research

European Investment Companies

18 June 2026

Foresight Environmental Infrastructure

FY26: Progress on growth assets,

AD underpins robust medium-term First Look

FGENF.L/FGEN LN OVERWEIGHTcash outlook

European Investment NEUTRAL

6.2% NAV TR in FY26 with AD assets in particular delivering Companies Price Target GBp 110

strong operational performance and driving valuation gains. Price (17-Jun-26) GBp 82

Cash generation and guidance remains robust. The recent Potential Upside/Downside +33.5% Source: Bloomberg, Barclays Research

CMD highlighted de-risking progress for growth assets and

further delivery on the path to realisation is key. European Investment Companies

Conor Finn, CFA

+44 (0)20 7116 6066

6.2% FY2026 NAV TR: Headline NAV performance was in line with recent quarterly updates, conor.finn@barclays.com

reflecting a NAV per share total return of 6.2% during the 12 month period to March. Returns in Barclays, UK

the period benefited from strong operational performance from the anaerobic digestion assets

Rishikesh Panathuparambil Sureshagain in addition to increased asset life assumptions for the projects. A number of incremental

+91 (0)22 6175 4071

factors reduced performance in the period including the RO/FiT indexation changes (-0.5%), rishikesh.suresh@barclays.com

increased maintenance costs for Cramlington biomass (-0.7%) and higher cost assumptions for Barclays, UK

solar and wind (-0.9%).

AD assets continue to outperform: Overall, generation was 1.8% above budget for the year

(including anticipated compensation relating to Cramlington biomass) with AD assets

outperforming by 8%.