Foresight Solar Fund (FSFL) Q3 2025 TU earnings summary

Executive summary

• Unaudited NAV at 30 September 2025 was £564.5 million, down from £603.8 million at 30 June 2025, with NAV per share at 102.1p versus 108.5p.

• Operational performance year to date is in line with budget, supporting confidence in achieving dividend cover targets.

• Divestment processes are ongoing, with a focus on addressing the share price discount to NAV and returning cash to shareholders.

Financial highlights

• Interim dividends paid reduced NAV by 2.0p per share.

• Share buybacks in Q3 2025 returned £2.8 million to shareholders, adding 0.1p to NAV; cumulative buybacks have increased NAV by 2.9p.

• Gross Asset Value at 30 September 2025 was £969.4 million, with total debt of £404.9 million (41.7% of GAV).

Outlook and guidance

• Confidence in meeting dividend cover target for the year.

• Ongoing focus on unlocking capital through divestments, buybacks, and debt reduction.