London · Delayed Price · Currency is GBP · Price in GBX Foresight Solar Fund Earnings Call Transcripts
Fiscal Year 2026
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H1 EBITDA met budget despite generation 5.6% below budget, while NAV fell to £517.9m. Dividend cover is projected at 1.1x, supported by contracted revenues, and priorities include enhancements, disposals and refinancing.
Fiscal Year 2025
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Strong UK operational outperformance and disciplined hedging drove a 1.3x dividend cover for 2025, with a maintained 8.1p dividend and 1.1x cover projected for 2026. NAV fell 11% due to power price and tax impacts, but buybacks and asset cycling support future growth.
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Operational outperformance in H1 2025 was driven by strong U.K. generation and robust hedging, supporting a 1.3x dividend cover forecast. Capital returns via buybacks and disciplined allocation continue, while development in Spain and Australia progresses amid challenging market conditions.
Fiscal Year 2024
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2024 saw record-low solar resource, but strong hedging and operational resilience ensured robust dividend cover and continued capital returns. Ongoing divestments, a growing development pipeline, and proactive management position the fund for future growth amid sector-wide challenges.
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Capital allocation focused on buybacks, divestments, and selective growth, with a £50m buyback program and Australian portfolio divestment underway. Despite challenging weather, revenue was only 6.5% below budget, and dividend cover remains strong at 1.4x for 2024 and 1.3x for 2025.