FGEN reported resilient earnings and modest net asset value growth for the six months to 30 September 2025, as robust cash generation from its diversified portfolio offset a challenging market backdrop.

Net asset value per share rose to 104.7p, delivering a positive NAV total return of 2.0 per cent for the period after dividends. Since its initial public offering, the company has generated an annualised NAV total return of 7.2 per cent.

Below is a video with FGENs management discussing today’s results.

The board said it remains on course to meet its full-year dividend target of 7.96p per share, equivalent to a yield of about 12 per cent based on the share price at the date of reporting. Dividend cover stood at 1.22 times for the period, after amortisation of project-level debt.

Ed Warner, chair of FGEN, said the group had made “solid progress despite persistent sector headwinds”, pointing to dependable cash flows that continue to underpin both dividend growth and long-term value creation. He added that disciplined follow-on investments and active portfolio management were supporting income and NAV growth without recourse to new fundraising.

Operational performance across the portfolio remained strong, with overall generation running 0.5 per cent ahead of budget, led by particularly robust output from anaerobic digestion assets. The company said it expects to maintain or improve performance over the remainder of the financial year.

Several growth assets are already contributing to NAV uplift. CNG Fuels continues to expand its truck fleet while maintaining profitability. The Rjukan aquaculture facility completed its first trout harvest and is now fully operational, while the Glasshouse project is onboarding new customers and is targeting cash flow break-even later this year.

Looking ahead, Warner said he remained confident in the portfolio’s ability to deliver “long-term predictable income” alongside upside from development assets, citing continued optimism around the structural drivers supporting the green economy. The board reiterated its commitment to narrowing the company’s discount to NAV and aligning the share price more closely with the intrinsic value of the portfolio.