In February, we published our quarterly NAV and dividend update for the three months to 31 December 2025, reporting a resilient quarter underpinned by robust cash generation and the continued strength of the Company’s diversified portfolio. Net Asset Value stood at £651.7 million, equivalent to 104.6 pence per share, with a positive NAV total return of 1.8% for the quarter. A quarterly dividend of 1.99 pence per share was declared, keeping the Company firmly on track to deliver its full-year dividend target of 7.96 pence, representing a 2.1% increase on the prior year.

Throughout the period, FGEN maintained strong dividend cover and a conservative balance sheet, with gearing at 30.9%. Growth assets continued to gain momentum, with CNG Fuels, Rjukan and the Glasshouse all progressing well through their respective ramp-up phases, supporting the long-term growth and value-creation potential of the portfolio.

Commenting on the update, Chair Ed Warner highlighted the stability of performance and the resilience of the portfolio, reinforcing confidence in meeting the dividend target for the year while maintaining a disciplined approach to gearing and balance sheet management.