Change continent to Renewable Sector

SDCL Efficiency Income Trust plc

(“SEIT” or the “Company”)

Announcement of Interim Results for the six-month period ended 30 September 2025

SDCL Efficiency Income Trust plc (LSE: SEIT) (“SEIT” or the “Company”) today announces its financial results for the six-month period ended 30 September 2025.

There will be a virtual presentation for analysts and investors at 9.30am today. To register, please follow this link: SEIT 2026 Financial Year Interim Results | SparkLive | LSEG

The Company’s full Interim Report and Financial Statements for the six-month period ended 30 September 2025 can be found on the Company’s website: Share price & latest news | SEIT . This has also been submitted to the National Storage Mechanism and will be available shortly at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism.

Highlights

·      Net Asset Value (“NAV”) per share of 87.6p as at 30 September 2025 (31 March 2025: 90.6p), reflecting more cautious valuation assumptions amid market volatility.

·      Portfolio valuation of £1,172 million as at 30 September 2025 (31 March 2025: £1,117 million).

·      Investment cash inflow from the portfolio of £58 million during the period (September 2024: £48 million), including capital receipts from Onyx.

·      Profit before tax of £2 million for the six months ended 30 September 2025 (September 2024: £35.1 million).

·     Aggregate dividends of 3.18p per share declared for the six months ended 30 September 2025, in line with guidance.

·      Dividend cash cover of 1.2x for the six months ended 30 September 2025 (September 2024: 1.1x).

·      Target dividend guidance remains 6.36p per share for the year to March 2026.

·      Gearing at 71.9% of NAV as at 30 September 2025, above the Investment Policy limit; disposals underway to reduce leverage.

·      Disposal progress includes sale of ON Energy at an 18.75% premium to NAV and exclusivity agreed on a further disposal expected around year-end.

·      Portfolio EBITDA of c.£44 million for the six months to June 2025 (calendar year 2024: £86 million).

·      Weighted Average Levered Discount Rate of 9.7%, marginally up from March 2025.

Tony Roper, Chair of SEIT, said:

“The portfolio is broadly performing in line with expectations, yet we have seen little improvement in sentiment towards SEIT’s segment of the investment trust market in the past six months. We are acutely aware of the need to dispose of assets in order to reduce gearing levels, notwithstanding the challenging environment for asset sales. Our priority remains to make disposals but also to take action to find an alternative to the status quo, whilst ensuring that we deliver value for all shareholders.” 

Jonathan Maxwell, CEO of SDCL, the Investment Manager said: 

“SEIT’s portfolio continues to perform and its commercial, industrial and district energy assets are now well positioned for growth. While a cautious approach has been taken to valuation at this stage, we have signposted several examples of substantial opportunities for gain.

“Our priority in the short term is to achieve well executed disposals, working closely with the Board, to reduce gearing. However, given the discount to net asset value at which SEIT’s shares trade in the market and the sectoral constraints on accessing capital, we are also actively developing proposals to affect structural change to unlock value for shareholders”.