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SDCL Efficiency Income Trust (SEIT) investor relations material
SDCL Efficiency Income Trust H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2026 earnings summary8 Dec, 2025
Executive summary
Focused on disciplined disposals and strategic change to reduce debt, address persistent NAV discount, and deliver portfolio stability and value amid market and policy uncertainty.
Net asset value (NAV) per share declined to 87.6p as of 30 September 2025, down from 90.6p at 31 March 2025, reflecting adverse market conditions and portfolio valuation adjustments.
Portfolio generated EBITDA of approximately £44m for the six months, with investment cash inflow of £58m, supporting dividend payments and future growth opportunities.
Aggregate interim dividends of 3.18p–3.2p per share were declared, in line with guidance, with 1.2x dividend cash cover.
Strategic actions include the sale of ON Energy at an 18.75% premium to NAV and further major disposals in exclusivity, with active board engagement.
Financial highlights
Portfolio EBITDA and investment cash flow increased year-over-year; portfolio valuation rose to £1,172m, with NAV per share at 87.6p.
Dividend declared at 3.18p–3.2p for the six months, with a full-year target of 6.36p; dividend cover at 1.2x.
Profit before tax for the six months was £2m, significantly lower than £35m in the prior year, mainly due to downward portfolio revaluations.
Ongoing charges ratio was 1.07%; cash at period end was £5.8m, with £232.8m in debt.
Share price discount to NAV at approximately 24.6%; current dividend yield at 10.1%, fully cash covered.
Outlook and guidance
Substantial growth opportunities identified in decentralized energy and U.S. investments, with strategic focus on scalable solutions for high-demand users.
Disposals are expected to reduce gearing and support future growth; a major disposal is in exclusivity and further options are under review.
Dividend policy maintained for the current year, with ongoing review in light of capital constraints and deleveraging priorities.
Board and management are actively considering restructuring and alternative solutions to the status quo.
The board is unlikely to recommend continuation in current form at the 2026 AGM without material progress on disposals and capital returns.
Timeline for gearing reduction below 65% NAV?
How to balance disposal urgency with market value?
What alternative solutions are being explored?
What is the expected gearing post-disposal?
Outline criteria for strategic options
How to sustain dividend with capital constraints?
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Next SDCL Efficiency Income Trust earnings date
H2 202622 Jun, 2026
Next SDCL Efficiency Income Trust earnings date
H2 202622 Jun, 2026
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Frequently asked questions
SDCL Energy Efficiency Income Trust Plc is a UK-based investment company with a focus on investing in energy efficiency infrastructure projects. Its mission centers around delivering more affordable, cleaner, and reliable energy solutions to commercial, industrial, and public sector users, emphasizing the importance of transitioning to energy efficiency and onsite generation to reduce energy consumption and emissions. The company owns and manages a diversified portfolio of energy efficiency and distributed energy generation assets across the UK, Europe, and North America, investing in operational projects that enhance energy efficiency for buildings in various sectors, including healthcare, industrial, and commercial. The company is headquartered in London, England, and its shares are listed on the London Stock Exchange.
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