SDCL Efficiency Income Trust PLC · LSE:SEIT
SDCL Efficiency Income Trust — FY2026 Earnings Presentation
30 slides from SDCL Efficiency Income Trust's earnings presentation, Jun 25, 2026
Slide 1: SDCL Efficiency Income Trust plc Annual Results Presentation
SDCL Efficiency Income Trust plc (formerly SDCL Energy Efficiency Income Trust plc) Annual Results Presentation Financial year to 31 March 2026 25 June 2026
Slide 2: Contents
2 Annual Results Presentation | Financial year to 31 March 2026 Contents 1. Strategic Overview and Highlights 2. Portfolio Update 3. Financial Highlights 4. Summary Remarks 5. Appendices Oliva
Slide 3: 1. Strategic Overview and Highlights
3 Annual Results Presentation | Financial year to 31 March 2026 1. Strategic Overview and Highlights
Slide 4: Proposed portfolio sale and wind-down in context
4 Annual Results Presentation | Financial year to 31 March 2026 Proposed portfolio sale and wind-down in context Clear focus on securing liquidity and value for shareholders in the shortest practicable timeframe Focus... ...to achieve Maximising value to distribute Cash delivery – Return capital in
Slide 5: Highlights for the year ended March 2026
5 Annual Results Presentation | Financial year to 31 March 2026 Highlights for the year ended 31 March 2026 Resilient underlying portfolio; shift of focus to realising value and returning capital – Announced sale or wind down of the portfolio, reflecting shareholder preference for liquidity – Persis
Slide 6: July General Meeting – Shareholder Circular Published in June
6 Annual Results Presentation | Financial year to 31 March 2026 10 July General Meeting – Shareholder Circular Published in June Resolutions to enable orderly realisation of the portfolio Shareholders are being asked to approve three proposals to implement the wind-down strategy: Resolution 1 - Inve
Slide 7: Post Year-End Progress
7 Annual Results Presentation | Financial year to 31 March 2026 Post Year-End Progress Disposal executed, debt reduced Disposal of diversified portfolio Deleveraging and balance sheet impact April 2026 disposal c.£45 million of proceeds Of diversified energy efficiency portfolio applied to reduce th
Slide 8: 2. Portfolio Update
8 Annual Results Presentation | Financial year to 31 March 2026 2. Portfolio Update
Slide 9: Operational performance
9 Annual Results Presentation | Financial year to 31 March 2026 Operational performance Portfolio continues to perform operationally; c.£91 million aggregate EBITDA for the 2025 calendar year The projects below delivered a combined EBITDA of c.£72 million, slightly below like-for-like budgets of c.£
Slide 10: Onyx Renewable Partners
10 Annual Results Presentation | Financial year to 31 March 2026 Operational performance continued Onyx Renewable Partners Demand for distributed energy remains, with 50MW of new contracts signed and 93MW of projects installed in 2025. Maximising remaining availability of investment tax credits and
Slide 11: Driva
11 Annual Results Presentation | Financial year to 31 March 2026 Operational performance continued Driva (formerly known as Värtan Gas) Performance ahead of budget, supported by stable demand, additional revenue lines and continued operational improvements including reduced leakage. New Energy-as-a-
Slide 12: RED-Rochester
12 Annual Results Presentation | Financial year to 31 March 2026 Operational performance continued RED- Rochester EBITDA performance significantly up year-on-year, supported by completion of the cogeneration project and resilient customer demand. Progress made towards utilising available capacity, w
Slide 13: Oliva
13 Annual Results Presentation | Financial year to 31 March 2026 Operational performance continued Oliva Performance reflected commodity price volatility and regulatory timing effects, with earnings moderated by RoRi adjustments. Focus on hedging and operational optimisation, and strategic review of
Slide 14: Primary Energy
14 Annual Results Presentation | Financial year to 31 March 2026 Operational performance continued Primary Energy Strong performance with EBITDA just ahead of budget, with the outlook of further improvement with accretive projects nearing completion. Uncertainty around extension of Ohio REC market c
Slide 15: 3. Financial Highlights
15 Annual Results Presentation | Financial year to 31 March 2026 3. Financial Highlights
Slide 16: NAV per share movement in the year to March 2026
16 Annual Results Presentation | Financial year to 31 March 2026 NAV per share movement in the year to March 2026 Majority of difference relates to reductions in growth assumptions and provisions for regulatory conditions over the long-term Growth and regulatory assumptions Operational assumptions M
Slide 17: Portfolio continues to generate EBITDA and cash
17 Annual Results Presentation | Financial year to 31 March 2026 Portfolio continues to generate EBITDA and cash Three factors have constrained distributions: capital limitations, cash preservation and cash reserves Capital constraints Cash preserved in portfolio Cash reserves – Limited recycling an
Slide 18: 4. Summary Remarks
18 Annual Results Presentation | Financial year to 31 March 2026 4. Summary Remarks
Slide 19: Summary remarks
19 Annual Results Presentation | Financial year to 31 March 2026 Summary remarks Focused on realising value, reducing debt and returning cash to shareholders Performance – Portfolio continues to perform operationally, supported by contracted revenues – c.£91m EBITDA demonstrating underlying asset pe
Slide 20: 5. Appendices
20 Annual Results Presentation | Financial year to 31 March 2026 5. Appendices
Slide 21: Total gearing at March 2026
21 Annual Results Presentation | Financial year to 31 March 2026 Total gearing at 31 March 2026 Gearing remains elevated; focus on deleveraging and balance sheet strength Gearing of c.83% of NAV Reducing drawings Debt held at portfolio Initial deleveraging (c.45% of EV1) at 31 March under the RCF re
Slide 22: Summary financials
22 Annual Results Presentation | Financial year to 31 March 2026 Summary financials1 Disciplined management amid market pressures Twelve months Twelve months to 31 March to 31 March 2026 2025 Income Statement (£m) (£m) Total income (excluding unrealised valuation losses / gains) 64.7 85.5 Impact of
Slide 23: Summary financials continued
23 Annual Results Presentation | Financial year to 31 March 2026 Summary financials1 continued Capital constraints exerting pressure on cash balance Twelve months Twelve months 31 March to 31 March 2026 2025 Cashflow Statement (£m) (£m) Commentary Investment cash inflows plus refinancing proceeds 2
Slide 24: Weighted average discount rate movements
24 Annual Results Presentation | Financial year to 31 March 2026 Weighted average discount rate movements 9.5% levered rate assuming debt is largely allowed to run off, with limited refinancing Whole portfolio US Europe UK (levered) (levered) (levered) (levered) Portfolio by Geography (GAV Basis) US
Slide 25: SEIT portfolio diversification as at March 2026
25 Annual Results Presentation | Financial year to 31 March 2026 SEIT portfolio diversification as at 31 March 2026 Gross asset value by geography, investment, technology and lifecycle stage Portfolio by... Geography Portfolio company Technology Investment stage as at March 2026 | March 2025 as at M
Slide 26: SEIT: Key NAV sensitivities
26 Annual Results Presentation | Financial year to 31 March 2026 SEIT: Key NAV sensitivities Based on investment portfolio at 31 March 20261 March 2026 SEIT sensitivities (pence per share) Discount Rates (5.0) 5.5 +/- 50 bps Inflation2 (4.1) 5.1 -/+ 100 bps Corporate Tax (3.0) 3.0 +/- 500 bps FX (0.
Slide 27: SEIT: Foreign exchange hedging
27 Annual Results Presentation | Financial year to 31 March 2026 SEIT: Foreign exchange hedging Key objective of managing FX risk is to minimise volatility in NAV from movements in FX rates SEIT’s hedging strategy has been successful in protecting the NAV from material movements in foreign exchange
Slide 28: Large and diversified portfolio
28 Annual Results Presentation | Financial year to 31 March 2026 Large and diversified portfolio FTSE 250 company which has achieved scale since its IPO in December 2018 Mar-192 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 NAV (£ millions) 98 324 694 1,073 1,125 982 984 845 NAV (p per share) 98.
Slide 29: Important notice
29 Annual Results Presentation | Financial year to 31 March 2026 Important notice THIS PRESENTATION IS BEING PROVIDED TO YOU SOLELY FOR YOUR INFORMATION. The aforementioned persons disclaim any and all responsibility and liability whatsoever, whether THIS PRESENTATION IS NOT FOR PUBLICATION OR DISTR
Slide 30: Important notice continued
30 Annual Results Presentation | Financial year to 31 March 2026 Important notice continued This presentation must not be made available to persons who are not Relevant Persons. No No representation or warranty is made as to the achievement or reasonableness of, and no person should act or rely on t
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