SDCL Efficiency Income Trust PLC · LSE:SEIT

SDCL Efficiency Income Trust — FY2025 Earnings Presentation

41 slides from SDCL Efficiency Income Trust's earnings presentation, Jun 23, 2025

  1. Slide 1: Annual Results Presentation, Financial year to 31 March 2025

    SDCL Efficiency Income Trust plc Unlocking the world’s most valuable energy resource: Efficiency Annual Results Presentation Financial year to 31 March 2025 23 June 2025

  2. Slide 2: Contents

    2 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Contents 1. Overview and Highlights 2. Portfolio Update 3. Financial Highlights 4. Strategic Updates 5. Summary Remarks 6. Appendices Oliva

  3. Slide 3: 1. Overview and Highlights

    3 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 1. Overview and Highlights

  4. Slide 4: Highlights for the year ended 31 March 2025

    4 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Highlights for the year ended 31 March 2025 Stable operations underpinned financial performance, despite macro pressures Valuation movements – NAV per share of 90.6p at 31 March 2025 (Mar 2024: 90.5p); t

  5. Slide 5: SDCL Efficiency Income Trust: a compelling investment opportunity

    5 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc SDCL Efficiency Income Trust: a compelling investment opportunity Total return from a portfolio of energy efficiency investments Large and diversified portfolio with a strong Distressed UK investment tru

  6. Slide 6: Portfolio performance

    6 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Portfolio performance SEIT’s diversified portfolio continues to produce steady distributions and cash cover Portfolio Cash Inflows to SEIT, in Total Dividends and Cash Cover and per Share (GBP Millions)

  7. Slide 7: Illustration of projected cash flows

    7 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Illustration of projected cash flows Contractual characteristics provide visibility of long-term cash flows – Projected cash flows Long term cash flow 15 year (£’000) assuming an initial portfolio value

  8. Slide 8: Consistently structured with creditworthy counterparties

    8 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Consistently structured with creditworthy counterparties Reliable, cost effective services with long term contracts No unmitigated exposure to merchant power prices Creditworthy Positive inflation linkag

  9. Slide 9: 2. Portfolio Update

    9 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 2. Portfolio Update

  10. Slide 10: Energy efficient solutions for buildings, industry and transport

    10 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Energy efficient solutions for buildings, industry and transport Providing essential services on-site such as electricity, heating, cooling and lighting Energy efficiency Portfolio of solutions Energy e

  11. Slide 11: Operational performance

    11 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Operational performance Diversified portfolio delivering overall stable operational performance £20m £150m+ value uplift delivered in the year estimated potential future value uplift1 The five portfolio

  12. Slide 12: Operational performance continued: Onyx Renewable Partners

    12 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Operational performance continued Onyx Renewable Partners Active management supported significant increase in delivery across development platform, setting new company records and reducing delivery time

  13. Slide 13: Operational performance continued: Driva

    13 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Operational performance continued Driva (formerly known as Värtan Gas) Financial performance delivered on budget, at the same time as reducing gas leakage and hence improving environmental performance G

  14. Slide 14: Operational performance continued: RED-Rochester

    14 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Operational performance continued RED-Rochester H2 performance delivered some recovery, but overall EBITDA performance still below budget. Strong start to 2025, with focus on finalising tariff amendment

  15. Slide 15: Operational performance continued: Oliva

    15 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Operational performance continued Oliva Financial performance delivered on budget, as a result of successful hedging and strategic production stoppages Regulatory updates delivered during the period, ha

  16. Slide 16: Operational performance continued: Primary Energy

    16 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Operational performance continued Primary Energy Delivered EBITDA expectations in 2024, whilst successfully progressing various value accretive projects Reduced cost of capital and reinforced platform’s

  17. Slide 17: 3. Financial Highlights

    17 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 3. Financial Highlights

  18. Slide 18: NAV per share movement in the year to March 2025

    18 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc NAV per share movement in the year to March 2025 NAV stable over the year, despite increased debt costs Opening NAV/share EPS Dividends Paid/share Closing NAV/share 90.5p 6.4p (6.3)p 90.6p Portfolio val

  19. Slide 19: Dividend fully covered by cash generation every year since IPO

    19 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Dividend fully covered by cash generation every year since IPO £130 million cash generated at project level. 1x dividend coverage, net of all costs Dividend cash cover APM twelve-month period to March 2

  20. Slide 20: Weighted average discount rate movements

    20 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Weighted average discount rate movements Only a small overall movement since March 2024 – Small overall movement since March 2024 – 9.6% levered rate assumes amortising debt is largely allowed to run of

  21. Slide 21: Summary financials

    21 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Summary financials1 Earnings in line with expectations Twelve months Twelve months to 31 March to 31 March 2025 2024 Income Statement (£m) (£m) Total income 97.1 (32.9)4 Fund expenses & finance costs (2

  22. Slide 22: Summary financials continued

    22 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Summary financials1 continued Dividends fully covered by cash Twelve months Twelve months to 31 March to 31 March 2025 2024 Cashflow Statement (£m) (£m) Commentary Cash from investments2 97.3 92.5 Cash

  23. Slide 23: 4. Strategic Updates

    23 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 4. Strategic Updates

  24. Slide 24: Strategies to address the share price discount to NAV

    24 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Strategies to address the share price discount to NAV Priorities are releasing liquidity, reducing debt and supporting the value of the portfolio Positioning the Company’s portfolio Reducing short-term

  25. Slide 25: c.34% total debt to enterprise value: managing portfolio gearing

    25 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc c.34% total debt to enterprise value: managing portfolio gearing SEIT’s gearing remains within relatively low limits, with a clear plan to reduce Structural gearing is being used to reduce SEIT’s RCF wh

  26. Slide 26: Strategic considerations: returning capital to shareholders

    26 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Strategic considerations: returning capital to shareholders Considerations for how to do this include process, timetable and value Objectives: SEIT’s Board and Investment Manager – achieve liquidity for

  27. Slide 27: 5. Summary Remarks

    27 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 5. Summary Remarks

  28. Slide 28: Summary remarks

    28 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Summary remarks Focused on what we can control: preserving financial strength, executing our investment strategy and delivering long-term value. Scale & Diversification – £1.6 billon portfolio, comprisi

  29. Slide 29: 6. Appendices

    29 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 6. Appendices

  30. Slide 30: SEIT portfolio as at March 2025

    30 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc SEIT portfolio as at 31 March 2025 Diversification by geography, investment, technology and lifecycle stage Portfolio by... Geography Portfolio Company Technology Investment Stage as at March 2025 | 202

  31. Slide 31: SEIT: Key NAV sensitivities

    31 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc SEIT: Key NAV sensitivities Based on investment portfolio at 31 March 20251 March 2025 SEIT sensitivities (pence per share) Discount Rates (5.6) 6.3 +/- 50 bps Inflation (4.6) 5.5 -/+ 100 bps Corporate

  32. Slide 32: SEIT: Foreign exchange hedging

    32 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 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 materi

  33. Slide 33: Total gearing at March 2025

    33 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Total gearing at 31 March 2025 Total remains within its limit but is being carefully monitored Total gearing SEIT RCF has been Total gearing at Gearing will be includes Company’s utilised since the 34.4

  34. Slide 34: Large and diversified portfolio

    34 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Large and diversified portfolio FTSE 250 company which has achieved substantial scale since its IPO in December 2018 Mar-192 Mar-20 Mar-21 Mar-22 Mar-23 Mar-24 Mar-25 NAV (£ millions) 98 324 694 1,073 1

  35. Slide 35: SEIT's sustainability framework

    35 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc SEIT’s sustainability framework The SEIT sustainability framework (the “Framework”) marks a transition from monitoring ESG performance at investments to actively managing outcomes SDCL Sustainability Fr

  36. Slide 36: Most energy is lost before reaching the end-user

    36 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Most energy is lost before reaching the end-user SEIT’s energy efficiency projects reduce energy loss in the system The Problem Energy loss in generation, transmission & distribution, and use Energy Gen

  37. Slide 37: Market drivers of energy efficiency

    37 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Market drivers of energy efficiency The macroeconomic landscape is driving demand for energy efficiency solutions High Energy Costs Concerns over Focus on Mitigating Policy Support for and Market Volati

  38. Slide 38: Total return characteristics

    38 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Total return characteristics SEIT seeks to invest in projects with opportunity for accretive upside to total return Crystallising Value Through Exit Efficiency Improvements Unlocking New Revenue Streams

  39. Slide 39: Investment Manager Presentation Team

    39 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc Investment Manager Presentation Team Meet the Investment Manager Jonathan Maxwell Eugene Kinghorn Chief Executive Officer Chief Financial Officer – Established SDCL in 2007 – Chartered accountant with o

  40. Slide 40: Important notice

    40 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 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 PRESENTATIO

  41. Slide 41: Important notice continued

    41 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 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

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