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
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
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
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
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
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
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)
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
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
Slide 9: 2. Portfolio Update
9 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 2. Portfolio Update
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
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
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
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
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
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
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
Slide 17: 3. Financial Highlights
17 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 3. Financial Highlights
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
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
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
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
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
Slide 23: 4. Strategic Updates
23 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 4. Strategic Updates
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
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
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
Slide 27: 5. Summary Remarks
27 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 5. Summary Remarks
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
Slide 29: 6. Appendices
29 Annual Results Presentation Financial year to 31 March 2025 | SDCL Efficiency Income Trust plc 6. Appendices
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
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
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
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
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
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
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
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
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
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
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
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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