SDCL Efficiency Income Trust PLC · LSE:SEIT
SDCL Efficiency Income Trust — H1 2026 Earnings Presentation
38 slides from SDCL Efficiency Income Trust's earnings presentation, Dec 8, 2025
Slide 1: Interim Results Presentation, Six months to 30 September 2025
SDCL Efficiency Income Trust plc Unlocking the world’s most valuable energy resource: Efficiency Interim Results Presentation Six months to 30 September 2025 8 December 2025
Slide 2: Contents
2 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Contents 1. Overview and Highlights 2. Portfolio Update 3. Financial Highlights 4. Summary Remarks 5. Appendices Oliva
Slide 3: 1. Overview and Highlights
3 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc 1. Overview and Highlights
Slide 4: Interim Results: Delivering Stability and Driving Change
4 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Interim Results: Delivering Stability and Driving Change Focused on disciplined disposals and affecting change that delivers value for shareholders Context – More cautious approach to valuation of certa
Slide 5: Resilience and Opportunity in a Decentralised Future
5 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Resilience and Opportunity in a Decentralised Future Disciplined disposal of non-core assets to optimise returns – Electricity demand is increasing, driven by electrification and digital infrastructure
Slide 6: 2. Portfolio Update
6 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc 2. Portfolio Update
Slide 7: Operational performance
7 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Operational performance Portfolio operational performance has remained stable £6m £150m+ value initiatives delivered in the six-month period estimated potential uplift from future initiatives 1 The proj
Slide 8: Operational performance continued: Onyx Renewable Partners
8 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Operational performance continued Onyx Renewable Partners Despite policy uncertainties that have and may continue to adversely impact Onyx, growth opportunities remain, supported by strong commercial ra
Slide 9: Operational performance continued: Driva
9 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Operational performance continued Driva (formerly known as Värtan Gas) Performance exceeded budget, driven by strong core sales and operational improvements including reduced leakage. Accretive projects
Slide 10: Operational performance continued: RED-Rochester
10 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Operational performance continued RED-Rochester Performance improved year-on‑year, supported by completion of the cogeneration project and higher energy loads in the first half. Progress made towards u
Slide 11: Operational performance continued: Oliva
11 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Operational performance continued Oliva Performance under pressure, impacted by energy market volatility, with an improving trend supported by changes to hedging methodology. Strategic planning underwa
Slide 12: Operational performance continued: Primary Energy
12 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Operational performance continued Primary Energy Strong operational performance, supported by improved counterparty strength and additional certified capacity generating incremental revenue. PCI contra
Slide 13: 3. Financial Highlights
13 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc 3. Financial Highlights
Slide 14: NAV per share movement in the six months to September 2025
14 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc NAV per share movement in the six months to September 2025 NAV has experienced downward pressure, primarily due to systemic market risks Opening NAV/share EPS Dividends Paid/share Closing NAV/share 90.
Slide 15: Portfolio performance
15 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Portfolio performance SEIT’s diversified portfolio continues to produce steady distributions and cash cover Investment Cash Inflows to SEIT, in Total Dividends and Cash Cover2 and per Share1 (GBP Milli
Slide 16: Dividend coverage returned to target levels
16 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Dividend coverage returned to target levels £74 million cash generated at project level. 1.2x dividend coverage, net of all costs Dividend cash cover APM six-month period to September 2025 Free cashflo
Slide 17: Total gearing at 30 September 2025
17 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Total gearing at 30 September 2025 Focused on reducing gearing Gearing stands at 42% Reducing gearing Largely low risk Liquidity measures of enterprise value and the £233m portfolio-level debt; include
Slide 18: Managing Risk and Unlocking Value
18 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Managing Risk and Unlocking Value Quantification of key risks and opportunities for SEIT Estimated impacts of specific downside risks and untaken upside potential NAV 87.6 pence Onyx 5% PPA pricing inc
Slide 19: 4. Summary Remarks
19 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc 4. Summary Remarks
Slide 20: Summary remarks
20 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Summary remarks Focused on disciplined disposals and affecting change that delivers value for shareholders Performance – Operational performance broadly in line with expectations – £58 million of inves
Slide 21: 5. Appendices
21 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc 5. Appendices
Slide 22: SDCL Efficiency Income Trust: a compelling investment opportunity
22 Interim Results Presentation Six months to 30 September 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. Focused on Distressed UK investment tru
Slide 23: Consistently structured with creditworthy counterparties
23 Interim Results Presentation Six months to 30 September 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 link
Slide 24: Energy efficient solutions for buildings, industry and transport
24 Interim Results Presentation Six months to 30 September 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
Slide 25: Summary financials
25 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Summary financials1 Earnings in line with expectations Unaudited Unaudited Six months to Six months to 30 September 30 September 2025 2024 Income Statement (£m) (£m) Total income 17.4 47.8 Fund expense
Slide 26: Summary financials continued
26 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Summary financials1 continued Dividends fully covered by cash Unaudited Unaudited Six months to Six months to 30 September 30 September 2025 2024 Cashflow Statement (£m) (£m) Commentary Investment cash
Slide 27: Weighted average discount rate movements
27 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc Weighted average discount rate movements Minimal movement since March 2025 – Limited change to discount rates reflecting the good degree of visibility of macro impacts on the portfolio – 9.7% levered r
Slide 28: SEIT portfolio as at 30 September 2025
28 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc SEIT portfolio as at 30 September 2025 Diversification by geography, investment, technology and lifecycle stage Portfolio by... Geography1 Portfolio company1 Technology1 Investment stage1 as at Septemb
Slide 29: SEIT: Key NAV sensitivities
29 Interim Results Presentation Six months to 30 September 2025 | SDCL Efficiency Income Trust plc SEIT: Key NAV sensitivities Based on investment portfolio at 30 September 20251 September 2025 SEIT sensitivities (pence per share) Discount Rates (5.1) 5.7 +/- 50 bps Inflation2 (4.8) 6.0 -/+ 100 bps C
Slide 30: SEIT: Foreign exchange hedging
30 Interim Results Presentation Six months to 30 September 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 mater
Slide 31: Large and diversified portfolio
31 Interim Results Presentation Six months to 30 September 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
Slide 32: SEIT's sustainability framework
32 Interim Results Presentation Six months to 30 September 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 F
Slide 33: Most energy is lost before reaching the end-user
33 Interim Results Presentation Six months to 30 September 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 Ge
Slide 34: Market drivers of energy efficiency
34 Interim Results Presentation Six months to 30 September 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 Volat
Slide 35: Total return characteristics
35 Interim Results Presentation Six months to 30 September 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 Stream
Slide 36: Investment Manager Presentation Team
36 Interim Results Presentation Six months to 30 September 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
Slide 37: Important notice
37 Interim Results Presentation Six months to 30 September 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 PRESENTATI
Slide 38: Important notice continued
38 Interim Results Presentation Six months to 30 September 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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