Highlights

  • Net asset value per share eased to 87.6p following more cautious valuation assumptions.
  • Portfolio valuation increased to GBP 1,172 million alongside higher investment cash inflows.
  • Interim dividends of 3.18p per share were declared, aligned with existing guidance.

SDCL Efficiency Income Trust plc (LSE:SEIT) has announced its interim financial results for the six-month period ended 30 September 2025. During the period, the Company reported a net asset value (NAV) per share of 87.6p, compared with 90.6p at 31 March 2025. The reduction was attributed to adjustments in valuation assumptions made in response to prevailing market volatility.

Profit before tax for the six-month period was GBP 2 million, compared with GBP 35.1 million in the corresponding period of the previous year. The change largely reflected valuation movements rather than a shift in portfolio composition or operating structure.

Portfolio Valuation and Asset Metrics

As at 30 September 2025, the portfolio was valued at GBP 1,172 million, an increase from GBP 1,117 million recorded at the end of March 2025. The portfolio generated investment cash inflows of GBP 58 million during the period, compared with GBP 48 million in the six months ended September 2024. These inflows included capital receipts related to the Onyx investment.

Portfolio EBITDA was approximately GBP 44 million for the six months to June 2025. This compares with EBITDA of GBP 86 million reported for the full calendar year 2024. The weighted average levered discount rate increased slightly to 9.7% from the level reported at March 2025, reflecting updated assumptions applied across the asset base.

Dividend Declaration and Coverage

For the six-month period ended 30 September 2025, SEIT declared aggregate dividends of 3.18p per share, in line with guidance previously communicated. Dividend cash cover for the period was 1.2x, an improvement from 1.1x recorded in the comparable period last year. The Company’s target dividend guidance remains unchanged at 6.36p per share for the financial year ending March 2026.

Gearing Position and Disposal Activity

Gearing stood at 71.9% of NAV at the end of the reporting period, above the limit set out in the Company’s Investment Policy. To address this, disposal activity progressed during the period. This included the sale of ON Energy at an 18.75% premium to NAV. In addition, exclusivity has been agreed on a further disposal that is expected to complete around year-end, with proceeds intended to reduce leverage levels.

Share Price Snapshot
SEIT was trading 17.65% lower at GBX 51.80 per share as of 08 December 2025.