Aquila Energy Efficiency Trust (AEET) investor relations material

Executive summary

• Transitioned to self-managed status in April 2026, terminating previous AIFM and Investment Adviser agreements and appointing consultants to oversee the Managed Run-Off of the portfolio.

• Focused on realising all remaining assets and returning capital to shareholders, with £59.3 million returned since inception via dividends and a tender offer.

• Significant asset realisations in 2025 included the sale of the BioLNG investment in Germany and repayments from Superbonus investments in Italy, generating £25.9 million in proceeds.

• Portfolio remains diversified across geographies and technologies, with the five largest investments accounting for 73% of total book value.

Financial highlights

• Net Asset Value (NAV) per share fell to 44.05p as of 31 December 2025 (from 85.55p in 2024), reflecting large capital distributions.

• Net assets decreased to £35.9 million (from £69.7 million in 2024).

• Total loss after tax for the year was £0.5 million (2024: £2.0 million loss).

• Investment income declined to £3.8 million (from £5.4 million in 2024).

• Ongoing charges ratio increased to 4.9% (from 3.8% in 2024), mainly due to a reduction in net assets.

• Share price closed at a 43.2% discount to NAV at year-end.

• Dividends paid in 2025 totaled 40.837p per share (£33.3 million), including a special interim dividend of 36.837p per share.

Outlook and guidance

• Board’s priority is to complete asset realisations and maximise returns to shareholders in a timely, cost-effective manner.

• No new investments planned; focus remains on orderly portfolio run-off and capital return.

• Viability assessed through to 31 December 2027, with material uncertainty due to the nature and timing of asset realisations.