SDCL Efficiency Income Trust (SEIT) investor relations material

Executive summary

• A managed wind down and proposed portfolio sale have been announced to maximize value and liquidity for shareholders in the shortest practicable timeframe.

• The strategy focuses on maximizing distributable cash, reducing or refinancing debt, and protecting operational performance during the exit process.

• The board is actively engaging with potential buyers and has published a circular outlining key resolutions for the wind down, including policy updates and share premium cancellation.

• Portfolio continues to perform operationally, with EBITDA of approximately GBP 91 million for the 2025 calendar year.

• NAV per share declined to GBP 0.778 (77.8p) from GBP 0.906 (90.6p) year-over-year, reflecting valuation adjustments and market conditions.

Financial highlights

• Portfolio EBITDA for 2025 was GBP 91 million, up from GBP 86 million in 2024.

• Portfolio valuation stood at GBP 1.1 billion as of March 31, 2026, with GBP 84 million in investment cash flows.

• Aggregate dividends per share declared were GBP 0.048 (4.8p) across three dividends; the fourth was not declared to prioritize balance sheet strength.

• Profit after tax for the year was a loss of GBP 87.1 million, compared to a profit of GBP 69.8 million in the prior year.

• Post year-end, a disposal generated GBP 105 million, with GBP 45 million used to reduce RCF, lowering pro forma gearing.

Outlook and guidance

• The realization process is underway, with flexibility to pursue either a portfolio sale or phased asset disposals depending on market conditions.

• The board recommends voting in favor of wind down resolutions and aims to return capital to shareholders as efficiently and promptly as practicable, with initial proceeds used to reduce debt.

• Timing for completion of the wind down depends on sale structure; a portfolio sale is expected to be faster than asset-by-asset disposals.

• Future dividends are suspended until significant reduction of RCF.