Aquila Energy Efficiency Trust (AEET) H1 2024 earnings summary

Executive summary

• NAV per share increased 0.9% to 95.08p as at 30 June 2024, but shares traded at a 37.9% discount to NAV.

• Managed Run-Off continues, focusing on asset realisation and capital return to shareholders.

• £17.5m returned via tender offer in May 2024; further returns planned as assets are realised.

• Interim dividend of 6.139p per share declared, totalling just under £5m, due to delays in Superbonus receipts.

• Portfolio remains diversified across 34 energy efficiency investments in Europe and the UK.

Financial highlights

• Net assets at 30 June 2024: £77.43m, down from £94.28m at 31 Dec 2023, mainly due to capital return.

• Total investment income for the period: £3.27m, up £0.69m year-over-year.

• Net revenue profit: £1.32m for the period.

• Ongoing charges annualised at 3.2% of average net assets, down from 3.5% year-over-year.

• NAV total return per share: 0.9%; share price total return: 3.1% for the period.

Outlook and guidance

• Next significant capital return expected from Superbonus investment repayments, though timing remains uncertain.

• Board will continue with tender offers or dividends depending on realisation pace.

• Superbonus investments expected to be substantially redeemed by year-end 2024, with full redemption in early 2025, but delays possible.