Aquila Energy Efficiency Trust (AEET) H1 2025 earnings summary

Executive summary

• Net asset value (NAV) per share fell to 50.15p at 30 June 2025 from 85.55p at 31 December 2024, mainly due to a special dividend of 36.837p per share as part of the managed run-off strategy and asset realisations.

• NAV total return for the six months ended 30 June 2025 was 1.7%, adjusting for the dividend distribution.

• Major asset realisations included the Bio-LNG investment in Germany and three of five Superbonus investments in Italy, generating £25.9 million in proceeds.

• The company remains in managed run-off, focusing on maximising value and returning capital to shareholders.

Financial highlights

• Net assets decreased to £40.84 million at 30 June 2025 from £69.67 million at 31 December 2024.

• Share price at period end was 33.70p, representing a 32.8% discount to NAV.

• Investment income for the period was £1.88 million, down from £3.27 million in the prior half-year.

• Net return after taxation was £1.17 million (1.44p per share), compared to £1.32 million (1.39p per share) in the prior period.

• Ongoing charges ratio annualised at 3.9% of average net assets, up from 3.8% at year-end 2024.

• Special interim dividend of 36.837p per share paid in May 2025; interim dividend of 4.00p per share declared for October 2025.

Outlook and guidance

• The board continues to seek asset realisations and return capital, but notes ongoing challenges due to the portfolio's complexity and managed run-off status.

• No new investments are planned; focus remains on managing existing assets and negotiating exits.

• Directors have adopted a going concern basis but highlight material uncertainty regarding the company's ability to continue as a going concern due to the run-off and asset realisation uncertainties.