Aquila Energy Efficiency Trust (AEET) H2 2024 earnings summary

Executive summary

• Managed Run-Off strategy continued, focusing on prudent asset realisation and orderly cash returns to shareholders following the 2023 policy change.

• NAV per share fell 9.3% to 85.55p, with a share price discount to NAV of 39.2% at year-end.

• £17.5m returned via Tender Offer and £5.0m paid as interim dividend in 2024; special interim dividend of £30m announced for 2025.

• Portfolio realisations included major repayments from Italian Superbonus and German Bio-LNG investments.

Financial highlights

• Net assets declined to £69.7m (2023: £94.3m); NAV per share 85.55p (2023: 94.28p).

• Total investment income was £5.4m, down £0.6m year-over-year.

• Net revenue loss of £0.2m (2023: £0.9m profit); capital loss of £1.8m.

• Ongoing charges increased to 3.8% of average net assets (2023: 3.5%).

• NAV total return per share was -2.7%; share price total return +1.6%.

Outlook and guidance

• Focus remains on maximising value and returning capital through asset sales or run-off.

• No significant realisations expected for several years on remaining assets (excluding two Superbonus investments).

• Board reviewing cost structure to align with reduced company size.