SDCL Efficiency Income Trust (SEIT) Trading Update summary

Portfolio performance and income

• Active asset management delivered substantial income, supporting a target dividend of 6.32p per share, representing a double-digit yield at current share price.

• Operational performance across the portfolio was generally in line with expectations, with stable distributions and cash cover matching the previous year.

• Investments during the year totaled approximately £165 million, mainly supporting Onyx's commercial solar projects.

• Portfolio diversification by industry, technology, and geography aims to deliver stable income and NAV growth.

Key asset updates

• Primary Energy met its budgeted EBITDA, with US tariff changes potentially benefiting future demand.

• RED-Rochester exceeded mid-year EBITDA projections due to cost controls, with new management focusing on efficiency and business development.

• Onyx achieved or exceeded development targets, bringing 53MW of power to completion in H2 2024.

• EVN expanded to 31 operational EV charging sites, maintaining EBITDA in line with expectations.

• Oliva and Driva both delivered EBITDA on budget, with Driva launching an Energy-as-a-Service business.

Capital management and financing

• Capital allocation remains disciplined, with investments expected to yield mid to high teens return on NAV.

• Portfolio investments funded through capital recycling and debt, with a focus on reducing and extending debt facilities.

• Revolving Credit Facility (RCF) refinanced in March 2025, extended to £240 million with a competitive margin; £235 million drawn as of 31 March 2025.

• Targeted disposals are underway to balance the portfolio and pay down the RCF.