# SDCL Energy Efficiency Income Trust reports lower NAV and portfolio valuation - Link: https://www.directorstalkinterviews.com/sdcl-energy-efficiency-income-trust-reports-lower-nav-and-portfolio-valuation/4121254707 - Published: 2026-06-25T07:34:56+01:00 - Author: Ethan Davis **SDCL Energy Efficiency Income Trust** (LON:SEIT) has reported its full Annual Report and Audited Financial Statements for the year ended 31 March 2026. The Company’s full Annual Report and Audited Financial Statements for the year ended 31 March 2026 can be found on the Company’s website: https://www.seitplc.com/. This has also been submitted to the National Storage Mechanism and will be available shortly at: https://data.fca.org.uk/#/nsm/nationalstoragemechanism. ### Summary ·      77.8 pence net asset value (“NAV”) per share ^(APM) (31 March 2025: 90.6 pence); £844.5 million NAV^(APM) (31 March 2025: £983.6 million) ·      £1,078.4 million Portfolio valuation ^(APM) (31 March 2025: £1,196.5 million) ·      £84 million investment cash inflow from the portfolio ^(APM) (2025: £97 million) ·      £51.7 million total dividends paid in respect of the year (2025: £68.4 million), with 1.0x dividend cash cover ^(APM) and comprising three interim dividends; no fourth interim dividend to be declared ·      £233 million drawn under the Company’s revolving credit facility (“RCF”) at 31 March 2026 (31 March 2025: £234 million) ·      £109 million of disposals (including ON Energy and post-year-end portfolio disposal, on an enterprise value basis) ·      £45 million of disposal proceeds applied to repay drawings under the RCF ·      £53.8 million invested into the current portfolio during the year (2025: £171.5 million) ·      Post year end publication of a shareholder Circular proposing a managed wind- down of the Company and amendments to the investment policy, subject to shareholder approval Alternative Performance Measure (APM): See Annual Report Glossary of Financial Alternative Performance Measures for further details on APMs used throughout the report. > **Tony Roper, Chair of SDCL Efficiency Income Trust**,** said:** > “The Board has taken a carefully considered approach to prioritising balance sheet > resilience and liquidity, recognising the constraints the Company faces. Our focus > is on delivering the managed wind-down in a disciplined and orderly manner, reducing > debt and returning capital to shareholders as quickly as practicable. We remain > confident in the underlying strength of the portfolio, and are committed to delivering > cash returns, while ensuring the portfolio remains appropriately funded. We believe > this approach will maximise value for shareholders.” > **Jonathan Maxwell, CEO of SDCL, the Investment Manager, said:** > “Our clear mission now is to deliver optimal value for money for shareholders > in a sale of the portfolio as soon as practicable. As these results illustrate, > the valuation of the portfolio significantly exceeds the market capitalisation > of the company. In the meantime, and since the announcement of the wind down, > steps have been taken to preserve cash for operations and service of financing > in the short term. However, notwithstanding some financial and operational constraints, > SEIT’s assets generate cash and generally are performing in line with expectations. > Accordingly, our objective is to make as much cash available for distribution > to shareholders as possible, by any means available.” [SEIT_Presentation_AR26_Final](https://www.directorstalkinterviews.com/wp-content/uploads/2026/06/SEIT_Presentation_AR26_Final.pdf) [Download](https://www.directorstalkinterviews.com/wp-content/uploads/2026/06/SEIT_Presentation_AR26_Final.pdf) Share on: