Focus on cash returns and value realisation

SDCL Efficiency Income Trust’s (SEIT’s) FY26 results show a portfolio that continues to perform operationally, but the investment proposition has shifted decisively to realising value, reducing debt and returning cash to shareholders in the shortest practicable timeframe. Portfolio EBITDA was c £91m in CY25, up from c £86m in CY24, including assets sold post year-end, while NAV/share was reduced to 77.8p at 31 March from 90.6p, and the portfolio valuation fell to c £1.1bn in FY26 from c £1.2bn. The valuation reduction primarily reflects asset-specific changes to growth, development timing and regulatory assumptions, rather than a broad deterioration in the quality of the underlying assets. SEIT paid three interim dividends totalling 4.8p...