Gearing higher, disposals progress now key

SDCL Efficiency Income Trust’s (SEIT’s) interim results for the six months to 30 September 2025 show steady portfolio operations and restored cash cover, set against a more cautious stance on valuation and a tight balance sheet. Portfolio EBITDA was £44m for the six months to June 2025 (FY24: £86m) and investment cash inflows were £58m. NAV per share at 30 September was 87.6p, down from 90.6p at 31 March after dividends of 3.18p per share, and the portfolio was valued at £1,172m. PBT fell to £1.7m (H124: £35.1m) as last year’s small fair value gain on the portfolio turned into a £31.2m fair value loss, while dividend income was stable at £37.0m.