Chariot (CHAR) H1 2026 earnings summary

Executive summary

• Completed two transformative transactions in Angola, securing economic exposure to offshore oil assets and establishing partnerships with Etu Energias, BW Energy, and Shell Trading.

• Progressed the sale of the renewables business, with multiple offers received and a preferred bidder to be selected.

• Focused on upstream growth, with a near-term pathway to cashflows from oil production and ongoing development in Morocco and new ventures.

Financial highlights

• Cash balance at 30 June 2026 was $4.7 million, up from $0.4 million at 31 December 2025, following a $24.3 million equity raise in March 2026.

• Loss for the period was $8.1 million, compared to a $4.7 million loss for H1 2025.

• Administrative expenses increased to $7.2 million (H1 2025: $3.2 million), mainly due to transaction costs for Angola deals.

• Share of profits from equity-accounted associates and JVs improved to $0.3 million (H1 2025: $1.0 million loss).

• Net assets increased to $80.6 million (30 June 2025: $60.4 million).

Outlook and guidance

• Expect material recovery of transaction costs and G&A on close of the Azule transaction in H2 2026.

• Cashflow from oil sales anticipated in 2027, with further cash expected from the renewables business sale.

• Guidance on cashflow forecasts to be provided when prudent.