Chariot (CHAR) H2 2025 earnings summary

Executive summary

• Strategic focus shifted toward upstream oil and gas, highlighted by a transformative Angola transaction expected to deliver cash-generative production and underpin future growth.

• Renewable Power business achieved major milestones, including direct equity in large-scale wind assets and a rapidly expanding electricity trading platform in South Africa.

• Group profit after tax for 2025 was $0.3 million, a significant turnaround from a $22.3 million loss in 2024, driven by gains from the Mahlako transaction and cost reductions.

• Successful equity fundraising post year-end raised $24.3 million to support the Angola acquisition and future growth.

Financial highlights

• Cash balance at year-end was $1.2 million (including $0.8 million restricted), down from $2.9 million in 2024.

• Net liabilities excluding cash were $2.6 million, improved from $3 million in 2024.

• Profit per share was $0.00, compared to a loss per share of $(0.02) in 2024.

• Administrative expenses reduced to $7.9 million from $9.6 million, reflecting cost-saving measures.

• Exploration and evaluation assets stood at $52.5 million, with $4.7 million written off for the Loukos onshore licence.

Outlook and guidance

• Angola transaction completion in H2 2026 is expected to introduce significant cashflows and support further upstream expansion.

• Plans to divest the Renewable Power business to realize value and focus on upstream ambitions.

• Ongoing partnering discussions in Morocco and pursuit of new ventures in Namibia and across Africa.