Riverstone Energy (RSE) H1 2025 earnings summary

Executive summary

• Entered a Managed Wind-Down process post-22 August 2025 EGM, aiming for orderly realisation of all assets and return of capital to shareholders by 2027.

• Investment objective and policy amended to cease new investments and focus on asset realisation and capital return.

• Management fee reduced to 1% per annum (excluding cash), performance allocation discontinued, and new Adjustment Payments mechanism introduced.

• Portfolio at 30 June 2025 comprised seven active investments: four decarbonisation and three conventional energy assets.

Financial highlights

• Net Asset Value (NAV) at 30 June 2025: $372 million ($15.11 per share), up 1.9% from 31 December 2024.

• Share price at 30 June 2025: $10.98, representing a 27.3% discount to NAV.

• Total comprehensive gain for the six months ended 30 June 2025: $3.0 million (12.16 cents per share), compared to a $15.89 million loss in the same period last year.

• Cash and cash equivalents at period end: $1.3 million at the company level, $73 million including subsidiaries.

• 751,311 shares repurchased during the period at an average price of £7.38 per share.

Outlook and guidance

• Managed Wind-Down process expected to complete by 2027, with substantial capital returns targeted by November 2025 and February 2026.

• Focus on maximising value from asset realisations amid challenging macroeconomic and policy environments.

• Decarbonisation portfolio faces headwinds from policy uncertainty and higher costs, while conventional assets remain resilient.