Riverstone Energy (RSE) H1 2026 earnings summary

Executive summary

• The first half of 2026 was marked by heightened geopolitical instability, especially in the Middle East, causing significant volatility in global energy markets and reinforcing the importance of energy security and diversification.

• The company continued its Managed Wind-Down strategy, focusing on orderly realisation of assets and returning capital to shareholders, highlighted by the sale of Onyx Power and a major share redemption.

• The remaining portfolio is now concentrated in three private decarbonisation investments: Infinitum Electric, GoodLeap, and Group14 Technologies.

Financial highlights

• Net Asset Value (NAV) at 30 June 2026 was $77 million ($16.04 per share), down from $118 million at 31 December 2025.

• Share price at period end was $7.48, representing a 53.4% discount to NAV.

• Total comprehensive gain for the six months was $0.4 million, with basic and diluted EPS of 5.49 cents.

• $50 million was realised from the sale of Onyx Power, with cumulative proceeds from Onyx Power totalling $171 million (2.86x Gross MOIC).

• Cash and cash equivalents at period end were $23.6 million.

Outlook and guidance

• The company will continue to focus on value preservation, disciplined exits, and returning capital as further realisations occur.

• Timing of future realisations depends on market conditions and portfolio company developments, but the remaining portfolio is positioned in sectors with long-term demand for electrification and energy efficiency.