Riverstone Energy (RSE) H2 2025 earnings summary

Executive summary

• Entered a Managed Wind-Down process post-22 August 2025 EGM, aiming for orderly asset realisation and capital return to shareholders, with liquidation expected by end of 2027.

• Fully exited major listed investments (Permian Resources, Whitecap Resources, Solid Power) and executed a significant compulsory share redemption, returning £190 million to shareholders.

• Portfolio now consists of three decarbonisation assets (Infinitum, GoodLeap, Group14) and one power asset (Onyx Power, sold post-year-end).

Financial highlights

• Net Asset Value (NAV) at 31 December 2025: $118 million, down from $376 million in 2024.

• NAV per share: $16.07, up 8.36% year-over-year due to significant share capital reduction.

• Total comprehensive loss for the year: $0.5 million; basic and diluted loss per share: (2.17) cents.

• Cash and cash equivalents at year-end: $1.9 million at company level, $17.1 million including subsidiaries.

• Share price ended at £7.23, with a 39.45% discount to NAV.

• Expense ratio rose to 13.7% (2024: 2.2%), net investment loss ratio at (13.0)%.

Outlook and guidance

• Further compulsory redemption planned in H1 2026 following Onyx Power sale.

• All remaining private investments expected to be realised by end-2027, with voluntary liquidation anticipated in early 2028.

• Focus remains on value maximisation and disciplined cost management during wind-down.