REG - Riverstone Energy Ld - 4Q25 Quarterly Portfolio Valuations & NAV
12/02/2026 07:00
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RNS Number : 6728S Riverstone Energy Limited 12 February 2026
- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -
Riverstone Energy Limited Announces 4Q25 Quarterly Portfolio Valuations &
NAV
London, UK (12 February 2026) - Riverstone Energy Limited (the "Company")
announces its quarterly portfolio summary as of 31 December 2025, inclusive of
updated quarterly unaudited fair market valuations.
Current Portfolio - Conventional
Investment Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm)(2) 30 Sep 2025 31 Dec 2025
Capital ($mm) Capital ($mm) 1 (#_edn1) ($mm) 2 (#_edn2) Gross MOIC(2) Gross MOIC(2)
Onyx (Private) 66 60 121 50 171 2.82x 2.86x
Total Current Portfolio - Conventional(3) $66 $60 $121 $50 $171 2.82x 2.86x
Current Portfolio - Decarbonisation
Investment Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm)(2) 30 Sep 2025 31 Dec 2025
Capital ($mm) Capital ($mm)(1) ($mm)(2) Gross MOIC(2) Gross MOIC(2)
Infinitum (Private) 33 33 - 33 33 0.60x 1.00x
GoodLeap (formerly Loanpal) 25 25 2 23 25 1.00x 1.00x
(Private)
Group14 (Private) 4 4 - 0 0 0.25x 0.10x
Total Current Portfolio - Decarbonisation 3 (#_edn3) $62 $62 $2 $56 $58 0.75x 0.94x
Total Current Portfolio - Conventional & Decarbonisation(3) $128 $122 $123 $106 $229 1.82x 1.89x
Cash and Cash Equivalents $17
Realisations
Investment (Initial Investment Date) Gross Committed Capital ($mm) Invested Gross Realised Gross Unrealised Value Gross Realised Capital & Unrealised Value ($mm)(2) 30 Sep 2025 31 Dec 2025
Capital ($mm) Capital ($mm)(1) ($mm)(2) Gross MOIC(2)(2) Gross MOIC(2)
Permian Resources (16 Jul 2016) 268 268 370 - 370 1.38x 1.38x
Veren (27 Mar 2014) 296 296 266 - 266 0.90x 0.90x
Rock Oil (12 Mar 2014) 114 114 239 - 239 2.09x 2.09x
Three Rivers III (7 Apr 2015) 94 94 204 - 204 2.17x 2.17x
ILX III (8 Oct 2015) 179 179 172 - 172 0.96x 0.96x
Meritage III 4 (#_edn4) (17 Apr 2015) 40 40 88 - 88 2.20x 2.20x
RCO 5 (#_edn5) (2 Feb 2015) 80 80 80 - 80 0.99x 0.99x
Carrier II (22 May 2015) 110 110 67 - 67 0.61x 0.61x
Pipestone Energy (formerly CNOR) (29 Aug 2014) 90 90 58 - 58 0.64x 0.64x
Sierra (24 Sept 2014) 18 18 38 - 38 2.06x 2.06x
Solid Power (22 Mar 2021) 48 48 26 - 26 0.55x 0.55x
Aleph (9 Jul 2019) 23 23 23 - 23 1.00x 1.00x
Ridgebury 18 18 22 - 22 1.22x 1.22x
(19 Feb 2019)
Castex 2014 52 52 14 - 14 0.27x 0.27x
(3 Sep 2014)
Total Realisations(3) $1,430 $1,430 $1,670 $- $1,670 1.17x 1.17x
Withdrawn Commitments and Investment Write-Offs(3)(, 6 (#_edn6) ) 477 477 10 - 10 0.02x 0.02x
Total Investments(3) $2,035 $2,029 $1,803 $106 $1,909 0.93x 0.94x
Total Investments & Cash and Cash Equivalents $123
Draft Unaudited Net Asset Value $118
Total Shares Repurchased to-date 37,075,536 at average price per share of £4.44 ($5.67)
Current Shares Outstanding 7,334,416
Markets continue to perform positively despite persistent macro uncertainty
Despite continued geopolitical and economic uncertainty, global equity markets
continued to perform positively in Q4 2025. In Q4, the FTSE 100 in the UK rose
by 6.2 per cent. and US equity markets also rose over the period, with the
S&P 500 increasing by 6.7 per cent. and the NASDAQ Composite by 7.5 per
cent, each of which in local currency terms. However, despite headline gains,
global trade volatility and uneven economic performance weighed on investor
sentiment. Media commentary around a potential AI bubble also increased in Q4,
fuelled by concerns over high valuations, particularly among the "Magnificent
7" technology companies.
Central banks maintained a cautious approach in Q4. In their December meetings
both the Fed and the Bank of England cut rates by 25 basis points, which was
expected, driven by concerns over weaker economic growth. But central bankers
were hawkish in their outlook, given fiscal expansion and increasing wages
could yet prompt higher inflation. The cost of borrowing therefore remained
higher than in prior years at the end of Q4, reinforcing investor focus on
balance-sheet strength, cash generation and near-term visibility on returns.
Geopolitical risk remained elevated throughout the period. The ongoing
conflict in Ukraine, intermittent escalation in the Middle East and
uncertainty over US foreign policy continued to influence commodity markets
and reinforced concerns around energy security and supply resilience. Oil
prices weakened further into year end, reflecting softer global demand
expectations and a resilient supply backdrop. West Texas Intermediate crude
declined by 13.2 per cent. during Q4 to end the year at $57.26 per barrel. By
contrast, natural gas prices strengthened materially, with Henry Hub gas
prices rising by 48.2 per cent. over the quarter to $4.00 per MMB.
Quarterly Performance Commentary
Portfolio performance during Q4 primarily reflected further progress in
executing the Company's Managed Wind-Down, with activity during the period
focused on the orderly realisation of the remaining portfolio.
In the conventional energy portfolio, the Company completed transactions
during Q4 2025 that materially increased cash available for return to
shareholders. In October, Riverstone Energy Limited executed a compulsory
partial redemption of shares, returning £190.0 million to shareholders. This
followed the earlier realisation and exit of public holdings in Whitecap
Resources and Permian Resources in the conventional energy space.
In the decarbonisation portfolio, the Company completed the sale of its entire
shareholding and remaining warrants in Solid Power, generating proceeds
meaningfully above the prior carrying value and further strengthening the
Company's cash position. In October, the Company also announced the proposed
sale of its entire interest in Onyx Power, with completion expected in the
first quarter of 2026.
Overall, Q4 marked a period of continued execution of the strategy, with
significant capital returned during the quarter and further realisations
announced. The Company ended the year focused on maximising value from its
remaining investments and looking to return additional capital to
shareholders.
Onyx
The valuation multiple for Onyx was 2.86x Gross MOIC for the fourth quarter of
2025, in line with the agreed transaction price. On 30 January 2026,
Riverstone successfully completed the sale of 100% of its interest in Onyx to
ResInvest Group.
Infinitum
The valuation multiple for Infinitum increased to 1.00x Gross MOIC for the
fourth quarter of 2025. The company launched its Series F financing and had
its first closing on 31 December 2025. In 2026, management's priority is to
continue scaling revenue, with data centers remaining the primary growth
driver, supported by higher ASPs and a favorable product mix. To execute this
strategy and support international expansion, the company plans to scale its
sales organization. On 2 January 2026, the Company announced a further
commitment of to its existing investment in Infinitum to participate in the
Series F financing, of which approximately $5.0 million was funded in the
first closing. In making its decision for the Company to participate in the
Series F financing, the Board took into account updates from the Investment
Manager as to Infinitum's proposed commercial strategy and future prospects.
The Investment Manager advised the Board that the Company's incremental
commitment to Infinitum was required to support its operations and commercial
momentum, and to avoid a liquidity constraint and therefore decline in the
value of the Company's investment.
GoodLeap
The valuation multiple for GoodLeap was held at 1.00x Gross MOIC for the
fourth quarter of 2025. GoodLeap delivered strong operating results, driven by
continued growth in Home Improvement volumes, expanding contractor adoption,
and increasing engagement across the Home App and Virtual Power Plant
platform. That said, the company remains pressured by elevated legal and
litigation-related costs. While core volumes and adjusted EBITDA have
rebounded meaningfully, excess legal spend continues to weigh on cash flow and
earnings visibility.
Group14
The valuation multiple for Group14 decreased from 0.25x to 0.10x Gross MOIC
for the fourth quarter of 2025, representing a further write down in the
investment from 0.75x Gross MOIC at 31 December 2024. Group14 continues to
face production and commissioning challenges. The BAMT-1 and BAM-2 modules
have not achieved sustained commercial operation, and the Company has now
shifted its operational focus to the BAM-3 line. While BAM-3 is expected to
commence production in January 2026 , initial volumes are likely to be modest
as the team ramps operations and works through debottlenecking at the recently
acquired facility in South Korea.
Outlook
At quarter-end, the Company's net asset value stood at $118 million. The
Company's disciplined approach to capital management, continues to provide
resilience against market volatility as the Managed Wind-Down progresses. In
accordance with the Managed Wind-Down investment policy adopted by the Company
on 22 August 2025, the Company expects to return a portion of the Onyx sale
proceeds to shareholders, net of reasonable provisions for running costs in
the expected Managed Wind-Down period, by way of a pro rata compulsory
redemption of ordinary shares. Further details will be announced by the
Company shortly.
LEI: 213800HAZOW1AWRSZR47
About Riverstone Energy Limited:
The Company is a closed-ended investment company which invests in the energy
industry. Its ordinary shares are listed on the London Stock Exchange, trading
under the symbol RSE. The Company has 3 active investments, all of which are
in the decarbonisation sector.
For further details, see www.RiverstoneREL.com (http://www.RiverstoneREL.com)
Neither the contents of Riverstone Energy Limited's website nor the contents
of any website accessible from hyperlinks on the websites (or any other
website) is incorporated into, or forms part of, this announcement.
Media Contacts
For Riverstone Energy Limited:
LPRelations@RiverstoneLLC.com
Deutsche Numis - Corporate Broker:
Hugh Jonathan
Matt Goss
+44 (0) 20 7260 1000
Ocorian Administration (Guernsey) Limited -
Company Secretary:
Birgitte Horn
OAGLCoSec@ocorian.com (mailto:OAGLCoSec@ocorian.com)
Note:
The Investment Manager is charged with proposing the valuation of the assets
held by the Company through the Partnership. The Partnership has directed that
securities and instruments be valued at their fair value. The Company's
valuation policy follows IFRS and IPEV Valuation Guidelines. The Investment
Manager values each underlying investment in accordance with the Riverstone
valuation policy, the IFRS accounting standards and IPEV Valuation Guidelines.
The Investment Manager has applied Riverstone's valuation policy consistently
quarter to quarter since inception. The value of Company's portion of that
investment is derived by multiplying its ownership percentage by the value of
the underlying investment. If there is any divergence between the Riverstone
valuation policy and the Company's valuation policy, the Partnership's
proportion of the total holding will follow the Company's valuation policy.
There were no valuation adjustments recorded by the Company as a result of
differences in IFRS and U.S. Generally Accepted Accounting Policies for the
period ended 31 December 2025 or in any period to date. Valuations of the
Company's investments through the Partnership are determined by the Investment
Manager and disclosed quarterly to investors, subject to Board approval.
Riverstone values its investments using common industry valuation techniques,
including comparable public market valuation, comparable merger and
acquisition transaction valuation, and discounted cash flow valuation.
For development-type investments, Riverstone also considers the recognition of
appreciation or depreciation of subsequent financing rounds, if any. For those
early stage privately held companies where there are other indicators of a
decline in the value of the investment, Riverstone will value the investment
accordingly even in the absence of a subsequent financing round.
Riverstone reviews the valuations on a quarterly basis with the assistance of
the Riverstone Performance Review Team ("PRT") as part of the valuation
process. The PRT was formed to serve as a single structure overseeing the
existing Riverstone portfolio with the goal of improving operational and
financial performance.
The Board reviews and considers the valuations of the Company's investments
held through the Partnership.
1 (#_ednref1) Gross realised capital is total gross proceeds realised on
invested capital. Of the $1,803 million of capital realised to date, $1,330
million is the return of the cost basis,
and the remainder is profit.
2 (#_ednref2) Gross Unrealised Value and Gross MOIC (Gross Multiple of
Invested Capital) are before transaction costs, taxes (approximately 21 to
27.5 per cent. of U.S. sourced taxable income). In connection with the Managed
Wind-Down approved by shareholders 22 August 2025, the Investment Manager's
performance allocation arrangements under the existing IMA ceased to apply and
no further performance allocation would be paid under the Managed Wind-Down.
In addition, there was a management fee of 1.5 per cent. of net assets
(including cash) per annum, which was reduced to 1.0 per cent. of net assets
(excluding cash) per annum effective 22 August 2025 with the shareholder
approval of the Managed Wind-Down. Given these costs, fees and expenses are in
aggregate expected to be considerable, Total Net Value and Net MOIC will be
materially less than Gross Unrealised Value and Gross MOIC. Local taxes,
primarily on U.S. assets, may apply at the jurisdictional level on profits
arising in operating entity investments. Further withholding taxes may apply
on distributions from such operating entity investments. In the normal course
of business, the Company may form wholly-owned subsidiaries, to be treated as
C Corporations for US tax purposes. The C Corporations serve to protect the
Company's public investors from incurring U.S. effectively connected income.
The C Corporations file U.S. corporate tax returns with the U.S. Internal
Revenue Service and pay U.S. corporate taxes on its taxable income.
3 (#_ednref3) Amounts vary due to rounding
4 (#_ednref4) Midstream investment
5 (#_ednref5) Credit investment
6 (#_ednref6) Withdrawn commitments and investment write-offs consist of
Origo ($9 million) and CanEra III ($1 million), and impairments consist of
Liberty II ($142
million), Fieldwood ($80 million), Eagle II ($62 million), Castex 2005 ($48
million), Tritium ($25 million), T-Rex ($21 million), Enviva ($21 million)
Anuvia Plant Nutrients ($20 million), FreeWire ($14 million), Our Next Energy
($12 million), Hyzon ($10 million) and Ionic I & II ($3 million)
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