THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION
Riverstone Energy Limited Announces 3Q25 Quarterly Portfolio Valuations & NAV
London, UK (4 November 2025) - Riverstone Energy Limited (the "Company") is issuing this Interim Management Statement ("IMS") for the period from 1 July 2025 to 30 September 2025 (the "Period").
Highlights
· Key Financials (unaudited)
| o NAV as at 30 September 2025 |
$363 million (£271million)[1] |
| o NAV per share as at 30 September 2025 |
$14.77 / £11.001 |
| o Loss for Period ended |
($8.0 million) |
| o Basic loss per share for Period ended |
(72.61 cents) |
| o Market capitalisation as at 30 September 2025 |
$297 million1 (£221 million) |
| o Share price as at 30 September 2025 |
$12.081 / £9.00 |
· As of 30 September 2025, the Company had a NAV per share of $14.77 (£11.00) resulting in a 2 per cent drop in USD NAV per share while converted GBP NAV per share remained unchanged when compared to the 30 June NAV per share figures. The converted USD and listed GBP quarter end closing share price was $12.08 (£9.00), an increase of 10 & 13 per cent., respectively, compared to 30 June 2025.
· During the Period, the Company had $226.4 million of realisations from Permian Resources ($135.3 million), Whitecap Resources ($65.2 million) and Solid Power ($25.9 million) and subsequent to the Period end, the Company announced its first compulsory share redemption of £190 million under its shareholder approved managed wind down process.
· The Company finished the Period with a cash balance of $276 million.
· On 21 October 2025, the Company announced the proposed sale of 100 per cent. of its interest in Onyx. Net proceeds to the Company are expected to be approximately $48 million, net of estimated transaction costs, payable in cash at completion which is anticipated to occur in Q1 2026.
Managed Wind-Down
On 22 August 2025, following Shareholder approval at the EGM, the Company entered into a Managed Wind-Down process. As a consequence, the Company's investment objective and policy have been amended to recognise the orderly realisation and timely return of capital to Shareholders as the Company's main objective. During the Managed Wind-Down, the Company will seek to progressively realise its existing investments and return capital to Shareholders through compulsory redemptions, while ceasing new investments.
The initial Adjustment Payment due by the Company on entering the Managed Wind-Down of $21.2 million, was paid on 8 September 2025, and was calculated at 7.5 per cent. on the combined value as at 30 June 2025 of the cash balances and the remaining unsold publicly listed investments as at the commencement of the Managed Wind-Down period. Subsequent Adjustment Payments due to the Investment Manager arising from the cash dividend distributions received by the Company from its investment portfolio during the Managed Wind-Down period and from the orderly realisation of the remaining private portfolio during this time will also be calculated at 7.5 per cent. on the cash proceeds received by the Company. All Adjustment Payments will be calculated so as to avoid double counting, such that no subsequent Adjustment Payments have actually arisen on the later disposal of the Company's unsold publicly listed investments held as at the commencement of the Managed Wind-Down period.
Richard Horlick, Chair of the Board of Riverstone Energy Limited, commented:
"I'm pleased to report that following the EGM vote in favour of a Managed Wind-Down in August, the Company has acted swiftly with the Investment Manager to sell all the publicly held investments. In addition, the Investment Manager has signed the sale of the Onyx investment - which is forecast to close in Q1 2026. It is noteworthy that these four holdings, in aggregate, were sold above the 30 June holding values. The Company has, as a consequence, announced its first compulsory share repurchase of £190 million. The Company will continue to focus on the return of further capital to shareholders and together with the Investment Manager seek to focus on the value of its remaining decarbonisation assets."
David M. Leuschen and Pierre F. Lapeyre Jr., Co-Founders of Riverstone, added:
"We have recently finalised the signing of the sale agreement for the Onyx investment which resulted in a small uplift on the existing mark, in addition to concluding exits from all the conventional, publicly held energy assets. The remaining decarbonisation assets remain strategically positioned for long term relevance. As the Company progresses through its Managed Wind-Down, we are concentrating on ensuring capital preservation and timely realisations of remaining value."
Current Portfolio - Conventional
| Investment |
Gross Committed Capital ($mm) |
Invested Capital ($mm) |
Gross Realised Capital ($mm)[2] |
Gross Unrealised Value ($mm)[3] |
Gross Realised Capital & Unrealised Value ($mm)3 |
30 Jun 2025 Gross MOIC3 |
30 Sep 2025 Gross MOIC3 |
| Onyx (Private) |
66 |
60 |
121 |
48 |
169 |
2.80x |
2.82x |
| Total Current Portfolio - Conventional4 |
$66 |
$60 |
$121 |
$48 |
$169 |
2.80x |
2.82x |
Current Portfolio - Decarbonisation
|
|
|
|
|
|
|
|
|
| Investment |
Gross Committed Capital ($mm) |
Invested Capital ($mm) |
Gross Realised Capital ($mm)2 |
Gross Unrealised Value ($mm)3 |
Gross Realised Capital & Unrealised Value ($mm)3 |
30 Jun 2025 Gross MOIC3 |
30 Sep 2025 Gross MOIC3 |
| GoodLeap (formerly Loanpal) (Private) |
25 |
25 |
2 |
23 |
25 |
1.00x |
1.00x |
| Infinitum (Private) |
27 |
27 |
- |
16 |
16 |
0.65x |
0.60x |
| Group14 (Private) |
4 |
4 |
- |
1 |
1 |
0.25x |
0.25x |
| Total Current Portfolio - Decarbonisation[4] |
$56 |
$56 |
$2 |
$40 |
$42 |
0.78x |
0.75x |
| Total Current Portfolio - Conventional & Decarbonisation4 |
$122 |
$116 |
$123 |
$88 |
$211 |
1.18x |
1.82x |
| Cash and Cash Equivalents |
|
|
$276 |
|
|
|
|
| Total Market Capitalisation |
|
|
$297 |
|
|
|
|
Realisations
| Investment (Initial Investment Date) |
Gross Committed Capital ($mm) |
Invested Capital ($mm) |
Gross Realised Capital ($mm)2 |
Gross Unrealised Value ($mm)3 |
Gross Realised Capital & Unrealised Value ($mm)3 |
30 Jun 2025 Gross MOIC3 |
30 Sep 2025 Gross MOIC3 |
|||||||||||||||
| Permian Resources (16 Jul 2016) |
268 |
268 |
370 |
- |
370 |
1.39x |
1.38x |
|||||||||||||||
| Veren (27 Mar 2014) |
296 |
296 |
266 |
- |
266 |
0.87x |
0.90x |
|||||||||||||||
| Rock Oil[5] (12 Mar 2014) |
114 |
114 |
239 |
0 |
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[6] (17 Apr 2015) |
40 |
40 |
88 |
- |
88 |
2.20x |
2.20x |
|||||||||||||||
| RCO[7] (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 |
0 |
26 |
0.33x |
0.55x |
|
||||||||||||||
| Aleph (9 Jul 2019) |
23 |
23 |
23 |
- |
23 |
1.00x |
1.00x |
|||||||||||||||
| Ridgebury (19 Feb 2019) |
18 |
18 |
22 |
- |
22 |
1.22x |
1.22x |
|||||||||||||||
| Castex 2014 (3 Sep 2014) |
52 |
52 |
14 |
- |
14 |
0.27x |
0.27x |
|||||||||||||||
| Total Realisations4 |
$1,431 |
$1,431 |
$1,668 |
$0 |
$1,668 |
1.23x |
1.17x |
|||||||||||||||
| Withdrawn Commitments and Investment Write-Offs4,[8] |
477 |
477 |
10 |
- |
10 |
0.02x |
0.02x |
|||||||||||||||
| Total Investments4 |
$2,030 |
$2,024 |
$1,800 |
$89 |
$1,889 |
0.93x |
0.93x |
|||||||||||||||
| Total Investments & Cash and Cash Equivalents |
$365 |
|
|
|
||||||||||||||||||
| Draft Unaudited Net Asset Value |
$363 |
|
|
|
||||||||||||||||||
| Total Shares Repurchased to-date |
37,075,536 |
at average price per share of £4.44 ($5.67) |
||||||||||||||||||||
| Current Shares Outstanding |
24,591,380 |
|
|
|
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Equity markets strengthen as concerns about debt markets rise
Global financial markets performed strongly in the third quarter of 2025, balancing heavy investment into AI and continued investor optimism, against ongoing geopolitical uncertainty, a mixed picture on global growth and an increasing focus on the level of government indebtedness in many developed countries. The quarter closed with concerns over private credit also starting to impact debt markets. Despite this, equity markets remained well supported with the S&P 500 ending the quarter up 8.1 per cent. and the FTSE all share up 6.9 per cent. in local currency terms. Emerging markets also performed well, up 10.6 per cent. in Q3, buoyed by a weaker dollar. Corporate earnings remained robust, but energy prices softened slightly with oil and natural gas prices both declining in the quarter.
The Federal Reserve's first rate cut of the year in September provided short-term support to risk assets, although policymakers have remained cautious amid persistent inflationary concerns and renewed fiscal expansion. The "One Big Beautiful Bill Act" injected stimulus into the US economy, but investors continue to weigh its potential inflationary implications alongside the effects of elevated tariffs on global trade and manufacturing costs.
In the energy sector, West Texas Intermediate (WTI) crude fell from $65.11 per barrel at the start of the quarter, to $62.37 by 30 September. This was driven by slowing demand, an unwinding of previous OPEC production cuts and high inventories. Shale producers also maintained steady output gains.
Natural gas markets remained subdued. Henry Hub prices fell slightly in the quarter from $3.46 to $3.30 as an increase in European gas demand was more than offset by a reduction in demand from Asia and concerns about potential future LNG supply overhang next year.
Overall, the quarter was defined by diverging regional trends: economic resilience in North America, fragile industrial output in Europe, and uneven recovery in Asia. Against this backdrop, investor focus has shifted toward earnings quality, cost control and capital discipline, themes that also characterised performance within the energy sector.
Realisations
Whitecap Resources (fka Veren)
On 11 September 2025, the Company sold its entire position in Whitecap Resources, a leading Canadian energy company focussed on the responsible development of oil and natural gas assets in the Western Canadian Sedimentary Basin for CAD10.29 per share. The gross per share price received represents a 1.9 per cent. discount to the closing price on 11 September 2025 and an approximate 1.0 per cent. premium to the 30-day volume-weighted average price.
The approximately 8.72 million-share block sale generated approximately CAD 90 million (approximately $65
million) in gross proceeds for the Company (excluding applicable taxes and expenses), resulting in an aggregate
Gross MOIC of 0.90x, inclusive of previously realised proceeds.
In total, the Company will have received cumulative proceeds of approximately $266 million, representing a 0.90x Gross MOIC on $296 million of invested capital.
Permian Resources
On 15 September 2025, Permian Resources Corporation announced the pricing of the previously announced underwritten public offering of an aggregate of 46,112,899 shares of its Class A common stock by certain stockholders of Permian Resources at a price of $13.53 per share. The Company participated in the offering alongside affiliates of Riverstone Investment Group LLC, amongst others.
In total, the Company will have received cumulative proceeds of approximately $370 million, representing a 1.38x Gross MOIC on $268 million of invested capital.
Solid Power
On 19 September 2025, the Company disposed of all of its shares in Solid Power, Inc., a Louisville, Colorado-based producer of all solid-state batteries for electric vehicles. The block sale of shares generated approximately $25.9 million in gross proceeds for the Company (excluding applicable taxes and expenses), representing a significant increase on the net asset value of Solid Power as at 30 June 2025 of $16.0 million.
On 8 October 2025, the Company disposed of all of its remaining warrants in Solid Power, Inc. The sale of warrants generated approximately $343,000 in gross proceeds for the Company (excluding applicable taxes and expenses). Following completion of this transaction, the Company has fully exited its investment in Solid Power.
In total, the Company will have received cumulative proceeds of approximately $25 million, representing a 0.55x Gross MOIC on $48 million of invested capital.
Onyx
On 21 October 2025, the Company announced the proposed sale of 100 per cent. of its interest in Onyx to ResInvest Group, a privately owned trading and investment company, supplying key commodities for global markets. Net proceeds to the Company are expected to be approximately $48 million, net of estimated transaction costs, payable in cash at completion. The transaction is subject to customary closing conditions and completion is anticipated to take place in Q1 of 2026.
In total and with the announcement of the proposed sale of Onyx, the Company will have received cumulative proceeds of approximately $169 million, representing a 2.82x Gross MOIC on $60 million of invested capital.
Remaining Portfolio
GoodLeap
The valuation multiple for GoodLeap held at 1.00x Gross MOIC for the third quarter of 2025. In 2024, the company raised over $7 billion across multiple financing activities for its new and existing products, bringing its total to more than $30 billion in sustainable financing since inception. The company's valuation remains supported by performance in its home improvement and solar leasing businesses, with $4.6 billion of home efficiency loan volume expected in 2025, up from $3.2 billion in 2024.
The company, however, faces ongoing litigation and tariff-related cost pressures, with 2025 EBITDA forecasts revised downward by $35 million due to higher-than-expected legal expenses. The One Big Beautiful Bill Act, signed into law in July 2025, will phase out elements of the 30 percent Solar Investment Tax Credit starting in early 2026, though management expects limited near-term impact given the extended timeline for the credit reduction.
Despite these challenges, GoodLeap continues to deliver strong operating performance, with Q2 revenue of approximately $88 million and core adjusted EBITDA of $13 million, alongside rising transaction volumes across home improvement, mortgage, and payments products. The company remains focused on accelerating growth in its home efficiency business, maintaining cost discipline, and preparing for a potential IPO once market conditions improve.
Infinitum
Infinitum's valuation multiple remains broadly in line with the previous quarter, adjusting slightly from 0.65x to 0.60x Gross MOIC. This reflects the company's steady execution against its internal business plan and increasing commercial traction with strategic, long-term partners. While performance remains in line with expectations, the company remains vigilant in light of ongoing geopolitical uncertainty, which could present future challenges.
Group 14
The valuation multiple for Group14 remains at 0.25x Gross MOIC for the third quarter of 2025. In August, the company closed a $463 million Series D round led by SK Inc., with continued support from major investors including Porsche Investments, ATL, OMERS, Decarbonization Partners, Lightrock Climate Impact Fund, and Microsoft's Climate Innovation Fund, bringing total capital raised to date to more than $1 billion. Group14 also acquired the remaining 75 per cent. stake in its South Korea joint venture with SK, expanding its manufacturing footprint in Asia.
The company continues to advance its BAM-2 Module 1 production in Washington and ramp its commercial pipeline, with more than 100 customers in qualification and recent collaborations with BASF and leading EV and consumer electronics manufacturers. However, the company still faces production and commissioning challenges. There have been several delays, primarily related to factory site issues, which have pushed back the EV-scale start of production for the Washington plant.
Despite these near-term challenges, Group14 remains positioned to benefit from strong global demand for high-performance battery materials and sustained investor confidence in its proprietary silicon-carbon anode technology, which offers significant energy density gains over conventional graphite-based batteries.
Outlook
At quarter-end, the Company's net asset value stood at $363 million. The Company's disciplined approach to capital management, continues to provide resilience against market volatility as the Managed Wind-Down progresses.
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 4 active investments spanning decarbonisation, renewable energy and power in the Continental U.S. and Europe.
For further details, see 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:
Deutsche Numis - Corporate Broker:
Hugh Jonathan
Matt Goss
+44 (0) 20 7260 1000
Ocorian Administration (Guernsey) Limited -
Company Secretary:
Birgitte Horn
Note:
The Investment Manager is charged with proposing the valuation of the assets held by the Company through Riverstone Energy Investment Partnership, LP (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 the 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 30 September 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] GBP:USD FX rate of 1.29607 as of 30 September 2025
[2] Gross realised capital is total gross proceeds realised on invested capital. Of the $1,887 million of capital realised to date, $1,327 million is the return of the cost basis,
and the remainder is profit.
[3] 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 Winddown 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 Winddown. 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 Winddown.. 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 REL'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.
[4] Amounts vary due to rounding
[5] The unrealised value of Rock Oil investment is made up of funds held in escrow from the sale of rights to mineral acres
[6] Midstream investment
[7] Credit investment
[8] 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)