Portfolio Update

Riverstone Energy Limited

12 August 2026

 

- THIS ANNOUNCEMENT INCLUDES INSIDE INFORMATION -

Riverstone Energy Limited Announces 2Q26 Quarterly Portfolio Valuations & NAV

London, UK (12 August 2026) - Riverstone Energy Limited (the "Company") announces its quarterly portfolio summary as of 30 June 2026, inclusive of updated quarterly unaudited fair market valuations.

Current Portfolio

Investment	Gross Committed Capital ($mm)	Invested Capital ($mm)	Gross Realised Capital ($mm)5	Gross Unrealised Value ($mm)6	Gross Realised Capital & Unrealised Value ($mm)6	31 Mar 2026 Gross MOIC6	30 Jun 2026 Gross MOIC6
Infinitum Electric (Private)	33	33	-	33	33	1.00x	1.00x
GoodLeap           (Private)	25	25	2	23	25	1.00x	1.00x
Group14  Technologies                 (Private)	4	4	-	-	-	0.10x	0.00x
Total Current Portfolio[1]	$62	$62	$2	$56	$58	0.94x	0.94x
Cash and Cash Equivalents				$24
Total Market Capitalisation				$36

Realisations

Investment   (Initial Investment Date)		Gross Committed Capital ($mm)					Invested Capital ($mm)		Gross Realised Capital ($mm)5					Gross Unrealised Value ($mm)6		Gross Realised Capital & Unrealised Value ($mm)6	31 Mar 2026  Gross MOIC6			30 Jun 2026 Gross MOIC6
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
Onyx Power (25 Nov 2019)		66					60		171					-		171	2.86x			2.86x
Meritage III[2]    (17 Apr 2015)		40					40		88					-		88	2.20x			2.20x
RCO[3]                        (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 (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 Realisations2		$1,496					$1,490		$1,841					$0		$1,841	1.24x			1.24x
Withdrawn Commitments and Investment Write-Offs[4]		477					477		10					-		10	0.02x			0.02x
Total Investments2		$2,035					$2,029		$1,853					$56		$1,909	0.94x			0.94x
Total Investments & Cash and Cash Equivalents2														$79
Draft Unaudited Net Asset Value														$77
Total Shares Repurchased to-date														37,075,536		at average price per share of £4.44 ($5.67)
Shares Outstanding at 30 June 2026														4,821,934

Pressure on energy markets continues as Middle Eastern situation remains uncertain

The second quarter began with significantly elevated oil prices amid a continuance of hostilities in the Middle East. Brent Crude started the quarter at US$60.85 with WTI at US$57.41. The transport of oil and oil products through the Strait of Hormuz remained highly restricted and for much of the period the route was closed. As the quarter evolved and there were movements towards a fragile peace proposal, prices began to fall back as sentiment improved in expectation of the re-opening of the Strait. Prices remain above where they were at the beginning of the year, reflecting the fact that the re-opening of the Strait will take some time, given its central importance to current negotiations and the need to clear mines and to ensure the safety of shipping. In addition, damage to infrastructure in the Middle East will have a material impact on the intermediate-term supply of oil and oil products. In addition, the negotiations with Iran are not straightforward and the ceasefire remains delicate.

A further twist to the long-term supply picture was the announced withdrawal of the UAE from OPEC in May. Its apparent goal is to ensure full strategic autonomy over its oil production and the ability to maximise production when the Strait of Hormuz reopens. While not a fatal blow to OPEC, it does potentially weaken OPEC's impact. Brent Crude had fallen back by the end of the quarter to $72.92 and WTI closed the period at $70.03.  

Global oil inventory drawdown increased during the second quarter as countries use their strategic reserves to ensure continuity of supply across key commodities such as diesel and jet fuel. The constraint on oil supply has forced some changes to economic behavior, for example airlines, particularly in Europe, have moved to cancel flights and cut capacity in the face of higher jet fuel prices and concerns over reduced supply.

Despite the impact elevated energy prices has had on inflation and interest rate expectations, improved sentiment around the geopolitical situation provided the backdrop for strong global equity market performance in Q2. During the quarter, the S&P 500 rose by 9.6% and the FTSE 100 index by 5.7%. Emerging markets saw even stronger performance as the economic picture remained relatively supportive despite the energy shock, demonstrating the resilience of the global economy. Record investments in AI continue to support global stock markets, even as the market worries about the impact of AI on certain parts of the economy (software), the likely return on such historic levels of investment, the rise of cheaper China-based LLMs, and the risk of a potential AI valuation bubble.

The new Chair of the Federal Reserve, Kevin Warsh, chaired his first meeting of the FOMC in June. He will have to balance domestic political considerations with the economic tensions being fueled by increased inflation. Rates remained on hold at the FOMC's June meeting, but the statements and outlook were relatively hawkish, a marked change from the expectation of rate cuts earlier in the year.

Despite the volatility and disruption experienced during the second quarter, longer-term structural trends continue to highlight the growing need for both conventional and lower-carbon energy supply. Global demand for electricity continues to rise due to data center buildout, other AI-related infrastructure, EV growth, the electrification of production, and increased air conditioning demand due to a global heat wave and projections of rising temperatures. Events in recent months have reinforced the need for countries to have a diversified domestic energy supply base to ensure energy continuity, affordability, and security.

Second Compulsory Partial Redemption

Consistent with the managed wind-down approved by Shareholders and announced on 22 August 2025, the Company announced on 9 April 2026 that it would return £30 million by way of its second compulsory partial redemption of up to 2,512,562 Shares on 27 April 2026 and with a redemption payment date of 15 May 2026. On 28 April 2026, the Company confirmed that it had redeemed 2,512,482 Shares (representing approximately 34.26 per cent. of the Company's issued share capital) for cancellation at a Redemption Price of £11.94 pence per Share. This decreased the Company's shares outstanding from 7,334,416 as of 31 March 2026 to 4,821,934 post-redemption.

Remaining Portfolio

Infinitum Electric

The valuation multiple for Infinitum Electric held at 1.00x Gross MOIC for the second quarter of 2026. The company delivered revenue in line with plan during the first quarter of 2026 and continued to demonstrate strong commercial momentum through solid bookings performance, supporting confidence in achieving full-year objectives despite some execution risks related to project timing and customer-specific delays. Management has highlighted continued progress with the Secure Supply Program (SSP), which is improving revenue visibility and strengthening the predictability and bankability of the business model over the medium term. Liquidity remains adequate, with cash levels tracking ahead of the original budget, while the company is actively pursuing debt financing to further support its growth plans and extend financial flexibility.

GoodLeap

The valuation multiple for GoodLeap held at 1.00x Gross MOIC for the second quarter of 2026. The valuation  reflects management's expectation of material growth in revenue, profitability, and cash generation from its continued pivot away from retail solar financing to diversified home improvement/efficiency financing, solar leasing, and high margin service revenue from its integrated payments processing platform. Historical retail solar litigation related expenses continue to weigh on near-term results, but management expects these costs to decline over time and become less impactful following 2026.

Group14 Technologies

The valuation multiple for Group14 Technologies decreased to 0.00x Gross MOIC for the second quarter of 2026. Group14 Technologies 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. We continue to monitor volume and revenue ramp up, and fundraising activities.

Outlook

The first half of 2026 continues to demonstrate that energy security remains fundamental to economic resilience. While geopolitical developments created considerable uncertainty across global markets, they also reinforced the strategic importance of reliable, domestic, and diversified energy supply, together with continued investment in lower-carbon technologies capable of supporting long-term electrification and industrial efficiency.

As the Company advances its Managed Wind-Down, the Investment Manager's priorities have become increasingly focused. Capital allocation is now directed towards preserving value, supporting existing portfolio companies where appropriate and identifying disciplined exit opportunities capable of maximising returns for Shareholders.

While the timing of future realisations will inevitably depend upon market conditions and company-specific developments, the Investment Manager believes the remaining portfolio continues to comprise businesses operating in sectors supported by long-term demand for industrial electrification, energy efficiency and advanced manufacturing technologies.

The Board and Investment Manager remain committed to executing the Managed Wind-Down in an orderly manner while maintaining execution discipline, preserving shareholder value and returning realised capital in a timely and efficient manner.

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 spanning decarbonisation and renewable energy in the Continental U.S.

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:

[e-mail]

Deutsche Numis - Corporate Broker:

Hugh Jonathan

Matt Goss

[phone]

Ocorian Administration (Guernsey) Limited -

Company Secretary:

Birgitte Horn

[e-mail]

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 June 2026 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.

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[1] Amounts vary due to rounding

[2] Midstream investment

[3] Credit investment

[4] 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)

5 Gross realised capital is total gross proceeds realised on invested capital. Of the $1,853 million of capital realised to date, $1,330 million is the return of the cost basis,

and the remainder is profit.

6 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.

 

END