Chariot Reports Final Results for 2025: Angola Deal and Renewables Divestment in Focus

The catch is obvious enough: completion is expected in H2 2026 and still needs regulatory approvals. Until that happens, this is promising rather than proven.

Chariot financial results 2025: the profit is real, but not the whole picture

Chariot reported a profit after tax of US$0.3 million for 2025, compared with a loss of US$22.3 million in 2024. On the surface, that looks like a dramatic turnaround.

But investors should not kid themselves that this was driven by underlying operating cash generation. A major reason for the improvement was a US$15.4 million gain on the deemed disposal of Chariot Generation and Trading (Pty) Limited, plus a US$14 million gain recognised through equity accounting linked to the Mahlako transaction.

Those are meaningful accounting gains, but they are not the same as a business gushing cash. The company still had very limited liquidity at the year end.

Key number	2025	2024
Profit/(loss) after tax	US$0.3 million	US$(22.3) million
Cash balance including restricted cash	US$1.2 million	US$2.9 million
Net liabilities excluding cash	US$2.6 million	US$3.0 million
Exploration and evaluation assets	US$52.5 million	US$56.5 million
Investments in associates and joint ventures	US$15.0 million	US$1.6 million

There was some genuine cost discipline. Other administrative expenses fell to US$7.9 million from US$9.6 million, and share-based payments dropped to US$0.7 million from US$3.4 million. That is positive, especially for a company still pre-material revenues.

Going concern warning: this is the big risk investors should not ignore

Here is the part that matters just as much as the Angola upside. The auditor’s report was not qualified, but it did include a material uncertainty relating to going concern.

The reason is simple. Chariot still has not earned material revenues to date and remains dependent on financing, asset partnering and successful deal execution. The board says that under a downside scenario where the Renewable Power business is not divested, there could potentially be a cash deficit from Q2 2027.

That does not mean collapse is around the corner. It does mean the investment case still depends on management delivering two things: completion of the Angola transaction and monetisation of renewables. If either slips badly, funding risk rises again.

Morocco gas assets still have value, but Chariot needs partners

Morocco remains important, even if it is no longer the market’s main focus. Chariot regained operatorship and a 75% working interest in the offshore Lixus and Rissana licences in May 2025.

The Anchois gas development has been rescaled around the resources already discovered in the Anchois-1 and Anchois-2 wells. The company says a turnkey EPCI proposal – engineering, procurement, construction and installation – shows that previously projected capex can be cut substantially while keeping production capacity at up to 105mmscfd.

That is encouraging because lower capex often makes marginal projects fundable. Chariot still quotes a gross NPV10 of US$0.65 billion to US$1 billion for the project, which is clearly substantial on paper.

Still, there is a but. Chariot is looking for partners across Lixus and Rissana, and discussions are underway with larger industry players and Moroccan investors. Until a partner signs, Morocco remains valuable optionality rather than near-term cashflow.

On the more negative side, the Loukos onshore licence saw a US$4.7 million impairment in 2025. That tells you management is getting more selective about where capital goes.

Renewable Power progress is strong – but Chariot wants to sell into that strength

The renewables business actually had a good year. Etana Energy continues to scale in South Africa, with over 400MW of wind and solar under construction and more than 500MW of shovel-ready projects in the pipeline.

It also signed a 220MW 10-year power purchase agreement with Sibanye-Stillwater. That is the sort of commercial traction you want to see.

On top of that, Chariot has stakes in the 100MW Zen and 94MW Bergriver wind farms, both under construction. The business has secured major financing packages without parent-level dilution, which deserves credit.

So why sell? Because management now sees more strategic value in oil and gas. My read is that Chariot thinks the market will pay more attention to upstream cashflows than to a mixed energy model. That is probably fair, but selling a growing renewables platform too early can also mean leaving value on the table.

What Chariot shareholders should watch next in 2026

• Regulatory approval and completion of the Angola acquisition in H2 2026.
• Any evidence of cashflow timing from the Angola exposure.
• Progress on a renewables divestment.
• Partnering news in Morocco across Lixus and Rissana.
• The proposed share consolidation, which is subject to shareholder approval.

My view on Chariot’s 2025 results: better strategy, but execution now matters more than talk

I think this update is broadly positive. Chariot finally has a route into meaningful production exposure, and the Angola deal looks like a genuine game changer if it completes on time. The economics look compelling, the partners are credible and the strategic direction is far clearer than it was a year ago.

But I would not call this low risk. The year-end cash position was thin, the profit was flattered by non-cash and accounting items, and the going concern warning is not something retail investors should shrug off.

So the bull case is straightforward: complete Angola, monetise renewables, and turn Chariot into a cash-generative African upstream company. The bear case is just as clear: delays, funding pressure and more dilution. This is now a classic execution story.

For shareholders, 2026 looks like the year Chariot either steps up a level or gets dragged back into financing mode again. That is why this set of final results matters.