Riverstone Energy 2025 results: NAV up, cash returned, and the endgame is in sight
Riverstone Energy Limited has reported a steady finish to 2025 and pushed decisively into its managed wind-down. Net asset value (NAV) per share rose to $16.07 (£11.94), up 8% in USD terms and 1% in GBP terms year-on-year, while a compulsory redemption in October returned approximately £190 million to shareholders at £11.01 per share.
The strategy now is simple: sell down the remaining assets in an orderly fashion and keep returning cash. With the sale of Onyx Power completing after year-end, the final phase looks well underway, and the Board expects to set out the quantum and timing of a second redemption during March.
Key figures at 31 December 2025
| NAV | $118 million / £88 million |
| NAV per share | $16.07 / £11.94 |
| Loss for the year | ($0.5 million) |
| Basic loss per share | (2.17 cents) |
| Cash and cash equivalents | $17.1 million / £12.7 million |
| Market capitalisation | $71 million / £53 million |
| Share price | $9.73 / £7.23 |
| Total net realisations and distributions in 2025 | $233.3 million |
| Current shares outstanding | 7,334,416 |
| FX rate used | GBP:USD 1.3462 |
Jargon buster: NAV is the total value of assets minus liabilities, divided by shares outstanding. MOIC (multiple of invested capital) is the total value realised and unrealised divided by the capital invested – a handy yardstick for exit economics, but it is quoted on a gross basis before fees and taxes.
Managed wind-down: what happened and what it means
Shareholders voted in August 2025 to put Riverstone into a managed wind-down – essentially, an orderly liquidation designed to maximise value and hand it back pro rata. In October, the Company executed a compulsory partial redemption at £11.01 per share, equal to the 30 June 2025 NAV per share. Around 70% of shares in issue – 17,256,964 shares – were acquired and cancelled, returning approximately £190 million.
That was the big step. The Board now expects to notify the size and timing of a second compulsory share redemption in March. Quantum and exact dates are not disclosed yet.
Portfolio progress: exits, cash returns, and what is left
2025 realisations: a busy year for distributions
- Total net realisations and distributions reached $233.3 million in 2025.
- Breakdown: Permian Resources ($138.3 million), WhiteCap Resources ($68.7 million), Solid Power ($26.2 million), Rock Oil ($0.1 million).
These disposals underpinned the October capital return and set the tone for an accelerated wind-down.
Onyx Power: sale agreed and completed, strong MOIC
At year-end, Onyx Power carried a gross MOIC of 2.86x on $60 million invested (gross realised $121 million, gross unrealised $50 million). On 2 February 2026, the Company announced completion of the sale of 100% of its interest in Onyx Power to ResInvest Group. The transaction represents a gross MOIC of 2.86x, which would reduce to 2.80x after the applicable adjustment payment to the Investment Manager under the managed wind-down terms. Proceeds amount are not disclosed.
Remaining assets: three decarbonisation holdings
Riverstone says it now has 3 active investments, all in decarbonisation. As at 31 December 2025, the private portfolio MOICs were:
- Infinitum: 1.00x (up from 0.60x at 30 September 2025).
- GoodLeap: 1.00x.
- Group14: 0.10x (down from 0.25x at 30 September 2025).
Total current portfolio (conventional and decarbonisation) stood at invested capital of $122 million, with gross realised $123 million, gross unrealised $106 million and a combined gross MOIC of 1.89x at year-end. Cash and cash equivalents were $17 million. The audited NAV was $118 million. The difference between portfolio plus cash and the audited NAV likely reflects other net items, but specifics are not disclosed.
Discount to NAV: the market is still cautious
With NAV per share of $16.07 (£11.94) and a share price of $9.73 (£7.23), the stock traded at roughly a 39% discount to NAV at year-end. Discounts can persist in wind-down situations due to timing uncertainty, fees, taxes, and execution risk. If the remaining assets are realised near book value and cash is handed back efficiently, that discount can close – but investors are waiting to see the cash.
Fees, taxes and why gross MOIC is not the whole story
Remember that the MOICs quoted are gross, before costs and taxes. The Company notes that, given fees, expenses and taxes, total net value and net MOIC will be materially lower than the gross figures. The performance allocation under the prior IMA ceased with the wind-down, and the management fee reduced to 1.0% of net assets (excluding cash) per annum from 22 August 2025. Local and withholding taxes may apply to profits and distributions, which impacts net outcomes.
My take: positives, watch-outs, and what to track next
What looks positive
- NAV resilience: NAV per share rose 8% in USD terms in 2025 despite choppy markets.
- Execution: $233.3 million of realisations and a £190 million redemption demonstrate the wind-down is being delivered.
- Onyx exit: a gross MOIC of 2.86x (2.80x after adjustment) is a strong result on a sizeable holding.
- Infinitum uplift: moving to 1.00x suggests stabilisation in part of the decarbonisation book.
What gives me pause
- Discount to NAV: about 39% at year-end signals lingering scepticism on timing and net outcomes.
- Concentration and mark risk: only three active investments remain, all private decarbonisation names – Group14 at 0.10x is a notable drag.
- Cash is modest at year-end: $17.1 million on the balance sheet until further disposals settle; proceeds from the Onyx sale are not disclosed.
- Net vs gross: fees and taxes will reduce what ultimately flows to shareholders relative to gross MOICs.
What to watch next
- Second compulsory redemption: the Board plans to announce the quantum and timing in March.
- Onyx cash inflow: confirmation of proceeds and any further distributions to shareholders.
- Valuation updates: especially for GoodLeap and Group14, where marks can be volatile.
- FX: reporting and assets are largely USD-based, while many shareholders think in GBP – NAV moves can differ by currency.
Share count and buyback context
Total shares repurchased to date stand at 37,075,536 at an average price of £4.44 ($5.67). Following the October redemption, current shares outstanding are 7,334,416. A smaller register can help reduce friction as the Company executes final distributions in the wind-down.
Where to read the full Annual Report
The 2025 Annual Report is available on the Company’s website: www.RiverstoneREL.com. It includes the full valuation methodology, quarterly marks and further details on the managed wind-down.
