The director presents the strategic report for the year ended 31 December 2024.

Rystad Energy Ltd is part of the Norwegian-headquartered Rystad Group. The company is an independent research and business intelligence company, equipping clients with data and insights that power better energy and greenhouse gas-related decision making. Energy is the lifeblood of the company and the world at large. Data and insights are granular and bottom-up, generated by gathering the smallest data points before connecting the dots to see the whole picture. The RE group tracks all energy sources, from production to consumption, providing reliable data, projections and advice to enable clients to predict and plan for the future. A sought-after voice in the energy market, Rystad Energy Ltd is a trusted partner to energy companies, suppliers, financial players, NGOs and governments, as well as among broader stakeholders focusing on global and regional energy markets.

Rystad Energy Ltd provides market intelligence mainly to UK-based clients through the sale of access to both its information databases or “Cubes” and to its analytics library containing a series of commercial reports, company, asset or sector factsheets, weekly commentaries, market presentations and more. The information databases contain publicly available information sources with high credibility and transparency. These include company reports, investor presentations and press releases, governmental sources, as well as public institutions. Thousands of companies are tracked continuously with all sourced data converted to the same level and definition within the products to ensure consistency. The bottom-up data is verified by top-down benchmarks, with minimal deviation allowed.

Rystad Energy Ltd also provides bespoke and customized consulting advice. Specialized within energy but with capabilities to handle any strategy-related subject in the wider industrial domain, Rystad Energy Ltd works with industry stakeholders on challenges relating to strategy, market fundamentals and value chain development, equipping clients with data and insights that power better decision-making, driving changes to reshape global energy industry value chains in a greener and more profitable direction.

Rystad Energy Ltd is focused on growing its business given the many opportunities in the market. At the same time, the company and the group are self-funded. Consequently, the main key performance indicators are maintaining revenue growth while ensuring sufficient cash flow to support that growth.

Financial Risks

Rystad Energy Ltd is exposed to currency arising from the conversion of USD cash flows into GBP. The company maintains a healthy cash position and has no debt.

The Rystad Energy group has a global directors and officers insurance policy with Zurich Insurance covering potential liability claims from third parties of up to NOK 50 million.

Credit Risk

Rystad Energy Ltd is exposed to credit risks relating to accounts receivable. This risk is limited by the fact that clients are mostly well-established companies, with no single or small group of clients accounting for a significant share of revenue. The company manages this risk actively, following up the collection status of unpaid invoices on a weekly basis.

Working environment

Ensuring a sound workplace for all employees is a top priority for the group which strives to create a caring and energizing workplace that is perceived as safe and healthy for all employees. This is an integral part of the group's business operations worldwide.

The parent company has a Working Environment Committee and safety representatives in place. Through close cooperation and dialogue, the company can work purposefully and continuously with the employee representatives to create a safe, healthy, inclusive and attractive workplace, and manage risks accordingly. Furthermore, the group conducts engagement surveys two times per year. The purpose of these surveys, is to get the “pulse” of the organization and through anonymous employee feedback, understand and assess areas where the company are doing well and where to potentially improve.

Going Concern Basis of Accounting

The Directors have prepared the financial statements on a going concern basis, which assumes that the Company will continue to operate for the foreseeable future.

In assessing whether the going concern assumption is appropriate, the Directors have considered the Company's financial position, liquidity, and forecasts for at least 12 months from the approval of these financial statements.

As of 31 December 2024, the Company had cash reserves of £1.74 million and no debt. Although the Company has a negative equity and losses in 2024, it continued to grow revenue by 17% in 2024 and maintains strong relationships with customers. Deferred revenue ended the year at £4.69 million compared to the negative equity of £495 thousand. The company has invested in the team over the past several years, which is now 46 employees, and now plans a slowdown in non-intercompany cost growth in 2025. As such overall cost growth will be approximately 12%, compared to 18% in 2024. With continued revenue growth expected of 20% in 2025, we expect the company to have a positive operating profit in 2025 and continued profits in future years as our previous investments in people and customer relationships pay off.

The Directors have considered potential risks, including economic uncertainty and changes in market conditions. Based on this assessment, the Directors believe that the Company has adequate resources to continue operations for the foreseeable future and, therefore, the financial statements have been prepared on a going concern basis.

Future prospects

Rystad Energy Ltd’s future prospects are good, with both the market and the company’s competitive position continuing to improve and new products performing well. We expect companies, governments and global organizations to focus more attention on data, research and strategies to address the energy transition, geo-political impacts on energy policy, and the challenges of global warming. This will lead to a continued increase in the demand for the company’s services as well as further improvement in its financial performance is expected.

On behalf of the board

The director presents his annual report and financial statements for the year ended 31 December 2024.

The principal activity of the company is that of consultancy services to the energy industry.

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Riverside Accountancy Lancaster Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

The director is responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the director is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

We have audited the financial statements of Rystad Energy Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its loss for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

• the information given in the strategic report and the director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the director's report have been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

• the financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of director's remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit; or

• the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the director's report.

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Review of nominal postings for legal and professional fees ensured we identified any regulatory compliance issues and laws that company must follow in the year and to the date of signing the financial statements.

The assessment of fraud was consider as low due to the segregation of duties seen, the low levels of cash handled and the regular reporting required of the company to its parent. A review of journal entries and consideration of their appropriateness was carried out through the audit.

During the audit we speak to management, test the systems and speak to various members of the finance function to understand the entity its processes and the nature of trade to assist in determining if the financial statements are true and fair.

Challenging assumptions made by management in making their significant accounting estimates.

Reviewing financial statement disclosure and testing to supporting documentation to assess compliance with applicable laws and regulations.

Reperform calculations on material balances within the accounts particular deferred income that holds a large creditor balance at the year end.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

Rystad Energy Limited is a private company limited by shares incorporated in England and Wales. The registered office is 68 High Street, Tarporley, Cheshire, CW6 0AT.

The company office address is 77 Coleman St, London, EC2R 5BJ.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

Rystad Energy Limited is a wholly owned subsidiary of Rystad Energy AS and the results of Rystad Energy Limited are included in the consolidated financial statements of Rystad Energy AS which are available from Fjordalléen 16 0250 Oslo Norway.

The Directors have prepared the financial statements on a going concern basis, which assumes that the Company will continue to operate for the foreseeable future.true

In assessing whether the going concern assumption is appropriate, the Directors have considered the Company's financial position, liquidity, and forecasts for at least 12 months from the approval of these financial statements.

As of 31 December 2024, the Company had cash reserves of £1.74 million and no debt. Although the Company has a negative equity and losses in 2024, it continued to grow revenue by 17% in 2024 and maintains strong relationships with customers. Deferred revenue ended the year at £4.69 million compared to the negative equity of £495 thousand. The company has invested in the team over the past several years, which is now 46 employees, and now plans a slowdown in non-intercompany cost growth in 2025. As such overall cost growth will be approximately 12%, compared to 18% in 2024. With continued revenue growth expected of 20% in 2025, we expect the company to have a positive operating profit in 2025 and continued profits in future years as our previous investments in people and customer relationships pay off.

The Directors have considered potential risks, including economic uncertainty and changes in market conditions. Based on this assessment, the Directors believe that the Company has adequate resources to continue operations for the foreseeable future and, therefore, the financial statements have been prepared on a going concern basis.

Income from sales is accounted for when delivery has taken place and the risks and rewards of ownership have passed to the client.

Income from the sale of access to information databases and the analytics library is deferred and recognised on a linear basis over the period of access.

Income from the sale of consulting and other services is recognised over time in line with project completion and once the outcome of the project can be estimated with reasonable certainty.

No fixed assets are currently held.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

An analysis of the company's turnover is as follows:

The average monthly number of persons (including directors) employed by the company during the year was:

Their aggregate remuneration comprised:

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

During the year the company provided a short term (non-interest bearing) payable to Rystad Energy AS, the parent company of Rystad Energy Limited, a company registered in Norway. At the period end the amount due to the company was £624,000 (2023 - £567,000).

The company is controlled by Rystad Energy AS, a company registered in Norway, being the shareholder of the company, with the ultimate controller being J Rystad, director and main shareholder, of the parent company.

Rystad Energy AS prepares group accounts which can be found at:

Fjordalleen 16

0250 Oslo

Norway