EXHIBIT 99.2

RENERGEN LIMITED 

Incorporated in the Republic of South Africa

(“Renergen” or “the Company” or together with its subsidiaries “the Group”)

REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE SIX MONTHS ENDED 31 AUGUST 2025

CONTENTS

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION.		2
INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS.		3
INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY.		4
INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS.		6
NOTES TO THE REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS.		7

INTERIM CONSOLIDATED STATEMENT OF FINANCIAL POSITION

The Interim Consolidated Statement of Financial Position of the Group as at 31 August 2025 is set out below:

						Reviewed				Audited
R'000		Notes				31 August 2025				28 February 2025
ASSETS
NON-CURRENT ASSETS							2,397,619				2,236,021
Property, plant and equipment			4				2,037,978				2,009,373
Intangible assets			5				113,570				24,300
Deferred taxation			6.2				186,692				141,586
Restricted cash			7				25,355				23,079
Finance lease receivables							34,024				37,683
CURRENT ASSETS							278,746				113,153
Inventory							989			3,198
Restricted cash			7				73,009				49,497
Finance lease receivables						6,968				6,116
Trade and other receivables							34,716				26,025
Cash and cash equivalents			8				163,064				28,317
TOTAL ASSETS							2,676,365				2,349,174
EQUITY AND LIABILITIES
EQUITY							974,902				1,114,609
Stated capital			9				1,214,925				1,210,302
Share based payments reserve							21,897				26,318
Other reserves							691				946
Accumulated loss							(361,228	)			(198,934	)
Equity attributable to equity holders of Renergen							876,285				1,038,632
Non-controlling interest							98,617				75,977
LIABILITIES
NON-CURRENT LIABILITIES							126,313				122,646
Borrowings			10				56,543				53,205
Lease liabilities						8,789					10,011
Deferred revenue							14,455				15,095
Provisions							46,526				44,335
CURRENT LIABILITIES							1,575,150				1,111,919
Borrowings			10				1,482,802				1,013,737
Trade and other payables							90,150				96,413
Lease liabilities						2,198				1,769
TOTAL LIABILITIES							1,701,463				1,234,565
TOTAL EQUITY AND LIABILITIES							2,676,365				2,349,174

2

INTERIM CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE LOSS

The Interim Consolidated Statement of Profit or Loss and Other Comprehensive Loss of the Group for the six months ended 31 August 2025 is set out below:

						Reviewed				Reviewed
R'000		Notes				31 August 2025				31 August 2024
Revenue			11				29,093				25,609
Cost of sales			11				(57,814	)			(24,727	)
Gross (loss)/profit							(28,721	)			882
Other operating income			12				26,917				16,383
Share-based payments expense							(202	)			(1,748	)
Other operating expenses			13				(112,051	)			(80,643	)
Operating loss							(114,057	)			(65,126	)
Interest income						4,668				5,450
Interest expense and imputed interest			14				(75,371	)			(25,198	)
Loss before taxation							(184,760	)			(84,874	)
Taxation			6.1				45,106				14,161
Loss for the period							(139,654	)			(70,713	)
Other comprehensive loss:
Items that may be reclassified to profit or loss in subsequent periods:
Exchange differences on translation of foreign operation							(255	)			(96	)
Other comprehensive loss for the period							(255	)			(96	)
Total comprehensive loss for the period							(139,909	)			(70,809	)
Loss attributable to:
Owners of Renergen							(134,508	)			(67,472	)
Non-controlling interest							(5,146	)			(3,241	)
Loss for the period							(139,654	)			(70,713	)
Total comprehensive loss attributable to:
Owners of Renergen							(134,763	)			(67,568	)
Non-controlling interest							(5,146	)			(3,241	)
Total comprehensive loss for the period							(139,909	)			(70,809	)
LOSS PER ORDINARY SHARE
Basic and diluted loss per share (R cents)			15				(91.14	)			(45.73	)

3

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

The Interim Consolidated Statement of Changes in Equity of the Group for the six months ended 31 August 2025 is set out below:

																		Total equity
						Share-								Audited				attributable				Non-
		Share				based								Accumu-				to equity				controlling
		capital				payments				Other				lated				holders of				interest				Total
R'000		(note 9)				reserve				reserves				loss				Renergen				(“NCI”)				equity
For the six months ended 31 August 2024
Balance at 29 February 2024			1170,059				26,445				628				46,515				124,3647				77,456				1,321,103
Loss for the period			-				-				-				(67,472	)			(67,472	)			(3,241	)			(70,713	)
Other comprehensive loss for the period			-				-				(96	)			-				(96	)			-				(96	)
Total comprehensive loss for the period			-				-				(96	)			(67,472	)			(67,568	)			(3,241	)			(70,809	)
Share-based payments expense			-			1,748					-				-			1,748					-			1,748
Balance at 31 August 2024			1170,059				28,193				532				(20,957	)			1,177,827				74,215				1,252,042

For the six months ended 28 February 2025
Balance at 1 September 2024			1170,059				28,193				532				(20,957	)			1,177,827				74,215				1,252,042
Loss for the period			-				-				-				(168,648	)			(168,648	)			(7,567	)			(176,215	)
Other comprehensive income for the period			-				-				414				-				414				-				414
Total comprehensive loss for the period			-				-				414				(168,648	)			(168,234	)			(7,567	)			(175,801	)
NCI share of equity contribution			-				-				-				(9,329	)			(9,329	)		9,329					-
Issue of shares			42,558				(3,242	)			-				-				39,316				-				39,316
Share issue costs			(2,315	)			-				-				-				(2,315	)			-				(2,315	)
Share-based payments expense			-			1,367					-				-			1,367					-			1,367
Balance at 28 February 2025			1,210,302				26,318				946				(198,934	)			1,038,632				75,977				1,114,609

4

INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (continued)

														Reviewed				Total equity
						Share-												attributable
		Share				based								Accumu-				to equity
		capital				payments				Other				lated				holders of								Total
R'000		(note 9)				reserve				reserves				loss				Renergen				NCI				equity
For the six months ended 31 August 2025
Balance at 28 February 2025			1,210,302				26,318				946				(198,934	)			1,038,632				75,977				1,114,609
Loss for the period			-				-				-				(134,508	)			(134,508	)			(5,146	)			(139,654	)
Other comprehensive loss for the period			-				-				(255	)			-				(255	)			-				(255	)
Total comprehensive loss for the period			-				-				(255	)			(134,508	)			(134,763	)			(5,146	)			(139,909	)
NCI share of equity contribution			-				-				-				(27,786	)			(27,786	)			27,786				-
Issue of shares		4,623					(4,623	)			-				-				-				-				-
Share-based payments expense			-				202				-				-				202				-				202
Balance at 31 August 2025			1,214,925				21,897				691				(361,228	)			876,285				98,617				974,902

5

INTERIM CONSOLIDATED STATEMENT OF CASH FLOWS

The Interim Consolidated Statement of Cash Flows of the Group for the six months ended 31 August 2025 is set out below:

						Reviewed				Reviewed
R'000						31 August 2025				31 August 2024
Cash flows used in operating activities							(118,236	)			(42,549	)
Cash used in operations			16.1				(122,904	)			(47,745	)
Interest received						4,668				5,450
Taxation paid							-				(254	)
Cash flows used in investing activities							(170,533	)			(91,696	)
Investment in property, plant and equipment			4				(77,637	)			(69,703	)
Investment in intangible assets			5				(67,108	)			(21,993	)
Movement in restricted cash			7				(25,788	)			-
Cash flows from/(used in) financing activities							423,515				(236,176	)
Proceeds from borrowings			10				538,522				177,973
Repayment of borrowings - capital			10				(64,507	)			(348,720	)
Repayment of interest on borrowings			10				(48,261	)			(63,198	)
Interest paid on leasing and other arrangements			14				(1,446	)			(1,338	)
Payment of lease liabilities - capital							(793	)			(893	)
TOTAL CASH MOVEMENT FOR THE PERIOD							134,746				(370,421	)
Cash and cash equivalents at the beginning of the period							28,317				471,075
Effects of exchange rate changes on cash and cash equivalents							1				(9	)
Total cash and cash equivalents at the end of the period							163,064				100,645

6

NOTES TO THE REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

1. Basis of preparation

The reviewed interim consolidated financial statements for the six months ended 31 August 2025 have been prepared and presented in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”), the South African Financial Reporting Requirements, the JSE Listings Requirements and in a manner required by the South African Companies Act 71 of 2008, as amended, and as a minimum contain the information required by IAS 34 Interim Financial Reporting. The accounting policies used in the preparation of these interim consolidated financial statements are in terms of IFRS Accounting Standards.

The directors take full responsibility for the preparation of the interim consolidated financial statements presented. These interim consolidated financial statements have been prepared on a going concern basis and on a historical cost basis, except for land which is carried at revalued amounts. The going concern basis presumes that funds will be available to finance future operations and that the realisation of assets and settlement of liabilities, contingent liabilities and commitments will occur in the ordinary course of business. Refer to note 20 for further disclosures relating to going concern.

These interim consolidated financial statements are presented in South African Rand which is the Company's functional currency and the presentation currency of the Group. All monetary information is rounded to the nearest thousand (R'000); except where otherwise stated.

2. Auditor's review

The Company's auditor has reviewed the interim consolidated financial statements for the six-month period ended 31 August 2025.

Any reference to future financial performance included in this announcement has not been reviewed or reported on by the Company's auditor.

3. Accounting policies

The accounting policies adopted in the preparation of the interim consolidated financial statements for the six months ended 31 August 2025 are consistent with those followed in the preparation of the Group’s consolidated financial statements for the year ended 28 February 2025 which are available on the Company's website. Amendments to accounting standards and new accounting pronouncements which came into effect for the first time during the financial year to date did not have a material impact on the Group.

7

NOTES TO THE REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

4. Property, plant and equipment

		Reviewed 31 August 2025												Audited 28 February 2025
R'000		Cost or valuation				Accumulated depreciation				Net book value				Cost or valuation				Accumulated depreciation				Net book value
Assets under construction (“AUC”)			503,583				-				503,583				432,594				-				432,594
Plant and machinery			1,105,820				(89,226	)			1,016,594				1,105,820				(61,637	)			1,044,183
Development asset			321,930				(6,213	)			315,717				321,930				(4,545	)			317,385
Rehabilitation asset			36,909				(2,979	)			33,930				36,909				(1,986	)			34,923
Right-of-use assets - motor vehicles		5,671					(4,876	)			795			5,671					(4,546	)		1,125
Right-of-use asset - head office building			12,684				(4,415	)		8,269					12,684				(3,305	)		9,379
Land - at revalued amount		3,600					-			3,600				3,600					-			3,600
Motor vehicles			17,124				(9,162	)		7,962					17,124				(7,586	)		9,538
Office building			157,594				(18,289	)			139,305				157,594				(10,258	)			147,336
Other1		3,056					(2,595	)			461			3,056					(2,472	)			584
Leasehold improvements:
Furniture and fixtures			12,124				(4,362	)		7,762					12,124				(3,398	)		8,726
Total			2,180,095				(142,117	)			2,037,978				2,109,106				(99,733	)			2,009,373

___________

¹ Consists of furniture and fixtures, IT equipment and office equipment.

8

NOTES TO THE REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

4. Property, plant and equipment (continued)

The movement in property, plant and equipment for the period under review is outlined below:

R'000		At 1 March 2025				Additions				Depreciation				At 31 August 2025
AUC			432,594				70,989				-				503,583
Plant and machinery			1,044,183				-				(27,589	)			1,016,594
Development asset			317,385				-				(1,668	)			315,717
Rehabilitation asset			34,923				-				(993	)			33,930
Right-of-use assets - motor vehicles		1,125					-				(330	)			795
Right-of-use asset - head office building		9,379					-				(1,110	)		8,269
Land - at revalued amount		3,600					-				-			3,600
Motor vehicles		9,538					-				(1,576	)		7,962
Office building			147,336				-				(8,031	)			139,305
Other1			584				-				(123	)			461
Leasehold improvements:
Furniture and fixtures		8,726					-				(964	)		7,762
Total			2,009,373				70,989				(42,384	)			2,037,978

________________

¹Consists of furniture and fixtures, IT equipment and office equipment.

A reconciliation of additions to exclude the impact of capitalised borrowing costs and accruals is provided below:

		Note				R'000
Additions as shown above							70,989
Capitalised interest attributable to the IDC loan			10				(2,101	)
Net movement in accruals attributable to assets under construction						8,749
Additions as reflected in the cash flow statement							77,637

9

NOTES TO THE REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

4. Property, plant and equipment (continued)

Pledged assets

Pledged assets are as disclosed in note 10.

Commitments

Commitments attributable to assets under construction are disclosed in note 17.

Impairment assessment of property, plant and equipment

Tetra4 has allocated its property, plant and equipment to a single cash-generating unit (“CGU”) for the purpose of impairment testing in accordance with IAS 36 – Impairment of Assets. The CGU represents the smallest identifiable group of assets that generates cash inflows largely independent of the cash inflows from other assets or groups of assets. The CGU is defined based on Tetra4’s operational structure.

As at 31 August 2025, the recoverable amount of the CGU was determined to be R2.1 billion based on value in use. This was calculated using discounted cash flow projections over a 16-year forecast period which reflects the expected operational life of the Virginia Gas Plant, with a terminal value reflecting sustainable production assumptions. As at 31 August 2025, the carrying amount of the CGU was R2.0 billion resulting in a headroom of R300.0 million. Based on this assessment no impairment loss was recognised for the CGU.

Key assumptions:

Discount rate: 12.0%

Helium and LNG prices: Derived from published forward curves and management estimates

Exchange rates: Based on observable forward rates

Growth rate: 7%

Forecast period: 16 years

Sensitivity analysis

An increase in the discount rate to 12.5% would decrease the available headroom to R71.9 million but would not result in an impairment loss. A decrease of 5% in the EBITDA would decrease the available headroom to R82.8 million but would not result in an impairment loss.

10

NOTES TO THE REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

5. Intangible assets

		Reviewed 31 August 2025												Audited 28 February 2025
R'000		Cost				Accumulated amortisation and impairment				Net book value				Cost				Accumulated amortisation and impairment				Net book value
Acquired intangible assets			99,678				(6,660	)			93,018			9,568					(5,820	)		3,748
Exploration and development costs			90,110				-				90,110				-				-				-
Computer software		9,568					(6,660	)		2,908				9,568					(5,820	)		3,748
Internally developed intangible assets			20,552				-				20,552				20,552				-				20,552
Development costs - Cryo-VaccTM			17,070				-				17,070				17,070				-				17,070
Development costs - Helium Tokens System		3,482					-			3,482				3,482					-			3,482
Total			120,230				(6,660	)			113,570				30,120				(5,820	)			24,300

The movement in intangible assets for the period under review is outlined below:

R'000		At 1 March 2025				Additions				Amortisation				At 31 August 2025
Acquired intangible assets
Exploration and development costs			-				90,110				-				90,110
Computer software		3,748					-				(840	)		2,908
Internally developed intangible assets
Development costs - Cryo-VaccTM			17,070				-				-				17,070
Development costs - Helium Tokens System		3,482					-				-			3,482
Total			24,300				90,110				(840	)			113,570

11

NOTES TO THE REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

5. Intangible assets (continued)

A reconciliation of additions to exclude the impact of accruals is provided below:

R'000		R'000
Additions as shown above			90,110
Net movement in accruals			(23,002	)
Additions as reflected in the cash flow statement			67,108

6. Taxation

6.1. Major components of tax income

R'000		Note				Reviewed 31 August 2025				Reviewed 31 August 2024
Deferred tax
- Originating and reversing temporary differences			6.2				45,106				14,415
Carbon tax							-				(254	)
Total							45,106				14,161

6.2. Deferred taxation

		Reviewed
R'000		At 1 March 2025				Recognised in profit or loss				At 31 August 2025				Deferred tax asset				Deferred tax liability
Property, plant and equipment			(358,984	)			(10,092	)			(369,076	)			-				(369,076	)
Intangible assets			(5,020	)			(24,265	)			(29,285	)			-				(29,285	)
Lease liabilities			322				175				497				497				-
Finance lease receivables			(4,355	)			(600	)			(4,955	)			-				(4,955	)
Provisions			12,895				651				13,546				13,546				-
Deferred revenue		4,076					(173	)		3,903				3,903					-
S24c allowance (future expenditure)			(716	)			-				(716	)			-				(716	)
Unutilised tax losses			493,368				79,410				572,778				572,778				-
Total			141,586				45,106				186,692				590,724				(404,032	)

The losses incurred by the Group are mainly attributable to its subsidiary, Tetra4. Phase 1 of the plant is now operating but has not reached nameplate capacity, and Tetra4 is producing and selling LNG under long-term contracts. Tetra4 also commenced selling LHe in March 2025 following the commissioning of the helium facility during the 2025 financial year.

12

NOTES TO THE REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

6.2. Deferred taxation (continued)

As at 31 August 2025 the Group recognised a deferred tax asset attributable to estimated tax losses totalling R2 121.4 million (February 2025: R1 827.3 million). These tax losses do not expire unless the tax entity concerned ceases to operate for a period longer than a year. The tax losses are available to be off-set against future taxable profits. For tax years ending on or after 31 March 2023 companies with assessed losses will be entitled to set off a maximum of 80% of their assessed losses (subject to a minimum of R1.0 million) against taxable income in a specific year. The remaining 20% is deductible in the following year. Tax losses for which no deferred tax asset was recognised as at 31 August 2025 totalled R814.3 million (February 2025: R696.0 million).

A Group net deferred taxation asset of R186.7 million (February 2025: R141.6 million) has been recognised as it is estimated that future profits will be available against which the assessed losses can be utilised based on the latest financial projections prepared by Management. The key assumption used is the Group reaching nameplate capacity in the current financial year. Once achieved, the Group will move into a profitable, self-sustaining position from the revenue generated from the sale of LNG and LHe that will be produced from future operations, and the leasing of storage and related infrastructure to customers under eight-year contracts which came into effect during the 2023 financial year. Expected future profits (based on forecasts to 2043) underpin the valuation of the exploration and development assets amounting to R42.12 billion (February 2025: R42.12 billion).

7. Restricted cash

R'000		Reviewed 31 August 2025				Audited 28 February 2025
Non-current:			25,355				23,079
Environmental rehabilitation cash guarantee			17,265				15,086
Eskom Holdings SOC Limited cash guarantee		8,090				7,993
Current:			73,009				49,497
Debt Service Reserve Accounts (“DSRA”)			73,009				49,497
DFC			53,426				29,824
Industrial Development Corporation (“IDC”)			19,583				19,673
Total			98,364				72,576

8. Cash and cash equivalents

R'000		Reviewed 31 August 2025				Audited 28 February 2025
Cash at banks and on hand			13,933				11,152
Short-term deposits			149,131				17,165
Total			163,064				28,317

9. Stated capital

For the six months ended 31 August 2025, share capital increased by R4.6 million as a result of the vesting of 123 481 equity settled shares under the share incentive scheme.

There were no dividends declared during the period (28 February 2025: nil).

13

NOTES TO THE REVIEWED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

10. Borrowings

Borrowings held at amortised cost comprise:		Reviewed 31 August 2025				Audited 28 February 2025
Non-current:			56,543				53,205
Molopo			56,543				53,205
Current:			1,482,802				1,013,737
DFC			458,491				546,393
IDC			156,487				160,590
Standard Bank of South Africa Limited  (“SBSA”)			188,856				169,159
AIRSOL S.r.L ("AIRSOL")			123,697				137,595
ASPI			555,271				-
Total			1,539,345				1,066,942

The movement in the Group's borrowings for the period under review is outlined below:

						Non-cash movements								Cash movements
R'000		At 1 March 2025				Foreign exchange gains1				Interest2				Additions				Repayments - capital				Repayments - interest				At 31 August 2025
Molopo			53,205				-			3,338					-				-				-				56,543
DFC			546,393				(21,709	)			14,510				-				(58,527	)			(22,176	)			458,491
IDC			160,590				-				11,838				-				(5,980	)			(9,961	)			156,487
SBSA			169,159				-				19,697				-				-				-				188,856
AIRSOL			137,595				(5,477	)		7,703					-				-				(16,124	)			123,697
ASPI			-				-				16,749				538,522				-				-				555,271
Total			1,066,942				(27,186	)			73,835				538,522				(64,507	)			(48,261	)			1,539,345