- First half results confirm need for strategic combination
- Financial structure strengthened by new equity investment from Watera International parent company Unibios
- Bold ambition to establish a new global player in water treatment by combining the strengths of OSMOSUN and Watera International
- New organisational structure to drive profitable growth target bolstered by strategic acquisitions
Chartres, 30 September 2025 - OSMOSUN®, a leading provider of solar-powered seawater and brackish water desalination solutions, today announces its results for the six months ended 30 June 2025[1] and unveils its vision for the new entity resulting from the combination with Unibios, a Greek company listed on the Athens Stock Exchange and operating in the water treatment market since 1963 through its subsidiary, Watera International.
First half 2025 results and financial position prior to the combination
| €000 | H1 2024 | H1 2025 |
| Revenues | 1,505 | 616 |
| EBITDA | (2,495) | (1,246) |
| Adjusted EBITDA[2] | (2,495) | (1,246) |
| Operating income/(loss) | (2,728) | (1,401) |
| Net income/(loss) | (2,633) | (1,460) |
For several months, OSMOSUN has been facing challenges in developing its business and exploiting the full potential of its know-how. These challenges have curbed first half earnings and placed the Company under financial pressure.
Revenues, which are recognised on a percentage-of-completion basis in accordance with costs incurred up to the balance sheet date, totalled €0.6 million for the period, down from €1.5 million in first half 2024. They are mainly derived from contracts signed in 2022 and 2023, primarily in the Caribbean and Africa.
Thanks to reduced sub-contracting following the completion of a number of major contracts and a €0.3 million decrease in operating expenses mainly due to the reduction in the average workforce (down to 25 FTEs[3] in H1 2025 compared to 32 FTEs in H1 2024), the adjusted EBITDA loss was reduced to €1.2 million from €2.5 million in H1 2024.
After depreciation, amortisation and provisions, the Group posted an operating loss of €1.4 million (versus a €2.7 million loss in H1 2024) and a net loss of €1.5 million (versus a €2.6 million loss in H1 2024).
At 30 June 2025, before the capital increase resulting from the combination with Unibios, shareholders' equity was negative at €0.3 million. Cash and cash equivalents amounted to €0.5 million, while gross borrowings stood at €1.4 million including €0.7 million due in less than one year, resulting in net debt of €0.9 million.
Unibios equity investment in OSMOSUN and combination with Watera International
The investment made by Unibios in July 2025 and the association with Watera mark the beginning of a new era for OSMOSUN.
This combination, carried out through capital increases in cash and in kind, allowed OSMOSUN to:
- raise €2 million (€1.6 million from Unibios and €0.4 million from OSMOSUN's long-term shareholders) to shore up its equity and cash position;
- acquire a 30% stake in Watera International, a leading group in the treatment and reuse of water and wastewater;
- acquire a new majority shareholder, Unibios, which now holds 65% of the capital and voting rights.
At 30 June 2025, post-transaction proforma cash amounted to €2.5 million and proforma equity stood at €8.3 million.
Watera International, solid foundations for profitable growth
Watera International, a subsidiary of Unibios based in Luxembourg, has been a recognised player in water treatment in Greece since 1963, operating through its subsidiary Watera Hellas, a national leader in installed desalination capacity. Outside the Greek market, Watera International has developed a strong presence through subsidiaries in the Czech Republic, Bulgaria and Italy, while running a significant export business covering Western and Eastern Europe, the Middle East and Africa.
Boasting over 5,000 installations in the EMEA region and a comprehensive and diversified portfolio of water treatment solutions (reverse osmosis desalination, filtration and ultrafiltration, water recycling and reuse, deionisation and electrodeionisation, containerised unit design), the Group is a benchmark in innovative water treatment and reuse technologies, now ranking among the top five European manufacturers in the field of reverse osmosis desalination.
Watera International's business model is based on a solid balance between equipment sales (customized projects and standard equipment) and a wide range of services (maintenance and customer service, rental, operation of treatment units under long-term contracts, supply of consumables) that generate a constant stream of recurring revenue. Coupled with a competitive production centre in Greece, this hybrid model has enabled Watera International to deliver steady profitable growth. In 2024, the company generated consolidated revenues of €14.4 million and an EBITDA margin of 20.8%.
Raising OSMOSUN to Watera International's standard of excellence
The combination between OSMOSUN and Watera International will allow the new entity to capitalise on both companies' expertise and quickly generate technical, industrial and commercial synergies based on a proven and profitable business model combining:
- competitive production facilities based in Greece, guaranteeing operational efficiency and reduced costs;
- a diversified business model balanced between sale of standard equipment, customized projects and recurring revenues derived from service activities and long-term rental or operating contracts;
- strong customer references;
- recognised engineering expertise and proven experience in managing complex projects.
In-depth knowledge of the market, the structuring of an offer generating a recurring portion of revenues, operational excellence and competitive production will allow OSMOSUN to aim for a normative EBITDA margin of 15% in line with Watera International's standards.
To move towards this objective, OSMOSUN has rolled out an operating cost reduction plan (payroll and external expenses) which should generate savings of €0.5 million in 2025 and €1.2 million on a full-year basis, giving a total reduction of over 30% compared to the 2024 cost structure.
New organisational system, new name, new governance
The new entity arising from the combination between OSMOSUN and Watera International aims to enter a new cycle of value creation through a strengthened and extended positioning in high-potential water treatment and reuse markets, the gradual strengthening of its presence in Europe and abroad and a combination of sustainable organic growth and selective acquisitions.
This ambition will be achieved via a three-stage restructuring process:
- The forthcoming creation of Watera France, a company fully owned by OSMOSUN and resulting from the spin-off of its operational activities;
- The forthcoming change of name from OSMOSUN to Watera, embodying a new start while capitalising on a successful business model in the highly attractive water treatment and reuse market;
- The implementation of an external growth strategy targeting companies operating in the field of water treatment and offering industrial and/or commercial synergies.
The new Watera will control and manage Watera France (100% owned) and Watera International (initially 30% owned) and will fully consolidate the financial results of all Group companies.
The new entity has a new governance. As such, Orfeas Mavrikios, Chairman and Chief Executive Officer of Watera International, Chief Executive Officer of Unibios and Board Director of OSMOSUN, will assume the roles of Chairman and Chief Executive Officer as of today, replacing Maxime Haudebourg, who is retiring but will remain Board Director in order to contribute his experience and in-depth knowledge of the solar desalination market in order to drive the company's development.
Once the operational reorganisation has taken place, the Board of Directors plans to strengthen its governance structure by appointing independent members in order to support transparency, rigour and value creation for all shareholders.
Orfeas Mavrikios, Chairman and CEO of Watera International, CEO of Unibios and newly appointed Chairman and CEO of OSMOSUN, said: "The combination marks a strategic turning point for OSMOSUN and Watera. This alliance opens up new prospects for profitable growth in a fast-growing market, by capitalising on the synergies arising from the combination between our two companies. We plan to bring the new entity up to Watera's standards of operational and financial excellence and step up our development through acquisitions."
Maxime Haudebourg, co-founder, former Chairman and CEO and Board Director of OSMOSUN, said: "After a period of significant challenges, this combination is a real fresh start for our company. I am delighted to be able to continue this adventure on the Board of Directors and to contribute alongside our teams to the development of a strengthened, forward-looking organisation."
ABOUT OSMOSUN®
Founded in 2014, OSMOSUN® operates in the "low-carbon" water market and stands out thanks to a unique, patented, cost-effective, clean and sustainable solution for solar-powered battery-free seawater and brackish water desalination.
In July 2025, Unibios, a Greek company listed on the Athens Stock Exchange, became OSMOSUN's majority shareholder, thereby strengthening and expanding OSMOSUN's position in the sustainable water treatment and wastewater reuse through a contribution in kind to OSMOSUN of 30% of the share capital of its subsidiary, Watera International.
OSMOSUN is aiming to become a key international player in water treatment by providing sustainable and competitive technological systems capable of meeting the global challenges of responsible water management and access to drinking water.
Find out more: OSMOSUN® | Create water where life is
CONTACT
| SPECIALIZED PRESS | FINANCIAL PRESS | INVESTOR RELATIONS |
| Nadège Chapelin | Deborah Schwartz | Hélène de Watteville |
| n.chapelin@nc-2.com | dschwartz@actus.fr | osmosun@actus.fr |
| +33 6 52 50 33 58 | +33 1 53 67 36 35 | +33 1 53 67 36 33 |
GLOSSARY
Adjusted EBITDA: Operating income restated for net depreciation and amortisation of intangible assets and property, plant and equipment and net provision charges/reversals + research tax credit
EBITDA: Operating income restated for net depreciation and amortisation of intangible assets and property, plant and equipment and net provision charges/reversals
Total production: sold production + inventoried production + capitalised production
Gross margin: Total production - purchase of raw materials and other supplies - change in inventory - direct sub-contracting
[1] The first half financial statements were approved by the Board of Directors on 24 September 2025. The half-year financial report will be published today on the Company's website at osmosun.com.
[2] See glossary
[3] Full-time equivalent
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