DJ Waga Energy achieves full year EBITDA breakeven
Waga Energy Waga Energy achieves full year EBITDA breakeven 15-Apr-2026 / 07:00 CET/CEST Dissemination of a French Regulatory News, transmitted by EQS Group. The issuer is solely responsible for the content of this announcement. =---------------------------------------------------------------------------------------------------------------------- Waga Energy achieves full year EBITDA breakeven -- Thanks to a +23% yoy increase in RNG production revenues and to a healthy cost management, EBITDA is reaching a full year breakeven at +EUR 1.2m, up +EUR 3.8m yoy. -- In a softer market, Waga Energy's commercial pipeline continues to grow with a total of 238 projects for 18.8 TWh (64 million MMBTu) p.a., +12% yoy[1]. -- 674 GWh (2.3 million MMBtu) RNG produced in 2025 (+17% yoy), avoiding 311 k tons of CO2 equivalent emissions[2] under an updated methodology. -- Waga Energy continues to demonstrate its unique industrial capabilities with 36 units in operation and another 19 in construction, resulting in a total portfolio of 55 projects for a capacity of 3.8 TWh (12.8 million MMBtu) p.a. and annual recurring revenues[3] estimated at EUR 221m. -- Strong liquidity of EUR250m (including EUR 60m cash and EUR 190m undrawn debt). In EUR million Dec-31, 2025 Dec-31, 2024 % Change Revenue 59,6 55,7 +7% of which RNG revenue 52,8 42,8 +23% EBITDA (3) 1,2 -2,6 IFRS 2 expenses (share-based payment) -3,2 -3,3 -3% Depreciation, amortization and provisions -9,8 -7,6 +29% Profit (loss) from recurring operations -11,8 -13,4 Other non-recurring operating income and expenses -7,1 0,3 Operating profit (loss) -18,9 -13,1 Financial result -9,9 -2,9 Consolidated profit (loss) for the period -29,5 -17,2 Net income - Group share -30,3 -17,6 Capex -118,2 -61,5 +92% Cash and cash equivalent (end of period) 60,3 68,3 -12% Number of employees (end of period) 296 241 +23%
Waga Energy (EPA: WAGA), a leader in the production of Renewable Natural Gas (RNG) from landfill gas, today reports its financial results for the fiscal year ended December 31, 2025. As announced on February 10th, 2026, consolidated revenues reached EUR 59.6m in 2025, up +7% yoy, thanks to the sale and upgrade of RNG up +23% yoy, compensating the equipment sales decrease (-55% yoy) due to the commissioning of the Hartland project in Canada.
Increased revenues and healthy cost management have allowed Waga Energy to reach its full year EBITDA breakeven at +EUR 1.2m (+EUR 3.8m yoy) for 2025, ahead of plans, with:
-- +EUR 23m[4] of Projects EBITDA, up +EUR 5m yoy, whereas platform costs reach -EUR 22m, growing moderately by +EUR 2m. -- A strong conversion of Projects EBITDA into Projects cashflows (95% of the +EUR 23m Projects EBITDA having been
converted into Projects[5] cashflows in 2025).
In 2025, Group capex have reached EUR 118m, free cashflow after interest -EUR 116m, and net result -EUR 30m, led by the Wagabox portfolio expansion.
Waga Energy has maintained In 2025 a high-performance level, achieving an average availability of 95% for units that have been in operation for more than 12 months.
To date, Waga Energy operates 36 RNG production units[6] in France, Spain, Canada and the United States, offering an installed capacity of 1.9 TWh (6.5 million MMBtu) p.a., and 19 units are under construction in France, Spain, Italy, Canada and the United States, representing an additional installed capacity of close to 1.8 TWh (6.3 million MMBtu) p.a. Even if the time needed for commissioning its units in the US is longer than expected due to a complex set of local specificities resulting in delays on permitting and interconnects, the Group's portfolio of 55 projects will represent when delivered estimated signed annual recurring revenues3 of around EUR 221m, compared to EUR 182m one year ago.
In a softer US offtake contracts environment, the RNG market has become more competitive which results in some contracts being signed with shorter maturity and/or at a later date that is closer to units commissioning. In this context, Waga Energy remains well positioned to scale in the landfill-to-RNG market. Its proprietary technology and proven execution capabilities provide clear competitive advantages to deliver profitable growth.
The Group will rely on a robust pipeline of 238 projects excluding large portfolios being developed, representing a potential installed capacity of 18.8 TWh (64 million MMBtu) p.a., +12% yoy and + 8% vs the press release of February 10 th, 2026. Within this pipeline, phase 3 projects (ie which are at contractual negotiations phase) represent 2.5 TWh / 8.5 million MMBtu p.a., up +86% yoy whereas phase 2 projects (offer submitted) reach 6 TWh / 20.6 million MMBtu (-3% yoy) and phase 1 (feasibility study ongoing) 10.3 TWh / 35.1 million MMBtu p.a. (+11% yoy).
In relation to the ITC (investment tax credit in the US), that supports the earn out mechanism of the tender offer initiated by EQT, and in accordance with the information set forth in the document approved by the AMF under visa no. 25-455 dated November 21, 2025 (the "Information Note"), the Company will publish on its website no later than 31 May 2026 a statement of the ITC Net Proceeds amount as of 31 December 2025. Interested parties should refer to the Information Note as well as to the Box Bidco offer document approved by the AMF on 21 November 2025 under visa no. 25-454.
Today, Waga Energy has signed 17 projects in the US eligible to ITC, representing an installed capacity of 1.9 TWh (6.5 million MMBtu) p.a. Considering the time needed to commission projects in the US, it might be difficult to have more than those 17 projects able to be commissioned in due time to have the corresponding ITC monetized prior to 30th June, 2028.
Furthermore, based on US Law recent clarifications, projects developed by Waga Energy should be eligible to Production Tax Credits (PTC) until 2029. The quantum of these tax credits will be a function of biomethane volumes produced. As a matter of clarification, such PTCs are not part of the earn out mechanism relating to the EQT tender offer.
The Group maintains a strong total liquidity of EUR 250 m as of December 31, 2025, including EUR 60m in cash and EUR 190m in available debt (which is subject to usual conditions precedent to drawdown, including the signature of offtake contracts). In 2025, the Group raised EUR 193m of new debt, reaching a 66% gearing ratio3 (+20 pts yoy), gearing up to leverage its balance sheet towards its debt capacity full potential thanks to its projects' highly predictable cashflows.
In an uncertain market (including political international and national uncertainties, more time needed to commission US units, as well as softer US offtake market):
-- Waga Energy has over-achieved its EBITDA breakeven target in the course of 2025, with a breakeven reached on a full
year basis. -- The EUR 200m 2026 revenue, 4 TWh p.a. installed capacity targets at the end of 2026 and 660 k tons of CO2eq
avoided emissions in 2026[7] should be achieved with a time shift of around 18 months. -- With respect to the target of over EUR 400m signed annual recurring revenues3 by the end of 2026, its achievement
will depend on the signature of portfolio deals that are under development in the US.
Mathieu Lefebvre, Chief Executive Officer of Waga Energy, stated: "In 2025, Waga Energy combined measurable environmental impact with strong financial discipline, reaching full-year EBITDA breakeven ahead of plan. By producing 674 GWh of Renewable Natural Gas and avoiding more than 300,000 tons of CO2-equivalent emissions, we are also demonstrating in a softer market the scalability and the robustness of our long-term contracted revenues model based on sovereign local sources of energy. As we continue to expand our portfolio, especially in the United States and Europe, our ambition remains clear: fight against climate change, while building financial value creation."
Upcoming events:
-- Annual General Meeting, June 24, 2026. -- H1 2026 Results, September 29, 2026.
CONTACT:
Laurent Barbotin Press Office +33 772 771 185 laurent.barbotin@waga-energy.com
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April 15, 2026 01:01 ET (05:01 GMT)
