- Significant improvement in operating earnings during the second half, thanks to cost streamlining, improved operational efficiency and the completion of major projects
- Financial structure strengthened by new equity investment from Unibios
- Further improvement in performance expected in 2026
Chartres, 30 April 2026 - WATERA, a leading provider of solar-powered seawater and brackish water desalination solutions, today announces its results for the year ended 31 December 2025[1].
Orfeas Mavrikios, Chairman and CEO of WATERA, said: "The merger of OSMOSUN (now WATERA) with Watera International marks a pivotal milestone for the Company. Henceforth we will be gradually aligning our organisational system and methods with those of our parent company, Unibios, with the aim of raising our standards of execution and operational discipline.
The measures taken in recent months are beginning to bear fruit, leading to a noticeable improvement in results during the second half: the announced cost-saving plan has been implemented, teams have been reorganised and work processes standardised. Against this backdrop, signs of a recovery were already appearing towards the end of 2025.
We therefore enter 2026 with a more streamlined cost structure which, coupled with the gradual recovery in business, should enable us to continue improving profitability."
Highlights of the 2025 financial year
As a reminder, in July 2025 OSMOSUN (now WATERA) joined forces with Watera International, a Luxembourg-based subsidiary of Unibios and 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.
As part of this merger, WATERA carried out two cash capital increases totalling €2.0 million (€1.6 million from Unibios and €0.4 million from existing shareholders) and a capital increase reserved for Unibios in exchange for the contribution of a 30% stake in its subsidiary Watera International, valued at €6.6 million.
Following these transactions, Unibios holds a 65% stake in WATERA.
Income statement analysis
| €000 | H1 2024 | H2 2024 | 2024 | H1 2025 | H2 2025 | 2025 |
| Revenues[2] | 1,505 | 369 | 1,874 | 616 | 1,193 | 1,809 |
| EBITDA[3] | (2,495) | (2,781) | (5,276) | (1,246) | (760) | (2,006) |
| Operating income | (2,728) | (3,418) | (6,145) | (1,401) | (913) | (2,315) |
| Net income | (2,633) | (3,695) | (6,328) | (1,460) | (708) | (2,168) |
2025 revenues amounted to €1.8 million (versus €1.9 million in 2024), driven by large-scale contracts signed in 2022 and 2023, particularly in the Caribbean and Africa. Revenues also include the contribution from completed tourism sector projects in the Pacific, as well as new contracts signed in 2025, notably in France, Africa and the Caribbean.
The EBITDA loss was €2.0 million, compared to a €5.3 million loss in 2024. This improvement is mainly due to:
- a reduction in procurement costs following the completion of major contracts. Furthermore, since the merger with Unibios in July 2025, the Company has benefited from more favourable procurement terms and a more rigorous purchasing policy;
- less reliance on subcontracting, also linked to the completion of major contracts, whereas 2024 had been impacted by cost overruns on these same projects;
- the initial effects of the operating cost reduction plan, which generated savings of €0.5 million, driven mainly by the reduction in the wage bill following staff cuts (24 FTE[4] in 2025 compared to 32 FTE in 2024) and the work expended on streamlining costs, particularly in relation to rental payments, transport, business travel and fees.
After depreciation, amortisation and provisions totalling €0.3 million, operating loss came to €2.3 million (compared to a €6.1 million loss in 2024).
The net loss amounted to €2.2 million (compared to a €6.3 million loss in 2024), including €0.2 million in dividends paid by Watera International, in which WATERA holds a 30% stake.
Financial structure analysis
At 31 December 2025, equity stood at €7.6 million, compared to €1.2 million at 31 December 2024, boosted by the proceeds from the capital increases carried out in the summer of 2025.
Following the €0.7 million loan repayment made during the second half, cash and cash equivalents stood at €1.0 million versus gross borrowings of €1.0 million, including €0.6 million due within one year.
To ensure business continuity, Unibios has committed to taking the required steps to provide financial support to the Company over a 12-month period. Accordingly, WATERA received a €1.0 million loan from Watera International in February 2026.
Strengthened governance
Since the merger with Unibios, the Company has taken several significant steps marking a new phase in its development and governance.
On 30 September 2025, Orfeas Mavrikios, already Chairman of the Board of Directors and CEO of Watera International, as well as CEO of Unibios, was appointed Chairman of the Board of Directors and CEO of the Company. This appointment has helped strengthen the Company's strategic alignment within the new group.
In March 2026, governance was strengthened with the appointment of two independent directors, Vasiliki Niatsou and Vassilis Pavlopoulos, who bring further legal expertise to the Board of Directors. At the same time, Maxime Therrillion, recently appointed Deputy CEO of the Company and an employee at WATERA since 2016, joined the Board of Directors.
Finally, this transformation coincided with a significant symbolic step: following a decision by the General Meeting on 11 March 2026, the Company adopted the corporate name of "WATERA", replacing OSMOSUN, thereby establishing a new identity consistent with the strategic merger.
Outlook
Contracts signed to date represent €1.1 million in revenue to be recognised mainly in 2026.
Meanwhile, following the merger with Unibios in July 2025, the second half of 2025 already posted a significant reduction in the loss. This improvement is the result of several converging factors: the initial tangible effects of cost streamlining measures; the gradual integration of Unibios Group organisational methods and operational policies, enabling improved operational efficiency and procurement terms; and the refocusing of the business on more standardised, higher-margin machinery following the completion of major projects signed in 2022 and 2023.
The savings generated by the reorganization plan implemented in the second half of 2025 will have their full impact in 2026, with a cost reduction of €1.2 million compared to the 2024 cost structure, mainly driven by lower personnel expenses and reduced external spending.
Against this backdrop, WATERA enters the 2026 financial year with confidence. The renewed momentum observed at the end of 2025, supported by reorganised teams now aligned with optimised working methods, provides a solid foundation for continued performance improvement. Bolstered by the synergies arising from the merger with Unibios, a sustainably streamlined cost structure and a refocused positioning on higher value-added offerings, WATERA is on track towards a gradual improvement in profitability.
The annual accounts are available in the appendices of the pdf document.
Next publication: First-half 2026 results, September 30, 2026
ABOUT WATERA
Founded in 2014, WATERA (previously 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 WATERA's majority shareholder, thereby strengthening and expanding the Group's position in the sustainable water treatment and wastewater reuse sectors through its 30% stake in Watera International, Unibios' main subsidiary.
WATERA 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.
CONTACTS
| SPECIALIST PRESS | FINANCIAL PRESS | INVESTOR RELATIONS |
| Nadège Chapelin | Déborah Schwartz | Hélène de Watteville |
| n.chapelin@nc-2.com | dschwartz@actus.fr | watera@actus.fr |
| +33 6 52 50 33 58 | +33 1 53 67 36 35 | +33 1 53 67 36 33 |
[1]The annual financial statements were approved by the Board of Directors on 29 April 2026. The financial statements have been certified without reservation by the Statutory Auditors, with an observation drawing attention to Note 9.3.4. "Going Concern," in the notes to the annual financial statements, relating to the support received from the parent company. The annual financial report will be published today.
[2] The company applies the percentage-of-completion method to recognize revenue on turnkey projects specifically negotiated under a contract. Revenue from the sale of standardized equipment and spare parts is recognized upon transfer of ownership.
[3] EBITDA is a measure of operating performance, defined as operating income adjusted for net depreciation, amortization, and provisions.
[4] Full-time equivalent
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https://www.actusnews.com/documents_communiques/ACTUS-0-98013-cp-watera-300426-ra-2025-vdef_en.pdf
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