DJ Waga Energy delivers a healthy H1 2026 growth with revenues up by +22% yoy and EBITDA improving
Waga Energy Waga Energy delivers a healthy H1 2026 growth with revenues up by +22% yoy and EBITDA improving 29-Sep-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 delivers a healthy H1 2026 growth with revenues up by +22% yoy and EBITDA improving -- Thanks to a +27% yoy increase in H1 2026 recurring revenues[1], total revenues are up +22% yoy, bringing EBITDA to +EUR 0.5m, up +EUR 0.8m yoy. -- 426 GWh (1.5 million MMBtu) RNG produced in H1 2026 (+31% yoy), avoiding 173 k tons of CO2 equivalent emissions[2]. -- In a softer market, Waga Energy commercial momentum remains strong with 5 new contracts signed year to date, including a 1st project in Brazil. The commercial pipeline keeps expanding with a total of 240 projects for 19.4 TWh (66.2 million MMBTu) p.a., +16% yoy[3]. -- Waga Energy confirms its unique industrial capabilities with 38 units in operation and another 21 in construction to date, resulting in a total portfolio of 59 projects for a capacity of 4.4 TWh (14.9 million MMBtu) p.a. and signed annual recurring revenues[4] estimated at EUR 264m. -- Strong liquidity of EUR 210m as of June 30th 2026, before EUR 136m new financing signed in July. In EUR million Jun-30, 2026 Jun-30, 2025 % Change Revenue 33.5 27.4 22% of which recurring revenue (excl. equipment sales) 33.2 26.1 27% of which equipment sales 0.3 1.3 -78% EBITDA 0.5 -0.2 IFRS 2 expenses (share-based payment) -0.7 -1.4 -47% Depreciation, amortization and provisions -6.5 -4.8 37% Profit (loss) from recurring operations -6.7 -6.4 Other non-recurring operating income and exp. 2.2 -0.4 -652% Operating profit (loss) -4.5 -6.8 Financial result -7.6 -4.1 84% Consolidated profit (loss) for the period -12.4 -11.1 Net income - Group share -12.8 -11.6 Capex -57.1 -59.3 -4% Cash and cash equivalents (end of period) 46.0 55.1 -17% Number of employees (end of period) 326 268 22%
Waga Energy (EPA: WAGA), a leader in the production of Renewable Natural Gas (RNG) from landfill gas, today reports its H1 2026 results. Consolidated revenues reached EUR 33.5m, up +22% yoy, thanks to recurring revenues up +27% yoy, more than compensating the equipment sales decrease (-78% yoy).
Increased revenues and healthy cost management have allowed Waga Energy to reach its 2nd consecutive semester of positive EBITDA at +EUR 0.5m (+EUR 0.8m yoy) for H1 2026, with:
. +EUR 13.4m[5] of Projects EBITDA, up +EUR 2.4m yoy including +EUR0.6m of PTC (Production Tax Credits in the US,recognized for the 1st time[6] in H1 2026), whereas platform costs reached EUR 12.9m, growing moderately by +EUR 1.6m. . A strong conversion of Projects EBITDA into Projects Cashflows[7] (97% of the +EUR 13.4m Projects EBITDAhaving been converted into Projects Cashflows in H1 2026).
In H1 2026, Group capex reached EUR 57m, free cashflow after interest -EUR 67m, and net result -EUR 12.4m, due to the Wagabox portfolio expansion.
Waga Energy has maintained a high-performance level in H1 2026, achieving an average availability of 94% for units that have been in operation for more than 12 months.
To date, Waga Energy operates 38 RNG production units[8] in France, Spain, Canada and the United States, offering an installed capacity of 2.1 TWh (7.1 million MMBtu) p.a., and 21 units are under construction in the United States, Spain, Italy, France, Canada and Brazil (with a 1st project for a 3,000 scfm Wagabox recently signed), representing an additional installed capacity of 2.3 TWh (7.8 million MMBtu) p.a. Although commissioning timelines for US units remain longer than expected due to local specificities, including delays on permitting and interconnections, the Group's portfolio of 59 projects will represent, when delivered, estimated signed annual recurring revenues3 of around EUR 264m, compared to EUR 177m a year ago.
Despite supply tensions in global natural gas markets, the US RNG market has remained more competitive with some pressure on prices, shorter maturities and/or offtake agreements being signed closer to units commissioning. In this context, Waga Energy remains well positioned thanks to the competitiveness of its unique proprietary technology.
The Group keeps expanding a robust pipeline of 240 projects3, representing a potential installed capacity of 19.4 TWh (66.2 million MMBtu) p.a., +16% yoy and + 3% vs the press release of April 15th, 2026. Within this pipeline, phase 3 projects (ie which are at contractual negotiations phase) represent 2.6 TWh / 8.7 million MMBtu p.a., up +70% yoy whereas phase 2 projects (offer submitted) reached 5.7 TWh / 19.6 million MMBtu (-25% yoy) and phase 1 (feasibility study ongoing) 11.1 TWh / 37.9 million MMBtu p.a. (+48 % yoy).
In relation to ITCs (investment tax credits in the US) that support the earn out mechanism of the tender offer initiated by EQT, as of today, Waga Energy has signed 19 projects in the US eligible to ITC, representing an installed capacity of 2.3 TWh (7.8 million MMBtu) p.a., the Group makes its best efforts to monetize ITCs at the best financial conditions and as soon as possible; however, given the time required to commission US projects, it will be difficult for all of the 19 projects to be commissioned in time for the corresponding ITCs to be monetized before June 30, 2028, and any new US projects signed since the Summer are unlikely to have their ITC monetized before 30th June, 2028.
The Group maintains a strong total liquidity of EUR 210m as of June 30, 2026, including EUR 46m in cash and EUR 164m in available debt (which is subject to usual conditions precedent to drawdown, including the signature of offtake contracts) - before another EUR 136m new financings signed in July, partly to refinance existing debt on a portfolio of around 20 WAGABOX units in operation. The gearing ratio reaches 72% as of 30th June, 2026 (+6 pts yoy), thanks to the highly predictable cashflows pattern of projects.
In a challenging market environment (including heightened geopolitical uncertainties, extended commissioning timelines for US units, and softer conditions for the US offtake market):
. Waga Energy has already over-achieved its EBITDA breakeven target in the course of 2025, with a breakevenreached on a full year basis. . As previously announced, the EUR 200m 2026 revenue, 4 TWh p.a. installed capacity targets at the end of2026 and 660 k tons of CO2eq avoided emissions in 2026[9] should be achieved with a time shift of around 18months ie around mid-2028. . Today, the Group announces that the target of over EUR 400m signed annual recurring revenues3 by the end of2026 is likely to shift by 6 to 12 months ie to around H2 2027.
Mathieu Lefebvre, Chief Executive Officer of Waga Energy, stated: "Waga Energy delivered strong growth in the first half of 2026, despite a continuing challenging US market environment. This performance highlights the industrial excellence of our teams and the superior competitiveness of our proprietary WAGABOX technology. By producing renewable natural gas from landfill gas, we continue to deliver a tangible positive environmental impact while staying true to our DNA of disciplined and profitable growth."
Upcoming events:
-- FY 2026 Revenues, February 12, 2027
-- FY 2026 Results, March 31, 2027.
CONTACT:
Laurent Barbotin Press Office +33 772 771 185 laurent.barbotin@waga-energy.com
Summary table of units in operation/construction
To date 30-jun-26 31-Dec-25
Capacity Capacity Capacity
# # #
(TWh/y) (TWh/y) (TWh/y)
Units in operation 38 2.1 37 2.0 32 1.6
Of which owned 33 1.5 32 1.5 28 1.0
Of which not owned 5 0.6 5 0.6 4 0.6
Units under construction 21 2.3 20 2.0 22 2.1
Of which owned 21 2.3 20 2.0 21 2.1
Of which not owned 0 0.0 0 0.0 1 0.0
Total 59 4.4 57 4.0 54 3.7
Glossary
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