Chartres, 30 September 2026 - WATERA, a leading provider of industrial and municipal water treatment solutions, as well as solar-powered seawater and brackish water desalination solutions, today announces its results for the six months ended 30 June 2026[1].
Orfeas Mavrikios, Chairman and CEO of WATERA, said: "Our results for the first half reflect our sustained efforts since the second half of 2025 to reduce costs and gradually improve operational efficiency. The completion of the merger with Watera International approved by the shareholders in mid-September is a major step forward that will act as a springboard for the Group, soon allowing us to change scale, strengthen our financial structure and improve our organisational transparency.
In a water treatment market buoyed by strong structural trends, we are confident in our ability to accelerate our development through organic and external growth alongside the management team now in place."
P&L analysis
| (€000) | H1 2025 | H2 2025 | H1 2026 | Chg. H1 26/H1 25 |
| Revenues[1] | 616 | 1,193 | 1,004 | +386 |
| EBITDA[2] | (1,246) | (760) | (656) | +590 |
| Operating income | (1,401) | (913) | (766) | +635 |
| Net income | (1,460) | (708) | (775) | +685 |
First half 2026 revenues amounted to €1.0 million, up €386,000 or 63.1% versus H1 2025. The increase reflects the initial effects of the merger with Watera International, namely reorganisation, improved team efficiency, strengthened competitiveness of the desalination project offering and the shift towards more standardised, higher-margin equipment.
All of the company's projects now benefit from the price competitiveness of products from the Group's catalogue, for all or part of the supplies required for these projects, thereby making a significant contribution to the revenue generated during the first half of the year.
First half revenues were mainly driven by new contracts signed towards the end of 2025 or in H1 2026, mostly in the Caribbean, Pacific, Africa and New Caledonia regions. Projects that made a large contribution to revenues over the previous half years, but with limited margins, are now virtually completed and account for around 10% of half-year revenues.
The EBITDA loss was €0.7 million, compared to a €1.2 million loss in H1 2025. The improvement was driven by improved business momentum combined with the streamlining measures undertaken in connection with the Watera International merger. As such, external expenses fell by around 45% due to the reduction in rental payments and fees, less reliance on subcontracting and improved efficiency in contract performance. Personnel costs fell around 35% following the downsizing operation (18 FTEs[4] in H1 2026 versus 25 in H1 2025). Over the past 12 months, the cost-cutting plan rolled out in the second half of 2025 has generated savings of €1.1 million.
After depreciation, amortisation and provisions totalling €0.1 million, operating loss and net loss each came to €0.8 million (compared to €1.4 million and €1.5 million respectively in H1 2025).
Financial structure analysis
At 30 June 2026, equity stood at €6.8 million (compared to €7.6 million at 31 December 2025), while cash and cash equivalents stood at €0.8 million following the €0.3 million loan repayment made during the first half.
Gross borrowings amounted to €1.7 million, including €0.5 million due in less than one year and a €1.0 million loan granted by Watera International in February 2026.
This position does not include the expected benefits of the merger with Watera International.
Merger of WATERA and Watera International: streamlined and strengthened structure
On 15 September 2026, WATERA's Extraordinary General Meeting approved the proposed cross-border merger between WATERA and its Luxembourg subsidiary, Watera International.
In accordance with the agreed exchange ratio of 1 Watera International share for 1.85 WATERA shares, WATERA will carry out a €4.8 million capital increase in favour of Unibios as consideration for its 70% stake in Watera International, WATERA already holding the remaining 30%. Following the transaction, Unibios will hold a stake of around 87% in WATERA.
Subject to fulfilment of the usual conditions precedent, the merger is expected to take effect by the end of the year with retroactive effect from 1 January 2026.
The merger is a major step forward in streamlining the Group's structure: by combining the operations of WATERA and Watera International in a single entity, it will simplify the Group's legal structure, optimise its organisation and reduce operating costs.
The merger will also strengthen WATERA's financial structure thanks to the €4.8 million capital increase and the extinguishment of the €1.0 million intra-group debt contracted with Watera International. As such, the new configuration will bolster the Group's financial strength and transparency while increasing its ability to mobilise its resources to drive growth and finance new acquisitions.
Outlook
Contracts signed to date represent €0.6 million in revenues, to be recognised mainly in the second half of 2026.
From this year onwards, the Group will publish consolidated financial statements for the new entity resulting from the merger of WATERA and Watera International.
As such, the combined group benefits from enhanced financial capacity to support both organic growth and strategic M&A opportunities, including targeted acquisitions and industry consolidation.
Meanwhile, the cost structure will continue to benefit from several converging factors, namely (i) the initial tangible effects of cost streamlining measures, (ii) the gradual integration of Unibios Group organisational methods and operational policies resulting in improved operational efficiency and procurement terms, and (iii) the shift towards more standardised, higher-margin equipment.
Bolstered by the merger and its strengthened positioning in the water treatment and management markets, the Group approaches the next stages of its development with confidence and plans to continue implementing its growth and value creation strategy.
Next publication: 2026 annual results, April 30, 2027
Financial stataments are available in the appendices of the PDF document.
ABOUT WATERA
A member of the Unibios Group, which has been active in the water treatment market for more than 60 years, WATERA is a leading provider of industrial and municipal water treatment solutions, as well as solar-powered seawater and brackish water desalination solutions.
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 first half financial statements were approved by the Board of Directors on 30 September 2026. The 2026 half-year financial report will be published today on the Company's website.
[2] The Company uses the percentage-of-completion method to recognise revenues from turnkey projects specifically negotiated under contract. Income from the sale of standardised equipment and spare parts is recognised upon transfer of ownership.
[3] EBITDA is a measure of operating performance defined as operating income restated for net depreciation and amortisation of intangible assets and property, plant and equipment and provision charges.
[4] Full-time equivalent employees
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