Waga Energy (WAGA) investor relations material

Executive summary

• Revenue grew 22% year-over-year to €33.5M in H1 2026, driven by increased biomethane production, new units, and a 27% rise in recurring revenues despite a 78% drop in equipment sales.

• Biomethane output rose 31% to 426 GWh, avoiding 173,000 tons of CO2 equivalent emissions.

• 38 production units in operation at June 30, 2026, with 21 more under construction; expansion continues in Europe, North America, and Brazil.

• Signed 5 new contracts year-to-date, including the first project in Brazil, expanding the commercial pipeline to 240 projects (+16% yoy).

• Maintained high operational performance with 94% average availability for mature units.

Financial highlights

• H1 2026 revenues reached €33.5M (+22% YoY); recurring revenue up 27%, equipment sales down 78%.

• EBITDA improved to €0.5M (vs. -€0.2M YoY), marking the second consecutive semester of positive EBITDA.

• Operating income: -€4.5M (improved from -€6.8M YoY); net loss widened to -€12.4M (vs. -€11.1M YoY) due to higher financial expenses and portfolio expansion.

• Capex: €57M, mainly for new WAGABOX® units; free cash flow after interest at -€67M.

• Cash at June 30: €46M; total liquidity of €210M; net debt increased to €228.7M.

Outlook and guidance

• Revenue and investment growth expected in H2 2026, supported by 21 projects under construction.

• 2026 targets for €200M revenue and 4 TWh installed capacity delayed to mid-2028; contracted recurring revenue target of €400M postponed to H2 2027.

• Market conditions remain favorable for biomethane, but regulatory, geopolitical, and US market uncertainties persist.

• Upcoming financial disclosures scheduled for February and March 2027.