EnviTec Biogas (ETG) H1 2026 earnings summary

Executive summary

• H1 2026 saw increased revenues and output compared to H1 2025, but earnings declined due to regulatory burdens, including the retroactive removal of double counting for advanced biofuels and higher bio-LNG costs.

• Expansion in production capacity and international project activity, especially in Spain, Sweden, Estonia, and France, supported growth.

• Secured a 16 MW EEG biomass auction award, ensuring long-term operation for key assets and prompting a €100 million investment program through 2029.

Financial highlights

• Revenue rose to €169.2m (H1 2025: €148.4m); total output increased to €182.9m (H1 2025: €164.9m).

• EBITDA fell to €21.4m (H1 2025: €26.3m); EBT dropped to €4.4m (H1 2025: €10.2m); net income was €3.1m (H1 2025: €8.1m); EPS was €0.21 (H1 2025: €0.55).

• Gross margin declined due to higher material and procurement costs, especially in Eigenbetrieb.

• Order backlog increased to €143.1m (Dec 2025: €129.9m), with €112.1m from international markets.

• Cash and cash equivalents increased to €26.8m (Dec 2025: €25.7m).

Outlook and guidance

• FY 2026 revenue/total output expected between €330–370m; EBT forecast at €5–15m, down from 2025 due to regulatory changes and delayed project completions.

• 2027 anticipated to bring higher revenues and earnings as regulatory headwinds ease and project completions shift profit recognition.

• Ongoing €100m investment program (2026–2029) to upgrade and convert plants, focusing on biomethane and bio-LNG production.