EverGen Infrastructure (EVGN) Planet MicroCap Showcase: Toronto 2026 summary

Turnaround and operating strategy

• CEO returned in May 2025 after a shareholder-backed review of assets, with a focus on improving operations and building an infrastructure platform.

• Four operating facilities in B.C. and Alberta are being optimized toward capacity; near-term improvements require limited capital, with expansions and greenfield projects planned for longer-term growth.

• Strategy centers on operational discipline, lean cash management and applying gas-plant operating practices to facilities historically run by smaller operators.

• CAD 7m equity funding in May 2025 and asset-level debt refinancing with Farm Credit Canada stabilized finances and enabled operational changes.

• Current market cap cited at ~CAD 20m, with ~25m shares, CAD 3.5m-CAD 3.7m cash and CAD 17.1m debt; CAD 16.25m is held at two subsidiaries by Farm Credit Canada.

Business model and market

• Renewable natural gas is produced from municipal organic, food-processing and agricultural waste; biogas is upgraded by removing CO2 and supplied as pipeline-spec natural gas to Fortis and Irving.

• FortisBC is the primary buyer, under 20-year gas contracts; management cited growing RNG programs among utilities, including Énergir.

• Two composting facilities process ~60,000 tons annually and earn municipal tip fees of CAD 100-CAD 150 per ton in the Lower Mainland; tip fees are the main compost revenue source.

• Fertilizer sales generate less than CAD 1m of ~CAD 14m run-rate revenue; management sees potential to capture more value from the nutrient-rich byproducts.

• Management sees RNG as a low-carbon fuel for Canadian LNG exports and expects organic-waste processing contracts and pricing to strengthen over time.

Projects and growth plans

• Pacific Coast Renewables expansion would add a 100,000 GJ digester at an existing site, using available feedstock; management views the model as replicable at other facilities.

• The expansion is estimated at CAD 30m, with close to CAD 5m of added EBITDA and a CAD 10m grant; ~CAD 2.5m had been drawn down, and board FID was targeted for early 2027 after a permit arrived in late Q3 2026.

• A Canadian Clean Fuels Program 1.4x multiplier for Canadian RNG was announced as an intended regulatory change; it could lift spot-market value, while some carbon-market exposure is retained under contracted sales.

• CAD 1.5m of 2026 optimization investment is expected to add EBITDA in 2027, lifting run-rate EBITDA from CAD 5m to CAD 6.5m; similar work is planned for 2027.

• Project Radius, the Pacific Coast Renewables expansion and consolidation are intended to take medium- to long-term EBITDA above CAD 20m; FID work is underway on Project Radius and the expansion.