EverGen Infrastructure (EVGN) Q2 2026 earnings summary

Executive summary

• Achieved record Q2 RNG production of 54,675 GJ, up 11% year-over-year, driven by stabilization at FVB and GrowTEC facilities and strong growth in organic feedstock volumes and compost sales.

• Achieved record operational performance and cash generation following a 15-month turnaround and stabilization period, including recapitalization and management changes.

• Four operating assets in BC and Alberta now run at high reliability, with uptime improving from under 80% to high-90s.

• Platform demonstrates a repeatable turnaround template for underperforming RNG assets, focusing on lean operations and empowered site teams.

• Maintained a scalable platform with high-quality RNG and organics processing assets, underpinned by long-term contracts and policy tailwinds.

Financial highlights

• Q2 2026 revenue rose 71% year-over-year to CAD 4.8 million, with tipping fees up 52%, RNG revenue up 15%, and compost/soil sales up 22%.

• Adjusted EBITDA for Q2 2026 was CAD 1.75 million, up 416% year-over-year; first half adjusted EBITDA reached CAD 2.6 million.

• Net loss narrowed by 80% to CAD 386,000, with net loss per share improving to $(0.01) from $(0.10); first half net loss at CAD 1.1 million, down from CAD 3.1 million prior year.

• Working capital surplus improved to CAD 2.97 million as of June 30, 2026.

• Carbon credit revenue contributed CAD 1.1 million in Q2, not present in Q2 2025.

Outlook and guidance

• Run rate adjusted EBITDA for the first half of 2026 is over CAD 5 million, with management confident in sustaining or improving this level.

• Targeting medium-term RNG production of 330,000 GJ and long-term goal of 500,000+ GJ.

• Carbon credit revenue is expected to remain lumpy but stable, with market prices above CAD 350/ton.

• Ongoing organic growth at GrowTEC, continued improvements at Fraser Valley Biogas, and major expansion at Pacific Coast Renewables (PCR) supported by CAD 10.5 million NRCan funding.

• Project Radius (50% owned) targets FID later this year or early next, with funding and partnership discussions ongoing.