Green Earth Group (GREEN) H2 2025 earnings summary

Executive summary

• Achieved significant operational progress in 2025, including validation of a fourth proprietary carbon project and first sales of verified carbon credits, marking a transition from development to commercial phase.

• Rebranded from DGB Group N.V. to Green Earth Group N.V. and expanded the Board to strengthen governance.

• Maintained a robust project pipeline with 19 projects, 7 under active management, and diversified into plastic and biodiversity credits.

Financial highlights

• Revenue for 2025 was €267k, up from €88k in 2024, driven by increased carbon credit sales and consultancy services.

• Gross profit reached €147k, with an EBITDA of -€3.4m and a net loss of €4.8m, reflecting ongoing investment in project development.

• Cash and cash equivalents at year-end were €568k, with total assets of €12.2m and total liabilities of €21.9m.

• Issued €8.3m in bonds during 2025, with total borrowings at €19.2m.

• No income tax expense recognized due to ongoing losses; deferred tax assets not yet recognized.

Outlook and guidance

• 2026 expected to see acceleration in commercial activity, with major offtake agreements and project launches in Kenya, Uganda, Nigeria, and Kazakhstan.

• Revenue growth anticipated from conversion of forward sales agreements and maturing project portfolio, with scale revenue expected from 2027.

• Geographic expansion underway in Liberia, Colombia, Ghana, Panama, and the US.