Waga Energy (WAGA) H1 2025 earnings summary

Executive summary

• Achieved 39% year-over-year growth in RNG revenue, with total revenues reaching €27.4m, up 7% year-over-year, driven by strong operational execution and international expansion.

• Operational portfolio expanded to 31 production units across France, Spain, US, and Canada, with 1.5 TWh installed capacity (+50% YoY).

• 326 GWh RNG injected (+28% YoY), with 95% uptime and 19 new units under construction.

• Avoided 80,500 tons of CO2 equivalent emissions in H1 2025 (+28% YoY).

• Commissioned new projects in the USA, Italy, and a large-capacity unit in Canada, supporting global rollout.

Financial highlights

• EBITDA improved to -€0.2m from -€2.5m YoY, driven by higher RNG revenues and gross margin improvement (+14 pts).

• Net loss widened to -€11.1m from -€8.7m YoY, mainly due to increased asset amortization and financial costs.

• Capex more than doubled to €59m (+141% YoY), primarily invested in WAGABOX® units and accelerated project development.

• Cash and cash equivalents at €55.1m at June 30, 2025, with total liquidity of €149m including undrawn debt.

Outlook and guidance

• On track to achieve EBITDA breakeven in 2025 and targeting over €400m signed annual recurring revenues by end of 2026.

• 2026 targets include ~€200m revenue and 4 TWh p.a. installed capacity, with a slight timing shift.

• Focus on delivering best-in-class operations, converting a strong sales pipeline (16.7 TWh p.a., +23% YoY) into signed projects, and raising non-dilutive financing.

• Large US WAGABOX® unit to be delivered in H2 2025.