Waga Energy (WAGA) H2 2025 TU earnings summary

Executive summary

• RNG production revenues grew 23% year-over-year to €52.8m in 2025, with total revenues up 7% to €59.6m, driven by strong RNG sales despite a decline in equipment sales.

• 674 GWh of RNG produced in 2025 (+17% yoy), avoiding 167,000 tons of CO2 equivalent emissions; 35 units in operation and 19 under construction, totaling 54 projects with 3.7 TWh annual capacity.

• Commercial pipeline expanded to 213 projects (+16% yoy), representing 17.4 TWh potential capacity.

Financial highlights

• RNG/gas upgrade service sales reached €52.8m (+23% yoy), while equipment sales dropped 55% to €5.4m.

• O&M and other services revenue more than doubled to €1.5m (+110% yoy).

• Consolidated revenue rose to €59.6m (+7% yoy).

Outlook and guidance

• EBITDA breakeven targeted during 2025, with ~€200m revenue and 4 TWh installed capacity targets at end-2026 expected to be delayed by just over a year.

• Over €400m signed annual recurring revenues by end-2026 depends on US portfolio deal signatures.