Waga Energy (WAGA) H2 2025 earnings summary

Executive summary

• Achieved full-year EBITDA breakeven at €1.2m, a €3.8m improvement year-over-year, driven by a 23% increase in RNG production revenues and disciplined cost management.

• Produced 674 GWh of RNG in 2025 (+17% yoy), avoiding 311,000 tons of CO₂ equivalent emissions under an updated methodology.

• Commercial pipeline expanded to 238 projects (+12% yoy), representing 18.8 TWh potential annual capacity.

Financial highlights

• Consolidated revenues reached €59.6m in 2025, up 7% year-over-year, with RNG revenue at €52.8m (+23% yoy).

• Operating loss widened to €18.9m from €13.1m, and net loss (Group share) increased to €30.3m from €17.6m.

• Capex rose 92% to €118.2m, and cash at year-end was €60.3m, down 12% from prior year.

• Free cash flow after interest was -€116m, reflecting significant investment in portfolio expansion.

Outlook and guidance

• Targets of ~€200m revenue, 4 TWh installed capacity, and ~660k tons CO₂eq avoided emissions for 2026 are expected to be achieved with an 18-month delay.

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