Waga Energy (WAGA) Q2 2026 earnings summary

Executive summary

• Achieved 22% year-over-year revenue growth in H1 2026, driven by a 27% increase in recurring revenues, despite a 78% drop in equipment sales.

• Produced 426 GWh of RNG in H1 2026 (+31% yoy), avoiding 173,000 tons of CO₂ equivalent emissions.

• Signed 5 new contracts year-to-date, including the first project in Brazil, expanding the commercial pipeline to 240 projects (+16% yoy).

• Operating 38 RNG units with 21 more under construction, totaling 59 projects and a capacity of 4.4 TWh per year.

Financial highlights

• H1 2026 revenues reached €33.5m (+22% yoy), with recurring revenues at €33.2m (+27% yoy).

• EBITDA improved to €0.5m (+€0.8m yoy), marking the second consecutive semester of positive EBITDA.

• Net loss widened to €12.4m from €11.1m yoy, mainly due to portfolio expansion.

• Capex totaled €57m in H1 2026, with free cash flow after interest at -€67m.

• Cash and cash equivalents stood at €46m at period end, with total liquidity of €210m before €136m new financing in July.

Outlook and guidance

• Revenue and installed capacity targets for 2026 (€200m and 4 TWh p.a.) are now expected to be achieved by mid-2028, an 18-month delay.

• Target of over €400m signed annual recurring revenues likely to shift to H2 2027.

• Upcoming financial disclosures scheduled for February and March 2027.