Water Intelligence (WATR) H1 2026 earnings summary

Executive summary

• Revenue grew 7% year-over-year to $48.2 million, with adjusted EBITDA up 6% to $9.8 million, driven by technology-enabled services and the launch of preventive maintenance offerings.

• Paid pilots for preventive maintenance solutions in Q3 validated the business model, supporting a scale-up in Q4 and providing new KPIs for 2027.

• The group is leveraging its nationwide footprint and technology investments to offer end-to-end water infrastructure solutions, differentiating itself in a fragmented market.

Financial highlights

• Revenue increased 7% to $48.2 million compared to 1H 2025.

• Adjusted EBITDA rose 6% to $9.8 million; adjusted PBT up 4% to $5.9 million.

• Statutory profit before tax fell 22% to $3.3 million due to legal and training expenses for new offerings.

• Adjusted EPS (fully diluted) increased 8% to 25.5 cents; statutory EPS (diluted) was 13.8 cents.

• Cash and equivalents at period end were $4.37 million; net debt to adjusted EBITDA ratio at 1.29.

Outlook and guidance

• Momentum expected in 2H 2026 from scaling preventive maintenance solutions, with financial milestones and new KPIs (e.g., devices sold) to be introduced for 2027.

• Continued focus on organic growth, B2B channel expansion, and selective acquisitions, supported by a strong balance sheet.