Water Intelligence (WATR) H2 2025 earnings summary

Executive summary

• Achieved 9% revenue growth in 2025 to $90.4M, with strong operational and financial performance supporting a scalable technology-enabled services (TES) platform.

• Core US business (ALD) grew 4% to $75.7M; international subsidiary (WII) surged 44% to $14.7M, reflecting global scalability.

• EBITDA increased 15% to $15.1M; Adjusted EBITDA up 15% to $16.5M, with margins improving to 18%.

• Q1 2026 revenue up 9% year-over-year to $23.2M, maintaining momentum despite operational headwinds.

Financial highlights

• Group revenue: $90.4M (2025) vs $83.3M (2024), +9%.

• ALD revenue: $75.7M (+4%); WII revenue: $14.7M (+44%).

• Adjusted PBT: $9.2M (+9%); Adjusted EPS: $0.39 (+9%).

• Cash at year-end: $6M; Net total debt to Adjusted EBITDA: 1.17x.

• Q1 2026 Adjusted EBITDA: $4.4M (+8%); margin steady at 19%.

Outlook and guidance

• Anticipates ramp-up in product sales in 2H 2026 to supplement organic services growth.

• Continued investment in TES platform, proprietary tools, and select accretive acquisitions.

• Ongoing cost control initiatives ("Dallas Template") to be rolled out group-wide.

• Strong cash generation and expanded credit facilities support growth and operational resilience.