Water Intelligence (WATR) H2 2025 earnings summary

Executive summary

• Revenue increased 9% year-over-year to $90.4 million, with core US operations up 4% and international operations up 44%.

• Adjusted EBITDA rose 15% to $16.5 million, with margin improvement of 110bps to 18.2%.

• Adjusted profit before tax grew 9% to $9.2 million; statutory profit before tax up 7% to $6.8 million.

• Strategic focus on organic growth, selective acquisitions, and share repurchases ($1.6 million in 2025).

• Preventive Maintenance strategy launched, leveraging partnerships and proprietary technology.

Financial highlights

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

• Adjusted EBITDA: $16.5 million (2025) vs $14.3 million (2024), +15%.

• Adjusted basic EPS: $0.39 (2025) vs $0.36 (2024), +8%.

• Net total debt: $19.3 million, leverage ratio (NTD/EBITDA adj) 1.17x.

• Cash at year-end: $6 million; total debt: $26.2 million, amortizing through 2029.

Outlook and guidance

• Q1 2026 revenue up 9% to $23.2 million, maintaining 2025 momentum.

• B2B channel growth reversed prior declines, up 16% in Q1 2026.

• Product sales expected to ramp in 2H 2026, supplementing core services.

• Continued investment in technology, leadership, and selective acquisitions.