Eybens, France – April 15, 2025 – Waga Energy (EPA: WAGA), a prominent player in the production of Renewable Natural Gas (RNG) from landfill gas, has released its financial results for the fiscal year ending December 31, 2024, reaffirming its objective to achieve EBITDA breakeven in the course of 2025. This target is underpinned by strong momentum in the United States and an improved EBITDA performance in 2024.

Financial Highlights

Key Financial Data (in € million)

	Dec-31, 2024	Dec-31, 2023	% Change
Revenue	55.7	33.3	67%
EBITDA	(2.6)	(4.8)
IFRS 2 expenses (share-based payment)	(3.3)	(3.8)	-13%
Depreciation, amortization and provisions	(7.6)	(5.9)	29%
Profit (loss) from recurring operations	(13.4)	(14.5)
Operating profit (loss)	(13.1)	(14.1)
Net financial income (loss)	(2.9)	(1.0)	176%
Consolidated profit (loss) for the period	(17.2)	(15.4)
Net income - Group share	(17.6)	(16.0)
Capex	(61.5)	(49.2)	25%
Cash and cash equivalent (end of period)	68.3	38.7	77%
Number of employees (end of period)	241	200	21%

Mathieu Lefebvre, Chairman & Chief Executive Officer of Waga Energy, commented on the company's performance and strategic direction: "2024 confirmed Waga Energy’s accelerated international expansion, marked by the launch of 10 new projects in North America and Europe. The Group is now firmly established in these two strategic markets, where portfolio opportunities are becoming a reality, and is well positioned to expand its footprint into other regions — particularly Latin America, following the recent opening of our subsidiary in Brazil. In an uncertain global economic environment, our world-unique technology and unmatched execution capabilities provide decisive competitive advantages to drive further growth, especially in the United States. The improvement in our EBITDA, driven by increased revenues and cost control, reinforces our confidence in achieving breakeven in the course of 2025."

Operational Achievements and Expansion

Waga Energy has demonstrated strong operational performance, with WAGABOX® units achieving an average uptime of 94.3% for units operational for over 12 months. The company commissioned 10 new units and achieved a 72% increase in RNG production, totaling 576 GWh. This output avoided the emission of 142,000 tons of CO2-equivalent by displacing fossil natural gas in energy grids.

Commercial Success and Pipeline

The company announced 10 new projects in 2024, including 6 in the United States, 2 in France, 1 in Canada, and 1 in Italy, with an additional 3 projects since the start of 2025. The commercial pipeline now includes 197 projects, representing a potential installed capacity of 16.8 TWh / 51 mm MMBTu p.a., excluding projects portfolios being developed.

Strategic Outlook

Waga Energy reaffirms its commitment to achieving EBITDA breakeven in 2025, highlighting the effectiveness of its profitable growth model. The number of signed and prospective projects, especially in equipment sales, supports the anticipated shift in the 2026 targets of approximately €200 million in revenue and 4 TWh p.a. installed capacity. The company maintains its target of over €400 million in signed annual recurring revenue by the end of 2026.

The company will provide further guidance during the presentation of its H1 2025 results in late September. Waga Energy is confident that its unique technology and execution capabilities will sustain its growth trajectory, particularly in the United States, despite potential market uncertainties such as the implementation of custom duties.

Upcoming Release: Publication of H1 2025 results on September 29, 2025.