This project will transform landfill gas into a renewable, local energy source that can be directly injected into the gas grid.

Under a long-term agreement, Waga Energy will finance, build, own, and operate a biomethane production unit with an initial processing capacity of 4 800 m3/h.

The WAGABOX® unit will produce approximately 180 GWh of biomethane per year and avoid the emission of around 47,500 tons of CO₂ equivalent per year by replacing fossil natural gas — the equivalent of CO₂ emissions from consuming approximately 4.2 million gallons of diesel.

The Eco-Hill Landfill, owned and operated by one of LRS’s affiliated companies, currently accepts more than 1 million metric tons of municipal solid waste per year, most of it collected in the greater Chicago area.

With this new project, Waga Energy continues its expansion in the United States and reaffirms its commitment to supporting local communities by transforming landfill gas into a valuable energy resource that benefits both territories and the climate.

Increased revenues and healthy cost management have allowed Waga Energy to reach its full year EBITDA breakeven at +€ 1.2m (+€ 3.8m yoy) for 2025, ahead of plans, with :

• +€ 23m of Projects EBITDA, up +€ 5m yoy, whereas platform costs reach -€ 22m, growing moderately by +€ 2m.
• A strong conversion of Projects EBITDA into Projects cashflows (95% of the +€ 23m Projects EBITDA having been converted into Projects cashflows in 2025).

In 2025, Group capex have reached € 118m, free cashflow after interest -€ 116m, and net result -€ 30m, led by the WAGABOX® portfolio expansion.

Waga Energy has maintained In 2025 a high-performance level, achieving an average availability of 95% for units that have been in operation for more than 12 months.

To date, Waga Energy operates 36 biomethane production units in France, Spain, Canada and the United States, offering an installed capacity of 1.9 TWh p.a., and 19 units are under construction in France, Spain, Italy, Canada and the United States, representing an additional installed capacity of close to 1.8 TWh p.a.

Even if the time needed for commissioning its units in the US is longer than expected due to a complex set of local specificities resulting in delays on permitting and interconnects, the Group’s portfolio of 55 projects will represent when delivered estimated signed annual recurring revenues of around € 221m, compared to € 182m one year ago.

“In 2025, Waga Energy combined measurable environmental impact with strong financial discipline, reaching fullyear EBITDA breakeven ahead of plan. By producing 674 GWh of biomethane and avoiding more than 300,000 tons of CO₂-equivalent emissions, we are also demonstrating in a softer market the scalability and the robustness of our longterm contracted revenues model based on sovereign local sources of energy. As we continue to expand our portfolio, especially in the United States and Europe, our ambition remains clear: fight against climate change, while building financial value creation.”

Mathieu Lefebvre
Chief Executive Officer of Waga Energy

Designed to process up to 1,610 Nm³/h of landfill gas, the facility will produce approximately 60 GWh of biomethane per year. The project will avoid up to 15,800 tonnes of CO₂ equivalent emissions annually, comparable to eliminating the emissions associated with the consumption of approximately 1.5 million gallons of diesel fuel. 

The CMCMUA Secure Sanitary Landfill serves all sixteen municipalities within Cape May County. While the county’s permanent population is approximately 98,000 residents, its popularity as a holiday destination increases the population to more than 750,000 people during the summer months.

The CMCMUA Secure Sanitary Landfill receives approximately 180,000 tonnes of waste per year. Landfill gas is currently used to generate electricity through a combined heat and power (CHP) engine. Biomethane production will maximise the beneficial use of landfill gas generated by the decomposition of waste while supplying renewable energy to support the decarbonisation of the transport sector.

“In 2025, Waga Energy delivered strong momentum, with biomethane revenues up 23% and avoiding 167,000 tonnes of CO₂ emissions. Our industrial model continues to demonstrate its positive impact on the planet year after year. Even in a softer market, we remain on track for profitable growth and EBITDA breakeven during 2025. The financial capabilities and expertise brought by our new strategic shareholder EQT will help us realise our full potential for the benefit of the planet.”

Mathieu Lefebvre
Chief Executive Officer, Waga Energy

Lane County, in partnership with Emerald People’s Utility District (EPUD), has selected Waga Energy to build, own, operate and maintain a biomethane production unit at the Short Mountain Landfill in Eugene, Oregon. Once operational, the plant is designed to produce approximately 120 GWh of biomethane per year.

For several decades, EPUD has generated electricity from landfill gas at Short Mountain Landfill, with a capacity of 3 MW. EPUD selected Waga Energy to produce biomethane, replacing the engines currently operating on site. Lane County followed EPUD’s recommendation and selected Waga Energy, a global leader in landfill gas-to-biomethane production, to upgrade landfill gas into grid-quality biomethane at Short Mountain Landfill for an initial period of 25 years.

The plant will utilise Waga Energy’s patented WAGABOX® technology. Once operational, it will be capable of processing up to 3,200 Nm³/h of landfill gas and producing approximately 120 GWh of biomethane per year, delivered directly to the local gas network. The project is expected to reduce up to 31,000 tonnes of CO₂ equivalent emissions annually through the displacement of fossil fuels, equivalent to avoiding the emissions associated with the consumption of 2.7 million gallons of diesel fuel.

“We are excited to begin a new chapter in our decades-long partnership with Emerald People’s Utility District. Working together with Waga Energy will allow us to reduce emissions from the landfill and turn those emissions into renewable fuel. It’s a win for our community and a great example of how public agencies can work together with private companies to create innovative and beneficial solutions.”

David Loveall
Lane County Commissioner

“EPUD is pleased to support this next chapter at the Short Mountain landfill. While we’re proud of the contributions we’ve made over the past three decades to generate low-cost electricity and reduce local emissions, we know that Waga Energy can take these efforts to a new level. At the same time, this transaction will protect our customers from future rate increases and allow us to focus on our core mission of providing safe, reliable, low-cost power.”

Curt Offenbacher
President of the Board of Directors, Emerald People’s Utility District (EPUD)

“We are honoured to partner with Lane County and EPUD on this project, which reflects a shared commitment to environmental stewardship and innovative energy solutions. By transforming landfill gas into high-quality biomethane, we are not only reducing local greenhouse gas emissions but also providing the community with a reliable, locally produced source of energy. This collaboration demonstrates what is possible when a public partner and a technology leader work together to advance a more sustainable future.”

Guénaël Prince
Co-Founder and Chief Executive Officer of Waga Energy Inc.

“We are proud to be partnering with Hillsborough County on this major project, and deploying our first WAGABOX® unit in Florida near our U.S. commercial headquarters. Together, we are turning landfill gas into biomethane, a clean, local, renewable energy, and taking concrete action towards energy resilience and the decarbonization of the gas infrastructure for Florida’s communities.”

Guénaël Prince
Co-founder and CEO of Waga Energy Inc.

The project will avoid approximately 12,200 tonnes of CO₂ equivalent emissions per year by capturing methane — a powerful greenhouse gas — and upgrading it into biomethane. This reduction is equivalent to around 37 GWh of energy, comparable to the energy content of more than 3.7 million litres of diesel fuel.

“Selecting Waga Energy for this project represents a major step forward in Wicomico County’s commitment to environmental stewardship, innovation and responsible landfill management. By capturing methane and converting it into biomethane, we are turning a waste by-product into a valuable energy resource while significantly reducing greenhouse gas emissions. This project positions Wicomico County as a leader in sustainable energy solutions on Maryland’s Eastern Shore. The Newland Park Landfill biomethane facility not only helps us meet evolving environmental regulations, but also supports a cleaner, more resilient energy future for our community.”

Julie M. Giordano
Wicomico County Executive

“Our collaboration with Wicomico County stands as a cornerstone in shaping the next phase of our development in Maryland. We are thrilled to develop the first WAGABOX® unit in a state with such ambitious greenhouse gas reduction goals and immense potential for our solution. Supplying biomethane produced in Maryland for local use highlights the success of public-private collaboration in advancing the state’s ambitious decarbonisation objectives.”

Guénaël Prince
Co-founder and Chief Executive Officer of Waga Energy Inc.

“Thanks to this new agreement with Waga Energy and Enagás Renovable, we continue to demonstrate our commitment to sustainable development by supporting a circular economy that turns waste into resources.”

Jose Antonio García Galdón
CEO of Waste Treatment by Valoriza

“At GS Inima, we are proud to be part of a project that redefines waste management. By using cutting-edge technology, we are not only addressing the region’s environmental challenges, but also creating a more sustainable future. We believe that this public-private partnership is the key to transforming waste into a valuable resource, promoting clean energy production and generating tangible benefits for the environment and our community.”

Francisco de Los Santos
Director of GS Inima

“With the implementation of this new biomethane production plant in collaboration with Bioreciclaje de Cádiz and Waga Energy, we reaffirm our commitment to a sustainable future by promoting innovation and efficient waste management.”

Antón Martínez
CEO of Enagás Renovable

“We are excited about this new project in Spain with Bioreciclaje de Cádiz and Enagás Renovable, two leading companies in the environmental sector. Our WAGABOX® unit will allow us to transform landfill gas into a local, renewable, and circular energy source. By producing biomethane—a key component of the energy transition—we are taking concrete action against climate change and helping to strengthen Andalusia’s energy independence.”

Baptiste Usquin
CEO of Waga Energy Spain

“We are pleased to report a solid financial and operational performance in H1 2025, highlighted by new projects in the USA and Italy, the commissioning of a large-capacity unit in Canada, and an EBITDA approaching breakeven…”

Mathieu Lefebvre
Chief Executive Officer of Waga Energy

“Satisfaction with the agreement with Waga Energy, a leading international company in biomethane production from landfills. This agreement confirms the development of this important sector, with both environmental and economic returns and efficiencies. And we are trusting in a speedy implementation of the project.”

Marco Colatarci
Chairman of Scapigliato’s Board of Directors, and Alessandro Franchi, Managing Director

“We are proud to have signed this agreement with Scapigliato, which supports the vision of developing best practices in terms of waste management. Our entities are actively collaborating to implement the internationally patented and widespread WAGABOX® technology to complete the biomethane production project in a local context. We support our customer, the community and its residents moving toward the future! This new project confirms Waga Energy’s consolidation strategy in Italy through virtuous projects that have a significant impact on energy transition and greenhouse gas emissions.”

Andrea Baldini
CEO of Waga Energy Italia