Waga Energy, a leader in the production of Renewable Natural Gas (RNG) from landfill gas, today reports its financial results for the fiscal year ended December 31, 2025. As announced on February 10th, 2026, consolidated revenues reached € 59.6m in 2025, up +7% yoy, thanks to the sale and upgrade of RNG up +23% yoy, compensating the equipment sales decrease (-55% yoy) due to the commissioning of the Hartland project in Canada.
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 Projects5 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 RNG production units in France, Spain, Canada and the United States, offering an installed capacity of 1.9 TWh (6.5 million MMBtu) 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 (6.3 million MMBtu) 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 Renewable Natural Gas 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