Waga Energy posted revenues of € 59.6m in 2025, up +7% yoy, thanks to revenue growth generated by the sale and upgrade of biomethane up +23% yoy (at € 52.8m), compensating the equipment sales decrease (-55% yoy) due to the commissioning of the sold unit in Canada (Hartland project) in 2025.
The WAGABOX® portfolio operated by the group has produced 674 GWh (~2.3 million MMBtu) of RNG (+17% yoy) in 2025, including 245 GWh outside of France (36%). The increase in RNG production is mainly due to the full year effect of the 9 WAGABOX® commissioned in 2024 and to the commissioning of one new unit in the United States (Scott Area). More units are expected to come on line in 2026 in the US and Europe, of which two US units and one in France already commissioned in January.
The group has maintained a high-performance level, achieving an average availability of 95% for units that have been in operation for more than 12 months.
To date, the group operates 35 RNG production units6 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 1.8 TWh (6.1 million MMBtu) p.a. Based on these 54 projects, the group estimates signed annual recurring revenues to be around € 215m, compared to € 170m one year ago.
The sales activity has resulted in 6 new contracts signed in 2025 for a capacity of 0.7 TWh (2.4 million MMBtu) p.a., slightly below 2024 (10 projects for 0.8 TWh ie 2.7 million MMBtu p.a.).
In a softer environment on US offtake contracts, Waga Energy remains ideally positioned to scale in the high-growth landfill-to-biomethane market. Its proprietary technology and proven execution capabilities provide clear competitive advantages, supporting a trajectory of profitable growth — especially in the U.S. — with projects delivering highly predictable cash flows.
“In 2025, Waga Energy delivered strong momentum, with biomethane revenues up +23% avoiding 167,000 tons of CO₂ emissions. Our industrial model is demonstrating year after year its positive impact for the planet. Even in a softer market, we remain on track for profitable growth and EBITDA breakeven in the course of 2025. The financial capabilities and know-how brought by our new strategic shareholder EQT will help us reaching our full potential for the planet.”
Mathieu Lefebvre, Chief Executive Officer, Waga Energy