Waga Energy: Revenue up 22% in first half, but 2026 targets postponed to 2028
Waga Energy released its first half 2026 accounts on September 29, 2026, marked by revenue growth and a second consecutive half of positive EBITDA.
The biomethane producer simultaneously confirms the postponement of part of its objectives: the revenue target of approximately 200 million euros and 4 TWh of installed capacity by the end of 2026 is shifted by approximately eighteen months, to mid-2028.
Revenue at €33.5M, positive EBITDA
Consolidated revenue reached €33.5M in the first half of 2026, up 22% year-on-year. This growth is driven by recurring revenues, which increased by 27% to €33.2M, while equipment sales declined by 78% to €0.3M.
EBITDA came in at +€0.5M, an improvement of €0.8M year-on-year, marking a second consecutive half of positive EBITDA. According to the company, this development results from higher revenues and cost control, with project EBITDA reaching €13.4M (+€2.4M year-on-year) including €0.6M in production tax credits in the United States recognized for the first time, while platform costs amount to €12.9M (+€1.6M).
Net profit attributable to the group stands at -€12.8M, compared to -€11.6M a year earlier. Investments (capex) totaled €57M for the period, linked to the expansion of the Wagabox fleet.
Production up 31% and expanded portfolio
Biomethane production reached 426 GWh in the first half of 2026, up 31% year-on-year, preventing 173,000 tonnes of equivalent CO2 emissions. The group currently operates 38 production units and has 21 units under construction, bringing the total portfolio to 59 projects for a capacity of 4.4 TWh per year.
Recurring annual revenues signed associated with this portfolio are estimated at approximately €264M, compared to €177M a year earlier. The commercial portfolio comprises 240 projects for 19.4 TWh per year, up 16% year-on-year, with five new contracts signed since the beginning of the year, including a first project in Brazil.
The company indicates that commissioning timelines for American units remain longer than expected, due to local specificities including delays in permits and connections. The American biomethane market remains more competitive, with pressure on prices and shorter-term sales contracts.
Revenue and capacity targets shifted to mid-2028
Waga Energy confirmed that its targets of approximately €200M in revenue and 4 TWh of installed capacity by the end of 2026, as well as approximately 660,000 tonnes of equivalent CO2 avoided in 2026, should be achieved with a delay of approximately eighteen months, around mid-2028.
The group also announces that the target of more than €400M in recurring annual signed revenues by the end of 2026 should slip by six to twelve months, to the second half of 2027. The company specifies that it has already exceeded its objective of reaching the EBITDA breakeven threshold for the entire year 2025.
From a financial perspective, Waga Energy has total liquidity of €210M as of June 30, 2026, comprising €46M in cash and €164M in available debt, before €136M in new financing signed in July, partly intended to refinance existing debt. The gearing ratio reached 72% on June 30, 2026, up 6 points year-on-year.
