Watera: Revenue Up 63% and Losses Reduced in First Half 2026
Watera published its first half 2026 accounts on September 30, 2026, marked by revenue growth and loss reduction across all levels of the income statement.
These figures accompany the cross-border merger with Luxembourg subsidiary Watera International, approved at the general meeting on September 15, 2026 and expected by year-end, which should strengthen the group's financial structure.
Revenue Up 63.1% and Losses Declining
First half 2026 revenue reached 1.0 million euros, up 386,000 euros, or 63.1%, compared to the first half of 2025. According to the group, this increase reflects the initial effects of the merger with Watera International: reorganization, team efficiency gains and a shift toward more standardized equipment with higher margins.
EBITDA loss stood at 0.7 million euros, compared to a loss of 1.2 million euros in the first half of 2025. Operating loss and net loss each amounted to 0.8 million euros, versus 1.4 million and 1.5 million euros respectively one year earlier.
The improvement in EBITDA stems from commercial momentum and rationalization measures undertaken as part of the merger. External charges fell by approximately 45%, driven by lower rent and fees, reduced outsourcing and efficiency gains in contract execution.
Personnel costs decreased by around 35% following headcount reductions, brought down to 18 full-time equivalents in the first half of 2026 compared to 25 one year earlier. Over the past twelve months, the cost reduction plan implemented in the second half of 2025 generated 1.1 million euros in savings.
Capital Increase of 4.8 Million Euros Linked to Merger
As of June 30, 2026, shareholders' equity stood at 6.8 million euros, compared to 7.6 million euros on December 31, 2025, and cash stood at 0.8 million euros after a loan repayment of 0.3 million euros over the half-year. Gross debt reached 1.7 million euros, including a 1.0 million euro loan granted by Watera International in February 2026.
As part of the merger approved on September 15, 2026, Watera will carry out a capital increase of 4.8 million euros in favor of Unibios, in exchange for its 70% stake in Watera International, of which Watera already owns the remaining 30%. Following the transaction, Unibios will hold approximately 87% of Watera. The merger will be accompanied by the extinction of the intra-group debt of 1.0 million euros. Contracts signed to date represent 0.6 million euros of revenue, to be recorded mainly in the second half of 2026.
