Waga Energy (WAGA) H2 2024 earnings summary

Executive summary

• Achieved FY2024 revenue of €55.7m, up 67% year-over-year, with 47% from international markets and strong expansion in North America and Latin America.

• Commissioned 10 new RNG production units in 2024, expanding global footprint, especially in the US, and established a Brazilian subsidiary.

• Commercial pipeline expanded to 197 projects, representing 16.8 TWh/year capacity (+40% YoY), with the U.S. as a key growth driver.

• Maintained high operational performance, achieving 94.3% average uptime for mature units.

• Avoided 142,000 tons of CO2 equivalent emissions in 2024.

Financial highlights

• Revenue grew 67% to €55.7m, driven by an 81% increase in RNG production revenues and 35% growth in equipment sales.

• EBITDA improved to -€2.6m (+€2.2m YoY), with H2 EBITDA at -€0.1m, confirming breakeven target for 2025.

• Net income decreased to -€17.6m, mainly due to higher asset amortization and financial costs.

• Capex increased 25% to €61.5m, with 76% invested in North America.

• Cash and cash equivalents at year-end were €68.3m, up 77% year-over-year, with total liquidity of €182m including undrawn debt.

Outlook and guidance

• Targeting EBITDA breakeven in 2025, with >€400m annual secured revenues and 4 TWh installed capacity by 2026.

• Sales pipeline at 16.8 TWh/year, up 40% year-over-year, with strong US momentum and expansion into Brazil.

• 2026 targets of ~€200m revenue and 4 TWh/year installed capacity shifted by a few months; €400m signed annual recurring revenue target for end-2026 maintained.

• Next guidance update scheduled for September 2025 with H1 2025 results.

• Continuing to raise non-dilutive financing and deliver large US projects.