Waga Energy posted revenues of €59.6 million in 2025, up 7% year-on-year, thanks to revenue growth generated by the sale and upgrading of biomethane, which increased by 23% year-on-year to €52.8 million, offsetting the decline in equipment sales (-55% year-on-year) resulting from the commissioning of the sold unit in Canada (Hartland project) in 2025.
The WAGABOX® portfolio operated by the Group produced 674 GWh of biomethane in 2025 (+17% year-on-year), including 245 GWh outside France (36%). The increase in biomethane production is mainly attributable to the full-year contribution of the nine WAGABOX® units commissioned in 2024 and the commissioning of a new unit in the United States (Scott Area). Additional units are expected to come online in 2026 across the United States and Europe, including two units in the US and one in France already commissioned in January.
The Group maintained a high level of operational performance, achieving an average availability rate of 95% for units that have been in operation for more than 12 months.
To date, the Group operates 35 biomethane production units in France, Spain, Canada and the United States, offering an installed capacity of 1.9 TWh/year, while 19 units are under construction in France, Spain, Italy, Canada and the United States, representing an additional installed capacity of 1.8 TWh/year. Based on these 54 projects, the Group estimates contracted annual recurring revenues of approximately €215 million, compared with €170 million one year earlier.
Commercial activity resulted in six new contracts signed in 2025, representing a capacity of 0.7 TWh/year, slightly below the 2024 level (ten projects representing 0.8 TWh/year).
Despite a softer market environment for US offtake agreements, Waga Energy remains ideally positioned to scale within the fast-growing landfill-to-biomethane market. Its proprietary technology and proven execution capabilities provide clear competitive advantages, supporting a trajectory of profitable growth — particularly in the United States — with projects delivering highly predictable cash flows.
“In 2025, Waga Energy delivered strong momentum, with biomethane revenues up 23% and avoiding 167,000 tonnes of CO₂ emissions. Our industrial model continues to demonstrate its positive impact on the planet year after year. Even in a softer market, we remain on track for profitable growth and EBITDA breakeven during 2025. The financial capabilities and expertise brought by our new strategic shareholder EQT will help us realise our full potential for the benefit of the planet.”
Mathieu Lefebvre
Chief Executive Officer, Waga Energy
