Waga Energy: Strong increase in revenue (+87% yoy) driven by the commissioning of 5 new units, and improved EBITDA yoy
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Waga Energy 2024 FIRST-HALF RESULTS Strong increase in revenue (+87% yoy) driven by the commissioning of 5 new units, and improved EBITDA yoy
H1 2024 consolidated financial statements
Mathieu Lefebvre, Chairman and Chief Executive Officer of Waga Energy, commented: “Our success in the United States was confirmed by the commissioning of a WAGABOX® unit in New York State, and two new contracts won in North Carolina and Texas. Looking to the months ahead, the depth of this market and solid RIN levels will enable us to accelerate further. In Europe, renewable natural gas (RNG) development is supported by the decarbonization drive and rising natural gas prices in connection with an increased dependence on liquefied natural gas (LNG) imports, at a time of declining electricity prices. In this favorable context and leveraging on substantial financial resources on the back of our recent successful debt and equity raising, we continue to deliver a positive impact on the planet and have full confidence in our ability to achieve our financial targets.” Waga Energy (EPA: WAGA), a leader in producing Renewable Natural Gas (RNG) from landfills, today reports its first-half results for the 2024 fiscal year, as approved by the Company’s Board of Directors on September 27, 2024. The Group achieved strong revenue growth at €25.6m (+87% yoy), with an improvement in EBITDA totaling -€2.5m (vs. -€3.1m in H1 2023) thanks to the revenue increase and to the improvement of the RNG sale & upgrading services gross margin rate. This strong growth was fueled by RNG production, amounting to 254 GWh (866,684 MMBtu, +79% yoy) thanks to the Group’s operational excellence in running its production units, and the commissioning of 5 new WAGABOX® units (4 in France and a first US unit). A sales pipeline of over 13 TWh p.a. installed capacity The buoyant market environment for RNG bolsters Waga Energy’s pricing power, as demonstrated by high prices for RIN (“Renewable Identification Numbers” – a mechanism assessing the value of green gas in the United States), and the execution of the first long-term private BPA (“Biomethane Purchase Agreement”) in France at a higher price than the State-subsidized tariff. In this favorable environment, H1 saw the Group grow its sales pipeline by +15% versus the level of the Capital Markets Day in February for an installed capacity of 13.6 TWh/year (46.4 million MMBtu) including 165 projects, and secured as well two US contracts. Stronger financial position At June 30, 2024, the Group had cash of €78m, strengthened by its successful €52m capital increase in March and nearly €160m in debt-raising since early 2024, including $60m in US construction debt with Eiffel Investment Group in February and €100m in inaugural corporate debt with 5 banking groups in July, not yet drawn. This robust financial position provides Waga Energy with the resources required to finance its growth. Continued excellent operational capacity As of the date of this press release, the Group operates 28 RNG production units in France, Spain, Canada and the United States, representing an installed capacity over 1 TWh/year (3.4 million MMBtu). An additional eleven units are under construction in France, Canada and the United States, and set to increase installed capacity by a further 1.3 TWh per year (4.4 million MMBtu). Through its installed base, Waga Energy avoided emissions of 63,000 tons of CO2 eq. in H1 2024 by replacing fossil natural gas[1]. Annual signed recurring revenue based on operational units and projects under construction totaled €106m, versus €80m a year ago (+33%). On the back of these strong results, the Group confirms its targets:
Next release: publication of 2024 revenue on February 10, 2025 after close of trading.
About Waga Energy Waga Energy (Euronext Paris: FR0012532810, EPA: WAGA) produces competitively priced Renewable Natural Gas (also known as “biomethane”) by upgrading landfill gas using a patented purification technology called WAGABOX®. The RNG produced is injected directly into the gas distribution networks that supply individuals and businesses, providing a substitute for natural gas. Waga Energy finances, builds and operates its WAGABOX® units under long-term contracts with landfill operators for the supply of raw gas, and generates income by selling the RNG it produces or by offering a purification service. As of the date of this press release, Waga Energy operates 28 (directly owned or sold) RNG production units in France, Spain, Canada and the United States, representing an installed capacity over 1 TWh/year (3,412,960 MMBtu). Each project initiated by Waga Energy contributes to the fight against global warming and helps the energy transition. Waga Energy is listed on Euronext Paris. Forward-Looking Statements Certain information contained in this press release is forward-looking statements and not historical data. These forward-looking statements are based on opinions, projections and current assumptions including, but not limited to, assumptions concerning the Group’s current and future strategy and the environment in which the Group is developing. They imply known or unknown risks, uncertainties and other factors, which could result in actual results, performances or achievements, or the results of the sector or other events, differing significantly from those described or suggested by these forward-looking statements. These risks and uncertainties include those that are indicated and detailed in Chapter 3 “Risk factors” in Waga Energy's registration document. These forward-looking statements are given only on the date of this press release and the Group expressly declines any obligation or commitment to publish updates or corrections of the forward-looking statements included in this press release in order to reflect any change affecting the forecasts or events, conditions or circumstances on which these forward-looking statements are based. The forward-looking statements and information do not constitute guarantees of future performances, and are subject to various risks and uncertainties, a large number of which are difficult to predict and generally outside the control of the Group. Actual results may differ significantly from those described, suggested or projected by the forward-looking information and statements. Contact:
[1]Estimate using comparative emission factors for fossil natural gas and Renewable Natural Gas, as calculated by ISCC (International Sustainability & Carbon Certification) for France and Spain, the “CA-GREET” model for the United States and the grid of gas distribution company, Énergir, for Canada.
Regulatory filing PDF file File: PR_2024-09-30_WagaEnergy_HY2024_Results_EN |
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| Language: | English |
| Company: | Waga Energy |
| 5 Rue Raymond Chanas | |
| 38320 Eybens | |
| France | |
| Phone: | (33) 772 771 185 |
| E-mail: | [email protected] |
| Internet: | www.waga-energy.com |
| ISIN: | FR0012532810 |
| Euronext Ticker: | WAGA |
| AMF Category: | Inside information / News release on accounts, results |
| EQS News ID: | 1997783 |
| End of Announcement | EQS News Service |
1997783 30-Sep-2024 CET/CEST
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