French renewable natural gas (RNG) specialist Waga Energy has reported RNG production revenues of €52.8 million for 2025, representing year-on-year growth of 23%.
Total revenues reached €59.6 million, up 7% year-on-year, with the lower overall growth attributed to a 55% decrease in equipment sales following the commissioning of the company's sold unit in Canada at the Hartland project.
The company's WAGABOX® portfolio produced 674 GWh (2.3 million MMBtu) of RNG in 2025, marking a 17% increase year-on-year and avoiding 167,000 tonnes of CO₂ equivalent emissions. Production outside France accounted for 245 GWh, representing 36% of total output.
Waga Energy currently operates 35 RNG production units across France, Spain, Canada and the United States, with installed capacity of 1.9 TWh (6.5 million MMBtu) per annum. A further 19 units are under construction in France, Spain, Italy, Canada and the US, adding 1.8 TWh (6.1 million MMBtu) per annum of capacity.
The company maintained an average availability rate of 95% for units operational for more than 12 months, demonstrating what it described as its "unique industrial capabilities".
Based on its 54-project portfolio, Waga Energy estimates signed annual recurring revenues of approximately €215 million, compared to €170 million a year earlier.
The company signed six new contracts in 2025 with combined capacity of 0.7 TWh (2.4 million MMBtu) per annum, slightly below 2024's ten projects totalling 0.8 TWh.
Despite what it characterised as a "softer environment" for US offtake contracts, Waga Energy reported a growing commercial pipeline of 213 projects representing potential installed capacity of 17.4 TWh (59.3 million MMBtu) per annum, up 16% year-on-year.
Projects at the contractual negotiation phase represent 2.4 TWh per annum, up 60% year-on-year, whilst projects with offers submitted reached 5.6 TWh per annum, up 20%.
The company maintained its target of achieving EBITDA breakeven during 2025, but indicated that its 2026 targets of approximately €200 million revenue and 4 TWh per annum installed capacity would be achieved with a delay of slightly more than one year.
Mathieu Lefebvre, chief executive officer, said: "In 2025, Waga Energy delivered strong momentum, with RNG revenues up 23% avoiding 167,000 tonnes of CO₂ emissions. Our industrial model is demonstrating year after year its positive impact for the planet. Even in a softer market, we remain on track for profitable growth and EBITDA breakeven in the course of 2025."
He added that the financial capabilities and expertise brought by new strategic shareholder EQT would help the company reach its "full potential for the planet".
Waga Energy reports 23% growth in RNG production revenue
