Waga Energy Sa · EURONEXT:WAGA
Waga Energy Sa — Forum Oddo BHF 2025
25 slides from Waga Energy Sa's conference presentation, Jan 8, 2025
Slide 1: An Introduction to a World RNG Leader
AN INTRODUCTION TO A WORLD RNG LEADER January 8th 2025 Mathieu Lefebvre Jean-Michel Thibaud Co-founder Deputy GM & CFO & Group CEO
Slide 2: A biogas leader in a nutshell
a biogas leader in a nutshell Waga Waga tackles tackles the the #1 #1 No-brainer solution No-brainer solution Proven successful Unique Unique cashflow cash-flow profile Waga Waga turns turns aa pollution pollution greenhouse greenhouse issue issue scale-up profile into into aa resource resource One
Slide 3: Waga Energy tackles the #1 greenhouse issue
Waga Energy tackles the #1 greenhouse issue Fighting climate change by upgrading wasted landfill gas into RNG Global atmospheric methane and drastic cuts needed to limit warming to 1.5 degrees (source: Edlugokencky, NOA/ESRL) Because landfills are a major source of methane emissions, RNG upgrade is
Slide 4: Landfills: most common solution for waste management
Waga Energy tackles the #1 greenhouse issue Landfills: most common solution for waste management A worldwide structurally fast-growing market 70% of household waste is landfilled worldwide in >20,000 landfills Tons of waste per year +70% 3.4 billion 2.0 billion 2021 2050 Landfill model is the main w
Slide 5: Local renewable energy with positive impact on climate
No-brainer solution Local renewable energy with positive impact on climate • Proprietary technology to upgrade landfill gas into RNG • Methane is responsible for 40% of global warming, and has a heating power 84X higher than CO2 (1) • ~90% of methane from landfills is flared or released into the amo
Slide 6: Why is upgrading landfill gas into RNG a technical challenge?
No-brainer solution Why is upgrading landfill gas into RNG a technical challenge? Active cell of the landfill: Closed cell: Biogas production starts Anaerobic, biogas production Air intrusion due Biogas collection system under vacuum to the vacuum to collect the gas, and prevent biogas leakages to t
Slide 7: The WAGABOX patented technology revolutionizes landfill gas to RNG
No-brainer solution The WAGABOX® patented technology revolutionizes the landfill gas to RNG industry Methane Recovery Performance vs. Nitrogen Content LEGACY TECHNOLOGY Up to 30% nitrogen in the LFG Over 95% availability Over 90% methane recovery Pipeline-compliant (> 98% methane content) 7
Slide 8: Long-term and predictable landfill gas production
No-brainer solution Long-term and predictable landfill gas production Landfill in operation Landfill Aftercare 2000 1800 1600 1400 1200 Landfill opening Landfill closure 1000 800 600 400 200 0 1990 1995 2000 2005 2010 2015 2020 2025 2030 2035 2040 2045 2050 2055 2060 2065 2070 2075 2080 2085 2090 Ce
Slide 9: 30 units in operation and 16 more under construction
Proven successful scale-up 30 units in operation and 16 more under construction 9
Slide 10: WAGABOX 1000 at the Bath Landfill in Steuben County, NY
Proven successful scale-up WAGABOX® 1000 at the Bath Landfill in Steuben County, NY 1. H2S removal 2. VOC removal 3. CO2 separation 4. CO2 polishing 5. N2 and O2 removal 6. Sales gas compression A. Thermal oxidizer 5 B. Back-up flare C D C. Electrical room 2 D. Gas interconnection 6 4 A 3 1 B 10
Slide 11: Guaranteed performance powered by experts and smart automation
Proven successful scale-up Guaranteed performance powered by a team of passionate experts and smart automation 95% 24/7 <4h Guaranteed Maintenance Intervention availability assistance on site AVAILABILITY PER WAGABOX® IN OPERATION FOR FY23 96% AVG 11 UPTIME (2023)
Slide 12: Operational excellence secures long term offtake contracts with industry leaders
Unique cashflow profile Operational excellence allows to secure long term offtake contracts with industry leaders END USERS ENERGY COMPANIES / GAS UTILITIES MOBILITY MARITIME INDUSTY&OTHERS x6 RNG 15% RNG 5% RNG 10TWh RNG 20TWh RNG 2030 2030 2025 2030 2030 Pricing Duration • 10 to 20 years target (a
Slide 13: Highly predictable cashflows
Unique cashflow profile Waga Energy's business model: Develop, Build, Own & Operate PROJECT DEVELOPMENT & FUNDING • Huge market potential • 20,000 landfills worldwide o 600+ in Europe 6 - 36 months o 2,700 in the US, 270 in Canada • +70% of waste from 2018 to 2050 WAGABOX® MANUFACTURING • Standardiz
Slide 14: In H1 2024, Waga Energy continues to roll out its plan
Waga Energy turns a pollution into a resource Waga Energy’s 2024 achievements • H1 2024 revenue: €26m (+87% yoy), including 254 GWh / 866,684 MMBtu (+79% yoy) of RNG injected in H1 2024 more than 50% international from captured biogas • H1 Ebitda: -€2.5m vs -€3.1m in H1 2023 Sales pipeline @ 13.6 TW
Slide 15: Accelerated growth in RNG production
Waga Energy turns a pollution into a resource Accelerated growth in RNG production 254 GWh/y 866,650 MMBtu 194 GWh/y 661,955 MMBtu Turnover Production 142 GWh/y 484,525 MMBtu €26m 120 GWh/y 409,455 MMBtu 96 GWh/y €20m 327,565 MMBtu 70 GWh/y 75 GWh/y 255,910 MMBtu €14m 238,850 MMBtu €12m €7m €7m €5m
Slide 16: Each Wagabox generates recurring and predictable cashflows
Waga Energy turns a pollution into a resource Each Wagabox® generates recurring and predictable cashflows Realized H1 project EBITDA margins (4) Significant recurring revenue visibility in line with ~30 – 50% target (unaudited) €106m* 80% 70% Signed gas rights recurring 60% revenue (5) 50% +33% yoy
Slide 17: Strong sales dynamics leveraging the positive RNG context
Waga Energy turns a pollution into a resource Strong sales dynamics leveraging the positive RNG context 1 2 Sales pipeline up +15% between the February CMD and August Steuben County accelerator SIGNED PROJECTS PIPELINE IN OPERATION UNDER CONSTRUCTION 3% 13% 2% 2% 44% 31% 51% 1.4 TWh/y >1.4 TWh/y 13.
Slide 18: Carbon credits opportunities
Waga Energy turns a pollution into a resource Carbon credits opportunities MASSIVE UPSIDE NOT INCLUDED “Cherry on the cake”? ~7,6mt (1) CO2eq emissions avoided from methane leakage mitigation on landfills induced by the WAGABOX® solution vs landfills without gas capture systems ~750kt (1) CO2eq emis
Slide 19: Objectives confirmed
Objectives confirmed 4 TWh/y ~ €200m 2026 installed capacity 2026 revenue 2.2 TWh/y signed capacity as of end 2023 53% of 2026 objective reached as of June 2024 (including 0.6TWh/y corresponding to units sold) ~660kt >€400m p.a. of CO2eq avoided/y in 2026 Signed gas rights recurring revenue in 2026
Slide 20: Thank you
waca Thank you enercy
Slide 21: Appendix
waGca eNerGy
Slide 22: Financial results: H1 2024 consolidated financial statements
FINANCIAL RESULTS H1 2024 consolidated financial statements €m December 31, 2023 December 31, 2022 % (1) EBITDA (Earnings Before Interest, Taxes, Depreciation & Amortization) is an indicator of operating performance, defined as operating income before non-recurring items restated for net depreciatio
Slide 23: Waga Energy footprint
HIGHLIGHT Waga Energy footprint • Presence in France, US, Canada, Spain, UK and Italy • 30 WAGABOX® units in operation • 16 WAGABOX® units under construction • 2 cryo module in operation 23
Slide 24: Notes
Notes Notes 1 Slide 5 On a 20-year basis (IPCC Report 2018) 2 Slide 14 Including the cryogenic modules sold to Air Liquide. 3 Slide 14 CO2 estimate using comparative emission factors for fossil natural gas and Renewable Natural Gas, as calculated by ISCC (International Sustainability & Carbon Certif
Slide 25: Important notice
Important notice By viewing or receiving or reading the presentation that follows (the “Presentation”) registration requirements of the U.S. Securities Act. The Company does not intend to Although the Company believes that the expectations reflected in such forward- or attending any meeting where th