Publication Annual Report 2025

Integrated report

Corporate governance report

Ekopak share

Financial report

Annex

About this report

Statement from the Board of Directors

We are proud to present Ekopak's Integrated Annual Report for 2025. In this report, we provide a clear and coherent overview of Ekopak as a company: who we are, what we stand for, and how we create and preserve value. The report highlights both the financial performance and the environmental and social impact of our activities in the short, medium, and long term.

Integrated report

Corporate

governance report Ekopak share

Financial report

Annex

The year 2025 marked a period of turbulence for Ekopak. In this context, the major shareholders and the Board of Directors assumed their responsibilities by implementing a capital increase, strengthening management through the appointment of a new CEO and CFO, and taking additional measures to further strengthen governance.

This integrated report covers all of Ekopak's legal entities included in the group's consolidation scope. This report also includes the Corporate Governance Report, a section on the performance of the Ekopak share, and the financial report (including the consolidated financial statements and related notes). The financial report has been audited by PwC, Ekopak's auditor.

Ekopak reports in accordance with the requirements established by the International Integrated Reporting Council (IIRC) and the Global Reporting Initiative (GRI). The report also serves as a communication on progress (CoP) under the UN Global Compact.

Based on the Audit Committee's report, the Board of Directors validated and approved the 2025 Integrated Report on April 10, 2026.

Jos De Vuyst - Chairman of the Board of Directors

Share your feedback

Let us know what you think about this integrated annual report by scanning the QR code. Do you have questions about this

report? Please don't hesitate to contact us at

ir@ekopakwater.com.

Enjoy reading!

Integrated report

Corporate

governance report Ekopak share Financial report Annex

1. Introduction

   Double interview with

   CEO & CSGO 6

   2025 at a glance 10

2. Our company

   Ekopak in a nutshell 17

   Key figures 22

   Business Outlook

   & Management Report 24

   Value chain 30

3. Making sustainable impact

How we create value 36

Value creation model in numbers 38

Value creation versus

sustainability 48

Annex

Corporate governance report 58

Compliance with

Integrated Annual Report 2025 | Introduction 4

1. Introduction
   
   

   Integrated report

   ‌Corporate

   governance report Ekopak share

   Financial report

   Annex

   1. Double interview:

      A new foundation for global growth

      2025 was a year of extremes for Ekopak: significant challenges went side by side with meaningful milestones. Together with CEO Jean-Baptiste De Cuyper and CSGO Pieter Loose, we look back on this turning point and look ahead to 2026.

      Pieter, the past year was marked by strengthened governance and a new management structure. What was the driving force behind these changes?

      Pieter: "We've had a tough year. It forced us to take a hard look at ourselves and make bold decisions. In May, we made a fundamental change to strengthen both our financial position and our governance. That started with a crucial capital injection, but the real transformation lies in the team and the way we work.

      With the arrival of Geert Bossuyt as CFO and Jean-Baptiste as the new CEO, we've brought the necessary strength into the company. This gives me the freedom, as Chief Strategy & Growth Officer, to focus entirely on our international expansion and strategic business development. We are now simply better equipped for the future: the organization has been strengthened on all fronts to professionally support the scale at which Ekopak operates today."

      
      
      

      Integrated Annual Report 2025 | Introduction 6

      
      
      

      Jean-Baptiste, you've been Ekopak's new CEO since

      September, how have your first months been?

      Jean-Baptiste: "It's been an incredibly enriching period. Ekopak's story is very compelling: we're making a real, positive impact on sustainable water management, and that fuels our ambition. My first priority was to build a robust operational foundation under that vision. That means ensuring a seamless flow from order to execution.

      This was absolutely necessary, as we started 2026 with a record-high order book of €49 million in our Project Business. To efficiently convert that pipeline, all disciplines must be perfectly aligned. We've sharpened our focus through stricter project follow-up, detailed internal controls, and transparent reporting. That forms the foundation of trust for our customers.

      To support this, we've also professionalized our procurement strategy; we've taken important steps to source from the best international markets, improving both our capabilities and margins. The effectiveness of this approach was already visible in the second half of 2025, when we achieved a strong EBITDA turnaround. With these optimizations, we are turning our ambitious ideas into tangible results on the ground."

      How do the subsidiaries fit into the picture, and how are

      they integrated into the Ekopak Group's strategy?

      Jean-Baptiste: "Thanks to earlier acquisitions of Global Water & Energy, DWS Biogas, and H2O Production, we are now a full-solution partner. However, the real strength lies in integration: we've streamlined our organization around two units (Project & Recurring Business), each with clear mandates.

      That only works if the team is fully on board. We have a young, ambitious group of people who want to make an impact. By communicating transparently about our mission and encouraging closer collaboration between divisions, we maintain that energy. Our people now better understand how their specific roles contribute to the bigger picture. That sense of connection is the fuel for our innovative strength.

      By organizing ourselves around two new business units, we simplify our market approach.

      Jean-Baptiste De Cuyper - CEO

      Together, we are working toward one goal: an industry that fully transitions to circular water use."

      
      
      

      Integrated Annual Report 2025 | Introduction 7

      You've made significant investments in recent years. What does that mean financially?

      Pieter: "Growth requires foresight. We have made substantial investments in our foundations - not only financially, but especially in top talent, scalable systems, and international structures. It is true that these investments currently weigh on our balance sheet. Within our Water-as-a-Service model (WaaS), revenues are only realized once an installation becomes operational, which requires significant upfront financing during the construction phase.

      To accelerate that growth without overburdening our balance sheet, we entered into a strategic partnership with a leading infrastructure investor in 2026. This enables us to leverage external capital to build new installations. At the same time,

      together with our new CFO, Geert Bossuyt, we launched a strict cost rationalization program. This program delivers structural savings and ensures tight control over general expenses across our growing organization.

      We look to the future with a healthy balance between ambition and financial discipline: we invest in growth while optimizing free cash flow."

      Finally, what's on the agenda for the near future?

      Jean-Baptiste: "As mentioned earlier, Ekopak's growth is built on two business pillars: one-time projects and Recurring Business. These pillars reinforce each other, and we intend to fully leverage that going forward. Our Project Business currently takes us to all corners of the world. This geographic

      diversification strengthens our risk profile in a highly dynamic geopolitical environment. It allows us to follow our loyal customers across continents while also entering and exploring new markets.

      Once we have sufficient local knowledge and networks, we establish an organization for the long-term operational management of local water treatment installations. Through years of experience, we have mastered the maintenance and management of installations. Our service is highly valued, leading to long-term relationships and contracts, including for installations we finance ourselves (WaaS model). This creates a flywheel effect: service contracts lead to new projects, and vice versa.

      8

      Integrated Annual Report 2025 | Introduction

      
      
      

      Integrated report

      Corporate

      governance report Ekopak share

      Financial report

      Annex

      To support this business model, we also continue optimizing our internal structure. We are coming out of a challenging period, and I try to approach things with a fresh, positive perspective. I see strong elements, but we must remain alert and critical: Are we operating efficiently? What is the impact of what we do-and what we don't do? Where do we need to adjust?"

      Pieter: "Absolutely. Our focus remains firmly on international expansion, with a strong emphasis on Southeast Asia and North America. Major projects such as Agristo in India and Nexus in the U.S. are currently under construction and demonstrate our execution capabilities. We are seeing a clear shift toward recurring revenues and growing market acceptance of our WaaS model, including beyond Belgium.

      We work every day to realize our ambitions and position Ekopak at the heart of the green economy.

      Pieter Loose - CSGO

      "We continuously see new opportunities emerging for sustainable water use." Take the explosive growth of AI and data centers, where our expertise in cooling water solutions is critical to reducing water footprints. Likewise, in the transition to sustainable energy - from waste-to-energy and biogas to the nuclear sector - high-quality water management is an essential link. Together with our stakeholders, "we work every day to realize these ambitions and position Ekopak at the heart of the green economy."

      
      
      
      
      

   2. ‌2025 at a glance

February

March

March

"Pee Water" for the Documentary "2050"

To promote the Belgian documentary "2050" by Eric Goens, Ekopak created "Pee Water", drinking water recycled from urine. During the teaser events, various celebrities and influencers tasted the water, and at the premiere, all attendees had the opportunity to experience it. The film explores how climate scientists view the year 2050 as a turning point for the planet.

Opening of new headquarters in Deinze

Ekopak officially opened its new headquarters in Deinze, featuring modern facilities, a larger workshop, and all services under one roof. The building supports Ekopak's growth, enables more efficient operations, and helps us serve our customers even better.

Sustainable water management for Agristo Masa, India

Ekopak signed a contract with Agristo Masa to deliver a complete water and wastewater treatment installation at their production site in India. The installation, featuring Zero Liquid Discharge (ZLD) technology, will enable 100% wastewater reuse without any discharge.

September

June September

Water treatment for battery factory in Douai, France

Ekopak provides water treatment for the new battery factory of Ampère ElectriCity in Douai. The installation produces cooling water, process water, and ultra-pure water, supporting the production of EV batteries for Renault.

Management team renewal

Ekopak appointed Jean-Baptiste De Cuyper as its new CEO. With extensive international experience in water, energy, and infrastructure projects, he brings valuable expertise and strategic insight to the group. Pieter Loose assumed the role of Chief Strategy & Growth Officer, and Geert Bossuyt was appointed CFO.

Technology partner for Nexus W2V's Kingsbury Bioenergy facility, USA

Ekopak is supplying its proprietary Raptor® technology for Nexus W2V's Kingsbury Bioenergy facility in La Porte, Indiana. The process converts food waste and by-products into renewable natural gas, supporting sustainable waste management and energy production. The facility will process more than 200 tons of organic waste per day.

December

Safety and quality certifications

Ekopak renewed its VCA-P certification, the most stringent within the VCA standards for safety, health, and the environment in the petrochemical sector. In addition, Ekopak Belgium achieved ISO 9001:2015, including A1-2024 (No. BQA_QMS_C_20221077) for the first time. Ekopak France and subsidiary H2O Production also successfully retained ISO 9001:2015 (Afnor N° 2002/19149.5) and IPG certifications.

Integrated report

Corporate

governance report Ekopak share Financial report Annex

Background

Pressure on natural resources is increasing, driven in part by population growth, economic development, and climate change. Records were once again broken in 2025. The past three calendar years have been the warmest ever recorded worldwide. If current warming trends continue, the world will have heated up by 1.5 °C by the end of this decade, fully 10 years earlier than estimated when the Paris Agreement was signed in 2015. This ongoing warming has a direct and profound impact on our water resources and on the way we manage water.

? Did you know?

Globally, only 12% of municipal freshwater use is currently reused, though this share is expected to rise to 50% by 2040.

Sources: Climate Summary 2025, Copernicus

The United Nations, World Water Development Report (2023). Food and Agriculture Organisation of the United Nations - Aquastat Database.

World Economic Forum

Integrated report

Corporate

governance report Ekopak share Financial report Annex

These figures from the Climate Summary 2025 by Copernicus underline how crucial sustainable water management is today. More than 2 billion people currently live in areas experiencing water stress. The shrinking water supply is also increasing pressure on the industrial sector, which accounts for approximately 45% of total water use in Europe. Water is indispensable for economic activities such as production processes and energy generation.

Emergence of new focus industries

Climate and water have become increasingly important issues as the rapid expansion of AI and data center infrastructure puts greater pressure on energy systems and water availability. These new industries are under intense scrutiny in terms of water management. As a result, even companies that have traditionally not been considered climate-focused are accelerating their investments in renewable energy, efficiency, and resilience.

Sustainable water management is essential to protect ecosystems, communities, and economies from the impacts of scarcity. Ekopak is ready to tackle the challenges of today and tomorrow.

In 2025, annual surface temperatures were above the 1991-2020 average in 91% of the world.

Source: climate.copernicus.eu

Integrated report

Corporate

governance report Ekopak share Financial report Annex

We aim to achieve 100% circular water use by disconnecting industry from the drinking water grid.

Integrated Annual Report 2025 | Our company 16

Integrated report

‌Corporate

governance report Ekopak share Financial report Annex

Strong recovery in the second half (H2) drives full-year growth

Return to operational

profitability in H2

Record order backlog provides strong visibility for 2026

• Annual revenue increased 7.3% to €51.1 million compared to 2024.

• Revenue in the second half of 2025 reached

  €29.4 million, representing:

  +36% compared to the first half of 2025

  +95% compared to the second half of 2024

• Growth was seen in both Project Business

  and Recurring Business activities.

• Full-year Adjusted EBITDA improved slightly from -€3.95 million in 2024 to -€3.4 million, despite weaker H1 2025 results.

• Ekopak achieved a positive Adjusted EBITDA of €0.4 million in H2 2025 (compared to an Adjusted EBITDA

  of -€6 million in H2 2024).

• The significant revenue growth in H2 (+95% year-over-year and +36% half-year-over-half-year) was achieved while maintaining a stable payroll.

• The Project Business order backlog increased from €36 million at the end of 2024 to €49 million* at the end of 2025.

• Revenue from Recurring Business continues to grow as new WaaS installations become operational (for example, for Total in France and ArcelorMittal in Belgium). Ekopak expects WaaS revenue in 2026 to double compared to 2024.

• International markets are driving growth with projects such as Agristo in India and Nexus W2V (waste-to-value) in the U.S.

* Backlog status on March 2, 2026

Integrated report

Corporate

governance report Ekopak share Financial report Annex

Management Commentary

Jean-Baptiste De Cuyper, CEO of Ekopak, explains: "2025 was a year of transition. After an adjustment phase in the first half of the year, we achieved a strong recovery in the second half, with annual revenue exceeding that of 2024.

In addition, we structurally strengthened our organization, improved cost discipline, and built a record order backlog that provides strong visibility for 2026.

With our strategic shift to off-balance-sheet financing for WaaS installations, we enable scalable and capital-efficient growth while maintaining long-term value creation for our shareholders."

Pieter Loose, CSGO of Ekopak, adds: "Ekopak today has a strong order book. We have too often been labeled as 'the Waterkracht company,' but our business is much more than that, and what the Waterkracht project can contribute is an upside potential."

Operational momentum at the start of 2026

Outlook 2026 & Mid-Term Guidance

On January 1, 2026, Ekopak completed the acquisition of NWB Tilburg. NWB includes a private industrial wastewater treatment plant that consolidates the wastewater streams of four companies in the region (Coca-Cola, Agristo, Fuji Film, and IFF). This acquisition means:

• The first application of wastewater

  within the WaaS concept,

• A further expansion of the total solution approach,

• An immediate contribution to recurring revenue from 2026 onwards.

This milestone confirms the growing market acceptance of the WaaS model, beyond process water and outside Belgium.

Ekopak enters 2026 with:

• A Project Business backlog of

  €49 million*,

• A growing Recurring Revenue base,

• Long-term institutional financing

capacity for WaaS deployment.

These elements provide strong visibility for substantial topline growth in 2026, regardless of the impact of the Waterkracht project.

Ekopak reconfirms its mid-term targets for 2028 with revenue at least of € 140 million and an EBITDA at € 35-42 million.

* Backlog status on March 2, 2026

Interview with Geert Bossuyt

CFO

Geert, you joined Ekopak as CFO in June 2025. How do you look back on your first months at the company?

Strong recovery and foundation for scalable growth

I joined the company right in the middle of a transition period. The first half of 2025 was challenging, but what immediately stood out to me was the company's intrinsic strength: a robust order book, technological expertise, and a clear strategic direction. In the second half of the year, we were able to translate those fundamentals into a strong recovery. That gives confidence.

The numbers show a clear acceleration in the second half. What are the key highlights of 2025 for you?

Annual revenue increased by 7.3% to €51.1 million compared to 2024. But the real acceleration occurred in H2. Revenue there reached €29.4 million - 36% higher than in H1 2025 and 95% higher than in H2 2024.

What is important is that this growth came from both our Project Business and Recurring Business. Moreover, we achieved this strong revenue growth in the second half while maintaining a stable payroll. This demonstrates that our organization is now more efficient and scalable.

There has also been a clear turnaround in

terms of profitability.

Indeed. For the full year, our Adjusted EBITDA improved from

-€3.95 million in 2024 to -€3.4 million in 2025, despite a weak

first half of 2025.

Crucially, in H2 2025, we achieved a positive Adjusted EBITDA of €0.4 million, compared to -€6 million in H2 2024. This is a very clear turnaround. It proves that our cost structure is under control and that additional revenue now flows more strongly to the bottom line.

How does Ekopak look heading into 2026?

We are very confident about 2026. We start 2026 with a record Project Business order backlog of €49 million, compared to €36 million at the end of 2024. This gives us a strong foundation at the start of the year.

In addition, revenue from Recurring Business continues to grow as new WaaS installations become operational (for example, for Total in France and ArcelorMittal in Belgium). We expect WaaS revenue in 2026 to double compared to 2024. Internationally, we also see strong dynamics; global markets are increasingly a driver of our growth.

Integrated report

Corporate

governance report Ekopak share Financial report

Annex

At the beginning of 2026, Ekopak closed a major financing partnership. What does this mean strategically?

This is a fundamental step. We have established a long-term partnership with a leading infrastructure fund to finance WaaS installations through asset companies. A similar structure is currently being developed in Asia with regional investors.

This off-balance-sheet approach means that the asset companies are not consolidated. While this will lead to lower consolidated EBITDA margins, in the long term it will significantly strengthen our free cash flow and return on equity. It enables capital-efficient, scalable growth without disproportionately burdening our balance sheet. It will also have a positive impact on our working capital in the short term.

How do you view the company's financial

position?

We remain vigilant regarding potential liquidity fluctuations. In a context of strong growth, timing differences in projects and temporary working capital needs can have an impact.

That is why we are proactively exploring additional financing

options. It is a healthy, forward-looking approach.

What about the widely discussed Waterkracht project? How should we frame it?

On February 25, 2026, EPICo II CommV unilaterally withdrew from the Confirmation Letter of September 2024, formally ending the contractual collaboration and initiating an exclusive six-month deliberation period.

It is important to note that this does not mean the immediate end of the project. We remain committed to its success. As a precaution, the audited 2025 results exclude Waterkracht. This means that any future involvement represents an upside potential.

What can we expect in the near future?

2026 will be a year of accelerated, scalable growth. We have strengthened our organization, sharpened our discipline, and adjusted our strategic financing approach.

We also reaffirm our medium-term target: by 2028, we aim to achieve at least €140 million in revenue with an EBITDA of €35-42 million. Thanks to the structural improvements implemented in 2025, we now have a much stronger foundation to realize this ambition.

Integrated Annual Report 2025 | Our company 28

Integrated report

Corporate

governance report Ekopak share Financial report Annex

E.ON Power Plants Belgium

Willebroek, Belgium

Sector

Power generation

Type of installation

Water treatment

Additional info

Capacity of 3 m3/h of demineralized water

Integrated Annual Report 2025 | Our company 29

‌2.4 Value chain

In this section, we provide a more detailed description of the Ekopak Group's value chain. What is our role within it? Who are our suppliers and customers? And how do these value chains impact society?

Industrial client

Endproduct for customer

Society

Upstream

Suppliers of half-products

Project Business

Recurring Business

Technicians

End-of-life installations

Upstream

Recurring Business & Project Business

As of September 1, 2025, Ekopak operates through two specialized business units: Recurring Business and Project Business. Each has its own mandate and includes both legal and tax entities. This structure enhances customer focus, operational efficiency, and knowledge sharing.

Our installations are built either at Ekopak Group facilities or on-site at the customer's location. Ekopak provides customized water and wastewater treatment installations, available for both sale and rental, complemented by a range of supporting services. Learn more in Chapter 2.1: Ekopak in a nutshell.

Ekopak is responsible for the water treatment installation for Envision AESC, a new battery plant in Douai, France.

This tailor-made installation includes the production of three types of water: cooling water, process water, and ultra-pure water.

The plant in Douai is one of three production sites within Ampère ElectriCity, the industrial network for the production of EV batteries for Renault. Since 2025, the

gigafactory has been producing advanced, low-carbon batteries at a competitive cost and with a reduced environmental and water footprint.

Integrated report

Corporate

governance report Ekopak share

Financial report

Annex

Upstream

Suppliers (of semi-finished products)

Ekopak places great importance on strong relationships with its suppliers and is committed to transforming traditional customer-supplier relationships into true partnerships. This is achieved through regular interaction and open dialogue, enabling joint collaboration on solutions and opportunities. In addition, Ekopak continuously conducts strategic evaluations to optimize its supplier policy. Raw materials, spare parts, and chemicals are procured based on sales contracts, while developments in pricing, lead times, and availability are closely monitored.

Technicians & subcontractors

We regularly rely on external technicians or subcontractors to support our operations when specific expertise or sufficient internal capacity is not available, including for the construction of installations.

For our project-based activities, we primarily collaborate with local

subcontractors. This approach supports regional economies, strengthens local expertise, and reduces the environmental impact of long-distance transportation. By working closely with local partners,

we also improve project efficiency and flexibility while strengthening long-term relationships with stakeholders.

Integrated report

Corporate

governance report Ekopak share Financial report Annex

Downstream

Customer

We deliver our installations to customers and provide them with a variety of operational services. Our key customers are industrial players across multiple sectors. In turn, they deliver a final product to their own customers.

Society

Each delivered installation generates significant water savings for industrial use. By reducing industrial water consumption, water availability for society and the environment increases. This represents a highly important and positive impact of the Ekopak Group.

End-of-life installations

Our value chain concludes at the end of the life cycle of our installations. We actively consider how to close the loop, including reusing components, recycling the installation, etc.

This value chain applies to the entire Ekopak Group (including the entities Global Water & Energy, DWS, and H2O Production).

In Europe, the industry is the largest consumer of water, accounting for 45% of annual usage, compared to agriculture with 30%, while municipalities account

for the smallest share at 26%. As a crucial resource, water is essential for

industrial activities, making industry highly dependent on its availability.

The unusually high temperatures in 2025 in Western Europe worsened the effects of prolonged precipitation shortages, particularly affecting soil moisture.

Sources: (UN World Water Development Report 2023 | UN-Water) & (Industry biggest user of Europe's water

• Water News Europe)

KMI - 2025 was een heel droog en warm jaar) & (JRC Publications Repository - Drought in Europe June 2025

Integrated Annual Report 2025 | Our company 33

Integrated report

Corporate

governance report Ekopak share Financial report Annex

On-site water storage

+/-1400m3

• Off-grid

• Own drinking water production

Capacity for

236

employees

1458

solar panels

Total site area

2.1

hectares

Generating

700

MWh

annually

Extensive

workshop & warehouse

Laboratory

for extensive water analyses

BREAMM

certification

in progress

Auditorium for

80

people

Well-being & sport:

Focus on fitness, quiet spaces, etc.

34

dual charging stations

- Smart Charging

In 2025, we relocated to a new headquarters in Deinze. The building was designed with a focus on CO2 neutrality. It is self-sufficient in terms of energy and water consumption. Renewable energy sources, such as solar panels and a heat pump, ensure

that the building generates more energy than it consumes. In addition, the facility is completely disconnected from the municipal drinking water network. The building's circular shape symbolizes circularity, which is at the core of our business.

Integrated Annual Report 2025 | Our company 34

Social & relationship

Our purpose

100% water circularity within the industry and continuity in available drinking water for the whole world

Our strategy

Providing innovative, decentralized production units and wastewater treatment plants that can

e

n

e

s

s

a

w

a

r

be deployed worldwide.

t

B

c

u

e

s

j

i

n

o

r

e

P

s

s

C

o

l

l

a

b

o

r

a

t

i

o

n

I

n

n

o

v

‌a

t

i

o

n

R

R

a

i

s

e

s

s

i

c

n

e

g

u

n

r

i

r

i

s

n

u

g

B

Ekopak growth

Our growth strategy

To achieve our objectives and drive sustainable growth, we focus on three strategic pillars: Collaboration, Innovation, and Awareness. By raising awareness, we stimulate demand for circular water use. To meet this growing demand, Ekopak continues to innovate and develop solutions, with collaboration with various partners playing a key role.

Collaboration

By building a strong network and establishing strategic partnerships, Ekopak can achieve a greater impact. Collaboration with customers, partners, and external organizations is essential to reach our goal of 100% circular water use. Initiatives such as the Circeaulair projects are excellent examples of this.

Additionally, strong integration across the various entities within the Ekopak Group is crucial. This can only be achieved through close collaboration between divisions.

Innovation

Our R&D team is committed to the continuous improvement of our technologies and processes. We develop innovative solutions to ensure the water quality and reliability of our installations. Additionally, we aim for smart water management through digitalization and the use of artificial intelligence in our systems. Our goal is to achieve maximum efficiency while minimizing our ecological footprint.

Awareness

Many companies and government bodies are still not fully aware of the potential of circular water use. Ekopak takes the lead in informing and inspiring these stakeholders. With the expansion of our geographic reach, we now have the opportunity to spread our message beyond national borders and engage new audiences. Our employees play a key role in this effort: they are our ambassadors, actively contributing to raising awareness and promoting our mission.

35,454

36,625

Revenue Project Business & Recurring Business

In '000 EUR

Adjusted EBIDTA divided by

Project Business & Recurring Business

In '000 EUR

Evolution Project Business and Recurring Business

In %

2022

2023

2024

2025

36

2025

Recurring Business

24,155

-477

100%

75%

11,878

12,183

14,492

50%

25%

9,168

8,542

-2,943

0%

2024 FY 2025 FY

* We expect WaaS revenue to double by 2026

compared with 2024.

-3,986

Recurring Business Project Business

Recurring Business Project Business

Integrated Annual Report 2025 | Making sustainable impact 38

Nature

City water savings in m3 with our WaaS installations

In mio m3

% Electric carfieet

3,0

60% 57%

mio m3

2020 0.4

2021 3.3

2022 2.8

2023 2.8

2024 2.5

2025 2.1*

Total 13.9

2024

2025

2.8

2.8

2,5

2,8

2,8

2.5

2.1*

45%

51%

39%

36%

28%

25%

22%

21%

19%

Combustion engine

Hybrid

Electric

30%

15%

Verbrandingsmotor

Hybride

Elektrisch

0%

% Renewable energy

2023

73

39

* Due to inaccurate data from one installation, we have extrapolated the city water savings based on the percentage of total water production

City water savings

39%

73%

* Green energy for all entities included in the CO2calculation.

84.87%*

2025

30,380*

Production

CAPEX Total

In '000, Tangible

fixed assets

* Impact construction

10,745

14,499

12,126

of the new head office

Total number of facilities

17

Facilities rented versus owned

2022

15

15

2023

2024

2025

8

20%

20% Owned

80% Rented

80%

CAPEX total Total number facilities