Anaergia Reports Positive Adjusted EBITDA1 and Strong Revenue Growth in Fiscal 2025

• Anaergia reported full-year 2025 and Q4 2025 financial results on March 25, 2026.
• Q4 2025 revenue surged 111% YoY to C$71.7M, driving full-year revenue to C$180.2M (+61% YoY).
• Adjusted EBITDA flipped positive to C$4.2M in Q4 and C$0.6M for the full year, marking a complete reversal from prior-year losses.
• Q4 net income reached C$11.4M, while the full-year net loss narrowed to C$(4.5)M from C$(55.9)M in FY2024.
• Revenue backlog stood at C$257M at year-end, representing a 149% YoY increase but a notable sequential decline from the C$287M reported at the end of Q3 2025.
• Balance sheet shows total assets of C$237.9M, total liabilities of C$182.4M, and equity of C$55.5M.
• Management attributes the turnaround to the capital-light model shift, stronger operational discipline, and execution in Italy and North America.

• The results validate the operational turnaround highlighted in Q3 2025, but the magnitude is largely expected given the sequential contract wins and prior quarter guidance.
• The full-year Adjusted EBITDA of C$0.6M is marginally positive and does not yet demonstrate robust, scalable profitability.
• The sequential backlog contraction from C$287M (Q3) to C$257M (FY) indicates that project execution outpaced new contract signings in Q4, or that certain framework agreements were adjusted. This contradicts the "momentum" narrative and warrants scrutiny.
• The news confirms the capital-light strategy is working but does not introduce genuinely new, market-moving catalysts beyond what was already priced in following the Q3 earnings and recent contract announcements.
• Overall, the release is a positive confirmation of trend rather than a fundamental re-rating event.

• Anaergia designs, engineers, and delivers waste-to-renewable-energy technology, focusing on anaerobic digestion, biogas upgrading, and renewable natural gas (RNG) production.
• The company has transitioned to a capital-light model, prioritizing technology sales, engineering procurement, and long-term O&M contracts over heavy asset ownership.
• Flagship projects include the SoCal Biomethane facility in California (awaiting final SB 1440 offtake approval), multiple biomethane plants in Italy (Ostellato, Copparo, Derovere, Livorno), and a multi-site framework in Spain targeting 15+ facilities.
• The company operates across North America, Europe, and Asia, with over 230 reference facilities globally.