EnviTec Biogas: solid 2025; regulatory setbacks dent 2026, growth expected from 2027

Full-year results

Total output rose 6.8% to €376.4m while revenues fell 7.4% to €312.6m; EBITDA was €59.6m and EBT €26.0m after an approx. €8m non-cash provision; net income €16.7m and EPS €1.12; dividend payment for 2025 is proposed to be suspended.

Segment performance

Own Plant Operation: revenues €221.2m (+15.4%), total output €255.6m (+27.5%), EBT €41.7m (including the ~€8m provision); Service: revenues €46.0m (-9.0%), total output €48.9m, EBT -€4.2m; Plant Construction: revenues €45.5m, total output €71.9m, EBT -€11.5m.

Investments, orders and commercial moves

Acquisition of LIQVIS GmbH completed in February 2025; bio‑LNG supply agreement signed with TT‑Line in November 2025; Plant Construction order book at €148.1m (31 Dec 2025), up 14.9% year‑on‑year, with €117.1m international.

Balance sheet and regulatory impact

Total assets €466.5m and equity €190.9m (equity ratio 40.9%) at 31 Dec 2025; cash €25.7m. The abolition of double GHG‑quota counting (agreed May 2026, retroactive to 1 Jan 2026) reduces the viability of some bio‑LNG contracts and is the main driver of the weaker 2026 outlook; draft EnWG grid‑connection capping and market placement challenges are also cited, while referenced policy measures (Building Modernisation Act, higher GHG quota) may support future demand.

Outlook

Guidance for 2026: total output/revenues €330–370m and EBT €5–15m; management expects revenues and earnings to rise again in 2027.