Anaergia Reports Return to Positive Adjusted EBITDA and Significant Revenue Growth in Third Quarter 2025 Financial Results

Third Quarter Revenue Increased 77% and Gross Profit Expanded 146% Year-over-Year Revenue Backlog Expands to $287 Million

BURLINGTON, Ontario--(BUSINESS WIRE)--Anaergia Inc. (“Anaergia”, the “Company”, “us”, or “our”) (TSX: ANRG) (OTCQX: ANRGF), a company that offers integrated waste-to-value solutions to reduce greenhouse gases by cost-effectively turning organic waste into renewable natural gas (“RNG”), fertilizer, and water, released its financial results for the three and nine-month periods ended September 30, 2025 (“Q3 2025”), and the related management’s discussion and analysis (“MD&A”) for the period. All financial results are reported in Canadian dollars unless otherwise stated.

Quarterly Highlights

Anaergia's financial results for the third quarter of 2025 underscore the success of its implementation of its capital-light business model announced in early 2024. This shift has been instrumental in achieving markedly improved quarterly operating results, evidenced by significantly increased revenue, profitability, and a growing Revenue Backlog. We are proud to return to positive Adjusted EBIDTA which evidences the direction of the business activities of the Company in the past year.

Positioned at the forefront of the organic waste to renewable energy industry, Anaergia is capitalizing on strong market demand bolstered by favourable regulatory and environmental trends. The Company provides comprehensive, integrated resource recovery solutions in countries around the world. Our innovative products and services address both regulatory requirements and customer needs for superior waste management options that divert waste from landfills while generating carbon-negative fuel, significantly reducing greenhouse gas emissions. Anaergia's strategic focus remains on delivering cost-effective and sustainable solutions, leveraging its extensive experience in project development and execution.

Management Commentary

"Anaergia's return to positive Adjusted EBITDA and substantial increase in revenues in the third quarter of 2025 displays our ability to capitalize on our leadership role within the RNG sector," said Assaf Onn, CEO of Anaergia. "These results underscore our position as the premier technology provider offering comprehensive solutions through our capital sales business. As global demand for sustainable energy accelerates, Anaergia is strategically positioned to benefit from additional opportunities, which bodes well for continued growth across our business.

“Importantly, our Revenue Backlog displayed continued sequential growth to $287 million at the end of the quarter, up from $244 million in the second quarter of 2025 and $103 million at the start of 2025 – clear evidence that our momentum is building due to the increasing growth of our project pipeline worldwide. This underpins our positive outlook, and reinforces our confidence in Anaergia’s growth trajectory," Mr. Onn added.

Financial Results for Q3 2025

Financial highlights:

• Revenue increased by 76.9%, or $22.3 million, to $51.4 million in Q3 2025, as compared to Q3 2024. This increase was primarily driven by higher capital sales project execution in Italy and North America.
• Gross profit margin increased to 28.8% in Q3 2025 from 20.7% in Q3 2024, an increase of 8.1 percentage points. This increase was mainly driven by higher gross profit in our Capital Sales segment.
• Adjusted EBITDA¹ in Q3 2025 of $2.6 million, an improvement of approximately $9.0 million, or 139.9%, from an Adjusted EBITDA loss of $6.4 million reported in Q3 2024. This positive variance reflects a substantial improvement in our results from operations, driven by higher revenue and gross profit in our capital sales segment.

Three months ended:	30-Sep-25	30-Sep-24	% Change
(In millions of Canadian dollars, except %)
Revenue	51.4	29.0	76.9%
Gross profit	14.8	6.0	146.3%
Gross profit %	28.8%	20.7%	8.1 percentage points
Income (loss) from operations	0.6	(10.9)	105.5%
Net loss	(0.5)	(15.6)	97.1%
Adjusted EBITDA^1	2.6	(6.4)	139.9%
Nine months ended:	30-Sep-25	30-Sep-24	% Change
(In millions of Canadian dollars except %)
Revenue	108.5	77.6	39.8%
Gross profit	30.7	16.6	84.5%
Gross profit %	28.3%	21.4%	6.9 percentage points
Loss from operations	(9.2)	(32.8)	72.0%
Net loss	(15.8)	(40.4)	60.8%
Adjusted EBITDA^1	(3.6)	(20.6)	82.5%

Statement of
Financial Position	30-Sept-25	31-Dec-24
(In millions of Canadian dollars)
Total Assets	237.2	233.3
Total Liabilities	195.0	180.1
Equity	42.2	53.2

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^1 “EBITDA” and “Adjusted EBITDA” are a non-IFRS measures. See “Non-IFRS Measures”

For a more detailed discussion of Anaergia’s results for Q3 2025, please see the Company’s financial statements for Q3 2025 and related MD&A, which are available at the Company’s SEDAR+ page at www.sedarplus.ca.

Non-IFRS® Measures

This press release makes reference to certain non-International Financial Reporting Standards (“IFRS”) measures. These measures are not recognized measures under IFRS and do not have a standardized meaning prescribed by IFRS and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these measures are provided as additional information to complement IFRS measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS. We use non-IFRS measures to provide investors with supplemental measures. Management also uses non-IFRS measures internally in order to facilitate operating performance comparisons from period to period, prepare annual operating budgets and assess our ability to meet our future debt service, capital expenditure and working capital requirements. Management believes these non-IFRS measures and industry metrics are important supplemental measures of operating performance because they eliminate items that have less bearing on operating performance and highlight trends in the core business that may not otherwise be apparent when relying solely on IFRS financial measures. Management believes such measures allow for assessment of our operating performance and financial condition on a basis that is more consistent and comparable between reporting periods. We also believe that securities analysts, investors and other interested parties frequently use non-IFRS measures in the evaluation of public companies.

Definitions of non-IFRS measures and industry metrics used in this press release are provided below.

“Adjusted EBITDA” is defined as net earnings before finance costs, taxes and depreciation and amortization adjusted for our normalized proportionate interest in our Build-Own-Operate assets and one-time or non-recurring items, stock-based compensation expense, asset impairment charges and write downs, gains and losses for equity-accounted investees, gain or loss on equity method adjustment, significant one-time provisions, foreign exchange gains or losses, restructuring costs, Enterprise Resource Planning (“ERP”) customization and configuration costs, litigation and other claims settlements, gains and losses resulting from changes in certain balance sheet valuations (such as derivatives and warrants) and acquisition costs.

“EBITDA” is defined as net income before finance costs, taxes and depreciation and amortization.

“Revenue Backlog” is defined as the balance of unrecognized, undiscounted, consolidated revenues from signed contracts in our Capital Sales and operation and maintenance services (“O&M Services”) segments. For our Capital Sales contracts, we have modeled only projects that have been contracted. For our O&M Services segment, while most of our in-hand contracts are 5-15 years in tenure, we have conservatively modeled for only 3 years of contracted revenue. See “Reconciliation of Non-IFRS Measures” below for a reconciliation of the foregoing non-IFRS measures to their most directly comparable measures calculated in accordance with IFRS.

Conference Call and Webcast Details

A conference call to review the Company’s financial results will take place at 10:00 a.m. (EDT) on Wednesday November 12, 2025. It will be hosted by management of Anaergia. An accompanying slide presentation will be posted to the Investor Relations section of the Company’s website shortly before the call.

To listen to the webcast live: https://events.q4inc.com/attendee/885670269.

For analysts and shareholders Q&A registration: https://events.q4inc.com/analyst/885670269?pwd=%5DQP2LjEg.

The webcast will be archived and available in the Investor Relations section of our website following the call.

About Anaergia

Anaergia is a pioneering technology company in the RNG sector, with over 300 patents dedicated to converting organic waste into sustainable solutions such as RNG, fertilizer, and water. It is committed to addressing a significant source of greenhouse gas (GHG) emissions through cost-effective processes. Our proprietary technologies, combined with our engineering expertise and vast experience in facility design, construction, and operation, position Anaergia as a leader in the RNG industry. With a proven track record of delivering hundreds of innovative projects over the past decade, we are well-equipped to tackle today’s critical resource recovery challenges through diverse project delivery methods. As one of the few companies worldwide offering an integrated portfolio of end-to-end solutions, we effectively combine solid waste processing, wastewater treatment, organics recovery, high-efficiency anaerobic digestion, and biomethane production. Additionally, we operate RNG facilities owned by us, by third parties, or through joint ventures. This comprehensive approach not only reduces environmental impact but also significantly lowers costs associated with waste and wastewater treatment while mitigating GHG emissions.

For further information please see: www.anaergia.com

Forward-Looking Statements

This press release contains “forward-looking information” within the meaning of applicable securities laws. Forward-looking information may relate to future plans, expectations and intentions, results, levels of activity, performance, goals or achievements, other future events or developments and may include, without limitation, information regarding our financial position, business strategy, growth strategy, budgets, operations, financial results, taxes, plans and objectives. Particularly, information regarding our future results, performance, achievements, prospects or opportunities or the markets in which we operate is forward-looking information. In some cases, forward-looking information can be identified by the use of forward-looking terminology such as “may”, “will”, “would”, “should”, “could”, “expects”, “plans”, “intends”, “estimate”, “believes”, “likely”, “potential”, “continue”, or “future” or the negative or other variations of these words or other comparable words or phrases. In addition, any statements that refer to expectations, intentions, projections or other characterizations of future events or circumstances contain forward-looking information. Statements containing forward-looking information are not facts but instead represent management’s expectations, estimates and projections regarding future events or circumstances. Forward-looking statements in this press release include, among other things, statements relating to financial condition and results of operations; Company’s strategic transition to a capital-light model; and statements regarding the Company’s Revenue Backlog and potential future sales.

Forward-looking information is necessarily based on a number of opinions, assumptions and estimates that we considered appropriate and reasonable as of the date such statements were made. It is also subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking information, including but not limited to the risk factors described in the Company’s annual information form and management’s discussion and analysis for the year ended December 31, 2024. Certain assumptions in respect of our ability to execute on our expansion plans; our ability to obtain or maintain existing financing on acceptable terms; and our ability to realize the anticipated benefits of such are material factors underlying forward looking information and management’s expectations.

The purpose of the forward-looking statements in this press release is to provide the reader with a description of management’s current expectations regarding the Company’s financial performance and may not be appropriate for other purposes. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information, which speaks only to opinions, estimates and assumptions as of the date made. Furthermore, unless otherwise stated, the forward-looking statements contained in this press release are made as of the date of this press release, and we have no intention and undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. The forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

Reconciliation of Non-IFRS Measures

(In thousands of Canadian dollars)

Three months ended:	30-Sep-25	30-Sep-24
(In thousands of Canadian dollars)
Net loss	(451)	(15,611)
Finance costs, net	1,264	875
Depreciation and amortization	1,409	1,369
Income tax recovery	516	45
EBITDA^1	2,738	(13,322)
Share based compensation expense	554	2,625
Fibracast impairment	-	4,397
Asset Impairment loss	-	504
Other (gains) losses, net	(330)	(837)
Foreign exchange (gain) loss	(399)	204
Adjusted EBITDA^1	2,563	(6,429)
Nine months ended:	30-Sep-25	30-Sep-24
(In thousands of Canadian dollars)
Net income (loss)	(15,836)	(40,448)
Finance costs, net	3,546	3,524
Depreciation and amortization	4,283	4,034
Income tax (recovery) expense	688	(458)
EBITDA^1	(7,319)	(33,348)
Share based compensation expense	1,319	3,808
Fibracast impairment	-	6,244
Losses related to equity-accounted investees	-	1,062
Asset Impairment loss	-	1,587
Other (gains) losses, net	881	(2114)
RIBF income tax credit transaction cost	-	2,416
Foreign exchange (gain) loss	1,518	(612)
Severance Costs	-	376
Adjusted EBITDA^1	(3,601)	(20,581)

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^1 “EBITDA” and “Adjusted EBITDA” are a non-IFRS measures. See “Non-IFRS Measures”