EnviTec Biogas AG (ISIN: DE000A0MVLS8) reported first-half 2026 results in line with its plans, with revenues rising to EUR 169.2 million from EUR 148.4 million a year earlier. Total output, including plants under construction, increased to EUR 182.9 million from EUR 164.9 million. However, earnings declined as anticipated: EBITDA fell to EUR 21.4 million from EUR 26.3 million, and earnings before taxes (EBT) dropped to EUR 4.4 million from EUR 10.2 million. Consolidated net income reached EUR 3.1 million, or EUR 0.21 per share, compared with EUR 8.1 million and EUR 0.55 per share in H1 2025.
The earnings decline stemmed largely from higher costs of placing bio-LNG on the market and the retroactive abolition of double counting for advanced biofuels as of January 1, 2026. Additionally, many Plant Construction projects had not yet been finally invoiced by June 30, 2026, delaying profit recognition under German commercial law.
Segment performance varied. Own Plant Operation, the largest segment, saw revenues climb to EUR 123.4 million from EUR 107.1 million, though EBT fell to EUR 14.4 million from EUR 20.6 million due to the double-counting abolition and increased market placement costs. The Service segment recorded revenues of EUR 23.8 million (H1 2025: EUR 26.5 million) and an EBT loss of EUR 3.3 million, mainly from consolidation effects. Plant Construction showed a strong recovery: total output doubled to EUR 36.5 million, revenues rose to EUR 22.0 million, and the EBT loss narrowed to EUR 6.8 million from EUR 11.7 million. The segment's order backlog stood at EUR 143.1 million, with EUR 112.1 million from international projects, particularly in Sweden and Spain.
A key development was EnviTec's success in the Federal Network Agency's June 2026 biomass auction, securing awards for plants with around 16 MW of electrical capacity. This provides 12 years of security for a substantial part of the electricity portfolio in Own Plant Operation. The company plans additional investments of approximately EUR 100 million by 2029 for construction, refurbishment, and conversion of further plants to bio-LNG. CFO Jörg Fischer stated, "The first half of 2026 progressed in line with our expectations. The retroactive abolition of double counting and the costs of placing bio-LNG on the market are weighing noticeably on us this year, but we remain clearly profitable."
CEO Olaf von Lehmden added, "With the EEG auction awards and the subsequent investment programme we are accelerating the transition of Own Plant Operation from electricity to biomethane production, supported by a solid EEG foundation." He also noted that the Building Modernisation Act gives biomethane a statutory outlook in the German heating market for the first time, but called for swift, binding rules for the green gas quota and reliable conditions for gas grid connections.
Financially, EnviTec maintains a strong equity ratio of 45.2% as of June 30, 2026, up from 40.9% at year-end 2025, with cash and cash equivalents rising to EUR 26.8 million. The Executive Board confirmed its full-year 2026 forecast of total output between EUR 330 million and EUR 370 million and EBT between EUR 5 million and EUR 15 million, expecting rising revenues and earnings in 2027. The full interim report is available at https://www.envitec-biogas.com/company/investor-relations/ir-reports, and the original release can be viewed on www.newmediawire.com.
