EverGen Infrastructure (EVGN) Q4 2025 earnings summary

Executive summary

• 2025 was a transition year marked by recapitalization, refinancing, and a platform reset focused on operational optimization and future growth initiatives.

• Achieved record quarterly RNG production in Q4 2025, driven by optimization at Fraser Valley Biogas and GrowTEC facilities, with a 31% year-over-year increase to 54,812 GJs.

• Completed key infrastructure milestones, including the construction of the Pacific Coast Renewables screening building.

• Management and Board now hold 41% of shares, with strong alignment for long-term value creation.

• Secured a 20-year offtake agreement with FortisBC for Fraser Valley Biogas.

Financial highlights

• Q4 2025 revenue increased 34% year-over-year to CAD 4.2 million, driven by record RNG production and CAD 1.2 million in carbon credit sales.

• Full-year 2025 revenue was CAD 11.7 million, down 17% due to lower tipping volumes in the first nine months, partially offset by higher RNG and carbon credit revenues.

• Q4 2025 adjusted EBITDA was CAD 1.3 million, up from CAD 0.1 million in Q4 2024; full-year adjusted EBITDA was CAD 2.5 million, slightly down from CAD 2.9 million in 2024.

• Q4 2025 net loss narrowed to CAD 0.6 million, a 96% improvement year-over-year; full-year net loss improved to CAD 4.9 million.

• Cash and cash equivalents at year-end were CAD 2.2 million, with a working capital deficit of CAD 0.86 million.

Outlook and guidance

• Expectation of continued improvement and stabilization of EBITDA in 2026, supported by long-term offtake agreements and operational optimization.

• Targeting long-term annualized RNG production of over 500,000 GJ, with 200,000 GJ achieved as of 2025.

• Visible EBITDA growth expected from continued optimization and expansion of core assets.

• Favorable regulatory environment supports growth in RNG and organics processing.

• Anticipated announcements on Pacific Coast Renewables RNG expansion and Project Radius development.