Anaergia Reports 30% Revenue Growth and Expands Revenue Backlog1 to $303 million in Third Quarter

Third Quarter 2026 Highlights

• Revenue increased 30.3% to $66.9 million in the third quarter, compared with $51.4 million in the third quarter of 2025 (“Q3 2025”)
• Revenue Backlog reached $303.1 million, up 10.3% from June 30, 2026, and 18.2% from December 31, 2025, as new awards exceeded revenue recognized during the quarter
• New contract awards of approximately $86 million were secured across Europe, North America and Australia, underscoring broad-based commercial momentum
• Adjusted EBITDA increased to $3.1 million from $2.6 million and remained positive for a fifth consecutive quarter
• Gross profit increased 11.0% to $16.4 million in the third quarter, compared with $14.8 million in Q3 2025
• Net Income turned positive to $19.5 million, compared with a net loss of $0.5 million in Q3 2025
• Recognized a $21.9 million gain and reduced debt by US$20 million on the divestiture of its Charlotte Bioenergy Facility (“CBF”) and the Company’s interests in the Rhode Island Bioenergy Facility HoldCo, LLC (“RIBF”), at the end of Q3 2026. This transaction advances Anaergia’s strategy to concentrate its portfolio around profitable growth opportunities and eliminate the negative earnings associated with non-core assets, as CBF has not been operating and RIBF has been operating below its expected utilization rate
• For the first nine months of 2026, as compared to the same period in the prior year, revenue increased 71.5% to $186.0 million, Adjusted EBITDA improved to $6.1 million from a $3.6 million loss, and net income improved to $13.1 million from a $15.8 million loss

Management Commentary

"In the third quarter we continued to demonstrate Anaergia's improving financial and commercial profile. Revenue increased significantly, Adjusted EBITDA was positive for a fifth consecutive quarter, and our Revenue Backlog expanded to approximately $303 million. These results reflect strong demand in the markets we serve and demonstrate that Anaergia, with our unique technology offering, is positioned to meet the growing global demand for integrated waste-to-value solutions that advance the circular economy and reduce greenhouse gas emissions," said Assaf Onn, Chief Executive Officer of Anaergia.

"We also took decisive steps to strengthen the quality of our portfolio and balance sheet. The divestiture of CBF and our interest in RIBF generated a $21.9 million gain, reduced project-level debt by US$20 million and removed the negative earnings contribution associated with these non-core assets. Together with our year-to-date improvement in revenue, Adjusted EBITDA and net income, these actions reinforce our focus on disciplined, profitable growth. The Company’s net income turned positive to $19.5 million in the quarter and $13.1 million year to date. We believe that the successful disposition of these unprofitable assets will be beneficial to future periods with increased strategic concentration on profitable growth opportunities," added Mr. Onn.

Strengthening Financial Performance and Commercial Momentum

Anaergia's Q3 2026 results reflect higher capital sales project execution in Europe and North America and continued conversion of contracted Revenue Backlog into revenue. Importantly, approximately $86 million of new awards were received, which exceeded revenue recognized during the quarter, increasing Revenue Backlog to $303.1 million and supporting future revenue visibility. The Company's geographic diversification and integrated capabilities across organics recovery, anaerobic digestion, biomethane production, wastewater treatment and resource recovery continue to position Anaergia to address growing global demand for waste-to-value infrastructure.

Management remains focused on converting Revenue Backlog into revenue with disciplined project execution, improving operating leverage and selectively pursuing opportunities that meet the Company's return and risk criteria. The disposal of underperforming non-core assets reduces portfolio complexity and allows management to concentrate resources on opportunities with stronger earnings potential.

Third Quarter 2026 Financial Results

Revenue for Q3 2026 was $66.9 million, an increase of 30.3% compared with $51.4 million during Q3 2025. The increase was primarily driven by higher capital sales project execution activity in Italy, other EMEA countries, and North America.

Gross profit for Q3 2026 was $16.4 million, compared with $14.8 million in Q3 2025, mainly driven by increased gross profit in the Capital Sales segment. Adjusted EBITDA improved to $3.1 million in Q3 2026, compared with $2.6 million in the prior-year period.

Net Income turned positive to $19.5 million during Q3 2026, compared with a net loss of $0.5 million in Q3 2025. The improvement is mainly due to higher revenue and gross profit and the gain on sale of the Company's interest in RIBF and the project assets of CBF. Furthermore, Anaergia’s project level debt was reduced by US$20 million with this transaction.

For the nine months ended September 30, 2026, revenue increased 71.5% year-over-year to $186.0 million, gross profit increased 42.1% to $43.6 million, and Adjusted EBITDA improved to $6.1 million, compared with an Adjusted EBITDA loss of $3.6 million in the prior-year period. Net Income turned positive, to $13.1 million, compared with a Net Loss of $15.8 million during the first nine months of 2025.

For a more detailed discussion of Anaergia’s results for Q3 2026, please see the Company’s financial statements for Q3 2026 and related MD&A, which are available at https://www.anaergia.com/investor-relations and on the Company’s SEDAR+ page at www.sedarplus.ca.

Non-GAAP Measures

This press release makes reference to certain non-GAAP measures. These non-GAAP measures are not recognized measures under IFRS® Accounting Standards as issued by the International Accounting Standards Board (“IASB”) (“IFRS Accounting Standards”) and do not have a standardized meaning prescribed by IFRS Accounting Standards and are therefore unlikely to be comparable to similar measures presented by other companies. Rather, these non-GAAP measures are provided as additional information to complement IFRS Accounting Standards measures by providing further understanding of our results of operations from management’s perspective. Accordingly, these non-GAAP measures should not be considered in isolation or as a substitute for analysis of our financial information reported under IFRS Accounting Standards. We use non-GAAP measures, including “Adjusted EBITDA”, “EBITDA”, and “Revenue Backlog” to provide investors with supplemental measures. Management also uses non-GAAP 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-GAAP measures 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 Accounting Standards financial measures. Management believes such measures are useful as they 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-GAAP measures in the evaluation of issuers.

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

“Adjusted EBITDA” is defined as net income or loss before interest expenses, 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, losses related to equity-accounted investees, significant one-time provisions, foreign exchange gains or losses, restructuring and severance costs, Enterprise Resource Planning 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 or loss before interest expenses, 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-GAAP Measures” below for a reconciliation of EBITDA and Adjusted EBITDA to their most directly comparable measures calculated in accordance with GAAP.

Conference Call and Webcast Details

A conference call to review the Company’s financial results will take place at 9:30 a.m. (EST) on Thursday, November 12, 2026. 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/678994211

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

About Anaergia

Anaergia is a global technology and project delivery company focused on converting organic waste into renewable natural gas, fertilizer, and clean water. Through its proprietary technologies, engineering expertise, and integrated portfolio of solutions, Anaergia helps municipalities, utilities, industrial customers, and project owners reduce waste management costs, recover valuable resources, and lower greenhouse gas emissions. The Company offers comprehensive end-to-end capabilities spanning solid waste processing, wastewater treatment, organics recovery, anaerobic digestion, biomethane production, facility construction, and long-term operations.

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; the Company’s strategy and execution of its strategy; the Company’s business model, including our focus on revenue growth and operating discipline, and its impact on our financial performance; the Company’s capabilities to deliver integrated end-to-end solutions across organic waste processing, anaerobic digestion, biomethane production, wastewater treatment, and resource recovery; 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, 2025. 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-GAAP Measures

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