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EnviTec Biogas AG

EnviTec Biogas builds and operates plants that turn organic material into biogas, and supplies equipment that purifies it into biomethane for gas networks, industry and transport.

ETG · Xetra / Frankfurt Basic Board

Overview

Summary

EnviTec combines plant construction with a substantial energy-producing business of its own. Founded in 2002 and based in Lohne, Germany, it serves farmers, waste processors and energy companies, while earning revenue from its own plants and maintenance services. Its shares have traded in Frankfurt since 2007.

Inside a biogas plant, microorganisms break down organic material without oxygen and release a mixture of methane and carbon dioxide. EnviTec’s EnviThan equipment removes much of the carbon dioxide, producing biomethane that can enter a gas network or be processed into transport fuel. The system integrates specialist membranes supplied by Evonik. Because the resulting gas can be stored, it offers a different form of flexibility from weather-dependent electricity generation.

Latest results

Jan–Jun 2026 · Reported in EUR

Revenue

EUR 169.2 million+14.1%

Operating profit

EUR 5.3 million-53.2%

Margin 3.2%

Cash held

EUR 26.8 million-8.4%

At Jun 30, 2026

Latest financial publication

Sep 30, 2026 · Issuer publication

First-half 2026 results

Investment Thesis

Turning organic material into usable gas, with profits tied to energy markets

European Tech Equities analysis · Nov 6, 2026

The investment case

EnviTec offers a way to follow biomethane through a business that already builds, services and operates plants. More demand for usable gas could support both customer projects and its own production. Yet the same operating assets make results sensitive to fuel prices, regulation and the cost of converting existing sites.

Sources[1][2][3]

Commercial progress

Priborn’s July 2026 start and the Swedish Vara project show how the company is putting its technology to work. Vara’s first gas was expected in January 2027, so the next step is successful commissioning. The June construction order book stood at €143.1 million, but project completion and payment timing still matter.

Sources[4][5][6]

Customer demand

Customers need a use for suitable organic material and a buyer for the energy it produces. Biomethane can serve gas networks and transport, while maintenance supports plants already operating. Demand therefore depends on energy prices, access to feedstock, local permits and the rules governing renewable fuels.

Sources[1][3]

Financial position

First-half 2026 revenue rose to €169.2 million from €148.4 million, but operating profit fell to €5.3 million from €11.4 million. Cash was €26.8 million at June 30, alongside €143.5 million of bank borrowings. The last published annual cash-flow statement showed €17.8 million of operating cash inflow in 2025, below €31.4 million spent on tangible and intangible assets.

Sources[2][1]

Value and funding

The business should be judged on the cash its plants can generate after investment, alongside the margins earned on construction and services. The planned investment programme could expand production, but it also absorbs capital before the benefits arrive. A recovery in revenue alone would not establish an improvement in returns.

Sources[6][1]

What would weaken the case

Energy prices and changes to renewable-fuel rules can materially affect plant earnings.
Construction delays, investment costs and borrowing can limit the cash available to shareholders.
Biomethane’s climate benefit depends on suitable feedstock and effective methane control.

Sources

Financials

The business in numbers

Latest

RevenueOperating profitNet profit

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	148.36	169.25
Operating profit (EBIT)	11.38	5.33
Operating margin	7.7%	3.2%
Net income	8.11	3.06
Earnings per share (EUR)	0.55	0.21

Cash flow

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	-10.37	17.79
Capital expenditure	54.41	31.44
Free cash flow	-64.78	-13.65

Balance sheet

At period endEUR million	FY 2025Dec 31, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	25.69	26.79
Total assets	466.54	427.82
Total liabilities	275.59	234.61
Total equity	190.95	193.21

Sources and details

Additional figures

H1 2026 · Sep 30, 2026

Order book: EUR 143.1mJun 30, 2026

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

H1 2025 · Consolidated HGB accounts, printed pp.26–29 and notes. Revenue is Umsatzerlöse. Operating profit precedes investment income and interest. Group net income is before minority allocation. H1 report contains no cash-flow statement. Total financial debt remains unreconciled beyond disclosed bank borrowings and separate related-company liabilities.

H1 2026 · Consolidated HGB accounts, printed pp.26–29 and notes. Revenue is Umsatzerlöse. Operating profit precedes investment income and interest. Group net income is before minority allocation. H1 report contains no cash-flow statement. Total financial debt remains unreconciled beyond disclosed bank borrowings and separate related-company liabilities.

FY 2024 · Consolidated HGB accounts, printed pp.44–49. Revenue is Umsatzerlöse, not total output. Net income is group profit before minority allocation. Cash is the balance-sheet balance, not cash-flow cash net of overdrafts. Cash capex is payments for tangible plus intangible assets, excluding acquisitions. Liabilities are assets less equity. FY2024 comparatives are in EUR thousands.

FY 2025 · Consolidated HGB accounts, printed pp.44–49. Revenue is Umsatzerlöse, not total output. Net income is group profit before minority allocation. Cash is the balance-sheet balance, not cash-flow cash net of overdrafts. Cash capex is payments for tangible plus intangible assets, excluding acquisitions. Liabilities are assets less equity. FY2024 comparatives are in EUR thousands.

Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.

Consolidated German HGB accounts. Net profit includes non-controlling interests; earnings per share follows the company’s reported basis. The interim report has no cash-flow statement, so cash flow remains dated to 2025. Gross cash includes restricted balances. The company’s EBITDA includes investment income and is not used as statutory EBITDA here.

Annual

RevenueOperating profitNet profit

Revenue

FY 2024337.7

FY 2025312.6

Operating profit

FY 202441.5

FY 202528.7

Net profit

FY 202429.8

FY 202516.7

Income statement

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Revenue	337.70	312.64
Operating profit (EBIT)	41.51	28.65
Operating margin	12.3%	9.2%
Net income	29.78	16.66
Earnings per share (EUR)	2.01	1.12

Cash flow

For the periodEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Operating cash flow	-10.37	17.79
Capital expenditure	54.41	31.44
Free cash flow	-64.78	-13.65

Balance sheet

At period endEUR million	FY 2024Dec 31, 2024	FY 2025Dec 31, 2025
Cash & cash equivalents	26.60	25.69
Total assets	413.81	466.54
Total liabilities	229.44	275.59
Total equity	184.36	190.95

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Half-year

RevenueOperating profitNet profit

Revenue

H1 2025148.4

H1 2026169.2

Operating profit

H1 202511.4

H1 20265.3

Net profit

H1 20258.1

H1 20263.1

Income statement

For the periodEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Revenue	148.36	169.25
Operating profit (EBIT)	11.38	5.33
Operating margin	7.7%	3.2%
Net income	8.11	3.06
Earnings per share (EUR)	0.55	0.21

Balance sheet

At period endEUR million	H1 2025Jun 30, 2025	H1 2026Jun 30, 2026
Cash & cash equivalents	29.25	26.79
Total assets	429.01	427.82
Total liabilities	237.48	234.61
Total equity	191.53	193.21

Sources and details

Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.

Updated Nov 6, 2026

Overview

Summary

Customer value

What sets it apart

Growth plans

Latest results

Latest financial publication

First-half 2026 results

Investment Thesis

The investment case

Commercial progress

Customer demand

Financial position

Value and funding

What would weaken the case

Sources

Financials

The business in numbers

Latest

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Additional figures

Annual

Revenue

Operating profit

Net profit

Income statement

Cash flow

Balance sheet

Half-year

Revenue

Operating profit

Net profit

Income statement

Balance sheet

Performance

Research & updates

EnviTec Biogas reports significant construction progress in Vara, Sweden

First-half 2026 results

EnviTec Biogas advances Germany’s energy transition with three new biomethane...

EnviTec Biogas realises two new biomethane projects in France

Successful Start to the Training Program at EnviTec Biogas

Company publications

EnviTec Biogas H1 2026 consolidated figures

EnviTec Biogas FY 2024 consolidated figures

EnviTec Biogas H1 2025 consolidated figures

Interviews

Interviews are coming soon

Sources

Sources & data dates

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