EverGen Infrastructure 2026年第二季度业绩电话会议纪要

发布时间：2026-08-28 一、AI总结内容 一、核心要点 1. 公司2025年5月完成资本重组与管理层更替，着力稳定运营设施，设施 uptime 从不足80%提升至90%以上，与Fortis BC签订20年长期合同，偿还部分高息债务并获得加拿大农业信贷公司的贷款支持。 2. 2026年Q2业绩亮眼：营收同比增长71%至480万美元，可再生天然气（RNG）产量增长11%，进料增长34%，堆肥销售增长51%，调整后EBITDA达175万美元，同比增长超400%，直接运营成本未随收入上升，每新增1美元收入中约70美分转化为调整后EBITDA。 3. 碳信用市场稳定，价格维持在每吨CO避免排放350美元以上，该市场受两党支持，RNG作为低成本脱碳选项具备广阔应用空间，公司合同附带碳信用分成权益。二、投资线索与项目进展 1. 公司推进PCR RNG扩建项目，已完成主要监管障碍，正在开展前端工程设计等工作，计划通过赠款与项目融资推进，将适时宣布最终投资决策（FID）。 2. 公司持有Ontario Radius项目50%权益，正在推进至意向通知或FID决策，正与相关方讨论全融资方案，将很快更新市场。 3. 公司拥有可复制的资产整改模板，北美RNG设施从2020年前约100家增至如今超600家，大量设施因运营问题表现不佳，公司具备收购整改此类资产的独特优势。三、风险与关注 1. 碳信用销售存在间歇性，其收入确认存在非季节性的周期性波动，并非一次性收益。2. 部分大型项目融资存在不确定性，需依赖赠款、债务及外部股权资金支持。 四、估值与股东相关 1. 公司总资产7500万美元，股东权益4200万美元，当前市值约1000万美元，较净资产价值存在大幅折价，市盈率倍数远低于同业水平。 2. 近期两次股权发行价为每股60美分，公司董事、管理层及机构股东持有约70%股份，均无出售意向，每新增1美元EBITDA对公司估值的拉动作用显著。五、团队建设 公司精简运营团队，聚焦现场运营管理，通过预防性维护保障设施运行，已搭建支撑业务整改的核心团队。 二、音频原文（转写） 你信吗？Good morning everyone. Welcome to Everton Infrastructure's Q22026 earnings presentation. Asa reminder, this call has been recorded. Beforewe begin, I would like to direct all participants on our website at www.evergentinfid.com, whereyou'll find a copy of the second quarter earnings presentation. Please allow me to remind you that our discussions today contains Forward-looki ng statements, actual results may vary materially from those discussed. Additional information is contained in the second quarter 2026 Management Discussion, Management's Discussion and Analysis. I will now turn the call over to Chase Edgell, who is Evidenz co-founder and CEO. Good morning, and thank you, Shivano. I'm Chase Edgell. co-founder and CEO of Evergen. And I'm joined heretoday. By Maria O'Sullivan, our CFO. And Shubham, Trehan. です。 who's are Director of Business Development. I want to begin somewhere other than the numbers. because Numbers only matter if you understand. theevidence. of the hard work that we've put intothe business over the last 15 months. when we took. the rains that ever again in May of 2025 Everton was a. seven genuinely good infrastructureassets that were not working. real plants. realcontracts real waste coming in through the gateand performance that did not reflect any of it.Today, our platform is running at record production converting that production into cash AND DOING IT IN A METHOD THAT WE BELIEVE WE CAN REPEATAGAIN AND AGAIN, THAT IS THE STORY OF Q TWO, NOTA GOOD PRINT EVIDENCE OF A METHOD THAT WORKS, SO I'LL TAKE YOU THROUGH IT IN FOUR PARTS What we've stabilized, what the turnaround is now producing, the team that produced it, and why I believe this is a business that has priced at a valuethat bears very little resemblance to what youactually own. Maria will then take you through the financials in detail, and we'll open up the call for questions. So just to recap on the stabilization. Starting with what we took on in May of 2025. Evergen went through a recapitalizationtransaction and change of management. I returnedto CEO and alongside Ron Green our CLO. Ask America Keenan is our lead investor. and across 2 tranches of 呃。 Equity raise, we did. $7 million of new equity into the business, all at $60 a share. What we inherited was 4 operating assets across British Columbia and Alberta. about 75 million of total assets. feed stock arriving at our door, at our gate, under long dated municipal contracts. and RNG going out to our utility buyers Well, we did not inherit with reliability. and for infrastructure companies reliability is. critical So we focused on 3 things. 玩。 the assets. without capital without operating discipline We saw significant downtime, unplanneddowntime, interruptions, and overall our facility uptime went from under 80% to high 90s. FraserValley Biogas continues to set newly productionrecords with a beat in July and continued strong performance. Secondly, fixing the balance sheet. Along with the equity raise, we also closed a$13 million asset level debt facility at FraserValley, which is non-recourse to the parents, and used the proceeds to retire approximately $12million of corporate senior debt. What that didfor the business, we saved a significant amountof debt service costs, and we've aligned with alender that's committed to the space in Farm Credit Canada. 啊。 Thirdly, our business is about contracts and weentered into the 20-year period at Fraser ValleyBiogas with Fortis BC on our new contract in January of this year. That collectively is stabilization. It's not changing numbers, but it's thefoundation for everything I'm about to take youthrough. Our next phase is a turnaround. And I think that what we're here today to tell you is that after 15 months with the business, first sixmonths really focused on what we talked about above, the stabilization, you're starting to seethe evidence of the turnaround in the numbers. What that foundation produced in the second quart er, revenue up 71% year over year. RNG production. up eleven percent. incoming fee stock up 34%.Compost sales about 51