Results of EQT’s mandatory simplified cash tender offer for Waga Energy’s remaining shares -2-

EQT, through its dedicated acquisition vehicle Box BidCo S.A.S., announces the results of its mandatory simplified cash tender offer for the remaining shares of Waga Energy. Following the closing of the offer on 12 December 2025 and the publication of results by the French Financial Markets Authority (AMF) on 15 December 2025, settlement-delivery of the semi-centralized procedure is expected to occur on 19 December 2025. Upon settlement, EQT will hold 22,777,033 Waga Energy shares, representing 85.88% of the share capital and 85.82% of the voting rights.

Key results of the offer

• Offer period: 24 November 2025 to 12 December 2025 (inclusive).
• Shares acquired during the offer: 6,668,550.
• Expected settlement-delivery date: 19 December 2025.
• Post-settlement ownership: 22,777,033 shares, equating to 85.88% of share capital and 85.82% of voting rights.

Context and process

The offer was conducted as a mandatory simplified cash tender offer for all outstanding Waga Energy shares. Following the semi-centralized settlement procedure, Box BidCo S.A.S., established under French law as the acquisition vehicle for EQT’s EQT Transition Infrastructure strategy, will hold a controlling stake in Waga Energy.

The reported percentages are calculated based on a Waga Energy share capital of 26,521,806 shares and 26,540,898 theoretical voting rights as of 5 December 2025. These figures include 40,460 treasury shares held by Waga Energy that are assimilated to shares held by Box BidCo under applicable French regulations.

About Waga Energy

Founded in 2015, Waga Energy produces competitively priced Renewable Natural Gas (RNG), also known as biomethane, by upgrading landfill gas using its patented WAGABOX purification technology. The RNG is injected directly into gas distribution networks, providing a lower-carbon substitute for fossil natural gas.

Waga Energy operates 31 RNG production units across France, Spain, Canada, and the United States, representing an installed capacity of approximately 5.1 million MMBtu (1.5 TWh) per year. The company has 19 additional RNG production units under construction worldwide. Waga Energy is listed on Euronext Paris (ISIN: FR0012532810; ticker: WAGA).

About EQT

EQT is a purpose-driven global investment organization with approximately EUR 267 billion in total assets under management as of 30 September 2025, operating across two business segments: Private Capital and Real Assets. EQT backs companies and assets in Europe, Asia-Pacific, and the Americas, supporting sustainable growth, operational excellence, and market leadership.

Legal information

This announcement is provided for information purposes only and does not constitute an offer to purchase or sell securities, nor a solicitation of any offer, in any jurisdiction. The offer described herein is subject to legal and regulatory restrictions in certain jurisdictions. No action has been taken to permit a public offering in any jurisdiction.

This announcement may contain forward-looking statements, including expectations and assumptions regarding the offer, post-transaction operations, and anticipated benefits and timelines. These statements are subject to risks and uncertainties that could cause actual results to differ materially, including but not limited to regulatory approvals, integration risks, financing conditions, market developments, and other factors outside the control of the parties. No obligation is undertaken to update forward-looking statements except as required by law.