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Osmosun S.A. — Annual Report 2025
Apr 30, 2026
6297_rns_2026-04-30_c9461720-4f10-4aa5-94be-b5b0e632d254.pdf
Annual Report
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Watera®
PRESS RELEASE
FY 2025 results
- Significant improvement in operating earnings during the second half, thanks to cost streamlining, improved operational efficiency and the completion of major projects
- Financial structure strengthened by new equity investment from Unibios
- Further improvement in performance expected in 2026
Chartres, 30 April 2026 – WATERA, a leading provider of solar-powered seawater and brackish water desalination solutions, today announces its results for the year ended 31 December 2025¹.
Orfeas Mavrikios, Chairman and CEO of WATERA, said: “The merger of OSMOSUN (now WATERA) with Watera International marks a pivotal milestone for the Company. Henceforth we will be gradually aligning our organisational system and methods with those of our parent company, Unibios, with the aim of raising our standards of execution and operational discipline.
The measures taken in recent months are beginning to bear fruit, leading to a noticeable improvement in results during the second half: the announced cost-saving plan has been implemented, teams have been reorganised and work processes standardised. Against this backdrop, signs of a recovery were already appearing towards the end of 2025.
We therefore enter 2026 with a more streamlined cost structure which, coupled with the gradual recovery in business, should enable us to continue improving profitability.”
Highlights of the 2025 financial year
As a reminder, in July 2025 OSMOSUN (now WATERA) joined forces with Watera International, a Luxembourg-based subsidiary of Unibios and a recognised player in water treatment in Greece since 1963, operating through its subsidiary Watera Hellas, a national leader in installed desalination capacity. Outside the Greek market, Watera International has developed a strong presence through subsidiaries in the Czech Republic, Bulgaria and Italy, while running a significant export business covering Western and Eastern Europe, the Middle East and Africa.
As part of this merger, WATERA carried out two cash capital increases totalling €2.0 million (€1.6 million from Unibios and €0.4 million from existing shareholders) and a capital increase reserved for Unibios in exchange for the contribution of a 30% stake in its subsidiary Watera International, valued at €6.6 million.
Following these transactions, Unibios holds a 65% stake in WATERA.
¹The annual financial statements were approved by the Board of Directors on 29 April 2026. The financial statements have been certified without reservation by the Statutory Auditors, with an observation drawing attention to Note 9.3.4. “Going Concern,” in the notes to the annual financial statements, relating to the support received from the parent company. The annual financial report will be published today.
Watera®
PRESS RELEASE
Income statement analysis
| €000 | H1 2024 | H2 2024 | 2024 | H1 2025 | H2 2025 | 2025 |
|---|---|---|---|---|---|---|
| Revenues² | 1,505 | 369 | 1,874 | 616 | 1,193 | 1,809 |
| EBITDA³ | (2,495) | (2,781) | (5,276) | (1,246) | (760) | (2,006) |
| Operating income | (2,728) | (3,418) | (6,145) | (1,401) | (913) | (2,315) |
| Net income | (2,633) | (3,695) | (6,328) | (1,460) | (708) | (2,168) |
2025 revenues amounted to €1.8 million (versus €1.9 million in 2024), driven by large-scale contracts signed in 2022 and 2023, particularly in the Caribbean and Africa. Revenues also include the contribution from completed tourism sector projects in the Pacific, as well as new contracts signed in 2025, notably in France, Africa and the Caribbean.
The EBITDA loss was €2.0 million, compared to a €5.3 million loss in 2024. This improvement is mainly due to:
- a reduction in procurement costs following the completion of major contracts. Furthermore, since the merger with Unibios in July 2025, the Company has benefited from more favourable procurement terms and a more rigorous purchasing policy;
- less reliance on subcontracting, also linked to the completion of major contracts, whereas 2024 had been impacted by cost overruns on these same projects;
- the initial effects of the operating cost reduction plan, which generated savings of €0.5 million, driven mainly by the reduction in the wage bill following staff cuts (24 FTE⁴ in 2025 compared to 32 FTE in 2024) and the work expended on streamlining costs, particularly in relation to rental payments, transport, business travel and fees.
After depreciation, amortisation and provisions totalling €0.3 million, operating loss came to €2.3 million (compared to a €6.1 million loss in 2024).
The net loss amounted to €2.2 million (compared to a €6.3 million loss in 2024), including €0.2 million in dividends paid by Watera International, in which WATERA holds a 30% stake.
Financial structure analysis
At 31 December 2025, equity stood at €7.6 million, compared to €1.2 million at 31 December 2024, boosted by the proceeds from the capital increases carried out in the summer of 2025.
Following the €0.7 million loan repayment made during the second half, cash and cash equivalents stood at €1.0 million versus gross borrowings of €1.0 million, including €0.6 million due within one year.
² The company applies the percentage-of-completion method to recognize revenue on turnkey projects specifically negotiated under a contract. Revenue from the sale of standardized equipment and spare parts is recognized upon transfer of ownership.
³ EBITDA is a measure of operating performance, defined as operating income adjusted for net depreciation, amortization, and provisions.
⁴ Full-time equivalent
Watera®
PRESS RELEASE
To ensure business continuity, Unibios has committed to taking the required steps to provide financial support to the Company over a 12-month period. Accordingly, WATERA received a €1.0 million loan from Watera International in February 2026.
Strengthened governance
Since the merger with Unibios, the Company has taken several significant steps marking a new phase in its development and governance.
On 30 September 2025, Orfeas Mavrikios, already Chairman of the Board of Directors and CEO of Watera International, as well as CEO of Unibios, was appointed Chairman of the Board of Directors and CEO of the Company. This appointment has helped strengthen the Company's strategic alignment within the new group.
In March 2026, governance was strengthened with the appointment of two independent directors, Vasiliki Niatsou and Vassilis Pavlopoulos, who bring further legal expertise to the Board of Directors. At the same time, Maxime Therrillion, recently appointed Deputy CEO of the Company and an employee at WATERA since 2016, joined the Board of Directors.
Finally, this transformation coincided with a significant symbolic step: following a decision by the General Meeting on 11 March 2026, the Company adopted the corporate name of "WATERA", replacing OSMOSUN, thereby establishing a new identity consistent with the strategic merger.
Outlook
Contracts signed to date represent €1.1 million in revenue to be recognised mainly in 2026.
Meanwhile, following the merger with Unibios in July 2025, the second half of 2025 already posted a significant reduction in the loss. This improvement is the result of several converging factors: the initial tangible effects of cost streamlining measures; the gradual integration of Unibios Group organisational methods and operational policies, enabling improved operational efficiency and procurement terms; and the refocusing of the business on more standardised, higher-margin machinery following the completion of major projects signed in 2022 and 2023.
The savings generated by the reorganization plan implemented in the second half of 2025 will have their full impact in 2026, with a cost reduction of €1.2 million compared to the 2024 cost structure, mainly driven by lower personnel expenses and reduced external spending.
Against this backdrop, WATERA enters the 2026 financial year with confidence. The renewed momentum observed at the end of 2025, supported by reorganised teams now aligned with optimised working methods, provides a solid foundation for continued performance improvement. Bolstered by the synergies arising from the merger with Unibios, a sustainably streamlined cost structure and a refocused positioning on higher value-added offerings, WATERA is on track towards a gradual improvement in profitability.
Next publication: First-half 2026 results, September 30, 2026
Watera®
PRESS RELEASE
ABOUT WATERA
Founded in 2014, WATERA (previously OSMOSUN) operates in the "low-carbon" water market and stands out thanks to a unique, patented, cost-effective, clean and sustainable solution for solar-powered battery-free seawater and brackish water desalination.
In July 2025, Unibios, a Greek company listed on the Athens Stock Exchange, became WATERA's majority shareholder, thereby strengthening and expanding the Group's position in the sustainable water treatment and wastewater reuse sectors through its 30% stake in Watera International, Unibios' main subsidiary.
WATERA is aiming to become a key international player in water treatment by providing sustainable and competitive technological systems capable of meeting the global challenges of responsible water management and access to drinking water.
CONTACTS
| SPECIALIST PRESS | FINANCIAL PRESS | INVESTOR RELATIONS |
|---|---|---|
| Nadège Chapelin | Déborah Schwartz | Hélène de Watteville |
| [email protected] | [email protected] | [email protected] |
| +33 6 52 50 33 58 | +33 1 53 67 36 35 | +33 1 53 67 36 33 |
Watera®
PRESS RELEASE
APPENDICES
Balance sheet - Assets
| En euros | Au 31.12.2025 | Au 31.12.2024 | |||
|---|---|---|---|---|---|
| Brut | Amortissements et dépréciations | Net | Net | ||
| ACTIF IMMOBILISE | Capital souscrit non appelé (I) | ||||
| Frais d'établissement (II) | 144 972 | 144 972 | |||
| Immobilisations Incorporelles | |||||
| Frais de développement | 79 429 | 79 429 | |||
| Concessions, brevets, licences, marques, procédés, solutions informatiques, droits et valeurs similaires | 76 997 | 76 555 | 443 | ||
| Immobilisations Corporelles | |||||
| Installations techniques, matériel et outillage industriels | 4 581 932 | 4 038 846 | 543 086 | 764 648 | |
| Autres immobilisations corporelles | 427 926 | 298 408 | 129 518 | 195 953 | |
| Immobilisations corporelles en cours, avances et acomptes | 35 747 | 35 747 | 8 765 | ||
| Immobilisations Financières (1) | |||||
| Participations | 6 903 569 | 176 939 | 6 726 630 | 11 286 | |
| Autres titres immobilisés | 200 000 | 177 599 | 22 401 | 48 691 | |
| Autres immobilisations financières | 63 788 | 63 788 | 98 540 | ||
| Total de l'actif immobilisé (III) | 12 369 388 | 4 847 775 | 7 521 613 | 1 127 883 | |
| ACTIF CIRCULANT | Stocks et en-cours | ||||
| Matières premières et autres approvisionnements | 400 499 | 400 499 | 522 111 | ||
| En-cours de production | 166 836 | 166 836 | 204 561 | ||
| Produits finis | 112 902 | 112 902 | 59 760 | ||
| Avances et acomptes versés sur commandes | 17 360 | 17 360 | 13 497 | ||
| Créances (2) | |||||
| Créances clients et Comptes rattachés | 699 840 | 106 468 | 593 372 | 990 207 | |
| Autres créances | 88 019 | 88 019 | 363 490 | ||
| Charges constatées d'avance | 132 852 | 132 852 | 83 279 | ||
| Valeurs mobilières de placement | |||||
| Autres titres | 692 494 | 692 494 | 1 284 530 | ||
| Disponibilités | 355 344 | 355 344 | 330 168 | ||
| Total de l'actif circulant (IV) | 2 666 146 | 106 468 | 2 559 678 | 3 851 603 | |
| Comptes de régut | |||||
| Frais d'émission des emprunts (V) | |||||
| Primes de remboursement des emprunts (VI) | |||||
| Ecart de conversion et différences d'évaluation - Actif (VII) | 1 283 | 1 283 | 3 231 | ||
| TOTAL GENERAL DE L'ACTIF | 15 181 789 | 5 099 215 | 10 082 574 | 4 982 717 | |
| (1) dont à moins d'un an | 920 711 | 1 488 839 | |||
| (2) dont à moins d'un an |
Watera®
PRESS RELEASE
Balance sheet - Liabilities
| En euros | Au 31.12.2025 | Au 31.12.2024 | |
|---|---|---|---|
| Capitaux Propres | Capital (dont versé : 2 813 827) | 2 813 827 | 898 173 |
| Primes d'émission, de fusion, d'apport | 6 704 789 | 10 021 563 | |
| Réserves | |||
| Réserve légale | 4 750 | 4 750 | |
| Report à nouveau | -30 857 | -3 724 114 | |
| Résultat de l'exercice (bénéfice ou perte) | -2 167 832 | -6 328 307 | |
| Subventions d'investissement | 245 984 | 342 066 | |
| Total des capitaux propres (I) | 7 570 661 | 1 214 132 | |
| Autres Fonds Propres | Avances conditionnées | 261 826 | 308 409 |
| Total des autres fonds propres (I bis) | 261 826 | 308 409 | |
| Provisions | Provisions pour risques | 273 796 | 323 445 |
| Total des provisions (II) | 273 796 | 323 445 | |
| Dettes | Emprunts et dettes auprès des établissements de crédit | 1 008 711 | 1 759 187 |
| Emprunts et dettes financières diverses (2) | 4 | 4 | |
| Dettes fournisseurs et comptes rattachés | 330 967 | 643 814 | |
| Dettes fiscales et sociales | 286 242 | 307 619 | |
| Produits constatés d'avance | 345 559 | 420 358 | |
| Total des dettes (1) (III) | 1 971 483 | 3 130 982 | |
| régul | Écarts de conversion et différences d'évaluation - Passif (IV) | 4 807 | 5 749 |
| TOTAL GENERAL DU PASSIF (I + I bis + II + III + IV) | 10 082 574 | 4 002 717 | |
| (1) dont à moins d'un an (hors avances et acomptes reçus sur commandes en cours) | 1 557 809 | 2 122 271 | |
| (2) dont emprunts participatifs |
Watera®
PRESS RELEASE
P&L statement
| En euros | 31.12.2025 | 31.12.2024 | |
|---|---|---|---|
| Produits d'exploitation | Produits d'exploitation | ||
| Montant net du chiffre d'affaires | 1 808 790 | 1 873 857 | |
| Ventes de marchandises | 226 160 | ||
| Production vendue | 1 582 630 | 1 873 857 | |
| Production stockée | 15 416 | 264 321 | |
| Production immobilisée | 46 468 | 44 166 | |
| Subventions | 129 210 | 364 756 | |
| Reprises sur amortissements, dépréciations et provisions | 52 348 | 22 000 | |
| Produit des cessions d'immobilisations incorporelles et corporelles | 1 913 | ||
| Autres produits | 3 545 | 12 | |
| Total des produits d'exploitation (I) | 2 057 691 | 2 569 113 | |
| Charges d'exploitation | Charges d'exploitation | ||
| Achats de matières premières et autres approvisionnements | 450 552 | 1 192 749 | |
| Variation de stock | 121 612 | -10 542 | |
| Autres achats et charges externes (1) | 1 526 885 | 4 343 941 | |
| Impôts, taxes et versements assimilés | 25 340 | 22 520 | |
| Salaires | 1 259 579 | 1 658 212 | |
| Cotisations sociales | 602 689 | 595 917 | |
| Dotations aux amortissements et aux dépréciations | |||
| Sur immobilisations : dotations aux amortissements | 304 512 | 507 687 | |
| Sur actif circulant : dotations aux dépréciations | 56 021 | 37 490 | |
| Dotations aux provisions | 323 445 | ||
| Valeur comptable des immobilisations incorporelles et corporelles cédées | 3 172 | ||
| Autres charges | 21 903 | 42 768 | |
| Total des charges d'exploitation (II) | 4 372 265 | 8 714 187 | |
| 1. RESULTAT D'EXPLOITATION (I - II) | -2 314 574 | -6 145 074 | |
| Quote-part de résultat sur opérations faites en commun | |||
| Bénéfice attribué ou perte transférée (III) | |||
| Perte supportée ou bénéfice transféré (IV) | |||
| Produits financiers | Produits financiers | ||
| De participations (2) | 221 235 | ||
| Autres intérêts et produits assimilés (2) | 5 632 | 126 387 | |
| Reprises sur dépréciations et provisions | 132 | ||
| Différences positives de change | 963 | 35 083 | |
| Total des produits financiers (IV) | 227 962 | 161 470 | |
| Charges financières | Charges financières | ||
| Dotations aux amortissements, aux dépréciations et aux provisions | 35 416 | 141 991 | |
| Intérêts et charges assimilées (3) | 21 974 | 35 981 | |
| Différences négatives de change | 23 830 | 16 653 | |
| Total des charges financières (V) | 81 219 | 194 625 | |
| 2. RESULTAT FINANCIER (V - VI) | 146 742 | -33 155 | |
| 3. RESULTAT COURANT avant impôts (I - II + III - IV + V - VI) | -2 167 832 | -6 178 225 | |
| Générale | Produits exceptionnels (VII) | 328 412 | |
| Charges exceptionnelles (VIII) | 478 489 | ||
| 4. RESULTAT EXCEPTIONNEL (VIII - VII) | -150 078 | ||
| Impôt sur les bénéfices (X) | |||
| Total des produits (I + III + V + VII) | 2 285 653 | 3 058 995 | |
| Total des charges (II + IV + VI + VIII + IX + X) | 4 453 484 | 9 387 301 | |
| BÉNÉFICE OU PERTE | -2 167 832 | -6 328 307 | |
| (1) Y compris redevances crédit-bail : | |||
| (2) Dont produits concernant les entités liées : | 221 235 | ||
| (3) Dont intérêts concernant les entités liées : |
Watera®
PRESS RELEASE
Cash flow statement
| FLUX DE TRÉSORERIE LIÉS À L'ACTIVITÉ | 2025 | 2024 |
|---|---|---|
| Résultat net | -2 167 832 | -6 328 307 |
| + Amortissements et provisions | 343 469 | 1 489 058 |
| - Subvention d'investissement viré au résultat | -96 082 | -328 412 |
| - Plus-values de cession, nettes d'impôt | -1 913 | |
| + Moins-values de cession, nettes d'impôt | ||
| = Marge brute d'autofinancement | -1 918 532 | -5 167 660 |
| - Variation du besoin en fonds de roulement lié à l'activité | -215 975 | -272 889 |
| Stocks et en-cours | -59 727 | 274 863 |
| Créances clients | -342 229 | -438 241 |
| Autres créances | -271 607 | -251 706 |
| Comptes de régularisation Actif | 47 625 | -137 905 |
| Fournisseurs et comptes rattachés | 312 846 | 177 885 |
| Autres dettes | 21 378 | 65 850 |
| Comptes de régularisation Passif | 75 740 | 36 365 |
| Flux net de trésorerie lié à l'activité (A) | -1 702 557 | -4 894 771 |
| FLUX DE TRÉSORERIE LIÉS AUX OPÉRATIONS D'INVESTISSEMENT | ||
| Acquisitions d'immobilisations | 103 254 | 66 939 |
| Corporelles et incorporelles | 644 | 66 939 |
| Financières | 102 610 | |
| Cessions d'immobilisations, nettes d'impôts | 36 011 | |
| Corporelles et incorporelles | 1 259 | |
| Financières | 34 752 | |
| Flux net de trésorerie lié aux opérations d'investissement (B) | -67 243 | -66 939 |
| FLUX DE TRÉSORERIE LIÉS AUX OPÉRATIONS DE FINANCEMENT | ||
| Dividendes versés aux actionnaires | ||
| Subventions d'investissements et avances conditionnées | 0 | 98 932 |
| Augmentations de capital en numéraire | 1 999 999 | |
| Émissions d'emprunts | 0 | |
| Remboursements d'emprunts | 797 060 | 722 739 |
| Flux net de trésorerie lié aux opérations de financement (C) | 1 202 939 | -623 807 |
| Variation de trésorerie (A + B + C) | -566 860 | -5 585 517 |
| Trésorerie à l'ouverture (D) | 1 614 698 | 7 200 215 |
| Trésorerie à la clôture (A + B + C + D) | 1 047 838 | 1 614 698 |