Waga Energy : Universal Registration Document

Waga Energy

Public limited company (société anonyme) with a Board of Directors and share capital of €197,524.17

Registered office: 2 chemin du Vieux Chêne, 38240 Meylan, France

Grenoble Trade and Companies Register no. 809 233 471

UNIVERSAL REGISTRATION DOCUMENT

The Universal Registration Document was approved on 14 June 2022 by the AMF, in its capacity as competent authority under Regulation (EU) 2017/1129.

The AMF approves this document after verifying that the information it contains is complete, consistent and understandable. The Universal Registration Document bears the following approval number: R. 22- 025.

This approval shall not be considered a favourable opinion on the issuer described in the Universal Registration Document.

The Universal Registration Document may be used for the purpose of a public offering of financial securities or the admission of financial securities for trading on a regulated market if it is completed by a securities note and, if applicable, a summary and the supplement(s) thereto. The set of documents thus formed is approved by the AMF in accordance with Regulation (EU) 2017/1129.

It shall be valid until 14 June 2023 and, during this period but no later than at the same time as the securities note and under the conditions of Articles 10 and 23 of Regulation (EU) 2017/1129, it shall be completed by a supplement in the event of new material facts, errors or substantial inaccuracies.

This document is a free translation of Waga Energy's document d'enregistrement universel dated 14 June 2022, publicly available, in its original French version, at www.amf-france.organd www.waga- energy.com. This translation is provided for your convenience only. In the event of any ambiguity or conflict between the corresponding statements or other items contained herein, the French language document d'enregistrement universel shall prevail.

This document is available free of charge at the Company's registered office located at 2 chemin du Vieux Chêne, 38240 Meylan, France, as well as on the AMF website (www.amf-france.org) and on the Company's website (www.waga-energy.com).

2

TABLE OF CONTENTS

1. PERSONS RESPONSIBLE, THIRD PARTY INFORMATION, EXPERTS' REPORTS

	AND COMPETENT AUTHORITY APPROVAL ...................................................................	8
1.1	Person responsible for the Universal Registration Document .......................................................	8
1.2	Statement by the responsible person .............................................................................................	8
1.3	Expert reports and declarations of interests...................................................................................	8
1.4	Information from third parties .......................................................................................................	8
1.5	Control of the Universal Registration Document ..........................................................................	8
1.6	Person responsible for the financial information...........................................................................	8
2.	STATUTORY AUDITORS ........................................................................................................	9
2.1	Principal Statutory Auditors ..........................................................................................................	9
2.2	Alternate Statutory Auditors..........................................................................................................	9
3.	RISK FACTORS .......................................................................................................................	10
3.1	Risks related to the business sector .............................................................................................	12
3.2	Risks related to the Group's business and strategy .....................................................................	17
3.3	Market risks and risks related to the Group's financial position .................................................	25
3.4	Legal and regulatory risks ...........................................................................................................	29
3.5	Environmental, social and corporate governance risks ...............................................................	34
3.6	Insurance and risk management policy........................................................................................	36
4.	INFORMATION ABOUT THE COMPANY.........................................................................	38
4.1	Company name and trading name ...............................................................................................	38
4.2	Place and registration number of the Company...........................................................................	38
4.3	Date of incorporation and duration..............................................................................................	38
4.4	Registered office of the Company, legal form, legislation governing its activities.....................	38
5.	OVERVIEW OF ACTIVITIES ...............................................................................................	39
5.1	General presentation....................................................................................................................	39
5.2	Waga Energy, the specialist in the recovery of landfill gas in the form of biomethane..............	57
5.3	Operational implementation of the WAGABOX® solution ........................................................	80
5.4	Global development potential......................................................................................................	94
5.5	Rollout of the WAGABOX® solution on a large scale..............................................................	100
5.6	Organisational Structure............................................................................................................	110
5.7	Investments................................................................................................................................	112
6.	ORGANISATION CHART ....................................................................................................	114
6.1	Group organisation ....................................................................................................................	114
6.2	Significant subsidiaries of the Company ...................................................................................	115
7.	REVIEW OF FINANCIAL POSITION AND RESULTS ...................................................	119
7.1	Financial condition ....................................................................................................................	119
	3

7.2	Analysis of results for the financial years ended 31 December 2021 and 2020........................	125
8.	CASH AND EQUITY..............................................................................................................	128
8.1	General presentation..................................................................................................................	128
8.2	Cash flow...................................................................................................................................	129
8.3	Information on the Company's financing needs and financing structure..................................	130
8.4	Restriction on use of capital ......................................................................................................	136
8.5	Future funding sources ..............................................................................................................	137
9.	REGULATORY ENVIRONMENT.......................................................................................	138
9.1	Regulatory framework applicable in France..............................................................................	138
9.2	Regulatory framework applicable in the United States .............................................................	140
9.3	Regulatory framework applicable in Canada (Quebec).............................................................	141
9.4	Regulatory framework applicable in Spain ...............................................................................	142
10.	TRENDS...................................................................................................................................	143
10.1	Recent developments.................................................................................................................	143
10.2	Future outlook and objectives....................................................................................................	143
11.	PROFIT FORECASTS OR ESTIMATES............................................................................	146
12.	ADMINISTRATIVE AND MANAGEMENT BODIES ......................................................	147
12.1	Information concerning the Board of Directors and General Management ..............................	147
12.2	Conflicts of interest at the level of the administrative, management and General Management
	bodies.........................................................................................................................................	158
13.	COMPENSATION AND BENEFITS....................................................................................	159
13.1	Compensation of Corporate Officers.........................................................................................	159
13.2	Amounts provisioned by the Company for the payment of pensions, retirement and other
	benefits to Corporate Officers ...................................................................................................	169
14.	BOARD PRACTICES.............................................................................................................	170
14.1	Expiry date of the current term of office of the members of the administrative or management
	bodies.........................................................................................................................................	170
14.2	Service contracts binding members of the administrative or management bodies....................	170
14.3	Information on Board committees.............................................................................................	170
14.4	Statement of compliance with the corporate governance regime in force.................................	173
14.5	Internal control ..........................................................................................................................	175
15.	EMPLOYEES ..........................................................................................................................	176
15.1	Number of employees................................................................................................................	176
15.2	Shareholdings and stock options of Corporate Officers ............................................................	177
15.3	Agreements providing for employees to share in the Company's profits .................................	177
15.4	Labour relations.........................................................................................................................	178
16.	MAJOR SHAREHOLDERS ..................................................................................................	180
16.1	Shareholders holding more than 5% of the share capital at the date of the Universal Registration
	Document ..................................................................................................................................	180

4

16.2	Existence of different voting rights ...........................................................................................	180
16.3	Control of the Company ............................................................................................................	180
16.4	Agreements that may result in a change of control ...................................................................	181
17.	TRANSACTIONS WITH RELATED PARTIES.................................................................	182
17.1	Intra-group agreements and related-party transactions..............................................................	182
17.2	Statutory Auditors' special reports on related-party agreements for financial years 2021 and
	2020 ...........................................................................................................................................	185
18.	FINANCIAL INFORMATION..............................................................................................	198
18.1	Historical financial information.................................................................................................	198
18.2	Interim and other financial information.....................................................................................	266
18.3	Audit of historical annual and half-yearly financial information ..............................................	266
18.4	Pro forma financial information................................................................................................	278
18.5	Dividend policy .........................................................................................................................	278
18.6	Legal and arbitration proceedings .............................................................................................	278
18.7	Significant change in financial or business position..................................................................	278
19.	ADDITIONAL INFORMATION ..........................................................................................	279
19.1	Share capital ..............................................................................................................................	279
19.2	Constitute documents and Articles of Association....................................................................	286
20.	MATERIAL CONTRACTS ...................................................................................................	293
21.	DOCUMENTS AVAILABLE ................................................................................................	295
22.	GLOSSARY .............................................................................................................................	296
APPENDICES ...................................................................................................................................	299

5