Mr. Mischa Zajtmann reports

EVERGEN INFRASTRUCTURE REPORTS Q4 & YEAR END 2023 RESULTS

Evergen Infrastructure Corp. has released its audited financial results as at and for Q4 2024, and filed its annual information form. All amounts are in Canadian dollars unless otherwise stated and have been prepared in accordance with IFRS (international financial reporting standards) accounting standards.

Financial highlights:

• Revenues of $2.3-million and $8.4-million for Q4 and fiscal year 2023 increased 35 per cent and 13 per cent, respectively, from $1.7-million and $7.5-million for Q4 and fiscal year 2022, primarily due to incremental RNG (renewable natural gas) production from the completion of the phase I RNG expansion project at GrowTEC and the commencement of the 10-year organic waste processing agreement with the City of Regina. Revenues are expected to continue to increase in future periods, relative to previous periods, following the completion and ramp-up of the Fraser Valley biogas RNG expansion project.
• Net loss of $1.8-million and $4.7-million for Q4 and fiscal year 2023 increased 16 per cent and 15 per cent, respectively, from $1.5-million and $4.1-million for Q4 and fiscal year 2022, primarily due to a decrease in insurance proceeds recognized for the year ended Dec. 31, 2023, an increase in finance costs mainly relating to the drawdown of the facility used to finance the Fraser Valley biogas expansion, partially offset by an increase in revenues, as described above, a decrease of a contingent consideration loss and an increase in income tax recovery.
• Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) of nil and $800,000 for Q4 and fiscal year 2023, respectively, decreased compared with Q4 and fiscal year 2022, primarily due to a decrease in earnings at the Fraser Valley biogas RNG facility during the construction and commissioning of the RNG expansion project and a decrease in insurance proceeds recognized for the year ended Dec. 31, 2023, partially offset by an increase in revenues, as described above.

"Two thousand twenty-three was a pivotal year for Evergen as we were able to successfully bring the Fraser Valley biogas project on line," says Evergen chief executive officer Mischa Zajtmann. "As we ramp up Fraser Valley biogas and continue to advance our project pipeline, we have set the foundation for continued growth in 2024."

Financial and operational summary

An attached table presents Evergen's consolidated financial and operating summary.

For further information on the results, as well as the company's annual information form dated April 22, 2024, please see the company's audited consolidated financial statements and management's discussion and analysis filed on SEDAR+ and on Evergen's website.

Evergen will hold a results conference call at 10 a.m. ET on April 23, 2024, hosted by Mr. Zajtmann.

The conference call details are as follows.

Date:  Tuesday April 23, 2024

Time:  10 a.m. ET

Zoom:  Access the call through Zoom.

Find the latest corporate presentation in the investor centre on the company's website.

About Evergen Infrastructure Corp.

Evergen, Canada's renewable natural gas infrastructure platform, is combating climate change and helping communities contribute to a sustainable future. Headquartered on the West Coast of Canada, Evergen is an established independent renewable energy producer that acquires, develops, builds, owns and operates a portfolio of renewable natural gas, waste-to-energy and related infrastructure projects. Evergen is focused on Canada, with continued growth expected across other regions in North America and beyond.

Non-GAAP (generally accepted accounting principles) measures

Evergen uses certain financial measures referred to in this news release to quantify its results that are not prescribed by IFRS accounting standards. The terms EBITDA, adjusted EBITDA and working capital are not recognized measures under IFRS accounting standards and may not be comparable with the measures reported by other companies.

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