Water Intelligence (LSE:WATR), the AIM-listed precision leak detection and repair group, grew full-year revenue 9% to $90.4 million in the year ended 31 December 2025, from $83.3 million a year earlier, with the standout performance coming from its international subsidiary, which surged 44%.
Adjusted EBITDA rose 15% to $16.5 million, with margins expanding 110 basis points, while the balance sheet remained stable with net total debt to adjusted EBITDA of 1.17 times at year end.
The group's two subsidiaries diverged in pace: core US franchise and corporate business American Leak Detection grew 4% to $75.7 million, with US corporate stores up 7% to $59.6 million and pre-tax profit at those locations rising 16% to $11.6 million; Water Intelligence International grew 44% to $14.7 million, led by the Irish operation which more than doubled its sales as Irish Water accelerated infrastructure investment.
Into 2026, the momentum has continued, with group revenue rising 9% in the first quarter to $23.2 million, and adjusted EBITDA up 8% to $4.4 million despite higher fuel costs.
"Following the encouraging revenue and profit momentum recently noted through Q1 and April, we remain on track to meet full year expectations," said Executive Chairman Dr. Patrick DeSouza.
The group is rolling out paid preventive maintenance pilots with large B2B customers and expects product sales to begin ramping in the second half of 2026, with interim results providing the next scheduled financial update.
