Ekopak GWE: a non-WaaS gem shaping global WaaS roll-out

Last week Ekopak briefed investors on its recent acquisition of the engineering group Global Water & Energy (GWE) and gave more colour on the timing and structure of the giant WaaS project Circeaulair. The roll-out of this project and the acquisition of GWE prompted an update of the equity story with impressive 2028 sales & EBITDA guidance. In this note we explain how the acquisition of the non-WaaS engineering firm GWE combined with the operational take off of Circeaulair will shape the WaaS roll out globally.