Slide 1: Q3 25 Results Presentation
Q3 25 Results Presentation 12 November 2025
Slide 2: Disclaimer
Disclaimer THIS PRESENTATION may contain forward looking statements. These statements are based on current expectations, estimates and projections of Envipco’s management and information currently available to the company. Envipco cautions that such statements contain elements of risk and uncertaint
Slide 3: Financial Highlights Q3 25
Financial Highlights Q3 25 Revenue development EUR million, unaudited 36.4 ● Slow quarter on new DRS delays 27.4 23.1 22.5 ● Group revenues down 18% on lower 21.0 European RVM sales in existing markets ● Gross margin impacted by expansion of service capacity and lower capacity Q3 24 Q4 24 Q1 25 Q2 2
Slide 4: Operational Highlights Q3 25
Operational Highlights Q3 25 Preparing for new growth in a transitional year ● Continue to build share in Romania ● Frame agreement with Statiegeld in the Netherlands ● Envipco held its first Capital Markets Day ● Debt refinancing and EUR 54m private placement gives solid financial foundation ● Q3 h
Slide 5: A global recycling technology company set for further growth
Unprecedented global market A global recycling opportunity Captured leading position in technology European markets company set for Investing in highly competitive delivery platform, products and services further growth Executed by a seasoned team Driving revenue growth and profitability
Slide 6: Financial review
Financial review
Slide 7: Profit & Loss
Profit & Loss in EUR million, unaudited Q3 25 Q3 24 YTD 25 YTD 24 Q3 25 Revenues 22.5 27.4 66.6 81.5 ● Group revenues down 18% y/y - Europe 14.3 18.3 41.0 55.5 ○ Lower Europeans RVM sales - North America & RoW 8.2 9.1 25.6 25.9 ● Gross margin 35.0% ○ Building service organization and low utilization
Slide 8: Europe
Europe Quarterly revenues (EUR million, unaudited) Q3 25 Program services RVM sales 27.3 ● Revenues EUR 14.3m, -16% y/y 18.3 14.5 ○ Timing of markets cause quarterly variations 24.8 12.3 14.3 16.9 11.0 12.7 12.5 ● RVM sales EUR 12.5m (16.9m) with Romania, 2.5 1.4 1.3 1.7 1.8 the Netherlands and Swed
Slide 9: North America
North America Quarterly revenues (EUR million, unaudited) Q3 25 Program services RVM sales 9.1 9.0 8.7 8.6 8.2 0.9 1.2 ● Revenues of EUR 8.2m, -10% y/y 1.3 1.1 0.7 ○ FX adjusted -4% 8.2 7.9 7.4 7.5 7.6 ● Program services revenues -8% y/y to EUR 7.6m on volume declines Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 L
Slide 10: Operating costs
Operating costs Operating costs (EUR million, unaudited) ● Total opex EUR 10.6m in Q3 25, up 6% y/y 11.3 0.5 10.0 ● Maintaining disciplined approach to 1.1 managing operating costs to ensure efficiency and readiness for growth ahead 10.7 10.4 10.6 9.8 8.9 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Underlying ope
Slide 11: Financial position
Financial position Balance sheet (EUR million, unaudited) Q3 25 164.8 164.8 ● Balance sheet total increase on private placement ○ Total assets EUR 164.8m (121.1) 33.8 62.7 ○ Cash EUR 62.7m (18.9) 121.1 121.1 25.3 ● Refinanced debt flat q/q at EUR 22.4m with new 18.9 47.1 facility ○ L-T borrowings EU
Slide 12: Cash flow Q3 25
Cash flow Q3 25 Cash flow (EUR million, unaudited) Q3 25 ● Cash from operating activities EUR -6.0m ○ EBITDA EUR -0.3m, cash earnings EUR -0.2m ○ Working capital build of EUR 5.5m on EUR 4.9m lower payables ○ Interest/tax paid of EUR 0.2m ● Cash flow from investing activities EUR –2.2m 52.0 62.7 ○ C
Slide 13: Outlook
q 3 = fs fe) Outlook
Slide 14: Significant demand for RVM solutions ahead
Significant demand for RVM solutions ahead Population in new DRS market will multiply over the coming years Population in new DRS markets Million ● A number of countries are preparing to launch DRS 148 in the next years ● New DRS markets with large populations ● High volume of RVMs necessary to prov
Slide 15: Markets prioritized from DRS second wave
Markets prioritized from DRS second wave Anticipated next wave of DRS legislation in European markets Note: 1. Key milestones taken from the Regulation (EU) 2025/40 of the European Parliament and the Council on packaging and packaging waste, amending Regulation (EU) 2019/1020 and Directive (EU) 2019
Slide 16: Envipco growth platform
Envipco growth platform Four pillars of development building on a strong fundament Existing business Greenfield growth Brownfield growth M&A Develop current New DRS markets Existing DRS Expand markets markets markets and segments 16
Slide 17: Revenue growth drivers
Revenue growth drivers A mix of external and company specific factors DRS launch Character of DRS Market share Contract type Market structure Timing of markets Soft vs hard launch Competition Sales, lease, Fragmented vs throughput, mix concentrated Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 17
Slide 18: Poland – a major market opportunity
Poland – a major market opportunity Estimated market size of 15k units, with potential long tail opportunity Number of stores by size, accumulated ● Polish DRS went live October 2025, expected to gradually adapt to rising container volumes under scheme 40k Returns encouraged ● Remain confident in la
Slide 19: Transitioning into new markets
Transitioning into new markets ● Envipco is targeting a multi-billion Euro market opportunity driven forth by EU PPWR and UK DRS ● Romania to remain robust and Quantum installations in the Netherlands progressing well ● Initial revenues from Poland and Portugal from Q4 25 ● Greece near-term business
Slide 20: Next event: March 2026 – Q4 results
Next event: 11 March 2026 – Q4 25 results
Slide 21: Q&A
Q&A Contact: investors@envipco.com For further information: www.envipco.com/investors
Slide 22: Making recycling easier.
© envipco Making recycling easier.
Slide 23: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income in EUR thousands Q3 25 Q3 24 YTD 25 YTD 24 Revenues 22,521 27,445 66,576 81,450 Cost of sales (14,636) (17,413) (42,411) (52,339) Gross Profit 7,885 10,032 24,165 29,111 Selling and distribution expenses (1,228) (1,074) (3,901) (3,206) General and admin
Slide 24: Consolidated Balance Sheet
Consolidated Balance Sheet in EUR thousands Q3 25 Q2 22 Q4 24 Q3 24 in EUR thousands Q3 25 Q2 22 Q4 24 Q3 24 Assets Non-current assets Equity Intangible assets 14,229 14,207 14,925 15,102 Share capital 3,305 2,885 2,885 2,885 Property, plant and equipment 21,217 21,219 23,662 17,662 Share premium 14
Slide 25: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement in EUR thousands Q3 25 Q3 24 YTD 25 YTD 24 Cashflow from operating activities Operating results (2,702) 61 (6,608) 1,785 Adjustment for: Depreciation & Amortization 2,365 1,684 7,141 5,548 Deferred revenue 99 168 (107) (3,669) Changes in: Changes in trade and other r