Envipco Holding N.v. · EURONEXT:ENVI
Envipco — Q2 2025 Earnings Presentation
26 slides from Envipco's earnings presentation, Aug 13, 2025
Slide 1: Results Presentation Q2 25
Results Presentation Q2 25 13 August 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 Q2 25
Financial Highlights Q2 25 Revenue development EUR million, unaudited 36.4 ● Sequential growth, but continued soft on 27.4 26.6 timing issues 21.0 23.1 ● Group revenues EUR 23.1m (-13% y/y) ● Gross margin 36.6% Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 ○ Gross profit EUR 8.4m Gross profit development ● EBITDA E
Slide 4: Operational Highlights Q2 25
Operational Highlights Q2 25 Positioning for new markets, continuing to improve position in existing markets ● Continue work to prepare and streamline production and supply chain for growth ● First wins in Poland and Portugal for H2 delivery ○ LOI for approx 250 RVMs to retailer in Portugal ○ LOI fo
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: Delivering on our European growth strategy
Delivering on our European growth strategy 114.0 Revenue development EUR million 87.6 North America Europe 79.7 56.4 55.5 18.1 38.4 35.4 36.3 3.1 3.6 30.8 7.2 4.1 38.2 34.3 32.3 32.7 31.2 32.1 26.7 2018 2019 2020 2021 2022 2023 2024 2025 Increased awareness and legislative initiatives largely DRS se
Slide 7: Ample and distributed production capacity
Ample and distributed production capacity European growth markets mainly served from European facilities >50% of production capacity in Europe Quantum/ 3,000 Modula Osnabruck, Germany Naugatuck (CT), USA Sebes, Romania Athens, Greece 30,000 Standalone RVMs Units sold 2023 Units sold 2024 Production
Slide 8: Financial review
Financial review
Slide 9: Profit & Loss
Profit & Loss in EUR millions, unaudited Q2 25 Q2 24 YTD 25 YTD 24 Q2 25 Revenues 23.1 26.6 44.1 54.0 ● Group revenues EUR 23.1m (-13% y/y) - Europe 14.5 17.3 26.7 37.2 ● Gross margin 36.6%, up from 35.6% in Q2 24 - North America & RoW 8.6 9.3 17.3 16.8 ○ Underlying improvements offset by lower util
Slide 10: Europe
Europe Quarterly revenues (EUR million, unaudited) Q2 25 Program services RVM sales 27.3 ● Revenues EUR 14.5m, -16% y/y 19.9 17.3 14.5 ○ Timing of markets cause quarterly variations 24.8 12.3 16.4 16.9 11.0 12.7 ● RVM sales EUR 12.8m (19.2m) with Romania 2.5 0.9 1.4 1.3 1.7 running lead. Greece pick
Slide 11: North America
North America Quarterly revenues (EUR million, unaudited) Q2 25 Program services RVM sales 9.3 9.1 9.0 8.7 8.6 1.5 0.9 1.2 ● Revenues of EUR 8.6m, -7% y/y 1.3 1.1 ○ FX adjusted -3% 7.7 8.2 7.9 7.4 7.5 ● Program services revenues -4% y/y to EUR 7.5m on lower collected volumes Q2 24 Q3 24 Q4 24 Q1 25
Slide 12: Operating costs
Operating costs Operating costs (EUR million, unaudited) ● Total Opex EUR 10.4m in Q2 25, up 17% y/y 11.3 0.5 ○ Number of employees 505 (416) 10.0 1.1 ● Envipco will continue to invest to meet anticipated market growth: ○ Market and business development ○ Technology and delivery platform ○ Administr
Slide 13: Financial position
Financial position Balance sheet (EUR million, unaudited) Q2 25 ● Non-current assets EUR 39.2m (41.2) 121.1 122.6 121.1 122.6 ○ PPE EUR 21.2m and intangible assets EUR 14.2m 18.9 20.7 ● Current assets EUR 81.8m (81.4) 47.1 42.6 ○ Inventories EUR 33.1m (31.5), AR EUR 29.9m (29.3) 63.0 60.7 16.0 ○ Cas
Slide 14: Cash flow Q2 25
Cash flow Q2 25 Cash flow (EUR million, unaudited) Q2 25 ● Cash from operating activities EUR -4.6m ○ EBITDA EUR 0.4m, cash earnings EUR 1.2m ○ Working capital build of EUR 5.3m on higher inventories -4.6 and receivables 4.2 -1.5 ○ Interest/tax paid of EUR 0.3m ● Cash flow from investing activities
Slide 15: New consolidated working capital facility
New consolidated working capital facility ● Envipco announced a new consolidated working capital facility with ABN AMRO Bank N.V. 5 August 2025 ● Flexible capacity up to EUR 21m ● All existing USA-based financing has been repaid ● Net of repayments, working capital capacity is increased by EUR 10m
Slide 16: Outlook
Outlook
Slide 17: Well positioned for DRS second wave
Well positioned for DRS second wave Revenue development Population in new DRS markets EUR million Million 148 278 278 42 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 Last 3 years Next 3 years Next 5 years European Mature North growth DRS second wave America business strategy Gree
Slide 18: Markets prioritized from DRS second wave
Markets prioritized from DRS second wave Anticipated next wave of DRS legislation in European markets Population 2023 2024 2025 2026 2027 2028 2029 2030 Romania 19.0 Hungary 9.6 Ireland 5.3 Austria 9.1 Poland 36.7 Portugal 10.6 Czech Republic 10.9 Greece 10.4 UK 68.4 Turkey 85.3 Spain 48.4 France 68
Slide 19: Developing momentum in new markets
Developing momentum in new markets ● Envipco is targeting a multi-billion Euro market opportunity driven forth by EU PPWR and UK DRS ● Timing and character of DRS introduction will influence procurement patterns and revenue recognition ● Envipco continues to deliver on a tail of opportunities in Hun
Slide 20: Capital Markets Update
Capital Markets Update ● Envipco is hosting a Capital Markets Update in Oslo on 9 September ○ Webcasted live via www.envipco.com ● Venue: Oslo Konserthus, Lille Sal ● Time: 13.00-16.00 CET 20
Slide 21: Next event: 12 November 2025 – Q3 25 results
Next event: 12 November 2025 – Q3 25 results
Slide 22: Q&A Contact: investors@envipco.com
Q&A Contact: investors@envipco.com For further information: www.envipco.com/investors
Slide 23: Making recycling easier.
© envipco Making recycling easier.
Slide 24: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income in EUR thousands Q2 25 Q2 24 YTD 25 YTD 24 Revenues 23,056 26,569 44,054 54,005 Cost of sales (14,606) (17,112) (27,774) (34,926) Gross Profit 8,450 9,457 16,280 19,079 Selling and distribution expenses (1,368) (999) (2,674) (2,132) General and administ
Slide 25: Consolidated Balance Sheet
Consolidated Balance Sheet in EUR thousands Q2 25 Q2 24 Q4 24 Q1 25* in EUR thousands Q2 25 Q2 24 Q4 24 Q1 25* Assets Non-current assets Equity 14,207 8,954 14,925 14,616 Share capital 2,885 2,885 2,885 2,885 Intangible assets Share premium 95,966 95,606 96,129 96,038 Property, plant and equipment 2
Slide 26: Consolidated Cash Flow Statement
Consolidated Cash Flow Statement in EUR thousands H1 25 H1 24 FY 2024 Q2 25 *Q1 25 Cashflow from operating activities Operating results (3,906) 1,724 4,550 (1,890) (2,016) Adjustment for: Depreciation & Amortization 4,776 3,864 8,219 2,270 2,507 Deferred revenue (206) (3,837) (4,546) 782 (988) Chang