Envipco Holding N.v. · EURONEXT:ENVI
Envipco — Q4 2025 Earnings Presentation
33 slides from Envipco's earnings presentation, Mar 11, 2026
Slide 1: Q4 25 Results Presentation
Q4 25 Results Presentation 11 March 2026
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 Q4 25
Financial Highlights Q4 25 Revenue development EUR million, unaudited 36.4 ● Initial Poland revenues offset softer existing markets 21.0 23.1 22.5 23.8 ● Group revenues down 27% y/y on lower European RVM sales in existing markets ● Gross margin impacted by expansion of Q4 24 Q1 25 Q2 25 Q3 25 Q4 25
Slide 4: Operational Highlights Q4
Operational Highlights Q4 25 Preparing for new growth in a transitional year ● Continue to build share in Romania ● Delivered on frame agreement with Statiegeld Nederland ● Developed and launched 2 new products with strong and positive reception at Euroshop 2026 ● Launched Envipco Academy ● 529 empl
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 Q4 25 Q4 24 2025 2024 Q4 25 Revenues 23.8 32.6 90.4 114.0 ● Group revenues down 27% y/y - Europe 15.0 23.5 56.1 79.7 ○ Lower European RVM sales - North America & RoW 8.7 9.0 34.3 34.3 ● Gross margin 25.1% (32.3% adjusted) ○ Inventory provisions and y/e true-up
Slide 8: Europe
Europe Quarterly revenues (EUR million, unaudited) Q4 25 Program services RVM sales 27.3 ● Revenues EUR 15.0m, -36% y/y ○ Timing of markets cause quarterly variations 24.8 12.3 14.5 14.3 15.0 12.7 12.5 12.7 11.0 ● RVM sales EUR 12.7m (24.8m) 2.5 1.3 1.7 1.8 2.3 ○ Initial Poland deliveries Q4 24 Q1 2
Slide 9: North America
North America Quarterly revenues (EUR million, unaudited) Q4 25 Program services RVM sales 9.0 8.7 8.7 8.6 8.2 1.2 ● Revenues of EUR 8.7m, -3% y/y 1.3 1.1 0.7 1.9 ○ FX adjusted +5% 7.9 7.4 7.5 7.6 6.9 ● Program services revenues -13% y/y to EUR 6.9m on volume declines Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 ○
Slide 10: Gross margin
Gross margin Gross profit development ● Reported margin 25.1% include non- EUR million, unaudited recurring items 40.6% 37.3% 36.6% ○ Mainly inventory provisions on end-of-life 35.0% 32.3% products and product innovations 13.2 ○ Year-end true-ups to harmonize positions 8.4 25.1% 7.8 7.9 6.0 ● Adjust
Slide 11: Operating costs
Operating costs Operating costs (EUR million, unaudited) ● Total opex EUR 11.1m in Q4 25, unchanged y/y 11.1 11.1 0.5 ● 529 employees at y/e 2025 ● Other income EUR 4.1m from reversal of earnout provision 11.1 10.6 10.4 10.6 9.8 ● Maintaining disciplined approach to managing operating costs to ensur
Slide 12: Financial position
Financial position Balance sheet (EUR million, unaudited) Q4 25 164.8 164.8 ● Balance sheet total down on working capital 158.8 158.8 ○ Total assets EUR 158.8m (164.8m) 33.1 33.8 62.7 ○ Cash EUR 59.9m (62.7m) 59.9 25.3 22.2 ● Working capital down to EUR 57.6m (62.8) ○ Inventories down EUR 3.1m to EU
Slide 13: Cash flow Q4 25
Cash flow Q4 25 Cash flow (EUR million, unaudited) Q4 25 ● Cash from operating activities EUR 4.9m ○ Working capital release of EUR 4.6m on EUR lower 4.9 -4.1 inventories and receivables, higher payables -3.6 ● Cash flow from investing activities EUR –4.1m ○ Capital expenditures EUR 3.1m on new leas
Slide 14: Cash flow 2025
Cash flow 2025 Cash flow (EUR million, unaudited) ● Cash from operating activities EUR -9.7m ○ Working capital build of EUR 8.7m largely explained by lower receivables ● Cash flow from investing activities EUR –9.0m ○ Capital expenditures EUR 6.2m on new lease portfolio sales and new office leases ○
Slide 15: Outlook
Outlook
Slide 16: Envipco RVMs
Envipco RVMs MAGNA Volume: Low to Medium Volume: Medium to High Volume: High Volume: High to Very High Footprint: Minimal Footprint: Moderate Footprint: Medium to Large Footprint: Large Suited for: convenience stores, Suited for: Supermarkets, larger Suited for: Supermarkets, Suited for: Hypermarket
Slide 17: Compact
Compact New product advancements ● Purpose-built RVM for convenience store segment ● Unique value proposition ● Merchandising space and flexible operations ● Strong commercial pipeline
Slide 18: Magna
Magna New product advancements ● Powerful high-capacity RVM built for busy retail and recycling environments ● Environmentally rated -20C to +40C ● Accessibility kit ● Modular expansion
Slide 19: Quantum S
Quantum S New product advancements ● Time-tested Quantum technology in a compact footprint ● Designed for high-traffic locations where space is a premium ● Flexible storage modulation ● All-weather reliability
Slide 20: Quantum Solar
Quantum Solar New product advancements ● Modular platform for Quantum ● Off-grid operation ● Single-phase 230V ● Reduces opex and capex ● Increases operational flexibility
Slide 21: UK actively progressing towards DRS launch
UK actively progressing towards DRS launch ● UK DRS actively moving ahead towards announced October 2027 go live ● Market potential estimated to 35k RVMs ● Envipco is strongly positioned and business development activity is high ○ Strong offering across all formats ○ Expanding our UK team in new off
Slide 22: 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 Poland 36.7 Portugal 10.6 Greece 10.4 Czech Republic 10.9 UK 68.4 Turkey 85.3 Serbia 6.6 Spain 48.4 France 68.
Slide 23: 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 23
Slide 24: Netherlands
Netherlands Strong momentum in brownfield market with strong bulk feed potential ● The Netherlands represents a brownfield market opportunity for Envipco ● Envipco is supplying Quantum bulk feed RVMs to the DMO Statiegeld Nederland under a frame agreement announced Q3 25 ● Statiegeld Nederland has a
Slide 25: Building a position in Poland
Building a position in Poland Estimated market size of 15k units, with potential long tail opportunity ● Polish DRS went live Oct’25, gradual container ramp expected ● Strong conviction in the large market despite missed early opportunities; committed to growing market share ● Initial revenues Q4 25
Slide 26: Portugal - further success in new markets
Portugal - further success in new markets Building into a target market share ● Demonstrating continued ability to capture greenfield market opportunities ● New offices with expanded commercial, aftermarket and service teams ● Q1 2026 ○ Exclusive frame agreement signed with Iberian retail group for
Slide 27: Building momentum
Building momentum ● Envipco is targeting a multi-billion Euro market opportunity driven forth by EU PPWR and UK DRS ● 2025 ended up weak on Poland and Portugal DRS delays and Greece slowdown on DRS planning ● Poland and Portugal expected to build momentum through 2026, Greece is progressing to launc
Slide 28: Next event: May 2026 – Q1 results
Next event: 20 May 2026 – Q1 26 results
Slide 29: Q&A
Q&A Contact: investors@envipco.com For further information: www.envipco.com/investors
Slide 30: Making recycling easier.
© envipco Making recycling easier.
Slide 31: Interim financial statements (IFRS)
Interim financial statements (IFRS) Consolidated Statement of Comprehensive Income EURk (unaudited except 2024) Q4 25 Q4 24 2025 2024 Revenues 23,775 32,564 90,351 114,014 Cost of revenue (17,813) (19,336) (60,224) (71,675) Gross Profit 5,962 13,227 30,127 42,339 Selling and distribution expenses (1
Slide 32: Interim financial statements (IFRS)
Interim financial statements (IFRS) Consolidated balance sheet EURk (unaudited except 31.12.2024) 30.12.2025 30.09.2025 30.06.2025 31.03.2025 31.12.2024 Intangible assets 14,652 14,229 14,207 14,616 14,925 Property, plant and equipment 22,502 21,217 21,219 21,446 23,662 Financial assets 3,319 3,306
Slide 33: Interim financial statements (IFRS)
Interim financial statements (IFRS) Consolidated cash flow statement EURk (unaudited except 2024) Q4 25 Q4 24 2025 2024 Operating results (1,043) 2,765 (7,651) 3,702 Adjustment for: Depreciation & Amortization 1,737 2,671 8,878 8,195 Deferred revenue 879 (877) 772 (4,546) Changes in: Changes in trad