Envipco Holding N.v. · EURONEXT:ENVI
Envipco — Investor Day (September 2025)
87 slides from Envipco's investor day presentation, Sep 9, 2025
Slide 1: Capital Markets Day 2025
Capital Markets Day 2025 9 September 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: Welcome to the world of Envipco
Welcome to the world of Envipco 3
Slide 4: Mission: Making recycling easier for everyone
Mission Making recycling easier for everyone.
Slide 5: Vision: Create a cleaner world for future generations
Vision Create a cleaner world for future generations 5
Slide 6: The global plastics crisis is driving action
The global plastics crisis is driving action “It is the worst of times but it is the best of times, because we still have a chance” Sylvia Earle, Oceanographer 6
Slide 7: Deposit Return Schemes (DRS) – the most effective solution
Deposit Return Schemes (DRS) – the most effective solution A thoroughly tested and efficient value chain securing high collection rates PET bottle collection rates Europe Retailer Consumer ● Regulatory requirements ● Market participants share responsibility 87% ● Material value and unclaimed deposit
Slide 8: Envipco helps nations reach collection targets
Envipco helps nations reach collection targets Cost-efficient automation securing clean material streams for recycled content Envipco automates and provides services for Deposit Return Schemes (DRS) Reverse Vending Machine (RVM) solutions Customers - an integral part of well functioning DRS Malta Re
Slide 9: 4 decades of recycling technology
4 decades of recycling technology 2025 Entered Poland and Portugal, workforce surpassed 500 employees 2024 Revenues grew 30% to €114m, acquired Sensibin, broadened investor base, uplisted to Oslo Børs 2022-23 Entered Romania, Hungary and Ireland with strong market share positions 2020 Simon Bolton a
Slide 10: A leading product portfolio
A leading product portfolio Addressing all segments of the market 10
Slide 11: Global supply chain with regional production
Global supply chain with regional production Ample, scalable supply capacity for a growing market 1 Naugatuck (CT), USA – EPC 40 years >30,000 RVM production capacity per year 2 Osnabruck, Germany – EAG 10 years >3,000 2 Quantum /Modula 1 3 production 4 capacity per year 3 Sebes, Romania – ESR 5 yea
Slide 12: Values shared across a growing global team
Values shared across a growing global team We always appreciate accountability, honesty and integrity We are enthusiastic, determined and self- motivated in everything we do We think differently and strive for innovative solutions and continuous improvement We are focused, highly motivated and empow
Slide 13: 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 14: An unprecedented market opportunity
An unprecedented market opportunity A €4 billion market opportunity The first 50 years The next +5 years >100k Global installed base +200k New RVMs demanded 14
Slide 15: Maintaining ambitious targets ahead
Maintaining ambitious targets ahead +30% ~40% +20% Market share in Gross margin EBITDA margin greenfield markets 15
Slide 16: Agenda
Agenda 2025 Capital Markets Day 13.00 Introduction Simon Bolton, Group CEO 13:20 Strategy Mikael Clement, CSO 13:50 Commercial Fons Buurman, CCO Europe & Asia 14:20 Break 14:40 Technology Andrew Keene, CTO 15:00 Finance Patrick Gierman, CFO 15:20 Summary Simon Bolton, Group CEO 15.30 Q&A 16:00 Mingl
Slide 17: Strategy
Strategy Mikael Clement, Chief Strategy & IR Officer (CSO) 17
Slide 18: Envipco has built a strong #2 position in the market
Envipco has built a strong #2 position in the market Secured significant share in new DRS markets driving solid installed base- and revenue growth Accumulated group revenues Captured first wave of new DRS markets in Europe Envipco market share in new DRS markets entered since 2021 Expanded to early-
Slide 19: A new DRS wave unfolding early 2020s
A new DRS wave unfolding early 2020s Envipco establishes a greenfield growth strategy for DRS markets in Europe Greece Preparations made to address upcoming opportunity Croatia Turkey Netherlands Ireland Investments in organization and new markets Estonia Portugal Built ample and scalable Germany La
Slide 20: Envipco set ambitious targets in 2021
Envipco set ambitious targets in 2021 2021-2025: targeting growth in greenfield DRS markets +30% 40% 4-6x Market share in Gross margin Revenue potential* greenfield markets *2025 revenues vs 2021 revenues given anticipated DRS rollout in Europe. 20
Slide 21: Proven ability to capture markets introducing DRS
Proven ability to capture markets introducing DRS Hungary Romania Greece +4,000 60% ~6,000 35% +1,000 +90% RVMs Mkt share RVMs Mkt share RVMs Mkt share • DRS live January 2024 • DRS live 30 November 2023 • Entered in 2016 with local • Envipco one of two RVM providers • Sebes assembly facility opened
Slide 22: Successfully achieved target market share
Successfully achieved target market share Unit based market share above target across markets entered Achieved market share 30% target market share Malta Greece Hungary Romania Ireland Scotland* Average *Envipco secured a strong commercial position in the Scotland DRS pilot 2022/23. Scottish DRS to
Slide 23: Solid improvement in gross margins
Solid improvement in gross margins Executing across the value chain target 38.0% 37.1% 34.9% 34.6% 32.7% 2021 2022 2023 2024 LTM Q2 25 23
Slide 24: DRS timing defined by political processes
DRS timing defined by political processes Timing of new DRS markets later than initially expected 2021 2022 2023 2024 2025 DRS launch Malta (2021) Ireland (2022) Greece (2023/24) schedule Scotland (2021) Portugal (2022) Turkey (2023) seen in 2020* Latvia (2022) Belarus (2022) Slovakia (2022) Romania
Slide 25: Strong value proposition in brownfields with Quantum
Strong value proposition in brownfields with Quantum Quantum has transformed collection patterns in existing DRS markets Transforming the Swedish DRS market Helping Netherlands increase DRS collection rates • Entered Netherlands 2024 with Quantum 4,400 170 15% • Low collection rates following 2023 i
Slide 26: Executing on European DRS expansion
Executing on European DRS expansion Revenues up 3x 2021-24 120 North America Europe 100 80 60 40 20 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Maturing North American business Expanding beyond USA Execute on new DRS 26
Slide 27: The next chapter
The next chapter ….it’s not about if, but when 27
Slide 28: EU Packaging and Packaging Waste Regulation (PPWR)
EU Packaging and Packaging Waste Regulation (PPWR) Mandating clear collection targets for all EU nations and recycled content for the industry EU-wide DRS to drive RVM demand 90% ✓ All EU countries mandated to Collection rate for plastic bottles and cans using DRS by 1 January 2029* launch DRS under
Slide 29: UK Deposit Scheme for Drinks Containers Regulations
UK Deposit Scheme for Drinks Containers Regulations Interoperable DRS across the four nations in the United Kingdom UK DMO appointed as Deposit ● Law passed January 2025 1 Management Organization (DMO) ● DRS go-live October 2027 May 2025 ● Primary target to reach 90% collection rate by end 2030 DMOs
Slide 30: 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 Portugal 10.6 Poland 36.7 Greece 10.4 Czech Republic 10.9 UK 68.4 Turkey 85.3 Spain 48.4 France 68.3 EU legisl
Slide 31: Facing a EUR +4b market opportunity
Facing a EUR +4b market opportunity A 200k unit greenfield RVM market opportunity at average sales price EUR 18 – 24k 300k 35k First upcoming markets 75k 35k 45k +100k Current installed EU: Poland, UK EU: other markets Turkey Other Market potential base Portugal, Spain 31
Slide 32: Maintaining ambitious targets
Maintaining ambitious targets +30% ~40% +20% Market share in Gross margin EBITDA margin greenfield markets 32
Slide 33: Brownfield growth strategy
Brownfield growth strategy Selectively entering existing DRS markets to improve collection rates and reduce costs Key criteria Selected brownfield markets Not meeting Inefficient infrastructure and/ collection targets or lack of collection points High collection Old infrastructure, inefficient costs
Slide 34: Selective M&A strategy
Selective M&A strategy Envipco focus will remain at the core: a recycling technology business Focus on improving core capabilities A strategic fit: Sensi acquired in August 2024 ● Complimentary technologies ● Access to markets ● Access to installed base and customer relationships ● Risk-reward asses
Slide 35: 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 35
Slide 36: Commercial Strategy
Commercial Strategy Fons Buurman, CCO Europe & Asia 36
Slide 37: Cash- and product flow of a typical DRS system
Cash- and product flow of a typical DRS system An efficient collection scheme enabling a circular economy material ● Key stakeholders of DRS systems are deposit € Consumer governments, producers and retailers handling fee ● A system operator (DMO) serves as clearing house and is run by producers and
Slide 38: Envipco is powering the adoption of DRS
Envipco is powering the adoption of DRS Envipco is a key partner in a DRS system System Beverage operator producer ● Envipco provides expertise, guidance and support that parties in a DRS system need to turn deposit regulation into opportunity ● Envipco is a technology provider of automated collecti
Slide 39: Capitalizing on four decades of experience from USA
Capitalizing on four decades of experience from USA Envipco’s experience in North America is an important building block for European success North America historical revenue ● +40 years of experience as pioneering EURm RVM supplier and providing system RVM sales Program services operator services ●
Slide 40: One size does not fit all
One size does not fit all Addressing customer needs with consultative approach DRS return points are not one-dimensional Providing solutions meeting customers’ priorities Illustrative customer preference map Minimized queuing 10 Total cost 8 Footprint 6 4 2 Plug & Play 0 Staff impact Materials Locat
Slide 41: Leading products across all market segments
Leading products across all market segments Expanded and improved product line addressing all customer needs and packaging types Small stores / Small stores / Supermarkets Small stores Supermarkets convenience convenience Hypermarkets Supermarkets Hypermarkets Hypermarkets Compact Flex Ultra Optima
Slide 42: Flexible contract models facilitating customer needs
Flexible contract models facilitating customer needs Mainly sales contracts in Europe and leasing contracts in North America Illustrative example Initial sale Replacement Revenue Program services Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 1 Yr 2 Yr 3 Yr 4 Yr 5 Yr 6 Yr 7 Yr 8 Yr 9 Yr 1 Yr 2 Yr 3
Slide 43: Targeted go-to-market strategy
Targeted go-to-market strategy Establishing solid foundation in pre-DRS markets to ensure efficient market penetration Objective DRS initiated Pre-DRS DRS launch DRS operation Operational investments Business development team Build key customer relationships Sales resources Commence sales process Fi
Slide 44: An Envipco success story in Romania
An Envipco success story in Romania 35% market share and long market opportunity tail on fragmented retail structure Built strong market presence with long opportunity tail on … translating to robust and continuing revenue generation fragmented retail structure… (Accumulated sales) ~35% Secured majo
Slide 45: Romanian market opportunity remains strong
Romanian market opportunity remains strong Romania reached 79% return rate in H1 25, uplift required to reach mandatory 90% 1,600 PPWR mandatory return rate 1,400 90% 8 – 9,000 RVMs 1,200 Total addressable market 1,000 60% 800 ~6,000 RVMs 600 Market installed base 30% 400 200 0 0% Q1 24 Q2 24 Q3 24
Slide 46: Envipco one of two RVM providers in Hungary
Envipco one of two RVM providers in Hungary 60% market share of +4k installed base Hungary container returns 3bn returns over the last 14 months ● Hungary DRS live January 2024, operated by 300 100% MOHU (MOL Group) Automation required for stores >400m2, 250 ● 90% optional automation for >200m2 200
Slide 47: Poland – a major market opportunity
Poland – a major market opportunity Estimated market size of 15k units, commercial opportunities shifting to 2026 Number of stores by size, accumulated ● Soft DRS go-live from October 2025 with gradual introduction of deposit containers. System setup 40k complexities are delaying retailer decisions.
Slide 48: Portugal DRS launch anticipated spring 2026
Portugal DRS launch anticipated spring 2026 No official start date announced ● SDR Portugal DMO system operator, with all major 1,700 2,600 retailers and beverage producers as stakeholders Retail stores >400m2 Retail stores 100-400m2 ● All 2,800 retail stores >400m2 are mandated to have RVMs ● Store
Slide 49: UK – the world's 2nd largest RVM market in the making
UK – the world’s 2nd largest RVM market in the making A €700m RVM market opportunity UK grocery stores by category (k) ● UK DRS to launch 1 October 2027 ○ DRS law Q1 25, DMO appointed Q2 25 ○ Regulation mandates stores >100m2 and/or in rural areas 18 to accept return of empty beverage containers ○ R
Slide 50: Spain DRS launch anticipated 2027
Spain DRS launch anticipated 2027 A major market potential estimated to 25k RVMs • DMO appointment expected Q2 26 • DRS go-live expected 18-24 months after DMO appointment • Envipco is setting up local team and is actively engaging in business development activities in Spain • 52k food retail outlet
Slide 51: Summarizing our greenfield market opportunities
Summarizing our greenfield market opportunities A major RVM market approaching in Europe TAM volumes and timing, selected European markets (illustrative) ● DRS introductions in Poland and Portugal offer TAM of ~20k RVMs starting late 2025 Spain ● UK and Spain set to add TAM of ~60k RVMs from ~25k RV
Slide 52: Technology
Technology Andrew Keene, CTO 52
Slide 53: The inventor of DRS for disposable beverage containers
The inventor of DRS for disposable beverage containers 53
Slide 54: At the forefront of innovation
At the forefront of innovation 40+ years of RVM innovation The Redeemer / The can eater Patent secured 1982 54
Slide 55: A global organization with cross-functional expertise
A global organization with cross-functional expertise Innovating to deliver on customer needs, market requirements and feedback 47 Design Engineers Design 16 Support engineers Sales Manufacturing Global Technology organization Field service/support 55
Slide 56: Clear priorities to ensure continuous improvements
Clear priorities to ensure continuous improvements Focused technology organization Competence and quality across key disciplines Ensuring top quality products and solutions Mechanical engineering Compaction Recognition Electrical engineering Software engineering > Validation / test engineering Custo
Slide 57: Covering all market segments and customer needs
Covering all market segments and customer needs Diverse RVM portfolio for both inside and outside applications Application Convenience / Small stores Superstores Volume Low Medium High Very high Footprint Tiny Small Medium Large X-Large 57
Slide 58: Optimized and patented compaction
Optimized and patented compaction Industry leading compaction reduces total cost of ownership 300 PET bottles 300 cans • Optimized perforating and patented PinPet compactor • Optimized can compactor • Dual commodity compactor Compacted Compacted • 3 methods for glass breaking including BreakerBar 58
Slide 59: Continuous performance and cost improvements
Continuous performance and cost improvements Proven ability to improve products while simultaneously reducing costs levels 2015 2015 Laser barcode reading -20% 2x 2016 Laser shape and scale 2019 120-degree barcode camera 2025 2021 360-degree barcode camera 2023 Glass BreakerBar FLEX average product
Slide 60: Technology a key enabler to reach collection targets
Technology a key enabler to reach collection targets Reaching 90% collection rates requires adapted RVMs for all major market segments Collection rates in EU target Convenience stores a large underserved market mature DRS markets Low footprint solutions required Convenience to drive collection volum
Slide 61: Innovating for the future
Innovating for the future Addressing market needs, expanding markets 3 key priorities > Optimize bulk feed offering > Build convenience store segment > Continuous improvements of core portfolio Translating to a clear execution roadmap > Extending bulk feed platform and applications > Bringing Compac
Slide 62: The Quantum takes a leap: Introducing Quantum-S
The Quantum takes a leap: Introducing Quantum-S The market demands more. In less space. Quantum-S The Retailer's Dilemma: Current bulk-feed systems are not feasible for over 60% of store types due to space constraints Quantum XL Lost Revenue Potential: This vast untapped market Competition has been
Slide 63: Summary Technology
Summary Technology Preparing for the future while improving today ● Envipco is at the forefront of innovation ● Global organization engaged throughout the product cycle ● Leading product range addressing all customer needs ● Continuous development and improvements across key focus areas ● Opening ne
Slide 64: Financial management
Financial management Patrick Gierman, CFO 64
Slide 65: Growth across multiple axes
Growth across 2020 2025 Δ multiple axes €30m €104m LTM Q2 25 195 510 Demonstrated ability to deliver meaningful growth while building 2 4 the organization to continue our growth journey 4 markets 15 markets 11 subsidiaries 19 subsidiaries 7 systems 18 systems 65
Slide 66: Finance organization set to deliver on next growth phase
Finance organization set to deliver on next growth phase Scalability for growth standardize processes and 1-digital platform to manage volumes & complexity CFO Strengthen controls standardize processes, automate controls, upskill Global FP&A roles and improve auditability to reduce risk & ensure com
Slide 67: 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 67
Slide 68: Relentless efforts to continue to improve gross margins
Relentless efforts to continue to improve gross margins 40% gross margin target Target 38.0% Positive gross margin drivers: 37.1% ● Continued design improvement and 34.9% 34.6% technological advances in product range ● Supply chain management 32.7% ● Volume/scale in production ● Service revenues and
Slide 69: Building a platform rigged for higher volumes
Building a platform rigged for higher volumes Set to capitalize on early investments in new markets Operating costs, EURm # of employees Opex breakdown LTM Other Office costs 6% 8% D&A 13% 510 455 Personnel 41.3 411 38.7 56% 28.5 23.2 268 215 External 14.9 contractors 17% 2021 2022 2023 2024 LTM 202
Slide 70: Driving EBITDA margins towards +20% target
Driving EBITDA margins towards +20% target Revenue growth, gross margin improvements and high operational leverage Target operating model 100% Grow revenue Unleashing the value potential of historic capex and opex 80% Ready to address a market increasing by 3x Cost of sales 60% 60% Strengthen gross
Slide 71: Growth drives working capital
Growth drives working capital Working capital management is a key focus area Working capital, EURm ● Working capital management is a key focus item across multiple functions 60 ● Balancing delivery capacity and lead items with cash management 50 Actively addressing inventory turnover while 40 ● buil
Slide 72: Moderate capex intensity
Moderate capex intensity Capital expenditures ~8% of revenues, split between capex and capitalized R&D Capex, EURm ● Targeting total capex (capex + capitalized R&D) 10 16% in line with recent percentage of revenue in the 9 14% medium term 8 12% ● No major capex projects ongoing 7 ● Current capital e
Slide 73: Capital allocation strategy
Capital allocation strategy Solid funding for near term growth opportunities ● Envipco funding requirements are driven by growth and new market expansion ● Near and medium-term growth opportunities are legislative driven encouraging a flexible funding structure ● Financing of leasing and throughput
Slide 74: Summary
Summary Simon Bolton, Group CEO 74
Slide 75: Envipco is facing an unprecedented market opportunity
Envipco is facing an unprecedented market opportunity A €4 billion market opportunity The first 50 years The next +5 years >100k Global installed RVM base +200k New RVMs demanded 80k DRS live next couple years 75
Slide 76: We have a proven track record
We have a proven track record Strong #2 player with +30% market share in new DRS markets Successfully achieved target market share Proven ability to capture markets introducing DRS Strong value proposition in brownfields with Quantum 76
Slide 77: We are set to deliver on the market growth
We are set to deliver on the market growth Pre-invested to deliver on our growth journey Targeted go-to-market strategy Building a platform rigged for higher volumes 77
Slide 78: Major revenue base upside from growing installed base
Major revenue base upside from growing installed base Recurring revenue base set to increase 5-7x, more over time RVMs installed Recurring revenue base 6x Recurring 5-7x revenue base Current Post EU/UK Current Post EU/UK Program services Replacement sales New sales 78
Slide 79: Making recycling easier.
© envipco Making recycling easier.
Slide 80: Envipco as an investment vehicle
Envipco as an investment vehicle Listed on Euronext Amsterdam and Euronext Oslo Børs Shareholder Shares Share % Greg Garvey 7,351,980 12.7% • 57,690,377 shares outstanding Odin Forvaltning 3,655,165 6.3% • Management and board holdings 21.9% Charles Bouri 2,974,601 5.2% • No options, convertibles or
Slide 81: Consolidated Statement of Comprehensive Income
Consolidated Statement of Comprehensive Income in EUR thousands 2020 2021 2022 2023 2024 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Rev en u es 30,81 5 38,444 56 ,373 87,6 1 0 1 1 4,01 4 1 0,408 1 6 ,477 25,274 35,451 27,436 26 ,56 9 27,445 32,56 4 20,998 23,056 Cost of revenue -19,
Slide 82: Consolidated Balance Sheet (1)
Consolidated Balance Sheet (1) in EUR thousands 201 9 2020 2021 2022 2023 2024 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Assets No n -cu rren t assets Intangible assets 6,160 6,693 7,502 8,595 9,170 14,925 8,706 9,309 9,380 9,170 9,222 8,954 15,102 14,925 14,616 14,207 Property, pl
Slide 83: Consolidated Balance Sheet (2)
Consolidated Balance Sheet (2) in EUR thousands 201 9 2020 2021 2022 2023 2024 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Equ i ty Share capital 2,049 2,049 2,303 2,303 2,585 2,885 2,303 2,585 2,585 2,585 2,885 2,885 2,885 2,885 2,885 2,885 Share premium 51,703 51,085 57,326 56,939
Slide 84: Consolidated Cash Flow Statement (1)
Consolidated Cash Flow Statement (1) in EUR thousands 2020 2021 2022 2023 2024 Q1 23 H1 23 9m 23 2023 Q1 24 H1 24 9m 24 2024 Q1 25 H1 25 Cash fl o w fro m o perati n g acti v i ti es Operating results -1,396 2,331 -2,710 2,285 3,702 -2,244 -3,736 -1,509 2,285 1,082 1724 1,785 3,702 -2,016 -3,906 Adj
Slide 85: Consolidated Cash Flow Statement (2)
Consolidated Cash Flow Statement (2) in EUR thousands 2020 2021 2022 2023 2024 Q1 23 H1 23 9m 23 2023 Q1 24 H1 24 9m 24 2024 Q1 25 H1 25 Fi n an ci al acti v i ti es Proceeds of share issue - 7,365 - 14,514 24,756 14,514 14,514 14,514 14,514 24,771 -24748 24,739 24,756 1 - Proceeds share lending - -
Slide 86: Segment reporting - revenues
Segment reporting - revenues Segment reporting - revenues in EUR thousands 2020 2021 2022 2023 2024 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 No rth Ameri ca Machines and part sales 2,642 5,558 7,735 3,278 3,400 1,200 832 837 410 489 1,536 901 474 1,349 1,114 Program services 24,10
Slide 87: Contact: investors@envipco.com
Contact: investors@envipco.com For further information: www.envipco.com/investors