Envipco Holding N.v. · EURONEXT:ENVI
Envipco — Q1 2026 Earnings Presentation
30 slides from Envipco's earnings presentation, May 20, 2026
Slide 1: Q1 26 Results Presentation
Q1 26 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 Q1 26
Financial Highlights Q1 26 Revenue development EUR million, unaudited ● Group revenues EUR 19.7m, -6% y/y on stable 23.1 22.5 23.8 21.0 operations in North America and mixed 19.7 performance in Europe. ● Gross margin at 34.1% reflecting building of service organization and underutilization of assemb
Slide 4: Operational Highlights
Operational Highlights Building commercial momentum ● New CEO José Matthjisse assumed role 18 May 2026 ● Commercial wins in Portugal with SDR Portugal Quantum order, retail wins with Coviran and SPAR Portugal ● Announced RVM throughput agreement with Netto Polska for 700 RVMs ● Announced two wins wi
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 Q1 26 Q1 25 FY 25 Q1 26 Revenues 19.7 21.0 90.4 ● Group revenues down 6% y/y - Europe 12.0 12.3 56.1 ○ Increased share of installations on - North America & RoW 7.7 8.7 34.3 throughput/lease ○ Postponed deliveries in existing markets Gross Profit 6.7 7.8 30.1
Slide 8: Europe
Europe Quarterly revenues (EUR million, unaudited) Q1 26 Program services RVM sales 14.4 14.3 15.0 ● Revenues EUR 12.0m, -2% y/y 12.3 12.0 ○ Timing of markets cause quarterly variations 12.7 12.5 12.7 ● RVM sales EUR 10.2m (11.0m) 11.0 10.2 ○ Higher share of throughput/lease sales 1.3 1.7 1.8 2.3 1.
Slide 9: North America
North America Quarterly revenues (EUR million, unaudited) Q1 26 Program services RVM sales Series3 8.7 8.6 8.8 8.3 7.7 ● Revenues of EUR 7.7m, -11% y/y 1.3 1.1 0.7 1.9 0.7 ○ FX adjusted -1% 7.4 7.5 7.6 6.9 7.0 ● Program services revenues -5% y/y to EUR 7.0m Q1 25 Q2 25 Q3 25 Q4 25 Q1 26 ○ FX adjuste
Slide 10: Gross margin
Gross margin Gross profit development ● Reported margin 34.1% EUR million, unaudited ○ Positively affected by product mix ○ Reflecting lower capacity utilization in 37.3% 36.6% 35.0% 34.1% assembly operations and building of service 32.3% organization in new markets 25.1 % 8.4 7.8 7.9 6.7 6.0 Q1 25
Slide 11: Operating costs
Operating costs Operating costs (EUR million, unaudited) ● Total opex EUR 11.2m in Q1 26, up 14% y/y ● 597 employees at quarter end, up 114 y/y ○ ~50% in field service and assembly ● The company continues to tightly manage its operating cost base while continuing to 10.4 10.6 11.1 11.2 9.8 invest to
Slide 12: Financial position
Financial position Balance sheet (EUR million, unaudited) Q1 26 ● Balance sheet total down 151.1 158.5 158.5 151.2 ○ Total assets EUR 151.1m (159.8m) 33.1 ○ Cash EUR 41.6m (59.9m) 41.6 59.9 44.4 ● Working capital up EUR 10.8m to 68.3m 22.2 ○ Inventories up EUR 5.2m to EUR 34.5m on raw material 7.8 b
Slide 13: Cash flow
Cash flow Cash flow (EUR million, unaudited) Q1 26 ● Cash from operating activities EUR -15.5m ○ Working capital increase of EUR 12.5m driven by higher inventories to secure components and -15.2 meeting anticipated higher activity levels -1.3 -1.7 ● Cash flow from investing activities EUR –1.3m ○ PP
Slide 14: Outlook
Outlook
Slide 15: 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 15
Slide 16: 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 UK 68.4 Turkey 85.3 Serbia 6.6 Spain 48.4 France 68.3 Czech Republic 10.
Slide 17: 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 18: U.S. — mature market, steady execution
U.S. — mature market, steady execution ● Strong established U.S. position: ~45% market share, ~7k RVMs installed, 40+ years of pioneering experience ● Positioning Quantum in North American market through successful deployments to NY and CT based redemption centers, exploring opportunities in other m
Slide 19: UK secured landmark commercial wins
UK secured landmark commercial wins ● Envipco appointed exclusive RVM supplier by two leading UK retailers 3,800 ○ 1,500 Compact RVMs to Iceland Foods RVMs from two exclusive retail wins ○ 2,300 RVMs (Compact, Flex, Optima) to one of UK’s largest retailers ○ Deliveries from H1 2027, sales including
Slide 20: Poland — building into the market
Poland — building into the market ● Signed agreement to supply RVMs to Netto Polska ○ 700 Optima and Flex RVMs on throughput basis ~700 ○ Deliveries commenced; full deployment expected in 2026 Q1 RVMs signed to Netto ● Poland DRS live since Oct 2025; gradual ramp in container Polska across 680+ stor
Slide 21: Portugal — DRS live April 2026
Portugal — DRS live April 2026 ● Portugal DRS soft-launched 10 April 2026 with grace period for industry participants — 19th EU country to implement DRS ● Multiple agreements positioned for delivery through 2026 1,700 Retail stores >400m2 ○ Sole supplier of Bulk-Feed Collection Network for SDR Portu
Slide 22: Expanding Quantum network in the Netherlands
Expanding Quantum network in the Netherlands ● Envipco is supplying Quantum bulk feed RVMs to the DMO Statiegeld Nederland under a frame agreement announced Q3 25 ● Installed 50 Quantums, building order book on strong commercial momentum ● Statiegeld Nederland has announced plans to build broad netw
Slide 23: Greece — well positioned as DRS tenders advance
Greece — well positioned as DRS tenders advance ● Greece progressing towards soft DRS launch in 2026 ○ DRS Hellas SA appointed as operator, backed by major beverage and retail stakeholders ○ Public tenders scheduled to close shortly ● Proven track record in Greece with 500+ Quantum collection points
Slide 24: Outlook — Converting pipeline into deliveries
Outlook — Converting pipeline into deliveries ● Market tailwinds — EU PPWR and national DRS legislation to triple Envipco's TAM as new markets launch ● 2026 portfolio — Poland and Portugal building; Romania robust though below 2025; Hungary steady; Netherlands strong; Greece tenders advancing for co
Slide 25: Next event: 12 August 2026 – Q2 26 results
Next event: 12 August 2026 – Q2 26 results
Slide 26: Q&A Contact
Q&A Contact: investors@envipco.com For further information: www.envipco.com/investors
Slide 27: Making recycling easier.
© envipco Making recycling easier.
Slide 28: Interim financial statements (IFRS) – Income statement
Interim financial statements (IFRS) Consolidated Statement of Comprehensive Income EURk (unaudited) Q1 26 Q1 25 YTD 2026 YTD 2025 Revenues 19,730 20,999 19,730 20,999 Cost of revenue (13,005) (13,169) (13,005) (13,169) Gross Profit 6,725 7,830 6,725 7,830 Selling and distribution expenses (1,376) (1
Slide 29: Interim financial statements (IFRS) – Balance sheet
Interim financial statements (IFRS) Consolidated balance sheet EURk (unaudited except 31.12.2024) 31.03.2026 30.12.2025 30.09.2025 30.06.2025 31.03.2025 Intangible assets 14,453 14,652 14,229 14,207 14,616 Property, plant and equipment 23,135 22,502 21,217 21,219 21,446 Financial assets 3,146 3,319
Slide 30: Interim financial statements (IFRS) – Cash flow
Interim financial statements (IFRS) Consolidated cash flow statement EURk (unaudited) Q1 26 Q1 25 YTD 2026 YTD 2025 Operating results (4,496) (2,016) (4,496) (2,016) Adjustment for: Depreciation & Amortization 2,352 2,507 2,352 2,507 Deferred revenue 531 (988) 531 (988) Changes in: Changes in trade