Envipco Holding N.V. (ENVHF) Q3 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, everyone. My name is Simon Bolton, CEO of Vipco, and a warm welcome to Q3 2025 results presentation. I'm joined as ever by Michael Clement, Chief Strategy and IR Officer. It gives us pleasure to update you about the business and obviously have the normal opportunity to answer questions in the Q&A in the chat afterwards. I'll go through some introductory pages, and then Michael will be back with the finance, and then I will do the outlook. Okay, as we've said before, 2025 is very much a transitional year for Invipco. As we deliver and satisfy customers of the large orders that we won a few years ago, as they're starting to come to an end, and we're waiting for and looking forward to new markets starting to ramp up. As we've communicated before, the startups have been delayed somewhat. And that's now, particularly in Poland, going to happen more in 2026 versus the back end of 2025. So something of a slow quarter based on these new DRS delays. Overall, then, group revenues are 22.5 million, which is 18% lower than the year before. really based on this slower and lower European RVM revenues. Because of the slightly slow and lower volume, that's impacted somewhat gross margins. Plus, we've also invested in some direct costs to be ready to install and support those new customers in those new markets already. This has also impacted slightly gross margins. So gross margin is down slightly at 35. With good control of OPEX, it means that EBITDA is negative 0.3 for the quarter. And we have a very positive cash balance as we've built the foundation for the business, which we'll talk about in a little bit more detail later. We continue to see and are really excited about the future ahead. This is an unprecedented growth opportunity for us as a business. For those wh...