Envipco Holding N.V.

Investor Presentation • Aug 24, 2023

Q2 & H1 2023 Results

August 24, 2023

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 uncertainties that are difficult to predict and that could cause actual performance and position to differ materially from these statements. Envipco disclaims any obligation to update or revise any statements made in this presentation to reflect subsequent events or circumstances, except as required by law. Certain figures in this presentation, including financial data, have been rounded. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an exact arithmetic aggregation of the figures which precede them.

SIMON BOLTON CEO

THEO KAMPERMANN Interim CFO

Highlights

Operations

Financials

Markets

Outlook and summary

Q&A

Key financials Q2 2023

Revenue development

EUR million, Unaudited

Gross Margin development

%, Unaudited

• Europe with EUR 8.4m revenue in Q2 (+58%) and H1 revenue EUR 10.7m (+70%)
• North America Q2 revenue of EUR 8.1m ( -24%) and EUR 16.2m in H1 ( -18%) on lower RVM machines sales compared to last year
• Gross margin improvement to 34.5% in Q2 and 34.2% in H1
• Opex increase to EUR 7.2m from organizational investments and ramp -up of manufacturing
• EBITDA H1'23 EUR -1.0 million compared to EUR 0.8 million in H1'22 from increased market start -up costs and ongoing business development
• Up to 800 Flex and Optima RVMs to be deployed with market leading Irish retailer and initial 250 RVM order in Romania combined with 30 Modula backroom systems
• Growth and EBITDA improvement expected for H2'23 from sales in Hungary, Romania and Australia and continued momentum in Greece

A recycling technology company delivering reverse vending machines to leading customers across the world

• 40 years of experience working with partners delivering tailor-made deposit return scheme (DRS) solutions
• Deliver flexible, customized solutions to achieve the best recycling results for our customers
• Continuously improving technology and product offerings, increasing the benefits of a circular economy
• Legacy of success a result of future-facing approach and passion to moving forward to create a cleaner world

Targeting regions with growth potential

Revenue development EURm

Working with global Tier 1 retailers

Highly competitive with the ability to capture new markets

Generating several revenue streams across the value chain

Specialized portfolio addressing all customer segments

Q2 & H1 2023

• Q2'23 revenues of EUR 8.1m down 24% YoY
• H1'23 revenues of EUR 16.2m compared to EUR 19.8m in H1'22
• Program services Revenues down 9% despite increased throughput volume, variance tied to unusually high commodity values in 2022
• Lower machine sales of EUR 0.8m in Q2, down 68% year-on-year
• Compared to strong Q2'22 with deliveries to a large existing customer

Revenue North America (EUR million, Unaudited)

13

Q2 & H1 2023

• H1 revenues EUR 10.7m, up 70% YoY
• Q2 revenues of EUR 8.4m, up 58% YoY
• Machine sales EUR 8.1m in Q2, up 62% YoY
• Greece with EUR 3.5m in Quantum sales
• Scotland EUR 2.4m sale prior to Go-Live postponement
• Sweden EUR 1.2m in ongoing Quantum sales
• Malta EUR 1.0m with introduction of Quantum platform
• Program services EUR 0.3m largely flat with Q2'22
• Up to 800 Flex and Optima RVMs to be deployed with market leading Irish retailer with 1,100 locations
• Initial 250 RVM order in Romania combined with 30 Modula backroom systems
• Preferred supplier agreement with SPAR International

Revenue Europe (EUR million, Unaudited)

14

in EUR millions	Q2 2023	Q2 2022	H1 2023	H1 2022	FY 2022
Revenues	16.5	15.9	26.9	26.1	56.4
North America	8.1	10.7	16.2	19.8	38.2
Europe	8.4	5.3	10.7	6.3	18.1
Gross profit	5.7	5.5	9.2	9.0	18.5
Gross profit %	34.5%	34.4%	34.2%	34.5%	32.8%
Total operating expenses	-7.2	-5.9	-12.9	-10.6	-23.1
Other Income	0.0	0.0	0.0	0.0	2.0
EBIT	-1.5	-0.4	-3.7	-1.6	-2.7
EBITDA	-0.1	0.8	-1.0	0.8	2.3
Net financial items	-0.2	-0.1	-0.4	-0.3	-1.2
Net profit	-1.8	-0.6	-4.4	-2.0	-4.2

Q2 2023

• Revenue EUR 16.5m (+3.5%)
• Gross margin 34.5%
• Higher margin product mix from European sales
• Improved pricing in Greece, supply chain normalization and manufacturing efficiencies
• Operating expenses EUR 7.2m from EUR 5.9 in Q2'22
• EBITDA EUR -0.1m

Continuously investing in growth

Q2 2023

• Operating expenses EUR 7.2m from EUR 5.9 in Q2'22
• Investments in organization, including launch of Hungary organization and Scotland reorganization
• Ramp-up of Greece manufacturing
• Investments in IT infrastructure
• EUR 0.3m in one-off costs

Operating expenses (EUR million)

17

Cash flow H1 2023

• Cash from operating activities EUR -11.1m
• Operating results EUR -3.7m
• Increased working capital of EUR 9.7m, mainly inventory build-up for H2'23 orders
• Cash flow from investing activities EUR -2.8m
• Investments in PP&E and R&D
• Cash flow from financing of EUR 4.9m
• Proceeds from European financing EUR 9.0m
• Repayments of borrowings EUR 3.0m
• Cash of EUR 7.2m at the end of Q2'23

Cash flow H1 2023

Balance sheet H1 2023

• Total assets of EUR 86.6m (EUR 65.3m)
• Total equity of EUR 37.4m (EUR 31.9m)
• Equity ratio 43% (49%)
• Total borrowings EUR 20.3m (EUR 13.6m)

Balance sheet (30.06.2023)

EUR million

Market update North America and RoW

Connecticut	California	Oregon	New York and Massachusetts	Australia
• Doubling of Connecticut's deposit value commencing in January 2024 • Program services set to expand from increased deposit value	• California in the process of amending deposit legislation to include the use of RVM's • Monitoring legislative changes that support RVM deployment	• Oregon technology agreement is progressing at a steady pace with new orders as part of the effort in the state to replace aged competitor equipment	• Supporting legislative initiatives for deposit modernization bills	• Shipments expected to the company's Australian distributor in latter part of H2'23 in support of new DRS legislation in Victoria

UK, Scotland & Ireland	Hungary	Greece	Romania	Other
• Scotland delayed Go-Live to October 2025; contract coverage remains fully intact • Reorganized Scotland/UK activities to adjust for delay • UK maintains intention for DRS legislation in 2025 • Selected as the RVM provider for major Irish retailer with orders of up to 800 RVMs • Advanced discussions with Irish retailers in preparation for February 2024 Go-Live	• Commenced shipments in July'23 • Established local facilities, a full management team, service organization and IT infrastructure for upcoming deliveries • Backlog of 2.300 machines with potential multi-year expansion of additional 2.000 machines	• Commenced localized Greece manufacturing to support increasing demand • The pre-DRS project for Quantum based municipal recycling centres has continued to develop in Q2'23 • Backlog of 100+ RVMs	• Romanian operator published final technical specifications and announced the handling fee structure in Q1'23 • Initial 250 RVM order received • Romanian retailer is anchoring the launch the Modula backroom platform with an order of 30 systems • Commercial activity with leading retailers and expected additional orders to be announced in H2'23 • Several operating pilots in municipalities	• Malta DRS continues to develop and in Q2'23 launched the Quantum platform • Sweden recovered to normal activity levels in Q2'23 • In Poland the latest version of the draft law was issued in April with a 2025 Go-Live; Polish resources engaged • In Portugal operator should be announced and the law published in Q3'23

Planned legislation driver for second wave

Legislative considerations and planning

Preparations and implementation

Execution

Anticipated Go-live

35 36 31 38 56 2018a 2019a 2020a 2021a 2022a 2025e 4x – 6x Long-term revenue target (EURm) Increased awareness and legislative initiatives DRS second wave Growth 4x – 6x Market share in new markets 30+% Gross margin 40%

Ambition towards 2025

November 16, 2023: Third quarter 2023 results