Envipco Holding N.V.

Earnings Release • Mar 20, 2025

Envipco - Continued revenue growth and margin expansion

Envipco - Continued revenue growth and margin expansion

Q4 2024 Highlights:

- Group revenues +3% y/y to EUR 36.4m.

- Europe revenues of EUR 27.3m, -2% y/y. Romania sales breaking new records.

- North American revenues of EUR 9.1m, +22% y/y.

- Gross margin 38.4% with gross profit at EUR 14.0m, +14% y/y

- EBITDA EUR 5.4m for a margin of 14.9%.

- Uplisted to Euronext Oslo Børs December 2024

2024 Highlights:

- Group revenues +35% y/y to EUR 117.8m

- Europe revenues +49% y/y to EUR 82.8m. North America revenues +9% y/y to EUR

35.0m

- Gross margin 36.6% with gross profit at EUR 43.1m, +42% y/y

- EBITDA EUR 12.8m for a margin of 10.8%.

- Closed the acquisition of Sensibin Ltd

Amersfoort, The Netherlands - 20 March 2025: Envipco, a global provider of

recycling systems and reverse vending machines, continued to grow revenues

with expanding margins during the fourth quarter 2024.

Group revenues came in at EUR 36.4m in the quarter, up 3% y/y. On a product

line basis Program services were up 37% y/y to EUR 10.4m on increase in

European Program service revenues and continued positive momentum in North

America. RVM sales were down 7% y/y, compared to a very strong Q4 2023. FY

2024 group revenues were EUR 117.8m, up 35% y/y from group revenues of EUR

87.6m in 2023. On a product line basis RVM sales increased 42% y/y to EUR

81.4m for the full year. Program service revenues increased 21% to EUR 36.5m.

Gross margin was 38.4% in Q4 24 on operational improvements, efficiency gains

and volume effects in the supply chain. Gross profit was EUR 14.0m, up 14%

y/y. Gross margin increased from 34.5% in Q4 23. Gross margin ended at 36.6%

in 2024, up from 34.5% in 2023. Gross profit increased 42% y/y to EUR 43.1m in

2024 from EUR 30.3m in 2023. Envipco continues to develop its supply chain and

drive operational excellence in its production.

Envipco generated EBITDA of EUR 5.4m in Q4 24, flat y/y. Q4 23 EBITDA included

other income of EUR 0.5m from the resale of inventory from Scotland and Q4 24

EBITDA includes other income of EUR 0.1m. EBITDA margin was 14.9% in Q4 24

compared to an EBITDA margin of 15.3% in Q4 23. EBITDA for full year 2024 was

EUR 12.8m. This compares to EBITDA of EUR 8.3m in 2023, representing a growth

of 54% y/y. EBITDA margin was 10.8% in 2024 compared to 9.5% in 2023. Adjusted

for non-recurring costs, EBITDA was EUR 14.4m in 2024 for an adjusted EBITDA

margin of 12.2%.

CEO Simon Bolton comments:

"2024 was another successful and exciting year for Envipco. We continued to

execute on our European growth strategy delivering 35% revenue growth and 11%

EBITDA margin from solid performance in existing markets, strong execution and

market share gains in new greenfield markets while acting on selected

brownfield opportunities.

We successfully closed the acquisition of Sensibin adding new technologies to

support our offering and market share targets. We continue to invest in a

robust, resilient and agile organization, business development, a leading

products and service line and systems to support our growth ambitions. Another

important milestone was the uplisting to Euronext Oslo Børs in December 2024.

Going forward Envipco is facing exciting market opportunities. In Q4 24 the EU

Council formally adopted the EU Packaging and Packaging Waste regulation

(PPWR), mandating ambitious recovery rates of 90% through deposit return

schemes (DRS) in all EU countries by 2029. Several countries are preparing or

planning DRS rollout. We are strategically, financially and operationally

strongly positioned to capitalize on rising opportunities facing us in

existing and new markets and enter 2025 with confidence and enthusiasm."

Outlook:

Envipco remains committed to its ambition of long-term growth and will

continue to drive forward strongly aligned with its mission: making recycling

easier for everyone. The company is addressing expanding market opportunities

in Europe and North America through a greenfield growth strategy and is

extending its reach into exiting DRS markets through a brownfield growth

strategy.

Following the formal adoption of the EU Packaging and Packaging Waste

regulations (PPWR), DRS is being mandated in all EU countries by 2029, with

expected introductions in Poland, Portugal, the Czech Republic and the UK the

coming 1-3 years. Planned DRS go-live in Poland and Portugal in Q4 25 and 2026

are expected to drive incremental activity levels from H2 25.

Envipco set out on an ambitious expansion strategy in 2021, targeting +30%

market share in new greenfield markets, improving gross margins to 40% and

eyeing revenue growth of 4-6x on the anticipated DRS rollout. The company is

delivering on the market share target, is approaching its gross margin target,

and new market rollouts will drive further growth. Envipco remains committed

to its ambition of long-term growth and will refresh its financial targets and

ambitions in 2025.

Subsequent events:

- On 14 January 2025 two members of the Bouri family, Kathleen E. Bouri and

Vanda Bouri sold 7.9m shares, representing 13.8% of outstanding shares in

Envipco in a secondary placement. Following the placement remaining Bouri

family members Mark A. Bouri, Maurice Bouri and Charles A. Bouri combined hold

8.9m shares in Envipco, equivalent to 15.5% of the outstanding shares.

Remaining shareholding members of the Bouri family entered into a 365-day

lockup for their shares in Envipco.

- On 6 February 2025 Envipco announced the award of a second follow-on order

with a major Romanian retail group for the delivery additional 400 Optima RVMs

to retail stores across the country. This order adds to the order of more than

200 Optima RVMs announced in Q3 24 and follow-on order of 140 Optima RVMs

announced in Q4 24. Delivery of the order is scheduled for H1 25.

For more information, please see the attached Q4 2024 report and presentation.

Results presentation:

The company will host a webcast to present the results today 20 March at 8:00

a.m. CET.

Following the presentation, it will be opened to questions from the audience.

The presentation and the following Q&A session will be in English.

To join the webcast, use the following link: www.envipco.com/investors

For further information please contact:

Simon Bolton, Group CEO +31 33 285 1773

Mikael Clement, CSO +47 9900 8000

www.envipco.com

investors@envipco.com (mailto:envipcoinvestorrelations@envipco.com)

About Envipco Holding N.V.

Envipco Holding N.V. (Envipco), www.envipco.com, is a Netherlands-based

holding company listed on Euronext Amsterdam and Euronext Oslo Børs (Symbols:

ENVI/ENVIP). Envipco, with operations in several countries around the globe,

is a recognized leader in the development and operation of reverse vending

machines (RVMs), automated technological systems for the recovery of used

beverage containers. Known for its innovative technology and market

leadership, Envipco holds several intellectual property rights for RVM

systems, including but not limited to beverage refund deposit markings,

material type identification, compaction, and accounting.

This information is subject to disclosure under the Norwegian Securities

Trading Act, §5-12. The information was submitted for publication at

2025-03-20 07:00 CET.