Envipco Holding N.V.

Investor Presentation • Sep 9, 2025

Capital Markets Day 2025

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 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.

Welcome to the world of Envipco

Mission

Making recycling easier for everyone.

Vision

Create a cleaner world for future generations

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

Deposit Return Schemes (DRS) – the most effective solution

A thoroughly tested and efficient value chain securing high collection rates

• Regulatory requirements
• Market participants share responsibility
• Material value and unclaimed deposits largely fund the scheme
• Economic incentives change consumer behavior
• A driver of a circular economy, closing the loop on reuse of material for production of new containers

PET bottle collection rates Europe

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)

Malta Sweden Reverse Vending Machine (RVM) solutions - an integral part of well functioning DRS Customers > Automation & Compaction Fraud detection Reporting requirements & clearing Clean material streams for recycled content Consumer Beverage producer Recycler Retailer System operator Return point Deposit Return Scheme (DRS)

Romania

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 appointed CEO, scaling organization and preparing for European growth

2010s Strengthened North American base and

Broadened technology portfolio expanded in Europe, building earlystage DRS presence

2000s

with new RVM models, positioning for global growth

1990s Expanded across North America, building customer relationships and DRS

foundation

Founded in the United States with the mission to recover

support material reuse through reverse vending technology

1980s

beverage containers and

1982 1992 2002 2012 2022

9

A leading product portfolio

Addressing all segments of the market

Global supply chain with regional production

1

2

3 4

Ample, scalable supply capacity for a growing market

>30,000

RVM production capacity per year

>3,000 Quantum /Modula production capacity per year

510 Employees

18,300 m² Facilities

Osnabruck, Germany – EAG 10 years 2

Sebes, Romania – ESR 5 years 3

Athens, Greece – EHS 3 years 4

11

Values shared across a growing global team

We always appreciate accountability, honesty and integrity

We are enthusiastic, determined and selfmotivated in everything we do

We think differently and strive for innovative solutions and continuous improvement

We are focused, highly motivated and empowered to succeed

We respect and value our people's opinions, encourage development and reward achievements

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 in the next years
• New DRS markets with large populations
• High volume of RVMs necessary to provide efficient DRS operations and secure clean material streams

An unprecedented market opportunity

A €4 billion market opportunity

Global installed base New RVMs demanded

Maintaining ambitious targets ahead

+30% ~40% +20%

Market share in greenfield markets

Gross margin EBITDA margin

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	Mingling, drinks with Executive Management Team

Strategy Mikael Clement, Chief Strategy & IR Officer (CSO)

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

Envipco market share in new DRS markets entered since 2021

Expanded to early-stage DRS markets in Europe

A new DRS wave unfolding early 2020s

2007-2020

Legislative initiatives

Envipco establishes a greenfield growth strategy for DRS markets in Europe

Preparations made to address upcoming opportunity

Investments in organization and new markets

Built ample and scalable production infrastructure

Secured financing

Amsterdam | Oslo

1984-2006 First wave

Envipco set ambitious targets in 2021

2021-2025: targeting growth in greenfield DRS markets

+30% 40% 4-6x

Market share in greenfield markets

Gross margin Revenue potential*

Proven ability to capture markets introducing DRS

+4,000 RVMs 60% Mkt share ~6,000 RVMs 35% Mkt share +1,000 RVMs +90% Mkt share • Entered in 2016 with local partner • Pre-DRS market, planning for DRS introduction • Quantum and Ultra • DRS live 30 November 2023 • Sebes assembly facility opened in 2022, R&D facility added 2025 • Full portfolio of RVMs installed including Flex, Ultra, Optima, Modula and Quantum • DRS live January 2024 • Envipco one of two RVM providers • RVMs integrated with direct payment service • Flex and Optima Hungary Romania Greece

Successfully achieved target market share

Unit based market share above target across markets entered

*Envipco secured a strong commercial position in the Scotland DRS pilot 2022/23. Scottish DRS to be aligned with UK DRS 2027.

Solid improvement in gross margins

Executing across the value chain

DRS timing defined by political processes

Timing of new DRS markets later than initially expected

Strong value proposition in brownfields with Quantum

Quantum has transformed collection patterns in existing DRS markets

Helping Netherlands increase DRS collection rates

• Entered Netherlands 2024 with Quantum
• Low collection rates following 2023 inclusion of cans in DRS
• Strong reception and performance of Quantum drove wider installed base and public praise
• Preferred supplier agreement with Statiegeld Nederland for out of home collection systems

Executing on European DRS expansion

Revenues up 3x 2021-24

The next chapter

….it's not about if, but when

EU Packaging and Packaging Waste Regulation (PPWR)

Mandating clear collection targets for all EU nations and recycled content for the industry

90%

Collection rate for plastic bottles and cans using DRS by 1 January 2029*

25%

Minimum recycled content in PET bottles by 2025

30%

Minimum recycled content in PET bottles by 2030

Existing DRS markets New EU DRS markets

EU-wide DRS to drive RVM demand

• ✓ All EU countries mandated to launch DRS under PPWR*
• ✓ Market outlook derisked
• ✓ Countries lagging need to act
• ✓ Increased demand for recycled material
• ✓ EU population of 265m yet to have DRS

UK Deposit Scheme for Drinks Containers Regulations

Interoperable DRS across the four nations in the United Kingdom

• Law passed January 2025
• DRS go-live October 2027
• Primary target to reach 90% collection rate by end 2030
  • 70% in Yr 1, 80% in Yr 2
• PET, aluminum, steel drink containers 150ml to 3 liter
• Deposit rate to be determined

DMOs set up and employed with secured funding and key policies

By Spring 2026

2

3

Roll-out of infrastructure, systems, logistics and RVM procurement/installation

Spring 2026 through Q3 2027

Markets prioritized from DRS second wave

Anticipated next wave of DRS legislation in European markets

¹Key milestones taken from the Regulation (EU) 2025/40 of the European Parliament and the Council on packaging and packaging waste. Belgium, Bulgaria, Cyprus, Italy, Luxembourg and Slovenia are also anticipated to evaluate DRS implementation to meet requirements under EU PPWR.

Facing a EUR +4b market opportunity

A 200k unit greenfield RVM market opportunity at average sales price EUR 18 – 24k

Maintaining ambitious targets

+30% ~40% +20%

Market share in greenfield markets

Gross margin EBITDA margin

Brownfield growth strategy

Selectively entering existing DRS markets to improve collection rates and reduce costs

Key criteria		Selected brownfield markets
Not meeting collection targets	Inefficient infrastructure and/ or lack of collection points
High collection	Old infrastructure, inefficient
costs	operations, manual handling
Underserved market segments	Low convenience store and bulk feed penetration	Spearheaded with disruptive Quantum bulk feed

33

Selective M&A strategy

Envipco focus will remain at the core: a recycling technology business

Focus on improving core capabilities

• Complimentary technologies
• Access to markets
• Access to installed base and customer relationships
• Risk-reward assessment

A strategic fit: Sensi acquired in August 2024

• ✓ Expanding product portfolio
• ✓ Advancing in convenience store segment
• ✓ Adding new technologies
• ✓ Strengthening market position

Envipco growth platform

Four pillars of development building on a strong fundament

Commercial Strategy Fons Buurman, CCO Europe & Asia

Cash- and product flow of a typical DRS system

An efficient collection scheme enabling a circular economy

• Key stakeholders of DRS systems are governments, producers and retailers
• A system operator (DMO) serves as clearing house and is run by producers and retailers
• Efficient DRS systems are largely self-financed through unclaimed deposit and material value.
• Different set-ups in different geographies, market understanding and engagement is essential

Envipco is powering the adoption of DRS

Envipco is a key partner in a DRS system

• 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 collection systems used in DRS – reverse vending machines (RVM)

Capitalizing on four decades of experience from USA

Envipco's experience in North America is an important building block for European success

• +40 years of experience as pioneering RVM supplier and providing system operator services
• Built solid understanding of ecosystem and customer needs, and long-standing customer relationships
• Captured ~45% market share in a relatively stable market environment
• Modest legislative progress since 1980s

North America historical revenue

7k RVMs Installed base

Broad recurring revenue portfolio from installed base and well-established customer portfolio

One size does not fit all

Addressing customer needs with consultative approach

DRS return points are not one-dimensional

Illustrative customer preference map

0 2 4 6 8 10 Minimized queuing Footprint Staff impact Materials handling Capacity Location Plug & Play Total cost

Providing solutions meeting customers' priorities

40

Leading products across all market segments

Expanded and improved product line addressing all customer needs and packaging types

Flexible contract models facilitating customer needs

Mainly sales contracts in Europe and leasing contracts in North America

Illustrative example

Sales contract

• Average ASP EUR 18-24k
• Limited service in warranty period
• Service revenue 5-10% p.a.
• Replacement sale after average 8 years

Leasing contract

• Envipco as lessor or through third party financing
• Service revenue and financing cost included in contract pricing
• Replacement after average 8 years

Throughput contract

● Payment of RVM including financing element or revenue sharing through handling fee

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
Field technicians	Installation / service
Customer service
Capital expenditures
Pilot equipment	Customer testing / engagement
Lease equipment
Revenue
Sales/lease/throughput revenue	Revenue recognition
Service/parts revenue	Following warranty period
	Stage of development:

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 fragmented retail structure…

… translating to robust and continuing revenue generation (Accumulated sales)

Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25

Romanian market opportunity remains strong

Romania reached 79% return rate in H1 25, uplift required to reach mandatory 90%

8 – 9,000 RVMs Total addressable market

~6,000 RVMs Market installed base

Envipco one of two RVM providers in Hungary

60% market share of +4k installed base

• Hungary DRS live January 2024, operated by MOHU (MOL Group)
• Automation required for stores >400m2, optional automation for >200m2
• New handling fee regulation from Sep 2025 to incentivize participation from smaller stores
• Hungary on track for 80% collection rate, further collection points needed to reach 90%
• Bulk feed opportunity

Hungary container returns

3bn returns over the last 14 months

Poland – a major market opportunity

Estimated market size of 15k units, commercial opportunities shifting to 2026

• Soft DRS go-live from October 2025 with gradual introduction of deposit containers. System setup complexities are delaying retailer decisions.
• Return of used beverage containers mandated for stores >200m² , with smaller stores encouraged to accept returns.
• Estimated market size 15k RVMs in a market with ~20k stores >200m²
• Envipco announced LOI with a major retail group for supply of RVMs to 1,000 supermarkets, deliveries now expected in H1 2026

Number of stores by size, accumulated

Portugal DRS launch anticipated spring 2026

No official start date announced

• SDR Portugal DMO system operator, with all major retailers and beverage producers as stakeholders
• All 2,800 retail stores >400m² are mandated to have RVMs
• Stores between 50-400m² are required to collect empty beverage containers, manually or RVM
• SDR Portugal is planning for 48 HoReCa Bulk Centers
• Estimated market size of 5k RVMs
• Envipco has announced a LOI with a major retailer for approximately 250 RVMs with delivery expected from Q4 25

UK – the world's 2nd largest RVM market in the making

A €700m RVM market opportunity

• UK DRS to launch 1 October 2027
  • DRS law Q1 25, DMO appointed Q2 25
  • Regulation mandates stores >100m² and/or in rural areas to accept return of empty beverage containers
  • RVM specifications to be issued in Q4 25
• Envipco is strongly represented in the UK with an active business development team in the market
• Retailers are engaged and well prepared as result of Scottish DRS pilot 2023
• Convenience stores (CC) make up a large portion of the 60k UK grocery retail store market
  • ~18k automatically exempt, 42k in-scope
• Market potential estimated to 35k RVMs

UK grocery stores by category (k)

Superstores Discounters CCs >100m2 CCs <100m2 Total market

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 outlets in addition to 250k horeca
• Market opportunity estimated to 25k RVMs

50

Summarizing our greenfield market opportunities

A major RVM market approaching in Europe

• DRS introductions in Poland and Portugal offer TAM of ~20k RVMs starting late 2025
• UK and Spain set to add TAM of ~60k RVMs from 2027
• Envipco has demonstrated high success rate with +30% market share in new European greenfield DRS markets
• Clear G2M strategy applied to each greenfield DRS market, with broad product portfolio and adaptive sales model catering to all customer needs

TAM volumes and timing, selected European markets (illustrative)

Technology Andrew Keene, CTO

The inventor of DRS for disposable beverage containers

At the forefront of innovation

40+ years of RVM innovation

The Redeemer / The can eater

Patent secured 1982

A global organization with cross-functional expertise

Innovating to deliver on customer needs, market requirements and feedback

service/support

Clear priorities to ensure continuous improvements

Focused technology organization

Covering all market segments and customer needs

Diverse RVM portfolio for both inside and outside applications

Optimized and patented compaction

Industry leading compaction reduces total cost of ownership

• Optimized perforating and patented PinPet compactor
• Optimized can compactor
• Dual commodity compactor
• 3 methods for glass breaking including BreakerBar

Continuous performance and cost improvements

Proven ability to improve products while simultaneously reducing costs levels

Note: Performance is defined as a combination of speed, compaction, uptime and functionality.

Technology a key enabler to reach collection targets

Reaching 90% collection rates requires adapted RVMs for all major market segments

Convenience stores a large underserved market

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 Compact to market and leverage tech's
• > Develop portfolio for untapped segments
• > Extend offering to deposit return centers

Quantum – The genesis of bulk feed - Ireland

The Quantum takes a leap: Introducing Quantum-S

The market demands more. In less space.

The Retailer's Dilemma: Current bulk-feed systems are not feasible for over 60% of store types due to space constraints

Lost Revenue Potential: This vast untapped market has been forced to use low-performance and lowvolume RVMs causing long queues and customer dissatisfaction

The Strategic Imperative: The next wave of growth lies in the miniaturization of top-tier performance

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 new market segments and driving collections with our technologies

Financial management Patrick Gierman, CFO

Growth across multiple axes

Demonstrated ability to deliver meaningful growth while building the organization to continue our growth journey

Finance organization set to deliver on next growth phase

Scalability for growth standardize processes and 1-digital platform to manage volumes & complexity

Strengthen controls standardize processes, automate controls, upskill roles and improve auditability to reduce risk & ensure compliance

Operational efficiency, cost management standardize processes, optimize costs, leverage tools, and migrate to a single ERP platform

Reporting, performance and decision-making further professionalize team, leverage single integrated ERP platform to enable advanced realtime analytics and performance management

Talent empowerment and focus: strengthen team, standardize processes and automate to enable focus on strategic activities

Revenue growth drivers

A mix of external and company specific factors

Relentless efforts to continue to improve gross margins

40% gross margin target

Positive gross margin drivers:

• Continued design improvement and technological advances in product range
• Supply chain management
• Volume/scale in production
• Service revenues and spare parts sales

Building a platform rigged for higher volumes

Set to capitalize on early investments in new markets

• Investing ahead of the curve to position and deliver on market opportunities and strengthen our foundation
• 8-10% of opex last three years from markets not yet generating revenue
• Aiming to leverage on operating investments and fixed cost base from growth into new markets driving improved profitability

Driving EBITDA margins towards +20% target

Revenue growth, gross margin improvements and high operational leverage

Target operating model

Growth drives working capital

Working capital management is a key focus area

• Working capital management is a key focus item across multiple functions
• Balancing delivery capacity and lead items with cash management
• Actively addressing inventory turnover while building delivery capacity for new and existing markets
• Limited credit risk on accounts receivables
• Net working capital Q2 25 at ~36% of LTM revenue

Moderate capex intensity

Capital expenditures ~8% of revenues, split between capex and capitalized R&D

• Targeting total capex (capex + capitalized R&D) in line with recent percentage of revenue in the medium term
• No major capex projects ongoing
• Current capital expenditures include lease equipment on own balance sheet, pilot equipment, ERP system development and other general capex for service operations
• Envipco capitalizes a share of development expenses not expected to be revenue generating in near future

Capex, EURm

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 portfolios
• Consolidated working capital facility with ABN AMRO adding capacity
• Euronext AEX/OSE listed equity
• Envipco will seek to optimize its capital structure as recurring revenues increases

Summary Simon Bolton, Group CEO

Envipco is facing an unprecedented market opportunity

A €4 billion market opportunity

80k DRS live next couple years

We have a proven track record

Strong #2 player with +30% market share in new DRS markets

Successfully achieved target market share

We are set to deliver on the market growth

Pre-invested to deliver on our growth journey

Major revenue base upside from growing installed base

Recurring revenue base set to increase 5-7x, more over time

Envipco as an investment vehicle

Listed on Euronext Amsterdam and Euronext Oslo Børs

Shareholder	Shares	Share %
Greg Garvey	7,351,980	12.7%
Odin Forvaltning	3,655,165	6.3%
Charles Bouri	2,974,601	5.2%
Mark Bouri	2,974,601	5.2%
Maurice Bouri	2,974,601	5.2%
Aktia Asset Management	2,898,830	5.0%
DNB Asset Management	2,252,380	3.9%
Lazar Freres Gestion	2,205,000	3.8%
OP Asset Management	1,761,501	3.1%
Robert Lincoln	1,722,440	3.0%
Total top 10	30,771,099	53.3%
Others	26,919,278	46.7%
Outstanding shares	57,690,377	100.0%

• 57,690,377 shares outstanding
• Management and board holdings 21.9%
• No options, convertibles or other dilutive instruments
• 69,228,452 shares authorized

Share liquidity H1 25

Average daily traded value (NOKm)

OSE AEX

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
Revenues	30,815	38,444	56,373	87,610	114,014	10,408	16,477	25,274	35,451	27,436	26,569	27,445	32,564	20,998	23,056
Cost of revenue	-19,132	-25,037	-37,911	-57,342	-71,675	-6,882	-10,797	-16,444	-23,220	-17,814	-17,112	-17,413	-19,336	-13,168	-14,606
Profit Gross	11,683	13,407	18,462	30,268	42,339	3,526	5,680	8,830	12,231	9,623	9,457	10,032	13,227	7,830	8,450
%	37.9%	34.9%	32.8%	34.6%	37.1%	33.9%	34.5%	34.9%	34.5%	35.1%	35.6%	36.6%	40.6%	37.3%	36.6%
Selling and distribution expenses	-1,071	-996	-3,437	-2,763	-4,402	-642	-607	-542	-973	-1133	-999	-1074	-1,196	-1306	-1,368
General and administrative expenses	-10,834	-12,258	-18,342	-23,745	-31,794	-4,785	-6,301	-5,503	-7,156	-7,046	-7,452	-8,125	-9,171	-7,593	-7,966
Research and development expenses	-1,204	-1,425	-1,351	-1,967	-2,479	-345	-264	-559	-799	-590	-380	-773	-736	-945	-1025
/(expenses) Other income	30	3,603	1,958	492	38	2	0	0	490	229	1 7	-	-208	-2	9 1
Operating Results	-1,396	2,331	-2,710	2,285	3,702	-2,244	-1,493	2,228	3,793	1,082	642	6 1	1,917	-2,016	-1,890
%	-4.5%	6.1%	-4.8%	2.6%	3.2%	-21.6%	-9.1%	8.8%	10.7%	3.9%	2.4%	0.2%	5.9%	-9.6%	-8.2%
Financial expense	-333	-839	-1,341	-1,481	-3,062	-234	-189	-460	-598	-515	-831	-138	-1,578	-157	-439
Financial income	856	33	97	353	75	0	24	20	309	1 8	1 7	22	1 8	1 5	46
(cost) Net finance and or income	523	-806	-1,244	-1,128	-2,987	-234	-165	-440	-289	-497	-814	-116	-1,560	-142	-393
Results before tax	-873	1,525	-3,954	1,157	715	-2,478	-1,658	1,788	3,504	585	-172	-56	358	-2,158	-2,283
%	-2.8%	4.0%	-7.0%	1.3%	0.6%	-23.8%	-10.1%	7.1%	9.9%	2.1%	-0.6%	-0.2%	1.1%	-10.3%	-9.9%
Income taxes	-849	-933	-224	-556	-3,691	-94	-140	-94	-227	-458	-362	-477	-2394	53	-239
Results Net	-1,722	592	-4,178	601	-2,976	-2,572	-1,798	1,694	3,277	127	-534	-533	-2,036	-2,105	-2,522
%	-5.6%	1.5%	-7.4%	0.7%	-2.6%	-24.7%	-10.9%	6.7%	9.2%	0.5%	-2.0%	-1.9%	-6.3%	-10.0%	-10.9%

Consolidated Balance Sheet (1)

in EUR thousands	2019	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
Non-current 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
plant and equipment Property,	9,668	8,973	9,590	14,175	16,985	23,662	14,994	15,024	15,589	16,985	20,772	19,372	17,662	23,662	21,446	21,219
Financial assets	208	115	479	830	1,499	2,889	1 3	33	222	1,499	1,899	2,315	2,557	2,889	3,068	3,260
Deferred tax assets	2,934	2,245	1,917	2,081	2,153	478	1,937	1,938	1,986	2,153	1,812	1,873	1,690	478	2,074	554
Restricted cash			340	-			-		-
Total non-current assets	18,970	18,026	19,828	25,681	29,807	41,957	25,650	26,304	27,176	29,807	33,706	32,516	37,012	41,957	41,204	39,240
Current assets
Inventory	10,341	9,006	14,999	24,114	32,244	28,878	29,785	34,605	32,876	32,244	35,369	37,297	32,913	28,878	31,459	33,103
Trade and other receivables	9,960	10,611	13,817	12,633	23,890	34,318	17,046	18,157	25,538	23,890	25,570	26,236	26,704	34,318	29,250	29,857
Cash and cash equivalents	675	1,109	3,061	16,121	12,458	30,748	6,343	7,185	4,008	12,458	33,473	24,355	28,683	30,748	20,664	18,888
Restricted cash			-	340	-		340	340	-	-
Total current assets	20,976	20,726	31,877	53,208	68,591	93,944	53,515	60,287	62,422	68,591	94,412	87,888	88,300	93,944	81,374	81,848
Total assets	39,946	38,752	51,705	78,889	98,399	135,898	79,165	86,591	89,598	98,399	128,118	120,404	125,312	135,898	122,578	121,088

Consolidated Balance Sheet (2)

in EUR thousands	2019	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
Equity
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	71,021	96,129		71,606	70,867	70,919	71,021		95,504 95,606	89,371			96,129 96,038 95,966
Translation reserves	4,093	2,424	3,966	5,591	4,510	5,982		4,870	4,898	5,644	4,510	5,217	5,379	4,163	5,982	6,839	3,305
Legal reserves	5,700	6,318	7,188	7,575	7,725	7,072		7,422	7,880	7,827	7,725	7,732	7,606	13,831	7,072	7,164	7,236
Retained earnings		-39,192 -40,915 -40,329 -44,511 -43,908 -46,875											-47,084 -48,884 -47,187 -43,908 -43,780 -44,314 -44,847 -46,875 -48,980 -51,502
Equity attributable to owners of the parent		24,353 20,961 30,454 27,897 41,933 65,193									39,117 37,345 39,788 41,933 67,557				67,161 65,403 65,193 63,946 57,890
Non-controlling interests	32	33	39	43	41	32		44	43	44	41	40	41	36	32	35	32
Total equity		24,385 20,994 30,493 27,940 41,973 65,225						39,161		37,388 39,831			41,973 67,597 67,201 65,439 65,225 63,981				57,921
Non-current liabilities
Borrowings	2,975	7,271	5,922	10,930	9,312	8,164		10,631	16,857	8,941	9,312	13,500	11,801	6,761	8,164	7,634	6,842
Lease commitments	366	365	493	1,233	2,222	4,834		2,306	2,244	2,313	2,222	3,220	2,616	2,199	4,834	3,201	3,867
Other liabilities	120	120	120	120	375	4,521		120	120	120	375	436	819	6,161	4,521	4,521	4,822
Provisions	-	-	-	-	549	568		-	-	-	549	763	705	590	568	582	525
Deferred tax liability	-	46	86	50	50	48		-	-		50	48	49	6 3	48	51	50
Total non-current liabilities	3,461	7,802	6,621		12,333 12,508	18,135			13,057 19,222				11,375 12,508 17,967 15,988 15,774			18,135 15,990 16,106
Current liabilities
Borrowings	1,171	1,554	1,140	3,620	7,363	18,771		1,961	3,456	11,139	7,363	6,072	7,398	13,095	18,771	10,464	15,570
Trade creditors	6,569	4,780	8,492	10,055	18,520	16,506		9,989	15,444	13,217		18,520 20,456	15,196	16,969	16,506	16,197	17,815
Share lending liability	-	-	-	15,000	-	-		-	-	-	-	-	-	-	-	-
Accrued expenses	3,440	2,481	3,462	7,458	11,171	11,127		11,807	8,427	9,024	11,171	9,309	8,457	8,821	11,127	10,264	8,107
Provisions	314	338	181	680	1,429	1,210		371	454	1,009	1,429	1,588	1,401	1,223	1,210	1,308	1,217
Lease commitments	388	309	343	620	830	1,633		980	1,026	1,080	830	1,904	1,696	941	1,633	1748	1,968
Tax and social security	218	494	973	1,182	4,604	3,291		1,839	1,174	2,922	4,604	3,226	3,065	3,049	3,291	2,625	2,385
Total current liabilities	12,100	9,956	14,591		38,616 43,917 52,538								26,947 29,981 38,392 43,917 42,556 37,214 44,098 52,538 42,607 47,061
Total liabilities	15,561	17,758		21,212 50,949 56,425 70,673									40,004 49,203 49,767 56,425 60,522 53,203 59,872 70,673 58,597 63,167
Total equity and liabilities		39,946 38,752		51,705 78,889 98,398 135,898					79,165 86,591				89,598 98,398 128,119 120,404 125,312 135,898 122,578 121,088

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
Cashflow from operating activities
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
Adjustment for:
Depreciation & Amortization	4,085	3,607	4,969	6,036	8,195	1,378	2,785	4,388	6,036	1,945	3,896	5,548	8,195	2,507	4,776
PPP loan forgiveness	-	-1,526	-1,948	-	-	-	-	-	-	-	-	-	-
Deferred revenue	-	-	-	4,160	-4,546	-	-	-	4,160	-2,591	-3,837	-3,669	-4,546	-988	-206
Changes in:
Changes in trade and other receivables	-651	-3,206	807	-12,955	-11,083	-3,856	-4,967	-12,143	-12,955	-2,686	-4,397	-3,862	-11,083	382	-1,336
Changes in inventories	607	-5,993	-8,424	-8,788	4,260	-6,380	-11,176	-9,028	-8,788	-2,273	-3,961	-97	4,260	-2,358	-5,016
Changes in provisions	25	-157	499	1,309	-235	-303	-220	327	1,309	361	111	-157	-235	122	1 1
Changes in trade and other payables	-2,426	6,204	5,572	11,718	-1,892	-9,810	6,695	6,331	11,718	-372	-4,786	-2345	-1,892	489	-1,448
Changes in other liabilities	-	-	-	-					-
Cash generated from operations	244	1,260	-1,236	3,765	-1,599	-21,215	-10,619	-11,634	3,765	-4,533	-11,281	-2,797	-1,599	-2,840	-7,124
Interest received and paid	-299	-348	-249	-613	-1,030	-238	-198	-613	-613	-438	-450	-948	-1,030	-321	-546
Income taxes paid	-354	-415	-278	-372	-1,372	-94	-234	-329	-372	-85	-92	-759	-1,372	-873	-919
Net cash flow from operating activities	-409	497	-1,763	2,779	-4,079	-21,546	-11,052	-12,576	2,779	-5,057	-11,823	-4,504	-4,079	-4,034	-8,590
Investing activities
Development expenditure, patents	-1,619	-1,686	-2,462	-2,045	-1,547	-419	-1,320	-1,555	-2,045	-519	-748	-931	-1,547	-456	-834
Investments in property, plant & equipment	-2,319	-2,582	-5,944	-5,706	-7,260	-334	-1,491	-2,085	-5,706	-423	-1,520	-3865	-7,260	-683	-1,757
Acquisitions, net of cash acquired					-1,466							-1466	-1,466	-	-
(non-current) Restricted cash	-	-340	-	340	-	-	-	-	340	-	-	-	-	-	-
Net cash flow used in investing activities	-3,938	-4,608	-8,406	-7,411	-10,273	-753	-2,811	-3,640	-7,411	-942	-2,268	-6,262	-10,273	-1139	-2,590

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
Financial activities
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	-	-	15,000	-15,000	-	-	-15,000	-15,000	-15,000	-	-	-	-	-
Changes in borrowings – proceeds	8,807	1,643	13,696	9,000	10,364	-	9,000	9,000	9,000	2,960	3215	5,629	10,364	-	6,575
Changes in borrowings – repayments	-3,428	-2,447	-4,779	-4,802	-575	-1,717	-3,007	-3,541	-4,802	-226	-928	-2351	-575	-4268	-5,681
Changes in shareholder loan	-	-	-	-1,638	-	-	-	-	-1,638	-	-	-	-	-
Changes in lease liabilities	-541	-433	-648	-1,088	-1,941	-266	-562	-858	-1,088	-512	-1042	-997	-1,941	-534	-1,072
Net cash flow from financing activities	4,838	6,128	23,269	986	32,604	12,531	4,945	4,115	986	26,993	25,991	27,020	32,604	4,800	-178
Net increase/(decrease) in cash and cash	491	2,017	13,100	-3,645	18,252	-9,768	-8,917	-12,100	-3,645	20,994	11,900	16,254	18,252	-9,973	11,358
equivalents
Opening position	675	1,109	3,061	16,121	12,458	16,121	16,121	16,121	16,121	12,458	12,458	12,458	12,458	30,747	30,747
Foreign currency differences on cash and cash equivalents	-57	-65	-41	-17	38	-10	-18	-13	-17	21	-3	-29	38	-110	-499
Closing position	1,109	3,061	16,120	12,458	30,748	6,343	7,185	4,008	12,458	33,473	24,355	28,683	30,748	20,664	18,890
The closing position consists of:
Cash and cash equivalents	1,109	3,061	16,120	12,458	30,748	6,343	7,185	4,008	12,458	33,473	24,355	28,683	30,748	20,664	18,890
Total closing balance in cash and cash
equivalents	1,109	3,061	16,120	12,458	30,748	6,343	7,185	4,008	12,458	33,473	24,355	28,683	30,748	20,664	18,890

Segment reporting - revenues

Segment reporting - revenues

in EUR thousands	2020	2021	2022	2023	2024	23 Q1	23 Q2	Q3 23	23 Q4	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25
North America
Machines and sales part	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	24,106	25,644	30,512	28,778	30,911	6,898	7,288	7,573	7,019	7,077	7,743	8,202	7,889	7,392	8,819
Total	26,747	31,202	38,247	32,056	34,311	8,098	8,120	8,410	7,429	7,566	9,279	9,103	8,363	8,741	8,584
Europe
Machines and sales part	3,077	5,831	16,976	54,053	74,119	1,958	8,056	16,598	27,442	19,159	16,360	16,942	21,658	11,001	12,744
Program services	990	1,411	1,150	1,501	5,584	352	301	266	581	711	930	1,401	2,542	1,256	1,728
Total	4,067	7,242	18,127	55,553	79,703	2,310	8,357	16,864	28,022	19,870	17,290	18,343	24,200	12,257	14,472
Grand total	30,815	38,444	56,373	87,610	114,014	10,408	16,477	25,274	35,451	27,436	26,569	27,445	32,564	20,998	23,056
North America	86.8%	81.2%	67.8%	36.6%	30.1%	77.8%	49.3%	33.3%	21.0%	27.6%	34.9%	33.2%	25.7%	41.6%	37.2%
Europe	13.2%	18.8%	32.2%	63.4%	69.9%	22.2%	50.7%	66.7%	79.0%	72.4%	65.1%	66.8%	74.3%	58.4%	62.8%

Contact: investors@envipco.com

For further information: www.envipco.com/investors