Envipco Holding N.V.

Earnings Release • Nov 12, 2025

ENVIPCO Q3 25 Slow quarter on new DRS delays

ENVIPCO Q3 25 Slow quarter on new DRS delays

Q3 2025 Highlights:

* Group revenues down 18% due to lower Europeans RVM sales

* Gross margin impacted by expansion of service capacity and lower capacity

utilization

* EBITDA EUR -0.3m on stable operating costs

* Raised new equity of EUR 54m and refinanced EUR 21m working capital facility

* Cash balance EUR 62.7m

Amersfoort, The Netherlands, 12 November 2025 - Envipco, a global provider of

recycling systems and reverse vending machines, experienced a slow third

quarter 2025 primarily due to delays in implementation of deposit return

schemes (DRS) in new European markets.

Group revenues for the third quarter amounted to EUR 22.5m, down 18%

year-over-year. On a product line basis, Program service revenues were down 2%

to EUR 9.6m, while RVM sales decreased 29%, primarily driven by lower RVM

sales in Europe.

Gross margin ended at 35%, down 1.6 percentage points from the corresponding

quarter last year, largely due to service capacity expansions in addition to

lower capacity utilization. Gross profit was EUR 7.9 m in Q3 25.

CEO Simon Bolton comments: " The third quarter came in softer than we had

anticipated. While Romania, the Netherlands and Sweden all report promising

advances, other existing markets have seen slower deployments and commercial

opportunities from new markets are shifting into 2026. Although we view this

largely as timing issues, it negatively impacts our revenues and profitability

in the quarter.

However, the current year is a year of transition for Envipco. We continue to

deliver and expand our footprint in existing markets while building market

positions in established deposit return schemes. Evidence continues to build

that existing markets remain rich with untapped long-tail opportunities. While

short-term growth has softened due to extended timelines for new DRS market

opportunities, the long-term potential remains both significant and

increasingly validated. This is inherent to our business model: growth is

largely determined by the timing and nature of new DRS markets, and short- to

medium-term fluctuations are therefore to be expected."

Third quarter 2025 EBITDA ended at EUR -0.3m compared to EBITDA of EUR +0.5m

in Q3 24, with operating expenses relatively stable at EUR 10.6m. This

corresponds to an EBITDA margin of -1.5% vs 6.4% in Q3 24. Q3 25 operating

profit was EUR -2.7m, compared to EUR 0.1m in Q3 24.

Outlook:

Envipco is facing increasing market opportunities as DRS is being mandated

across the EU and beyond. Poland has recently soft-launched national DRS, and

several markets are expected to launch their deposit return schemes in the

years to come, which could triple Envipco's total addressable market. However,

the actual timing and character of DRS introduction and go-live, retail

structure and procurement patterns will affect Envipco's growth and quarterly

variations are expected.

Short- to mid-term, the majority of Envipco's European revenue will stem from

new RVM sales, as Envipco generates limited service-revenues during DRS

startup and warranty periods. As the company's installed base expands,

European Program service revenues will grow.

As some market opportunities are delayed, Envipco is maintaining its

disciplined approach to managing operating costs, investments, and working

capital to ensure efficiency and readiness for growth ahead.

Results presentation:

The company will host a webcast to present the results today 12 November 2025

at 8:00 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 information that Envipco Holding is obliged to make public

pursuant to the EU Market Abuse Regulation. The information was submitted for

publication, through the agency of the contact persons set out above, at

2025-11-12 07:00 CET.