Envipco Holding N.V. — Earnings Release 2025

Mar 11, 2026

ENVIPCO Q4 25 Initial Poland revenues offset softer existing markets

ENVIPCO Q4 25 Initial Poland revenues offset softer existing markets

Highlights:

Q4 2025

* Group revenues EUR 23.8m, -27% y/y on lower existing European RVM sales

while Poland sales build

* Gross margin 25.1%. Adjusted for non-recurring items gross margin was 32.3%,

reflecting continued underutilization in assembly operations and investments

in service teams.

* EBITDA EUR 0.7m with operating profit at -1.0m including EUR 4.1m in other

income

* Solid financial platform with cash balances at EUR 59.9m

Full year 2025

* Group revenues EUR 90.4m, -21% y/y on lower European RVM sales in existing

markets and delays in new DRS markets

* Gross margin 33.3%, or 35.2% adjusted, compared to 37.1% in 2024.

* EBITDA EUR 1.2m with opex up 8% y/y to EUR 41.8m

Amersfoort, The Netherlands, 11 March 2026 - Envipco, a global provider of

recycling systems and reverse vending machines, saw slower deployments in

several existing markets, resulting in a weaker Q4 2025 for the company. The

development was partly offset by initial revenues from Poland, in addition to

a strong development for bulk-feed machines in the Netherlands and Sweden.

Group revenues for the fourth quarter amounted to EUR 23.8m, down 27%

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

to EUR 9.2m, while RVM sales were down 46% on lower European RVM revenues.

Gross margin ended at 25.1% down from 40.6% in Q4 24. Q4 25 gross margin

include inventory provisions on end-of-life products and year-end true-ups.

Adjusted for these items underlying gross margin was 32.3%, continuing to

reflect lower capacity utilization in assembly operations and building of

service organization in new markets. Gross profit for the quarter ended at EUR

6.0m.

CEO Simon Bolton comments: " In Q4 2025, Envipco reported its first revenues

from Poland. Poland is the 18th European country to launch a DRS and is

expected to become one of the largest markets to date. While activity in the

Netherlands remained strong, driven by bulk feed deliveries, and Romania

continued to show solid momentum, deployments in several existing markets

progressed more slowly.

During the year, Envipco successfully developed and launched several new

products, including Compact, Magna, and Quantum S. These innovations are

expected to become important drivers. At the same time, our engineering teams

delivered further cost optimizations and introduced new features across the

product portfolio. We continued the rollout of our EOS ERP system and

strengthened the finance organization under the leadership of our new CFO.

Despite 2025 being a transitional year resulting in negative growth Envipco

has never been better positioned - financially, operationally, or

strategically. The market outlook is highly attractive, with a wave of new DRS

implementations expected across Europe in the years ahead."

Fourth quarter 2025 EBITDA ended at EUR 0.7m compared to EBITDA of EUR 4.6m in

Q4 24, with operating expenses unchanged at EUR 11.1m. This corresponds to an

EBITDA margin of 2.9% vs 14.1% in Q4 24. Q4 25 operating profit was EUR -1.0m,

compared to EUR 1.9m in Q4 24.

Outlook:

Envipco is experiencing market tailwinds as DRS is being mandated across the

EU and beyond.

In Europe the company expects to build momentum in Poland and Portugal.

Romania business activity is expected to be robust, although overall lower

than last year and Hungary commercial activities are expected to hold steady.

Netherlands is building strong sales momentum, and the company will deliver on

extension orders in Malta. While still undetermined the latter half of the

year could offer commercial opportunities in Greece if DRS is launched as

planned.

Most of Envipco's European revenue will be new RVM sales as Envipco generates

limited service revenues during DRS startup and warranty periods. European

Program service revenues will grow as the installed base expands. The actual

timing and character of DRS introduction and go-live, retail structure and

procurement patterns will affect Envipco's growth. Quarterly variations are

expected.

Envipco will maintain its disciplined approach to managing operating costs,

investments, and working capital to ensure efficiency and readiness for growth

ahead. The company maintains a solid cash position to support future growth

initiatives.

Results presentation:

The company will host a webcast to present the results today, 11 March 2026 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 subject to disclosure under the Norwegian Securities

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

agency of the contact persons set out above, at 2026-03-11 07:00 CET.