ENVIPCO Q3 25 Slow quarter on new DRS delays

12 Nov 2025 07:00 CET

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.

More information:
Access the news on Oslo Bors NewsWeb site

659379_Envipco Q3 25 Results Presentation.pdf
659379_Envipco Q3 25 Report.pdf