ENVIPCO Q4 25 Initial Poland revenues offset softer existing markets

11 Mar 2026 07:00 CET

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.

More information:
Access the news on Oslo Bors NewsWeb site

667956_Envipco Q4 25 Report.pdf
667956_Envipco Q4 25 Results Presentation.pdf