Regulatory press release

ENVIPCO Q4 25 – Initial Poland revenues offset softer existing markets

Envipco Holding

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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

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.