ENVIPCO Q3 26 - Rising sales growth and record customer awards

 Q3 26 highlights:
- Group revenues EUR 26.5m, up 18% y/y on stronger US RVM sales and higher Europe program services
- Gross margin of 33.1%, continuing to reflect investments in service teams and underutilization in assembly operations
- EBITDA EUR -0.6m and operating profit at EUR -3.1m on sequentially higher gross margin and lower opex
- Strong commercial traction largely driven by 7,100 RVM committed orders in the UK to date
Subsequent events
- On 28 October Envipco was announced as exclusive supplier to a major UK retailer for delivery of approximately 1,700 Compact, Flex, Optima and Magna RVMs from Q1 27
- In November, Envipco entered into an asset financing agreement for RVMs on throughput contract providing liquidity of EUR 8m for existing contracts

Amersfoort, The Netherlands, 11 November 2026 - Envipco Holding N.V. ("Envipco" or "the Company"), a leading global provider of recycling systems and Reverse Vending Machine (RVM) technology, reported rising sales growth in Q3 26 with revenues up 18% y/y to EUR 26.5m driven by higher RVM revenues from North America and growth in European program services.

“We remain committed to our communicated strategy. We are strengthening our execution and creating a more agile and responsive organization to convert opportunities into profitable growth. This includes building one global commercial organization, reallocating selected resources to where demand is building and refining business processes” says CEO José Matthijsse.

On a product line basis, RVM revenues increased 17% to EUR 15.3m on higher sales in North America, while program service revenues were a record EUR 11.2m, up 19% on growth in Europe.

Geographically, Europe saw a 7% revenue increase to EUR 15.2m, with recurring program revenue up 91% to EUR 3.4m. North America delivered record revenues of EUR 11.3m, up 37%.

Gross margin was 33.1% compared to 35.0% in Q3 25 and up from 32.2% in Q2 26, with the level continuing to reflect low capacity utilization in assembly operations and building of service organizations in new markets. Gross profit for the quarter ended at EUR 8.8m, up from EUR 7.9m in the third quarter last year.

Operating expenses amounted to EUR 11.9m in the third quarter, up 13% y/y but down sequentially from EUR 12.1m in Q2 26, with the y/y increase mainly reflecting higher headcount and professional fees as part of key improvement projects. EBITDA for the third quarter of 2026 ended at EUR -0.6m, compared to an EBITDA of EUR -0.3m in Q3 25, with operating profit of EUR -3.1m compared to EUR -2.7m in Q3 25.
 
Outlook:
Envipco is experiencing market tailwinds as DRS is being mandated across the EU on approved regulation and enacted DRS legislation. Several European markets are in process of launching, or expected to launch, their deposit return systems in the years to come, which could triple the company's total addressable market.

The company's US operations are expected to remain stable with some growth in RVM sales from new RVM orders. In Europe Envipco has secured Romanian orders for 2027 deliveries, building into the long-tail of the market. The company is delivering on its Portugal wins and continues to develop the broader market. Envipco is sharpening its commercial approach in Poland. The Netherlands remains a dynamic and promising opportunity for the company and the frame agreement with the DRS operator has been extended through 2027.

The UK represents the largest commercial driver for Envipco from 2027. Envipco has established a strong initial market position with secured wins for 7,100 RVMs in addition to a preferred supplier agreement offering additional sales potential. Envipco remains heavily engaged to secure its target share in the UK market.

Greece is progressing towards launching national DRS with DRS Hellas recently appointed as DMO for a 5-year term. Envipco is actively positioning towards this market opportunity together with its local distributor.

The initiatives to strengthen the company’s execution and create a more agile and responsive organization result in some redundancies and the company expects to incur EUR 3m restructuring charge in Q4 26, driving EUR 4m of savings in 2027.

While continuing to invest in strategic priorities, Envipco will remain focused on efficiency, capital allocation, and cash conversion. The company maintains sufficient liquidity to fund current operations and expects to improve its liquidity position through working capital optimization, financing of RVMs under throughput agreements and expanded working capital facilities.

Results presentation:
The company will host a webcast to present the results today, 11 November 2026 at 8:00 a.m. CET. To join the webcast, use the following link: www.envipco.com/investors. Following the presentation, it will be opened to questions from the audience. The presentation and the following Q&A session will be in English.