Q2 2025 Highlights:
• Group revenues EUR 23.1m, down 13% y/y on lower RVM sales sale in Europe
• North American revenues down 7% y/y on lower Program services
• Gross margin up by 100bp y/y to 36.6%, reflecting increased operational efficiencies offset by lower assembly plant utilization
• EBITDA EUR 0.4m reflecting continued operational investments
• Initial wins secured in Poland and Portugal building momentum into H2 25
Amersfoort, The Netherlands - 13 August 2025: Envipco, a global provider of recycling systems and reverse vending machines saw a sequential improvement in Q2 25 activity, secured new wins in new DRS markets while preparing and investing for incremental activity in new markets.
Group revenues were EUR 23.1m in the quarter, down 13% y/y. On a product line basis Program services were up 6% y/y to EUR 9.2m, as European services continued to build. RVM sales decreased 23% y/y primarily due to lower RVM sales in Europe.
Gross margin increased to 36.6% in Q2 25 compared to 35.6% in Q2 24, reflecting increased operational efficiencies, offset by lower assembly plant utilization. Gross profit was EUR 8.4m in Q2 25.
Envipco generated EBITDA of EUR 0.4m in Q2 25 with operating costs at EUR 10.4m. This compares to EBITDA of EUR 2.6m in Q2 24 with operating costs at EUR 8.8m. EBITDA margin was 1.6% in Q2 25 vs an EBITDA margin of 9.6% in Q2 24. Q2 25 operating profit was EUR -1.9m, compared to Q2 24 operating profit of EUR 0.6m.
CEO Simon Bolton comments:
"Q2 25 was softer than anticipated on market timing issues. Q2 25 revenues were EUR 23.1m, down 13% y/y with stable North American operations and Romania continuing to deliver strong performance. Our Greece activities remain muted although activity picked up from a weak start of the year. We continue to build presence in the Netherlands with our Quantum bulk feed technology.This past quarter we added another 22 team members exiting the quarter with 505 employees. We are actively investing in R&D on both existing and new products, bolstering our market development activities, and building a strong, resilient backbone adding key resources in our finance and operations teams.
Envipco secured two milestone wins with major retail groups in both Portugal and Poland in Q2 25. In Poland we will install RVMs in approximately 1,000 supermarkets for one of the country's largest retail groups. In Portugal we signed a framework agreement with a leading international retailer for delivery of approximately 250 RVMs. These wins kick off the rollout of RVMs in the two countries, improving our visibility and production capacity utilization and are important building blocks for growth into the second half of the year.
These are exciting times for Envipco. We are facing a multi-billion Euro market opportunity never seen before in the history of this industry. An established global installed base of approximately 100,000 RVMs could triple in the next few years. Successful launch of deposit return schemes in Romania, Hungary and Ireland late 2023 and early 2024 drove major growth for Envipco as we secured strong market positions. 2025 is a year of transition: continuing to deliver and expand our footprint in existing markets, positioning and starting to deliver into new greenfield DRS markets Poland and Portugal while investing for future opportunities"
Outlook:
Envipco continues to expand and build market position in existing markets and expects building momentum and growth through the year, with Q4 anticipated to be the strongest quarter of the year. The company's activities in the North American market is expected to show moderate growth until new legislation is passed or new market opportunities arise. Romania sales performance continues to be strong, and order backlog gives support to H2 25. Hungary activity has stabilized at a lower level as the DRS operator works through improving operating efficiency of the DRS system, prolonging the anticipated rollout cycle of new RVMs. Greece is expected to build momentum in H2 25, specifically in the final quarter of the year. The outlook for the Dutch market is promising based on the Statiegeld Nederland frame agreement.
Poland and Portugal are preparing for DRS go live. There continues to be questions and discussions around the scope and launch of the DRS in Poland. The Portugese DRS operator SDR Portugal has yet to announce an official startup date. Current expectations are for a soft startup of the Polish DRS from October 2025, and a soft startup of the Portugal DRS on the back end of Q1 26. Envipco has secured and announced key wins in both markets, and is prepared to deliver on the agreements when the customers are ready. Most retailers in both markets have yet to make decisions on their RVM procurements.
Envipco will conduct a webcasted capital markets update 9 September 2025 in Oslo with a broader strategic review.
Subsequent events:
On 5 August 2025 Envipco announced closing of a new consolidated working capital financing facility with ABN AMRO Bank N.V. to better support the Company's global operations. The facility provides flexible capacity up to EUR 21m.As part of the arrangement all existing US based financing has been repaid. Net of repayments, the Company's working capital capacity is increased by EUR 10m.
On 7 August 2025 Envipco announced a frame agreement for out of home locations with the Dutch deposit management operator Statiegeld Nederland. Envipco will focus on deploying Quantum bulk feed collection systems under the agreement. The agreement runs to end 2026 with option for extension and includes 8 year service contracts on all deliveries
Results presentation:
The company will host a webcast to present the results today 13 August 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
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 at 2025-08-13 07:00 CEST.
• Group revenues EUR 23.1m, down 13% y/y on lower RVM sales sale in Europe
• North American revenues down 7% y/y on lower Program services
• Gross margin up by 100bp y/y to 36.6%, reflecting increased operational efficiencies offset by lower assembly plant utilization
• EBITDA EUR 0.4m reflecting continued operational investments
• Initial wins secured in Poland and Portugal building momentum into H2 25
Amersfoort, The Netherlands - 13 August 2025: Envipco, a global provider of recycling systems and reverse vending machines saw a sequential improvement in Q2 25 activity, secured new wins in new DRS markets while preparing and investing for incremental activity in new markets.
Group revenues were EUR 23.1m in the quarter, down 13% y/y. On a product line basis Program services were up 6% y/y to EUR 9.2m, as European services continued to build. RVM sales decreased 23% y/y primarily due to lower RVM sales in Europe.
Gross margin increased to 36.6% in Q2 25 compared to 35.6% in Q2 24, reflecting increased operational efficiencies, offset by lower assembly plant utilization. Gross profit was EUR 8.4m in Q2 25.
Envipco generated EBITDA of EUR 0.4m in Q2 25 with operating costs at EUR 10.4m. This compares to EBITDA of EUR 2.6m in Q2 24 with operating costs at EUR 8.8m. EBITDA margin was 1.6% in Q2 25 vs an EBITDA margin of 9.6% in Q2 24. Q2 25 operating profit was EUR -1.9m, compared to Q2 24 operating profit of EUR 0.6m.
CEO Simon Bolton comments:
"Q2 25 was softer than anticipated on market timing issues. Q2 25 revenues were EUR 23.1m, down 13% y/y with stable North American operations and Romania continuing to deliver strong performance. Our Greece activities remain muted although activity picked up from a weak start of the year. We continue to build presence in the Netherlands with our Quantum bulk feed technology.This past quarter we added another 22 team members exiting the quarter with 505 employees. We are actively investing in R&D on both existing and new products, bolstering our market development activities, and building a strong, resilient backbone adding key resources in our finance and operations teams.
Envipco secured two milestone wins with major retail groups in both Portugal and Poland in Q2 25. In Poland we will install RVMs in approximately 1,000 supermarkets for one of the country's largest retail groups. In Portugal we signed a framework agreement with a leading international retailer for delivery of approximately 250 RVMs. These wins kick off the rollout of RVMs in the two countries, improving our visibility and production capacity utilization and are important building blocks for growth into the second half of the year.
These are exciting times for Envipco. We are facing a multi-billion Euro market opportunity never seen before in the history of this industry. An established global installed base of approximately 100,000 RVMs could triple in the next few years. Successful launch of deposit return schemes in Romania, Hungary and Ireland late 2023 and early 2024 drove major growth for Envipco as we secured strong market positions. 2025 is a year of transition: continuing to deliver and expand our footprint in existing markets, positioning and starting to deliver into new greenfield DRS markets Poland and Portugal while investing for future opportunities"
Outlook:
Envipco continues to expand and build market position in existing markets and expects building momentum and growth through the year, with Q4 anticipated to be the strongest quarter of the year. The company's activities in the North American market is expected to show moderate growth until new legislation is passed or new market opportunities arise. Romania sales performance continues to be strong, and order backlog gives support to H2 25. Hungary activity has stabilized at a lower level as the DRS operator works through improving operating efficiency of the DRS system, prolonging the anticipated rollout cycle of new RVMs. Greece is expected to build momentum in H2 25, specifically in the final quarter of the year. The outlook for the Dutch market is promising based on the Statiegeld Nederland frame agreement.
Poland and Portugal are preparing for DRS go live. There continues to be questions and discussions around the scope and launch of the DRS in Poland. The Portugese DRS operator SDR Portugal has yet to announce an official startup date. Current expectations are for a soft startup of the Polish DRS from October 2025, and a soft startup of the Portugal DRS on the back end of Q1 26. Envipco has secured and announced key wins in both markets, and is prepared to deliver on the agreements when the customers are ready. Most retailers in both markets have yet to make decisions on their RVM procurements.
Envipco will conduct a webcasted capital markets update 9 September 2025 in Oslo with a broader strategic review.
Subsequent events:
On 5 August 2025 Envipco announced closing of a new consolidated working capital financing facility with ABN AMRO Bank N.V. to better support the Company's global operations. The facility provides flexible capacity up to EUR 21m.As part of the arrangement all existing US based financing has been repaid. Net of repayments, the Company's working capital capacity is increased by EUR 10m.
On 7 August 2025 Envipco announced a frame agreement for out of home locations with the Dutch deposit management operator Statiegeld Nederland. Envipco will focus on deploying Quantum bulk feed collection systems under the agreement. The agreement runs to end 2026 with option for extension and includes 8 year service contracts on all deliveries
Results presentation:
The company will host a webcast to present the results today 13 August 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
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 at 2025-08-13 07:00 CEST.
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