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Q2 26 Results Presentation envipco 12 August 2026 MA @envipco
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THIS PRESENTATION may contain forward looking statements. These statements are based on current expectations, estimates and projections of Envipco’s management and information currently available to the company. Envipco cautions that such statements contain elements of risk and uncertainties that are difficult to predict and that could cause actual performance and position to differ materially from these statements. Envipco disclaims any obligation to update or revise any statements made in this presentation to reflect subsequent events or circumstances, except as required by law. Certain figures in this presentation, including financial data, have been rounded. Accordingly, figures shown for the same category presented in different tables may vary slightly and figures shown as totals in certain tables may not be an exact arithmetic aggregation of the figures which precede them. Disclaimer
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What 90 days has taught me 3 José Matthijsse, CEO since May 2026 Clear priorities: Deliver on strategy, execute on opportunities, deliver profitable growth First months All locations visited. Teams, customers, DRS operators, investors and analysts What I found Strong value proposition, large market opportunity, focused strategy and committed people Short and mid-term focus ➢ Reporting discipline, centralize accounting ➢ Simplifying the operating model ➢ Focus on execution
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Financial Highlights Q2 26 ● Return to revenue growth with group revenues EUR 26.1m, +13% y/y on mixed performance in Europe and stable US operations ● Gross margin 32.2% continue to reflect investments in service teams and underutilization of assembly operations ● EBITDA EUR -1.7m with operating profit at EUR -3.7m ● Building solid backlog with four UK wins to date ● Cash balance EUR 18.7m as inventories are built for anticipated new market opportunities Revenue development EUR million, unaudited 23.1 22.5 23.8 19.7 26.1 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Gross profit development EUR million, unaudited 8.4 7.9 6.0 6.7 8.4 36.6% 35.0% 32.3% 34.1% 32.2% Q2 25 Q3 25 Q4 25 Q1 26 Q2 26
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● CEO José Matthijsse assumed role 18 May 2026 ● Delivering on wins in Portugal ● Started delivery on RVM throughput agreement with Netto Polska ● Announced four wins with major UK retailers totaling 5,400 RVMs to date ● Record Quantum deployments in the Netherlands ● 646 employees at quarter end Operational Highlights 5 Building commercial pipeline
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Financial review
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Profit & Loss in EUR million, unaudited Q2 26 Q2 25 H1 26 H1 25 FY 25 Revenues 26.1 23.1 45.8 44.1 90.3 - Europe 15.1 12.3 29.1 26.7 56.0 - North America & RoW 11.1 8.7 16.8 17.3 34.3 Gross Profit 8.4 8.5 15.1 16.3 30.2 Gross margin % 32.2% 36.6% 33.0% 37.0% 33.4% Operating Expenses 12.1 10.4 23.4 20.2 41.8 EBIT -3.8 -1.9 -8.3 -3.9 -7.7 Net profit/(loss) after taxes and minorities -4.1 -2.5 -8.6 -4.6 -0.7 EBITDA -1.7 0.4 -3.8 0.9 1.1 Q2 26 ● Group revenues EUR 26.1m, +13% y/y ○ Higher RVM sales in Europe ○ North America +5% y/y ● Gross margin 32.2% (36.6%) ○ Lower capacity utilization in assembly ops ○ Continued build of service organization ● Operating expenses EUR 12.1m (10.4m) ● EBITDA EUR -1.7m (0.4m) H1 26 ● Group revenues EUR 45.8m (+4% y/y) ● Gross margin 33.0%, down from 37.0% in H1 25 ● Operating expenses EUR 23.4m (20.2m) ● EBITDA EUR -3.8m (0.9m) ○ EBITDA margin -8.3% (2.0%)
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Europe Quarterly revenues (EUR million, unaudited) Q2 26 ● Revenues EUR 17.1m, +18% y/y ○ Timing of markets cause quarterly variations ● RVM sales EUR 14.8m, +16% y/y ○ New markets Poland and Portugal key sales growth driver ○ Strong sales in Netherlands ○ Hungary, Romania and Sweden more mature markets, although Romania continues to generate solid revenue base ● Program services EUR 2.3m, +32% y/y LTM revenues (EUR million, unaudited) 1.7 1.8 2.3 1.8 2.3 12.7 12.5 12.7 10.2 14.8 14.4 14.3 15.0 12.0 17.1 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Program services RVM sales 6.7 8.2 62.3 50.2 68.6 58.4 LTM Q2 25 LTM Q2 26
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Q2 26 ● Revenues of EUR 9.0m, +5% y/y ○ FX adjusted +8% ● Program services revenues -3% y/y to EUR 7.3m ○ Flat activity, revenues down on weaker USD ● RVM sales +56% y/y to EUR 1.7m ○ Delivering on contracts with Connecticut- based convenience store chains LTM revenues (EUR million, unaudited) 7.5 7.6 6.9 7.0 7.3 1.1 0.7 1.9 0.7 1.7 8.6 8.2 8.7 7.7 9.0 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Program services RVM sales 31.0 28.7 4.5 5.0 35.5 33.7 LTM Q2 25 LTM Q2 26 Quarterly revenues (EUR million, unaudited) North America
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Gross margin ● Reported margin 32.2% (36.6%) ○ Lower capacity utilization in assembly operations ○ Continued build of service organization in new markets ● Investment ahead of revenue ○ Field service and installation teams staffed ahead of install volumes in Poland, Portugal and the UK (carried in COGS) ○ Assembly plants running below capacity; utilization recovers as DRS deliveries build Gross profit development EUR million, unaudited 8.4 7.9 6.0 6.7 8.4 36.6% 35.0% 32.3%* 34.1% 25.1 % 32.2 % Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 *adjusted for inventory provisions and year -end true-ups
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Operating costs ● Total opex EUR 12.1m in Q2 26, up 17% y/y ○ Sequential increase in opex reflects higher professional fees and marketing ● Cost base building for the upcoming wave ○ Teams and facilities established in Poland, Portugal, the UK and Spain 1–3 years ahead of DRS go-live ● Operating leverage comes with revenue ○ Opex ratio down to 47% of revenue from 57% in Q1 26, on higher revenues Operating costs (EUR million, unaudited) 10.4 10.6 11.1 11.2 12.1 Q2 25 Q3 25 Q4 25 Q1 26 Q2 26 Underlying opex
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Financial position Q2 26 ● Balance sheet total up to EUR 155.0m (151.1m) ○ Cash EUR 18.7m (41.6m) ○ Equity EUR 95.0m, equity ratio 61% ● Working capital up EUR 21.0m to EUR 89.4m ○ Inventories up EUR 14.8m to EUR 49.3m on long- lead components and finished goods for new markets ○ Trade receivables up EUR 6.2m to EUR 40.0m on back-end loaded sales ● Borrowings down EUR 1.2m to EUR 17.5m on scheduled repayments ○ Q4 25 reclassification reversed following waiver ● Current liabilities EUR 39.7m (44.8) ○ Trade creditors up EUR 6.0m to EUR 19.2m Balance sheet (EUR million, unaudited) 47.0 41.2 89.4 68.3 18.7 41.6 Assets 30.06.26 Assets 31.03.26 Cash Current assets Non-current assets 155.0 151.1 95.0 98.6 20.3 7.8 39.7 44.8 155.0 151.1 Debt & Equity 30.06.26 Debt & Equity 31.03.26 Current liabilities Non-current liabilities Equity
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The WC build is sized to a step-change in volume 13 RVMs sold vs. announced RVM sales pipeline (Units) Why this drives working capital 0 2,000 4,000 6,000 8,000 2024 2025 Pipeline 2026–27 Installed / delivered Announced pipeline for 2026–27 delivery ~7,000 units announced for 2026–27 delivery Announced orders and appointments across the UK, Poland, Portugal and U.S. Investment, not leakage Components and RVMs are built up first — cash out now, revenue on delivery and through program services It converts, then recurs Delivery unwinds inventory into revenue and seeds a recurring revenue base from service, parts and replacements More to come Poland, Portugal, UK, Netherlands and Greece could add materially to the order book Continuing to build
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Cash flow Q2 26 ● Cash from operating activities EUR -17.0m ○ Net working capital increase of EUR 13.7m, driven by an inventory build of EUR 14.8m ● Cash flow from investing activities EUR -6.0m ○ PP&E investments of EUR 5.6m, mainly RVMs for throughput services ○ Capitalized R&D of EUR 0.4m ● Cash flow from financing activities EUR -0.5m ○ Debt repayments and lease liabilities largely offset by settlement of shareholder loan ● Net change cash in Q2 26 EUR -23.5m ○ Ending cash balance EUR 18.7m incl EUR 0.6m FX effects on cash * Unaudited figures. FX difference on cash balances included in cash from financing in chart. Cash flow (EUR million, unaudited) -17.0 -6.0 0.1 41.6 18.7
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Markets
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16 Anticipated next wave of DRS legislation in European markets Markets prioritized from DRS second wave Note: 1. Key milestones taken from the Regulation (EU) 2025/40 of the European Parliament and the Council on packaging and packaging waste, amending Regulation (EU) 2019/1020 and Directive (EU) 2019/904, and repealing Directive 94/62/EC. 2. Belgium, Bulgaria, Cyprus, Luxembourg and Slovenia are also anticipated to evaluate DRS implementation to meet requirements under EU PPWR. Population Romania 19.0 Hungary 9.6 Ireland 5.3 Poland 36.7 Portugal 10.6 Greece 10.4 UK 68.4 Turkey 85.3 Serbia 6.6 Spain 48.4 France 68.3 Italy 58.9 Czech Republic 10.9 EU legislation 1 2029 20302023 2024 2025 2026 2027 2028 EU PPWR approval 25% rPET 80% container recovery without DRS 90% container recovery and mandatory DRS 30% rPET Legislative considerations and planning Preparations Implementation and execution Publicly announced launch Expected launch
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17 ● Strong established U.S. position: ~45% market share, ~7k RVMs installed, 40+ years of pioneering experience ● Deliveries started on 200+ RVM orders with two Connecticut discount retailers, completion expected by end 2026 ● First Quantum installed at a Connecticut redemption center, and first Quantum installed in California in Q3 26 ● 2026 outlook: stable operations with some growth in RVM sales U.S. Steady execution in a mature market
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Off to a strong start in the UK market 18 ● Appointed RVM supplier by four leading UK retailers ~5,400 RVMs to date ● UK DRS progressing on schedule towards Oct 2027 go-live ○ Established handling fee structure and grant program to secure broad national collection network ● Envipco is heavily engaged in the remaining undecided market ~5,400 RVM appointments across four UK retailers 35k RVM market potential estimate 7 2 33 18 60 Superstores Discounters CSs >100m2 CSs <100m2 Total market UK grocery stores by category (k) Appointments to date ~1,500 Signed contract Compact RVMs to Iceland Foods ~650 Flex and Optima RVMs, exclusive, to a leading British supermarket chain ~1,000 Flex RVMs to a national UK retailer ~2,300 Compact, Flex and Optima RVMs to one of the largest UK retailers H1 2027 Deliveries from under sales and service agreements
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Poland — Building into the market 19 ● Poland DRS live since Oct 2025 - order intake slower than anticipated ● Envipco building position through firm orders and preferred- supplier agreements with major retail groups ● Refreshed operating model ○ Renewed team in place ○ More granular and proactive market approach ○ Applying market learnings to tailor value proposition ● Rising return volumes to drive a second wave of deployments as stores move from manual to automated collection ● Initial market potential ~15k RVMs from ~20k stores >200m² mandated, broader pool of ~40k stores encouraged to accept returns
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Portugal — DRS live, activity stepping up 20 1,700 Retail stores >400m2 2,600 Retail stores 100-400m2 ● Portugal DRS launched 10 April 2026 with a grace period for industry participants — 19th EU country to implement DRS ● Activity increased significantly in Q2 26 as Envipco delivered on secured orders across its entire product line ○ Sole supplier of the Bulk-Feed Collection Network for SDR Portugal — up to 50 Quantum XL/XXL over 12-15 months ○ Exclusive frame agreement with Iberian retail group Coviran, up to 200 RVMs over 12 months ○ Frame agreement with Spar Portugal ○ Previously announced LOI of ~250 RVMs with Intermarché in delivery phase ● Pipeline growing from opportunities in the next wave of retailers
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● Entered the Dutch market through a brownfield growth strategy, offering Quantums to efficiently drive collections ● Frame agreement with DMO Statiegeld Nederland from Q3 25 ● Record Quantum deployments in Q2 26, with the order book continuing to build ● Promising market outlook as DMO continues to invest to reach 90% collection targets Netherlands — Record Quantum deployments
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● Envipco has built a strong pre-DRS market position in Greece through its local distributor ○ 500 Quantum bulk-feed collection points installed ○ Quantum and Compact assembly ● DRS launch is delayed but progressing, offering commercial opportunities for Envipco ● Positioning through local distributor, ready to capture the Greek DRS opportunity Greece — Progressing towards national DRS 22 ~90% Pre-DRS market share 500+ Quantums installed
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Outlook
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Unlocking the potential of Envipco 24 A value proposition customers trust The right solutions, reliable service, and sales teams seen as trusted partners Proved we can capture markets +30% average share across new DRS markets entered Discipline is the job now Alignment across the organization, reinforced discipline, execution across the business 3x Total addressable market Driven by regulation EUR 4bn+ Market opportunity
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Envipco growth platform 25 Four pillars of development building on a strong fundament Existing business Develop current markets Greenfield growth New DRS markets Brownfield growth Existing DRS markets M&A Expand markets and segments
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● Market tailwinds — DRS mandated across the EU and beyond. Coming launches will triple Envipco's addressable market. ● 2026 portfolio — Netherlands strong, Portugal converting, Romania robust though below 2025. Poland building despite slower order intake. U.S. stable. ● Looking ahead — UK on track for October 2027 DRS, four wins for ~5,400 RVMs, heavily engaged in the undecided market. Greece progressing towards DRS. ● Disciplined execution on strategy Outlook Disciplined execution to deliver profitable growth 26
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Next event: 11 November 2026 – Q3 26 results
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Q&A Contact: investors@envipco.com For further information: www.envipco.com/investors
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30 Interim financial statements (IFRS) Consolidated Statement of Comprehensive Income EURk (unaudited and not reviewed by the external auditor) Q2 26 Q2 25 YTD 2026 YTD 2025 Revenues 26,118 23,056 45,848 44,054 Cost of revenue (17,718) (14,606) (30,724) (27,774) Gross Profit 8,400 8,450 15,124 16,280 Selling and distribution expenses (1,447) (1,368) (2,823) (2,674) General and administrative expenses (9,561) (7,966) (18,333) (15,559) Research and development expenses (1,146) (1,025) (2,197) (1,970) Other income /(expenses) - 19 - 17 Operating Results (3,755) (1,890) (8,229) (3,906) Net finance (cost) and or income (437) (393) (406) (535) Results before tax (4,192) (2,283) (8,635) (4,441) Income taxes 321 (239) 286 (186) Net Results (3,871) (2,522) (8,349) (4,627) Other comprehensive income: Exchange differences on translating foreign operations (2) (1,646) (90) (2,676) Total other comprehensive income (2) (1,646) (90) (2,676) Total comprehensive income (3,873) (4,168) (8,439) (7,303) Profit attributable to: Owners of the parent (3,873) (2,522) (8,351) (4,627) Non-controlling interests 2 - 2 - Total Profit/(loss) for the period (3,871) (2,522) (8,349) (4,627) Total comprehensive income attributable to: Owners of the parent (3,875) (4,168) (8,441) (7,303) Non-controlling interests 2 - 2 - Total comprehensive income (3,873) (4,168) (8,439) (7,303) Number of weighted average (exclude treasury shares) shares used for calculations of EPS 66,090 57,690 66,090 57,690 Earnings/(loss) per share for profit attributable to the ordinary equity holders of the parent (0.06) (0.04) (0.13) (0.08)
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31 Interim financial statements (IFRS) Consolidated balance sheet EURk (unaudited and not reviewed by the external auditor) 30.06.2026 31.03.2026 31.12.2025 30.09.2025 30.06.2025 Intangible assets 13,943 14,453 14,082 14,229 14,207 Property, plant and equipment 28,234 23,135 24,045 21,217 21,219 Financial assets 3,842 3,146 2,492 3,306 3,260 Deferred tax assets 942 424 564 488 554 Total non-current assets 46,961 41,158 41,183 39,239 39,240 Current assets Inventory 49,345 34,541 29,352 32,380 33,103 Trade and other receivables 40,007 33,805 29,566 30,446 29,857 Cash and cash equivalents 18,724 41,613 59,859 62,706 18,888 Total current assets 108,076 109,959 118,777 125,532 81,848 Total assets 155,037 151,117 159,960 164,771 121,087 Share capital 3,305 3,305 3,305 3,305 2,885 Share premium 146,568 147,142 147,142 147,227 95,966 Translation reserves 3,254 2,985 3,344 3,356 3,305 Legal reserves 7,814 7,239 7,239 7,232 7,236 Retained earnings (65,954) (62,136) (57,602) (55,536) (51,502) Equity to owners of the parent 94,987 98,534 103,428 105,582 57,890 Non-controlling interests 34 32 32 31 32 Total equity 95,021 98,567 103,460 105,613 57,921 Borrowings 14,503 1,532 1,700 17,174 6,842 Lease liabilities 4,568 4,491 5,281 3,703 3,867 Other liabilities 456 836 530 3,985 4,822 Provisions 820 902 1,013 418 525 Deferred tax liability 0 40 40 50 50 Total non-current liabilities 20,347 7,800 8,564 25,331 16,106 Borrowings 2,998 17,177 17,103 5,607 15,570 Trade creditors 19,190 13,177 15,110 13,806 17,815 Accrued expenses 10,183 8,047 9,958 9,188 8,107 Provisions 963 701 573 972 1,217 Lease liabilities 2,436 1,880 2,378 1,972 1,968 Tax and social security 3,899 3,768 2,814 2,283 2,385 Total current liabilities 39,669 44,750 47,936 33,828 47,062 Total liabilities 60,016 52,550 56,500 59,158 63,168 Total equity and liabilities 155,037 151,117 159,960 164,771 121,087
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32 Interim financial statements (IFRS) Consolidated cash flow statement EURk (unaudited and not reviewed by the external auditor) Q2 26 Q2 25 YTD 2026 YTD 2025 Operating results (3,755) (1,890) (8,229) (3,906) Adjustment for: Depreciation & Amortization 2,080 2,270 4,432 4,776 Deferred revenue (820) 782 (288) (206) Changes in: Changes in trade and other receivables (7,001) (1,719) (11,054) (1,136) Changes in inventories (14,804) (2,658) (19,994) (5,016) Changes in provisions (213) (111) (197) 11 Changes in trade and other payables 8,252 (959) 5,372 (1,448) Cash generated from operations (16,261) (4,284) (29,958) (7,124) Interest received and paid (541) (225) (788) (546) Income taxes paid (286) (47) (1,193) (919) Net cash flow from operating activities (17,088) (4,556) (31,939) (8,590) Development expenditure, patents (414) (378) (1,153) (834) Investments in property, plant & equipment (5,565) (1,073) (6,136) (1,757) Acquisitions - - - - Net cash flow used in investing activities (5,979) (1,451) (7,289) (2,591) Net proceeds of share issue - - - - Changes in borrowings – proceeds - 6,575 - 6,575 Changes in borrowings – repayments (394) (1,415) (1,058) (5,681) Change in shareholder loan 720 - 720 - Changes in lease liabilities (831) (538) (2,119) (1,072) Net cash flow from financing activities (505) 4,622 (2,457) (178) Net increase/(decrease) in cash and cash equivalents (23,571) (1,385) (41,685) (11,359) Opening position 41,613 20,664 59,859 30,747 Foreign currency differences on cash and cash equivalents 682 (389) 550 (497) Closing position 18,724 18,890 18,724 18,891 The closing position consists of: Cash and cash equivalents 18,724 18,890 18,724 18,891 Total closing balance in cash and cash equivalents 18,724 18,890 18,724 18,891
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A global recycling technology company set for further growth Unprecedented global market opportunity Captured leading position in European markets Investing in highly competitive delivery platform, products and services Executed by a seasoned team Driving revenue growth and profitability