Envipco Holding (ENVI) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues declined 6% year-over-year to EUR 19.7 million, with mixed performance in Europe and stable North America operations.

• Gross margin improved sequentially to 34.1%, impacted by service team investments and underutilized assembly operations.

• EBITDA was EUR -2.1 million and operating profit EUR -4.5 million, reflecting higher costs and lower gross profit.

• Strong commercial momentum with major contract wins in Portugal, Poland, and the UK, and a new CEO, José Matthijsse, appointed in May 2026.

• Cash balance at quarter-end was EUR 41.6 million.

Financial highlights

• Revenues: EUR 19.7 million, down 6% year-over-year; gross margin 34.1% (Q1 25: 37.3%).

• Operating expenses increased to EUR 11.2 million, up 14% year-over-year, mainly due to headcount growth.

• EBITDA: EUR -2.1 million; operating profit: EUR -4.5 million; net loss: EUR -4.5 million; EPS: EUR -0.07.

• Cash from operating activities: -EUR 15.2 million to -EUR 15.5 million, mainly due to working capital build.

• Cash balance at quarter-end EUR 41.6 million, down from EUR 59.8 million in Q4.

Outlook and guidance

• Sequential revenue growth expected in Q2, driven by Poland, Portugal, and the Netherlands.

• Market tailwinds from EU PPWR and DRS legislation expected to triple addressable market as new markets launch.

• Expects stable U.S. business with RVM sales growth and robust opportunities in Greece and the U.K.

• Disciplined execution expected with quarter-to-quarter variations as DRS timing and procurement patterns evolve.

• Long-term industry outlook remains positive, supported by regulatory tailwinds.