Envipco Holding (ENVI) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues rose 13% year-over-year to EUR 26.1m, driven by strong European RVM sales, major UK retailer wins, and stable North American operations.

• CEO transition in May 2026 brought renewed focus on operational discipline, reporting, and execution.

• Built a solid commercial pipeline, including four major UK retailer wins totaling over 5,400 RVMs for 2027.

• Positive customer and market feedback, with strong positioning and large opportunity in DRS markets.

• Continued investment in service teams and assembly capacity to support future growth.

Financial highlights

• Q2 2026 revenue up 13% year-over-year to EUR 26.1m; H1 revenue up 4% to EUR 45.8m.

• Gross margin at 32.2% in Q2 2026, down from 36.6% in Q2 2025, reflecting investments and underutilization.

• EBITDA at EUR -1.7m; operating profit at EUR -3.7m; net loss EUR -4.1m in Q2 2026.

• Operating expenses increased to EUR 12.1m in Q2 2026, up 17% year-over-year, mainly due to professional fees, marketing, and service expansion.

• Cash balance at end Q2 2026: EUR 18.7m; inventory increased to EUR 49.3m to support anticipated demand.

Outlook and guidance

• Expectation of revenue growth in H2 2026 versus H1, driven by European market expansion and DRS mandates across the EU.

• Focus on disciplined execution, operational progress, and profitable growth.

• Gross margin target of 40% remains, dependent on scaling revenue.

• Inventory expected to convert to sales in the next quarters, supporting cash flow.

• UK DRS on track for October 2027 go-live, with significant retailer engagement.