Envipco Holding (ENVI) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 18% YoY to €26.5m, led by North American RVM sales and higher European program services; EBITDA remained negative at €0.6m.

• Five U.K. retailer appointments cover ~7,100 RVMs, with a wholesaler preferred-supplier agreement adding potential; reliable delivery is a priority.

• Execution, cost discipline, working capital and cash conversion remain priorities as DRS markets develop and secured orders require delivery.

Financial highlights

• Q3 revenue was €26.5m versus €22.5m; 9M revenue was €72.4m versus €66.6m.

• Q3 gross profit was €8.8m versus €7.9m; operating loss was €3.1m and net loss €4.2m, versus €2.7m and €4.0m, respectively.

• 9M gross profit was €23.9m versus €24.2m; operating loss was €11.4m versus €6.6m and net loss €12.6m versus €8.7m.

• Q3 EBITDA was -€0.6m versus -€0.3m; 9M EBITDA was -€4.4m versus -€0.5m.

Outlook and guidance

• Management expects a 2027 ramp-up as DRS opportunities develop; the U.K. DRS remains targeted for October 2027, with estimated potential of ~35,000 RVMs.

• Restructuring is expected to cost €3m in Q4 2026 and generate €4m annual savings from 2027.

• Long-term ambitions include >30% greenfield market share, ~40% gross margin and >20% EBITDA margin; these are not near-term guidance.

• European revenue is expected to rely on new RVM sales during DRS start-up, with service revenue building as the installed base grows; rollout and procurement timing may vary by quarter.

• Inventory conversion is expected to improve in Q4, supported by additional throughput financing.