Q2 2026 Envipco Holding NV Earnings Call Transcript
Key Points
- Revenue growth of 13% year-over-year in Q2 2026, with Europe up 18% and North America up 5% (8% adjusted for FX).
- Strong market position in the U.K. with four major retail appointments totaling 5,400 RVMs, and expectations of further wins as the market is still largely unselected.
- Record Quantum deployments in the Netherlands, supported by a growing order book and the operator's push toward 90% collection targets.
- Solid traction in new markets like Portugal (number two position) and Poland, with a renewed team and granular market approach expected to drive growth.
- Long-term structural growth driven by DRS legislation across Europe, including imminent opportunities in Greece, Turkey, and Southern European countries, which could triple the addressable market.
- Q2 results below expectations, with EBITDA of -EUR 1.7 million and net loss of EUR 4.1 million, impacted by under-absorption from investments in service teams and assembly capacity.
- Gross margin of 32.2% in Q2, down sequentially, due to lower capacity utilization and time-shifting of the Greek opportunity, with a 3.5 percentage point drag from underutilization.
- Significant working capital build, with inventory up EUR 14.8 million and receivables up EUR 6 million, leading to a negative operating cash flow of EUR 17 million and cash balance down to EUR 18.7 million.
- OpEx increased 17% year-over-year, driven by higher professional fees (audit and transfer pricing) and marketing costs, though these are not expected to continue at the same level.
- Delayed annual reporting and organizational issues, acknowledged by the CEO, requiring professionalization and standardization to improve execution and rebuild confidence.
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Good morning everyone, and welcome to the quarterly report presentation of Envipco. My name is José Matthijsse, and together with Mikael Clement, we will be presenting our quarterly numbers to you today. I have now spent 90 days with Envipco, and I believe that I have a good overview of the company and the environment in which we operate. I spent these 90 days visiting all of our locations, meeting all of our teams, seeing our machines operating in the markets, but also meeting our customers, the DRS operators, and a large part of the investors community. The feedback that I have had has been very positive. Our customers and our DRS operators, they like the uptime of the equipment of Envipco. They like the reliability of our service teams, and they see our sales teams as a trusted partner.
What I have seen these 90 days has not changed my conviction of the compelling position in which Envipco is today. The market opportunity, the structural market opportunity of the DRS systems is highly attractive. It is a proven
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