Envipco Announces 2022 Third Quarter Results Unaudited

Record quarter with revenue of EUR 17.5 million in Q3'22, representing 83%
year-on-year growth

												Regulated Information
Key figures
in EUR millions	           Q3 2022	Q3 2021	9M 2022	9M 2021	FY 2021
Revenues	17.5	9.5	44.5	26.1	38.4
Gross Profit	4.9	3.4	13.9	9.5	13.4
Gross profit %	28.0%	35.6%	31.1%	36.5%	35.0%
Operating Expenses	5.9	3.4	16.3	10.6	14.7
EBIT	0.9*	(0.1)	(0.4)	2.5*	2.3*
Net profit/(loss) after taxes after minority	(0.5)	(0.4)	(2.3)	1.5	0.6
	 		 		 
EBITDA	2.1	0.7	2.8	5.0	5.5
Earnings/(loss) per share in EUR	(0.01)	(0.01)	(0.05)	0.03	0.01
Shareholders' equity	33.6	30.9	33.6	30.9	30.5



* Including other income '22 of 1.9 million positive (PPP forgiveness) and '21
3.4 million positive (DPG settlement, PPP forgiveness).

Highlights 

Record quarter with revenue of EUR 17.5 million in Q3'22, representing 83%
year-on-year growth 
Europe with all-time-high revenue of EUR 7.2 million, primarily driven by 415%
year-on-year growth in RVM sales, including the second half of the Malta
installations
30% year-on-year revenue growth to EUR 10.2 million in North America, driven by
growth in both Program Service volumes and RVM sales
Gross margin of 28.0% in Q3'22 down from 35.6% in Q3'21 due to effects from RVM
sales in Greece, ex-Greece gross margin of 32.2% for the quarter
Obtained Cicero Dark Green rating for Green Finance framework

Significant November win with MOL group in Hungary for approximately 2,300
machines for delivery in 2023/24 with future expansion opportunity of additional
2,000 machines
Wins with two separate leading Scottish retailers for a total of approximately
550 machines across all locations, contributing to a strong 2023 orderbook 

 

Comment of Simon Bolton, CEO Envipco
"Q3 has been another record revenue quarter for the business as we complete
delivery of machines for Malta and recent US expansion. We have seen very strong
momentum in the business as demonstrated by the announced commercial wins in
Scotland and Hungary heading into 2023. These wins certainly support the
important market development and organizational investments we have made the
past two years as we prepare for this exciting, sustained growth period ahead."
- Simon Bolton, CEO 
Outlook

Envipco is seeing an acceleration in demand for its RVM technology as DRS
approaches go-live or is moving into a detailed planning stage now in an
increasing number of countries and geographies. We have seen continued growth
and have announced new contract wins with major customers that provide
significant proof points for the current positive market dynamics, value of our
technology, and the relevance of our strategy. The recent wins in Europe provide
an aggregate opportunity pipeline of thousands of machines over the coming
years, and the company is continuing to pursue upcoming opportunities in
additional markets. The combined outlook provides a strong trajectory and has
built a very solid orderbook which will underpin 2023 growth and beyond. 

With completion of the initial Malta orders in Q3'22 and also considering lower
expected RVM sales in North America for Q4'22 compared to the prior year, we
anticipate moderating Q4'22 revenue as we prepare for an exciting 2023.

Gross margin continues to be a focus area and while we see some stabilization,
uncertain economic and geopolitical climates along with inflationary pressures
require constant attention. Envipco is driving initiatives for margin expansion
and will look to leverage increased scale going forward to optimize cost. 

The current market momentum is strong and commercial activities are increasingly
reflecting the entry of DRS in Europe. Envipco continues to build the
organization and to put adequate long-term financing in place to be in pole
position to be successful in new markets, as we recently have demonstrated in
Hungary and Scotland. We remain confident in our strategy, our investments, and
our ability to deliver strong growth and execute on our long-term revenue and
gross margin targets. We are excited to be creating a cleaner world for future
generations through our recycling technology.

Please refer to our website www.envipco.com to download a full pdf version of
our 2022 Third Quarter Report.

For further information please contact:

Derk Visser, Group CFO Envipco Holding N.V. 
Telephone: [phone]

ENVIPCO HOLDING N.V.							Amersfoort, November 24, 2022
Board of Directors								[phone]
Van Asch van Wijckstraat 4
3811 LP Amersfoort								www.envipco.com
The Netherlands									

About Envipco Holding N.V.

Envipco Holding N.V. (Envipco), www.envipco.com, is a Netherlands-based holding
company listed on Euronext Amsterdam (Symbol: ENVI) and Euronext Growth Oslo
(Symbol: ENVIP). Envipco, with operations in several countries around the globe,
is a recognized leader in the development and operation of reverse vending
machines (RVMs), automated technological systems for the recovery of used
beverage containers. Known for its innovative technology and market leadership,
Envipco holds several intellectual property rights for RVM systems, including
but not limited to beverage refund deposit markings, material type
identification, compaction and accounting.

This announcement contains forward-looking statements concerning the condition
and business of Envipco. All statements other than statements of historical fact
are, or may be deemed to be, forward-looking statements. Forward-looking
statements are statements of future expectations that are based on management's
current expectations and assumptions and involve known and unknown risks and
uncertainties that could cause actual results, performance or events to differ
materially from those expressed or implied in these statements. Forward-looking
statements include, among other things, statements expressing management's
expectations, beliefs, estimates, forecasts, projections and assumptions. All
forward-looking statements contained in this announcement are expressly
qualified in their entirety by the cautionary statements contained or referred
to in this section. Readers should not place undue reliance on forward-looking
statements.
This information is subject to the disclosure requirements pursuant to Section
5-12 of the Norwegian Securities Trading Act.

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