Envipco Q3 2025: DRS delays hit revenue and profitability

Envipco Holding N.V. reported Q3 2025 revenues of €22.5m, an 18% year-over-year decrease, mainly attributed to lower European RVM sales and delays in new Deposit Return Scheme (DRS) implementations. Gross margin declined by 1.6 percentage points to 35.0%, resulting in a gross profit of €7.9m, influenced by service capacity expansions and reduced capacity utilization. Operating expenses remained stable at €10.6m, leading to an EBITDA of -€0.3m, down from €1.7m in Q3 2024.

Despite short-term setbacks, Envipco is optimistic about long-term growth as DRS mandates expand across the EU, with Poland having recently soft-launched its national DRS and other markets expected to follow by 2026. The company successfully strengthened its financial position by raising €54m in new equity and refinancing a €21m working capital facility, ending the quarter with a robust cash balance of €62.7m.

Envipco is maintaining a disciplined approach to managing operating costs and investments to ensure readiness for future growth. The company’s installed base is expected to expand, driving an increase in European Program service revenues.