Q1 24 Highlights
• Group revenues +164% y/y to EUR 27.4m
• Europe revenues +764% y/y to EUR 19.9m, driven by Greece, Hungary, Romania and initial
revenues from Ireland
• Gross margin of 35.0% with gross profit at EUR 9.6m, +172% y/y
• EBITDA EUR 2.7m for a margin of 10.0%
• Successful private placement in March 2024 with EUR 26m (NOK 300m) in gross proceeds
Amersfoort, The Netherlands – 21 May 2024 – Envipco, a global provider of recycling systems and
reverse vending machines continues the strong development from 2023, with strong revenue
growth and commercial momentum.
Q1 24 group revenues grew 164% y/y to EUR 27.4 million, driven by further advances in RVM sales
in existing European markets and the introduction of revenue streams from Ireland.
Gross profit increased 172% to EUR 9.6 million corresponding to a gross margin of 35.0%, up from
33.9% in Q1 23.
CEO Simon Bolton comments:
“2024 has continued where 2023 left off with strong revenue growth and commercial momentum
and for the first time in the company’s history 12-month trailing revenues exceeded EUR 100m.
There are several new DRS initiatives upcoming in Europe, with Poland and Portugal expected to be
the next two markets to go live. Combined with the EU Parliament’s final vote on PPWR late April
bringing EU closer to introducing DRS across the continent and UK’s announcement of October
2027 DRS go-live with full interoperability across the four nations are significant steps forward.
We exited 2023 with a solid financial position. In March 2024 we successfully raised EUR 26m in gross
proceeds through a private placement, providing the Company with the necessary funds to invest in
incremental market development, technology advancement, and to take on the anticipated new
market opportunities ahead.”
Outlook
Envipco’s outlook remains promising with a range of market opportunities approaching. The
company remains committed to its targeted goals and Q1 24 provides further support to these
targets. The revenue growth outlook for the current year remains promising based on contracted
and expected deliveries in current markets.
The timing and character of DRS introduction will influence procurement patterns of retailers, and
quarterly variations are expected. Envipco will continue to invest in market development,
technology platform and the organization while continuing to drive operating leverage.
For more information, please see the attached first quarter 2024 report and presentation.
Results presentation
The company will host a webcast to present the results today 21 May at 8:00 a.m. CEST.
Following the presentation, it will be opened for questions from the audience. The presentation and the following Q&A session will be in English.


To join the webcast, use the following link: www.envipco.com/investors
For further information please contact:
Simon Bolton, Group CEO
+31 33 285 1773
Mikael Clement, CSO
+47 9900 8000
EnvipcoInvestorRelations@envipco.com