Envipco: Revenue up 13% in Q2, but EBITDA turns negative again
Envipco returned to growth in the second quarter of 2026, with revenue up 13% driven by its European operations.
At the same time, gross margin declined and EBITDA came in negative, as the group continues to invest in its service teams and reinforces headcount in preparation for deployments planned from 2027 onwards.
Revenue at €26.1M, driven by Europe and RVM sales
In the second quarter of 2026, Envipco reported revenue of €26.1M, up 13% year-on-year. By product line, revenue from sorting machines (RVM) increased 20% to €16.6M, driven by higher sales in the United States and Europe, while program service revenue rose 4% to €9.5M.
Geographically, Europe recorded growth of 18% to €17.1M. North America advanced 5% to €9.0M, or 8% at constant exchange rates. Quarterly revenue came in slightly below the analyst consensus, which on average expected €27M.
Gross margin at 32.2% and EBITDA of -€1.7M due to investments
Gross margin stood at 32.2% in the second quarter of 2026, compared to 36.6% a year earlier, a decline that the group attributes to reinforcements in service organization and underutilization of its assembly operations. Gross profit came in at €8.4M, in line with the second quarter of 2025.
Operating expenses reached €12.1M, up 17% year-on-year, primarily reflecting an increase in headcount, rising from 505 at end of June 2025 to 646 at end of June 2026. EBITDA came in at -€1.7M, compared to €0.4M a year earlier, and operating income at -€3.7M, versus -€1.9M in the second quarter of 2025.
For the first half of 2026, revenue grew 4% to €45.8M, with a gross margin of 33.0% and gross profit of €15.1M. First-half EBITDA stands at -€3.8M, compared to €0.9M a year earlier, and operating loss widens to €8.2M, compared to €3.9M.
2027 order book being built with four British contracts for 5,400 machines
Envipco highlights the construction of its order book for 2027, with four contracts won to date from British distributors, covering approximately 5,400 sorting machines. The United Kingdom is moving towards the launch of its deposit return scheme (DRS) in October 2027, with distributors preparing for commercial deliveries from 2027.
The group notes it is benefiting from a supportive market environment, with deposit schemes being progressively made mandatory within the European Union, which could triple its total addressable market. It cites opportunities in Poland, Portugal, Romania, the Netherlands and Greece, while acknowledging order intake slower than anticipated. United States operations are expected to remain stable. José Matthijsse took office as chief executive officer in May 2026.
