Envipco Holding-Q1’26 marks the trough – strong Q2 momentum indicated-05/20/2026

Research evidence excerpt

Envipco Holding-Q1’26 marks the trough – strong Q2 momentum indicated-05/20/2026

Envipco Holding

NEWSFLASH | 20 MAY 2026

Q1’26 marks the trough – strong Q2 momentum indicated

Q1’26 came in below consensus but marks the trough, we believe. Building on strong YTD order intake, we expect Q2’26e

sales of ~EUR 30m +/- 3m vs current consensus at EUR 33m, implying roughly 50% sequential growth Q/Q. For FY’26, we

believe the report implies sales of EUR 130-150m compared with consensus at EUR 143m, supported by emerging

indications of deliveries to Greece and Turkey during 2026e. Gross margins improved by 2p.p. Q/Q in Q1’26 and should

continue to scale alongside higher volumes, while opex remained broadly flat sequentially, highlighting meaningful

operating leverage across the fixed cost base when volumes improve. We believe continued order momentum in Poland

and the UK should support the shares into the summer, although we view the Q2’26e report as the key catalyst as revenue

growth finally begins to materialize. The investment case now hinges on execution, with the next quarterly report likely to

provide the clearest evidence.

Financials:

• Sales: EUR 20m (-6% Y/Y, -24% vs cons). Higher run-rate in Poland offset by slower sales in Hungary and Romania + throughput mix in

Poland/Portugal

• Gross margin: 34%, +2p.p. vs Q4’25 adj., affected by lower capacity utilization in assembly operations and building on service organization

• Opex: EUR 11m, flattish Q/Q

• FCFE: -EUR 17m, NWC build of EUR 12.5m – inventory build to meet anticipated higher demand

Estimates:

• Q1’26 likely marks the trough; we expect Q2’26 revenue of in the range of EUR 30m (+/- EUR 3m), depending on Greece. Implied FY

revenue of EUR 130-150m vs cons at EUR 143m

New markets: