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"ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:StatutoryReserveMember", "unit": "iso4217:EUR" } }, "fact-281": { "value": "-57602000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:RetainedEarningsMember", "unit": "iso4217:EUR" } }, "fact-282": { "value": "103428000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:EquityAttributableToOwnersOfParentMember", "unit": "iso4217:EUR" } }, "fact-283": { "value": "32000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2026-01-01T00:00:00", "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:NoncontrollingInterestsMember", "unit": "iso4217:EUR" } }, "fact-284": { "value": "103460000.0", "decimals": -3, "dimensions": { "concept": "ifrs-full:Equity", "entity": "scheme:7245009QH646WM76PR25", "period": "2026-01-01T00:00:00", "unit": "iso4217:EUR" } }, "fact-1": { "value": "Note 1 - General information Reporting entity Envipco Holding N.V. is a public limited liability company, listed on Euronext Amsterdam and Euronext Oslo, incorporated in accordance with the laws of The Netherlands. Envipco Holding N.V. is a holding company and is incorporated in Amsterdam, with its registered address at Stationsstraat 77, 3811 MH, Amersfoort, The Netherlands (Chamber of Commerce number: 33304225). Envipco Holding N.V. and subsidiaries (Envipco or the Company) are engaged principally in recycling in which it develops, manufactures, assembles, leases, sells, markets and services a line of reverse vending machines (RVMs) mainly in the US and Europe. Financial reporting period These financial statements cover the year 2025, which ended at the balance sheet date of 31 December 2025, and were authorized for issuance on 11 July 2026.", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-285": { "value": "Envipco Holding N.V.", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-286": { "value": "public limited liability company", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-335": { "value": "The Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-336": { "value": "Stationsstraat 77, 3811 MH, Amersfoort, The Netherlands", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-287": { "value": "Amersfoort, The Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-288": { "value": "Envipco Holding N.V. and subsidiaries (Envipco or the Company) are engaged principally in recycling in which it develops, manufactures, assembles, leases, sells, markets and services a line of reverse vending machines (RVMs) mainly in the US and Europe.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-363": { "value": "US and Europe", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-289": { "value": "These financial statements cover the year 2025, which ended at the balance sheet date of 31 December 2025, and were authorized for issuance on 11 July 2026", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-2": { "value": "Going concern The consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will continue to operate for the foreseeable future. In assessing the appropriateness of the going concern assumption, management considered the Company\u2019s projected cash flows, liquidity position, capital structure and access to committed financing facilities, considering both operational and financial factors. Business context and growth profile Envipco\u2019s medium\u2011 and long\u2011term growth is expected to be driven by the continued roll\u2011out of Deposit Return Schemes (DRS) across Europe following the entry into force of the Packaging and Packaging Waste Regulation (PPWR) on 11 February 2025. The PPWR replaces the previous Packaging Directive and requires Member States to implement DRS by 2030, significantly increasing demand for reverse vending machines and related services. As Envipco\u2019s growth trajectory is closely linked to the timing of national DRS implementations, which are outside the Company\u2019s control, some volatility in quarterly results is inherent to the business model, particularly during periods of market launch and ramp\u2011up. Forecasts and liquidity At year-end, the Company held EUR 60 million in cash and cash equivalents and has access to a committed EUR 10 million revolving credit facility (RCF). The Company\u2019s available liquidity is primarily the result of the equity capital raise completed in August 2025, which increased cash resources and supported the Company\u2019s funding requirements and liquidity planning for the forecast period. On this basis, liquidity risk is currently considered limited, and the Company has adequate financial headroom to absorb timing volatility in cash inflows associated with market launches and ramp-ups. Further, management prepared EBITDA and cash flow forecasts based on the Company\u2019s actual results through April 2026, combined with an updated forecast covering the period from May 2026 to September 2027 and performed scenario analyses reflecting reasonably possible downside developments. These forecasts are inherently subject to uncertainties, including assumptions regarding the timing and scale of implementations of regulated DRS schemes such as Poland (live in October 2025), Portugal (live in April 2026), and the United Kingdom (expected to go live in October 2027), and the successful winning of orders and opportunities in these countries. These uncertainties are also relevant to forecast covenant calculations, as covenant compliance depends on the expected timing and phasing of revenues, EBITDA generation and related cash flows. As a result, there is a risk that, specifically for the financial year 2026, actual performance may differ from forecast assumptions to such an extent that the applicable covenants are not met again, which would constitute a breach of the financing arrangements for 2026. Under all scenarios assessed, the Company is expected to have sufficient liquidity to meet its obligations as they fall due given the cash available and access to the RCF. The most relevant key figures in the context of the going concern assessment as at the balance sheet date are as follows (based on the final consolidated financial statements):
2025
2024
Company equity
in \u20ac millions
103.5
65.2
EBITDA
1
in \u20ac millions
1.1
11.9
Gross working capital
2
in \u20ac millions
58.9
63.2
Solvency ratio
3
%
69
39
Liquidity ratio
4
2.5
1.8
Debt service coverage
5
0.1
1.4
Net debt
1
/ EBITDA
1
(36.1)
(0.3)
1) EBITDA and Net Debt are not defined performance measures in IFRS but are defined in the Other Information section of this report. 2) Calculated as current assets, excluding cash and cash equivalents. 3) Calculated as adjusted total equity divided by adjusted total assets. Adjustments to total equity and total assets exclude revaluation reserves, intangible assets and participations from the calculation. 4) Calculated as total current assets divided by total current liabilities. 5) Calculated as (EBITDA + tax expense + operating cash flow + gross investments + proceeds from long-term debt) \u00f7 (net interest expense + scheduled debt repayments). Covenant compliance At 31 December 2025, the Company did not comply with the Debt Service Coverage Ratio (DSCR). The Company remained in compliance with its other financial covenants at the reporting date which are primarily balance sheet\u2011based and leverage\u2011related. The DSCR breach did not result in an immediate liquidity constraint, as the Company maintained substantial cash balances at year\u2011end, largely derived from the 2025 equity issuance. The DSCR shortfall resulted from a lower-than-estimated EBITDA outcome in 2025, primarily reflecting the timing of DRS implementations and associated installation schedules in a number of European markets. Revenues originally expected to be recognized in late 2025 shifted into 2026, while certain fixed operating costs, inventory build\u2011up and preparatory capacity investments were incurred ahead of market go-lives Following the covenant breach, the Company entered into discussions with its lenders and requested waivers in respect of the DSCR covenant. On 23 April 2026, subsequent to the reporting date, the Company received formal waivers from its lenders. The waivers did not result in any amendments to the covenant levels or other material terms of the financing arrangements. In assessing the implications of the covenant breach, management considered the EBITDA recovery based on the forecasts prepared, available liquidity, committed financing headroom and the Company\u2019s strengthened equity position following the equity capital raise completed in August 2025. Demand for the Company\u2019s solutions continues to be supported by regulatory DRS frameworks across Europe, while leverage remains conservative and cash flow generation is expected to improve as recently launched and upcoming DRS markets mature. The DSCR breach is considered temporary and timing\u2011driven. A number of previously delayed DRS markets have progressed into rollout phases, and deferred installations are expected to convert into revenue during 2026 with recurring service income expected to increase and working capital requirements expected to normalize as market activity resumes. The Company continued to maintain an adequate capital structure, liquidity position and equity base throughout the period. The Company\u2019s medium\u2011term outlook continues to be supported by expected DRS rollouts across Europe. New markets, including the United Kingdom, are expected to roll out DRS systems from 2027 onwards, driven by regulatory developments and expected positive dynamics as European DRS markets mature Based on the Company\u2019s actual results through April 2026, combined with an updated forecast covering the period from May 2026 to September 2027 - including scenario analyses reflecting reasonably possible downside developments - management expects to generate positive cash flows and improve EBITDA, enabling full compliance with all debt covenants in the second half of 2026. While this assessment is based on the forecasted period of twelve months after the date of approval of the annual report, it is inherently subject to uncertainty, as forecasts depend on assumptions regarding future events and market conditions. Based on the Company\u2019s liquidity and equity positions, access to committed revolving credit facilities, and the EBITDA and cash flow forecasts, management considers the DSCR breach to be primarily timing-related in nature and does not affect the Company\u2019s underlying business model or long-term growth strategy. The strong liquidity position primarily reflected the equity capital raise completed in August 2025, which significantly strengthened the balance sheet and reduced short-term refinancing risk. Therefore, management concluded that the covenant breach does not give rise to a material uncertainty in respect of the Company\u2019s ability to continue as a going concern. Further details on covenant compliance and related accounting classification are provided in Note 21. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-337": { "value": "Covenant compliance At 31 December 2025, the Company did not comply with the Debt Service Coverage Ratio (DSCR). The Company remained in compliance with its other financial covenants at the reporting date which are primarily balance sheet\u2011based and leverage\u2011related. The DSCR breach did not result in an immediate liquidity constraint, as the Company maintained substantial cash balances at year\u2011end, largely derived from the 2025 equity issuance. The DSCR shortfall resulted from a lower-than-estimated EBITDA outcome in 2025, primarily reflecting the timing of DRS implementations and associated installation schedules in a number of European markets. Revenues originally expected to be recognized in late 2025 shifted into 2026, while certain fixed operating costs, inventory build\u2011up and preparatory capacity investments were incurred ahead of market go-lives Following the covenant breach, the Company entered into discussions with its lenders and requested waivers in respect of the DSCR covenant. On 23 April 2026, subsequent to the reporting date, the Company received formal waivers from its lenders. The waivers did not result in any amendments to the covenant levels or other material terms of the financing arrangements. In assessing the implications of the covenant breach, management considered the EBITDA recovery based on the forecasts prepared, available liquidity, committed financing headroom and the Company\u2019s strengthened equity position following the equity capital raise completed in August 2025. Demand for the Company\u2019s solutions continues to be supported by regulatory DRS frameworks across Europe, while leverage remains conservative and cash flow generation is expected to improve as recently launched and upcoming DRS markets mature. The DSCR breach is considered temporary and timing\u2011driven. A number of previously delayed DRS markets have progressed into rollout phases, and deferred installations are expected to convert into revenue during 2026 with recurring service income expected to increase and working capital requirements expected to normalize as market activity resumes. The Company continued to maintain an adequate capital structure, liquidity position and equity base throughout the period. The Company\u2019s medium\u2011term outlook continues to be supported by expected DRS rollouts across Europe. New markets, including the United Kingdom, are expected to roll out DRS systems from 2027 onwards, driven by regulatory developments and expected positive dynamics as European DRS markets mature Based on the Company\u2019s actual results through April 2026, combined with an updated forecast covering the period from May 2026 to September 2027 - including scenario analyses reflecting reasonably possible downside developments - management expects to generate positive cash flows and improve EBITDA, enabling full compliance with all debt covenants in the second half of 2026. While this assessment is based on the forecasted period of twelve months after the date of approval of the annual report, it is inherently subject to uncertainty, as forecasts depend on assumptions regarding future events and market conditions. Based on the Company\u2019s liquidity and equity positions, access to committed revolving credit facilities, and the EBITDA and cash flow forecasts, management considers the DSCR breach to be primarily timing-related in nature and does not affect the Company\u2019s underlying business model or long-term growth strategy. The strong liquidity position primarily reflected the equity capital raise completed in August 2025, which significantly strengthened the balance sheet and reduced short-term refinancing risk. Therefore, management concluded that the covenant breach does not give rise to a material uncertainty in respect of the Company\u2019s ability to continue as a going concern. Further details on covenant compliance and related accounting classification are provided in Note 21. ", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-3": { "value": "Note 2 - Basis of preparation Statement of compliance These consolidated financial statements are part of the Company\u2019s statutory financial statements. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS) and with Section 2:362(9) of the Dutch Civil Code. The annual report has been prepared in ESEF and is in accordance with the requirements as set out in the Delegated Regulation (EU) 2019/815 with regard to regulatory technical standards on the specification of a single electronic reporting format (hereinafter: the RTS on ESEF). These financial statements have been approved for issue by the Envipco Board on 11 July 2026 and are subject to adoption by the shareholders at the AGM. All amounts are in thousands of euros unless stated otherwise The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the Company\u2019s accounting policies. The areas involving a higher degree of judgment or complexity are disclosed in Note 3. Basis of measurement Due to rounding, numbers presented may not add up precisely to the totals provided. Valuation of assets and liabilities and determination of the result take place under the historical cost convention. Unless presented otherwise at the relevant principle for the specific balance sheet item, assets and liabilities are presented at amortized costs. Income and expenses are accounted for on accrual basis . Losses originating before the end of the financial year are included if they have become known before preparation of the financial statements. Revenues from goods are recognized either at a point in time or over time, when (or as) the Company satisfies performance obligations by transferring the promised goods or services to its customers. The cost of these goods is allocated to the same period. Revenues from services are recognized in proportion to the services rendered. The cost of these services is allocated to the same period.", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-290": { "value": "These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the European Union (IFRS) and with Section 2:362(9) of the Dutch Civil Code.", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-291": { "value": "expenses are accounted for on accrual basis Cost of sales Cost of sales includes all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, and depreciation costs. The Company performs ongoing profitability analysis of its service contracts to determine whether the latest estimates - revenues, costs and profits - require updating. If, at any time, these estimates indicate that a contract will be unprofitable, the entire estimated loss for the remainder of the contract is recorded immediately and presented as losses on contracts under provisions. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-4": { "value": "Measurement of fair values The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole: Level 1 \u2014 Quoted (unadjusted) market prices in active markets for identical assets or liabilities; Level 2 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable; Level 3 \u2014 Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable. For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either: In the principal market for the asset or liability or; In the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Company. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming market participants act in their economic best interest. A fair value measurement of a non-financial asset considers a market participant\u2019s ability to generate economic benefits by using the asset at its highest and best use or by selling it to another market participant that would use the asset at its highest and best use. The Company applies the fair value hierarchy to the measurement of contingent consideration arising from the Sensibin acquisition, which was completed in 2024. The contingent consideration is measured at fair value at each reporting date in accordance with IFRS requirements. Further details are provided in Note 24.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-5": { "value": "Use of judgment and estimates In preparing these consolidated financial statements, management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. Assumptions and estimation uncertainties Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the year ending 31 December 2025 is included in the following notes: \u2022 Note 1 \u2013 Going concern assessment, including key assumptions applied in the preparation of cash flow forecasts, such as revenue growth, EBITDA generation, working capital movements, capital expenditures and compliance with financing arrangements and covenant requirements \u2022 Note 3 \u2013 Critical accounting estimates and judgments, including the fair value measurement of contingent consideration related to the 2024 Sensibin acquisition \u2022 Note 6 \u2013 Revenue recognition (IFRS 15) \u2022 Note 13 \u2013 Impairment test of intangible assets and classification of the 2024 Sensibin acquisition as an asset deal under IAS 38 rather than a business combination under IFRS 3 \u2022 Note 14 \u2013 Lease accounting (IFRS 16) \u2022 Note 16 \u2013 Recognition of deferred tax assets and availability of future taxable profit against which tax losses carried forward can be used \u2022 Note 17 \u2013 Inventory valuation (net realizable value assessments) \u2022 Note 22 \u2013 Warranty provisions The application of the Company\u2019s accounting policies requires management to make judgments and estimates that affect the reported amounts of assets, liabilities, income and expenses. The most significant judgments and sources of estimation uncertainty related to the areas disclosed in the notes referenced above.", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-292": { "value": "Use of judgment and estimates In preparing these consolidated financial statements, management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. ", "dimensions": { "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-293": { "value": "Assumptions and estimation uncertainties Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the carrying amounts of assets and liabilities within the year ending 31 December 2025 is included in the following notes: \u2022 Note 1 \u2013 Going concern assessment, including key assumptions applied in the preparation of cash flow forecasts, such as revenue growth, EBITDA generation, working capital movements, capital expenditures and compliance with financing arrangements and covenant requirements \u2022 Note 3 \u2013 Critical accounting estimates and judgments, including the fair value measurement of contingent consideration related to the 2024 Sensibin acquisition \u2022 Note 6 \u2013 Revenue recognition (IFRS 15) \u2022 Note 13 \u2013 Impairment test of intangible assets and classification of the 2024 Sensibin acquisition as an asset deal under IAS 38 rather than a business combination under IFRS 3 \u2022 Note 14 \u2013 Lease accounting (IFRS 16) \u2022 Note 16 \u2013 Recognition of deferred tax assets and availability of future taxable profit against which tax losses carried forward can be used \u2022 Note 17 \u2013 Inventory valuation (net realizable value assessments) \u2022 Note 22 \u2013 Warranty provisions The application of the Company\u2019s accounting policies requires management to make judgments and estimates that affect the reported amounts of assets, liabilities, income and expenses. The most significant judgments and sources of estimation uncertainty related to the areas disclosed in the notes referenced above.", "dimensions": { "concept": "ifrs-full:DisclosureOfAssetsAndLiabilitiesWithSignificantRiskOfMaterialAdjustmentExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-6": { "value": "Reporting errors and changes in prior periods Adjustments to or restatements of the Company\u2019s financial statements, if any, are based on management\u2019s judgment as to whether a restatement is required, considering materiality of the error. Envipco clearly discloses any restatements made, including their nature. During the prior financial year, the Company identified and corrected previously omitted lease contracts, which resulted in an adjustment to the opening balances of right-of-use assets and lease liabilities. Management assessed the impact of this correction to be immaterial to the previously issued consolidated financial statements. Further details are disclosed in Note 14. During the preparation of the current year financial statements, management identified a presentation error in the prior year legal entity performance disclosure, whereby Romania revenue for 2024 was incorrectly disclosed as \u20ac49,875 due to a transposition error. The correct amount is \u20ac49,785. The error relates solely to the narrative disclosure of legal entity performance and does not affect the primary financial statements or any underlying accounting records. Management has assessed the impact of this error as immaterial, both quantitatively and qualitatively. The comparative information presented in Note 6 has been corrected accordingly. In the segment reporting disclosure table of Note 6, the comparative figures for revenue by revenue stream have been updated to align the presentation of revenue from certain North America throughput contracts with the current year presentation. Amounts previously presented within leasing revenue are now presented within service revenue, reflecting the nature of the related contractual throughput activities. This change relates solely to the presentation of revenue between revenue stream categories within the segment reporting disclosure and has no further impact. The comparative remuneration disclosure for 2024 has been updated to include the UK-paid portion of Simon Bolton\u2019s fringe benefits. This resulted in an additional amount of EUR 109 thousand being reflected in the 2024 comparative remuneration information. The update relates solely to the presentation of remuneration disclosures and not to the related costs incurred for that period. The change was made to reflect the full employer-paid benefits consistently and to enable comparability with the 2025 remuneration disclosure, see Note 9 and the Remuneration Report. No other prior-period errors or restatements have been identified. After publication of the preliminary fourth quarter 2025 financial results, the following material adjustments have been reflected in the final audited financial statements for the year ended 31 December 2025: \u2022 Due to the breach of the DSCR debt covenant and the timing of the receipt of the lenders\u2019 waivers, the related borrowings have been reclassified from a long-term to a current liability in accordance with the requirements in IAS 1. ", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureAmountAndCorrectionOfAccountingErrorsInPriorPeriodsEstimate", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-338": { "value": "Due to the breach of the DSCR debt covenant and the timing of the receipt of the lenders\u2019 waivers, the related borrowings have been reclassified from a long-term to a current liability in accordance with the requirements in IAS 1. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-7": { "value": "Note 3 - Summary of material accounting policies Standards issued and effective A number of new standards and amendments are effective for annual periods beginning after 1 January 2025. None of these standards are expected to have a material impact on the recognition or measurement of amounts in the Company\u2019s consolidated financial statements. However, certain standards, including IFRS 18 \u2013 Presentation and Disclosure in Financial Statements, are expected to impact the presentation and disclosure of information in the consolidated financial statements once effective. Standards issued but not yet effective Certain new accounting standards and amendments to standards have been published that are not mandatory for reporting periods starting on or after 1 January 2025 and have not been early adopted by the Company. None of these standards is expected to have a material impact on the recognition or measurement of amounts in the Company\u2019s consolidated financial statements. The Company continues to assess the potential impact on presentation and disclosure, including with respect to IFRS 18. Basis of preparation and accounting policies The Company has consistently applied the accounting policies set out in Note 3 to all periods presented in these consolidated financial statements. Going concern The consolidated financial statements have been prepared on a going concern basis. In assessing the appropriateness of this basis, management has prepared cash flow forecasts covering a period of at least 12 months from the date of approval of these consolidated financial statements. These forecasts incorporate assumptions regarding, among other things, revenue growth, EBITDA generation, working capital development, the timing of capital expenditures, and compliance with financing arrangements, including covenant requirements. Management has considered reasonably possible changes in key assumptions and has performed scenario and sensitivity analyses to assess the impact on the Company\u2019s liquidity position and covenant compliance. These forecasts are inherently subject to uncertainty, particularly with respect to the timing and phasing of revenues, EBITDA generation and related cash flows. Based on this assessment, management has concluded that the Company is expected to have sufficient liquidity to meet its obligations as they fall due for a period of at least 12 months from the date of approval of these consolidated financial statements and that the use of the going concern basis of accounting is appropriate. Reference is made to Note 1 for further details regarding the assumptions applied in the going concern assessment. Consolidated cash flow statement The Company\u2019s consolidated statement of cash flows is presented using the indirect method. The funds consist of cash and cash equivalents. Cash flows in foreign currencies are translated at an average rate. Consolidation Basis of consolidation Based on IFRS 10, the Company prepares consolidated financial statements where it controls an entity or entities, as defined under Subsidiaries below, and following the principles of control, it will consolidate an entity irrespective of the nature of the entity. If the Company has the power by way of actual or potential voting rights over an entity, then such entity\u2019s results will be consolidated. The consolidated financial statements present the results of the Company as if it is a single economic entity. Intercompany transactions and balances between Company subsidiaries are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognized at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. All transactions and balances between Company subsidiaries are eliminated on consolidation, including unrealized gains and losses on transactions between Company subsidiaries. Where unrealized losses on intra-company asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Company perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Company. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable. The Company attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests. Subsidiaries Subsidiaries are all entities (including single economic entities) where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee, if all three of the following elements are present: \u2022 Power over the investee; \u2022 Exposure to variable returns from the investee; and \u2022 The ability of the investor to use its power to affect those variable returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date control ceases. The consolidated statement of financial position is comprised of the financial data of Envipco Holding N.V. and the following subsidiaries:
Subsidiary
Location
% Ownership
Envipco Automaten GmbH,
Westerkappeln, Germany
100%
Environmental Products Corporation
Delaware, US
99.85%
Envipco Pickup & Processing Services Inc.
Delaware, US
99.85%
Environmental Products Recycling Inc.
Delaware, US
99.85%
Envipco N.D. Inc.
Delaware, US
99.85%
Envipco Solutions SRL
Alba Iulia, Romania
100%
Envipco Hellas SA
Athens, Greece
100%
Envipco Europe B.V.
Amersfoort, The Netherlands
100%
Envipco Sweden A.B.
Borlange, Sweden
100%
Envipco (UK) Limited
London, United Kingdom
100%
Envipco Ireland Limited
Dublin, Republic of Ireland
100%
Envipco Portugal Unipessoal LDA
Lisbon, Portugal
100%
Envipco Hungary Kft
Budapest, Hungary
100%
Envipco France SA
Paris, France
100%
Envipco Slovakia sro
Bratislava, Slovakia
100%
Envipco A.S.
Oslo, Norway
100%
Envipco Poland Sp. z o.o.
Warsaw, Poland
100%
Sensibin Limited
Dublin, Ireland
100%
Envipco Principal B.V.
Amersfoort, The Netherlands
100%
Intercompany transactions and balances between Company subsidiaries are eliminated. Business combinations are accounted for using the acquisition method. The consideration transferred is measured at fair value at the acquisition date and comprises the fair value of assets transferred, equity instruments issued, and liabilities incurred or assumed. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income. Stichting Employees Envipco Holding, initially controlled by Envipco Holding N.V., was dissolved on 7 January 2026. The board of the foundation comprised one former member of the Board of Envipco Holding N.V. The foundation was established to administer an Employee Share Option scheme and did not carry out any activities . Non-controlling interest The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership interests. Segment reporting The segments are identified based on internal reports about components of the entity that are regularly reviewed by the chief operating decision maker to allocate resources to the segments and to assess its performance. The Company considers geography as its main segment. Geographical segment performance is based on the segment\u2019s revenues, net results and EBITDA. Similarly, the respective assets and liabilities are allocated to geographical segments. In addition, management measures legal entity performance based on revenues and operating results earned by the Company\u2019s business units, which includes both external and intercompany transactions. This coincides with the Company\u2019s internal organizational and management structure and its internal financial management reporting system. Foreign currencies Items included in the financial statements of each of the Company\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros, which is the Company\u2019s functional and presentation currency. The subsidiaries that are included in the consolidation have the Euro, US Dollars, UK Sterling Pounds, Romanian Leu, Swedish Kronor, Norwegian Kroner and Hungarian Forint as their functional currency. Transactions and cash flows in foreign currencies are translated into the functional currency at the rate prevailing when the transaction took place. Related exchange rate differences from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the income. Balance sheets of entities that have a functional currency other than the Euro are translated using the closing rates at each reporting date. The income statements of such entities are translated at the average rates during the period. The resulting exchange difference is recognized in the translation reserve. When a foreign entity is sold, such cumulative exchange difference is reclassified in the income as part of the gain or loss on sale. Translation gains and losses on intercompany balances which are in substance a part of the investment in such Company subsidiary are also recognized in other comprehensive income. Revenue General Revenue arises mainly from the offering of pickup and processing, repairs and maintenance, sale of RVMs and leasing of RVMs. To determine whether to recognize revenue, the Company follows the five-step process in accordance with IFRS 15: 1. Identifying the contract with a customer; 2. Identifying the performance obligations; 3. Determining the transaction price; 4. Allocating the transaction price to the performance obligations; 5. Recognizing revenue when/as performance obligation(s) are satisfied. Revenue is recognized either at a point in time or over time, when (or as) the Company satisfies performance obligations by transferring the promised goods or services to its customers. When the Company acts as a principal revenue is recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred. When the Company acts an agent with a performance obligation to arrange for the provision of the specified good or service by another party, then revenue is recognized in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party. In the US, under the Bottle Bill deposit system, one subsidiary\u2019s billings includes mandatory deposits on the beverage containers which once collected, are passed through to the operators of redemption sites where Envipco machines are used. These pass-through amounts are included in receivables and payables and are not recognized as revenues. Payment terms Payment terms differ both between and within the business streams as well as geographically and include prepayments (typically the payments are due within 30 - 60 days after raising the invoice). As the Company does not extend credit terms to customers exceeding 12 months, it applies the practical expedient in IFRS 15 regarding significant financing components. Identification of performance obligations and allocation of transaction price Products and services may be sold separately or in bundled packages. When the sale of RVMs, installation and services are bundled into one contract, the transaction price is allocated to each distinct good or service representing a separate performance obligation. These typically include the following: 1. Sale of RVMs 2. Installation 3. Services The transaction price contains fixed components and may contain variable components (for example, in relation to annual price indexation of services). An estimate of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal will not occur when the uncertainty associated with the variable consideration is resolved. The transaction price is allocated to each performance obligation identified in the contract based on the relative stand-alone selling price of the distinct good or service. Sale and installation of goods Revenue from product sales is generally recognized when the product is delivered to the client and when there are no unfulfilled obligations that affect the client\u2019s final acceptance of the arrangement. Delivery does not occur until products have been shipped, risk of loss has been transferred to the client and client acceptance has been obtained, client acceptance provisions have lapsed, or the Company has objective evidence that the criteria specified in the client acceptance provisions are either perfunctory or have been satisfied. Revenue relating to product sales is generally recognized at that point in time. Revenue from the installation is recognized when an RVM has been installed, typically shortly after its delivery. Due to the short timing difference between the delivery of goods and the completion of installation services (typically three to five days), the Company does not differentiate between the sale of goods and installation services for revenue recognition purposes. For certain product sales, the nature of the Company\u2019s promise is to enhance assets that remain in control of the customer. As a result, revenue should be recognized over time. However, given the limited timeframe from the start of the assembly to delivery of the completed RVM, on average five to 10 working days, practically these revenues are recognized at a point in time upon delivery. Leasing revenue The Company assesses whether contracts with customers contain a lease, in accordance with the accounting policy below. For leased RVMs, the customer has the right to obtain substantially all the economic benefits from use of these RVMs throughout the period of use whereby each machine is considered a separate lease component in the contract. Revenues from RVM leases are recognized over the term of the lease on a straight-line basis, when classified as operational leases. Lease contracts where substantially all the risks and rewards are transferred are classified as finance leases. Revenue and the accompanying receivable are recognized at a point in time when the customer obtains control over the machine. The cost of the RVM is derecognized from inventory and recognized as cost of sales. Lease contracts can also include non-lease components such as maintenance and technical support services, in respect of which reference is made to the accounting policy on service revenue. Service and throughput revenue The Company\u2019s primary service offerings include repairs, maintenance and technical support services, and pickup and processing. These services are provided either on a time and material basis or as a fixed- price contract. The maintenance and technical support services that are contracted on a fixed-price basis are typically considered as stand-ready obligations and the revenue for such services is recognized over time based on an output measure of time elapsed. Revenue from time and material contracts is recognized at the contractual rates as labor hours are delivered. Revenue from fixed-price contracts involving pickup and processing services is generally recognized in the period the services are provided using a straight-line basis over the term of the contract. If circumstances arise that may change the original estimates of revenues, costs, or extent of progress toward completion, then revisions to the estimates are made. These revisions may result in increases or decreases in estimated revenues or costs, and such revisions are reflected in income in the period in which management becomes aware of the circumstances that give rise to the revision. For throughput contracts, revenue is recognized based on actual throughput fee every month . Warranties RVMs are normally sold with a warranty period ranging between 12 to 36 months. These warranties provided to customers are considered as assurance-type warranties as the Company promises to remediate, repair or replace the machines, if necessary, insofar the issue is resulting from manufacturing defects. A provision for warranties is recognized when the underlying product is sold, based on the historical warranty data and a weighing of possible outcomes against their associated probabilities. The Company has no other material obligations for returns, refunds or similar. Contract assets and liabilities The Company recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as deferred revenue in other liabilities in the statement of financial position. Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognizes unbilled revenue in other receivables in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due Cost of sales Cost of sales includes all direct material and labor costs and those indirect costs related to contract performance, such as indirect labor, supplies, and depreciation costs. The Company performs ongoing profitability analysis of its service contracts to determine whether the latest estimates - revenues, costs and profits - require updating. If, at any time, these estimates indicate that a contract will be unprofitable, the entire estimated loss for the remainder of the contract is recorded immediately and presented as losses on contracts under provisions. Finance income and finance costs The Company\u2019s finance income and finance costs include: \u2022 Interest income; \u2022 Interest expense; \u2022 Foreign currency gain or loss on financial assets and financial liabilities. Interest income or expense is recognized using the effective interest method. Dividend income is recognized in profit or loss on the date that the Company\u2019s right to receive payment is established. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2022 Gross carrying amount of the financial asset; or \u2022 Amortized cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability. However, for financial assets that have become credit-impaired after initial recognition, interest income is calculated by applying the effective interest rate to the amortized cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As a lessee At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand- alone prices. However, for the leases of property where the amounts are contractually not distinct, the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. For those contracts where distinction is present in the contract, the Company separates the non-lease components. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company\u2019s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of asset leased. Lease payments included in the measurement of the lease liability comprise the following: \u2022 Fixed payments, including in-substance fixed payments; \u2022 Amounts expected to be payable under a residual value guarantee; and \u2022 The exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company presents right-of-use assets in \u2018property, plant and equipment\u2019 and lease liabilities in \u2018loans and borrowings\u2019 in the statement of financial position. Extension options Several lease contracts with respect to buildings contain extension options. On an individual basis the extension options are evaluated by management and where circumstances are such that control over the extension is obtained, or are reasonably certain to be obtained, extension options have been taken into consideration. As a lessor At inception or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component based on its relative stand-alone selling price. When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the majority of the asset\u2019s economic life. The Company recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u2018other revenue\u2019. Deferred and current tax Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss and does not give rise to equal taxable and deductible temporary differences, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Income taxes The Company is subject to income tax in several jurisdictions and significant judgment is required in determining the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. As a result, the Company recognizes tax liabilities based on estimates of whether additional taxes and interest will be due. These tax liabilities are recognized when, despite the Company's belief that its tax return positions are supportable, the Company believes that certain positions are likely to be challenged and may not be fully sustained upon review by tax authorities. The Company believes that its accruals for tax liabilities are adequate for all open audit years based on its assessment of many factors, including past experiences and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. Reference is made to Note R for use of accounting estimates and judgments. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax expense in the period in which such determination is made. Deferred tax valuation The Company recognizes deferred tax assets for loss carry-forwards and deductible temporary differences, estimating the amount of future taxable profit that will be probable, against which the loss carry-forwards and deductible temporary difference can be utilized (see Note 16). Intangible assets All intangible assets have finite lives based on their economic use except for Goodwill. The intangible assets with finite lives are amortized using the straight-line method. The useful life is estimated between five and seven years. General and administrative expenses in the consolidated statement of comprehensive income include the amortization charge for intangible assets. Research and development Research and development expenses are included in general and administrative expenses. Research costs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique products controlled by the Company are recognized as intangible assets when the following criteria are met: \u2022 It is technically feasible to complete the product so that it will be available for use; \u2022 Management intends to complete the product and use or sell it; \u2022 There is an ability to use or sell the product; \u2022 It can be demonstrated how the product will generate probable future economic benefits; \u2022 Adequate technical, financial and other resources to complete the development and to use or sell the product are available; and \u2022 The costs attributable to the product during its development can be reliably measured. The capitalized development cost is amortized when the asset becomes available for use. Once the asset is completely developed, it is amortized over the estimated useful life, which is seven years . A legal reserve is made for capitalized development costs. Acquired Technology Technology acquired as part of an asset acquisition is recognized as an intangible asset when it is identifiable, the Company controls the asset, and it is probable that future economic benefits attributable to the asset will flow to the Company, with the cost capable of being measured reliably. The technology acquired in connection with the 2024 Sensibin acquisition (the acquired technology) was recognized as an intangible asset at the acquisition date and initially measured at cost, being the purchase price allocated to the technology, including any directly attributable costs, in accordance with IAS 38 Intangible Assets. As the transaction did not meet the definition of a business combination, IFRS 3 Business Combinations was not applied. Following initial recognition, the acquired technology is measured at cost, less accumulated amortization and any accumulated impairment losses, consistent with the accounting policy applied to the Company\u2019s other development-related intangible assets. The acquired technology has a finite useful life and is amortized on a straight-line basis over five years, reflecting the pattern in which the expected future economic benefits are consumed. The asset is reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Software Operational costs, which encompass expenses related to research, training and other activities explicitly outlined in IAS 38.69, are expensed as incurred. These expenses are recognized in the income statement in the year in which the services are received. Capital expenditures involve costs associated with customization fees, data conversion, and other software implementation services. The classification of these costs as capital expenditure depends on whether they enhance the functionality of software or an intangible asset that is controlled by the Company or create a separate intangible asset, as outlined in accounting standards. The capitalized software cost is amortized over the estimated useful life, which is five years . Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets that have not been put into use yet are tested for impairment at each reporting date irrespective of whether indicators of impairment exist. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s or a cash generating unit\u2019s fair value less costs to sell and value in use. The capitalization and potential impairments of internally generated research and development is amongst others based on estimates of future recovery. Property, plant and equipment Property, plant and equipment are valued at historical cost, less accumulated depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent expenditures that extend the asset\u2019s useful life are capitalized. Expenditures for repairs and maintenance are expensed when incurred. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values, based on the estimated useful lives of such assets. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value, less costs to sell, and value in use . Assets under construction will be depreciated once the assets are complete and available for use. Depreciation is based on the estimated useful lives of assets as follows:
Asset Type
Depreciation Period
Buildings
40 years
Plant & machinery
4-7 years
RVMs
4-7 years
Vehicles & equipment
3-5 years
During 2025, the Company reassessed the estimated useful lives of certain RVMs in the United States. Based on updated technical and operational assessments, the estimated useful life of these assets was extended from five to seven years. The change has been accounted for prospectively and resulted in a reduction of depreciation expense of approximately EUR 916 thousand in 2025. Management considers the impact not to be material to the consolidated statement of profit or loss but has disclosed it to provide transparency regarding the effect of the reassessment on depreciation and comparability. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, and other highly liquid investments with original maturities of three months or less. The cash and cash equivalents are available on demand. Trade receivables Trade receivables are initially recognized at the transaction price and subsequently carried at amortized cost less provision for expected credit losses. Due to the limited number of customers, the Company determines the ECL of trade receivables on an individual basis as per balance sheet date. Please refer to paragraph titled Financial instruments initial recognition and subsequent measurement for further accounting policy elaboration in respect of the financial instruments. Inventory Envipco uses a weighted average actual cost method (WAAC) for valuation of inventory. Product inventory is valued at the lower of cost or net realizable value based on a weighted average actual cost method. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Spare parts inventory for service activities is valued at the lower of historical cost or net realizable value. Appropriate consideration is given to excessive inventory levels, product deterioration and other factors when establishing the net realizable value. During 2025, the Company implemented a formalized inventory obsolescence assessment methodology across all operating entities. The methodology introduced standardized evaluation criteria, including inventory aging, forecasted consumption, excess inventory levels and product lifecycle considerations, to improve consistency in determining the required provision. The underlying accounting policy for inventory valuation remained unchanged. Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Amounts contributed by the shareholder(s) of the Company in excess of the nominal share capital, are accounted for as share premium. This also includes additional capital contributions by existing shareholders without the issue of shares or issue of rights to acquire shares of the Company. Minority interests are valued at the proportionate share of third parties in the net value of the assets and liabilities of a consolidated entity, determined in accordance with the Company\u2019s measurement principles. The Company records purchases of its own ordinary shares (treasury shares) under the cost method whereby the entire cost of the acquired shares is deducted from equity until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity. No treasury shares are held at 31 December 2025 . Reference is made to Note 20 for further information on the numbers of shares authorized and issued, par value per share and reconciliation of number of shares outstanding. Provisions The Company recognizes provisions for liabilities of uncertain timing or amount including those for warranty claims, leasehold dilapidations and legal disputes. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre- tax rate reflecting current market assessments of the time value of money and risks specific to the liability. In the case of leasehold dilapidations, the provision considers the potential that the properties in question may be sublet for some or all the remaining lease term. Trade creditors and other current liabilities Trade payables and other short-term monetary liabilities are initially recognized at fair value and subsequently carried at amortized cost. Please refer to paragraph titled Financial instruments initial recognition and subsequent measurement for further accounting policy elaboration in respect of the financial instruments. Employee benefits Employee benefits are charged to the profit and loss account in the period in which the employee services are rendered and, to the extent not already paid, as a liability on the balance sheet. If the amount already paid exceeds the benefits owed, the excess is recognized as a current asset to the extent that there will be a reimbursement by the employees or a reduction in future payments by the Company. The Company subsidiaries sponsor defined contribution plans which cover substantially all their employees. A defined contribution plan is a plan under which the subsidiaries pay fixed contributions into a separate entity. Under defined contribution plans, the Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, Envipco pays contributions to publicly or privately administered funds or insurance companies. Contributions are generally based on fixed amounts of eligible compensation and the cost for such plans is recognized based on employee service. Share-based payments The Company operates a share-based payment plan for certain employees, which has been classified as a cash-settled plan. Reference is made to Note 9 for further details about the plan. The Company measures the services received from employees and the liability incurred at the fair value of the liability. The liability is measured, at the end of each reporting period until settled, by reference to the fair value of each grant under the plan, multiplied by the number of shadow shares, whereby recognition of the liability takes place over the period in which the service is fulfilled (the vesting period). The amount recognized is adjusted to reflect the actual number of awards for which the related service and non- market performance conditions are expected to be met, such that the amount ultimately recognized as expense is based on the actual number of awards meeting these vesting conditions. Until the liability is settled, its fair value is remeasured at the end of each reporting period, with any changes in the fair value recognized in profit or loss. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as of the beginning and end of that period. Financial instruments Initial recognition and measurement Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognized when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets, except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: \u2022 Amortized cost; \u2022 Fair value through profit or loss (FVTPL); \u2022 Fair value through other comprehensive income (FVOCI). In the periods presented the corporation does not have any financial assets categorized as FVOCI. The classification is determined by both: \u2022 The entity\u2019s business model for managing the financial asset; \u2022 The contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within administrative expenses. A financial asset and a financial liability are offset when the entity has a legally enforceable right to set off the financial asset and financial liability and the Company has the firm intention to settle the balance on a net basis, or to settle the asset and the liability simultaneously. If there is a transfer of a financial asset that does not qualify for derecognition in the balance sheet, the transferred asset and the associated liability are not offset. Subsequent measurement - financial assets at amortized cost Financial assets are measured at amortized cost if the assets meet the following conditions (and are not designated as FVTPL): \u2022 they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows. \u2022 the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortized cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Company\u2019s cash and cash equivalents, trade and other receivables fall into this category of financial instruments as well as loan receivables. Envipco does not hold any material financial assets that are classified as FVTPL or FVOCI. Impairment of financial assets IFRS 9\u2019s impairment requirements use forward-looking information to recognize expected credit losses \u2013 the expected credit loss (ECL) model. Instruments within the scope of the requirements included loans and other debt-type financial assets measured at amortized cost, trade receivables and other receivables recognized and measured under IFRS 15. The Company considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: \u2022 Financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (Stage 1) and; \u2022 Financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (Stage 2); \u2022 \u2018Stage 3\u2019 would cover financial assets that have objective evidence of impairment at the reporting date; \u2022 \u201812-month expected credit losses\u2019 are recognized for the first category while \u2018lifetime expected credit losses\u2019 are recognized for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. Trade and other receivables The Company makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. The Company assesses impairment of trade receivables on an individual basis, using historical experience, external indicators and forward-looking information to calculate the expected credit losses. Classification and measurement of financial liabilities The Company\u2019s financial liabilities include borrowings, trade and other payables and financial liabilities designated at FVTPL. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Company designated a financial liability at FVTPL. Subsequently, financial liabilities are measured at amortized cost using the effective interest method, except for financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognized in profit or loss. As the 2024 acquisition of Sensibin was accounted for as an asset acquisition, IFRS does not explicitly prescribe the accounting treatment for contingent consideration arising from such transactions . Accordingly, management applied judgment in accordance with IAS\u202f8 Accounting Policies, Changes in Accounting Estimates and Errors. The Company has elected to account for the contingent consideration as a financial liability measured at FVTPL, applying by analogy the principles of IFRS\u202f3 Business Combinations and IFRS\u202f9 Financial Instruments. The contingent consideration related to the 2024 Sensibin acquisition was initially recognized at fair value and subsequently remeasured at fair value at each reporting date, with changes recognized in profit or loss. Financial liabilities designated as FVTPL fully relate to the contingent consideration arising from the Sensibin acquisition, as further disclosed in Note 24. As settlement of this contingent consideration is expected within 12 months after the reporting date, it is classified as a current liability. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs or finance income. Fair values Management assessed that the fair value of cash and cash equivalents, trade and other receivables, trade and other payables and other current liabilities approximate to their carrying amounts largely due to the short-term maturities of these instruments. The fair value of the interest-bearing loans and borrowings is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company applies the fair value hierarchy to the measurement of contingent consideration arising from the 2024 Sensibin acquisition. The contingent consideration is measured at fair value at each reporting date pursuant to IFRS. See Note 24 for further details. Critical accounting estimates and judgments In preparing these consolidated financial statements, management has made judgments and estimates that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized prospectively. Key judgments and accounting estimates relate to the following: \u2022 Note 1 \u2013 management applied significant assumptions and estimates in the forecast period supporting the going concern assessment, including the timing and phasing of revenues, EBITDA generation, related cash flows and covenant calculations. Note 3 - estimating the fair value of the contingent consideration liability; \u2022 Note 6 \u2013 In the absence of a standard pricing list per country (or region), management estimates the stand-alone selling prices of goods and services using the expected cost-plus margin approach. This estimated stand-alone selling price per country (or region) is then used to allocate the contract price to individual performance obligations. The Company employs estimation methods to assess the stand-alone selling prices of products and services to allocate the discount to the performance obligations on a relative stand-alone selling price basis; \u2022 Note 6 \u2013 judgment if performance obligations refer to sale and delivery of goods or manufacturing services; \u2022 Note 6 \u2013 judgment if service and maintenance during the warranty period qualifies as a distinct performance obligation; \u2022 Note 6 \u2013 judgment whether contractually extended billing period qualifies as customer financing; \u2022 Note 9 \u2013 measurement of realizing targets in the long-term compensation plan; \u2022 Note 11 and 16 \u2013 recognition of deferred tax assets: availability of future taxable profit against which tax losses carried forward can be used; \u2022 Note 13 and 14 \u2013 useful life of intangible and tangible fixed assets, including impairment testing if applicable; \u2022 Note 14 \u2013 length of leases and treatment of lease extension options; \u2022 Note 17 \u2013 measurement of provision for obsolescence; \u2022 Notes 22 - estimates related to provision for future warranty claims; \u2022 Note 25 \u2013 recognition and measurement of contingencies: key assumptions about the likelihood and magnitude of an outflow of resources;", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-294": { "value": "Consolidated cash flow statement The Company\u2019s consolidated statement of cash flows is presented using the indirect method. The funds consist of cash and cash equivalents. Cash flows in foreign currencies are translated at an average rate. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-295": { "value": "Consolidation Basis of consolidation Based on IFRS 10, the Company prepares consolidated financial statements where it controls an entity or entities, as defined under Subsidiaries below, and following the principles of control, it will consolidate an entity irrespective of the nature of the entity. If the Company has the power by way of actual or potential voting rights over an entity, then such entity\u2019s results will be consolidated. The consolidated financial statements present the results of the Company as if it is a single economic entity. Intercompany transactions and balances between Company subsidiaries are therefore eliminated in full. The consolidated financial statements incorporate the results of business combinations using the acquisition method. In the statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognized at their fair values at the acquisition date. The results of acquired operations are included in the consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases. All transactions and balances between Company subsidiaries are eliminated on consolidation, including unrealized gains and losses on transactions between Company subsidiaries. Where unrealized losses on intra-company asset sales are reversed on consolidation, the underlying asset is also tested for impairment from a Company perspective. Amounts reported in the financial statements of subsidiaries have been adjusted where necessary to ensure consistency with the accounting policies adopted by the Company. Profit or loss and other comprehensive income of subsidiaries acquired or disposed of during the year are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable. The Company attributes total comprehensive income or loss of subsidiaries between the owners of the parent and the non-controlling interests based on their respective ownership interests. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-298": { "value": "Subsidiaries Subsidiaries are all entities (including single economic entities) where the Company has control over an investee, it is classified as a subsidiary. The Company controls an investee, if all three of the following elements are present: \u2022 Power over the investee; \u2022 Exposure to variable returns from the investee; and \u2022 The ability of the investor to use its power to affect those variable returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company. They are deconsolidated from the date control ceases. Intercompany transactions and balances between Company subsidiaries are eliminated.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-299": { "value": "The consolidated statement of financial position is comprised of the financial data of Envipco Holding N.V. and the following subsidiaries:
Subsidiary
Location
% Ownership
Envipco Automaten GmbH,
Westerkappeln, Germany
100%
Environmental Products Corporation
Delaware, US
99.85%
Envipco Pickup & Processing Services Inc.
Delaware, US
99.85%
Environmental Products Recycling Inc.
Delaware, US
99.85%
Envipco N.D. Inc.
Delaware, US
99.85%
Envipco Solutions SRL
Alba Iulia, Romania
100%
Envipco Hellas SA
Athens, Greece
100%
Envipco Europe B.V.
Amersfoort, The Netherlands
100%
Envipco Sweden A.B.
Borlange, Sweden
100%
Envipco (UK) Limited
London, United Kingdom
100%
Envipco Ireland Limited
Dublin, Republic of Ireland
100%
Envipco Portugal Unipessoal LDA
Lisbon, Portugal
100%
Envipco Hungary Kft
Budapest, Hungary
100%
Envipco France SA
Paris, France
100%
Envipco Slovakia sro
Bratislava, Slovakia
100%
Envipco A.S.
Oslo, Norway
100%
Envipco Poland Sp. z o.o.
Warsaw, Poland
100%
Sensibin Limited
Dublin, Ireland
100%
Envipco Principal B.V.
Amersfoort, The Netherlands
100%
Stichting Employees Envipco Holding, initially controlled by Envipco Holding N.V., was dissolved on 7 January 2026. The board of the foundation comprised one former member of the Board of Envipco Holding N.V. The foundation was established to administer an Employee Share Option scheme and did not carry out any activities Germany subsidiary exemption Envipco Automaten GmbH, a wholly owned subsidiary of Envipco Holding N.V. incorporated in Germany, makes use of the exemption from the preparation, audit and publication of statutory financial statements as provided for in Section 264(3) of the German Commercial Code (Handelsgesetzbuch, or HGB). In connection with this exemption, Envipco Holding N.V. has issued a declaration of guarantee pursuant to German law, under which it undertakes to assume liability for the obligations entered into by Envipco Automaten GmbH during the financial year. Guarantees in respect of subsidiaries In connection with the Company\u2019s financing arrangements, including the revolving credit facility and term loans, Envipco Holding N.V. and certain of its subsidiaries have provided guarantees and security in favor of lenders in respect of the obligations of the Company and its subsidiaries. Under these arrangements, Envipco Holding N.V. and relevant subsidiaries may be jointly and severally liable for amounts due under the financing agreements. As of the reporting date, no amounts have been called under these guarantees and management does not expect any outflows to arise ", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-297": { "value": "Business combinations are accounted for using the acquisition method. The consideration transferred is measured at fair value at the acquisition date and comprises the fair value of assets transferred, equity instruments issued, and liabilities incurred or assumed.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBusinessCombinationsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-296": { "value": "Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date, irrespective of the extent of any minority interest. The excess of the consideration transferred, amount of any non-controlling interest in the acquired entity, and acquisition date fair value of any previous equity interest in the acquired entity over the fair value of the net identifiable assets acquired is recorded as goodwill. If those amounts are less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the income.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-339": { "value": "Non-controlling interest The total comprehensive income of non-wholly owned subsidiaries is attributed to owners of the parent and to the non-controlling interests in proportion to their relative ownership interests", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-300": { "value": "Segment reporting The segments are identified based on internal reports about components of the entity that are regularly reviewed by the chief operating decision maker to allocate resources to the segments and to assess its performance. The Company considers geography as its main segment. Geographical segment performance is based on the segment\u2019s revenues, net results and EBITDA. Similarly, the respective assets and liabilities are allocated to geographical segments. In addition, management measures legal entity performance based on revenues and operating results earned by the Company\u2019s business units, which includes both external and intercompany transactions. This coincides with the Company\u2019s internal organizational and management structure and its internal financial management reporting system.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-301": { "value": "Foreign currencies Items included in the financial statements of each of the Company\u2019s entities are measured using the currency of the primary economic environment in which the entity operates (the functional currency). The consolidated financial statements are presented in Euros, which is the Company\u2019s functional and presentation currency. The subsidiaries that are included in the consolidation have the Euro, US Dollars, UK Sterling Pounds, Romanian Leu, Swedish Kronor, Norwegian Kroner and Hungarian Forint as their functional currency. Transactions and cash flows in foreign currencies are translated into the functional currency at the rate prevailing when the transaction took place. Related exchange rate differences from the settlement of such transactions and from the translation of monetary assets and liabilities denominated in foreign currencies at year-end exchange rates are recognized in the income. Balance sheets of entities that have a functional currency other than the Euro are translated using the closing rates at each reporting date. The income statements of such entities are translated at the average rates during the period. The resulting exchange difference is recognized in the translation reserve. When a foreign entity is sold, such cumulative exchange difference is reclassified in the income as part of the gain or loss on sale. Translation gains and losses on intercompany balances which are in substance a part of the investment in such Company subsidiary are also recognized in other comprehensive income. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-340": { "value": "The consolidated financial statements are presented in Euros, which is the Company\u2019s functional and presentation currency. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-302": { "value": "Revenue General Revenue arises mainly from the offering of pickup and processing, repairs and maintenance, sale of RVMs and leasing of RVMs. To determine whether to recognize revenue, the Company follows the five-step process in accordance with IFRS 15: 1. Identifying the contract with a customer; 2. Identifying the performance obligations; 3. Determining the transaction price; 4. Allocating the transaction price to the performance obligations; 5. Recognizing revenue when/as performance obligation(s) are satisfied. Revenue is recognized either at a point in time or over time, when (or as) the Company satisfies performance obligations by transferring the promised goods or services to its customers. When the Company acts as a principal revenue is recognized in the gross amount of consideration to which it expects to be entitled in exchange for the specified good or service transferred. When the Company acts an agent with a performance obligation to arrange for the provision of the specified good or service by another party, then revenue is recognized in the amount of any fee or commission to which it expects to be entitled in exchange for arranging for the specified goods or services to be provided by the other party. In the US, under the Bottle Bill deposit system, one subsidiary\u2019s billings includes mandatory deposits on the beverage containers which once collected, are passed through to the operators of redemption sites where Envipco machines are used. These pass-through amounts are included in receivables and payables and are not recognized as revenues. Payment terms Payment terms differ both between and within the business streams as well as geographically and include prepayments (typically the payments are due within 30 - 60 days after raising the invoice). As the Company does not extend credit terms to customers exceeding 12 months, it applies the practical expedient in IFRS 15 regarding significant financing components. Identification of performance obligations and allocation of transaction price Products and services may be sold separately or in bundled packages. When the sale of RVMs, installation and services are bundled into one contract, the transaction price is allocated to each distinct good or service representing a separate performance obligation. These typically include the following: 1. Sale of RVMs 2. Installation 3. Services The transaction price contains fixed components and may contain variable components (for example, in relation to annual price indexation of services). An estimate of variable consideration is included in the transaction price only to the extent that it is highly probable that a significant reversal will not occur when the uncertainty associated with the variable consideration is resolved. The transaction price is allocated to each performance obligation identified in the contract based on the relative stand-alone selling price of the distinct good or service. Sale and installation of goods Revenue from product sales is generally recognized when the product is delivered to the client and when there are no unfulfilled obligations that affect the client\u2019s final acceptance of the arrangement. Delivery does not occur until products have been shipped, risk of loss has been transferred to the client and client acceptance has been obtained, client acceptance provisions have lapsed, or the Company has objective evidence that the criteria specified in the client acceptance provisions are either perfunctory or have been satisfied. Revenue relating to product sales is generally recognized at that point in time. Revenue from the installation is recognized when an RVM has been installed, typically shortly after its delivery. Due to the short timing difference between the delivery of goods and the completion of installation services (typically three to five days), the Company does not differentiate between the sale of goods and installation services for revenue recognition purposes. For certain product sales, the nature of the Company\u2019s promise is to enhance assets that remain in control of the customer. As a result, revenue should be recognized over time. However, given the limited timeframe from the start of the assembly to delivery of the completed RVM, on average five to 10 working days, practically these revenues are recognized at a point in time upon delivery. Leasing revenue The Company assesses whether contracts with customers contain a lease, in accordance with the accounting policy below. For leased RVMs, the customer has the right to obtain substantially all the economic benefits from use of these RVMs throughout the period of use whereby each machine is considered a separate lease component in the contract. Revenues from RVM leases are recognized over the term of the lease on a straight-line basis, when classified as operational leases. Lease contracts where substantially all the risks and rewards are transferred are classified as finance leases. Revenue and the accompanying receivable are recognized at a point in time when the customer obtains control over the machine. The cost of the RVM is derecognized from inventory and recognized as cost of sales. Lease contracts can also include non-lease components such as maintenance and technical support services, in respect of which reference is made to the accounting policy on service revenue. Service and throughput revenue The Company\u2019s primary service offerings include repairs, maintenance and technical support services, and pickup and processing. These services are provided either on a time and material basis or as a fixed- price contract. The maintenance and technical support services that are contracted on a fixed-price basis are typically considered as stand-ready obligations and the revenue for such services is recognized over time based on an output measure of time elapsed. Revenue from time and material contracts is recognized at the contractual rates as labor hours are delivered. Revenue from fixed-price contracts involving pickup and processing services is generally recognized in the period the services are provided using a straight-line basis over the term of the contract. If circumstances arise that may change the original estimates of revenues, costs, or extent of progress toward completion, then revisions to the estimates are made. These revisions may result in increases or decreases in estimated revenues or costs, and such revisions are reflected in income in the period in which management becomes aware of the circumstances that give rise to the revision. For throughput contracts, revenue is recognized based on actual throughput fee every month Warranties RVMs are normally sold with a warranty period ranging between 12 to 36 months. These warranties provided to customers are considered as assurance-type warranties as the Company promises to remediate, repair or replace the machines, if necessary, insofar the issue is resulting from manufacturing defects. A provision for warranties is recognized when the underlying product is sold, based on the historical warranty data and a weighing of possible outcomes against their associated probabilities. The Company has no other material obligations for returns, refunds or similar. Contract assets and liabilities The Company recognizes contract liabilities for consideration received in respect of unsatisfied performance obligations and reports these amounts as deferred revenue in other liabilities in the statement of financial position. Similarly, if the Company satisfies a performance obligation before it receives the consideration, the Company recognizes unbilled revenue in other receivables in its statement of financial position, depending on whether something other than the passage of time is required before the consideration is due .", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-341": { "value": "Finance income and finance costs The Company\u2019s finance income and finance costs include: \u2022 Interest income; \u2022 Interest expense; \u2022 Foreign currency gain or loss on financial assets and financial liabilities. Interest income or expense is recognized using the effective interest method. Dividend income is recognized in profit or loss on the date that the Company\u2019s right to receive payment is established. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2022 Gross carrying amount of the financial asset; or \u2022 Amortized cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability. However, for financial assets that have become credit-impaired after initial recognition, interest income is calculated by applying the effective interest rate to the amortized cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-303": { "value": "Finance income and finance costs The Company\u2019s finance income and finance costs include: \u2022 Interest income; \u2022 Interest expense; \u2022 Foreign currency gain or loss on financial assets and financial liabilities. Interest income or expense is recognized using the effective interest method. Dividend income is recognized in profit or loss on the date that the Company\u2019s right to receive payment is established. The \u2018effective interest rate\u2019 is the rate that exactly discounts estimated future cash payments or receipts through the expected life of the financial instrument to: \u2022 Gross carrying amount of the financial asset; or \u2022 Amortized cost of the financial liability. In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset (when the asset is not credit-impaired) or to the amortized cost of the liability. However, for financial assets that have become credit-impaired after initial recognition, interest income is calculated by applying the effective interest rate to the amortized cost of the financial asset. If the asset is no longer credit-impaired, then the calculation of interest income reverts to the gross basis. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-304": { "value": "Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As a lessee At commencement or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component on the basis of its relative stand- alone prices. However, for the leases of property where the amounts are contractually not distinct, the Company has elected not to separate non-lease components and account for the lease and non-lease components as a single lease component. For those contracts where distinction is present in the contract, the Company separates the non-lease components. The Company recognizes a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the lease term, unless the lease transfers ownership of the underlying asset to the Company by the end of the lease term or the cost of the right-of-use asset reflects that the Company will exercise a purchase option. In that case the right-of-use asset will be depreciated over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company\u2019s incremental borrowing rate. Generally, the Company uses its incremental borrowing rate as the discount rate. The Company determines its incremental borrowing rate by obtaining interest rates from various external financing sources and makes certain adjustments to reflect the terms of the lease and type of asset leased. Lease payments included in the measurement of the lease liability comprise the following: Fixed payments, including in-substance fixed payments; Amounts expected to be payable under a residual value guarantee; and The exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, if there is a change in the Company\u2019s estimate of the amount expected to be payable under a residual value guarantee, if the Company changes its assessment of whether it will exercise a purchase, extension or termination option or if there is a revised in-substance fixed lease payment. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero. The Company presents right-of-use assets in \u2018property, plant and equipment\u2019 and lease liabilities in \u2018loans and borrowings\u2019 in the statement of financial position. Extension options Several lease contracts with respect to buildings contain extension options. On an individual basis the extension options are evaluated by management and where circumstances are such that control over the extension is obtained, or are reasonably certain to be obtained, extension options have been taken into consideration. As a lessor At inception or on modification of a contract that contains a lease component, the Company allocates the consideration in the contract to each lease component based on its relative stand-alone selling price. When the Company acts as a lessor, it determines at lease inception whether each lease is a finance lease or an operating lease. To classify each lease, the Company makes an overall assessment of whether the lease transfers substantially all the risks and rewards incidental to ownership of the underlying asset. If this is the case, then the lease is a finance lease; if not, then it is an operating lease. As part of this assessment, the Company considers certain indicators such as whether the lease is for the majority of the asset\u2019s economic life. The Company recognizes lease payments received under operating leases as income on a straight-line basis over the lease term as part of \u2018other revenue\u2019.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-305": { "value": "Deferred and current tax Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss and does not give rise to equal taxable and deductible temporary differences, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Income taxes The Company is subject to income tax in several jurisdictions and significant judgment is required in determining the provision for income taxes. During the ordinary course of business, there are transactions and calculations for which the ultimate tax determination is uncertain. As a result, the Company recognizes tax liabilities based on estimates of whether additional taxes and interest will be due. These tax liabilities are recognized when, despite the Company's belief that its tax return positions are supportable, the Company believes that certain positions are likely to be challenged and may not be fully sustained upon review by tax authorities. The Company believes that its accruals for tax liabilities are adequate for all open audit years based on its assessment of many factors, including past experiences and interpretations of tax law. This assessment relies on estimates and assumptions and may involve a series of complex judgments about future events. Reference is made to Note R for use of accounting estimates and judgments. To the extent that the final tax outcome of these matters is different than the amounts recorded, such differences will impact income tax expense in the period in which such determination is made. Deferred tax valuation The Company recognizes deferred tax assets for loss carry-forwards and deductible temporary differences, estimating the amount of future taxable profit that will be probable, against which the loss carry-forwards and deductible temporary difference can be utilized (see Note 16).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-342": { "value": "Deferred income tax is provided in full, using the balance sheet liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. However, if the deferred income tax arises from initial recognition of an asset or liability in a transaction other than a business combination that at the time of the transaction affects neither accounting nor taxable profit nor loss and does not give rise to equal taxable and deductible temporary differences, it is not accounted for. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially enacted by the balance sheet date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized to the extent that it is probable that future taxable profit will be available, against which the temporary differences can be utilized. Deferred income tax is provided on temporary differences arising on investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax valuation The Company recognizes deferred tax assets for loss carry-forwards and deductible temporary differences, estimating the amount of future taxable profit that will be probable, against which the loss carry-forwards and deductible temporary difference can be utilized (see Note 16).", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-306": { "value": "Intangible assets All intangible assets have finite lives based on their economic use except for Goodwill. The intangible assets with finite lives are amortized using the straight-line method. The useful life is estimated between five and seven years. General and administrative expenses in the consolidated statement of comprehensive income include the amortization charge for intangible assets. Research and development Research and development expenses are included in general and administrative expenses. Research costs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique products controlled by the Company are recognized as intangible assets when the following criteria are met: \u2022 It is technically feasible to complete the product so that it will be available for use; \u2022 Management intends to complete the product and use or sell it; \u2022 There is an ability to use or sell the product; \u2022 It can be demonstrated how the product will generate probable future economic benefits; \u2022 Adequate technical, financial and other resources to complete the development and to use or sell the product are available; and \u2022 The costs attributable to the product during its development can be reliably measured. The capitalized development cost is amortized when the asset becomes available for use. Once the asset is completely developed, it is amortized over the estimated useful life, which is seven years . A legal reserve is made for capitalized development costs. Acquired Technology Technology acquired as part of an asset acquisition is recognized as an intangible asset when it is identifiable, the Company controls the asset, and it is probable that future economic benefits attributable to the asset will flow to the Company, with the cost capable of being measured reliably. The technology acquired in connection with the 2024 Sensibin acquisition (the acquired technology) was recognized as an intangible asset at the acquisition date and initially measured at cost, being the purchase price allocated to the technology, including any directly attributable costs, in accordance with IAS 38 Intangible Assets. As the transaction did not meet the definition of a business combination, IFRS 3 Business Combinations was not applied. Following initial recognition, the acquired technology is measured at cost, less accumulated amortization and any accumulated impairment losses, consistent with the accounting policy applied to the Company\u2019s other development-related intangible assets. The acquired technology has a finite useful life and is amortized on a straight-line basis over five years, reflecting the pattern in which the expected future economic benefits are consumed. The asset is reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Software Operational costs, which encompass expenses related to research, training and other activities explicitly outlined in IAS 38.69, are expensed as incurred. These expenses are recognized in the income statement in the year in which the services are received. Capital expenditures involve costs associated with customization fees, data conversion, and other software implementation services. The classification of these costs as capital expenditure depends on whether they enhance the functionality of software or an intangible asset that is controlled by the Company or create a separate intangible asset, as outlined in accounting standards. The capitalized software cost is amortized over the estimated useful life, which is five years . Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets that have not been put into use yet are tested for impairment at each reporting date irrespective of whether indicators of impairment exist. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s or a cash generating unit\u2019s fair value less costs to sell and value in use. The capitalization and potential impairments of internally generated research and development is amongst others based on estimates of future recovery. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-343": { "value": "Research and development Research and development expenses are included in general and administrative expenses. Research costs are recognized as an expense as incurred. Development costs that are directly attributable to the design and testing of identifiable and unique products controlled by the Company are recognized as intangible assets when the following criteria are met: \u2022 It is technically feasible to complete the product so that it will be available for use; \u2022 Management intends to complete the product and use or sell it; \u2022 There is an ability to use or sell the product; \u2022 It can be demonstrated how the product will generate probable future economic benefits; \u2022 Adequate technical, financial and other resources to complete the development and to use or sell the product are available; and \u2022 The costs attributable to the product during its development can be reliably measured. The capitalized development cost is amortized when the asset becomes available for use. Once the asset is completely developed, it is amortized over the estimated useful life, which is seven years . A legal reserve is made for capitalized development costs. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-364": { "value": "The capitalized development cost is amortized when the asset becomes available for use. Once the asset is completely developed, it is amortized over the estimated useful life, which is seven years The acquired technology has a finite useful life and is amortized on a straight-line basis over five years, reflecting the pattern in which the expected future economic benefits are consumed. The capitalized software cost is amortized over the estimated useful life, which is five years Depreciation is based on the estimated useful lives of assets as follows:
Asset Type
Depreciation Period
Buildings
40 years
Plant & machinery
4-7 years
RVMs
4-7 years
Vehicles & equipment
3-5 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-376": { "value": "The asset is reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets that have not been put into use yet are tested for impairment at each reporting date irrespective of whether indicators of impairment exist. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s or a cash generating unit\u2019s fair value less costs to sell and value in use. The capitalization and potential impairments of internally generated research and development is amongst others based on estimates of future recovery. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value, less costs to sell, and value in use ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-344": { "value": "The asset is reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. Intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. Intangible assets that have not been put into use yet are tested for impairment at each reporting date irrespective of whether indicators of impairment exist. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s or a cash generating unit\u2019s fair value less costs to sell and value in use. The capitalization and potential impairments of internally generated research and development is amongst others based on estimates of future recovery. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value, less costs to sell, and value in use ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-307": { "value": "Property, plant and equipment Property, plant and equipment are valued at historical cost, less accumulated depreciation and impairment losses. Historical cost includes expenditures that are directly attributable to the acquisition of the asset. Subsequent expenditures that extend the asset\u2019s useful life are capitalized. Expenditures for repairs and maintenance are expensed when incurred. Land is not depreciated. Depreciation on other assets is calculated using the straight-line method to allocate their cost to their residual values, based on the estimated useful lives of such assets. The assets\u2019 residual values and useful lives are reviewed, and adjusted if appropriate, at each balance sheet date. Property, plant and equipment are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset\u2019s fair value, less costs to sell, and value in use Assets under construction will be depreciated once the assets are complete and available for use. Depreciation is based on the estimated useful lives of assets as follows:
Asset Type
Depreciation Period
Buildings
40 years
Plant & machinery
4-7 years
RVMs
4-7 years
Vehicles & equipment
3-5 years
During 2025, the Company reassessed the estimated useful lives of certain RVMs in the United States. Based on updated technical and operational assessments, the estimated useful life of these assets was extended from five to seven years. The change has been accounted for prospectively and resulted in a reduction of depreciation expense of approximately EUR 916 thousand in 2025. Management considers the impact not to be material to the consolidated statement of profit or loss but has disclosed it to provide transparency regarding the effect of the reassessment on depreciation and comparability. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-345": { "value": "Expenditures for repairs and maintenance are expensed when incurred. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-310": { "value": "Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, and other highly liquid investments with original maturities of three months or less. The cash and cash equivalents are available on demand.
Note 19 - Cash and cash equivalents
in \u20ac thousands
2025
2024
Bank balances
59,760
30,707
Short-term deposits
3
4
Other cash equivalents
96
37
Total
59,859
30,748
Cash balances increased in 2025 primarily due to the September 2025 share issuance (see Note 20) and
the drawdown of the new debt facilities during the year (see Note 21).
All cash and cash equivalents are freely available and not subject to any restrictions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-309": { "value": "Trade receivables Trade receivables are initially recognized at the transaction price and subsequently carried at amortized cost less provision for expected credit losses. Due to the limited number of customers, the Company determines the ECL of trade receivables on an individual basis as per balance sheet date. Please refer to paragraph titled Financial instruments initial recognition and subsequent measurement for further accounting policy elaboration in respect of the financial instruments. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-308": { "value": "Inventory Envipco uses a weighted average actual cost method (WAAC) for valuation of inventory. Product inventory is valued at the lower of cost or net realizable value based on a weighted average actual cost method. Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and the estimated costs necessary to make the sale. Spare parts inventory for service activities is valued at the lower of historical cost or net realizable value. Appropriate consideration is given to excessive inventory levels, product deterioration and other factors when establishing the net realizable value. During 2025, the Company implemented a formalized inventory obsolescence assessment methodology across all operating entities. The methodology introduced standardized evaluation criteria, including inventory aging, forecasted consumption, excess inventory levels and product lifecycle considerations, to improve consistency in determining the required provision. The underlying accounting policy for inventory valuation remained unchanged. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-312": { "value": "Equity Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction, net of tax, from the proceeds. Amounts contributed by the shareholder(s) of the Company in excess of the nominal share capital, are accounted for as share premium. This also includes additional capital contributions by existing shareholders without the issue of shares or issue of rights to acquire shares of the Company. Minority interests are valued at the proportionate share of third parties in the net value of the assets and liabilities of a consolidated entity, determined in accordance with the Company\u2019s measurement principles. The Company records purchases of its own ordinary shares (treasury shares) under the cost method whereby the entire cost of the acquired shares is deducted from equity until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity. No treasury shares are held at 31 December 2025 . Reference is made to Note 20 for further information on the numbers of shares authorized and issued, par value per share and reconciliation of number of shares outstanding.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-346": { "value": "The Company records purchases of its own ordinary shares (treasury shares) under the cost method whereby the entire cost of the acquired shares is deducted from equity until the shares are cancelled, reissued or disposed of. Where such shares are subsequently sold or reissued, any consideration received, net of any directly attributable incremental transaction costs and the related income tax effects, is included in equity. No treasury shares are held at 31 December 2025 . ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-365": { "value": "No treasury shares are held at 31 December 2025 No treasury shares were held at 31 December 2025.", "dimensions": { "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-313": { "value": "Provisions The Company recognizes provisions for liabilities of uncertain timing or amount including those for warranty claims, leasehold dilapidations and legal disputes. The provision is measured at the best estimate of the expenditure required to settle the obligation at the reporting date, discounted at a pre- tax rate reflecting current market assessments of the time value of money and risks specific to the liability. In the case of leasehold dilapidations, the provision considers the potential that the properties in question may be sublet for some or all the remaining lease term. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-314": { "value": "Trade creditors and other current liabilities Trade payables and other short-term monetary liabilities are initially recognized at fair value and subsequently carried at amortized cost. Please refer to paragraph titled Financial instruments initial recognition and subsequent measurement for further accounting policy elaboration in respect of the financial instruments.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-311": { "value": "Employee benefits Employee benefits are charged to the profit and loss account in the period in which the employee services are rendered and, to the extent not already paid, as a liability on the balance sheet. If the amount already paid exceeds the benefits owed, the excess is recognized as a current asset to the extent that there will be a reimbursement by the employees or a reduction in future payments by the Company. The Company subsidiaries sponsor defined contribution plans which cover substantially all their employees. A defined contribution plan is a plan under which the subsidiaries pay fixed contributions into a separate entity. Under defined contribution plans, the Company has no legal or constructive obligations to pay further contributions if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods. For defined contribution plans, Envipco pays contributions to publicly or privately administered funds or insurance companies. Contributions are generally based on fixed amounts of eligible compensation and the cost for such plans is recognized based on employee service. Share-based payments The Company operates a share-based payment plan for certain employees, which has been classified as a cash-settled plan. Reference is made to Note 9 for further details about the plan. The Company measures the services received from employees and the liability incurred at the fair value of the liability. The liability is measured, at the end of each reporting period until settled, by reference to the fair value of each grant under the plan, multiplied by the number of shadow shares, whereby recognition of the liability takes place over the period in which the service is fulfilled (the vesting period). The amount recognized is adjusted to reflect the actual number of awards for which the related service and non- market performance conditions are expected to be met, such that the amount ultimately recognized as expense is based on the actual number of awards meeting these vesting conditions. Until the liability is settled, its fair value is remeasured at the end of each reporting period, with any changes in the fair value recognized in profit or loss. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as of the beginning and end of that period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-347": { "value": "Share-based payments The Company operates a share-based payment plan for certain employees, which has been classified as a cash-settled plan. Reference is made to Note 9 for further details about the plan. The Company measures the services received from employees and the liability incurred at the fair value of the liability. The liability is measured, at the end of each reporting period until settled, by reference to the fair value of each grant under the plan, multiplied by the number of shadow shares, whereby recognition of the liability takes place over the period in which the service is fulfilled (the vesting period). The amount recognized is adjusted to reflect the actual number of awards for which the related service and non- market performance conditions are expected to be met, such that the amount ultimately recognized as expense is based on the actual number of awards meeting these vesting conditions. Until the liability is settled, its fair value is remeasured at the end of each reporting period, with any changes in the fair value recognized in profit or loss. The expense or credit in the statement of profit or loss for a period represents the movement in cumulative expense recognized as of the beginning and end of that period. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-315": { "value": "Financial instruments Initial recognition and measurement Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognized when it is extinguished, discharged, cancelled or expires. Classification and initial measurement of financial assets, except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: \u2022 Amortized cost; \u2022 Fair value through profit or loss (FVTPL); \u2022 Fair value through other comprehensive income (FVOCI). In the periods presented the corporation does not have any financial assets categorized as FVOCI. The classification is determined by both: \u2022 The entity\u2019s business model for managing the financial asset; \u2022 The contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within administrative expenses. A financial asset and a financial liability are offset when the entity has a legally enforceable right to set off the financial asset and financial liability and the Company has the firm intention to settle the balance on a net basis, or to settle the asset and the liability simultaneously. If there is a transfer of a financial asset that does not qualify for derecognition in the balance sheet, the transferred asset and the associated liability are not offset. Subsequent measurement - financial assets at amortized cost Financial assets are measured at amortized cost if the assets meet the following conditions (and are not designated as FVTPL): \u2022 they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows. \u2022 the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortized cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Company\u2019s cash and cash equivalents, trade and other receivables fall into this category of financial instruments as well as loan receivables. Envipco does not hold any material financial assets that are classified as FVTPL or FVOCI. Impairment of financial assets IFRS 9\u2019s impairment requirements use forward-looking information to recognize expected credit losses \u2013 the expected credit loss (ECL) model. Instruments within the scope of the requirements included loans and other debt-type financial assets measured at amortized cost, trade receivables and other receivables recognized and measured under IFRS 15. The Company considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: \u2022 Financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (Stage 1) and; \u2022 Financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (Stage 2); \u2022 \u2018Stage 3\u2019 would cover financial assets that have objective evidence of impairment at the reporting date; \u2022 \u201812-month expected credit losses\u2019 are recognized for the first category while \u2018lifetime expected credit losses\u2019 are recognized for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. Trade and other receivables The Company makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. The Company assesses impairment of trade receivables on an individual basis, using historical experience, external indicators and forward-looking information to calculate the expected credit losses. Classification and measurement of financial liabilities The Company\u2019s financial liabilities include borrowings, trade and other payables and financial liabilities designated at FVTPL. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Company designated a financial liability at FVTPL. Subsequently, financial liabilities are measured at amortized cost using the effective interest method, except for financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognized in profit or loss. As the 2024 acquisition of Sensibin was accounted for as an asset acquisition, IFRS does not explicitly prescribe the accounting treatment for contingent consideration arising from such transactions . Accordingly, management applied judgment in accordance with IAS\u202f8 Accounting Policies, Changes in Accounting Estimates and Errors. The Company has elected to account for the contingent consideration as a financial liability measured at FVTPL, applying by analogy the principles of IFRS\u202f3 Business Combinations and IFRS\u202f9 Financial Instruments. The contingent consideration related to the 2024 Sensibin acquisition was initially recognized at fair value and subsequently remeasured at fair value at each reporting date, with changes recognized in profit or loss. Financial liabilities designated as FVTPL fully relate to the contingent consideration arising from the Sensibin acquisition, as further disclosed in Note 24. As settlement of this contingent consideration is expected within 12 months after the reporting date, it is classified as a current liability. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs or finance income. Fair values Management assessed that the fair value of cash and cash equivalents, trade and other receivables, trade and other payables and other current liabilities approximate to their carrying amounts largely due to the short-term maturities of these instruments. The fair value of the interest-bearing loans and borrowings is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The Company applies the fair value hierarchy to the measurement of contingent consideration arising from the 2024 Sensibin acquisition. The contingent consideration is measured at fair value at each reporting date pursuant to IFRS. See Note 24 for further details.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-366": { "value": "Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument. Financial assets are derecognized when the contractual rights to the cash flows from the financial asset expire, or when the financial asset and substantially all the risks and rewards are transferred. A financial liability is derecognized when it is extinguished, discharged, cancelled or expires. A financial asset and a financial liability are offset when the entity has a legally enforceable right to set off the financial asset and financial liability and the Company has the firm intention to settle the balance on a net basis, or to settle the asset and the liability simultaneously. If there is a transfer of a financial asset that does not qualify for derecognition in the balance sheet, the transferred asset and the associated liability are not offset.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-348": { "value": "Classification and initial measurement of financial assets, except for those trade receivables that do not contain a significant financing component and are measured at the transaction price in accordance with IFRS 15, all financial assets are initially measured at fair value adjusted for transaction costs (where applicable). Financial assets, other than those designated and effective as hedging instruments, are classified into the following categories: \u2022 Amortized cost; \u2022 Fair value through profit or loss (FVTPL); \u2022 Fair value through other comprehensive income (FVOCI). In the periods presented the corporation does not have any financial assets categorized as FVOCI. The classification is determined by both: \u2022 The entity\u2019s business model for managing the financial asset; \u2022 The contractual cash flow characteristics of the financial asset. All income and expenses relating to financial assets that are recognized in profit or loss are presented within finance costs, finance income or other financial items, except for impairment of trade receivables which is presented within administrative expenses. Subsequent measurement - financial assets at amortized cost Financial assets are measured at amortized cost if the assets meet the following conditions (and are not designated as FVTPL): they are held within a business model whose objective is to hold the financial assets and collect its contractual cash flows. the contractual terms of the financial assets give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding. After initial recognition, these are measured at amortized cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial. The Company\u2019s cash and cash equivalents, trade and other receivables fall into this category of financial instruments as well as loan receivables. Envipco does not hold any material financial assets that are classified as FVTPL or FVOCI. Impairment of financial assets IFRS 9\u2019s impairment requirements use forward-looking information to recognize expected credit losses \u2013 the expected credit loss (ECL) model. Instruments within the scope of the requirements included loans and other debt-type financial assets measured at amortized cost, trade receivables and other receivables recognized and measured under IFRS 15. The Company considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: \u2022 Financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (Stage 1) and; \u2022 Financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (Stage 2); \u2022 \u2018Stage 3\u2019 would cover financial assets that have objective evidence of impairment at the reporting date; \u2022 \u201812-month expected credit losses\u2019 are recognized for the first category while \u2018lifetime expected credit losses\u2019 are recognized for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. Trade and other receivables The Company makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. The Company assesses impairment of trade receivables on an individual basis, using historical experience, external indicators and forward-looking information to calculate the expected credit losses", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-367": { "value": "Impairment of financial assets IFRS 9\u2019s impairment requirements use forward-looking information to recognize expected credit losses \u2013 the expected credit loss (ECL) model. Instruments within the scope of the requirements included loans and other debt-type financial assets measured at amortized cost, trade receivables and other receivables recognized and measured under IFRS 15. The Company considers a broader range of information when assessing credit risk and measuring expected credit losses, including past events, current conditions, reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument. In applying this forward-looking approach, a distinction is made between: \u2022 Financial instruments that have not deteriorated significantly in credit quality since initial recognition or that have low credit risk (Stage 1) and; \u2022 Financial instruments that have deteriorated significantly in credit quality since initial recognition and whose credit risk is not low (Stage 2); \u2022 \u2018Stage 3\u2019 would cover financial assets that have objective evidence of impairment at the reporting date; \u2022 \u201812-month expected credit losses\u2019 are recognized for the first category while \u2018lifetime expected credit losses\u2019 are recognized for the second category. Measurement of the expected credit losses is determined by a probability-weighted estimate of credit losses over the expected life of the financial instrument. Trade and other receivables The Company makes use of a simplified approach in accounting for trade and other receivables and records the loss allowance as lifetime expected credit losses. These are the expected shortfalls in contractual cash flows, considering the potential for default at any point during the life of the financial instrument. The Company assesses impairment of trade receivables on an individual basis, using historical experience, external indicators and forward-looking information to calculate the expected credit losses.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-377": { "value": "Classification and measurement of financial liabilities The Company\u2019s financial liabilities include borrowings, trade and other payables and financial liabilities designated at FVTPL. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Company designated a financial liability at FVTPL. Subsequently, financial liabilities are measured at amortized cost using the effective interest method, except for financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognized in profit or loss. As the 2024 acquisition of Sensibin was accounted for as an asset acquisition, IFRS does not explicitly prescribe the accounting treatment for contingent consideration arising from such transactions Accordingly, management applied judgment in accordance with IAS\u202f8 Accounting Policies, Changes in Accounting Estimates and Errors. The Company has elected to account for the contingent consideration as a financial liability measured at FVTPL, applying by analogy the principles of IFRS\u202f3 Business Combinations and IFRS\u202f9 Financial Instruments. The contingent consideration related to the 2024 Sensibin acquisition was initially recognized at fair value and subsequently remeasured at fair value at each reporting date, with changes recognized in profit or loss. Financial liabilities designated as FVTPL fully relate to the contingent consideration arising from the Sensibin acquisition, as further disclosed in Note 24. As settlement of this contingent consideration is expected within 12 months after the reporting date, it is classified as a current liability. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-368": { "value": "Classification and measurement of financial liabilities The Company\u2019s financial liabilities include borrowings, trade and other payables and financial liabilities designated at FVTPL. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Company designated a financial liability at FVTPL. Subsequently, financial liabilities are measured at amortized cost using the effective interest method, except for financial liabilities designated at FVTPL, which are carried subsequently at fair value with gains or losses recognized in profit or loss. As the 2024 acquisition of Sensibin was accounted for as an asset acquisition, IFRS does not explicitly prescribe the accounting treatment for contingent consideration arising from such transactions . Accordingly, management applied judgment in accordance with IAS\u202f8 Accounting Policies, Changes in Accounting Estimates and Errors. The Company has elected to account for the contingent consideration as a financial liability measured at FVTPL, applying by analogy the principles of IFRS\u202f3 Business Combinations and IFRS\u202f9 Financial Instruments. The contingent consideration related to the 2024 Sensibin acquisition was initially recognized at fair value and subsequently remeasured at fair value at each reporting date, with changes recognized in profit or loss. Financial liabilities designated as FVTPL fully relate to the contingent consideration arising from the Sensibin acquisition, as further disclosed in Note 24. As settlement of this contingent consideration is expected within 12 months after the reporting date, it is classified as a current liability. All interest-related charges and, if applicable, changes in an instrument\u2019s fair value that are reported in profit or loss are included within finance costs ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-349": { "value": "Classification and measurement of financial liabilities The Company\u2019s financial liabilities include borrowings, trade and other payables and financial liabilities designated at FVTPL. Financial liabilities are initially measured at fair value, and, where applicable, adjusted for transaction costs unless the Company designated a financial liability at FVTPL. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-8": { "value": "Note 4 - Capital management The Company\u2019s capital consists of its net equity and external borrowings. Management monitors and assesses the Company\u2019s capital requirements on an ongoing basis and ensures that sufficient funding is available to meet the working capital requirements and support future business development. In managing its capital structure, the Company considers a combination of equity funding, term loans and committed credit facilities. There were no changes in the Company\u2019s objectives, policies or processes for managing capital during the year compared to the prior period. Changes in equity during the year, including the issuance of new shares and movements in retained earnings, are reflected in the consolidated statement of changes in equity and in Note\u202f20. During 2025, the Company strengthened its capital position through an equity private placement and new external borrowing, as further described in the relevant notes to the consolidated financial statements. The Company and one of the Company\u2019s subsidiaries must comply with certain financial covenants under their loan agreements, details of which are given in Note 21. At 31 December 2025, the Company\u2019s funding requirements were met through equity, external borrowings, operating cash flows and committed credit facilities", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-9": { "value": "Note 5 - Financial risk management The Company has exposure to credit, liquidity and market risks on the financial instruments used by it. The Board of Directors (the Board) has the overall responsibility to monitor and manage these risks. Credit risk Credit risk arises from the possibility of asset impairment occurring because counterparties cannot meet their obligations in transactions mainly involving cash and cash equivalents and trade receivables. To minimize the credit risk related to cash and cash equivalents, all of them are held with reputable banks that have demonstrated financial stability, hold appropriate licenses, and are under the supervision of regulatory authorities. All cash and cash equivalents are held at banks with a minimum credit rating of Aa3. The main portion of receivables are related to RVM sales and services, which are managed closely for collections. See table below for the top three customers and their respective receivable position, including the customers\u2019 geographical location. As part of its normal business operations, the Company extends credit to clients, conducts credit evaluations of these clients, and maintains an impairment provision for expected credit losses.
2025
2024
Location
Trade receivable
Location
Trade receivable
Customer 1
Romania
20%
Romania
17%
Customer 2
Hungary
8%
Hungary
7%
Customer 3
Greece
8%
Greece
7%
Others
-
64%
-
69%
Total
100%
100%
US operations manage its gross receivables using a deposit accounting system. Under this system, Envipco acts as a clearing house for services provided rather than for RVM sales. Payable funds to customers are disbursed only after receivables have been collected. The carrying amount of financial assets represents the maximum credit exposure. This maximum exposure to credit risk for trade receivables and non-current trade receivables reported as part of financial assets at the reporting date by geographic region was:
in \u20ac thousands
Current
Non-current
>30 Days
>60 Days
>90 Days
Total
2025
Europe
12,090
2,453
199
476
3,010
18,228
United States
6,073
-
1,879
694
83
8,729
Total
18,163
2,453
2,078
1,170
3,093
26,957
2024
Europe
13,203
-
4,076
1,136
8,995
27,410
United States
6,749
-
1,473
446
296
8,964
Total
19,952
-
5,549
1,582
9,291
36,374
The decrease in Trade and other receivables is primarily driven by lower activity levels in Europe. Management manages credit risk by reviewing the creditworthiness of counterparties on a regular basis and will set credit limits. No credit insurance is taken out. Under the simplified approach of IFRS\u202f9, the Company measures lifetime expected credit losses for trade receivables based on an individual assessment, reflecting the specific credit risk profile of each customer. Liquidity risk Liquidity risk arises from the possibility that the Company may be unable to meet its obligations as they fall due or draw on refinanced credit facilities. The Company\u2019s policy is to ensure, as far as possible, that it will have sufficient liquidity to meet its obligations in a timely manner. The executive director follows liquidity risk management focused on maintaining sufficient cash, enforcing strict credit policy and the availability of funding through an adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, the Company aims to maintain flexibility in funding by keeping committed credit lines available. The following are the Company\u2019s contractual maturities of financial liabilities based on contractual undiscounted payments including short-term leases:
in \u20ac thousands
In 1 Year
1-2 Years
2-5 Years
> 5 Years
Total
2025
Borrowings
17,103
618
1,082
-
18,803
Lease liabilities
2,378
1,697
2,057
1,526
7,658
Trade creditors
15,110
-
-
-
15,110
Accrued expenses
3,385
-
-
-
3,385
Other liabilities
3,226
530
-
-
3,757
Total
41,202
2,845
3,140
1,527
48,713
2024
Borrowings
20,270
3,202
5,968
-
29,440
Lease liabilities
2,137
1,787
2,463
2,423
8,810
Trade creditors
16,506
11
-
-
16,517
Accrued expenses
6,779
-
-
-
6,779
Other liabilities
2,834
4,203
320
-
7,357
Total
48,526
9,203
8,751
2,423
68,903
Market risk Market risk arises from the fact that the value of financial instruments may be positively or negatively affected by fluctuating prices on the financial markets. Market risk includes currency risk, fair value interest rate risk, and price risk. Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to exchange rate fluctuations. Exposure to currency risks arises primarily when receivables and payables (including intercompany loans) are denominated in a currency other than the operating company\u2019s local currency. The Company is exposed to such risks as it operates internationally, primarily with respect to the US dollar. The Company manages its currency risk by closely monitoring the currency fluctuations and does not hedge its currency risk. A 5% strengthening of US Dollar against the euro would have decreased net profit by \u20ac0.6 million due to the transactional impact. A 5% decline in US Dollar against the euro would have had an approximately equal but opposite effect on the basis that all other variables remain constant. Interest rate risk The Company\u2019s interest rate risk arises from selected long-term borrowings. Such borrowings issued at variable rates expose the Company to cash flow interest rate risk. The Company tries to minimize its interest rate by negotiating both fixed and variable interest rates for the borrowings. The Company evaluated its exposure to interest rate risk based on its long-term debt (see Note 21) and concluded that. the interest rate risks on its borrowings do not need to be hedged. In case the Company\u2019s interest rate increases by 1%, the impact on profit before tax is \u20ac193 thousand before tax. Financial instruments \u2013 fair values and risk management The Company does not hold any financial assets measured at fair value. The only item measured at fair value is the contingent consideration liability relating to the 2024 Sensibin acquisition, which is classified as a financial liability at fair value through profit or loss. On 31 December 2025 and 31 December 2024, the carrying amounts of cash and cash equivalents, trade and other receivables and trade and other payables approximated their fair values due to the short-term maturities of these assets and liabilities. The fair values of the long-term debt as explained in Note 21 are not materially different from the carrying amounts as the interest rate risk is a floating rate plus spread where the spread equals the current market spread. The Company does not make use of derivative instruments .", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-316": { "value": "Credit risk Credit risk arises from the possibility of asset impairment occurring because counterparties cannot meet their obligations in transactions mainly involving cash and cash equivalents and trade receivables. To minimize the credit risk related to cash and cash equivalents, all of them are held with reputable banks that have demonstrated financial stability, hold appropriate licenses, and are under the supervision of regulatory authorities. All cash and cash equivalents are held at banks with a minimum credit rating of Aa3. The main portion of receivables are related to RVM sales and services, which are managed closely for collections. See table below for the top three customers and their respective receivable position, including the customers\u2019 geographical location. As part of its normal business operations, the Company extends credit to clients, conducts credit evaluations of these clients, and maintains an impairment provision for expected credit losses.
2025
2024
Location
Trade receivable
Location
Trade receivable
Customer 1
Romania
20%
Romania
17%
Customer 2
Hungary
8%
Hungary
7%
Customer 3
Greece
8%
Greece
7%
Others
-
64%
-
69%
Total
100%
100%
US operations manage its gross receivables using a deposit accounting system. Under this system, Envipco acts as a clearing house for services provided rather than for RVM sales. Payable funds to customers are disbursed only after receivables have been collected. The carrying amount of financial assets represents the maximum credit exposure. This maximum exposure to credit risk for trade receivables and non-current trade receivables reported as part of financial assets at the reporting date by geographic region was:
in \u20ac thousands
Current
Non-current
>30 Days
>60 Days
>90 Days
Total
2025
Europe
12,090
2,453
199
476
3,010
18,228
United States
6,073
-
1,879
694
83
8,729
Total
18,163
2,453
2,078
1,170
3,093
26,957
2024
Europe
13,203
-
4,076
1,136
8,995
27,410
United States
6,749
-
1,473
446
296
8,964
Total
19,952
-
5,549
1,582
9,291
36,374
The decrease in Trade and other receivables is primarily driven by lower activity levels in Europe. Management manages credit risk by reviewing the creditworthiness of counterparties on a regular basis and will set credit limits. No credit insurance is taken out. Under the simplified approach of IFRS\u202f9, the Company measures lifetime expected credit losses for trade receivables based on an individual assessment, reflecting the specific credit risk profile of each customer.", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-317": { "value": "Liquidity risk Liquidity risk arises from the possibility that the Company may be unable to meet its obligations as they fall due or draw on refinanced credit facilities. The Company\u2019s policy is to ensure, as far as possible, that it will have sufficient liquidity to meet its obligations in a timely manner. The executive director follows liquidity risk management focused on maintaining sufficient cash, enforcing strict credit policy and the availability of funding through an adequate amount of committed credit facilities. Due to the dynamic nature of the underlying businesses, the Company aims to maintain flexibility in funding by keeping committed credit lines available. The following are the Company\u2019s contractual maturities of financial liabilities based on contractual undiscounted payments including short-term leases:
in \u20ac thousands
In 1 Year
1-2 Years
2-5 Years
> 5 Years
Total
2025
Borrowings
17,103
618
1,082
-
18,803
Lease liabilities
2,378
1,697
2,057
1,526
7,658
Trade creditors
15,110
-
-
-
15,110
Accrued expenses
3,385
-
-
-
3,385
Other liabilities
3,226
530
-
-
3,757
Total
41,202
2,845
3,140
1,527
48,713
2024
Borrowings
20,270
3,202
5,968
-
29,440
Lease liabilities
2,137
1,787
2,463
2,423
8,810
Trade creditors
16,506
11
-
-
16,517
Accrued expenses
6,779
-
-
-
6,779
Other liabilities
2,834
4,203
320
-
7,357
Total
48,526
9,203
8,751
2,423
68,903
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-318": { "value": "
Market risk
Market risk arises from the fact that the value of financial instruments may be positively or negatively
affected by fluctuating prices on the financial markets. Market risk includes currency risk, fair value
interest rate risk, and price risk.
Currency risk
Currency risk is the risk that the value of a financial instrument will fluctuate due to exchange rate
fluctuations. Exposure to currency risks arises primarily when receivables and payables (including
intercompany loans) are denominated in a currency other than the operating company\u2019s local currency.
The Company is exposed to such risks as it operates internationally, primarily with respect to the US dollar.
The Company manages its currency risk by closely monitoring the currency fluctuations and does not
hedge its currency risk.
A 5% strengthening of US Dollar against the euro would have decreased net profit by \u20ac0.6 million due to
the transactional impact. A 5% decline in US Dollar against the euro would have had an approximately
equal but opposite effect on the basis that all other variables remain constant.
Interest rate risk The Company\u2019s interest rate risk arises from selected long-term borrowings. Such borrowings issued at variable rates expose the Company to cash flow interest rate risk. The Company tries to minimize its interest rate by negotiating both fixed and variable interest rates for the borrowings. The Company evaluated its exposure to interest rate risk based on its long-term debt (see Note 21) and concluded that. the interest rate risks on its borrowings do not need to be hedged. In case the Company\u2019s interest rate increases by 1%, the impact on profit before tax is \u20ac193 thousand before tax", "dimensions": { "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-350": { "value": "Currency risk Currency risk is the risk that the value of a financial instrument will fluctuate due to exchange rate fluctuations. Exposure to currency risks arises primarily when receivables and payables (including intercompany loans) are denominated in a currency other than the operating company\u2019s local currency. The Company is exposed to such risks as it operates internationally, primarily with respect to the US dollar. The Company manages its currency risk by closely monitoring the currency fluctuations and does not hedge its currency risk. A 5% strengthening of US Dollar against the euro would have decreased net profit by \u20ac0.6 million due to the transactional impact. A 5% decline in US Dollar against the euro would have had an approximately equal but opposite effect on the basis that all other variables remain constant. Note 10 - Finance expense and income The interest expenses relate to interest on borrowings and lease commitments. Interest income relates to interest received on bank balances.
in \u20ac thousands
2025
2024
Interest expenses
(2,790)
(1,883)
Interest income
226
75
Exchange (losses)/gains
201
(1,179)
Net finance cost
(2,363)
(2,987)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-319": { "value": "Financial instruments \u2013 fair values and risk management The Company does not hold any financial assets measured at fair value. The only item measured at fair value is the contingent consideration liability relating to the 2024 Sensibin acquisition, which is classified as a financial liability at fair value through profit or loss. On 31 December 2025 and 31 December 2024, the carrying amounts of cash and cash equivalents, trade and other receivables and trade and other payables approximated their fair values due to the short-term maturities of these assets and liabilities. The fair values of the long-term debt as explained in Note 21 are not materially different from the carrying amounts as the interest rate risk is a floating rate plus spread where the spread equals the current market spread. The Company does not make use of derivative instruments ", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-351": { "value": " The only item measured at fair value is the contingent consideration liability relating to the 2024 Sensibin acquisition, which is classified as a financial liability at fair value through profit or loss. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-352": { "value": "Note 6 - Segment information Envipco considers geography as its main segment. Management measures geographical segment performance based on the segment\u2019s profit, the respective assets and liabilities allocated to these segments. Segment information of the reportable segments is detailed below:
2025
2024
North
North
in \u20ac thousands
Europe
America
Corporate
Total
Europe
America
Corporate
Total
Revenues
Sale & installation
48,949
5,013
-
53,962
74,119
3,400
-
77,519
of goods
1
Pick-up &
processing
-
9,058
-
9,058
-
9,421
-
9,421
services
2
Service revenue
2
6,667
16,582
-
23,249
5,449
17,797
-
23,246
Leasing revenue
2
432
3,647
-
4,079
135
3,693
-
3,828
Total
56,048
34,300
-
90,348
79,703
34,311
-
114,014
Net Results
(3,740)
(183)
(6,804)
(10,727)
9,363
(6,379)
(5,960)
(2,976)
EBITDA
3
3,396
3,009
(5,269)
1,136
16,452
(695)
(3,860)
11,897
Depreciation &
4,439
2,413
1,895
8,746
2,758
3,454
1,983
8,195
Amortization
Total assets
73,923
28,804
57,233
159,960
82,317
33,408
20,173
135,898
Total liabilities
22,948
11,397
22,155
56,500
30,399
22,308
17,966
70,673
1) As disclosed in the accounting policies, revenue from sales and installation of goods is recognized at a point in time. 2) As disclosed in the accounting policies, revenue from services and leasing are recognized over time. 3) EBITDA, not being a defined performance measure in IFRS, is defined in the Other Information section of this report. An amount of \u20ac1,821 thousand (2024: \u20ac15,761 thousand) is included in sales of goods which relates to manufacturing services in which the Company enhances an asset already controlled by the customer. As disclosed in Note 3 - Revenue, in practice, the corresponding revenues are recorded at a point in time and therefore presented under the sales of goods category . Legal entity performance In addition to geographic segments, management measures legal entity performance based on revenues and operating results earned by the Company\u2019s business units, which includes both external and intercompany transactions. The Corporate segment is comprised of Envipco Holding N.V. The segments are identified based on internal reports about components of the entity that are regularly reviewed by the chief operating decision maker to allocate resources to the segments and to assess their performance. 1) Envipco Europe B.V. consists of Dutch and Hungarian activities. 1) Envipco Europe B.V. primarily consists of Hungarian activities. In accordance with IFRS 8.34, the Company discloses that revenue of \u20ac19,740 thousand was derived from a single external customer, representing more than 10% of total revenue. This revenue is included within the Europe segment. The non-current assets, being intangible fixed assets and property, plant and equipment, of the Company\u2019s country of domicile, The Netherlands, were \u20ac8,135 thousand (2024: \u20ac9,065 thousand). Other major countries Romania and the US had non-current assets of \u20ac7,502 thousand (2024: \u20ac5,478 thousand) and \u20ac9,199 thousand (2024: \u20ac9,717 thousand), respectively. See table above for revenue details where contract (lease) revenues and performance obligations for RVM sales have been disclosed as part of the Company\u2019s revenue recognition policies. The 2025 program services revenue contains \u20ac2,022 thousand (2024: \u20ac1,445 thousand) of variable throughput income.
2025
Program Services
in \u20ac thousands
RVM revenue
revenue
Total revenue
Operating results
Envipco Solutions SRL
39,672
3,686
43,358
6,142
Environmental Products Corp.
8,115
29,287
37,402
596
Envipco Europe B.V.
1
11,801
347
12,148
3,134
Envipco Hellas SA
2,953
-
2,953
(1,457)
Envipco Automaten GmbH
12,258
239
12,497
(1,886)
Other
8,803
3,102
11,905
(13,668)
Intercompany elimination
(29,640)
(275)
(29,915)
(471)
Total
53,962
36,386
90,348
(7,610)
2024
Program Services
in \u20ac thousands
RVM revenue
revenue
Total revenue
Operating results
Envipco Solutions SRL
46,749
3,036
49,785
9,695
Environmental Products Corp.
12,122
30,912
43,034
(4,082)
Envipco Europe B.V.
1
28,017
63
28,080
3,879
Envipco Hellas SA
19,139
-
19,139
2,993
Envipco Automaten GmbH
18,591
181
18,772
(765)
Other
11,792
2,633
14,425
(9,535)
Intercompany elimination
(58,891)
(330)
(59,221)
1,517
Total
77,519
36,495
114,014
3,702
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-320": { "value": "Note 6 - Segment information Envipco considers geography as its main segment. Management measures geographical segment performance based on the segment\u2019s profit, the respective assets and liabilities allocated to these segments. Segment information of the reportable segments is detailed below:
2025
2024
North
North
in \u20ac thousands
Europe
America
Corporate
Total
Europe
America
Corporate
Total
Revenues
Sale & installation
48,949
5,013
-
53,962
74,119
3,400
-
77,519
of goods
1
Pick-up &
processing
-
9,058
-
9,058
-
9,421
-
9,421
services
2
Service revenue
2
6,667
16,582
-
23,249
5,449
17,797
-
23,246
Leasing revenue
2
432
3,647
-
4,079
135
3,693
-
3,828
Total
56,048
34,300
-
90,348
79,703
34,311
-
114,014
Net Results
(3,740)
(183)
(6,804)
(10,727)
9,363
(6,379)
(5,960)
(2,976)
EBITDA
3
3,396
3,009
(5,269)
1,136
16,452
(695)
(3,860)
11,897
Depreciation &
4,439
2,413
1,895
8,746
2,758
3,454
1,983
8,195
Amortization
Total assets
73,923
28,804
57,233
159,960
82,317
33,408
20,173
135,898
Total liabilities
22,948
11,397
22,155
56,500
30,399
22,308
17,966
70,673
1) As disclosed in the accounting policies, revenue from sales and installation of goods is recognized at a point in time. 2) As disclosed in the accounting policies, revenue from services and leasing are recognized over time. 3) EBITDA, not being a defined performance measure in IFRS, is defined in the Other Information section of this report. The above revenue figures exclude intercompany transactions between the Company\u2019s operating segments. In 2025, North America segment sold \u20ac3,103 thousand (2024: \u20ac8,722 thousand) worth of intercompany machines and parts to the European segment. The sharp decrease is because of increased localized European production of machines. European intercompany sales to North America were \u20ac1,227 thousand (2024: \u20ac2,534 thousand). An amount of \u20ac1,821 thousand (2024: \u20ac15,761 thousand) is included in sales of goods which relates to manufacturing services in which the Company enhances an asset already controlled by the customer. As disclosed in Note 3 - Revenue, in practice, the corresponding revenues are recorded at a point in time and therefore presented under the sales of goods category . Legal entity performance In addition to geographic segments, management measures legal entity performance based on revenues and operating results earned by the Company\u2019s business units, which includes both external and intercompany transactions. The Corporate segment is comprised of Envipco Holding N.V. The segments are identified based on internal reports about components of the entity that are regularly reviewed by the chief operating decision maker to allocate resources to the segments and to assess their performance. 1) Envipco Europe B.V. consists of Dutch and Hungarian activities. 1) Envipco Europe B.V. primarily consists of Hungarian activities. In accordance with IFRS 8.34, the Company discloses that revenue of \u20ac19,740 thousand was derived from a single external customer, representing more than 10% of total revenue. This revenue is included within the Europe segment. The non-current assets, being intangible fixed assets and property, plant and equipment, of the Company\u2019s country of domicile, The Netherlands, were \u20ac8,135 thousand (2024: \u20ac9,065 thousand). Other major countries Romania and the US had non-current assets of \u20ac7,502 thousand (2024: \u20ac5,478 thousand) and \u20ac9,199 thousand (2024: \u20ac9,717 thousand), respectively. See table above for revenue details where contract (lease) revenues and performance obligations for RVM sales have been disclosed as part of the Company\u2019s revenue recognition policies. The 2025 program services revenue contains \u20ac2,022 thousand (2024: \u20ac1,445 thousand) of variable throughput income.
2025
Program Services
in \u20ac thousands
RVM revenue
revenue
Total revenue
Operating results
Envipco Solutions SRL
39,672
3,686
43,358
6,142
Environmental Products Corp.
8,115
29,287
37,402
596
Envipco Europe B.V.
1
11,801
347
12,148
3,134
Envipco Hellas SA
2,953
-
2,953
(1,457)
Envipco Automaten GmbH
12,258
239
12,497
(1,886)
Other
8,803
3,102
11,905
(13,668)
Intercompany elimination
(29,640)
(275)
(29,915)
(471)
Total
53,962
36,386
90,348
(7,610)
2024
Program Services
in \u20ac thousands
RVM revenue
revenue
Total revenue
Operating results
Envipco Solutions SRL
46,749
3,036
49,785
9,695
Environmental Products Corp.
12,122
30,912
43,034
(4,082)
Envipco Europe B.V.
1
28,017
63
28,080
3,879
Envipco Hellas SA
19,139
-
19,139
2,993
Envipco Automaten GmbH
18,591
181
18,772
(765)
Other
11,792
2,633
14,425
(9,535)
Intercompany elimination
(58,891)
(330)
(59,221)
1,517
Total
77,519
36,495
114,014
3,702
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-10": { "value": "Note 6 - Segment information Envipco considers geography as its main segment. Management measures geographical segment performance based on the segment\u2019s profit, the respective assets and liabilities allocated to these segments. Segment information of the reportable segments is detailed below:
2025
2024
North
North
in \u20ac thousands
Europe
America
Corporate
Total
Europe
America
Corporate
Total
Revenues
Sale & installation
48,949
5,013
-
53,962
74,119
3,400
-
77,519
of goods
1
Pick-up &
processing
-
9,058
-
9,058
-
9,421
-
9,421
services
2
Service revenue
2
6,667
16,582
-
23,249
5,449
17,797
-
23,246
Leasing revenue
2
432
3,647
-
4,079
135
3,693
-
3,828
Total
56,048
34,300
-
90,348
79,703
34,311
-
114,014
Net Results
(3,740)
(183)
(6,804)
(10,727)
9,363
(6,379)
(5,960)
(2,976)
EBITDA
3
3,396
3,009
(5,269)
1,136
16,452
(695)
(3,860)
11,897
Depreciation &
4,439
2,413
1,895
8,746
2,758
3,454
1,983
8,195
Amortization
Total assets
73,923
28,804
57,233
159,960
82,317
33,408
20,173
135,898
Total liabilities
22,948
11,397
22,155
56,500
30,399
22,308
17,966
70,673
1) As disclosed in the accounting policies, revenue from sales and installation of goods is recognized at a point in time. 2) As disclosed in the accounting policies, revenue from services and leasing are recognized over time. 3) EBITDA, not being a defined performance measure in IFRS, is defined in the Other Information section of this report. The above revenue figures exclude intercompany transactions between the Company\u2019s operating segments. In 2025, North America segment sold \u20ac3,103 thousand (2024: \u20ac8,722 thousand) worth of intercompany machines and parts to the European segment. The sharp decrease is because of increased localized European production of machines. European intercompany sales to North America were \u20ac1,227 thousand (2024: \u20ac2,534 thousand). An amount of \u20ac1,821 thousand (2024: \u20ac15,761 thousand) is included in sales of goods which relates to manufacturing services in which the Company enhances an asset already controlled by the customer. As disclosed in Note 3 - Revenue, in practice, the corresponding revenues are recorded at a point in time and therefore presented under the sales of goods category Legal entity performance In addition to geographic segments, management measures legal entity performance based on revenues and operating results earned by the Company\u2019s business units, which includes both external and intercompany transactions. The Corporate segment is comprised of Envipco Holding N.V. The segments are identified based on internal reports about components of the entity that are regularly reviewed by the chief operating decision maker to allocate resources to the segments and to assess their performance. 1) Envipco Europe B.V. consists of Dutch and Hungarian activities. 1) Envipco Europe B.V. primarily consists of Hungarian activities. In accordance with IFRS 8.34, the Company discloses that revenue of \u20ac19,740 thousand was derived from a single external customer, representing more than 10% of total revenue. This revenue is included within the Europe segment. The non-current assets, being intangible fixed assets and property, plant and equipment, of the Company\u2019s country of domicile, The Netherlands, were \u20ac8,135 thousand (2024: \u20ac9,065 thousand). Other major countries Romania and the US had non-current assets of \u20ac7,502 thousand (2024: \u20ac5,478 thousand) and \u20ac9,199 thousand (2024: \u20ac9,717 thousand), respectively. See table above for revenue details where contract (lease) revenues and performance obligations for RVM sales have been disclosed as part of the Company\u2019s revenue recognition policies. The 2025 program services revenue contains \u20ac2,022 thousand (2024: \u20ac1,445 thousand) of variable throughput income.
2025
Program Services
in \u20ac thousands
RVM revenue
revenue
Total revenue
Operating results
Envipco Solutions SRL
39,672
3,686
43,358
6,142
Environmental Products Corp.
8,115
29,287
37,402
596
Envipco Europe B.V.
1
11,801
347
12,148
3,134
Envipco Hellas SA
2,953
-
2,953
(1,457)
Envipco Automaten GmbH
12,258
239
12,497
(1,886)
Other
8,803
3,102
11,905
(13,668)
Intercompany elimination
(29,640)
(275)
(29,915)
(471)
Total
53,962
36,386
90,348
(7,610)
2024
Program Services
in \u20ac thousands
RVM revenue
revenue
Total revenue
Operating results
Envipco Solutions SRL
46,749
3,036
49,785
9,695
Environmental Products Corp.
12,122
30,912
43,034
(4,082)
Envipco Europe B.V.
1
28,017
63
28,080
3,879
Envipco Hellas SA
19,139
-
19,139
2,993
Envipco Automaten GmbH
18,591
181
18,772
(765)
Other
11,792
2,633
14,425
(9,535)
Intercompany elimination
(58,891)
(330)
(59,221)
1,517
Total
77,519
36,495
114,014
3,702
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-11": { "value": "Note 7 - Audit fees The fee paid to the Company\u2019s auditors for the following services can be specified as follows:
2025
2024
BDO Audit &
Other
BDO Audit &
Other
in \u20ac thousands
Assurance B.V.
Network
Total
Assurance B.V.
Network
Total
Audit fee of financial
932
387
1,319
576
433
1,009
statements
Other assurance services
1
1
-
1
37
-
37
Total
933
387
1,320
613
433
1,046
1) Relates to CSRD readiness procedures for future years. BDO Audit & Assurance B.V. is the auditor in 2025 to the Company and its subsidiaries, as it was for 2024. The fees mentioned in the table for the audit of the financial statements relate to the total fees for the audit of the financial statements, irrespective of whether the activities have been performed during the financial year. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-321": { "value": "Note 8 - Operating expenses, Other income and expenses Operating expenses
in \u20ac thousands
2025
2024
Employee benefit expenses
Note 9
21,099
19,931
Professional and legal expenses
5,862
6,745
Office, IT and Insurance expenses
4,286
2,874
Amortization expenses
Note 13
3,053
2,424
Marketing and travel expenses
2,021
1,850
Depreciation expenses
Note 14
2,225
1,751
Other personnel related expenses
983
851
Research and Development expenses (excl. personnel)
467
643
Other operating expenses
1,827
1,606
Total
41,823
38,675
Professional and legal expenses decreased from \u20ac6,745 thousand in 2024 to \u20ac5,862 thousand in 2025. This decrease is primarily due to higher one-off professional and advisory costs incurred in the prior year that did not recur in the current period. Other income and expense
in \u20ac thousands
2025
2024
Fee for cancellation and resale of UK inventory
-
246
Sensibin contingent consideration \u2013 fair value gain/(loss)
4,000
(258)
Other
44
50
Total
4,044
38
In August 2024, Envipco acquired Sensibin for a combination of cash and contingent consideration. The contingent consideration liability is measured at fair value through profit or loss. During 2025, the Company recognized a fair value gain of \u20ac4,000 thousand (2024: a loss of \u20ac258 thousand), primarily reflecting failure to meet 2025 performance targets, revised projections for 2026, and the extension of the period during which performance conditions must be met. See Notes 13 and 24 for further details on the measurement of the contingent consideration liability", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-369": { "value": "Note 8 - Operating expenses, Other income and expenses Operating expenses
in \u20ac thousands
2025
2024
Employee benefit expenses
Note 9
21,099
19,931
Professional and legal expenses
5,862
6,745
Office, IT and Insurance expenses
4,286
2,874
Amortization expenses
Note 13
3,053
2,424
Marketing and travel expenses
2,021
1,850
Depreciation expenses
Note 14
2,225
1,751
Other personnel related expenses
983
851
Research and Development expenses (excl. personnel)
467
643
Other operating expenses
1,827
1,606
Total
41,823
38,675
Professional and legal expenses decreased from \u20ac6,745 thousand in 2024 to \u20ac5,862 thousand in 2025. This decrease is primarily due to higher one-off professional and advisory costs incurred in the prior year that did not recur in the current period. Other income and expense
in \u20ac thousands
2025
2024
Fee for cancellation and resale of UK inventory
-
246
Sensibin contingent consideration \u2013 fair value gain/(loss)
4,000
(258)
Other
44
50
Total
4,044
38
In August 2024, Envipco acquired Sensibin for a combination of cash and contingent consideration. The contingent consideration liability is measured at fair value through profit or loss. During 2025, the Company recognized a fair value gain of \u20ac4,000 thousand (2024: a loss of \u20ac258 thousand), primarily reflecting failure to meet 2025 performance targets, revised projections for 2026, and the extension of the period during which performance conditions must be met. See Notes 13 and 24 for further details on the measurement of the contingent consideration liability", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-12": { "value": "Note 8 - Operating expenses, Other income and expenses Operating expenses
in \u20ac thousands
2025
2024
Employee benefit expenses
Note 9
21,099
19,931
Professional and legal expenses
5,862
6,745
Office, IT and Insurance expenses
4,286
2,874
Amortization expenses
Note 13
3,053
2,424
Marketing and travel expenses
2,021
1,850
Depreciation expenses
Note 14
2,225
1,751
Other personnel related expenses
983
851
Research and Development expenses (excl. personnel)
467
643
Other operating expenses
1,827
1,606
Total
41,823
38,675
Professional and legal expenses decreased from \u20ac6,745 thousand in 2024 to \u20ac5,862 thousand in 2025. This decrease is primarily due to higher one-off professional and advisory costs incurred in the prior year that did not recur in the current period. ", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-353": { "value": "Operating expenses
in \u20ac thousands
2025
2024
Employee benefit expenses
Note 9
21,099
19,931
Professional and legal expenses
5,862
6,745
Office, IT and Insurance expenses
4,286
2,874
Amortization expenses
Note 13
3,053
2,424
Marketing and travel expenses
2,021
1,850
Depreciation expenses
Note 14
2,225
1,751
Other personnel related expenses
983
851
Research and Development expenses (excl. personnel)
467
643
Other operating expenses
1,827
1,606
Total
41,823
38,675
The development costs reported are internally generated in respect of new product development. The disposals include internally developed intangible assets that were fully amortized and assessed as having no remaining future economic benefits and were derecognized. Development costs The capitalized development costs relate to internally developed assets in respect of new product development, namely optical recognition, sensor accuracy, and modular platform architecture for the existing and new markets. All materials, labor and overhead costs directly attributable to these projects have been capitalized amounting to \u20ac1,471 thousand for 2025 (2024: \u20ac949 thousand). Fully developed assets are amortized over their expected useful lives, which is seven years, evaluated on a periodic basis. The largest individual asset included in the development cost has a book value of \u20ac1,554 thousand (2024: \u20ac1,918 thousand) related to New Recognition System, which has a remaining amortization period of 4 years and 9 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-13": { "value": "Note 9 - Employee benefit expense in \u20ac thousands During 2025, the average number of employees employed by the Company\u2019s Dutch entities amounted to 25 (2024: 17 persons). The employment benefit expense is included in the following line items in the financial statements:
in \u20ac thousands
2025
2024
Cost of sales
10,249
10,404
Total cost of sales
10,249
10,404
General and administrative expenses
12,492
15,284
Selling and distribution expenses
3,402
1,864
Research and development expenses
5,205
2,783
Total operating expenses
21,099
19,931
Total employee benefit expense
31,348
2025
2024
Salaries and wages
26,957
26,198
Social Security
3,132
2,218
Pension expenses
1,128
1,002
Long-term compensation plan
131
917
Total
31,348
30,335
Average number of employees
North America
Production/Supply chain
15
31
Research and Development
26
22
Sales and Service
83
73
General Administration
33
24
Management
1
6
Europe
Production/Supply chain
155
130
Research & Development
20
14
Sales & Service
144
89
General Administration
46
53
Management
8
7
Total
531
449
30,335 Remuneration of the Board of Directors The remuneration of the Board charged to the result in 2025 was \u20ac1,044 thousand (2024: \u20ac1,625 thousand), which can be specified as follows: in \u20ac thousands Fixed Salary-Fee
Short-Term
Long-Term
Proportion
Incentive
Fringe
Pension
Incentive
Fixed and
Plan
Benefits
Cost
Plan
Total
Variable
2025
2025
S. Bolton
1
442
162
147
75
-
826
80/20
G. Garvey
58
-
-
-
-
58
100/0
A.J. Aas
39
-
-
-
-
39
100/0
M. Bouri
2
17
-
-
-
-
17
100/0
A. Cormack
34
-
-
-
-
34
100/0
C. Gylche
3
34
-
-
-
-
34
100/0
E. Thorsen
4
35
-
-
-
-
35
100/0
Total
659
162
147
75
-
1,043
2024
S. Bolton
1
433
120
123
-
554
1,230
40/60
G. Garvey
50
-
-
-
-
50
100/0
A.J. Aas
30
-
-
-
-
30
100/0
M. Bouri
2
200
25
-
-
-
225
89/11
A. Cormack
30
-
-
-
-
30
100/0
C. Crepet
15
-
-
-
-
15
100/0
C. Gylche
3
15
-
-
-
-
15
100/0
E. Thorsen
4
30
-
-
-
-
30
100/0
1) Mr. Bolton was an executive director from 1 July 2020 until his departure from Envipco on 30 April 2026. Mr. Bouri was executive director until 5 August 2025, after which date he became a non-executive Board member. Other members of the Board are non-executive directors. 2) Mr. Thorsen has been a non-executive director since 15 August 2023. Non-executive directors receive fixed compensation based on time spent and amounts charged. Also see Note 26 for related party transactions. Long-term incentive compensation plan for management The Envipco Holding N.V. Employee Shadow Share Plan (the long-term incentive plan, or LTIP) was approved by the Board in 2022 and published in 2023. Under the LTIP, certain Company employees may receive remuneration in the form of shadow shares, which are a form of share appreciation rights that entitle the holder to a cash bonus based on the Company\u2019s performance. The LTIP is classified as a cash-settled share-based payment arrangement, as participants do not acquire any equity instruments. Shadow shares vest only if specified service and non-market performance conditions are met, requiring continuous employment over the vesting period and achievement of the applicable performance targets. Performance targets are set annually at 80% of the forecasted revenue and EBITDA approved by the Board and the Remuneration Committee. Underperformance in a given year may be compensated by overperformance in a subsequent year, allowing for retroactive vesting of previously unvested shadow shares. Such retroactive vesting occurs only if the overperformance is at least equal to the prior underperformance and any shortfall is fully compensated. Shortfall is defined as the variance between actual performance and 100% of the forecasted revenue and EBITDA in the year of underperformance. During 2025, additional shadow share plans were granted at a strike price of \u20ac5.65. The performance target for 2022 was met; however, the targets for 2023, 2024 and 2025 were not achieved. As performance in 2024 and 2025 did not compensate for the underperformance in 2023 and 2024, the shadow shares granted for 2023 and 2024 were forfeited. The shadow shares for 2025 have not yet been forfeited. Vesting remains possible if both revenue and EBITDA for 2026 exceed 100% of the forecasted revenue and EBITDA, thereby fully compensating for the 2025 underperformance. At 31 December 2025, management assessed the likelihood of achieving the required overperformance in 2026 and concluded that such overperformance is not expected. This assessment will be revisited at each subsequent reporting date, and expected vesting will be adjusted accordingly. For periods subsequent to 2025, management has assumed at the balance sheet date that realistic performance targets will be set on a realistic basis and, on that basis, has assessed that vesting of the remaining awards is expected. Plan modification During 2025, the Board approved a one\u2011year extension of the vesting period for the 4\u2011Year Grant 2022 and 4\u2011Year Grant 2023 shadow share plans. As a result, the vesting date of the 4\u2011Year Grant 2022 was extended to 31 December 2026, and the vesting date of the 4\u2011Year Grant 2023 was extended to 31 December 2027. Accordingly, these plans are now referred to as the 5\u2011Year Grant 2022 and the 5\u2011Year Grant 2023. The extension applies solely to any final tranche that remains unvested or would otherwise have been forfeited at the original plan termination date. The modification does not affect the total number of shadow shares granted, the vesting of prior tranches, the strike price, or any other terms and conditions of the LTIP. The original strike price remains unchanged. During the extension period, participants are not required to achieve overperformance; performance in line with plan is sufficient for full vesting of the final tranche. As the LTIP is cash-settled, the extension of the vesting period is reflected through remeasurement of the liability at fair value based on the modified terms and updated vesting expectations, with the resulting impact recognized in profit or loss. The following table details the grants awarded under the plan:
Shadow shares
Shares
Performance
awarded
granted
Strike price
Grant date
Vesting date
conditions
3-Year Grant 2022
600,000
\u20ac1.60
14 July 2023
31 December 2024
2022-2024
5-Year Grant 2022
150,000
\u20ac1.80
14 July 2023
31 December 2026
2022-2025
5-Year Grant 2023
500,000
\u20ac3.20
14 July 2023
31 December 2027
2023-2026
3-Year Grant 2025
450,000
\u20ac5.65
3 July 2025
31 December 2027
2025-2027
4-Year Grant 2025
225,000
\u20ac5.65
3 July 2025
31 December 2028
2025-2028
Total
1,925,000
The total of the outstanding shadow shares as of 31 December 2025 is as follows:
in whole number of
3-Year Grant
5-Year Grant
5-Year Grant
3-Year Grant
4-Year Grant
shares
2022
2022
2023
2025
2025
Total
Grant date
14 July 2023
14 July 2023
14 July 2023
3 July 2025
3 July 2025
Unvested at
1 January 2025
-
75,000
250,000
-
-
325,000
Granted
-
-
-
450,000
225,000
675,000
Forfeited
-
-
(125,000)
(450,000)
-
(575,000)
Reassessed
-
-
-
-
(56,250)
(56,250)
Vested
-
-
-
-
-
-
Unvested at
31 December 2025
-
75,000
125,000
-
168,750
368,750
The 3-Year Grant 2022 plan concluded in 2024, resulting in the vesting of 200,000 shadow shares as of 31 December 2024. These vested awards have been partially settled during 2025, and the balance of the liability is presented in the table below. The original term of the 5-Year Grant 2022 plan ended on 31 December 2025. However, following the plan modification described above, the vesting period for the final performance-based tranche was extended by one year. As a result, the final tranche remains eligible for vesting until 31 December 2026. The liability recognized as at 31 December 2025 and the share-based payment expense recognized for the year in relation to the 5-Year Grant 2022 plan are presented in the table below. Valuation The fair value of the liability was determined by reference to the quoted market price of the Company\u2019s ordinary shares at 31 December 2025 (\u20ac5.40), considering the contractual terms of the awards, the applicable vesting and performance periods, including extensions, and the expected timing of settlement through the application of appropriate discounting. In prior financial years, the effects of discounting for the timing of settlement and the share price volatility were considered not material due to the structure and scale of the plan. In 2025, these factors were incorporated into the fair value measurement by using a Black\u2011Scholes\u2011Merton option pricing model to more appropriately reflect the extended vesting periods and expected settlement profile of the outstanding awards. The fair value of the liability as of the balance sheet date was determined by reference to the fair value of the underlying shadow shares, taking into account the strike price and the fair value of the Company\u2019s ordinary shares. The measurement reflects management\u2019s estimate of the number of shadow shares expected to vest, based on the assessed outcome of the applicable service and non-market performance conditions. The total liability as of year-end, which includes both the current and non-current portion, and the related expense for the year are detailed as follows:
Liability at
Expense recognized
Pay out during
Liability at 31
in \u20ac thousands
Grant date
1 January 2025
in profit or loss
2025
December 2025
3-Year grant 2022
14 July 2023
770
-
(385)
385
5-Year grant 2022
14 July 2023
163
69
-
232
5-Year grant 2023
14 July 2023
237
(44)
-
193
3-year grant 2025
3 July 2025
-
-
-
-
4-year grant 2025
3 July 2025
-
106
-
106
Total
1,170
131
(385)
916
Note 23 - Employee Benefit Plans Company subsidiaries provide pension benefits for their employees. The way these benefits are provided varies according to the legal, fiscal and economic conditions of each country. Such benefits are provided under defined contribution plans. For the year ended 31 December 2025, expenses relating to defined contribution plans increased to \u20ac1,128 thousand (2024: \u20ac1,002 thousand), primarily due to increasing headcount. ", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-323": { "value": "During 2025, the average number of employees employed by the Company\u2019s Dutch entities amounted to 25 (2024: 17 persons). Average number of employees North America Production/Supply chain 15 31 Research and Development 26 22 Sales and Service 83 73 General Administration 33 24 Management 1 6 Europe Production/Supply chain 155 130 Research & Development 20 14 Sales & Service 144 89 General Administration 46 53 Management 8 7 Total 531 449 ", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-322": { "value": "
in \u20ac thousands
2025
2024
Cost of sales
10,249
10,404
Total cost of sales
10,249
10,404
General and administrative expenses
12,492
15,284
Selling and distribution expenses
3,402
1,864
Research and development expenses
5,205
2,783
Total operating expenses
21,099
19,931
Total employee benefit expense
31,348
30,335 in \u20ac thousands 2025 2024 Cost of sales 3,470 4,020 Total cost of sales 3,470 4,020 General and administrative expenses 2,191 1,705 Selling and distribution expenses 34 41 Research and development expenses - 5 Total operating expenses 2,225 1,751 Total depreciation expenses 5,695 5,771 The amount of inventories recognized as an expense during the year, included within cost of sales, amounted to \u20ac32,253 thousand (2024: \u20ac47,423 thousand). This amount represents the cost of inventories sold during the period and comprises raw materials, direct labor and production overheads incurred in bringing inventories to their present location and condition. The increase/(decrease) in provisions relating to inventories is affected through cost of sales", "dimensions": { "concept": "ifrs-full:DisclosureOfCostOfSalesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-370": { "value": "Remuneration of the Board of Directors The remuneration of the Board charged to the result in 2025 was \u20ac1,044 thousand (2024: \u20ac1,625 thousand), which can be specified as follows: in \u20ac thousands Fixed Salary-Fee
Short-Term
Long-Term
Proportion
Incentive
Fringe
Pension
Incentive
Fixed and
Plan
Benefits
Cost
Plan
Total
Variable
2025
2025
S. Bolton
1
442
162
147
75
-
826
80/20
G. Garvey
58
-
-
-
-
58
100/0
A.J. Aas
39
-
-
-
-
39
100/0
M. Bouri
2
17
-
-
-
-
17
100/0
A. Cormack
34
-
-
-
-
34
100/0
C. Gylche
3
34
-
-
-
-
34
100/0
E. Thorsen
4
35
-
-
-
-
35
100/0
Total
659
162
147
75
-
1,043
2024
S. Bolton
1
433
120
123
-
554
1,230
40/60
G. Garvey
50
-
-
-
-
50
100/0
A.J. Aas
30
-
-
-
-
30
100/0
M. Bouri
2
200
25
-
-
-
225
89/11
A. Cormack
30
-
-
-
-
30
100/0
C. Crepet
15
-
-
-
-
15
100/0
C. Gylche
3
15
-
-
-
-
15
100/0
E. Thorsen
4
30
-
-
-
-
30
100/0
1) Mr. Bolton was an executive director from 1 July 2020 until his departure from Envipco on 30 April 2026. Mr. Bouri was executive director until 5 August 2025, after which date he became a non-executive Board member. Other members of the Board are non-executive directors. 2) Mr. Thorsen has been a non-executive director since 15 August 2023. Long-term incentive compensation plan for management The Envipco Holding N.V. Employee Shadow Share Plan (the long-term incentive plan, or LTIP) was approved by the Board in 2022 and published in 2023. Under the LTIP, certain Company employees may receive remuneration in the form of shadow shares, which are a form of share appreciation rights that entitle the holder to a cash bonus based on the Company\u2019s performance. The LTIP is classified as a cash-settled share-based payment arrangement, as participants do not acquire any equity instruments. Shadow shares vest only if specified service and non-market performance conditions are met, requiring continuous employment over the vesting period and achievement of the applicable performance targets. Performance targets are set annually at 80% of the forecasted revenue and EBITDA approved by the Board and the Remuneration Committee. Underperformance in a given year may be compensated by overperformance in a subsequent year, allowing for retroactive vesting of previously unvested shadow shares. Such retroactive vesting occurs only if the overperformance is at least equal to the prior underperformance and any shortfall is fully compensated. Shortfall is defined as the variance between actual performance and 100% of the forecasted revenue and EBITDA in the year of underperformance. During 2025, additional shadow share plans were granted at a strike price of \u20ac5.65. The performance target for 2022 was met; however, the targets for 2023, 2024 and 2025 were not achieved. As performance in 2024 and 2025 did not compensate for the underperformance in 2023 and 2024, the shadow shares granted for 2023 and 2024 were forfeited. The shadow shares for 2025 have not yet been forfeited. Vesting remains possible if both revenue and EBITDA for 2026 exceed 100% of the forecasted revenue and EBITDA, thereby fully compensating for the 2025 underperformance. At 31 December 2025, management assessed the likelihood of achieving the required overperformance in 2026 and concluded that such overperformance is not expected. This assessment will be revisited at each subsequent reporting date, and expected vesting will be adjusted accordingly. For periods subsequent to 2025, management has assumed at the balance sheet date that realistic performance targets will be set on a realistic basis and, on that basis, has assessed that vesting of the remaining awards is expected. Plan modification During 2025, the Board approved a one\u2011year extension of the vesting period for the 4\u2011Year Grant 2022 and 4\u2011Year Grant 2023 shadow share plans. As a result, the vesting date of the 4\u2011Year Grant 2022 was extended to 31 December 2026, and the vesting date of the 4\u2011Year Grant 2023 was extended to 31 December 2027. Accordingly, these plans are now referred to as the 5\u2011Year Grant 2022 and the 5\u2011Year Grant 2023. The extension applies solely to any final tranche that remains unvested or would otherwise have been forfeited at the original plan termination date. The modification does not affect the total number of shadow shares granted, the vesting of prior tranches, the strike price, or any other terms and conditions of the LTIP. The original strike price remains unchanged. During the extension period, participants are not required to achieve overperformance; performance in line with plan is sufficient for full vesting of the final tranche. As the LTIP is cash-settled, the extension of the vesting period is reflected through remeasurement of the liability at fair value based on the modified terms and updated vesting expectations, with the resulting impact recognized in profit or loss. The following table details the grants awarded under the plan:
Shadow shares
Shares
Performance
awarded
granted
Strike price
Grant date
Vesting date
conditions
3-Year Grant 2022
600,000
\u20ac1.60
14 July 2023
31 December 2024
2022-2024
5-Year Grant 2022
150,000
\u20ac1.80
14 July 2023
31 December 2026
2022-2025
5-Year Grant 2023
500,000
\u20ac3.20
14 July 2023
31 December 2027
2023-2026
3-Year Grant 2025
450,000
\u20ac5.65
3 July 2025
31 December 2027
2025-2027
4-Year Grant 2025
225,000
\u20ac5.65
3 July 2025
31 December 2028
2025-2028
Total
1,925,000
The total of the outstanding shadow shares as of 31 December 2025 is as follows:
in whole number of
3-Year Grant
5-Year Grant
5-Year Grant
3-Year Grant
4-Year Grant
shares
2022
2022
2023
2025
2025
Total
Grant date
14 July 2023
14 July 2023
14 July 2023
3 July 2025
3 July 2025
Unvested at
1 January 2025
-
75,000
250,000
-
-
325,000
Granted
-
-
-
450,000
225,000
675,000
Forfeited
-
-
(125,000)
(450,000)
-
(575,000)
Reassessed
-
-
-
-
(56,250)
(56,250)
Vested
-
-
-
-
-
-
Unvested at
31 December 2025
-
75,000
125,000
-
168,750
368,750
The 3-Year Grant 2022 plan concluded in 2024, resulting in the vesting of 200,000 shadow shares as of 31 December 2024. These vested awards have been partially settled during 2025, and the balance of the liability is presented in the table below. The original term of the 5-Year Grant 2022 plan ended on 31 December 2025. However, following the plan modification described above, the vesting period for the final performance-based tranche was extended by one year. As a result, the final tranche remains eligible for vesting until 31 December 2026. The liability recognized as at 31 December 2025 and the share-based payment expense recognized for the year in relation to the 5-Year Grant 2022 plan are presented in the table below. Valuation The fair value of the liability was determined by reference to the quoted market price of the Company\u2019s ordinary shares at 31 December 2025 (\u20ac5.40), considering the contractual terms of the awards, the applicable vesting and performance periods, including extensions, and the expected timing of settlement through the application of appropriate discounting. In prior financial years, the effects of discounting for the timing of settlement and the share price volatility were considered not material due to the structure and scale of the plan. In 2025, these factors were incorporated into the fair value measurement by using a Black\u2011Scholes\u2011Merton option pricing model to more appropriately reflect the extended vesting periods and expected settlement profile of the outstanding awards. The fair value of the liability as of the balance sheet date was determined by reference to the fair value of the underlying shadow shares, taking into account the strike price and the fair value of the Company\u2019s ordinary shares. The measurement reflects management\u2019s estimate of the number of shadow shares expected to vest, based on the assessed outcome of the applicable service and non-market performance conditions. The total liability as of year-end, which includes both the current and non-current portion, and the related expense for the year are detailed as follows:
Liability at
Expense recognized
Pay out during
Liability at 31
in \u20ac thousands
Grant date
1 January 2025
in profit or loss
2025
December 2025
3-Year grant 2022
14 July 2023
770
-
(385)
385
5-Year grant 2022
14 July 2023
163
69
-
232
5-Year grant 2023
14 July 2023
237
(44)
-
193
3-year grant 2025
3 July 2025
-
-
-
-
4-year grant 2025
3 July 2025
-
106
-
106
Total
1,170
131
(385)
916
The current liabilities also include an amount of \u20ac385 thousand related to the share-based payment plan which is expected to be settled within 12 months and therefore classified as current (see Note 21). ", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-324": { "value": "Remuneration of the Board of Directors The remuneration of the Board charged to the result in 2025 was \u20ac1,044 thousand (2024: \u20ac1,625 thousand), which can be specified as follows: in \u20ac thousands Fixed Salary-Fee
Short-Term
Long-Term
Proportion
Incentive
Fringe
Pension
Incentive
Fixed and
Plan
Benefits
Cost
Plan
Total
Variable
2025
2025
S. Bolton
1
442
162
147
75
-
826
80/20
G. Garvey
58
-
-
-
-
58
100/0
A.J. Aas
39
-
-
-
-
39
100/0
M. Bouri
2
17
-
-
-
-
17
100/0
A. Cormack
34
-
-
-
-
34
100/0
C. Gylche
3
34
-
-
-
-
34
100/0
E. Thorsen
4
35
-
-
-
-
35
100/0
Total
659
162
147
75
-
1,043
2024
S. Bolton
1
433
120
123
-
554
1,230
40/60
G. Garvey
50
-
-
-
-
50
100/0
A.J. Aas
30
-
-
-
-
30
100/0
M. Bouri
2
200
25
-
-
-
225
89/11
A. Cormack
30
-
-
-
-
30
100/0
C. Crepet
15
-
-
-
-
15
100/0
C. Gylche
3
15
-
-
-
-
15
100/0
E. Thorsen
4
30
-
-
-
-
30
100/0
1) Mr. Bolton was an executive director from 1 July 2020 until his departure from Envipco on 30 April 2026. Mr. Bouri was executive director until 5 August 2025, after which date he became a non-executive Board member. Other members of the Board are non-executive directors. 2) Mr. Thorsen has been a non-executive director since 15 August 2023. Non-executive directors receive fixed compensation based on time spent and amounts charged. Also see Note 26 for related party transactions. The amounts disclosed for key management personnel remuneration include the share-based payment expense recognized in the year, reflecting the modified vesting terms of the shadow share plans. Details on the Board\u2019s remuneration are provided in the Governance Report.", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-325": { "value": "
Note 10 - Finance expense and income
The interest expenses relate to interest on borrowings and lease commitments. Interest income relates to
interest received on bank balances.
in \u20ac thousands
2025
2024
Interest expenses
(2,790)
(1,883)
Interest income
226
75
Exchange (losses)/gains
201
(1,179)
Net finance cost
(2,363)
(2,987)
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-379": { "value": "Note 10 - Finance expense and income The interest expenses relate to interest on borrowings and lease commitments. Interest income relates to interest received on bank balances.
in \u20ac thousands
2025
2024
Interest expenses
(2,790)
(1,883)
Interest income
226
75
Exchange (losses)/gains
201
(1,179)
Net finance cost
(2,363)
(2,987)
The increase in net interest expense in 2025 was mainly driven by one-off penalty interest triggered by the settlement of previously outstanding loan arrangements, together with interest accretion on lease liabilities and the unwinding of the discount (time value) of contingent consideration related to the 2024 Sensibin acquisition. Offsetting this, the Company benefited from more favorable FX dynamics in 2025, as reduced currency fluctuation lowered the impact of foreign exchange movements versus the prior year. A portion of the interest expense recognized in 2025 is non-cash in nature. Interest recognized by the Company includes an accounting adjustment arising from the adverse valuation of a subsidiary, which does not result in a cash outflow. In addition, interest related to lease commitments reflects the unwinding of lease liabilities in accordance with IFRS 16. These amounts do not result in separate cash payments during the year and are therefore treated as non-cash items within the reconciliation of operating result to cash flows from operating activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-378": { "value": "Note 10 - Finance expense and income The interest expenses relate to interest on borrowings and lease commitments. Interest income relates to interest received on bank balances.
in \u20ac thousands
2025
2024
Interest expenses
(2,790)
(1,883)
Interest income
226
75
Exchange (losses)/gains
201
(1,179)
Net finance cost
(2,363)
(2,987)
The increase in net interest expense in 2025 was mainly driven by one-off penalty interest triggered by the settlement of previously outstanding loan arrangements, together with interest accretion on lease liabilities and the unwinding of the discount (time value) of contingent consideration related to the 2024 Sensibin acquisition. Offsetting this, the Company benefited from more favorable FX dynamics in 2025, as reduced currency fluctuation lowered the impact of foreign exchange movements versus the prior year. A portion of the interest expense recognized in 2025 is non-cash in nature. Interest recognized by the Company includes an accounting adjustment arising from the adverse valuation of a subsidiary, which does not result in a cash outflow. In addition, interest related to lease commitments reflects the unwinding of lease liabilities in accordance with IFRS 16. These amounts do not result in separate cash payments during the year and are therefore treated as non-cash items within the reconciliation of operating result to cash flows from operating activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-14": { "value": "Note 10 - Finance expense and income The interest expenses relate to interest on borrowings and lease commitments. Interest income relates to interest received on bank balances.
in \u20ac thousands
2025
2024
Interest expenses
(2,790)
(1,883)
Interest income
226
75
Exchange (losses)/gains
201
(1,179)
Net finance cost
(2,363)
(2,987)
The increase in net interest expense in 2025 was mainly driven by one-off penalty interest triggered by the settlement of previously outstanding loan arrangements, together with interest accretion on lease liabilities and the unwinding of the discount (time value) of contingent consideration related to the 2024 Sensibin acquisition. Offsetting this, the Company benefited from more favorable FX dynamics in 2025, as reduced currency fluctuation lowered the impact of foreign exchange movements versus the prior year. A portion of the interest expense recognized in 2025 is non-cash in nature. Interest recognized by the Company includes an accounting adjustment arising from the adverse valuation of a subsidiary, which does not result in a cash outflow. In addition, interest related to lease commitments reflects the unwinding of lease liabilities in accordance with IFRS 16. These amounts do not result in separate cash payments during the year and are therefore treated as non-cash items within the reconciliation of operating result to cash flows from operating activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-371": { "value": "The interest expenses relate to interest on borrowings and lease commitments. Interest income relates to interest received on bank balances.
in \u20ac thousands
2025
2024
Interest expenses
(2,790)
(1,883)
Interest income
226
75
Exchange (losses)/gains
201
(1,179)
Net finance cost
(2,363)
(2,987)
The increase in net interest expense in 2025 was mainly driven by one-off penalty interest triggered by the settlement of previously outstanding loan arrangements, together with interest accretion on lease liabilities and the unwinding of the discount (time value) of contingent consideration related to the 2024 Sensibin acquisition. Offsetting this, the Company benefited from more favorable FX dynamics in 2025, as reduced currency fluctuation lowered the impact of foreign exchange movements versus the prior year. A portion of the interest expense recognized in 2025 is non-cash in nature. Interest recognized by the Company includes an accounting adjustment arising from the adverse valuation of a subsidiary, which does not result in a cash outflow. In addition, interest related to lease commitments reflects the unwinding of lease liabilities in accordance with IFRS 16. These amounts do not result in separate cash payments during the year and are therefore treated as non-cash items within the reconciliation of operating result to cash flows from operating activities. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-15": { "value": "Note 11 - Income taxes Effective tax rate Envipco operates in several jurisdictions with varied local statutory income tax rates. This causes a difference between the average statutory income tax rate and The Netherlands tax rate of 25.8%. The following table reconciles income taxes based on the Company\u2019s weighted average statutory income tax rate and the Company\u2019s income tax benefit from continuing operations:
in \u20ac thousands
2025
2024
Profit/(loss) before tax
(9,974)
715
Taxation (charge)/credit \u2013 statutory rate
25.8%
2,573
25.8%
(184)
Tax (charge) credit for different statutory tax rates on foreign
(277)
113
subsidiaries
Non-deductible expenses/other
8
513
Recognition of previously unrecognized tax losses and deductible
92
998
temporary difference
Effect of current year losses for which no deferred tax asset has been
recognized or cannot be realized anymore
(3,082)
(3,062)
Release of previously recognized deferred taxes on loss carry
forwards
-
(1,579)
Realization of carry forward losses
98
(267)
Prior year adjustment
(75)
(11)
State tax
(88)
(212)
Effective income tax
-7,5%
(753)
516.4%
(3,691)
Current and deferred tax income / (expense)
in \u20ac thousands
2025
2024
Current
(851)
(1,781)
Deferred
98
(1,910)
None of the items of other comprehensive income are included in income taxes. See Note 16. Fiscal unity The Company is part of the fiscal unity with Envipco Europe B.V. for corporate income tax (CIT) and value- added tax (VAT) purposes. The standard conditions stipulate that each of the companies is liable for the tax payable by all companies belonging to the fiscal unity. Pursuant to the Collection of State Taxes Act, the Company, along with the subsidiary that is part of the fiscal unity, is wholly and severally liable for taxation payable by the fiscal unity.", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-326": { "value": "
Current and deferred tax income / (expense)
in \u20ac thousands
2025
2024
Current
(851)
(1,781)
Deferred
98
(1,910)
Note 16 - Deferred Tax Assets and Liabilities
31 December 2025
Deferred
Balance at
(Charge)/
Currency
Net
Deferred
tax
in \u20ac thousands
31 Dec 24
credit P&L
translation
balance
tax assets
liabilities
PP&E
(354)
408
-
54
54
-
Inventory
337
117
-
454
454
-
Tax losses carried forward
-
-
-
-
-
-
Other
447
(427)
(4)
16
16
-
Total
430
98
(4)
524
524
-
Set off to tax
-
-
-
-
40
(40)
Net tax assets and liabilities
430
98
(4)
524
564
(40)
Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax relates to the same fiscal authority. The deferred tax liabilities are offset against deferred tax assets in the same fiscal unity. In the balance as per 31 December 2025, a balance has been re-allocated from \u2018Other\u2019 to \u2018PP&E\u2019 to reflect nature of the temporary difference. Cumulative tax losses where no deferred tax has been recognized amounted to \u20ac37,049 (2024: \u20ac35,474), which expire as follows: \u20ac604 in 2027, \u20ac417 in 2028, \u20ac5,050 from 2031 through 2045 and \u20ac30,978 with no expiration.", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-327": { "value": "Note 12 - Earnings per share The numerator for both basic and fully diluted net result per ordinary share (earnings per share or EPS) is net result attributable to holders of ordinary shares. The denominator for basic EPS is the number of ordinary shares outstanding during the year. The fully diluted EPS is same as the basic EPS, as the Company does not have any potentially dilutive instruments outstanding. The net result per ordinary share has been calculated according to the following schedule:
in \u20ac thousands
2025
2024
Numerator
(Loss)/earnings used in basic and diluted EPS
(10,727)
(2,976)
Denominator
Weighted average number of shares used in basic and diluted EPS (x1000)
59,923
56,507
Basic and diluted earnings per share for 2025 and 2024 have been calculated using the weighted- average number of current ordinary shares of 59,922,706 and 56,506,815 respectively. Earnings/(loss) per share in \u20ac (0.18).", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-16": { "value": "The numerator for both basic and fully diluted net result per ordinary share (earnings per share or EPS) is net result attributable to holders of ordinary shares. The denominator for basic EPS is the number of ordinary shares outstanding during the year. The fully diluted EPS is same as the basic EPS, as the Company does not have any potentially dilutive instruments outstanding. ", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-17": { "value": "Note 13 - Intangible Assets in \u20ac thousands Goodwill
Patents,
Licenses &
Development
Acquired
Concessions
Software
Costs
Technology
Total
At 1 January 2024
Cost
161
1,400
1,189
16,552
-
19,302
Acc. amortization and
impairment
-
(1,232)
(72)
(8,828)
-
(10,132)
Net carrying amount
161
168
1,117
7,724
-
9,170
Changes to net carrying
amount in 2024
Additions
-
36
562
949
6,643
8,190
Disposals - cost
-
-
-
(2,146)
-
(2,146)
Disposals - amortization
-
-
-
2,146
-
2,146
Impairment
-
(28)
-
-
-
(28)
Amortization
-
(70)
(242)
(1,601)
(511)
(2,424)
Currency translation
10
7
-
-
-
17
Total changes in 2024
10
(55)
320
(652)
6,132
5,755
At 31 December 2024
Cost
171
1,443
1,751
15,355
6,643
25,363
Acc. amortization and
impairment
-
(1,330)
(314)
(8,283)
(511)
(10,438)
Net carrying amount
171
113
1,437
7,072
6,132
14,925
Changes to net carrying
amount in 2025
Additions
-
39
755
1,471
-
2,266
Disposals \u2013 cost
-
(28)
(2)
-
-
(30)
Disposals \u2013 amortization
-
-
-
-
-
-
Impairment
-
-
-
-
-
-
Amortization
-
(85)
(336)
(1,303)
(1,329)
(3,053)
Currency translation
(20)
(5)
-
-
-
(25)
Total changes in 2025
(20)
(80)
417
168
(1,329)
(842)
At 31 December 2025
Cost
151
1,450
2,503
16,826
6,643
27,573
Acc. amortization and
impairment
-
(1,416)
(649)
(9,586)
(1,839)
(13,490)
Net carrying amount
151
34
1,854
7,239
4,804
14,082
The development costs reported are internally generated in respect of new product development. The disposals include internally developed intangible assets that were fully amortized and assessed as having no remaining future economic benefits and were derecognized. The acquired technology of \u20ac6,643 thousand in 2024 relates to the 2024 acquisition of Sensibin, an innovative Irish-based supplier of the Compact RVMs as further detailed below. In 2024, \u20ac28 thousand has been impaired as part of the Patents, Licenses and Concessions. For 2025, no triggers for impairment have been identified. The amortization expenses are included in the following line items in the financial statements:
in \u20ac thousands
2025
2024
General and administrative expenses
3,053
2,424
Total amortization expenses
3,053
2,424
Goodwill Goodwill as per 31 December 2025 and 2024 relates to goodwill of one Cash Generating Unit in the RVM segment in the US, which was tested for any impairment, based on its value in use, by using present value of discrete cash flows for next three years and the present value of the terminal cash flow with the following assumptions: pre-tax WACC discount rate of 7.40% (2024: 7.40%) working capital requirement at 3% of revenue and terminal cash flow growth rate of 2.5% both in 2025 and 2024. Sensitivities related to the value in use calculation would imply that a 1% increase in the discount rate or using a 0% growth rate would not have resulted in an impairment. Patents, licenses & concessions All concessions are being amortized with a useful life of seven years. Software Software pertains to the implementation of phase two of the Company\u2019s Enterprise Resource Planning (ERP) system, which is being amortized over its useful life of five years. Development costs The capitalized development costs relate to internally developed assets in respect of new product development, namely optical recognition, sensor accuracy, and modular platform architecture for the existing and new markets. All materials, labor and overhead costs directly attributable to these projects have been capitalized amounting to \u20ac1,471 thousand for 2025 (2024: \u20ac949 thousand). Fully developed assets are amortized over their expected useful lives, which is seven years, evaluated on a periodic basis. The largest individual asset included in the development cost has a book value of \u20ac1,554 thousand (2024: \u20ac1,918 thousand) related to New Recognition System, which has a remaining amortization period of 4 years and 9 months. Acquired technology On 14 August 2024, Envipco acquired 100% of Sensibin, an innovative Irish-based supplier of RVMs. The acquisition value of the acquired technology amounted to \u20ac6,643 thousand. During 2025, amortization expense of \u20ac1,329 thousand (2024: \u20ac511 thousand) was recognized, resulting in a carrying amount of \u20ac4,804 thousand at 31 December 2025 (2024: \u20ac6,132 thousand). The useful life of the acquired technology is five years, so amortization will continue through 2029. Impairment assessment In accordance with IAS\u202f36 Impairment of Assets, management assessed at 31\u202fDecember\u202f2025 whether indicators of impairment existed for the acquired Sensibin technology. The remeasurement of the related contingent consideration during the year was identified as an impairment indicator and, accordingly, management performed a detailed impairment test of the acquired technology. The impairment test considered, among other factors, post-acquisition integration progress, the revised commercialization timeline related to DRS implementation delays, forecast future cash flows and expected long-term market demand for the acquired technology. The impairment analysis demonstrated significant headroom compared to the carrying amount of the asset. Based on this impairment test, management concluded that the remeasurement of the contingent consideration reflected timing-related commercial and operational factors rather than a deterioration in the underlying technology or its long-term economic potential. Accordingly, no impairment charge was recognized in 2025 . The impairment assessment involves the use of significant estimates and judgments, particularly with respect to the timing of commercialization, expected order volumes, margins and the pace of DRS implementation in relevant markets. While management believes the assumptions applied reflect its best estimate based on currently available information, actual outcomes may differ from these assumptions. Changes in the timing or scale of market adoption, or in forecast cash flows, could result in a different impairment outcome in future periods. Accounting at time of acquisition Envipco acquired Sensibin in 2024. At the time, the Company applied the concentration test to determine that it did not acquire a business. Therefore, the transaction is accounted for as an acquisition of a group of assets and liabilities, with the acquisition cost allocated to the acquired assets and liabilities. The transaction included a put and call option arrangement with the sellers. Envipco has determined that this is effectively a contingent consideration mechanism and, as such, does not constitute a non- controlling interest of the sellers. The cost of the acquisition therefore consists of both a fixed consideration paid in cash and this contingent consideration. The liability resulting from the contingent consideration is considered part of the cost of the acquired group of assets and liabilities. The consideration in the transaction amounted to \u20ac7,027 thousand, of which \u20ac1,500 thousand was paid in cash and \u20ac5,526 thousand was recognized as a liability for contingent consideration related to projected performance payments. The fair value at initial recognition was determined based on the discounted value of expected performance payments to be made to the sellers. The performance payments are dependent on meeting certain order quantities and gross profit targets in the periods following the acquisition. The maximum amount of performance payments payable to the sellers, when all targets will be met, amounted to \u20ac6,500 thousand. Envipco does not amend the cost of the acquired technology as initially recognized. The Company considers this the most appropriate method to ensure consistency with management\u2019s interpretation of the definition of cost from IAS 16 and 38, as well as the conclusion that the liability from the performance payments, as mentioned above, is a contingent consideration arrangement within the scope of IFRS 9. Consequently, the acquired technology is amortized over its expected useful life, which is 5 years, evaluated periodically . The assets and liabilities acquired at the time of the transaction were as follows:
in \u20ac thousands
2024
Acquired technology
6,643
Property, plant and equipment
6
Trade and other receivables
139
Cash and cash equivalents
34
Trade creditors and accrued expenses
(53)
Net assets acquired
6,769
Revaluation contingent consideration
258
Total consideration
7,027
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-328": { "value": "Note 13 - Intangible Assets in \u20ac thousands Goodwill
Patents,
Licenses &
Development
Acquired
Concessions
Software
Costs
Technology
Total
At 1 January 2024
Cost
161
1,400
1,189
16,552
-
19,302
Acc. amortization and
impairment
-
(1,232)
(72)
(8,828)
-
(10,132)
Net carrying amount
161
168
1,117
7,724
-
9,170
Changes to net carrying
amount in 2024
Additions
-
36
562
949
6,643
8,190
Disposals - cost
-
-
-
(2,146)
-
(2,146)
Disposals - amortization
-
-
-
2,146
-
2,146
Impairment
-
(28)
-
-
-
(28)
Amortization
-
(70)
(242)
(1,601)
(511)
(2,424)
Currency translation
10
7
-
-
-
17
Total changes in 2024
10
(55)
320
(652)
6,132
5,755
At 31 December 2024
Cost
171
1,443
1,751
15,355
6,643
25,363
Acc. amortization and
impairment
-
(1,330)
(314)
(8,283)
(511)
(10,438)
Net carrying amount
171
113
1,437
7,072
6,132
14,925
Changes to net carrying
amount in 2025
Additions
-
39
755
1,471
-
2,266
Disposals \u2013 cost
-
(28)
(2)
-
-
(30)
Disposals \u2013 amortization
-
-
-
-
-
-
Impairment
-
-
-
-
-
-
Amortization
-
(85)
(336)
(1,303)
(1,329)
(3,053)
Currency translation
(20)
(5)
-
-
-
(25)
Total changes in 2025
(20)
(80)
417
168
(1,329)
(842)
At 31 December 2025
Cost
151
1,450
2,503
16,826
6,643
27,573
Acc. amortization and
impairment
-
(1,416)
(649)
(9,586)
(1,839)
(13,490)
Net carrying amount
151
34
1,854
7,239
4,804
14,082
The development costs reported are internally generated in respect of new product development. The disposals include internally developed intangible assets that were fully amortized and assessed as having no remaining future economic benefits and were derecognized. The acquired technology of \u20ac6,643 thousand in 2024 relates to the 2024 acquisition of Sensibin, an innovative Irish-based supplier of the Compact RVMs as further detailed below. In 2024, \u20ac28 thousand has been impaired as part of the Patents, Licenses and Concessions. For 2025, no triggers for impairment have been identified. The amortization expenses are included in the following line items in the financial statements:
in \u20ac thousands
2025
2024
General and administrative expenses
3,053
2,424
Total amortization expenses
3,053
2,424
Patents, licenses & concessions All concessions are being amortized with a useful life of seven years. Software Software pertains to the implementation of phase two of the Company\u2019s Enterprise Resource Planning (ERP) system, which is being amortized over its useful life of five years. Development costs The capitalized development costs relate to internally developed assets in respect of new product development, namely optical recognition, sensor accuracy, and modular platform architecture for the existing and new markets. All materials, labor and overhead costs directly attributable to these projects have been capitalized amounting to \u20ac1,471 thousand for 2025 (2024: \u20ac949 thousand). Fully developed assets are amortized over their expected useful lives, which is seven years, evaluated on a periodic basis. The largest individual asset included in the development cost has a book value of \u20ac1,554 thousand (2024: \u20ac1,918 thousand) related to New Recognition System, which has a remaining amortization period of 4 years and 9 months. Acquired technology On 14 August 2024, Envipco acquired 100% of Sensibin, an innovative Irish-based supplier of RVMs. The acquisition value of the acquired technology amounted to \u20ac6,643 thousand. During 2025, amortization expense of \u20ac1,329 thousand (2024: \u20ac511 thousand) was recognized, resulting in a carrying amount of \u20ac4,804 thousand at 31 December 2025 (2024: \u20ac6,132 thousand). The useful life of the acquired technology is five years, so amortization will continue through 2029. Impairment assessment In accordance with IAS\u202f36 Impairment of Assets, management assessed at 31\u202fDecember\u202f2025 whether indicators of impairment existed for the acquired Sensibin technology. The remeasurement of the related contingent consideration during the year was identified as an impairment indicator and, accordingly, management performed a detailed impairment test of the acquired technology. The impairment test considered, among other factors, post-acquisition integration progress, the revised commercialization timeline related to DRS implementation delays, forecast future cash flows and expected long-term market demand for the acquired technology. The impairment analysis demonstrated significant headroom compared to the carrying amount of the asset. Based on this impairment test, management concluded that the remeasurement of the contingent consideration reflected timing-related commercial and operational factors rather than a deterioration in the underlying technology or its long-term economic potential. Accordingly, no impairment charge was recognized in 2025 . The impairment assessment involves the use of significant estimates and judgments, particularly with respect to the timing of commercialization, expected order volumes, margins and the pace of DRS implementation in relevant markets. While management believes the assumptions applied reflect its best estimate based on currently available information, actual outcomes may differ from these assumptions. Changes in the timing or scale of market adoption, or in forecast cash flows, could result in a different impairment outcome in future periods. Accounting at time of acquisition Envipco acquired Sensibin in 2024. At the time, the Company applied the concentration test to determine that it did not acquire a business. Therefore, the transaction is accounted for as an acquisition of a group of assets and liabilities, with the acquisition cost allocated to the acquired assets and liabilities. The transaction included a put and call option arrangement with the sellers. Envipco has determined that this is effectively a contingent consideration mechanism and, as such, does not constitute a non- controlling interest of the sellers. The cost of the acquisition therefore consists of both a fixed consideration paid in cash and this contingent consideration. The liability resulting from the contingent consideration is considered part of the cost of the acquired group of assets and liabilities. The consideration in the transaction amounted to \u20ac7,027 thousand, of which \u20ac1,500 thousand was paid in cash and \u20ac5,526 thousand was recognized as a liability for contingent consideration related to projected performance payments. The fair value at initial recognition was determined based on the discounted value of expected performance payments to be made to the sellers. The performance payments are dependent on meeting certain order quantities and gross profit targets in the periods following the acquisition. The maximum amount of performance payments payable to the sellers, when all targets will be met, amounted to \u20ac6,500 thousand. Envipco does not amend the cost of the acquired technology as initially recognized. The Company considers this the most appropriate method to ensure consistency with management\u2019s interpretation of the definition of cost from IAS 16 and 38, as well as the conclusion that the liability from the performance payments, as mentioned above, is a contingent consideration arrangement within the scope of IFRS 9. Consequently, the acquired technology is amortized over its expected useful life, which is 5 years, evaluated periodically The assets and liabilities acquired at the time of the transaction were as follows:
in \u20ac thousands
2024
Acquired technology
6,643
Property, plant and equipment
6
Trade and other receivables
139
Cash and cash equivalents
34
Trade creditors and accrued expenses
(53)
Net assets acquired
6,769
Revaluation contingent consideration
258
Total consideration
7,027
", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-372": { "value": "Note 13 - Intangible Assets in \u20ac thousands Goodwill
Patents,
Licenses &
Development
Acquired
Concessions
Software
Costs
Technology
Total
At 1 January 2024
Cost
161
1,400
1,189
16,552
-
19,302
Acc. amortization and
impairment
-
(1,232)
(72)
(8,828)
-
(10,132)
Net carrying amount
161
168
1,117
7,724
-
9,170
Changes to net carrying
amount in 2024
Additions
-
36
562
949
6,643
8,190
Disposals - cost
-
-
-
(2,146)
-
(2,146)
Disposals - amortization
-
-
-
2,146
-
2,146
Impairment
-
(28)
-
-
-
(28)
Amortization
-
(70)
(242)
(1,601)
(511)
(2,424)
Currency translation
10
7
-
-
-
17
Total changes in 2024
10
(55)
320
(652)
6,132
5,755
At 31 December 2024
Cost
171
1,443
1,751
15,355
6,643
25,363
Acc. amortization and
impairment
-
(1,330)
(314)
(8,283)
(511)
(10,438)
Net carrying amount
171
113
1,437
7,072
6,132
14,925
Changes to net carrying
amount in 2025
Additions
-
39
755
1,471
-
2,266
Disposals \u2013 cost
-
(28)
(2)
-
-
(30)
Disposals \u2013 amortization
-
-
-
-
-
-
Impairment
-
-
-
-
-
-
Amortization
-
(85)
(336)
(1,303)
(1,329)
(3,053)
Currency translation
(20)
(5)
-
-
-
(25)
Total changes in 2025
(20)
(80)
417
168
(1,329)
(842)
At 31 December 2025
Cost
151
1,450
2,503
16,826
6,643
27,573
Acc. amortization and
impairment
-
(1,416)
(649)
(9,586)
(1,839)
(13,490)
Net carrying amount
151
34
1,854
7,239
4,804
14,082
In 2024, \u20ac28 thousand has been impaired as part of the Patents, Licenses and Concessions. For 2025, no triggers for impairment have been identified. Impairment assessment In accordance with IAS\u202f36 Impairment of Assets, management assessed at 31\u202fDecember\u202f2025 whether indicators of impairment existed for the acquired Sensibin technology. The remeasurement of the related contingent consideration during the year was identified as an impairment indicator and, accordingly, management performed a detailed impairment test of the acquired technology. The impairment test considered, among other factors, post-acquisition integration progress, the revised commercialization timeline related to DRS implementation delays, forecast future cash flows and expected long-term market demand for the acquired technology. The impairment analysis demonstrated significant headroom compared to the carrying amount of the asset. Based on this impairment test, management concluded that the remeasurement of the contingent consideration reflected timing-related commercial and operational factors rather than a deterioration in the underlying technology or its long-term economic potential. Accordingly, no impairment charge was recognized in 2025 The impairment assessment involves the use of significant estimates and judgments, particularly with respect to the timing of commercialization, expected order volumes, margins and the pace of DRS implementation in relevant markets. While management believes the assumptions applied reflect its best estimate based on currently available information, actual outcomes may differ from these assumptions. Changes in the timing or scale of market adoption, or in forecast cash flows, could result in a different impairment outcome in future periods. At the end of 2025, no assets were under construction, and no impairment triggers were identified.", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-354": { "value": "Note 13 - Intangible Assets in \u20ac thousands Goodwill
Patents,
Licenses &
Development
Acquired
Concessions
Software
Costs
Technology
Total
At 1 January 2024
Cost
161
1,400
1,189
16,552
-
19,302
Acc. amortization and
impairment
-
(1,232)
(72)
(8,828)
-
(10,132)
Net carrying amount
161
168
1,117
7,724
-
9,170
Changes to net carrying
amount in 2024
Additions
-
36
562
949
6,643
8,190
Disposals - cost
-
-
-
(2,146)
-
(2,146)
Disposals - amortization
-
-
-
2,146
-
2,146
Impairment
-
(28)
-
-
-
(28)
Amortization
-
(70)
(242)
(1,601)
(511)
(2,424)
Currency translation
10
7
-
-
-
17
Total changes in 2024
10
(55)
320
(652)
6,132
5,755
At 31 December 2024
Cost
171
1,443
1,751
15,355
6,643
25,363
Acc. amortization and
impairment
-
(1,330)
(314)
(8,283)
(511)
(10,438)
Net carrying amount
171
113
1,437
7,072
6,132
14,925
Changes to net carrying
amount in 2025
Additions
-
39
755
1,471
-
2,266
Disposals \u2013 cost
-
(28)
(2)
-
-
(30)
Disposals \u2013 amortization
-
-
-
-
-
-
Impairment
-
-
-
-
-
-
Amortization
-
(85)
(336)
(1,303)
(1,329)
(3,053)
Currency translation
(20)
(5)
-
-
-
(25)
Total changes in 2025
(20)
(80)
417
168
(1,329)
(842)
At 31 December 2025
Cost
151
1,450
2,503
16,826
6,643
27,573
Acc. amortization and
impairment
-
(1,416)
(649)
(9,586)
(1,839)
(13,490)
Net carrying amount
151
34
1,854
7,239
4,804
14,082
Goodwill Goodwill as per 31 December 2025 and 2024 relates to goodwill of one Cash Generating Unit in the RVM segment in the US, which was tested for any impairment, based on its value in use, by using present value of discrete cash flows for next three years and the present value of the terminal cash flow with the following assumptions: pre-tax WACC discount rate of 7.40% (2024: 7.40%) working capital requirement at 3% of revenue and terminal cash flow growth rate of 2.5% both in 2025 and 2024. Sensitivities related to the value in use calculation would imply that a 1% increase in the discount rate or using a 0% growth rate would not have resulted in an impairment. ", "dimensions": { "concept": "ifrs-full:DisclosureOfGoodwillExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-18": { "value": "Note 14 - Property, Plant and Equipment
Land &
Plant &
Vehicles &
in \u20ac thousands
RVMs
Buildings
Machinery
Equipment
Total
at 1 January 2024
9,098
4,546
1,917
1,425
16,985
Changes to net carrying amount
in 2024
Additions
9,817
2,579
700
2,703
15,799
Disposals/transfers to inventory
1
(3,880)
-
(1)
(57)
(3,938)
Reclassifications
603
298
(875)
(26)
-
Depreciation
(3,511)
(985)
(240)
(1,035)
(5,771)
Currency translation
635
248
(265)
(32)
586
Total changes in 2024
3,664
2,140
(681)
1,553
6,676
at 31 December 2024
Cost
38,164
9,464
2,957
6,963
57,548
Accumulated depreciation
(25,402)
(2,778)
(1,721)
(3,985)
(33,886)
Net carrying amount
12,762
6,686
1,236
2,978
23,662
Changes to net carrying amount
in 2025
Additions
3,107
2,579
605
1,824
8,115
Disposals/transfers to inventory
1
(367)
(1)
(165)
(9)
(542)
Reclassifications
-
-
-
-
-
Depreciation
(2,930)
(1,025)
(292)
(1,448)
(5,695)
Currency translation
(809)
(607)
(238)
157
(1,497)
Total changes in 2025
(999)
946
(90)
524
381
at 31 December 2025
Cost
40,096
11,361
4,170
7,904
63,531
Accumulated depreciation
(28,333)
(3,729)
(3,023)
(4,402)
(39,487)
Net carrying amount
11,763
7,632
1,147
3,502
24,045
1) Transfers to inventory pertain primarily to the transfer of RVMs previously leased out to customers, which are reclassified from PP&E to inventories when returned and made available for sale. At the end of 2025, no assets were under construction, and no impairment triggers were identified. The 2025 additions were mainly made up of investments in leased and demo RVMs, service equipment and production investments in the Romanian and Greek facilities. See Note 21 for security of assets The depreciation expenses are included in the following line items in the financial statements: in \u20ac thousands 2025 2024 Cost of sales 3,470 4,020 Total cost of sales 3,470 4,020 General and administrative expenses 2,191 1,705 Selling and distribution expenses 34 41 Research and development expenses - 5 Total operating expenses 2,225 1,751 Total depreciation expenses 5,695 5,771 Leases as lessee The Company leases a number of buildings, plant and machinery and vehicles. The leases typically run for a period of three to five years, with an option to renew the lease after that date. A lessee is required to determine the lease term as the non-cancellable period of a lease, together with periods covered by an extension option if it is reasonably certain that the option will be exercised. Several lease contracts with respect to buildings contain extension options. On an individual basis the extension options are evaluated by management and where circumstances are such that control over the extension is obtained, or are reasonably certain to be obtained, extension options have been taken into consideration. During 2025, no leased properties have been sub-let except for a smaller property lease in Greece. Information about leases for which the Company is a lessee is presented below. Additions in 2025 Increased leases in 2025 mainly relate to newly opened offices in Europe, and commercial-field service locations in Romania, Hungary, Portugal and Poland. Corrections of prior period leases During 2024, Envipco identified and recorded previously omitted lease contracts and corrections to existing leases, leading to a change in the opening balances of right-of-use (ROU) assets and lease liabilities. These corrections were recorded at net book value (NBV), including accumulated depreciation, interest, and lease payments from prior years. As a result, ROU assets increased by \u20ac1,818 thousand, lease liabilities increased by \u20ac1,957 thousand, and the net impact of \u20ac139 thousand was recognized in profit or loss. Management has assessed the net impact of these prior period omissions to be immaterial, and accordingly, no adjustment to previously issued financial statements has been made. Short-term and low-value leases The Company leases certain assets with lease terms of 12 months or less and/or low-value assets such as vehicles. The Company has elected not to recognize right-of-use assets and lease liabilities for these leases, applying the exemptions permitted under IFRS 16. The total expense related to leases accounted for under the short-term and low-value exemptions amounted to \u20ac429 thousand. Guarantees and security deposits In connection with certain lease agreements, the Company has provided security deposits to lessors. As of 31 December 2025, the total amount of deposits held by lessors in relation to lease contracts was \u20ac238 thousand. These deposits are typically refundable upon termination of the lease and do not affect the measurement of lease liabilities under IFRS 16 . Right-of-use assets Land and Plant and Vehicles and in \u20ac thousands Buildings Machinery Equipment Total At 1 January 2024 2,059 119 764 2,942 Changes to net carrying amount in 2024 Additions 1,333 159 1,290 2,782 Corrections 1 788 64 966 1,818 Disposals - - (17) (17) Depreciation charge for the year (776) (65) (763) (1,604) Currency translation 143 9 61 213 Total changes in 2024 1,488 167 1,537 3,192 At 31 December 2024 Cost 5,149 415 3,795 9,359 Accumulated depreciation (1,602) (129) (1,494) (3,225) Net carrying amount at 31 December 2024 3,547 286 2,301 6,134 At 1 January 2025 3,547 286 2,301 6,134 Changes to net carrying amount in 2025 Additions 1,971 1,546 3,517 Corrections (7) - (139) (146) Disposals - - - - Depreciation charge for the year (782) (33) (1,028) (1,843) Currency translation (288) (15) (134) (437) Total changes in 2025 894 (48) 245 1,091 At 31 December 2025 Cost 6,825 400 5,068 12,293 Accumulated depreciation (2,384) (162) (2,522) (5,068) Net carrying amount 4,441 238 2,546 7,225 1) For more explanation, see prior page \u201cCorrections of prior period leases\u201d. Amounts recognized in profit or loss
in \u20ac thousands
2025
2024
Depreciation of right-of-use assets
(1,843)
(1,604)
Interest on lease liabilities
(620)
(417)
Expenses relating to short-term leases
-
(9)
Amounts recognized in statement of cash flows
in \u20ac thousands
2025
2024
Total cash outflow for leases
(2,388)
(1,941)
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-355": { "value": "The depreciation expenses are included in the following line items in the financial statements: in \u20ac thousands 2025 2024 Cost of sales 3,470 4,020 Total cost of sales 3,470 4,020 General and administrative expenses 2,191 1,705 Selling and distribution expenses 34 41 Research and development expenses - 5 Total operating expenses 2,225 1,751 Total depreciation expenses 5,695 5,771 Amounts recognized in profit or loss
in \u20ac thousands
2025
2024
Depreciation of right-of-use assets
(1,843)
(1,604)
Interest on lease liabilities
(620)
(417)
Expenses relating to short-term leases
-
(9)
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-329": { "value": "Leases as lessee The Company leases a number of buildings, plant and machinery and vehicles. The leases typically run for a period of three to five years, with an option to renew the lease after that date. A lessee is required to determine the lease term as the non-cancellable period of a lease, together with periods covered by an extension option if it is reasonably certain that the option will be exercised. Several lease contracts with respect to buildings contain extension options. On an individual basis the extension options are evaluated by management and where circumstances are such that control over the extension is obtained, or are reasonably certain to be obtained, extension options have been taken into consideration. During 2025, no leased properties have been sub-let except for a smaller property lease in Greece. Information about leases for which the Company is a lessee is presented below. Additions in 2025 Increased leases in 2025 mainly relate to newly opened offices in Europe, and commercial-field service locations in Romania, Hungary, Portugal and Poland. Corrections of prior period leases During 2024, Envipco identified and recorded previously omitted lease contracts and corrections to existing leases, leading to a change in the opening balances of right-of-use (ROU) assets and lease liabilities. These corrections were recorded at net book value (NBV), including accumulated depreciation, interest, and lease payments from prior years. As a result, ROU assets increased by \u20ac1,818 thousand, lease liabilities increased by \u20ac1,957 thousand, and the net impact of \u20ac139 thousand was recognized in profit or loss. Management has assessed the net impact of these prior period omissions to be immaterial, and accordingly, no adjustment to previously issued financial statements has been made. Short-term and low-value leases The Company leases certain assets with lease terms of 12 months or less and/or low-value assets such as vehicles. The Company has elected not to recognize right-of-use assets and lease liabilities for these leases, applying the exemptions permitted under IFRS 16. The total expense related to leases accounted for under the short-term and low-value exemptions amounted to \u20ac429 thousand. Guarantees and security deposits In connection with certain lease agreements, the Company has provided security deposits to lessors. As of 31 December 2025, the total amount of deposits held by lessors in relation to lease contracts was \u20ac238 thousand. These deposits are typically refundable upon termination of the lease and do not affect the measurement of lease liabilities under IFRS 16 Right-of-use assets Land and Plant and Vehicles and in \u20ac thousands Buildings Machinery Equipment Total At 1 January 2024 2,059 119 764 2,942 Changes to net carrying amount in 2024 Additions 1,333 159 1,290 2,782 Corrections 1 788 64 966 1,818 Disposals - - (17) (17) Depreciation charge for the year (776) (65) (763) (1,604) Currency translation 143 9 61 213 Total changes in 2024 1,488 167 1,537 3,192 At 31 December 2024 Cost 5,149 415 3,795 9,359 Accumulated depreciation (1,602) (129) (1,494) (3,225) Net carrying amount at 31 December 2024 3,547 286 2,301 6,134 At 1 January 2025 3,547 286 2,301 6,134 Changes to net carrying amount in 2025 Additions 1,971 1,546 3,517 Corrections (7) - (139) (146) Disposals - - - - Depreciation charge for the year (782) (33) (1,028) (1,843) Currency translation (288) (15) (134) (437) Total changes in 2025 894 (48) 245 1,091 At 31 December 2025 Cost 6,825 400 5,068 12,293 Accumulated depreciation (2,384) (162) (2,522) (5,068) Net carrying amount 4,441 238 2,546 7,225 1) For more explanation, see prior page \u201cCorrections of prior period leases\u201d. Amounts recognized in profit or loss
in \u20ac thousands
2025
2024
Depreciation of right-of-use assets
(1,843)
(1,604)
Interest on lease liabilities
(620)
(417)
Expenses relating to short-term leases
-
(9)
Amounts recognized in statement of cash flows
in \u20ac thousands
2025
2024
Total cash outflow for leases
(2,388)
(1,941)
Note 21 - Borrowings, Lease liabilities and Other non-current liabilities Balances at year-end
in \u20ac thousands
2025
2024
Borrowings \u2013 current portion
17,103
18,771
Borrowings \u2013 non-current portion
1,700
8,164
Total borrowings
18,803
26,935
Lease liabilities \u2013 current portion
2,378
1,633
Lease liabilities \u2013 non-current portion
5,281
4,834
Total lease liabilities
7,658
6,467
Projected performance payments
-
3,231
Share based payment
530
1,170
Other
-
120
Other non-current liabilities
530
4,521
Schedule of lease liabilities movement
in \u20ac thousands
2025
2024
Beginning of period
6,468
3,052
Additions
No cash impact
3,517
2,753
Corrections and remeasurements
No cash impact
(146)
1,957
Interest expense
No cash impact
620
417
Repayment
Cash impact
(2,388)
(1,941)
Translation effect
No cash impact
(414)
229
End of period
7,657
6,467
Future payments under lease liabilities
in \u20ac thousands
2025
2024
Current
2,378
2,137
Due between 1 to 5 years
5,285
4,250
Due more than 5 years
2,698
2,423
Total undiscounted lease payments
10,361
8,810
Less: future interest
(2,703)
(2,343)
Total lease liabilities
7,658
6,467
Note 25 - Off balance sheet assets and commitments The future minimum lease receivable under non-cancellable RVM operating leases as of 31 December 2025 and 2024 were as follows:
in \u20ac thousands
2025
2024
Within 1 year
2,444
2,861
Between 2 to 5 years
4,656
4,228
Total
7,099
7,089
Lease revenues from RVMs for the year ended 31 December 2025 were \u20ac4,400 thousand (2024: \u20ac3,815 thousand) ", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-356": { "value": "
Amounts recognized in statement of cash flows
in \u20ac thousands
2025
2024
Total cash outflow for leases
(2,388)
(1,941)
Changes in non-current trade receivables are included in the operating cash flow as part of changes in trade and other receivables. Schedule of movement of non-current trade receivables
in \u20ac thousands
2025
2024
At beginning of period
2,057
713
Additions
396
1,344
At end of period
2,453
2,057
Schedule of movement of loan receivable
in \u20ac thousands
2025
2024
At beginning of period
793
752
Additions
34
41
Transfer to current
(827)
-
At end of period
-
793
Reconciliation of movements of liabilities to cash flows arising from financing activities Schedule of borrowings movement
in \u20ac thousands
2025
2024
At beginning of period
26,935
16,675
Additions
Cash impact
11,000
10,364
Regular repayments
Cash impact
(17,872)
(2,529)
Changes in credit lines
Cash impact
-
1,954
Sub-total of cash impact
20,063
9,789
Translation effect
No cash impact
(1,261)
471
At end of period
18,803
26,935
", "dimensions": { "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-19": { "value": "Note 15 - Financial Assets
in \u20ac thousands
2025
2024
Deposits with vendors
39
39
Trade receivables \u2013 non-current
2,453
2,057
Loan receivable
-
793
Total financial fixed assets
2,492
2,889
Non-current trade receivables relate to a retention withheld by selected customers when settling a sales invoice for RVMs sold. The retention is intended to protect the customer from losses if the Company fails to fulfil its contractual obligations during the warranty period of the RVMs. Since management has assessed that the retention is withheld for reasons other than the provision of financing to the customer, no discounting is applied in accordance with IFRS 15.62(c). The loan receivable relates to an affiliate under common control of one of the biggest shareholders as of 31 December 2025, with an interest rate of Euribor plus 2.5%. The amount was fully settled in March 2026 and accordingly classified as a current receivable, see Note 18. Changes in non-current trade receivables are included in the operating cash flow as part of changes in trade and other receivables. Schedule of movement of non-current trade receivables
in \u20ac thousands
2025
2024
At beginning of period
2,057
713
Additions
396
1,344
At end of period
2,453
2,057
Schedule of movement of loan receivable
in \u20ac thousands
2025
2024
At beginning of period
793
752
Additions
34
41
Transfer to current
(827)
-
At end of period
-
793
Note 18 - Trade and Other Receivables
in \u20ac thousands
2025
2024
Trade receivables \u2013 current
24,504
31,728
Other receivables
1,527
779
Prepaid expenses
2,707
1,811
Loan receivables
828
-
Total
29,566
34,318
Estimates of the recoverability of trade receivables are based on the most reliable evidence available at the time the estimates are made. As these estimates are continuously evaluated, it is common that in the normal course of business, circumstances that previously caused trade receivables to be impaired no longer exist resulting in reversals of impairment charges. Trade receivables as per 31 December 2025 are shown net of bad debt provisions of \u20ac337 thousand (2024: \u20ac625 thousand) . Following the breach, the Company engaged with its lenders and obtained formal waivers for 2025 on 23 April 2026, subsequent to the reporting date. The waivers did not result in any amendments to the covenant levels or other material terms of the financing arrangements. In accordance with IAS 1, the related borrowings have therefore been classified as current at year end. Management expects covenant compliance to be restored based on forecasted improvements in EBITDA and cash flows. Further details on forecast assumptions, sensitivities and inherent uncertainties are included in Note 1. Financing arrangement (sale-and-leaseback) By the end of 2024, the Company entered into an agreement under which legal ownership of certain self- manufactured RVMs was transferred to a financing company, followed by a five-year leaseback agreement. As the transfer did not meet the requirements of IFRS 15 to be accounted for as a sale, the assets continue to be recognized as property, plant and equipment (see Note 14). The cash consideration received is recognized as a financial liability under borrowings and is accounted for in accordance with IFRS 9, as prescribed in IFRS 16.103(a). The liability is measured at amortized cost using an effective interest rate of 8.92% and matures within five years. The carrying amount at 31 December 2025 amounted to \u20ac2,549 thousand (2024: \u20ac3,090 thousand), of which \u20ac750 thousand is classified as a current financial liability. Factoring arrangement The Company also entered into a factoring agreement during 2024. As of 31 December 2025, all factoring activities were discontinued, and all outstanding balances were settled. Reconciliation of movements of liabilities to cash flows arising from financing activities Schedule of borrowings movement
in \u20ac thousands
2025
2024
At beginning of period
26,935
16,675
Additions
Cash impact
11,000
10,364
Regular repayments
Cash impact
(17,872)
(2,529)
Changes in credit lines
Cash impact
-
1,954
Sub-total of cash impact
20,063
9,789
Translation effect
No cash impact
(1,261)
471
At end of period
18,803
26,935
Schedule of lease liabilities movement in \u20ac thousands
2025
2024
Beginning of period
6,468
3,052
Additions
No cash impact
3,517
2,753
Corrections and remeasurements
No cash impact
(146)
1,957
Interest expense
No cash impact
620
417
Repayment
Cash impact
(2,388)
(1,941)
Translation effect
No cash impact
(414)
229
End of period
7,657
6,467
Schedule of other non-current liabilities movement
in \u20ac thousands
2025
2024
Beginning of period
4,521
375
Additions
No cash impact
10
4,146
Releases
No cash impact
(3,231)
-
Reclass to current of LTIP liability
No cash impact
(385)
-
Settlement of LTIP liability
Cash impact
(385)
-
End of period
530
4,521
The reductions include a \u20ac3,221 thousand liability for projected performance payments related to the 2024 Sensibin acquisition contingent consideration, which is a non-cash remeasurement effects, (see Notes 13 and 24). Further, in relation to the share-based payment plan (see Note 9), an amount of \u20ac385 thousand was paid within the year and \u20ac385 thousand is expected to be settled within 12 months and therefore reclassified to current liabilities (see Note 24). Fair value of borrowings
2025
2024
Nominal interest
Carrying
Carrying
in \u20ac thousands
rate
amount
Fair Value
amount
Fair Value
Revolving Credit Facility
Euribor +2.25%
10,430
10,900
-
-
Line of credit
US Prime Rate
-
-
5,776
5,776
Line of credit
ROBOR +2.25%
-
-
2,247
2,247
Mortgage facility
5.50%
-
-
1,378
1,460
Term Loan
3.51%
-
-
866
832
Term Loan
SOFR plus 3.0%
-
-
1,443
1,372
Term Loan
7.35%
5,824
5,600
7,941
8,050
Financial arrangement
8.92%
2,549
2,549
3,090
3,090
Factoring arrangement
ROBOR plus 1.9%
-
-
4,194
4,194
Total
18,803
19,049
26,935
27,021
The fair values of long-term borrowings are estimated using discounted cash flow techniques based on observable market interest rates and risk parameters relevant to the instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-330": { "value": "Note 15 - Financial Assets
in \u20ac thousands
2025
2024
Deposits with vendors
39
39
Trade receivables \u2013 non-current
2,453
2,057
Loan receivable
-
793
Total financial fixed assets
2,492
2,889
Non-current trade receivables relate to a retention withheld by selected customers when settling a sales invoice for RVMs sold. The retention is intended to protect the customer from losses if the Company fails to fulfil its contractual obligations during the warranty period of the RVMs. Since management has assessed that the retention is withheld for reasons other than the provision of financing to the customer, no discounting is applied in accordance with IFRS 15.62(c). The loan receivable relates to an affiliate under common control of one of the biggest shareholders as of 31 December 2025, with an interest rate of Euribor plus 2.5%. The amount was fully settled in March 2026 and accordingly classified as a current receivable, see Note 18. Changes in non-current trade receivables are included in the operating cash flow as part of changes in trade and other receivables. Schedule of movement of non-current trade receivables
in \u20ac thousands
2025
2024
At beginning of period
2,057
713
Additions
396
1,344
At end of period
2,453
2,057
Schedule of movement of loan receivable
in \u20ac thousands
2025
2024
At beginning of period
793
752
Additions
34
41
Transfer to current
(827)
-
At end of period
-
793
Note 18 - Trade and Other Receivables
in \u20ac thousands
2025
2024
Trade receivables \u2013 current
24,504
31,728
Other receivables
1,527
779
Prepaid expenses
2,707
1,811
Loan receivables
828
-
Total
29,566
34,318
Estimates of the recoverability of trade receivables are based on the most reliable evidence available at the time the estimates are made. As these estimates are continuously evaluated, it is common that in the normal course of business, circumstances that previously caused trade receivables to be impaired no longer exist resulting in reversals of impairment charges. Trade receivables as per 31 December 2025 are shown net of bad debt provisions of \u20ac337 thousand (2024: \u20ac625 thousand) Schedule of movement of bad debts
in \u20ac thousands
2025
2024
Beginning of period
625
634
Addition
241
268
Release
(227)
(185)
Utilization
(234)
(135)
Currency translation adjustment
(68)
43
End of period
337
625
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-20": { "value": "Note 17 - Inventory
in \u20ac thousands
2025
2024
Finished Goods
7,036
9,038
Raw materials and parts
21,786
21,713
Work in progress
3,062
951
Provisions for obsolescence
(2,532)
(2,824)
Total
29,352
28,878
Finished goods are valued at lower of cost and net realizable value. Cost includes material cost, direct labor and overheads. Raw material and parts are valued at lower of cost and net realizable value. Cost includes purchase cost and cost of bringing the part to its present location. Work in progress is valued including direct material cost and a proportion of direct labor and overheads. The amount of inventories recognized as an expense during the year, included within cost of sales, amounted to \u20ac32,253 thousand (2024: \u20ac47,423 thousand). This amount represents the cost of inventories sold during the period and comprises raw materials, direct labor and production overheads incurred in bringing inventories to their present location and condition. Estimates of net realizable value of inventory are based on the most reliable evidence available at the time the estimates are made. The carrying amount of the inventory carried at fair value less costs to sell is nil. These estimates take into consideration fluctuations of price or cost directly relating to events occurring after the end of the period to the extent that such events confirm conditions existing at the end of the period. As such, estimates are continuously evaluated and it is common that in the normal course of business, circumstances that previously caused inventories to be written down below cost no longer exist, resulting in reversals of write-downs. Schedule of movement of provision for obsolescence
in \u20ac thousands
2025
2024
Beginning of period
2,824
2,113
Addition to/release of provision
(342)
580
Exchange gains/(losses)
50
131
End of period
2,532
2,824
The increase/(decrease) in provisions relating to inventories is affected through cost of sales. ", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-357": { "value": "Schedule of movement of provision for obsolescence
in \u20ac thousands
2025
2024
Beginning of period
2,824
2,113
Addition to/release of provision
(342)
580
Exchange gains/(losses)
50
131
End of period
2,532
2,824
The increase/(decrease) in provisions relating to inventories is affected through cost of sales. Note 22 - Provisions
in \u20ac thousands
2025
2024
Current
573
1,210
Non-current
1,013
568
Total provisions
1,587
1,778
Movement of warranty provisions Warranty provisions are recognized for assurance-type warranties associated with the sale of reverse vending machines, requiring the repair or replacement of products that fail due to manufacturing defects. The provision relates to warranties with durations of one to three years on European machine sales and is considered adequate based on expected usage.
in \u20ac thousands
2025
2024
Beginning of period
1,775
1,970
Additions
1,098
2,111
Release
(319)
(1,267)
Utilization
(926)
(1,070)
Exchange gains/(losses)
(49)
34
End of period
1,578
1,778
Current portion
565
1,210
Non-current portion
1,013
568
", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-359": { "value": "Note 18 - Trade and Other Receivables
in \u20ac thousands
2025
2024
Trade receivables \u2013 current
24,504
31,728
Other receivables
1,527
779
Prepaid expenses
2,707
1,811
Loan receivables
828
-
Total
29,566
34,318
", "dimensions": { "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-358": { "value": "Estimates of the recoverability of trade receivables are based on the most reliable evidence available at the time the estimates are made. As these estimates are continuously evaluated, it is common that in the normal course of business, circumstances that previously caused trade receivables to be impaired no longer exist resulting in reversals of impairment charges. Trade receivables as per 31 December 2025 are shown net of bad debt provisions of \u20ac337 thousand (2024: \u20ac625 thousand) . Schedule of movement of bad debts
in \u20ac thousands
2025
2024
Beginning of period
625
634
Addition
241
268
Release
(227)
(185)
Utilization
(234)
(135)
Currency translation adjustment
(68)
43
End of period
337
625
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-21": { "value": "Note 20 - Shareholders\u2019 equity Share Capital The Company has only one class of shares, which is ordinary shares. Each ordinary share carries one vote per share and the entitlement to receive dividends as declared. No treasury shares were held at 31 December 2025. The authorized and issued share capital is presented below:
Ordinary Shares
2025
2024
Number of authorized shares
80,000,000
80,000,000
Authorized share capital
\u20ac4,000,000
\u20ac4,000,000
Number of outstanding shares on 1 January
57,690,377
51,690,377
Number of outstanding shares on 31 December
66,090,377
57,690,377
Issued share capital on 31 December
\u20ac3,304,519
\u20ac2,884,519
Nominal value
\u20ac0.05
\u20ac0.05
The Company issued 8,400,000 ordinary shares in September 2025 for a total consideration of NOK 630 million (approximately \u20ac54 million of gross proceeds). Transaction costs directly attributable to the share issuance amount to approximately \u20ac2.4 million and were deducted from equity. Share premium reserve For full detailed movements in share premium reserve please refer to the consolidated statement of changes in equity Legal reserve According to Book 2 of the Netherlands Civil Code, the Company is required to restrict part of its equity from distribution to shareholders by forming a legal reserve equal to the amount it has capitalized for development costs. The equity enclosed in this legal reserve is not at the disposal of the AGM. Therefore, this amount cannot be distributed to shareholders until the capitalized development costs have been recognized in the profit and loss account. The capitalized development costs as of 31 December 2025 amounted to \u20ac7,239 thousand (2024: \u20ac7,072 thousand). A legal reserve equaling these amounts has been created in both years by decreasing the share premium reserve with these respective amounts. The movement in the Company\u2019s legal reserve in respect of the capitalized development costs in 2025 amounted to \u20ac167 thousand (2024: -\u20ac653 thousand). See Note 13 for more information. Retained earnings At the Company\u2019s AGM it will be proposed to include the 2025 result in retained earnings. Translation reserve Company entities, whose functional currency is other than Euro, the Company\u2019s reporting currency, are translated using closing rates for balance sheets and average rates for income statements. The resulting difference is recognized as translation reserve in equity and is non-distributable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-331": { "value": "Share Capital The Company has only one class of shares, which is ordinary shares. Each ordinary share carries one vote per share and the entitlement to receive dividends as declared. No treasury shares were held at 31 December 2025. The authorized and issued share capital is presented below:
Ordinary Shares
2025
2024
Number of authorized shares
80,000,000
80,000,000
Authorized share capital
\u20ac4,000,000
\u20ac4,000,000
Number of outstanding shares on 1 January
57,690,377
51,690,377
Number of outstanding shares on 31 December
66,090,377
57,690,377
Issued share capital on 31 December
\u20ac3,304,519
\u20ac2,884,519
Nominal value
\u20ac0.05
\u20ac0.05
The Company issued 8,400,000 ordinary shares in September 2025 for a total consideration of NOK 630 million (approximately \u20ac54 million of gross proceeds). Transaction costs directly attributable to the share issuance amount to approximately \u20ac2.4 million and were deducted from equity. ", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-332": { "value": "Share premium reserve For full detailed movements in share premium reserve please refer to the consolidated statement of changes in equity . Legal reserve According to Book 2 of the Netherlands Civil Code, the Company is required to restrict part of its equity from distribution to shareholders by forming a legal reserve equal to the amount it has capitalized for development costs. The equity enclosed in this legal reserve is not at the disposal of the AGM. Therefore, this amount cannot be distributed to shareholders until the capitalized development costs have been recognized in the profit and loss account. The capitalized development costs as of 31 December 2025 amounted to \u20ac7,239 thousand (2024: \u20ac7,072 thousand). A legal reserve equaling these amounts has been created in both years by decreasing the share premium reserve with these respective amounts. The movement in the Company\u2019s legal reserve in respect of the capitalized development costs in 2025 amounted to \u20ac167 thousand (2024: -\u20ac653 thousand). See Note 13 for more information. Retained earnings At the Company\u2019s AGM it will be proposed to include the 2025 result in retained earnings. Translation reserve Company entities, whose functional currency is other than Euro, the Company\u2019s reporting currency, are translated using closing rates for balance sheets and average rates for income statements. The resulting difference is recognized as translation reserve in equity and is non-distributable. ", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-373": { "value": "Note 21 - Borrowings, Lease liabilities and Other non-current liabilities Balances at year-end
in \u20ac thousands
2025
2024
Borrowings \u2013 current portion
17,103
18,771
Borrowings \u2013 non-current portion
1,700
8,164
Total borrowings
18,803
26,935
Lease liabilities \u2013 current portion
2,378
1,633
Lease liabilities \u2013 non-current portion
5,281
4,834
Total lease liabilities
7,658
6,467
Projected performance payments
-
3,231
Share based payment
530
1,170
Other
-
120
Other non-current liabilities
530
4,521
Borrowings In 2025, only Envipco Holding NV has borrowings from third-party lenders for \u20ac16,254 thousand (2024: \u20ac7,941 thousand). Envipco Solutions Romania repaid its borrowings and ended its factoring arrangements during 2025 and only has a financing arrangement for \u20ac2,549 thousand (2024: \u20ac3,090 thousand). The following finance arrangements are in place at year-end:
Carrying
Carrying
Nominal interest
Year of
amount
amount
in \u20ac thousands
rate
maturity
Face Value
2025
2024
Line of credit
US Prime Rate
2025
$6,000
-
\u20ac5,776
Line of credit
ROBOR +2.25%
2025
RON 15,000
-
\u20ac2,247
Revolving credit facility
Euribor +2.25%
2028
\u20ac11,000
\u20ac10,430
-
Mortgage facility
5.50%
2025
$2,240
-
\u20ac1,378
Term loan
3.51%
2025
$6,000
-
\u20ac866
Term loan
SOFR +3.00%
2025
$3,000
-
\u20ac1,443
Term loan
7.35%
2028
\u20ac9,000
\u20ac5,824
\u20ac7,941
Financing arrangement
8.92%
2029
\u20ac3,162
\u20ac2,549
\u20ac3,090
Factoring arrangement
ROBOR +1.90%
2025
RON 20,867
-
\u20ac4,194
During 2025, the Company fully repaid the following facilities that were collateralized by fixed and floating charges on all assets of the US subsidiary: \u2022 Line of Credit of $6,000 thousand (2024: \u20ac5,776 thousand); \u2022 Mortgage facility of $1,432 thousand (2024: \u20ac1,378 thousand); and \u2022 Two term loans of $900 thousand (2024: \u20ac866 thousand) and $1,499 thousand (2024: \u20ac1,443 thousand). The outstanding term loan with a carrying amount of \u20ac5,824 thousand (2024: \u20ac7,941 thousand) was secured in 2023, bears an interest rate of 7.35%, and is repayable quarterly until 2028. This loan is collateralized by the Company\u2019s European trade receivables. Revolving Credit Facility As of August 2025, the Company entered into a new Revolving Credit Facility with a Dutch bank amounting to \u20ac11,000 thousand, repayable in 2028 and bearing interest at Euribor plus 2.25%. The facility is secured by the receivables, inventory, and fixed assets and is guaranteed for \u20ac6,000 thousand by a Dutch investment bank that also issued the Company\u2019s third term loan. Covenant compliance The Company\u2019s bank facilities include financial covenants relating to (i) solvency, (ii) the Debt Service Coverage Ratio (DSCR) and (iii) the ratio of senior net debt to EBITDA. At 31 December 2025, the Company was not in compliance with the DSCR covenant, while remaining compliant with the other covenants. The DSCR breach is considered temporary and primarily timing\u2011driven, due to lower-than-expected EBITDA. This was primarily attributable to the timing of DRS market implementations and installation schedules in several newly regulated markets shifting revenues originally expected to be recognized in late 2025 into 2026, while certain fixed operating costs, inventory build\u2011up and preparatory capacity investments were incurred ahead of market go-lives. Following the breach, the Company engaged with its lenders and obtained formal waivers for 2025 on 23 April 2026, subsequent to the reporting date. The waivers did not result in any amendments to the covenant levels or other material terms of the financing arrangements. In accordance with IAS 1, the related borrowings have therefore been classified as current at year end. Management expects covenant compliance to be restored based on forecasted improvements in EBITDA and cash flows. Further details on forecast assumptions, sensitivities and inherent uncertainties are included in Note 1. Future payments under long-term borrowings
in \u20ac thousands
2025
2024
Current
18,977
20,270
Due between 1 to 5 years
1,970
9,170
Total undiscounted long-term borrowings
20,947
29,440
Less: future interest
(2,145)
(2,505)
Total borrowings
18,803
26,935
No borrowings are due later than five years as of 31 December 2025. Fair value of borrowings
2025
2024
Nominal interest
Carrying
Carrying
in \u20ac thousands
rate
amount
Fair Value
amount
Fair Value
Revolving Credit Facility
Euribor +2.25%
10,430
10,900
-
-
Line of credit
US Prime Rate
-
-
5,776
5,776
Line of credit
ROBOR +2.25%
-
-
2,247
2,247
Mortgage facility
5.50%
-
-
1,378
1,460
Term Loan
3.51%
-
-
866
832
Term Loan
SOFR plus 3.0%
-
-
1,443
1,372
Term Loan
7.35%
5,824
5,600
7,941
8,050
Financial arrangement
8.92%
2,549
2,549
3,090
3,090
Factoring arrangement
ROBOR plus 1.9%
-
-
4,194
4,194
Total
18,803
19,049
26,935
27,021
The fair values of long-term borrowings are estimated using discounted cash flow techniques based on observable market interest rates and risk parameters relevant to the instruments. ", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-360": { "value": "Note 21 - Borrowings, Lease liabilities and Other non-current liabilities Balances at year-end
in \u20ac thousands
2025
2024
Borrowings \u2013 current portion
17,103
18,771
Borrowings \u2013 non-current portion
1,700
8,164
Total borrowings
18,803
26,935
Lease liabilities \u2013 current portion
2,378
1,633
Lease liabilities \u2013 non-current portion
5,281
4,834
Total lease liabilities
7,658
6,467
Projected performance payments
-
3,231
Share based payment
530
1,170
Other
-
120
Other non-current liabilities
530
4,521
At 31 December 2025, projected performance payments related to the contingent consideration for the 2024 Sensibin acquisition equals \u20ac2,059 thousand and is presented as a current liability in Note 24. See Note 13 for further details on this acquisition. In addition, the total liability for the share-based payment plan in the amount of \u20ac916 thousand (2024: \u20ac1,170 thousand) of which \u20ac 530 thousand is presented as non-current and \u20ac385 thousand as current. For further details on the share-based payment plan, reference is made to Note 9
Schedule of other non-current liabilities movement
in \u20ac thousands
2025
2024
Beginning of period
4,521
375
Additions
No cash impact
10
4,146
Releases
No cash impact
(3,231)
-
Reclass to current of LTIP liability
No cash impact
(385)
-
Settlement of LTIP liability
Cash impact
(385)
-
End of period
530
4,521
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-374": { "value": "Schedule of other non-current liabilities movement
in \u20ac thousands
2025
2024
Beginning of period
4,521
375
Additions
No cash impact
10
4,146
Releases
No cash impact
(3,231)
-
Reclass to current of LTIP liability
No cash impact
(385)
-
Settlement of LTIP liability
Cash impact
(385)
-
End of period
530
4,521
The reductions include a \u20ac3,221 thousand liability for projected performance payments related to the
2024 Sensibin acquisition contingent consideration, which is a non-cash remeasurement effects, (see
Notes 13 and 24). Further, in relation to the share-based payment plan (see Note 9), an amount of \u20ac385
thousand was paid within the year and \u20ac385 thousand is expected to be settled within 12 months and
therefore reclassified to current liabilities (see Note 24).
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-333": { "value": "
Fair value of borrowings
2025
2024
Nominal interest
Carrying
Carrying
in \u20ac thousands
rate
amount
Fair Value
amount
Fair Value
Revolving Credit Facility
Euribor +2.25%
10,430
10,900
-
-
Line of credit
US Prime Rate
-
-
5,776
5,776
Line of credit
ROBOR +2.25%
-
-
2,247
2,247
Mortgage facility
5.50%
-
-
1,378
1,460
Term Loan
3.51%
-
-
866
832
Term Loan
SOFR plus 3.0%
-
-
1,443
1,372
Term Loan
7.35%
5,824
5,600
7,941
8,050
Financial arrangement
8.92%
2,549
2,549
3,090
3,090
Factoring arrangement
ROBOR plus 1.9%
-
-
4,194
4,194
Total
18,803
19,049
26,935
27,021
The fair values of long-term borrowings are estimated using discounted cash flow techniques based on
observable market interest rates and risk parameters relevant to the instruments.
", "dimensions": { "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-22": { "value": "Note 24 - Accrued Expenses, Deferred revenue and Other current liabilities
in \u20ac thousands
2025
2024
Payroll and vacation accruals
2,951
4,660
Other accrued expenses & current liabilities
4,721
4,952
Deferred revenue
2,286
1,515
Total
9,958
11,127
Other accrued expenses and liabilities consist of various liabilities, including the projected performance payments related to the Sensibin acquisition contingent consideration, as well as rent, lease and audit fees, professional and legal fees . Tax liabilities Tax-related accruals are as follows:
in \u20ac thousands
2025
2024
VAT payable
1,378
1,611
Wage tax and social security payable
1,317
1,540
Corporate income tax payable
120
140
Total
2,814
3,291
Sensibin contingent consideration valuation In August 2024, Envipco acquired Sensibin Limited for a combination of cash and contingent consideration based on performance targets in 2025 and 2026. As of 31 December 2025, no orders or deliveries had been completed to meet the performance targets set for 2025. In addition, the Company updated its outlook for the remaining performance targets for 2026 based on the pipeline of identified opportunities and observed market demand. During 2025, the Company also agreed to an extension of the contingent consideration performance measurement period. This extension was primarily driven by delays in completing post-acquisition technical improvements and testing required to address initial quality issues, which resulted in later- than-originally anticipated commercial rollout of the acquired technology. The extension was intended to align the assessment of performance targets with the revised operational and commercial timeline. Accordingly, the related liability for the contingent consideration was remeasured to reflect updated performance expectations and the extended measurement period. As the 2025 performance targets were not met and expectations for future performance were revised, part of the previously recognized contingent consideration was reversed, resulting in a gain of \u20ac4,000 thousand, which has been reported under Other income in the Statement of Comprehensive Income (see Note 8). Such fair value measurement is categorized within Level 3 of the fair value hierarchy and is based on an income approach. See Notes 8 and 13 for further details on this 2024 acquisition and the related contingent consideration. Deferred revenue and balance movements Deferred revenue consists predominantly of contractual prepayments from customers on machine deliveries.
in \u20ac thousands
2025
2024
Beginning of period
1,515
6,060
Additions
1,712
14,983
Release
(941)
(19,528)
End of period
2,286
1,515
The increase is mainly due to contractual advance payments received for new contracts signed across various markets and are related to scheduled performance obligations to be met in the first half of 2026. Revenue reported resulting from the deferred revenue balance movement is \u20ac941 thousand (2024: \u20ac19,528 thousand). The closing balance is expected to be recognized as revenue within 12 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-361": { "value": "Note 24 - Accrued Expenses, Deferred revenue and Other current liabilities
in \u20ac thousands
2025
2024
Payroll and vacation accruals
2,951
4,660
Other accrued expenses & current liabilities
4,721
4,952
Deferred revenue
2,286
1,515
Total
9,958
11,127
Other accrued expenses and liabilities consist of various liabilities, including the projected performance payments related to the Sensibin acquisition contingent consideration, as well as rent, lease and audit fees, professional and legal fees . Sensibin contingent consideration valuation In August 2024, Envipco acquired Sensibin Limited for a combination of cash and contingent consideration based on performance targets in 2025 and 2026. As of 31 December 2025, no orders or deliveries had been completed to meet the performance targets set for 2025. In addition, the Company updated its outlook for the remaining performance targets for 2026 based on the pipeline of identified opportunities and observed market demand. During 2025, the Company also agreed to an extension of the contingent consideration performance measurement period. This extension was primarily driven by delays in completing post-acquisition technical improvements and testing required to address initial quality issues, which resulted in later- than-originally anticipated commercial rollout of the acquired technology. The extension was intended to align the assessment of performance targets with the revised operational and commercial timeline. Accordingly, the related liability for the contingent consideration was remeasured to reflect updated performance expectations and the extended measurement period. As the 2025 performance targets were not met and expectations for future performance were revised, part of the previously recognized contingent consideration was reversed, resulting in a gain of \u20ac4,000 thousand, which has been reported under Other income in the Statement of Comprehensive Income (see Note 8). Such fair value measurement is categorized within Level 3 of the fair value hierarchy and is based on an income approach. See Notes 8 and 13 for further details on this 2024 acquisition and the related contingent consideration. Deferred revenue and balance movements Deferred revenue consists predominantly of contractual prepayments from customers on machine deliveries.
in \u20ac thousands
2025
2024
Beginning of period
1,515
6,060
Additions
1,712
14,983
Release
(941)
(19,528)
End of period
2,286
1,515
The increase is mainly due to contractual advance payments received for new contracts signed across various markets and are related to scheduled performance obligations to be met in the first half of 2026. Revenue reported resulting from the deferred revenue balance movement is \u20ac941 thousand (2024: \u20ac19,528 thousand). The closing balance is expected to be recognized as revenue within 12 months. ", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-334": { "value": "Note 24 - Accrued Expenses, Deferred revenue and Other current liabilities
in \u20ac thousands
2025
2024
Payroll and vacation accruals
2,951
4,660
Other accrued expenses & current liabilities
4,721
4,952
Deferred revenue
2,286
1,515
Total
9,958
11,127
Other accrued expenses and liabilities consist of various liabilities, including the projected performance payments related to the Sensibin acquisition contingent consideration, as well as rent, lease and audit fees, professional and legal fees Deferred revenue and balance movements Deferred revenue consists predominantly of contractual prepayments from customers on machine deliveries.
in \u20ac thousands
2025
2024
Beginning of period
1,515
6,060
Additions
1,712
14,983
Release
(941)
(19,528)
End of period
2,286
1,515
The increase is mainly due to contractual advance payments received for new contracts signed across
various markets and are related to scheduled performance obligations to be met in the first half of 2026.
Revenue reported resulting from the deferred revenue balance movement is \u20ac941 thousand (2024:
\u20ac19,528 thousand). The closing balance is expected to be recognized as revenue within 12 months.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-362": { "value": "Tax liabilities Tax-related accruals are as follows: in \u20ac thousands 2025 2024 VAT payable 1,378 1,611 Wage tax and social security payable 1,317 1,540 Corporate income tax payable 120 140 Total 2,814 3,29", "dimensions": { "concept": "ifrs-full:DisclosureOfTaxReceivablesAndPayablesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-375": { "value": "Note 25 - Off balance sheet assets and commitments The future minimum lease receivable under non-cancellable RVM operating leases as of 31 December 2025 and 2024 were as follows:
in \u20ac thousands
2025
2024
Within 1 year
2,444
2,861
Between 2 to 5 years
4,656
4,228
Total
7,099
7,089
Lease revenues from RVMs for the year ended 31 December 2025 were \u20ac4,400 thousand (2024: \u20ac3,815 thousand) . Fiscal unity The Company is part of the fiscal unity with Envipco Europe B.V. for corporate income tax (CIT) and value- added tax (VAT) purposes. The standard conditions stipulate that each of the companies is liable for the tax payable by all companies belonging to the fiscal unity. Pursuant to the Collection of State Taxes Act, the Company, along with the subsidiary that is part of the fiscal unity, is wholly and severally liable for taxation payable by the fiscal unity. Germany subsidiary exemption Envipco Automaten GmbH, a wholly owned subsidiary of Envipco Holding N.V. incorporated in Germany, makes use of the exemption from the preparation, audit and publication of statutory financial statements as provided for in Section 264(3) of the German Commercial Code (Handelsgesetzbuch, or HGB). In connection with this exemption, Envipco Holding N.V. has issued a declaration of guarantee pursuant to German law, under which it undertakes to assume liability for the obligations entered into by Envipco Automaten GmbH during the financial year. Guarantees in respect of subsidiaries In connection with the Company\u2019s financing arrangements, including the revolving credit facility and term loans, Envipco Holding N.V. and certain of its subsidiaries have provided guarantees and security in favor of lenders in respect of the obligations of the Company and its subsidiaries. Under these arrangements, Envipco Holding N.V. and relevant subsidiaries may be jointly and severally liable for amounts due under the financing agreements. As of the reporting date, no amounts have been called under these guarantees and management does not expect any outflows to arise . ", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-23": { "value": "Note 26 - Related party transactions On 24 September 2025, Envipco entered into a share lending agreement with related parties in connection with the private placement, under which 8,400,000 shares were temporarily lent without consideration (see Note 21). The arrangement constituted a temporary transfer of shares with an obligation to return the shares, solely to facilitate the private placement. All shares were reissued and redelivered on 3 October 2025. The lending shareholders were Mr. Gregory Garvey (Garvey), Gregory Garvey Family Investments LLC (GGFI) and Mr. Maurice Bouri (Bouri) as share lenders with: \u2022 2,280,540 shares lent by Garvey, \u2022 3,144,859 shares lent by GGFI and, \u2022 2,974,601 shares lent by Bouri. The balance receivable at year end from an affiliate under common control of the majority shareholder was \u20ac827 thousand (2024: \u20ac793 thousand) with interest at Euribor plus 250 bps which was extended in the year and repayable on 31 January 2027. Reference is made to Note 15 for further details. The amounts disclosed for key management personnel remuneration include the share-based payment expense recognized in the year, reflecting the modified vesting terms of the shadow share plans. Details on the Board\u2019s remuneration are provided in the Governance Report. ", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "fact-24": { "value": "Note 27 - Post balance sheet events On 12 January 2026, Envipco announced Simon Bolton, CEO, would depart the Company effective 30 April 2026. On 17 March 2026, Envipco announced Jos\u00e9 Matthijsse would succeed Simon as the Company\u2019s CEO, with effect from 18 May 2026. As previously noted, the Bouri Family hold an option to repurchase 1,850,000 of the Company\u2019s shares previously sold to Gregory Garvy on 28 March 2023. On 27 March 2026, the Bouri Family and Mr. Garvy entered into an extension of the option agreement, in which it was agreed that the repurchase option is extended until 28 March 2027. On 23 April 2026, after the reporting date, the Company received formal waivers from its lenders related to the DSCR covenant breach that existed at 31 December 2025. The waivers did not result in any amendments to the covenant levels or other material terms of the financing arrangements. As the waivers were obtained after the reporting date and the covenant breach existed at year-end, the related borrowings have been classified as a current liability in the Consolidated Statement of Financial Position. At the Extraordinary General Meeting held on 30 April 2026, shareholders approved the appointment of Jos\u00e9 Matthijsse and Patrick Gierman as executive members of the Board of Directors for a period of four years, effective from the date of that Extraordinary General Meeting. Following the reporting period, the Company publicly disclosed share purchases by primary insiders. On 19 January 2026, Mr. Gregory Garvey, Chairman of the Board, acquired 100,000 ordinary shares in Envipco Holding N.V., comprising 70,000 shares purchased at NOK 51.6476 per share and 30,000 shares purchased at EUR 4.438 per share. On 20 January 2026, Mr. Garvey acquired a further 130,000 ordinary shares in Envipco Holding N.V. at NOK 52.3333 per share. Subsequently, on 24 June 2026, Mr. Garvey acquired an additional 200,000 ordinary shares in Envipco Holding N.V. On 26 June 2026, Mr. Jos\u00e9 Matthijsse, Chief Executive Officer and Executive Director, acquired 15,000 ordinary shares through his closely related entity Connect & Grow B.V.", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:7245009QH646WM76PR25", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }