Strategic expansion of sales channels
- Establishment of a dedicated unit for marketing and sales of the NeoOil P5 systems
- Structured expansion of the sales organization and internationalization of the project pipeline by 2028
enespa
Annual report 2025
The future
in view
Scaling: The next stage in business building
0 × P5
NeoOil P5-Anlagen für Nexergy: fortgeschrittene Verhandlungen über den grössten Auftrag der Firmengeschichte
CHF 0–0 Mio.
Potential volume in ongoing contract negotiations, as of June 30, 2026
0–0
Plants per year — Target capacity of series production at the Tangstedt site
TRL –
Maturity level achieved by the reference plant in Lahti, Finland
0×
Increased sales of AdBlue® products at the Bernsdorf site
0
The group has employees equivalent to approximately 61 full-time positions.
Preface
A year of scaling
For enespa, the focus in 2025 was on operational implementation. It was no longer just about what we could do — but about what we actually implemented in the market.
After a period of intensive research and development work, in which we created the technological foundations for our offering in the field of advanced recycling and advanced our international orientation, we were aware from the outset that this process involves significant investments and is not always linear.
Delays in individual projects have led to postponed contractually agreed payments and later-than-planned revenue realization. At the same time, we have made targeted investments in building our plant engineering capabilities, in partnerships, and in sales structures. Against this backdrop, the negative annual result reflects this development phase—and is part of the consciously chosen path.
In Brazil, we handed over and commissioned a research plant at the University of Rio de Janeiro; in Australia, our prototype plant is installed, with commissioning scheduled for 2026. In Finland, together with our partner PlastEco Oy, we have begun constructing a reference plant for the European market. In the USA, despite the trade dispute, we succeeded in delivering the first NeoOil P5 plant to Texas.
Looking back on 2025, one thing stands out above all: we have steadfastly continued on our chosen path. Perhaps not always at the pace we had originally planned – but with a focus on substance, quality, and sustainable business development.
Cyrill HugiChairman of the Board and CEO
Cyrill Hugi, founder, chairman of the board and CEO until May 31, 2026.
Highlights
What was accomplished in 2025
Five areas in which the reporting year has brought measurable progress.
Strengthening of financing and capital base
- Capital structure strengthened as a basis for further scaling
- Broad financing base through equity and debt capital: shares, bonds, municipal bonds
Capacity expansion in engineering and series production
- Targeted expansion of the team in development and plant engineering
- Series production in Tangstedt optimized; gradual expansion of capacity for 10 to 15 systems per year.
Certification and standardization
- ISO 9001 certification of research and development activities in Tangstedt
- ISCC+ certification of the pyrolysis plant in Lahti as a prerequisite for certified oil after commissioning
- Full utilization of the laboratory through internal and external analytical orders from Q4 2025
- Membership in the DIN standards committee for analytical methods for pyrolysis oils
Optimization of production and project implementation
- NeoOil P5 plant delivered to the USA, reference plant in Finland, installations in Brazil and Australia
- Expansion of production and automation capacities in Bernsdorf
- Significant increase in sales of AdBlue® products
Management report
Intact demand,
shifted time axis
The negative impact on earnings in 2025 does not stem from weak demand, but from delays in revenue recognition, start-up scaling costs, and technical limitations in oil refining.
Business performance and economic situation
The economic environment in 2025 was characterized by persistent uncertainty, geopolitical tensions, trade conflicts, and subdued global investment activity. Investments in infrastructure and sustainability technologies were postponed in numerous markets.
At the same time, there remains a structurally growing need for circular economy solutions. Regulatory developments and ESG-driven investment strategies support this long-term demand base. In the short term, however, extended decision-making and financing processes have led to order postponements.
Several major projects could not be transitioned to productive operation as planned, which deferred contract payments and revenues to future periods. In some projects, investment and implementation costs exceeded the planned budget.
Enespa AG, a holding and financing company, reports a net loss of CHF 6.9 million for 2025, compared to CHF 16.4 million in the previous year. This loss is primarily attributable to personnel expenses of CHF 3.2 million, advertising expenses of CHF 1.7 million (mainly for capital raising), and administrative expenses of CHF 1.3 million.
Results and classification
The negative business result must be viewed in the context of the ongoing development and scaling phase. Significant investment is still required in industrialization, plant construction, certification, and international market expansion.
The technology platform, on the other hand, can be considered largely validated. By the end of 2025, the first plants in Finland, the USA, and Australia were under installation or commissioning, and a research facility was operational in Brazil. The project pipeline is broadly diversified and includes several large-scale international projects at various stages of development.
The negative impact on the earnings of the group companies is not attributable to a structural weakness in demand, but rather to delays in revenue recognition, start-up costs related to scaling, and technical limitations in oil refining. The earnings of enespa ag itself are determined by the group's costs for organizational development, financing, and capital raising.
Outlook of the Board of Directors
Against the backdrop of the project pipeline and the technological maturity of TRL – And given the increasing international market penetration, the Board of Directors continues to assess the medium-term prospects positively. enespa anticipates that the postponed projects will be gradually transitioned into operational implementation and revenue generation in the coming years.
Europe: The PPWR creates a broader framework
With the European Packaging Regulation, the EU has taken an important step towards the further development of the circular economy. It creates additional regulatory clarity regarding recyclability, recycled content, and material cycles. Chemical recycling is increasingly being considered as a potential complementary component of future recycling structures. However, details regarding mass balance calculations, certification standards, and regulatory eligibility remain open.
USA: Regulatory frameworks continue to evolve
Numerous US states have enacted legislation that distinguishes certain chemical recycling processes—including pyrolysis—from traditional waste treatment facilities, classifying them more closely as industrial manufacturing processes. This is likely to result in advantages in permitting processes and access to industry-related funding and financing instruments. The requirements still vary between states.
Projects
Seven markets,
a technology
Ordered from Europe through North Africa to America and Australia.
England
6 × P5 under negotiationNexergy
The project with Nexergy is a key commercial milestone and demonstrates the increasing market demand as well as confidence in enespa's technology and delivery capabilities. The contract, covering the planning, delivery, and commissioning of six NeoOil P5 plants for an industrial customer in Great Britain, was signed by both parties at the end of 2025. Negotiations are well advanced, but the binding order for the plants is still pending. During Nexergy's visit to Finland, the technical due diligence was successfully completed.
Next StepConclusion of negotiations and binding order, followed by Front End Engineering Study, engineering, manufacturing and delivery planning as well as on-time commissioning at the customer's site.
Contribution to Nexergy
Finland
LahtiPlastEcoProject «Karhu»
"Karhu" is enespa's European reference plant and serves as a showcase for future project developments. In 2025, significant progress was made in delivery, installation, and the permitting process; in addition, ISCC+ certification for the site was achieved. Initial commissioning will follow receipt of the operating license in February 2026.
2026Preparation for commercial operation; the plant will remain a reference and demonstration project.
Project page PlastEco
Morocco
TangerFueltecValorise Maroc SARL
Together with its partner Fueltec, the company prepared for an investment in Valorise Maroc SARL in Tangier in 2025 to accelerate market entry via an already operational platform and to secure access to material flows. The location in the Tangier Free Trade Zone offers attractive conditions.
ModelIntegrated approach based on mechanical recycling, supplemented in the future by chemical recycling.
Article on Fueltec Morocco
Texas
Winnie / PumaEcoCyclic
With "Puma," enespa prepared for operational market entry in the USA in 2025. This first large-scale project with EcoCyclic serves as a blueprint for further locations within the partner/rollout model. The goal is to convert pre-sorted polyolefin waste into certified pyrolysis oil via pyrolysis, which can then be further processed in refineries. A key milestone was achieving ISCC+ certification, a prerequisite for acceptance by Offtaker. Despite challenging conditions, including customs issues, a plant was successfully delivered to the USA and commissioning has been prepared.
2026Installation, test operation, acceptance testing and ramp-up to stable regular operation; prospective capacity expansion at the site.
EcoCyclic project page
Florida St
Dade City / LaBelleRecycling ecosystem
Florida marks the next stage in the development of the US strategy: an integrated, scalable value chain from raw material sourcing and processing to industrial pyrolysis—with a focus on agricultural plastic waste. Project planning was the central focus in 2025, including steps toward establishing a raw material base (recycling center/feedstock hub). Various financing options are being considered, such as issuing a municipal bond.
Next StepFinalization of the project structure, detailed engineering, procurement, construction, installation and commissioning.
Brazil
COPPE / UFRJWith PetrobrasR&D facility P1
With the delivery and commissioning of the P1 research and development plant at the University of Rio de Janeiro, enespa has expanded its scientific basis and validation expertise for pyrolysis technology in 2025—with a view to a potential technology rollout in South America's most populous country. The collaboration with COPPE and Petrobras creates a robust environment.
Next StepContinuous research, derivation of scalable process and product data, and transfer into industrial project options.
COPPE project page
Australia
Maddingley / WallabyPlastoilP2.5, 2,5 t per day
"Plastoil" expands enespa's international presence and strengthens its position as a technology partner outside its core markets. The starting point was the P2.5 plastic-to-oil prototype plant, delivered in 2024, with a daily capacity of 2,5 tons. Initially, the necessary infrastructure had to be established at the customer's site. In 2025, the mechanical installation was completed, and the project moved into its next phase as planned.
2026Commissioning, test operation and operational validation in order to derive further commercial steps.
Project page Plastoil
divisions
Four pillars
Plant engineering and advanced recycling at the core, AdBlue® and oil refining as recurring revenue sources, research and development as the basis.
Tangstedt (DE)10–15 installations per yearFactory Acceptance Test
In 2025, the enespa Group completed the transition from prototype production to serial production of its NeoOil P5 pyrolysis plants at its Tangstedt site. This marked a key milestone in the industrialization of the technology. Production is designed to efficiently manufacture standardized plant modules while flexibly integrating customer-specific requirements.
Before delivery, each system undergoes a comprehensive testing and validation phase, including factory and signal tests. After successful completion of all tests, final acceptance takes place as part of a Factory Acceptance Test, which is conducted by independent third parties. The systems are then disassembled into transportable modules, delivered, and installed on-site.
enespa oil gmbh, BernsdorfSales tripledSlightly negative EBITDA
Targeted investments in additional production and automation capacities have sustainably strengthened the site's performance. Overall, enespa was able to triple its sales of AdBlue® products.
At the same time, the year was characterized by a challenging market environment: Intense price competition in the European market and increased procurement costs for the key raw material technical urea put pressure on margins. The fact that full scale utilization has not yet been achieved led to below-average fixed cost coverage, resulting in a slightly negative EBITDA.
Enespa expects a significant expansion of its business activities in 2026. This is based on improved procurement strategies—in particular, long-term secured purchasing volumes for technical urea—as well as ongoing optimizations in production, automation, and internal logistics. The company aims to double its revenue and improve its operating result.
enespa oil gmbh, HoyerswerdaProduction +1/3Appeal initiated
In 2025, enespa oil gmbh increased production at its Hoyerswerda site by just over a third compared to the previous year. Despite operational progress, the utilization of existing capacities fell significantly short of expectations, primarily due to technical limitations of the large-volume processing plant. This insufficient utilization of scale resulted in another negative contribution to EBITDA.
Planned value creation potential in the area of certified sustainable product oils could not yet be realized due to delays in external certification processes. A comprehensive overhaul of the existing plant and measures to expand capacity have been initiated. The raw materials originate primarily from the automotive industry and, to a lesser extent, from shipping and heating oil tanks.
ISO 9001 without deviationsPreparation for ISO/IEC 17025SeFSAPatent pending
A key milestone was the certification of the quality management system according to ISO 9001 without any deviations, as well as preparations for later laboratory accreditation according to ISO/IEC 17025. Experienced specialists from fuel and refinery analysis strengthened the team; laboratory and pilot plant areas were modernized and expanded with additional analytical equipment.
The proprietary «enespa Feedstock Analysis» (SeFSA) has been further refined and is integrated into several international projects, including in Finland and the USA. It is also available as a service for external clients.
At the end of the year, the team developed a new process for purifying pyrolysis oils, which significantly reduces unwanted byproducts such as chlorine, phosphorus, and nitrogen compounds. A patent application has been filed for the technology.
Interview
"Recycling does not mean that plastic must always be turned into more plastic."
Dr. Albert Paparo discusses misunderstandings in chemical recycling, the limits of mechanical processes, and a multi-billion-dollar future market.
Mechanical recycling is currently considered the industry standard. Where does the process reach its limits?
Repeated mechanical recycling leads to the loss of additives and changes in the polymer chains. Eventually, the original properties of the plastic can no longer be reproduced. Furthermore, mechanical processes are only suitable for relatively clean, single-material plastics. However, packaging often consists of composite materials.
What are the advantages of chemical recycling?
There are no limits to how often plastic can be chemically recycled. Our process allows for the processing of mixed and contaminated waste and produces high-quality recyclates because it breaks down the chemical structure. An important point: Recycling does not mean that plastic must always be turned into more plastic.
A common complaint: Chemical recycling consumes too much energy.
The crucial question is whether the energy input is worthwhile. The savings in crude oil are often overlooked. Likewise, the fact that the pyrolysis gas can be used for energy generation is frequently overlooked. Ultimately, we save energy and therefore CO₂. Furthermore, our pyrolysis process for mixed polyolefin waste does not require complex catalysts.
Your laboratory in Germany recently received an important certification. What does that mean?
We have successfully completed the certification process and are preparing for laboratory accreditation according to ISO/IEC 17025. This significantly strengthens quality assurance and the industrial applicability of our analytical services. Our proprietary "enespa Feedstock Analysis" is now firmly established in several international projects, for example in Finland and the USA, and we also offer it as a service to external clients. Demand is growing, because without reliable feedstock analysis, there is no way to acquire new customers.
Feedback
From the management
What appeals to me about enespa is the unique combination of engineering expertise and environmental responsibility. Here we have the opportunity to transfer a technology into everyday industrial practice.
The signals from policymakers clearly point in one direction: Chemical recycling is increasingly being recognized by regulators as an important component of a modern circular economy. This is a development we have anticipated for years – and it confirms our strategic direction.
2025 was all about building for us: We strategically developed our financial organization, our management tools and our processes to successfully manage the growing complexity of the group and to lay the foundation for the next phase of the company.
As corporate communications, our task is to translate technological innovation into a story that inspires people and convinces investors. "Plastic has two lives – the second is oil" was the first line of this story. Today, we continue to tell this story, because enespa no longer stands for a single technology, but for holistic solutions along the entire recycling value chain.
Organization
Group structure
As of December 31, 2025.
enespa ag Appenzell, Switzerland
Board of Directors
- Cyrill Hugi, Chairman of the Board of Directors
- Ben Richters, Board of Directors
Managing Director
- Cyrill Hugi, Chief Executive Officer until May 31, 2026
- Ben Richters, Chief Technology Officer
- Zsolt EötvösChief Financial Officer
- Andy Waar, Chief Marketing & Communications Officer
- Joachim Vogt, Chief Operating Officer from February 1, 2025
Activities
- Leadership and management of the companies
- Financial management and investor relations
- Services in IT, marketing, communications, PR, HR and law
- Issuer of securities (shares)
enespa gmbh
Hamburg, Germany
- Plastic-to-Oil operating companies
- Tyre-to-Oil operating companies
- Currently not operational
100% enespa ag
enespa ag balzers
Balzers, Principality of Liechtenstein
- Group financing company
- Issuer of securities (bonds)
100% enespa ag
enespa technologies ag
Appenzell, Switzerland
- Research and development for the group
- Establishment and management of joint ventures
60% enespa ag
enespa oil gmbh
Tangstedt, Germany
- Plant operation oil refining
- Purchasing and Sales Oil
- Waste management company
- Production and distribution of AdBlue®
100% enespa technologies ag
enespa technologies us llc
Delaware, USA
- Developing the US market for plastic-to-oil
- Plant operation, final assembly, plant construction
70% enespa technologies ag
enespa-grt innovation gmbh
Tangstedt, Germany
- Plant construction, sales and service
- Plant operation
- Research, development, laboratory analyses
60% enespa technologies ag
PlastEco Oy
Finland · Production
- Lahti reference plant, “Karhu” project
40% enespa technologies ag
Fueltec Search AG
Appenzell, Switzerland · Founded in 2025
- Development
- Partner for market entry in Morocco
33% enespa technologies ag
Full-time positions on average per year
The number of employees in the enespa Group has increased slightly compared to the previous year, reaching just under 61 full-time positions and 71 employees. 21 full-time positions are filled at the Appenzell location.
Order and contract situation
As of December 31, 2025, no firm customer orders had been booked due to project delays. Such delays typically lead to a postponement of project awards, not their cancellation; accordingly, the order pipeline has shifted to fiscal year 2026.
As of June 30, 2026, enespa is in concrete discussions and contract negotiations regarding customer projects with a potential total volume of CHF 30 to 42 million.
Annual accounts
Figures 2025
Enespa AG's annual loss decreased by 58 percent compared to the previous year, while its balance sheet total increased by 27 percent. This improvement is primarily due to a CHF 9.0 million impairment charge on financial assets in 2024, while a CHF 0.2 million impairment charge was reversed in 2025.
enespa ag, Appenzell, as of December 31 in Swiss francs. Audited by Grant Thornton AG, report dated September 24, 2026. The bars compare the value with the previous year; the marker shows the previous year's level.
Annual loss
—
2024: —
Total Active
—
2024: —
Total equity
—
2024: —
Liquids
—
2024: —
From operating income to annual result
2025 income statement of enespa ag, the group's holding and financing company. Operating expenses, at CHF 6.4 million, are approximately 8 percent lower than the previous year.
| in CHF | 2025 | 2024 | Change |
|---|
| in CHF | 2025 | 2024 | Change |
|---|---|---|---|
| volunteers | |||
| Liquids | — | — | |
| Receivables and other short-term assets | — | — | |
| Total current assets | — | — | |
| Financial investments and holdings | — | — | |
| Tangible assets and intangible assets | — | — | |
| Total fixed assets | — | — | |
| Total Active | — | — | |
| Passive | |||
| Short-term debt | — | — | |
| Long-term debt financing | — | — | |
| Total debt | — | — | |
| Share capital | — | — | |
| Statutory capital reserve | — | — | |
| Own capital shares | — | — | |
| Balance sheet loss | — | — | |
| Total equity | — | — | |
Continuation of the company
Enespa AG holds equity investments and receivables from group companies totaling CHF 16.8 million. Their value is largely based on the business plans of these companies and the resulting sales, earnings, and liquidity forecasts. Significant deviations from these forecasts could lead to substantial write-downs.
This results in a significant uncertainty that could raise considerable doubts about the company's ability to continue as a going concern. The Board of Directors assumes that the underlying business plans can be largely implemented and that additional sources of financing are available if necessary. The financial statements were therefore still prepared on a going concern basis. Discussions are underway with institutional investors to strengthen the equity base.
Notes from the auditors
The auditors recommend approving the annual accounts and point out two issues.
Loans to shareholders totaling CHF 2.55 million constitute an impermissible capital repayment under Art. 680 para. 2 of the Swiss Code of Obligations (OR) due to a lack of freely available reserves. The loans are contractually agreed upon as repayable loans, and a portion is secured by collateral, including pledged shares of enespa ag. The repayment claims remain unchanged and are recognized in the balance sheet.
Furthermore, the ordinary general meeting was not convened within six months of the end of the financial year (Art. 699 para. 2 of the Swiss Code of Obligations) because the audited financial statements for 2025 were not available until September 24, 2026. The general meeting will take place on October 20, 2026.
The annual financial statements of enespa ag as a sole proprietorship are presented here. Some items have been summarized for online presentation; rounding differences of a few Swiss francs are taken from the audit report. The appendix and the full audit report are available in the PDF.
Risk assessment
Where enespa stands
Market and Technology
Technological risks were significantly reduced during the reporting year. (With reference plants on TRL) – The technology has proven its industrial maturity, and the ISCC+ certification fulfills the requirements for the production and marketing of certified pyrolysis oils. Competitive pressure persists, particularly from low-cost suppliers.
Low to medium risk
Finance
Project implementation delays, delayed revenue recognition, and additional scaling costs negatively impacted the group companies' results. There remains an increased need for financing to support industrialization, scaling, and international market expansion. The risks lie in project delays and cash flow disruptions, increased investment requirements, and temporarily reduced profitability.
High risk
Overall economy, currencies, interest rates
Cash flows in USD and EUR, as well as investments in foreign markets, create currency risks. Changes in the interest rate environment affect financing costs and customers' willingness to invest. enespa actively manages these risks, including through natural hedging and selective hedging for larger projects.
Medium risk
Operational risks
Project delays, technical limitations, economies of scale, and dependencies along supply and value chains remain key risks. Establishing and standardizing production processes gradually reduces operational uncertainties.
Medium risk
Persons
As the organization expands and becomes more professional in research, production, and international projects, its dependence on individual key personnel decreases. The need for qualified specialists remains high, while the organization's complexity increases.
Medium risk
Regulation and policy
The regulatory environment has improved. In Europe and numerous US states, chemical recycling is increasingly being considered as part of the circular economy. However, significant details remain unresolved, particularly regarding mass balance calculations, certification standards, and eligibility for credit.
Medium risk
Reputation
With increasing visibility, international projects, and growing regulatory relevance, reputation becomes more important. Delays or technological challenges have a greater impact on perception. Technological advancements, reference projects, and regulatory recognition strengthen market position.
Medium risk
Strategic direction
Advanced recycling from a single source
The enespa Group is consistently developing its business model towards greater vertical integration and more stable revenue streams.
In addition to its existing focus on engineering and plant construction, enespa is strategically expanding the operation of its own and partner-operated plants to generate recurring revenues and operating cash flows. Under the Advanced Recycling model, enespa understands the integrated coverage of the entire value chain—from raw material processing and pretreatment through processing to the marketing of the end products.
In the long term, enespa pursues a technology-neutral approach and expands its portfolio beyond pyrolysis to include other recycling processes, especially mechanical solutions.
Future prospects
Enespa AG's annual loss reflects the costs of organizational development, financing, and capital raising for the group; in addition, revenues in the group companies were delayed. At the same time, essential prerequisites for further growth were established: the expansion of the project pipeline, the realization of initial industrial reference plants, and the conclusion of long-term customer contracts.
Against this background, the Board of Directors assesses the medium-term outlook as positive. It expects a slightly negative result for enespa ag in 2026, but anticipates a significant improvement in earnings from 2027 onwards. The company is in discussions with institutional investors to strengthen its equity base.
- All
- Investor Relations
- Research laboratory
- Pipe Installation.
- Plant operation
- Persons
- For the cause
