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Q3 2026 Update 22 October 2026
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Core colors Secondary Sustainability Highlight Additional Agenda • Key developments & business update • Financial performance • Outlook • Q&A Q3 2026 update | 22 October 2026 Anna Bertona Boris Cambon - Lalanne Group CEO Group CFO
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Core colors Secondary Sustainability Highlight Additional • This document may contain statements relevant to Azelis Group NV (the “Company”) and/or its affiliated companies (collectively “Azelis” or the “Azelis Group”) which are not historical facts and are hereby identified as “forward - looking statements” . Such forward - looking statements include, without limitation, those relating to the future business prospects, revenue, working capital, liquidity, capital needs, interest costs, and income, in each case relating to the Azelis Group . • The forward - looking statements and estimates contained herein represent the judgment of and are based on the information available to the Company’s management as of the date of this announcement . They involve a number of known and unknown risks, uncertainties, and other factors that could cause actual results, performance, or achievements to differ materially from those expressed or implied by the forward - looking statements . • These forward - looking statements should not be considered as guarantees for the future performance of the Azelis Group and should, therefore, be considered in light of various important factors that could cause actual results to differ materially from estimates or projections contained in the forward - looking statements . These include without limitation economic and business cycles, the terms and conditions of Azelis’s financing arrangements, foreign currency rate fluctuations, competition in Azelis’s key markets, acquisitions or disposals of businesses or assets and trends in Azelis’s principal industries or economies . • The foregoing list of important factors is not exhaustive . When considering forward - looking statements, careful consideration should be given to the foregoing factors and other uncertainties and events, as well as factors described in any other document published by the Company with the Belgian Financial Services and Markets Authority (“FSMA”) or on the Azelis website (www . azelis . com/investor - relations) from time to time, including the prospectus related to the admission to trading of the securities of Azelis Group NV on the regulated market of Euronext Brussels dated 14 September 2021 . No undue reliance should be placed on such forward - looking statements which are relevant only as of the date of this announcement . Except as required by the FSMA, Euronext, or otherwise in accordance with applicable law, the Company undertakes no obligation to update publicly or revise any forward - looking statements, whether as a result of new information, future events, or otherwise . 3 Disclaimer Q3 2026 update | 22 October 2026
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Core colors Secondary Sustainability Highlight Additional Key developments & business update Q3 2026 update | 22 October 2026
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Core colors Secondary Sustainability Highlight Additional Continued organic growth momentum in Q3 5 Q3 2026 update | 22 October 2026 1 2 3 Targeted investments in working capital to continue driving growth 14.3% organic adjusted EBITA growth and 219bp conversion margin expansion confirms operating leverage Solid organic revenue growth driven by high single - digit increase in EMEA and Americas, high double - digit in APAC
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Core colors Secondary Sustainability Highlight Additional 6 Q3 2026 results highlights Headline results Organic revenue drivers Positives: 1. Positive pricing dynamics across all regions and volume growth in some end markets 2. Strong momentum in Personal Care across all regions driven by strong volume growth and constructive pricing 3. Improving trends in Industrial Chemicals, notably CASE, in all regions Q3 2026 update | 22 October 2026 €1.1bn Group revenue +8.5% in cc; 8.2% organic €67m free cash flow 58.6% cash conversion €114m adjusted EBITA 43.4% conversion margin €1.6bn net debt stable despite higher WC investments Challenges: 1. Volume weakness in EMEA Life Sciences, notably Food & Nutrition and Agri 2. Deceleration of momentum in Flavours & Fragrance
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Core colors Secondary Sustainability Highlight Additional Financial performance Q3 2026 update | 22 October 2026
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Core colors Secondary Sustainability Highlight Additional 8 Higher organic drop through in EBITA reflects cost discipline (1) Adjusted EBITA represents operating profit or loss before amortisation and impairment of intangible assets and excluding adju stm ents (2) Conversion margin defined as adjusted EBITA / Gross profit (3) Includes change of provision for bad debt, inventory and bonus Q3 2026 update | 22 October 2026 Azelis Group highlights Q3 2026 Q3 2025 Reported change Constant currency (EUR m) Life Sciences 671 652 3.1% 1.5% Industrial Chemicals 451 363 24.1% 21.0% Group revenue 1,122 1,015 10.6% 8.5% Gross profit 263 237 10.9% 8.8% Gross profit margin 23.4% 23.3% 6 bp 6 bp Adjusted EBITA 1 114 98 16.1% 14.6% Adjusted EBITA margin 10.2% 9.7% 48 bp 54 bp Conversion margin 2 43.4% 41.5% 194 bp 219 bp Adjusted EBITA evolution 9.7% 10.2% EBITA% Adjusted EBITA / revenue . 3
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Core colors Secondary Sustainability Highlight Additional 9 Strong trends across all regions Revenue (EUR m) Adjusted EBITA margin Adjusted EBITA margin Adjusted EBITA margin 11.4% 11.2% 10.8% 11.8% 8.4 % 9.5 % % Revenue in EUR million Adjusted EBITA margin: Operating profit or loss before amortisation and impairment of intangible assets and excluding adjustm ent s, divided by revenue. € EMEA Americas Asia Pacific Q3 2026 update | 22 October 2026 457 34 3 5 499 Q3 25 organic M&A FX Q3 26 Revenue (EUR m) 361 29 0 15 405 Q3 25 organic M&A FX Q3 26 197 20 0 1 218 Q3 25 organic M&A FX Q3 26 Revenue (EUR m)
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Core colors Secondary Sustainability Highlight Additional 10 Headline growth breakdown Q3 and 9M 2026 (1) Total adjusted EBITA includes holding companies Q3 2026 update | 22 October 2026 Q3 2026 Q3 2025 Organic growth Total growth (in millions of €) 9M 2026 9M 2025 F/X translation M&A growth contribution Organic growth Total growth 499 457 7.5% 9.2% EMEA 1,489 1,436 0.0% 4.5% - 0.8% 3.7% 405 361 8.0% 12.3% Americas 1,153 1,120 - 1.3% 0.0% 4.1% 2.9% 218 197 10.2% 10.7% Asia Pacific 647 617 - 4.1% 0.0% 8.8% 4.8% 1,122 1,015 8.2% 10.6% Group revenue 3,288 3,173 - 1.3% 2.0% 2.8% 3.6% 121 116 2.1% 3.7% EMEA 377 365 0.0% 5.5% - 2.1% 3.4% 100 84 14.9% 18.8% Americas 281 266 - 1.6% 0.0% 7.4% 5.8% 42 37 14.2% 15.4% Asia Pacific 128 121 - 3.5% 0.0% 9.2% 5.7% 263 237 8.5% 10.9% Group gross profit 786 752 - 1.1% 2.6% 3.1% 4.6% 56 52 6.1% 7.2% EMEA 183 175 - 0.3% 5.7% - 0.8% 4.6% 48 39 19.2% 22.9% Americas 131 127 - 1.9% 0.0% 5.1% 3.2% 21 17 26.1% 26.0% Asia Pacific 64 59 - 5.0% 0.0% 13.2% 8.2% 114 98 14.3% 16.1% Group adjusted EBITA (1) 347 333 - 2.0% 3.0% 3.1% 4.2%
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Core colors Secondary Sustainability Highlight Additional 11 Higher working capital reflecting positive momentum * Net working capital normalised for acquisitions for the period 114 125 67 11 - 46 - 10 - 2 Adjusted EBITA Depreciation Adjusted EBITDA Change in WC Lease payments Capex Q3 2026 FCF 2024 2025 Sep 2025 2026 Mar 2026 Jun 2026 Sep DIO 57 51 51 53 58 59 DSO 42 44 38 47 51 47 DPO 41 40 38 49 50 44 EUR million * Net working capital normalised for acquisitions for the period 496 521 440 541 607 567 678 610 588 600 683 715 - 487 - 469 - 438 - 560 - 596 - 529 Receivables Inventory Payables Q3 2026 update | 22 October 2026 NWC/ Revenue* 15.3% 15.9% 14.1% 16.0% 13.9% 17.2% FCF conversion ratio 58.6%
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Core colors Secondary Sustainability Highlight Additional Outlook Q3 2026 update | 22 October 2026
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Core colors Secondary Sustainability Highlight Additional Near term • On track to achieve positive adjusted EBITA growth for the full year • Lower leverage driven by working capital normalisation and EBITA growth • Continued volatility as geopolitical tensions persist Medium term • Speciality chemical and food ingredient distribution market remains structurally attractive, and we have the right strategy to deliver on our mid - term objectives: • Mid to high single - digit annual Gross Profit growth and high single - digit annual adjusted EBITA growth, reflecting attractiveness of speciality chemicals and ingredients market • Doubling of Earnings Per Share by 2031, driven by growth strategy and demonstrating effectiveness of Group structure • ROCE > 11.5% by 2031 as Azelis executes on its strategy to create value for all stakeholders 13 Q3 2026 update | 22 October 2026
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Q&A Core colors Secondary Sustainability Highlight Additional