Interim report
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Alzchem Group AG HALF-YEAR FINANCIAL REPORT 1st half-year 2025
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EBITDA MARGIN BY MAIN SEGMENTS Alzchem at a Glance sales generated by Alzchem in the 1st half-year 2025 1st half-year 2024: ~ € 286 mn ~ € 288 mn EBITDA achieved by Alzchem in the 1st half-year 2025 1st half-year 2024: ~ € 52 mn ~ € 56 mn 5% OTHER & HOLDING Other activities, mainly services related to the chemical parks Trostberg and Hart CONTRIBUTION TO SALES 1st HALF-YEAR 2025 27% BASICS & INTERMEDIATES Production of chemical intermediates for direct sale or refinement as specialty chemicals products 68% SPECIALTY CHEMICALS Production and distribution of high-quality chemical products THREE REPORTING SEGMENTS 1.7% SPECIALTY CHEMICALS BASICS & INTERMEDIATES 27.7% MARKETS HUMAN NUTRITION ANIMAL NUTRITION FINE CHEMISTRY PHARMA AGRICULTURE RENEWABLE ENERGY METALLURGY CUSTOM SOLUTIONS AGRI SOLUTIONS AUTOMOTIVE DEFENSE H1 2025 | Half-year Report Alzchem Group AG 2
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Content INTERIM GROUP MANAGEMENT REPORT AS OF JUNE 30, 2025 �������������������������� 7 1� BUSINESS REPORT �������������������������������������������������������������������������������������������������������������������������������������������� 7 2� RISK AND OPPORTUNITY REPORT ���������������������������������������������������������������������������������������������������������������� 19 3� SUSTAINABILITY AT ALZCHEM ���������������������������������������������������������������������������������������������������������������������� 20 4� FORECAST REPORT ���������������������������������������������������������������������������������������������������������������������������������������� 22 5� RESPONSIBILITY STATEMENT ������������������������������������������������������������������������������������������������������������������������ 22 INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 �������23 CONSOLIDATED INCOME STATEMENT OF ALZCHEM GROUP AG (IFRS, UNAUDITED) �������������������������������������� 23 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME OF ALZCHEM GROUP AG (IFRS, UNAUDITED) � 24 CONSOLIDATED BALANCE SHEET OF ALZCHEM GROUP AG (IFRS, UNAUDITED) ���������������������������������������������� 25 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY OF ALZCHEM GROUP AG (IFRS, UNAUDITED) ����������� 27 CONSOLIDATED CASH FLOW STATEMENT OF ALZCHEM GROUP AG (IFRS, UNAUDITED) �������������������������������� 28 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 �������������������������������������������� 29 LIST OF ABBREVIATIONS ��������������������������������������������������������������������������������������������������������������������������������������������� 40 REMARKS ���������������������������������������������������������������������������������������������������������������������������������������������������������������������� 40 FINANCIAL CALENDAR 2025 ��������������������������������������������������������������������������������������������������������������������������������������� 40 IMPRINT ������������������������������������������������������������������������������������������������������������������������������������������������������������������������ 40 INTERACTIVE PDF This PDF document is optimized for display with Adobe Acrobat and for use on screen. You can na- vigate both via the table of contents as well as via the navigation buttons in the upper right corner. TABLE OF CONTENTS PAGE BACK PAGE FORWARD FURTHER LINK H1 2025 | Half-year Report Alzchem Group AG 3
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OVERVIEW OF THE FIRST HALF OF 2025 • Sales up significantly in the second quarter; Group sales for the first half of the year slightly above prior-year level at EUR 287.6 million • Specialty Chemicals segment reports 9% increase in sales to EUR 194.6 million in the first half • EBITDA growth of 9% to EUR 56.5 million, mainly thanks to positive volume development in specialty chemicals • EBITDA margin increased from 18.1% to 19.6% • Consolidated result rises by 14% to EUR 30.5 million • Construction work on nitroguanidine expansion on schedule and on budget • Free cash flow clearly positive despite increased capital expenditure; further customer grants received • Positive net cash position of EUR 20.0 million • Impact of US tariff policy minimal to date • Growth forecasts for 2025 confirmed Note: Unless otherwise stated, all amounts are in EUR thousand. For computational reasons, rounding differences of ± one unit may occur in tables. Growth forecast for another record year confirmed – sales and EBITDA developing in line with expectations 4 H1 2025 | Half-year Report Alzchem Group AG
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KEY FIGURES OF THE ALZCHEM GROUP SALES AND EBITDA SHARE BY SEGMENT IN THE FIRST HALF OF 2025 * Calculated for the period 2024 with 10,176,335 shares. After share buyback in 2025, calculated with the average number of outstanding shares, in the period from January 1 to June 30, 2025, of 10,107,919 shares and in the period from April 1 to June 30, 2025, of 10,104,755 shares. 68% Specialty Chemicals 27% Basics & Intermediates 5% Other & Holding 1% Other & Holding 95% Specialty Chemicals 2% Basics & Intermediates 2% Consolidation SALES EBITDA Key figure Unit 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Sales EUR thousand 136,191 142,879 286,255 287,559 EBIT EUR thousand 27,020 29,096 51,930 56,459 EBITDA margin % 19.8 20.4 18.1 19.6 EBIT EUR thousand 20,567 22,662 38,942 43,471 Result for the period EUR thousand 14,427 15,876 26,664 30,512 Earnings per share (undiluted and diluted)* EUR 1.41 1.57 2.61 3.01 Equity ratio % 39.4 39.7 39.4 39.7 5 H1 2025 | Half-year Report Alzchem Group AG
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EUR 286,255 thousand EUR 136,191 thousand CHANGE IN SALES COMPARED TO THE PREVIOUS YEAR 1.5% Volume 5.2% Volume Sales 1st half- year 2024 Sales 2nd quarter 2024 Sales 1st half- year 2025 Sales 2nd quarter 2025 -0.9% Price 0.5% Price -0.1% Currency -0.7% Currency EUR 287,559 thousand EUR 142,879 thousand 6 H1 2025 | Half-year Report Alzchem Group AG
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INTERIM GROUP MANAGEMENT REPORT AS OF JUNE 30, 2025 1. BUSINESS REPORT 1�1� BUSINESS DEVELOPMENT 1�1�1 PRELIMINARY NOTE 1�1�2 IMPORTANT EVENTS AND POSITION OF ALZCHEM IN THE FIRST HALF OF 2025 This interim Group management report provides information on the first half of 2025 and the same period of the previous year. The figures stated for the second quarter refer to the pe- riod from April 1 to June 30, 2025, and 2024, respectively. In application of the option under § 52 (3) of the Exchange Rules for the Frankfurt Stock Exchange, we have waived the review of this half-yearly financial report in accordance with § 115 WpHG or an audit in accordance with § 317 HGB. Alzchem developed in line with forecasts in the first half of 2025, thus consistently continuing its successful growth course. With consolidated sales of EUR 287.6 million, the previous year’s level of EUR 286.3 million was slightly exceeded as planned. This development underscores the stability of the business model – despite the continuing challenging conditions in large parts of the industry. Sales development continued to be influenced by a noticeable shift within the product port- folio, which was actively driven by the company. While the Basics & Intermediates segment recorded a decline in sales of 14% from EUR 91.1 million to EUR 78.2 million, as expected, the Specialty Chemicals segment once again demonstrated its central role as the Group’s growth driver with a 9% increase in sales from EUR 178.8 million to EUR 194.6 million. Demand for products from the Custom Manufacturing segment was particularly encouraging, picking up significantly after a period of subdued development in recent years. This shows that growth is also possible in the traditional chemicals sector, even when the industry as a whole is ex- periencing a downturn. Combined with a continued strong business situation in the Human Nutrition segment, this had a noticeable positive impact on sales and earnings in the Special- ty Chemicals business. In the Basics & Intermediates segment, the downward trend in sales continued as expected. This was mainly due to the weak economy in the European and German steel industry, which led to a noticeable decline in demand in individual product areas. On the other hand, the stable development in the agriculture segment is to be viewed positively. Despite isolated challenges, the Alzchem Group’s earnings performance was very encour- aging in the reporting period. Group EBITDA rose by 9% from EUR 51.9 million to EUR 56.5 million. This is also reflected in the significantly improved EBITDA margin, which grew from 18.1% in the same period of the previous year to 19.6%. The Specialty Chemicals segment was the driver of this strong earnings performance, increasing its EBITDA by 18% from EUR 45.5 million to EUR 53.9 million. In the Basics & Intermediates segment, however, EBITDA declined as expected from EUR 4.9 million to EUR 1.3 million, once again underscoring the strategic focus on higher-margin specialty chemicals. The increase in EBITDA is particularly remarkable in light of the significant rise in electricity prices compared with the previous year and the ongoing weakness of the US dollar. The continued weakening of the US dollar against the euro resulted in significantly higher for- eign currency expenses than in the same period of the previous year. This also means that Alzchem’s sales invoiced in US dollars are lower in the reporting currency, the euro, than when using the exchange rate from the same period of the previous year. 7 H1 2025 | Half-year Report Alzchem Group AG
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Among other things, this year’s Annual General Meeting on May 8, 2025, resolved to re-elect all members of the Supervisory Board and to increase the dividend by 50% to EUR 1.80 per share (previous year: EUR 1.20). The resulting total amount of EUR 18.2 million (previous year: EUR 12.2 million) was paid out to shareholders on May 13, 2025. At the beginning of 2025, global economic growth continued at roughly the same pace as in the previous quarters. In the first quarter of 2025, global economic output grew only slight- ly slower than before. In the advanced economies, however, growth slowed noticeably, with economic developments varying and differences between regions being considerable in some cases. In the US, gross domestic product contracted slightly. Private consumption, which had recently been a mainstay of growth, grew only weakly. In view of the uncertainty surrounding the new administration’s policies, households increased their savings. At the same time, imports rose rapidly, possibly in anticipation of impending tariff increases. By contrast, the European economy was in robust shape. In the eurozone, GDP grew by 0.6% and in the United Kingdom by as much as 0.7% compared with the previous quarter. A key factor here was a sharp rise in exports to the United States. In the eurozone, private consumption slowed slightly, while capital investment increased significantly, mainly due to strong growth in Ireland. The picture was sim- ilar in the United Kingdom, where capital investment also rose strongly, but private consump- tion remained subdued. In Germany, the economic outlook appears to be improving slightly, although the hoped-for stimulus from the federal government’s infrastructure package and possible relief on industrial electricity prices are not yet noticeable or remain uncertain. Emerging markets showed robust development overall. In China, growth slowed slightly to 1.2% compared with the previous quarter but remained above expectations and stable at 5.4% year- on-year. Domestic demand provided stability, while foreign demand – particularly from the US – picked up strongly. The expected tariff increases led to a significant rise in Chinese ex- ports in March. Other Asian emerging markets also benefited from such pull-forward effects and recorded strong growth in some cases. Momentum was particularly pronounced in India, where tax cuts, falling inflation, and higher incomes due to improved harvests stimulated con- sumption. In the course of the spring, purchasing managers’ indices for the global economy as a whole deteriorated, mainly in connection with the introduction of new tariffs by the US government announced at the beginning of April. Against this backdrop, global economic growth is expect- ed to slow in the second quarter of 2025. Source: KIEL INSTITUTE ECONOMIC OUTLOOK NO. 124 (2025|Q2); World Economy Summer 2025, June 11, 2025 1�1�3 GLOBAL ECONOMIC ENVIRONMENT Since 2019, a restriction procedure by the EU Commission on the use of calcium cyanamide has been pending. The EU Commission has not yet made a final decision on the proposal submitted by the European Chemicals Agency (ECHA) to ban the use of calcium cyanamide as a fertilizer after a five- or six-year transition period. However, at the end of June 2025, a REACH Regulatory Committee meeting was held at which – for the second time – a possi- ble ban on calcium cyanamide as a fertilizer was removed from the agenda at short notice. Against this background, Alzchem continues to assume that the ECHA proposal will not be adopted by the Commission in its originally proposed form, even though a ban cannot be completely ruled out. 1�1�4 UPDATE ON THE EU COMMISSION’S RESTRICTION PROCEDURE FOR THE USE OF CALCIUM CYANAMIDE 8 H1 2025 | Half-year Report Alzchem Group AG
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Following the scheduled start of the major project to increase nitroguanidine production capacity in Germany in the first quarter of 2025, construction work is continuing as planned and is on track to meet both the company’s own time and financial targets. An important milestone was reached with the granting of the necessary building permits. The project is largely financed by customer payments and a subsidy from the European Union, which keeps Alzchem’s own contribution low. Customers made further subsidy payments for this invest- ment in the second quarter of 2025. The progress of construction activities is now also re- flected in Alzchem’s sharp increase in investment cash flow. Progress is also being made at the international level: The collaboration with the US Depart- ment of Defense, which was launched last year to build an additional nitroguanidine produc- tion facility in the US, is progressing according to plan. After visiting and evaluating various sites in the first quarter of 2025, Alzchem is currently compiling a long list, which is expected to be narrowed down to a smaller selection in the second half of the year for decision-making purposes. The site search is expected to be completed by the end of 2026 at the latest, with construction possibly starting by the end of 2029. Alzchem Group AG congratulates FC Bayern Basketball on winning the German champion- ship in the season 2024/25. This sporting success is not only impressive proof of the team’s performance and fighting spirit but also underlines the effectiveness of Alzchem’s strategic brand positioning: Creapure ® supports the club as a strong partner – and in doing so sig- nificantly increases its reach, visibility, and brand awareness. The partnership with FC Bayern Basketball impressively illustrates how the creatine monohydrate manufactured in Germany not only impresses with its highest purity, quality, and scientifically proven effectiveness, but also creates lasting added value in a highly professional environment – both for top-class sport and for the perception of Creapure®. The result: an authentic and media-effective connection that credibly conveys our brand values, opens up new target groups and thus further strengthens our position as a reliable innovation partner in the field of functional nutrition. 1�1�5 EXPANSION OF PRODUCTION CAPACITIES FOR GUANIDINE NITRATE AND NITROGUANIDINE CONTINUES TO PROGRESS ACCORDING TO PLAN 1�1�6 WITH CREAPURE® TO CHAMPIONSHIP: FC BAYERN BASKETBALL WINS BBL FINAL 2024/2025 9 H1 2025 | Half-year Report Alzchem Group AG
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In the first half of 2025, Alzchem received payments under contractually agreed customer grants for the expansion of nitroguanidine production capacity in Germany. These have a significant impact on certain key figures of Alzchem and are therefore explained separately and in summary here. Impact on the cash flow statement In accordance with IFRS accounting regulations, the customer grants received must be shown in the operating cash flow. The operating cash flow was therefore significantly influ- enced by the customer grants received. In the first half of 2025, Alzchem received customer prepayments in the amount of EUR 51,005 thousand, which increased the operating cash flow by this amount. Impact on the balance sheet The contractual arrangements and customer prepayments have a significant impact on Alzchem’s balance sheet in the form of a balance sheet extension: in particular, these are the balance sheet items “Other receivables and other assets” on the assets side and “Contract liabilities” on the liabilities side of the balance sheet. Receivables from future customer payments are reported under “Other receivables and oth- er assets” if the contractual provisions provide for regular payments from customers for which no further requirements need to be met. These receivables are reduced by customer payments and reported as current or non-current depending on their maturity. As of June 30, 2025, EUR 10,498 thousand was reported under non-current and EUR 3,259 thousand under current other receivables and other assets. in accordance with IFRS rules, all customer grants received for this investment project are initially recognized as contract liabilities on the liabilities side of the balance sheet. This also applies to the receivables from future customer grants reported under “Other receivables and other assets”. Alzchem has to fulfill the assurance of additional production capacities for the delivery of products (nitroguanidine) from the new production plant subsidized by the customers as the main consideration for these customer grants – this obligation represents the contract liability. As soon as these additional quantities can be delivered, the contract li- ability is reversed over the respective term of the individual customer contract in accordance with the quantities to be delivered per year as part of revenue recognition. This revenue recognition complies with IFRS 15, is in addition to the revenue actually invoiced to customers and will not occur significantly before the fiscal year 2027. As of June 30, 2025, a total of EUR 65,402 thousand from this project was reported under non-current contract liabilities. The recognition of these balance sheet items also has an impact on the balance sheet total and consequently on the Group’s equity ratio. As of June 30, 2025, the balance sheet total of Alzchem increased by EUR 65,402 thousand due to these special effects. Impact on the income statement In the first half of 2025, customer grants had only a very minor impact on the income state- ment. Only lower interest income resulting from the capitalization of customer grants has been recognized in the income statement to date. 1�1�7 SPECIAL EFFECTS DUE TO CUSTOMER GRANTS RECEIVED 10 H1 2025 | Half-year Report Alzchem Group AG
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in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Sales revenue 136,191 142,879 286,255 287,559 Change in inventories of finished goods and work in progress 12,682 3,433 6,162 14,869 Other operating income 3,731 5,006 7,289 10,269 Cost of materials -57,999 -47,293 -111,236 -111,528 Personnel expenses -42,468 -44,894 -83,056 -86,044 Other operating expenses -25,117 -30,035 -53,484 -58,666 EBITDA 27,020 29,096 51,930 56,459 Depreciation and amortization -6,453 -6,434 -12,988 -12,988 EBIT 20,567 22,662 38,942 43,471 Other interest and similar income 687 626 979 1,338 Interest and similar expenses -1,366 -1,285 -2,820 -2,562 Financial result -679 -659 -1,841 -1,224 Result from ordinary business activities 19,888 22,003 37,101 42,247 Taxes on income and earnings -5,461 -6,127 -10,437 -11,735 Result for the period 14,427 15,876 26,664 30,512 thereof non-controlling interests 42 43 85 86 thereof shares of the shareholders of Alzchem Group AG 14,385 15,833 26,579 30,426 Earnings per share in EUR (undiluted and diluted)* 1.41 1.57 2.61 3.01 CONSOLIDATED INCOME STATEMENT (IFRS, UNAUDITED) * Calculated for the period 2024 with 10,176,335 shares. After share buyback in 2025, calculated with the average number of outstanding shares, in the period from January 1 to June 30, 2025, of 10,107,919 shares and in the period from April 1 to June 30, 2025, of 10,104,755 shares. 1.1.8 DEVELOPMENT OF THE GROUP 1�1�8�1 RESULTS OF OPERATIONS 11 H1 2025 | Half-year Report Alzchem Group AG
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In the first half of 2025, Alzchem recorded sales of EUR 287,559 thousand. This corresponds to growth of EUR 1,304 thousand or 0.5% compared to the same period of the previous year. Across the Group as a whole, volume increases led to a 1.5% rise in sales. This was offset by price reductions of 0.9% and minor currency effects. As already observed in the first quarter of 2025, the two operating segments also developed very differently in the first half of the year as a whole. The Specialty Chemicals segment once again recorded significant growth with sales up by almost 9% to EUR 194,639 thousand. In contrast, sales in the Basics & Inter- mediates segment were EUR 12,903 thousand (-14%) and thus, as expected, below the pre- vious year’s level. Thanks to the significant shift in sales toward the Specialty Chemicals seg- ment, Alzchem successfully continued its consistent transformation toward higher-margin specialty chemicals. In the Other & Holding segment, sales declined by EUR 1,666 thousand compared to the previous year. The “extended cost of materials ratio” ((cost of materials +/- change in inventories) / sales) improved from 36.7% to 33.6%. Despite a significant increase in electricity prices compared to the previous year, the cost of materials alone remained almost unchanged at the previous year’s level. The rise in inventories results from a targeted build-up of inventories in advance of extensive maintenance work on a carbide furnace at the Hart site, which is scheduled to be carried out in the first half of 2026. The purpose of building up inventories is to ensure that sufficient carbide supplies are available during the maintenance work to guarantee delivery capabilities. Other operating income exceeded the previous year’s level by EUR 2,980 thousand. An in- crease was recorded in almost all items, with own work capitalized rising most strongly due to increased in-house construction activity. Personnel expenses amounted to EUR 86,044 thousand, which is EUR 2,988 thousand or 4% above the previous year’s level. This figure includes both the collective wage increases of the previous year (2.0% since September 1, 2024) and those since April 2025 (4.85%). Other operating expenses amounted to EUR 58,666 thousand in the reporting period, rep- resenting an increase of EUR 5,182 thousand compared to the previous year. This was mainly due to higher exchange rate losses from the currency translation of the US dollar. In the first half of fiscal year 2025, Alzchem generated EBITDA of EUR 56,459 thousand, representing an increase of EUR 4,529 thousand or 9% compared to the previous year. The Specialty Chemicals segment significantly exceeded the previous year’s EBITDA (EUR +8,368 thousand), while the Basics & Intermediates segment recorded a decline (EUR -3,543 thou- sand) as expected. The EBITDA margin for the reporting period was 19.6%, significantly above the 18.1% record- ed in the same period of the previous year. The positive development of the Group’s overall profitability is accompanied by a steady increase in the share of sales generated by the higher- margin Specialty Chemicals segment. This segment’s share of sales in the first half of 2025 was 68%, compared with 62% in the same period of the previous year. Scheduled depreciation and amortization remained at the previous year’s level at EUR 12,988 thousand. The financial result was EUR -1,224 thousand. This significant improvement over the same period last year is attributable to various factors: On the one hand, Alzchem generated high- er interest income through the short-term investment of liquidity surpluses; on the other hand, interest expenses for long-term loans decreased due to scheduled loan repayments. Tax expense amounted to EUR 11,735 thousand in the first half of 2025, compared with EUR 10,437 thousand in the same period of the previous year. The increase in tax expense is attributable to the improved earnings before taxes. At 28%, the Group tax rate was on par with the previous year. Overall, the Group generated a result for the period of EUR 30,512 thousand in the first half of 2025, representing an increase of 14% compared with the prior-year figure of EUR 26,664 thousand. The significantly improved consolidated result for the period is also reflected in earnings per share, which rose from EUR 2.61 to EUR 3.01 in the first half of 2025. Earnings per share were calculated for the period from January 1 to June 30, 2024, based on an average weighted number of 10,176,335 shares outstanding and, for the period from January 1 to June 30, 2025, based on 10,107,919 shares due to the share buyback program. DEVELOPMENT IN THE FIRST HALF OF 2025 12 H1 2025 | Half-year Report Alzchem Group AG
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Looking at the second quarter of 2025, the segments show a similar picture to the first half of the year in terms of sales development, with significant growth for the Group as a whole. Sales rose by 5% to EUR 142,879 thousand in this quarter. Across the Group as a whole, sales volumes increased by 5.2% and prices by 0.5%, while currency effects reduced sales by 0.7%. The Specialty Chemicals segment contributed EUR 14,323 thousand to sales growth, more than offsetting the EUR 6,243 thousand decline in sales in the Basics & Intermediates segment. The “extended cost of materials ratio” ((cost of materials +/- change in inventories) / sales rev- enue) fell to 30.7% in the second quarter of 2025 (previous year: 33.3%). Other operating income increased by EUR 1,275 thousand compared with the previous year. The increase is mainly attributable to the rise in own construction activities and the associated own work capitalized. Personnel expenses amounted to EUR 44,894 thousand and, as in the six-month review, were significantly above the previous year’s level of EUR 42,468 thousand. In addition to the growth in personnel for the new production facilities, the wage increases reported for the half-year review are also the main drivers here. Other operating expenses amounted to EUR 30,035 thousand in the second quarter of 2025, exceeding the previous year’s figure of EUR 25,117 thousand. The comments on developments in the first half of 2025 apply here as well. In the second quarter of fiscal year 2025, EBITDA amounted to EUR 29,096 thousand, exceed- ing the previous year’s level of EUR 27,020 thousand. The EBITDA margin thus rose from 19.8% to 20.4%. Depreciation and amortization remained stable at EUR 6,434 thousand, compared with EUR 6,453 thousand in the previous year. The financial result remained unchanged at the previous year’s level. Tax expense increased to EUR 6,127 thousand (previous year: EUR 5,461 thousand) due to the improved operating result. In the second quarter of 2025, consolidated result for the period amounted to EUR 15,876 thousand (previous year: EUR 14,427 thousand), representing an improvement of 10%. As a result, earnings per share also increased to EUR 1.57 in the second quarter of 2025 (previ- ous year: EUR 1.41). It was calculated for the period from April 1 to June 30, 2024, based on an average weighted number of 10,176,335 shares outstanding and for the period from April 1 to June 30, 2025, based on 10,104,755 shares due to the share buyback program. DEVELOPMENT IN THE SECOND QUARTER OF 2025 in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Cash flow from operating activities 30,379 21,721 63,829 71,238 Cash outflow from investing activities -5,541 -27,394 -12,435 -40,495 Free cash flow 24,838 -5,673 51,394 30,743 Cash outflow from financing activities -14,845 -20,878 -17,260 -27,339 Net increase/decrease in cash and cash equivalents 9,993 -26,551 34,134 3,404 1�1�8�2 FINANCIAL POSITION CONSOLIDATED CASH FLOW STATEMENT (IFRS, UNAUDITED) 13 H1 2025 | Half-year Report Alzchem Group AG
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The first half of 2025 was characterized by strong operating cash flow. The Alzchem Group’s financial position was therefore secure and stable at all times. The Alzchem Group generated cash flows from operating activities of EUR 71,238 thousand in the first half of 2025. Operating cash flow was significantly influenced by customer grants received in connection with the expansion of production capacities for nitroguanidine. These amounted to EUR 51,005 thousand in the period under review. In accordance with IFRS ac- counting rules, these are reported in operating cash flow, but in a separate item. The planned increase in inventories in the run-up to the carbide furnace maintenance led to an increase in net working capital and consequently to a negative effect on cash flow from operating activities compared with the previous year. Tax payments increased significantly compared with the previous year due to higher tax prepayments as a result of the improved tax result. The Alzchem Group spent EUR 40,495 thousand on investing activities in the reporting pe- riod, significantly increasing capital expenditure compared with the same period of the pre- vious year (EUR +28,060 thousand). The main reason for this is the expansion of production capacities for nitroguanidine. Excluding this project, capital expenditure was roughly on a par with the previous year. Other investments related to the expansion of creatine capacities, the expansion of network operations, and infrastructure measures. Free cash flow amounted to EUR 30,743 thousand in the first half of 2025, down EUR 20,651 thousand on the previous year. Despite strong operating cash flow, the significant increase in cash flow from investing activities led to a decline. Alzchem recorded a cash outflow from financing activities of EUR 27,339 thousand in the first half of 2025. This means that the cash outflow was EUR 10,079 thousand higher than in the same period of the previous year. Scheduled repayments of long-term loans were above the prior-year level in the first half of 2025. EUR 18,190 thousand was paid out to shareholders of Alzchem, EUR 5,979 thousand more than in the prior year. In addition, EUR 3,605 thousand was spent on the acquisition of treasury shares in the reporting period. Alzchem’s strong liquidity meant that no financing lines were utilized in the first half of 2025 or in the same period of the previous year. Cash and cash equivalents amounted to EUR 64,275 thousand as of June 30, 2025. Taking currency effects into account, this corresponds to an increase of EUR 3,404 thousand com- pared to December 31, 2024. Alzchem also reported a positive net cash position as of June 30, 2025. After deducting bank liabilities, this amounted to EUR 19,997 thousand. DEVELOPMENT IN THE FIRST HALF OF 2025 In the second quarter of 2025, cash flow from operating activities amounted to EUR 21,721 thousand. Operating cash flow was thus EUR 8,658 thousand below the previous year’s level. This is due to the increase in net working capital, particularly in connection with the planned increase in inventories in preparation for the carbide furnace maintenance. Payments for investing activities amounted to EUR 27,394 thousand, mainly due to capital expenditure on expanding production capacity for nitroguanidine and were thus significantly higher than in the same quarter of the previous year (EUR 5,541 thousand). Cash flows from financing activities amounted to EUR 20,878 thousand (previous year: EUR 14,845 thousand). Non-current loans and lease liabilities totaling EUR 2,687 thousand (pre- vious year: EUR 2,633 thousand) were repaid in the second quarter of 2025. The dividend to shareholders was paid in the second quarter of 2025 in the amount of EUR 18,190 thousand (previous year: EUR 12,212 thousand). Cash and cash equivalents amounted to EUR 64,275 thousand as of June 30, 2025. Taking currency effects into account, this represents a decrease of EUR 26,551 thousand compared to March 31, 2025. DEVELOPMENT IN THE SECOND QUARTER OF 2025 14 H1 2025 | Half-year Report Alzchem Group AG
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in EUR thousand 12/31/2024 06/30/2025 Delta Assets Intangible assets 3,671 3,587 -84 Property, plant, and equipment 192,976 217,682 24,706 Lease usage rights 4,023 3,323 -700 Financial assets 6 6 0 Other receivables and other assets 1,234 11,783 10,549 Deferred tax assets 20,121 17,812 -2,309 Non-current assets 222,031 254,193 32,162 Inventories 101,166 116,934 15,768 Trade receivables 78,935 88,096 9,161 Other receivables and other assets 20,080 29,437 9,357 Income tax claims 70 15 -55 Cash and cash equivalents 61,544 64,275 2,731 Total current assets 261,795 298,757 36,962 Total assets 483,826 552,950 69,124 Capital Equity 207,471 219,322 11,851 Non-current liabilities 170,956 228,458 57,502 Current liabilities 105,399 105,170 -229 Balance sheet total 483,826 552,950 69,124 1�1�8�3 NET ASSETS CONSOLIDATED BALANCE SHEET (IFRS, UNAUDITED) 15 H1 2025 | Half-year Report Alzchem Group AG
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in % 2019 2020 2021 2022 2023 2024 H1/2024 Q1/2025 H1/2025 Interest rate 0.90 0.50 1.00 3.70 3.20 3.40 3.60 3.80 3.80 in EUR thousand 2019 2020 2021 2022 2023 2024 H1/2024 Q1/2025 H1/2025 Pensions paid -1,005 -1,181 -1,516 -1,685 -1,930 -2,265 -1,104 -768 -1,374 Compared to the balance sheet date of December 31, 2024, total assets increased by EUR 69,124 thousand to EUR 552,950 thousand. Both current and non-current assets rose compared to the last balance sheet date. Non-current assets grew by EUR 32,162 thousand, mainly due to investments in the expan- sion of production capacity for nitroguanidine and the customer grants recognized in this context, which are not due for payment in the next twelve months. Current assets rose by a total of EUR 36,962 thousand. The main increases resulted from inventories (EUR +15,768 thousand), trade receivables (EUR+ 9,161 thousand) and other re- ceivables and other assets (EUR +9,357 thousand). The increase in inventories is primarily related to the planned maintenance of a carbide furnace. The rise in trade receivables and other receivables and other assets is mainly attributable to effects related to the reporting date and the portion of customer grants mentioned in the previous paragraph that is due in the short term as part of the nitroguanidine investment project. The exact development of cash and cash equivalents can be found in section 1.1.8.2 on the financial position. Equity increased by EUR 11,851 thousand to EUR 219,322 thousand as of June 30, 2025, com- pared to December 31, 2024. Despite this growth, the equity ratio fell as expected from 42.9% to 39.7% due to the significant increase in balance sheet total since the last balance sheet date. While equity increased by EUR 30,512 thousand as a result of the positive consol- idated result, it was reduced by the dividend of EUR 18,190 thousand approved by the Annual General Meeting on May 8, 2025, and paid out on May 13, 2025. The acquisition of treasury shares also had a negative impact on equity. In the first half of 2025, treasury shares amount- ing to EUR 3,605 thousand were purchased. As of the reporting date, the company holds a total of 73,605 treasury shares. The valuation of pension obligations had a positive impact on equity. An adjustment of the actuarial assumptions regarding the risk-free interest rate used to measure pension obligations as of June 30, 2025, resulted in an increase in equity after tax effects of EUR 4,119 thousand. Non-current liabilities increased by EUR 57,502 thousand to EUR 228,458 thousand as of December 31, 2024. The rise was mainly due to non-current contractual obligations of EUR 66,903 thousand recognized for the first time in 2025. The pension obligations, which are also included in non-current liabilities, are significantly influenced by actuarial parameters. Although a change in these parameters does not affect consolidated result, it is recognized directly in equity in accordance with IFRS. The risk-free market interest rate plays a signif- icant role in the actuarial parameters. If this market interest rate rises, pension obligations decrease, while a decline in the market interest rate leads to an increase in pension obliga- tions. The risk-free market interest rate has developed as follows in the past: Pension provisions decreased by a total of EUR 5,293 thousand. No new employees have been included in the pension plan since 2007. Due to the age structure, pension payments are now rising slowly as more employees who are entitled to pensions are retiring. The plan is structured in such a way that future pension payments are spread over a very long forecast period of approximately 30 years and therefore do not significantly affect Alzchem’s financial performance. These pension payments have developed as follows in the past: 16 H1 2025 | Half-year Report Alzchem Group AG
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in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 External sales 85,805 100,128 178,766 194,639 EBIT 22,843 27,854 45,527 53,895 EBITDA margin 26.6% 27.8% 25.5% 27.7% Inventories 60,314 58,027 60,314 58,027 1.1.9 DEVELOPMENT IN THE SEGMENTS 1�1�9�1 SPECIALTY CHEMICALS SEGMENT DEVELOPMENT IN THE FIRST HALF OF 2025 The steady growth trend continued in the Specialty Chemicals segment. Segment sales grew by 9% or EUR 15,873 thousand to EUR 194,639 thousand in the first half of 2025. This increase was mainly driven by volume growth; prices remained largely stable. The segment’s perfor- mance is therefore largely in line with management’s expectations. The Human Nutrition and Custom Manufacturing product areas made particularly positive contributions to sales development compared with the same period of the previous year. In the Human Nutrition segment, the high sales level of the previous year was further in- creased. Demand for creatine “Made in Germany” in particular continues to develop posi- tively. Current developments in the global creatine market offer additional growth potential in new areas of application. Against this backdrop, Alzchem is working on incremental ex- pansions of its creatine production capacities in Germany. Implementation is proceeding ac- cording to plan, with the next commissioning and consequently the first sales from this plant expected in the third quarter of 2025. A positive trend reversal was achieved in the Custom Manufacturing segment. After demand was negatively impacted by the weak economy in the German and European chemical indus- try over the past two years, a gradual upturn is now being observed. This development con- firms Alzchem’s conviction that the volume declines of recent years were only a temporary phase and that the traditional chemical sector with its highly specialized products offers fur- ther growth opportunities with a corresponding contribution to earnings, including in Europe. In line with this positive development, EBITDA also rose significantly in the first half of the year to EUR 53,895 thousand compared with EUR 45,527 thousand in the previous year (+18%). This disproportionate increase also led to a rise in the EBITDA margin to 27.7% compared to 25.5% in the previous year. The growth trend in the Specialty Chemicals segment thus con- tinued in the first half of 2025, also in terms of the EBITDA margin. The segment’s inventories amounted to EUR 58,027 thousand, slightly below the previous year’s figure of EUR 60,314 thousand. The slight reduction in inventories is primarily attribut- able to effects related to the reporting date. The existing non-current loan liabilities were repaid as planned, resulting in a decrease in non-current liabilities of EUR 3,166 thousand. Current liabilities remained almost unchanged at EUR 105,170 as of the reporting date com- pared to the last balance sheet date. While trade payables increased by EUR 10,161 due to business and reporting date effects, income tax liabilities rose by EUR 4,533 thousand due to tax payments and other liabilities fell by EUR 2,722 thousand. The reduction in other liabilities in the first half of 2025 is mainly due to the reversal of the EU grant of EUR 7,058 thousand under the ASAP (“Act in Support of Ammunition Production”) funding instrument as investment pro- gressed. The reversed EU subsidy for the expansion of the nitroguanidine plant was deducted directly from the acquisition and production costs of the investment (net presentation). 17 H1 2025 | Half-year Report Alzchem Group AG
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1�1�9�2 BASICS & INTERMEDIATES SEGMENT DEVELOPMENT IN THE FIRST HALF OF 2025 The Basics & Intermediates segment closed the first half of 2025 with sales of EUR 78,244 thousand. This represents a decline of EUR 12,903 thousand or 14% compared with the prior- year level. The decrease in sales is attributable to a combination of price and volume effects and is largely in line with the forecast. The main reason for this was the weak economy in the European and German steel industry, which led to a noticeable decline in demand in the metallurgy product area. In addition, destructive prices triggered by Chinese competition, coupled with high elec- tricity costs for pharmaceutical raw materials, also resulted in a decline in sales in this area. The decrease in sales in the Basics & Intermediates segment also led to a reduction in segment EBITDA. In the first half of fiscal year 2025, this figure was EUR 1,314 thousand, EUR 3,543 thou- sand below the previous year’s level. The EBITDA margin fell accordingly by 3.6 percentage points to 1.7%. In addition to the weak economy in the metallurgy sector, the high electricity prices in the first quarter of 2025 contributed in particular to the decline in EBITDA compared with the same period of the previous year. The segment’s inventories were above the previous year’s level of EUR 46,338 thousand at EUR 55,894 thousand. The increase in inventories was deliberate and in line with forecasts due to the planned maintenance of a carbide furnace. in EUR thousand 2nd quarter 2024 2nd quarter of 2025 1st half-year 2024 1st half-year 2025 External sales 41,848 35,605 91,147 78,244 EBIT 3,055 1,174 4,857 1,314 EBITDA margin 7.3% 3.3% 5.3% 1.7% Inventories 46,338 55,894 46,338 55,894 DEVELOPMENT IN THE SECOND QUARTER OF 2025 Looking at the second quarter of 2025, the sales trend is similar to that of the first half of the year. Sales amounted to EUR 35,605 thousand, down EUR 6,243 thousand on the previous year. The reasons for this are already included in the comments on the first half of 2025 and also apply to the second quarter of 2025. EBITDA for the second quarter of 2025 declined compared with the previous year and fol- lowed a similar trend to that seen in the first half of the year, albeit with a slight improvement. In the second quarter of 2025, EBITDA amounted to EUR 1,174 thousand, down EUR 1,881 thousand on the previous year. In line with the half-year analysis, the EBITDA margin also declined in the period from April to June 2025, falling to 3.3% compared with 7.3% in the previous year. The same statement applies to inventories as at the reporting date as for the six-month period. DEVELOPMENT IN THE SECOND QUARTER OF 2025 Looking at the second quarter of 2025, the sales trend was similar to that of the first half of the year. Sales rose by EUR 14,323 thousand year-on-year to EUR 100,128 thousand (+17%). Sales growth was thus even stronger than in the first half of the year as a whole. Here, too, the increase was mainly attributable to positive volume effects. In the previous year, sales in the second quarter remained significantly below that of the first quarter. This effect was reversed in the current reporting period: in the second quarter of 2025, sales was 6% higher than in the first quarter of 2025. Here, too, the Human Nutrition and Custom Manufacturing segments continued on their growth path. EBITDA for the second quarter of 2025 rose significantly and developed similarly to the half- year period. In the second quarter of 2025, EBITDA amounted to EUR 27,854 thousand, up EUR 5,011 thousand on the previous year. In line with the half-year analysis, the EBITDA mar- gin also rose significantly in the period from April to June 2025 to 27.8% compared with the previous year’s figure of 26.6%. The same statement applies to inventories as at the reporting date as for the six-month period. 18 H1 2025 | Half-year Report Alzchem Group AG
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1�1�9�3 OTHER & HOLDING SEGMENT DEVELOPMENT IN THE FIRST HALF OF 2025 DEVELOPMENT IN THE SECOND QUARTER OF 2025 The Other & Holding segment recorded a decline in sales of EUR 1,666 thousand to EUR 14,676 thousand compared with the previous year. This decrease is mainly attributable to reduced electricity grid fees for chemical park customers, which Alzchem is permitted to pass on to customers under electricity regulations. The segment’s EBITDA followed the sales trend and, at EUR 358 thousand, was significantly below the previous year’s level. Inventories amounted to EUR 4,502 thousand as of the reporting date. These mainly com- prise auxiliary and operating materials stored by chemical park customers. The comments on the six-month period also apply to the second quarter of 2025. in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 External sales 8,538 7,146 16,342 14,676 EBIT 848 50 1,386 358 EBITDA margin 9.9% 0.7% 8.5% 2.4% Inventories 3,805 4,502 3,805 4,502 2. RISK AND OPPORTUNITY REPORT The management system for recording risks and opportunities and the measures for limiting risks were described in detail in the combined management report for 2024. The report also explained the main risks and opportunities arising in the course of business activities. There were no significant changes in Alzchem’s opportunity and risk structure in the first half of 2025. 19 H1 2025 | Half-year Report Alzchem Group AG
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3�1� SUSTAINABLY STRONG: ALZCHEM IS DELIGHTED TO RECEIVE THE BAVARIAN ENVIRONMENTAL AND CLIMATE PACT AWARD 3�2� SUCCESSFUL COMPLETION OF LONG-TERM SUCCESSION PLANNING ON THE ALZCHEM GROUP MANAGEMENT BOARD 3. SUSTAINABILITY AT ALZCHEM In its combined management report as of December 31, 2024, Alzchem reported on the non-financial matters of the company, partially in compliance with the European Sustainabil- ity Reporting Standards (ESRS) and underwent a voluntary limited assurance engagement in accordance with ISAE 3000. There were no fundamental changes to the statements in this sustainability report in the first half of 2025. However, as a responsible company in Bavaria, we would like to inform our stakeholders about the current sustainability activities for the fiscal year 2025 in this quarterly report as of June 30, 2025. To cover the entire six-month period, the report also includes activities that were already described in the quarterly report of Alzchem Group AG as of March 31, 2025. District Administrator Max Heimerl and Economic Development Manager Thomas Perzl pre- sented the certificate of the Bavarian Environmental and Climate Pact to Andreas Niedermai- er, CEO of Alzchem, on April 7, 2025. Andreas Niedermaier expressed his thanks and emphasized: “The Bavarian Environmental and Climate Pact raises awareness of environmental protection goals. Our responsibility for the environment, climate and living space not only increases the positive perception of our company. Our environmental protection measures in the areas of energy, resources, water and waste help us to save costs and at the same time increase our attractiveness as an em- ployer.” With the current Environmental and Climate Pact, the Bavarian State Government and its partners, the Bavarian Industry Association (vbw), the Bavarian Chamber of Industry and Commerce (BIHK) and the Bavarian Association of Skilled Crafts (BHT) are working to devel- op solutions for dealing with outstanding environmental and sustainability issues in order to promote environmental and climate protection in companies and businesses. The Environ- mental and Climate Pact is open to all Bavarian companies and businesses, regardless of size. A prerequisite for participation is additional corporate environmental protection measures that go beyond the legal requirements. In future, it is planned that the previously separate environmental statement will be incorporated into the general ESG report. At its meeting on May 20, 2025, the Supervisory Board unanimously decided to appoint Dr. Jürgen Sans as Chief Operating Officer (COO) for a three-year term beginning January 1, 2026, and ending December 31, 2028. Dr. Sans, who holds a doctorate in chemistry and has been with Alzchem for over 27 years, previously headed the Innovation and Research & Development division. He succeeds Klaus Englmaier, who will retire at the end of 2025. Mr. Englmaier has contributed significantly to the successful development of the company and leaves behind a strong foundation for the future. With Martina Spitzer succeeding Dr. Georg Weichselbaumer, who is leaving at the end of the year, on January 1, 2025, and the appointment of Dr. Jürgen Sans, the succession planning for the Management Board is now complete. As of January 1, 2026, the Management Board of Alzchem Group AG will therefore consist of Andreas Niedermaier (CEO), Andreas Lösler (CFO), Martina Spitzer (CSO), and Dr. Jürgen Sans (COO). Together, they will continue to drive the successful development of the company and secure the profitable growth of Alzchem Group AG in the long term. alzchem.com/en/sustainability/ 20 H1 2025 | Half-year Report Alzchem Group AG
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3�3� PRODUCT STEWARDSHIP IS KEY Product stewardship is an important issue for us, especially in the agricultural sector. This term refers to the management of safety, health, and environmental aspects throughout the entire life cycle of a product, such as a fertilizer – from raw material procurement to produc- tion, storage, and transport to the farmer’s application. Product stewardship is particularly essential when dealing with chemicals that must be han- dled with care and the necessary expertise. We therefore pay close attention to the reliability and trustworthiness of our distribution partners to ensure that the necessary measures are implemented properly on site. Agricultural chemicals in particular must be used with care. For Alzchem, it is of utmost im- portance to ensure the safe use of products for agricultural applications, regardless of their destination: Safety mechanisms often start with the product itself. For example, we add a bitter substance to some products to prevent accidental ingestion. A strong dye also clearly indicates that the product is not food or water. To ensure that users are aware of potential hazards, training courses are conducted and documented by the respective distribution partners to inform users personally about potential hazards. This training ensures that farmers’ employees who cannot read the labels are also protected. In addition, we work with our distribution partners to ensure that farmers have sufficient personal protective equipment available for the safe use of our products. However, this is difficult to obtain in some markets. This has prompted us to provide protective equipment such as chemical protective gloves free of charge in these markets. These activities set us apart from Asian suppliers and naturally contribute to the price difference compared to these competitors. alzchem.com/en/company/quality-environment/ 21 H1 2025 | Half-year Report Alzchem Group AG
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4. FORECAST REPORT The following table provides an overview of the financial performance indicators forecast in the consolidated financial statements as of December 31, 2024, for the fiscal year 2025: Unit 2024 Forecast 2025 Group sales EUR million 554.2 Growing to approx. EUR 580 million Adjusted EBITDA* EUR million 105.3 Growing to approx. EUR 113 million Adjusted EBITDA margin* % 19.0 Growing to approx. 19.5% Inventories EUR million 101.2 Particularly strong growth Inventory intensity % 18.3 Slightly growing Equity ratio % 42.9 Slightly decreasing The forecasts for the fiscal year 2025 made in the consolidated financial statements as of December 31, 2024, can be confirmed in this half-year report. The assumptions made in the Annual Report 2024 continue to apply. At the time of reporting, it can still be assumed that the changes in US customs policy will not have a significant impact on the forecast. Alzchem is the only manufacturer of many products outside China and therefore has little competition from US companies. However, the current US customs situation remains too volatile for a sound assessment and consideration in the forecast for the fiscal year 2025. The forecast is also based on the assumption that the US dollar will not weaken further against the euro. As Alzchem invoices a significant portion of its sales in US dollars, a further decline in the US dollar against the euro could lead to unplanned declines in sales in Alzchem’s reporting currency and to increased foreign exchange losses. * No adjustments were made. 5. RESPONSIBILITY STATEMENT We assure to the best of our knowledge that, in accordance with the applicable account- ing principles for half-year financial reporting, the interim consolidated financial statements give a true and fair view of the results of operations, net assets and financial position of the Alzchem Group and that the interim Group management report provides a true and fair view of the business performance, including the results of operations, and the position of the Group, and that the main opportunities and risks associated with the expected development of the Group in the remaining fiscal year are described. 22 H1 2025 | Half-year Report Alzchem Group AG
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INTERIM CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 CONSOLIDATED INCOME STATEMENT OF ALZCHEM GROUP AG (IFRS, UNAUDITED) in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Sales revenue 136,191 142,879 286,255 287,559 Change in inventories of finished goods and work in progress 12,682 3,433 6,162 14,869 Other operating income 3,731 5,006 7,289 10,269 Cost of materials -57,999 -47,293 -111,236 -111,528 Personnel expenses -42,468 -44,894 -83,056 -86,044 Other operating expenses -25,117 -30,035 -53,484 -58,666 EBIT 27,020 29,096 51,930 56,459 Depreciation and amortization -6,453 -6,434 -12,988 -12,988 EBIT 20,567 22,662 38,942 43,471 Other interest and similar income 687 626 979 1,338 Interest and similar expenses -1,366 -1,285 -2,820 -2,562 Financial result -679 -659 -1,841 -1,224 Result from ordinary business activities 19,888 22,003 37,101 42,247 Taxes on income and earnings -5,461 -6,127 -10,437 -11,735 Consolidated result for the period 14,427 15,876 26,664 30,512 Non-controlling interests in consolidated result for the period 42 43 85 86 Share of Alzchem Group AG shareholders in consolidated result for the period 14,385 15,833 26,579 30,426 Earnings per share in EUR (undiluted and diluted)* 1.41 1.57 2.61 3.01 * Calculated for the period 2024 with 10,176,335 shares. After share buyback in 2025, calculated with the average number of outstanding shares, in the period from January 1 to June 30, 2025, of 10,107,919 shares and in the period from April 1 to June 30, 2025, of 10,104,755 shares. 23 H1 2025 | Half-year Report Alzchem Group AG
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME OF ALZCHEM GROUP AG (IFRS, UNAUDITED) in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Consolidated result for the period 14,427 15,876 26,664 30,512 Other result Items that will not be reclassified to the income statement Result from the revaluation of defined benefit plans 1,511 -51 6,296 5,721 Deferred taxes -423 14 -1,763 -1,602 Total items that will not be reclassified to the income statement 1,088 -37 4,533 4,119 Items that will be reclassified subsequently to the income statement Result from the market valuation of financial assets 0 0 0 0 Difference amount from currency translation 229 -1,224 7 -984 Deferred taxes 0 0 0 0 Total of items that will be reclassified subsequently to the income statement 229 -1,224 7 -984 Other income 1,317 -1,261 4,540 3,135 Non-controlling interests in other income 0 0 0 0 Shae of the shareholders of Alzchem Group AG in other income 1,317 -1,261 4,540 3,135 Consolidated comprehensive income 15,744 14,615 31,204 33,647 Non-controlling interests in other consolidated comprehensive income 42 43 85 86 Share of the shareholders of Alzchem Group AG in other consolidated comprehensive income 15,702 14,572 31,119 33,561 24 H1 2025 | Half-year Report Alzchem Group AG
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CONSOLIDATED BALANCE SHEET OF ALZCHEM GROUP AG (IFRS, UNAUDITED) Assets in EUR thousand 12/31/2024 06/30/2025 Non-current assets Intangible assets 3,671 3,587 Property, plant, and equipment 192,976 217,682 Lease usage rights 4,023 3,323 Financial assets 6 6 Other receivables and other assets 1,234 11,783 Deferred tax assets 20,121 17,812 Total non-current assets 222,031 254,193 Current assets Inventories 101,166 116,934 Trade receivables 78,935 88,096 Other receivables and other assets 20,080 29,437 Income tax receivables 70 15 Cash and cash equivalents 61,544 64,275 Total current assets 261,795 298,757 Total assets 483,826 552,950 25 H1 2025 | Half-year Report Alzchem Group AG
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Equity and liabilities in EUR thousand 12/31/2024 06/30/2025 Equity Capital and reserves Subscribed capital 101,763 101,763 Capital reserve adjustment item reverse acquisition -88,459 -88,459 Capital reserve 24,981 24,981 Other accumulated equity -18,080 -14,945 Balance sheet profit 186,844 199,079 Treasury shares -1,512 -5,117 205,537 217,302 Non-controlling interests 1,934 2,020 Total equity 207,471 219,322 26 H1 2025 | Half-year Report Alzchem Group AG
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Equity and liabilities in EUR thousand 12/31/2024 06/30/2025 Liabilities Non-current liabilities Provisions for pensions and similar obligations 96,937 91,644 Other provisions 22,209 21,875 Loan liabilities to banks 41,082 37,916 Lease liabilities 2,326 1,689 Trade payables 0 14 Contract liabilities 0 66,903 Other liabilities 647 483 Deferred tax liabilities 7,755 7,934 Total non-current liabilities 170,956 228,458 27 H1 2025 | Half-year Report Alzchem Group AG
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Equity and liabilities in EUR thousand 12/31/2024 06/30/2025 Current liabilities Other provisions 3,413 3,573 Loan liabilities to banks 7,589 6,362 Lease liabilities 1,826 1,752 Financial liabilities 1,994 0 Trade payables 37,425 47,586 Other liabilities 39,974 37,252 Income tax liabilities 13,178 8,645 Total current liabilities 105,399 105,170 Total liabilities 276,355 333,628 Total equity and liabilities 483,826 552,950 28 H1 2025 | Half-year Report Alzchem Group AG
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Subscribed capital Capital reserve adjustment item reverse acquisition Capital reserve Other accumulated equity Balance sheet profit Treasury shares Shares of shareholders of Alzchem Group AG Non-controlling interests Total equity EUR thousand EUR thousand EUR thousand EUR thousand EUR thousand EUR thousand EUR thousand EUR thousand EUR thousand Status as of 01/01/2024 101,763 -88,459 24,981 -21,639 144,979 0 161,625 1,934 163,559 Dividend 0 0 0 0 -12,212 0 -12,212 0 -12,212 Total transactions with shareholders 0 0 0 0 -12,212 0 -12,212 0 -12,212 Share-based remuneration employees 0 0 0 0 0 0 0 0 0 Consolidated result for the period 0 0 0 0 26,579 0 26,579 85 26,664 Other income 0 0 0 4,540 0 0 4,540 0 4,540 Consolidated comprehensive income 0 0 0 4,540 26,579 0 31,119 85 31,205 Status as of 06/30/2024 101,763 -88,459 24,981 -17,099 159,346 0 180,532 2,020 182,552 Status as of 01/01/2025 101,763 -88,459 24,981 - 186,844 -1,512 205,537 1,934 207,471 Dividend 0 0 0 0 -18,190 0 -18,190 0 -18,190 Acquisition of treasury shares 0 0 0 0 0 -3,605 -3,605 0 -3,605 Total transactions with shareholders 0 0 0 0 -18,190 -3,605 -21,795 0 -21,795 Share-based remuneration employees 0 0 0 0 0 0 0 0 0 Consolidated result for the period 0 0 0 0 30,426 0 30,426 86 30,512 Other income 0 0 0 3,135 0 0 3,135 0 3,135 Consolidated comprehensive income 0 0 0 3,135 30,426 0 33,561 86 33,647 Status as of 06/30/2025 101,763 -88,459 24,981 -14,945 199,079 -5,117 217,302 2,020 219,322 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY OF ALZCHEM GROUP AG (IFRS, UNAUDITED) 29 H1 2025 | Half-year Report Alzchem Group AG
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CONSOLIDATED CASH FLOW STATEMENT OF ALZCHEM GROUP AG (IFRS, UNAUDITED) in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Consolidated earnings before taxes 19,888 22,003 37,101 42,247 Depreciation and amortization of property, plant, and equipment and intangible assets 6,454 6,435 12,988 12,987 Decrease in pension provisions -471 -606 -1,104 -1,374 Gain (-)/loss (+) from the sale of non-current assets -1 0 -3 22 Other non-cash expenses 4,777 1,997 7,887 2,268 Financial result 679 658 1,841 1,225 Interest received 359 468 502 919 Interest paid -593 -441 -1,177 -879 Income taxes paid -2,676 -4,165 -3,188 -7,925 Increase in inventories -10,541 -4,764 -440 -15,409 Increase (-)/decrease (+) in trade recei- vables and other receivables 4,849 -982 -8,053 -15,112 Increase (+)/decrease (-) in trade payables, other liabilities and other provisions 7,736 -2,403 17,680 9,077 Change in other balance sheet items -81 -7,983 -205 -7,813 Payments from customer grants 0 11,504 0 51,005 Cash inflow from operating activities (net cash flow) 30,379 21,721 63,829 71,238 Payments for investments in non- current assets -5,543 -27,394 -12,439 -40,534 Proceeds from the sale of non-current assets 2 0 4 39 Cash outflow from investing activities -5,541 -27,394 -12,435 -40,495 in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Free cash flow 24,838 -5,673 51,394 30,743 Proceeds (+)/payments (-) from short- term financing lines 0 0 0 0 Proceeds from loan liabilities 0 0 0 0 Payments from the repayment of loan liabilities -2,208 -2,208 -3,979 -4,416 Repayment of lease liabilities -425 -479 -898 -957 Dividend payments to shareholders -12,212 -18,190 -12,212 -18,190 Dividend payments to non-controlling interests 0 0 -171 -171 Payments for the acquisition of treasury shares 0 -1 0 -3,605 Cash outflow from financing activities -14,845 -20,878 -17,260 -27,339 Net increase (+)/decrease (-) in cash and cash equivalents 9,993 -26,551 34,134 3,404 Cash and cash equivalents at the be- ginning of the period (at the previous year’s closing rate) 35,998 91,374 11,883 61,544 Changes due to exchange rate fluctuations 76 -548 50 -673 Cash and cash equivalents at the end of the period 46,067 64,275 46,067 64,275 Net increase (+)/decrease (-) in cash and cash equivalents 9,993 -26,551 34,134 3,404 30 H1 2025 | Half-year Report Alzchem Group AG
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in EUR thousand Specialty Chemicals Basics & Inter- mediates Other & Holding Consoli- dation Group External sales 100,128 35,605 7,146 0 142,879 EBIT 27,854 1,174 50 18 29,096 EBITDA margin 27.8% 3.3% 0.7% 20.4% Depreciation and amortization -6,434 EBIT 22,662 Other interest and similar income 626 Interest and similar expenses -1,285 Financial result -659 Result from ordinary business activities 22,003 Inventories as of 06/30/2025 58,027 55,894 4,502 -1,489 116,934 in EUR thousand Specialty Chemicals Basics & Inter- mediates Other & Holding Consoli- dation Group External sales 85,805 41,848 8,538 0 136,191 EBIT 22,843 3,055 848 274 27,020 EBITDA margin 26.6% 7.3% 9.9% 19.8% Depreciation and amortization -6,453 EBIT 20,567 Other interest and similar income 687 Interest and similar expenses -1,366 Financial result -679 Result from ordinary business activities 19,888 Inventories as of 06/30/2024 60,314 46,338 3,805 -2,539 107,918 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS AS OF JUNE 30, 2025 I. SEGMENT REPORTING Segment reporting by operating segments for the second quarter of 2024: Segment reporting by operating segments for the second quarter of 2025: 31 H1 2025 | Half-year Report Alzchem Group AG
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in EUR thousand Specialty Chemicals Basics & Inter- mediates Other & Holding Consoli- dation Group External sales 178,766 91,147 16,342 0 286,255 EBIT 45,527 4,857 1,386 160 51,930 EBITDA margin 25.5% 5.3% 8.5% 18.1% Depreciation and amortization -12,988 EBIT 38,942 Other interest and similar income 979 Interest and similar expenses -2,820 Financial result -1,841 Result from ordinary business activities 37,101 Inventories as of 06/30/2024 60,314 46,338 3,805 -2,539 107,918 in EUR thousand Specialty Chemicals Basics & Inter- mediates Other & Holding Consoli- dation Group External sales 194,639 78,244 14,676 0 287,559 EBIT 53,895 1,314 358 892 56,459 EBITDA margin 27.7% 1.7% 2.4% 19.6% Depreciation and amortization -12,988 EBIT 43,471 Other interest and similar income 1,338 Interest and similar expenses -2,562 Financial result -1,224 Result from ordinary business activities 42,247 Inventories as of 06/30/2025 58,027 55,894 4,502 -1,489 116,934 Segment reporting by operating segments for the first half of 2025:Segment reporting by operating segments for the first half of 2024: in EUR thousand Domestic Abroad Group External sales 2nd quarter 2024 41,724 94,467 136,191 External sales 2nd quarter 2025 39,503 103,376 142,879 External sales 1st half-year 2024 83,805 202,450 286,255 External sales 1st half-year 2025 83,166 204,393 287,559 Non-current assets as of 06/30/2024 182,175 5,047 187,222 Non-current assets as of 12/31/2024 195,342 5,328 200,670 Non-current assets as of 06/30/2024 219,569 5,023 224,592 Segment reporting by region: 32 H1 2025 | Half-year Report Alzchem Group AG
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II. PRELIMINARY NOTE III. EXPLANATIONS ON THE PRINCIPLES AND METHODS OF THE INTERIM CONSOLIDATED FINANCIAL STATEMENTS ACCOUNTING PRINCIPLES These condensed interim consolidated financial statements (interim consolidated financial statements) include Alzchem Group AG, a corporation under German law with its registered office at Dr.-Albert-Frank-Str. 32, 83308 Trostberg, Germany, and its subsidiaries. The com- petent register court is located in Traunstein (HRB 28592). Alzchem Group AG is the parent company of the Alzchem Group and prepares these interim consolidated financial state- ments as of June 30, 2025. The companies of the Alzchem Group develop, produce, and trade in chemical products of all kinds and provide services, including as a chemical park operator. The basic raw materials coal, lime and electricity are used in further production steps at the Trostberg, Schalchen, Hart, Waldkraiburg and Sundsvall (Sweden) sites to manufacture versatile products with typ- ical nitrogen-carbon-nitrogen compounds of the highest quality. There are also sales units in Atlanta (USA), Shanghai (China) and Coventry (United Kingdom). The interim consolidated financial statements of Alzchem Group AG as of June 30, 2025, were prepared in accordance with the requirements of the International Accounting Standards Board (IASB), London, in accordance with International Financial Reporting Standards (IFRS) as applicable in the EU. The interpretations of the IFRS Interpretations Committee (formerly IFRIC and SIC) were applied. Accordingly, these interim consolidated financial statements were prepared in accordance with IAS 34 “Interim Financial Reporting”. The interim consolidated financial statements are presented in euros (EUR), the functional currency of the parent company Alzchem Group AG. For reasons of clarity, the figures in the interim consolidated financial statements are stated in thousands of euros (EUR thousand) unless otherwise indicated. All figures have been rounded up or down to EUR thousand in accordance with commercial practice, so that individual figures do not always add up exactly to the stated total. The provisions of the International Financial Reporting Standards that were mandatory as of the balance sheet date of June 30, 2025, were applied. No early application of standards that are not yet mandatory as of June 30, 2025, was made. The notes to the consolidated financial statements of Alzchem Group AG as of December 31, 2024, apply in particular with regard to the significant accounting policies. The interim con- solidated financial statements were prepared on a going concern basis. 33 H1 2025 | Half-year Report Alzchem Group AG
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STANDARDS, INTERPRETATIONS, AND AMENDMENTS TO PUBLISHED STANDARDS APPLIED FOR THE FIRST TIME IN THE FISCAL YEAR 2025 STANDARDS, INTERPRETATIONS, AND AMENDMENTS TO PUBLISHED STANDARDS THAT ARE NOT YET MANDATORY Starting with the fiscal year 2025, the following standards and interpretations revised or newly issued by the IASB were mandatory: • Amendments to IAS 21 – Effects of Changes in Exchange Rates: Lack of Exchangeability The amendments to IAS 21 require an entity to apply a consistent approach when assessing whether one currency is convertible into another. If this is not the case, guidelines are provided for determining the exchange rate to be used and the disclosures to be made in the notes. The currencies currently held within the Alzchem Group are exchangeable, so the amendments have no impact on the Alzchem Group. Standards Amendment relates to Obligation to apply from Already adopted by the EU Commission IFRS 9/IFRS 7 Classification and measurement of financial instruments 01/01/2026 Yes AIP Volume 11 IFRS 1, IFRS 7, IFRS 9, IFRS 10, IAS 7 Annual improvements to IFRS accounting standards 01/01/2026 Yes IFRS 9/IFRS 7 Contracts relating to nature-based electricity 01/01/2026 Yes IFRS 18 Presentation and disclosures in the financial statements 01/01/2027 No IFRS 19 Subsidiaries without public accountability: Disclosures 01/01/2027 No 34 H1 2025 | Half-year Report Alzchem Group AG
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IV. NOTES TO THE INCOME STATEMENT 1. SALES REVENUES The Alzchem Group’s sales revenues can be broken down into product sales, services, and other sales as follows: Sales are allocated to the segments presented in segment reporting as follows: Total sales revenues are distributed geographically as follows: in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Sales from product sales 129,387 136,372 273,268 275,407 Sales from services 6,804 6,027 12,987 11,672 Other sales 0 480 0 480 136,191 142,879 286,255 287,559 in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Product sales in the Specialty Chemicals segment 85,805 99,648 178,766 194,159 Other sales in the Specialty Chemicals segment 0 480 0 480 Product sales in the Basics & Intermediates segment 41,848 35,605 91,147 78,244 Product sales in the Other & Holding segment 1,734 1,119 3,355 3,004 Service sales in the Other & Holding segment 6,804 6,027 12,987 11,672 136,191 142,879 286,255 287,559 in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Germany 41,724 39,503 83,805 83,166 European Union 42,951 41,801 89,136 90,904 Rest of Europe 5,220 6,389 11,475 12,081 NAFTA 23,343 25,751 45,955 49,013 Asia 8,570 9,473 19,438 19,868 Rest of the world 14,383 19,962 36,446 32,527 136,191 142,879 286,255 287,559 35 H1 2025 | Half-year Report Alzchem Group AG
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2. OTHER OPERATING INCOME 3. OTHER OPERATING EXPENSES in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Own work capitalized 1,460 2,216 2,958 4,052 Income from currency translation 844 781 1,962 2,251 Income from services to third parties 891 1,094 928 1,342 Income from subsidies 207 417 355 899 Income from the reversal of provisions and liabilities 187 46 232 311 Income from energy tax refunds 0 127 0 127 Miscellaneous other income 142 325 854 1,287 3,731 5,006 7,289 10,269 in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Environmental and disposal costs 4,358 4,685 8,763 9,244 Selling expenses 4,801 4,395 10,317 9,026 Maintenance 2,872 3,467 5,292 6,462 Expenses from currency ranslation 563 2,532 1,482 4,981 Other external services 2,270 2,611 4,171 4,597 Consulting, research and development costs 2,532 2,047 4,919 4,286 Insurance 1,447 1,474 2,913 3,131 IT costs 904 1,025 1,840 2,051 Miscellaneous other expenses 5,370 7,799 13,787 14,888 25,117 30,035 53,484 58,666 36 H1 2025 | Half-year Report Alzchem Group AG
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V. NOTES TO THE BALANCE SHEET 5. EQUITY The statutory share capital of Alzchem Group AG, Trostberg, remained unchanged at EUR 101,763,350.00 as of the reporting date. In the first half of 2025, a dividend of EUR 18,190 thousand (previous year: EUR 12,212 thousand) was distributed to the shareholders of Alzchem Group AG. This corresponds to a dividend per share of EUR 1.80 (previous year: EUR 1.20). Alzchem Group AG launched a share buyback program in fiscal year 2024. Since the start of the program, 73,605 shares with a volume of EUR 5,117 thousand have been repurchased. The ac- quired shares have since been recognized in equity as a separate item, “treasury shares”, at acquisition cost including transaction costs and net of any tax benefits. The share buyback had an impact on earnings per share. Diluted earnings per share are calculated based on the weighted average number of shares outstanding during the period. The following overview shows the weighted average number of shares outstanding for the respective reporting periods. Shares repurchased during the period were considered outstanding on a pro rata basis until their repurchase and weighted accordingly. After that, treasury shares are not included in the calculation of shares outstanding. in EUR thousand 2nd quarter 2024 2nd quarter 2025 1st half-year 2024 1st half-year 2025 Weighted average number of shares outstanding 10,176,335 10,104,755 10,176,335 10,107,919 Earnings per share in EUR 1.41 1.57 2.61 3.01 The financial result for the first half of 2025 includes interest expense from the addition to pension provisions in the amount of EUR 1,627 thousand (first half of 2024: EUR 1,588 thousand). Of this amount, EUR 813 thousand was attributable to the second quarter of 2025 (second quarter of 2024: EUR 794 thousand). 4. FINANCIAL RESULT 6. PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS Provisions for pensions and similar obligations decreased by EUR 5,293 thousand from December 31, 2024, to EUR 91,644 thousand as of June 30, 2025. This reduction includes an amount of EUR 5,721 thousand that was recognized directly in equity in other comprehensive income before deduction of deferred taxes. This decrease in pension provisions is due to the rise in the dis- count rate from 3.4% as of December 31, 2024, to 3.8% as of June 30, 2025. Deferred tax assets recognized for these effects decreased by EUR 1,602 thousand. This change was also recognized directly in other comprehensive income. 37 H1 2025 | Half-year Report Alzchem Group AG
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7. FINANCIAL ASSETS AND LIABILITIES The fair value of a financial instrument is the amount at which an asset could be exchanged or a liability settled between knowledgeable, willing parties in an arm’s length transaction. The following table shows the carrying amounts and fair values of financial assets by measurement category in accordance with IFRS 9: 12/31/2024 At amortized cost At fair value Total amount Financial assets measured at amortized cost Financial assets measured at fair value through other comprehensive income with subsequent reclassifi- cation to income statement Financial assets measured at fair value through profit or loss Balance sheet item Carrying amount Carrying amount Carrying amount Carrying amount Fair value EUR thousand EUR thousand EUR thousand EUR thousand EUR thousand Financial assets 6 6 6 Other receivables and other assets 13,081 13,081 13,081 Trade receivables 11,103 67,832 78,935 78,935 Cash and cash equivalents 61,544 61,544 61,544 Total financial assets 85,728 67,832 6 153,566 153,566 06/30/2025 At amortized cost At fair value Total amount Financial assets measured at amortized cost Financial assets measured at fair value through other comprehensive income with subsequent reclassifi- cation to income statement Financial assets measured at fair value through profit or loss Balance sheet item Carrying amount Carrying amount Carrying amount Carrying amount Fair value EUR thousand EUR thousand EUR thousand EUR thousand EUR thousand Financial assets 6 6 6 Other receivables and other assets 32,277 32,277 32,277 Trade receivables 12,363 75,733 88,096 88,096 Cash and cash equivalents 64,275 64,275 64,275 Total financial assets 108,915 75,733 6 184,654 184,654 38 H1 2025 | Half-year Report Alzchem Group AG
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The following table shows the carrying amounts and fair values of financial liabilities by measurement category in accordance with IFRS 9: 12/31/2024 At amortized cost At fair value Total amount Financial liabilities measured at amortized cost Liabilities held for trading Balance sheet item Carrying amount Carrying amount Carrying amount Fair value EUR thousand EUR thousand EUR thousand EUR thousand Loan liabilities to banks 48,671 48,671 48,502 Trade payables 37,425 37,425 37,425 Financial liabilities 1,994 1,994 1,994 Other liabilities 7,817 7,817 7,817 Total financial liabilities 93,913 1,994 95,907 95,738 06/30/2025 At amortized cost At fair value Total amount Financial liabilities measured at amortized cost Liabilities held for trading Balance sheet item Carrying amount Carrying amount Carrying amount Fair value EUR thousand EUR thousand EUR thousand EUR thousand Loan liabilities to banks 44,278 44,278 44,142 Trade payables 47,600 47,600 47,600 Other liabilities 9,693 9,693 9,693 Total financial liabilities 101,571 101,571 101,435 The fair values of financial instruments were determined on the basis of market information available on the balance sheet date and using the methods and assumptions described below. The financial assets have both long-term and short-term maturities. The non-current finan- cial assets were recognized at their carrying amount, as the contracts were only recently con- cluded and there is therefore no difference between the fair value and the carrying amount. For financial assets with short-term maturities, it is assumed that the fair values approximate the carrying amounts. Trade payables and other liabilities generally include liabilities with regularly short remaining terms, so that it is assumed that the fair values approximate the carrying amounts reported. The item “loan liabilities to banks” includes current and non-cur- rent financial liabilities. The fair values of liabilities with remaining terms of more than one year are determined by discounting the cash flows associated with the liabilities at a rate that 39 H1 2025 | Half-year Report Alzchem Group AG
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12/31/2024 Level 2 Level 3 Total Assets EUR thousand EUR thousand EUR thousand Trade receivables - Measured at fair value through other comprehensive income 67,832 67,832 Financial assets - Measured at fair value through profit or loss 6 6 Total assets 67,832 6 67,838 Liabilities Financial liabilities - Measured at fair value through profit or loss 1,994 1,994 Total liabilities 1,994 1,994 06/30/2025 Level 2 Level 3 Total Assets EUR thousand EUR thousand EUR thousand Trade receivables - Measured at fair value through other comprehensive income 75,733 75,733 Financial assets - Measured at fair value through profit or loss 6 6 Total assets 75,733 6 75,739 Liabilities Financial liabilities - Measured at fair value through profit or loss Total liabilities No reclassifications between the individual hierarchies for determining fair values took place in the reporting period. The market value of electricity derivatives measured at fair value through profit or loss in the previous year was allocated to Level 2. The market value of trade receivables measured at fair value through other comprehensive in- come is allocated to Level 2. The fair values of trade receivables measured at fair value are de- rived by reference to transactions in comparable instruments. Specifically, the transaction prices are used in the context of sales of receivables where the purchaser regularly bases the price on the nominal value. In the event of a default, these values are adjusted by the amount of the im- pairment loss. The Alzchem Group holds an investment in the category “recognized at fair value through profit or loss” whose market value is classified as Level 3. There were no changes due to additions or disposals in the reporting period. In the absence of reliable input parameters for a more complex model and due to the immaterial significance of these investments for the Alzchem Group, the market value was estimated on the basis of acquisition costs. A deviation of the actual market val- ue from this estimate within a realistic range would not have a material impact on the significance of the item or on the net assets, financial position, and results of operations of the Alzchem Group. In the first half of 2025, income of EUR 27 thousand (first half of 2024: EUR 23 thousand; second quarter of 2025: EUR 27 thousand; second quarter of 2024: EUR 23 thousand) was recognized from this financial asset and reported in the financial result. reflects the current market interest rate, taking into account the current interest rate pa- rameters observable on the market. The individual credit ratings of the Group are taken into account in the present value calculation in the form of market-standard credit and liquidity spreads. This approach corresponds to level 2 of the hierarchy in IFRS 13. The following table shows the financial assets that are recognized at fair value on a recurring basis after initial recognition and their measurement level in accordance with IFRS 13: 40 H1 2025 | Half-year Report Alzchem Group AG
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10. SEASONAL INFLUENCES The Alzchem Group’s business is in part subject to seasonal influences. In particular, the supply cycles for agrochemical products mean that sales and, consequently, EBITDA in the first and fourth quarters of a fiscal year may be slightly higher than in the other quarters. 9. RELATIONS WITH RELATED PARTIES AND PERSONS Related parties include persons in key positions within the Alzchem Group. In addition, four two na GmbH, Munich, the companies it controls, and the companies controlled by its shareholders or legal representatives are considered to be related parties of the Alzchem Group in the reporting period. Löw SE (formerly LIVIA Corporate Development SE), Munich, which was previously classified as a related party, no longer met the criteria for related parties and persons defined in IAS 24.9 as of the reporting date. No transactions with related parties as defined above were conducted during the reporting period. VI. OTHER NOTES 8. NOTES TO SEGMENT REPORTING The key figures in the segment reporting are presented in accordance with internal management reporting. In the current reporting period and in the prior-year comparison period, no customer contributed at least 10% of total consolidated sales. 11. EVENTS AFTER THE BALANCE SHEET DATE After the balance sheet date of the first half of 2025 and up to the date of preparation of the interim consolidated financial statements, no events occurred that had a material impact on the net assets, financial position, and results of operations of the Alzchem Group. Trostberg, July 30, 2025 Alzchem Group AG The Management Board Andreas Niedermaier (CEO) Klaus Englmaier (COO) Andreas Lösler (CFO) Martina Spitzer (CSO) Dr. Georg Weichselbaumer (CSO) 41 H1 2025 | Half-year Report Alzchem Group AG
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September 30 to October 30, 2025 Quiet Period* October 30, 2025 Q3 Quarterly Statement 2025 * During a “quiet period“, Alzchem Group AG only communicates with the capital market to a limited extent before publishing quarterly and full-year results. Financial calendar 2025List of abbreviations alzchem.com/en/investor-relations/financial-calendar/ €/EUR Euro AG Aktiengesellschaft (stock corporation) EBIT Earnings before interest and taxes EBITDA Earnings before interest, taxes, depreciation and amortization EUR thousand Thousand euro Remarks This half-year financial report may contain forward-looking statements based on current as- sumptions and forecasts made by the management of Alzchem Group AG. Such statements are subject to risks and uncertainties. These and other factors may cause actual results, financial position, development or performance of the company to differ materially from the estimates made here. The company assumes no liability whatsoever to update such forward- looking statements or to conform them to future events or developments. In the interests of readability, this half-year financial report does not use the masculine, fe- minine and diverse (m/f/d) forms of language simultaneously. All references to persons apply equally to all genders. This half-year financial report is also available in German. In the event of deviations, only the German version is legally binding. Imprint PUBLISHER Alzchem Group AG Chemiepark Trostberg Dr.-Albert-Frank-Str. 32 83308 Trostberg www.alzchem.com EDITING Better Orange IR & HV AG PICTURE CREDITS AdobeStock: YiuCeung INVESTOR RELATIONS Sabine Sieber P + 49 86 21 86 – 2888 F + 49 86 21 86 – 502888 ir@alzchem.com With the QR code you will get to all current events of Alzchem. 42 H1 2025 | Half-year Report Alzchem Group AG
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Alzchem Group AG CHEMIEPARK TROSTBERG Dr.-Albert-Frank-Str. 32 83308 Trostberg P + 49 8621 86-0 info@alzchem.com alzchem.com