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Full Year 2024 Results 1 Avantium Full Year 2024 Results 19 March 2025
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Full Year 2024 Results Disclaimer 2 This presentation has been prepared by Avantium N.V. (the “Company”). For the purposes of this notice, the presentation that follows (the “Presentation”) shall mean and include the slides that follow, the oral presentation of the slides by the Company, the question-and answer session that follows that oral presentation, hard copies of this document and any materials distributed at, or in connection with, that presentation. Some of the statements in this Presentation constitute forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements relate to future events or the Company’s future financial performance. In some cases, forward looking statements can be identified by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,” “estimates,” “predicts,” “potential” or “continue” or the negative of such terms or other comparable terminology. These statements are only predictions. Actual events or results may differ materially. In evaluating these statements, various risk factors should be taken into account. Risk factors may cause actual results to differ materially from any forward-looking statement. Although the Company believes that the expectations reflected in the forward looking statements are reasonable, the Company cannot guarantee future results, levels of activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and completeness of such statements. The Company is under no duty to update any of the forward- looking statements after the date of this Presentation or to conform such statements to actual results. The information contained in this Presentation is for information purposes only. Avantium’s reported financial results are prepared in accordance with International Financial Reporting Standards as adopted by the European Union. The information does not constitute or form part of, and should not be construed as, an offer to sell or issue, or a solicitation of any offer to buy or subscribe for any securities of the Company in any jurisdiction, and is not for publication or distribution in the US or to persons in the US (within the meaning of Regulation S under the US Securities Act of 1933 (the “Securities Act”)), Canada, Japan, Australia or any other jurisdiction where such distribution or offer is unlawful. The Company does not intend to register any portion of the offering in the United States or to conduct a public offering of any securities in the United States. Subject to certain limited exceptions, neither this Presentation nor any copy of it may be taken, transmitted or distributed, directly or indirectly, into the US, its territories or possessions. The distribution of this Presentation in other jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and observe, any such restrictions.
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Full Year 2024 Results Full Year 2024 Results
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Full Year 2024 Results Highlights 4 Anticipated sales under the offtake agreements in H2 2025 Project execution Commercialization Creating the right conditions for future licensees Strategic innovation Groundbreaking polycotton textile waste technology
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Full Year 2024 Results Financial highlights FY 2024 (€ millions) 5 19.7 21.0 Revenues 2023 2024 (27.5) (33.3) EBITDA 2023 2024 5.8 4.6 Other income (grants) 2023 2024 35.2 23.9 Cash position 2023 2024 89.8 58.6 Investments 2023 2024 112.5 30.1 Borrowings Drawn Undrawn
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Full Year 2024 Results Cash flows 2024 (€ millions) 6 35 24 75 20 -2 -32 -59 -6 -8 Cash at 31-12-23 Proceeds from capital raise Drawdown borrowings & convertible loan Other Financing Activities (Lease Payments) Net Cash Used in Operations CAPEX Investments Changes in Working Capital Financing and Interest Expenses Cash at 31-12-24
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Full Year 2024 Results Project execution: FDCA Flagship Plant
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Full Year 2024 Results FDCA Pilot Plant 2011 A journey of almost two decades… 8 Laboratory 2006 FDCA Flagship Plant FID Dec. 2021 Construction completed Oct. 2024 Start-up 2025 Continuous operation 2025>
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Full Year 2024 Results 9
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Full Year 2024 Results 10 The FDCA Flagship Plant • First-of-a-kind plant • Enabling sales of FDCA & PEF at commercial scale • Proving technology at 5kta scale • Located in Delfzijl, The Netherlands • Recruited operations team of 70 people • Critical for a successful licensing strategy
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Full Year 2024 Results Starting up the FDCA Flagship Plant 11 Sugar Dehydration Oxidation FDCA Purification Polymerization to PEF First unloading of High Fructose Syrup – February 2025 FID Construction phase Start-up phase Performance testing & regulatory validation Sales of first FDCA and PEF to clients 2021 2022-2024 H2 2025 H1 2025 Note: reflects anticipated timeline
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Full Year 2024 Results Commercializing releaf®
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Full Year 2024 Results Circular, enhanced recyclability, 100% plant-based Releaf® | The next generation polymer, with superior performance benefits 13 10x better oxygen barrier Food waste reduction: Up to 5-6 times longer shelf life 20% weight reduction Up to 8x better CO2 barrier Superb barrier properties
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Full Year 2024 Results 16 Offtake Agreements 2 Capacity Reservations Future Plants 1 Technology License Agreement Undisclosed The PEFerence consortium aims to replace a significant share of fossil-based polyesters, such as PET as well as polyamide layers in multilayer packaging, and packaging materials like glass and metal with 100% bio- based polymer materials such as PEF. Bottles Cosmetics Packaging Fibre Film / Sheet Other Applications PEF Textile Community at the centre of the eco-system Commitments from leading brands 14 Capacity Reservations License Plants
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Full Year 2024 Results Releaf® | Engaging brands and consumers 15
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Full Year 2024 Results The future: from pilot and flagship plant to license plants 16 2011 2024 2025> Pilot Plant Flagship Plant Potential License Plants
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Full Year 2024 Results Optimizing licensing strategy through the supply chain 17 Technology Commercial Feedstock Mitigating feedstock risk through 1st and 2nd gen strategy Mitigating technology risk through FDCA Flagship Plant Capacity reservations for future license plants
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Full Year 2024 Results FDCA – feedstock agnostic, utilising Gen 1 and 2 feedstocks 18 18 • FDCA Flagship Plant is using Gen 1 feedstock: starch – an abundant & low value co-product • Regionally & commercially available • Sugar surplus, no competition with food supply Glucose/fructose from starch ✓ Wood chips 1st Generation Feedstock 2nd Generation Feedstock Innovations Textile waste • Feedstock availability crucial for effective global licensing strategy • Avantium’s Dawn Technology develops strategic diversifying feedstock options • Recent breakthrough polycotton textile waste recycling
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Full Year 2024 Results 2nd generation feedstock: Dawn/Yukon technology enabling to use polycotton textile waste for feedstock 19 The technology • Avantium (together with the University of Amsterdam) developed a patented technology to break down the cotton in polycotton textile waste into glucose (2nd generation feedstock source for FDCA/PEF), while leaving the polyester intact for fiber-to-fiber recycling Business case • Scalable and cost competitive: successful Avantium Dawn pilot plant tests demonstrate high glucose yields from polycotton waste, proving the method's scalability and cost-effectiveness Textile waste management • Addressing global waste problem: with global textile production expected to reach 149 million tons by 2030 and a recycling rate of currently less than 1%, this technology can address a major textile waste problem • Aligned with new regulations: Avantium’s technology aligns with new regulations that make textile producers responsible for waste management Strategic importance • Feedstock agnostic approach: reinforces the commercial potential of FDCA / PEF, supports Avantium’s licensing strategy Polyester residue of postconsumer polycotton waste textiles in the DAWN pilot plant Publication in Nature Communications
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Full Year 2024 Results Appendix: FDCA & PEF
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Full Year 2024 Results PEF: made from our focus product FDCA 21 PET PEF Crude oil Sugars MEG plantMEG PET 100% fossil-based PEF 100% plant-based PTA FDCA
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Full Year 2024 Results PEF can be used in a very broad range of applications 22 Beer, Juices, Waters, Soft Drinks Textile, Upholstery, Car Tires, Industrial Fibers Food Packaging, Non-Food Packaging Bottles Competing materials: Glass, Aluminium, PET, Multi-layer Fibers Films & More Competing materials: PET, Nylon, Cotton Competing materials: Glass, Aluminium, PET, Multi-layer >50 million ton/year1 >40 million ton/year1 >25 million ton/year1 Notes: (1) estimated volume reflects Total Addressable Market (TAM) in 2035 Sources: Smithers, The future of high barrier packaging films to 2024, 2021; Smithers, The future of global flexible packaging to 2026, 2021; Smithers, The future of rigid plastic packaging to 2026, 2021; Thermoformed Packaging Market to 2025, 2018 ; PCI Wood Mackenzie, Abstract report global Multilayer PET bottles industry to 2024, 2016 ; Allied Market Research
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Full Year 2024 Results PEF addressable market potential 23 2030 2035 122.3 mta €240bn 7.7 mta €40bn PEF @ ~5€/kg PEF @ ~2€/kg Expected PEF price reduction to drive a massive expansion of our TAM 2025 PEF @ ~10€/kg 0.3 mta1 €3bn Own production (5kta) Distinctive value proposition for multi-layer bottles and EVOH films replacement Initial licensing phase (100kta) Clear focus on monolayer bottle, specialty fibers, glass & aluminium replacement, films and multi-layer bottles markets Large scale licensing (250kta) Expectation to unlock PET market including large fiber market Notes: (1) Million Metric Tons Annually, chart is not to scale Sources: Smithers, The future of high barrier packaging films to 2024, 2021; Smithers, The future of global flexible packaging to 2026, 2021; Smithers, The future of rigid plastic packaging to 2026, 2021; Thermoformed Packaging Market to 2025, 2018 ; PCI Wood Mackenzie, Abstract report global Multilayer PET bottles industry to 2024, 2016 ; Allied Market Research Fibers (fabrics, ropes, cables, etc.) Injection molding (bottle caps, medical devices, car parts, etc.) Flexible films (laminates, food or hygiene packaging, etc.) Rigid packaging (containers, trays, bottles, etc.)
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Full Year 2024 Results PEF is both sustainable and price-competitive at scale 24 Notes: (1) a 33cl bottle made with PEF at €5.0/kg sold at €1.00, a 33cl glass bottle sold at €1.00 and a 33cl aluminium can sold at €0.67; (2) Assuming PEF at €2.5/kg, rPET at €2.5/kg and PET at €1.7/kg, and a 50cl sold at €1.20. Sources: enzymatic rPET, Company’s estimates; Glass, Food grade rPET & PET prices, BusinessAnalytIQ.com, average Europe & USA Aug.22-Aug.23; Aluminium prices, markets.businessinsider, average Aug.22-Aug.23, NAPCOR, Beverage Container LCA Report 2023, 2023; Nova Institute PEF Bottle 33cl – 13.5g PEF material cost1 €0.07 = ~7% of end price Competing with aluminium and glass at €5.0/kg PEF Glass Bottle 33cl – 200g Glass material cost¹ €0.13 = ~13% of end price Aluminium Can 33cl – 13g Alu material cost¹ €0.03 = ~4% of end price PEF Bottle 50cl – 17.5g PEF material cost² €0.044 = ~3.7% of end price rPET Bottle 50cl – 22g rPET material cost² €0.055 = ~4.6% of end price Competing with mono-material PET at €2.5/kg PEF 88% vs. glass 74% vs. aluminium 61% vs. PET 100kta 250kta PEF reducing Global Warming Potential PET Bottle 50cl – 22g PET material cost² €0.037 = ~3.1% of end price
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Full Year 2024 Results Website: avantium.com/investor-relations-overview/ IR contact: investorrelations@avantium.com