Slide 1: Q4 & YE 2025 Earnings Results
ECOSYNTHETIX INC Jeff MacDonald| CEO Rob Haire | CFO Q4 & YE 2025 Earnings Results February 20, 2026
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS Certain statements contained in this presentation constitute forward-looking statements. All statements other than demand; credit and concentration risk associated with cash and cash equivalents as well as accounts receivable; the risk of statements of historical fact may
Slide 3: Stronger Demand Across Strategic End Markets
STRONGER DEMAND ACROSS STRATEGIC END MARKETS DELIVERED GROWTH TO OFFSET SOFT DEMAND IN PAPER MARKET (USD millions) Net Sales Adj EBITDA (loss) Cash provided by operating activities $20.8 $1.1 $18.5 Q4 2024 Q4 2025 FY 2024 FY 2025 $0.5 $0.4 12% $0.1 $0.0 4X 149% 65% $5.4 $5.9 $(0.3) 9% Q4 2024 Q4 202
Slide 4: 70%+ of Sales Comprised of Pulp, Tissue, Specialty & Wood Composites
70%+ OF SALES COMPRISED OF PULP, TISSUE, SPECIALTY & WOOD COMPOSITES STRATEGIC MARKETS SALES SALES EVOLUTION TOWARD STRATEGIC MARKETS (Percentage of Graphic Paper Sales vs. Strategic Markets Sales) IN 2023 PERMANENTLY Sales of Graphic Paper as a % of Total Sales Sales of Strategic Markets as a % of
Slide 5: Building Momentum in Pulp-Based End Markets
BUILDING MOMENTUM IN PULP-BASED END MARKETS WITH OUR STRENGTH AIDS 15 Commercial lines with SurfLock 8 New SurfLock commercial wins in 2025 Expanded distribution and service partner provider relationships ECOSYNTHETIX INC. 55
Slide 6: Historical Price Spread: Softwood vs. Hardwood Fibre
HISTORICAL PRICE SPREAD: SOFTWOOD VS. HARDWOOD FIBRE BSKP vs. BHKP ($/t) 300 250 200 Gap between softwood and hardwood fibre is structural 150 Consistent imbalance of 100 high-cost softwood fibre and lower cost hardwood fibre 50 -- 50 2013 2015 2017 2019 2021 2023 2025 Source: FOEX. BCP = BHKP + BSK
Slide 7: Top Global Pulp Companies
TOP 10 GLOBAL PULP COMPANIES (Market pulp capacity (tonnes millions)) 0 3 6 9 12 15 Fibre-to-fibre innovation enabling improved Suzano substitutions as enhanced value-added UPM offerings approach softwood properties Arauco APRIL + Symbol + Bracell Replacement offerings have reached up to CMPC 5% sav
Slide 8: Strong Demand from Leading Global Pulp Manufacturer
STRONG DEMAND FROM LEADING GLOBAL PULP MANUFACTURER Top 10 global account commercial for only one year with SurfLock SurfLock improves strength and delivers cost reductions Already a top 5 account for us through use of lower cost fibres Strong momentum building SurfLock addresses supply gap for stro
Slide 9: Wood Composites Progress
WOOD COMPOSITES PROGRESS: DuraBind the clear incumbent in the bio-based glue market Increasing demand from first mill and regular runs at lower volume levels from second mill DuraBind cost competitive based on innovation completed in 2025 Cost advantaged vs. incumbent based on recent commodity dynam
Slide 10: International Retailer's Primary Climate Focus: Halve GHG Emissions by 2030
INTERNATIONAL RETAILER’S PRIMARY CLIMATE FOCUS: HALVE GHG EMISSIONS ACROSS VALUE CHAIN BY 2030 1 Source: https://www.ikea.com/global/en/our-business/sustainability/our-circular-agenda/ 10 1) From a base year of 2016
Slide 11: All-Natural Polymers in Personal Care
ALL-NATURAL POLYMERS IN PERSONAL CARE Dow continues to grow and expand MaizeCare program Built inventory in Q4 for entry into new region Clear commitment and belief from Dow in all-natural ingredients opportunity long-term ECOSYNTHETIX INC. 11
Slide 12: Q4 2025 Financial Summary
Q4 2025 FINANCIAL SUMMARY USD millions (except gross margin) Q4 2025 Q4 2024 2025 2024 Net Sales $5.9 $5.4 $20.8 $18.5 Gross Profit $2.0 $1.6 $6.0 $5.3 Gross Margin 33.9% 28.9% 29.0% 28.6% Gross Margin adjusted for manufacturing depreciation 38.1% 34.4% 33.6% 33.2% Adjusted EBITDA1 (loss) $0.5 $0.1
Slide 13: Operating Cost Structure
OPERATING COST STRUCTURE Selling, General & Administrative Research & Development (USD, millions) (USD, millions) $2.0 $0.7 $1.8 $0.6 $1.6 $1.4 $0.5 $1.2 $0.4 $1.0 $0.3 $0.8 $0.6 $0.2 $0.4 $0.1 $0.2 $0.0 $- Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3
Slide 14: Adj EBITDA Improvement Due to Higher Gross Profit
ADJ EBITDA IMPROVEMENT DUE TO HIGHER GROSS PROFIT Quarterly Adj EBITDA Annual Cash Flows from (used in) Operations (USD millions) (USD millions) Q1 22 Q2 22 Q3 22 Q4 22 Q1 23 Q2 23 Q3 23 Q4 23 Q1 24 Q2 24 Q3 24 Q4 24 Q1 25 Q2 25 Q3 25 Q4 25 $0.6 2015 2016 2018 2019 2020 2021 2022 2023 2024 2025 $0.5
Slide 15: 2025 Achievements
2025 achievements Record volume levels in key end markets 8 new pulp-based wins 2025 FY Adj EBITDA positive >5X production capacity of today’s volume ECOSYNTHETIX INC. 15
Slide 16: Questions & Answers
SSYNTHETIX® QUESTIONS & ANSWERS