Ecosynthetix Inc. · TSX:ECO
Ecosynthetix — Q3 2025 Earnings Presentation
15 slides from Ecosynthetix's earnings presentation, Nov 7, 2025
Slide 1: EcoSynthetix Q3 2025 Earnings Results
ECOSYNTHETIX INC Jeff MacDonald| CEO Rob Haire | CFO Q3 2025 Earnings Results November 7, 2025
Slide 2: Forward Looking Statements
FORWARD LOOKING STATEMENTS Certain statements contained in this MD&A constitute forward-looking statements. All statements other than risk of volatility in global financial conditions, as well as significant decline in general economic conditions; increase in industry statements of historical fact m
Slide 3: Stronger Demand Across Strategic End Markets Drove Higher Volumes
STRONGER DEMAND ACROSS STRATEGIC END MARKETS DROVE HIGHER VOLUMES (USD millions) Net Sales Adj EBITDA (loss) Cash provided by operating activities $20.3 LTM LTM $1.6 Q3 2024 Q3 2025 Q3 '24 Q3 '25 $0.4 $15.9 $0.2 67% $0.03 $1.0 45% 28% $0.5 102% 1.6x $5.8 $5.2 11% $(0.6) $(1.9) Q3 2024 Q3 2025 LTM LT
Slide 4: Strong Demand from Leading Global Pulp Manufacturer
STRONG DEMAND FROM LEADING GLOBAL PULP MANUFACTURER Account investing in marketing resources Direct promotion with customers SurfLock improves strength Publications and social media and delivers cost reductions through use of lower cost fibres Account demonstrating consistent and growing SurfLoc
Slide 5: Historical Price Spread: Softwood vs. Hardwood Fibre
HISTORICAL PRICE SPREAD: SOFTWOOD VS. HARDWOOD FIBRE BSKP vs. BHKP ($/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 ECOSYNTHETIX INC. 5
Slide 6: Top Global Forestry & Paper Companies; Top Global Pulp Companies
TOP 15 GLOBAL FORESTRY TOP 10 GLOBAL PULP & PAPER COMPANIES COMPANIES (Based on revenue (USD billions)) (Market pulp capacity (tonnes millions)) 0 5 10 15 20 0 4 8 12 International Paper Suzano WestRock APP + PE + Domtar Oji Holdings APRIL + Bracell Smurfit Kappa Stora Enso UPM UPM Arauco Nine Drago
Slide 7: Demonstrating Repeatability of Wins in Tissue End Market
DEMONSTRATING REPEATABILITY OF WINS IN TISSUE END MARKET Two new wins in tissue end market in the quarter Wins a result of work with the RNM Group, a new distribution partner RNM Group has a track record of growing new chemistries and driving adoption Every commercial tissue account is using SurfLoc
Slide 8: Wood Composites Progress
WOOD COMPOSITES PROGRESS: DuraBind the clear incumbent in the bio-based glue market Increasing demand and regular order pattern from first mill of the strategic account Second facility conducting regular runs at low volume levels DuraBind cost competitive, even cost advantaged vs. incumbent at certa
Slide 9: 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/ 9 1) From a base year of 2016
Slide 10: All-Natural Polymers in Personal Care
ALL-NATURAL POLYMERS IN PERSONAL CARE Dow continues to grow and expand MaizeCare program Progress on smaller brands at top 10 players in personal care Clear commitment and belief from Dow in all-natural ingredients opportunity long-term ECOSYNTHETIX INC. 10
Slide 11: Q3 2025 Financial Summary
Q3 2025 FINANCIAL SUMMARY USD millions (except gross margin) Q3 2025 Q3 2024 2025 2024 Net Sales $5.8 $5.2 $14.9 $13.1 Gross Profit $1.7 $1.7 $4.0 $3.7 Gross Margin 29.9% 33.3% 27.1% 28.5% Gross Margin adjusted for manufacturing depreciation 34.2% 36.8% 31.9% 32.7% Adjusted EBITDA1 (loss) $0.2 $0.4
Slide 12: 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 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
Slide 13: Consistent Pattern of Improvement in Adj EBITDA and Cash Flow
CONSISTENT PATTERN OF IMPROVEMENT IN ADJ EBITDA AND CASH FLOW 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 $0.6 YTD Q3 2015 2016 2018 2019 2020 2021 2022 2023 2
Slide 14: Building to $100M+ in Sales
$100M BUILDING TO SALES $100M+ IN SALES ACHIEVABLE WITH EXISTING MOMENTUM E ACROSS END MARKETS D MULTIPLE NEW LINES IN WOOD PARTNERS COMPOSITES AND PULP, TISSUE / PACKAGING C NEW WOOD COMPOSITES MANUFACTURERS WITHIN RETAILER’S SUPPLY CHAIN LEADING LEADING GLOBAL TISSUE / B NEW PULP, TISSUE / PACKAGI
Slide 15: Questions & Answers
SSYNTHETIX® QUESTIONS & ANSWERS