Slide 1: Q1 2026 Trading Update
Q1 2026 Trading Update 23 April 2026
Slide 2: Agenda
Agenda • Key developments & business update • Financial performance • Outlook • Q&A Anna Bertona Boris Cambon -Lalanne Group CEO Group CFO Q1 2026 update | 23 April 2026
Slide 3: Disclaimer
Disclaimer • This document may contain statements relevant to Azelis Group NV (the “Company”) and/or its affiliated companies (collectively “Azelis” or the “Azelis Group”) which are not historical facts and are hereby identified as “forward -looking statements” . Such forward -looking statements inc
Slide 4: Key developments & business update
Key developments & business update Q1 2026 update | 23 April 2026
Slide 5: Strong cash generation in volatile markets
Strong cash generation in volatile markets Tentative signs of stabilisation with 1 limited pre -buying suggest divergent demand -driven improvement in some end markets 113% cash conversion ratio underscores 2 the asset -light, resilient cash generation capacity of the business Geopolitical tensions
Slide 6: Q1 2026 Results Highlights
Q1 2026 Results Highlights Headline results Organic revenue drivers Positives: €1.0bn Group revenue 1. APAC return to organic growth following 10 (-0.7% in cc) consecutive quarters of declines, driven by volume growth 2. Sustained momentum in US Food & Nutrition, €104m adjusted EBITA supported by vo
Slide 7: Strategic programmes and accelerators
Market An active One agile segment consolidator Azelis leadership Azelis is the reference innovation service provider for speciality chemicals and food Accelerators ingredients Innovation Sustainability Digitalisation Customer’s First Choice programmes Strategic Winners of the Future Future Fit
Slide 8: Financial performance
Financial performance Q1 2026 update | 23 April 2026
Slide 9: EBITA evolution reflects cost discipline
EBITA evolution reflects cost discipline Azelis Group highlights Reported Constant Q1 2026 Q1 2025 EBITA Evolution change currency (EUR m) Life Sciences 662 693 -4.5% 0.2% 10.9% 10.4% 10.0% Industrial Chemicals 379 405 -6.2% -2.1% Group revenue 1,041 1,098 -5.2% -0.7% Gross profit 246 264 -6.6% -2.3
Slide 10: Divergent trends across regions
Divergent trends across regions EMEA Americas Asia Pacific Adjusted EBITA margin Adjusted EBITA margin Adjusted EBITA margin 12.5% 12.1% 11.2% 10.2% 10.9 % 9.6 % Revenue (EUR m) Revenue (EUR m) Revenue (EUR m) 496 36 483 384 -2 0 -5 -47 9 0 218 351 208 -28 -19 25 Q1 organic M&A FX 26 Q1 25 Q1 organi
Slide 11: Headline growth breakdown
Headline growth breakdown (in millions of €) Q1 2026 Q1 2025 F/X M&A Organic Total EMEA 483 496 -0.4% 7.2% -9.5% -2.7% Americas 351 384 -7.4% 0.0% -1.2% -8.6% Asia Pacific 208 218 -8.8% 0.0% 4.0% -4.8% Group revenue 1,041 1,098 -4.5% 3.3% -3.9% -5.2% EMEA 123 126 -0.5% 8.6% -10.7% -2.7% Americas 83
Slide 12: Working capital intensity further optimised, translating to strong cash conversion
Working capital intensity translating to strong cash further optimised … conversion FCF conversion ratio Receivables Inventory Payables 113% EUR million NWC/ 16 -10 13.8% 13.4% 15.9% 14.1% 14.7% 13.9% -3 Revenue* 11 115 119 678 660 600 628 563 588 104 443 445 496 440 535 541 -463 -434 -487 -438 -549
Slide 13: Outlook
Outlook Q1 2026 update | 23 April 2026
Slide 14: Near term and Medium term outlook
Near term • Tentative signs of stabilisation in certain end markets, but geopolitical tension continues to drive volatility • Any near -term uplift from pre -buying or price inflation likely to be more moderate than post -Covid disruptions • Maintain focus on execution of strategic programmes, prici
Slide 15: Innovation through formulation
Innovation through formulation