Slide 1: Full-year 2025 results
Full-year 2025 results 19 February 2026
Slide 2: Agenda
Agenda • Key developments & business update • Financial performance • Outlook • Q&A Anna Bertona Boris Cambon-Lalanne Group CEO Group CFO Full-year 2025 update | 19 February 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 include,
Slide 4: Key developments & business update
Key developments & business update Full-year 2025 update | 19 February 2026
Slide 5: Strong cash generation underscores the resilience of our business
Strong cash generation underscores the resilience of our business Our performance demonstrates our capacity to execute on long-term 1 growth strategy despite challenging market condition Ability to manage cost and working 2 capital provide downside protection with counter-cyclical cash generation Sh
Slide 6: 2025 highlights
2025 highlights €4.1bn Group revenue (+1.3% in cc) €411m Adjusted EBITA (42.4% conversion margin) €442m Free Cash Flow (+29% year-on-year) 106% cash conversion Four acquisitions across APAC and EMEA 6 Full-year 2025 update | 19 February 2026
Slide 7: Growth drivers: Organic and M&A
Growth drivers Organic M&A End markets: Defensives versus cyclicals Four acquisitions that strengthen Azelis’s position in focus end markets • Strong Pharma performance across regions • Strong F&N in Americas, stable EMEA, weak APAC • Solchem expands the Group’s presence in the • Agri weakness in US
Slide 8: Strategy progress report 2025
Strategy progress report 2025 Azelis operates in an Market segment leadership An active consolidator One agile Azelis attractive, growing market with a high level of Focus end markets: Continuous Winning with customers: Reorganisation for strengthened fragmentation strengthening of portfolio to ensu
Slide 9: Azelis strategy accelerators
Azelis strategy accelerators Record 8 innovation awards won in 2025 Innovation 44 innovation awards since 2015 Over 200 Customer Portals live More than 100,000 product views each month and nearly 100,000 Digitalisation documents downloaded in 2025 Roll-out of Principal Portal version 3.0
Slide 10: Financial performance
Financial performance Full-year 2025 update | 19 February 2026
Slide 11: Headline P&L 2025
Headline P&L 2025 Azelis Group highlights Constant Q4 2025 Q4 2024 Change FY 2025 FY 2024 Change (EUR m) currency Life Sciences 607 644 -5.7% 2,609 2,653 -1.7% 1.9% Industrial Chemicals 330 370 -10.9% 1,502 1,561 -3.7% 0.3% Group revenue 937 1,014 -7.6% 4,111 4,214 -2.4% 1.3% Gross profit 217 247 -12
Slide 12: Headline growth 2025
Headline growth 2025 Q4 2025 Q4 2024 Organic Total (in millions of €) 2025 2024 F/X M&A Organic Total 435 437 -4.3% -0.5% EMEA 1,871 1,793 -2.1% 6.4% 0.0% 4.4% 315 357 -5.4% -11.9% Americas 1,435 1,536 -4.7% 0.1% -2.0% -6.6% 188 220 -5.2% -14.6% Asia Pacific 805 885 -5.6% 0.8% -4.3% -9.0% 937 1,014 -
Slide 13: Regional financial update
Regional financial update EMEA Americas Asia Pacific Adjusted Adjusted Adjusted 12.7% 11.6% 12.3% 10.9% 9.9% 9.3% EBITA EBITA EBITA margin margin margin +4.4% € 1.871 -6.6% € 1.793 -9.0% € 1.536 € 1.435 € 885 € 805 Revenue Revenue Revenue (EUR m) (EUR m) (EUR m) Conversion 49,3% 46,2% Conversion 49,4%
Slide 14: Net profit drivers
Net profit drivers Net profit Lower operating profit Azelis Group FY 2025 FY 2024 (EUR m) Increased net financial expense Operating profit 313 386 • €25m reduction in financial expense Net financial expense -138 -130 • €33m lower financial income Financial income 15 48 • Lower interest income from lower cas
Slide 15: Working capital
Working capital Cashflow bridge EUR million Receivables Inventory Payables EUR million 50 -39 NWC/ 15.3% 13.8% 13.4% 15.9% 14.1% -25 Revenue* 44 455 442 411 628 678 563 588 467 376 443 445 496 440 -369 -463 -434 -487 -438 Adjusted EBITA Depreciation Adjusted EBITDA Change in WC Lease payments Capex 2
Slide 16: Net debt
Net debt 3.3x 2.9x +41 +233 +55 +106 442 +75 1.532 1.599 (1) (2) Net Debt 31 Dec FCF Income tax Net Interest paid M&A Dividend Others Net Debt 31 Dec 2024 2025 x Leverage ratio at period end (1) Includes deferred payments for acquisitions in prior years. (2) Includes proceeds and repayments of loan
Slide 17: Capital allocation priorities
Capital allocation priorities Investments into existing Azelis portfolio to fuel organic growth Shareholder remuneration via dividends De-leveraging to moderate level consistent with BB+ credit rating and value-accretive acquisitions 17 Full-year 2025 update | 19 February 2026
Slide 18: Outlook
Outlook Full-year 2025 update | 19 February 2026
Slide 19: Near term and medium term outlook
Near term • Risk from ongoing geopolitical tensions continue to weigh on demand • Balance commercial opportunities with cost controls and cash preservation • Diversified footprint remains a key strength in navigating uneven end-market momentum Medium term • The distribution market for speciality chem
Slide 20: Innovation through formulation
Innovation through formulation
Slide 21: Appendix
Appendix Full-year 2025 update | 19 February 2026
Slide 22: Appendix I: Innovation in action: formulations for customers
Appendix I: Innovation in action: formulations for customers Enhancing dispersion and colour Fast-setting flowable concrete for Developing a multifunctional serum Designed for patient acceptance performance in carbon black Pharma cold weather performance for simple, high-performance skincare concentr
Slide 23: Appendix II: Impact 2030 scope and targets
Appendix II: Impact 2030 scope and targets Portfolio People Environment Governance Sustainable products & solutions Workforce development & growth Climate change mitigation: action to limit global 0 material breaches of laws & regulations • Segment our product and solution portfolio along PSA • 24 t