Slide 1: Full-year 2024 results
Full-year 2024 results February 20, 2025
Slide 2: Agenda
Agenda • Key developments & business update • Financial performance • Outlook • Q&A • Appendix Anna Bertona Thijs Bakker Group CEO Group CFO Full-year 2024 results | February 20, 2025
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 includ
Slide 4: Key developments & business update
Key developments & business update Full-year 2024 results | February 20, 2025
Slide 5: Improving sentiment supports recovery in end markets
Improving sentiment supports recovery in end markets Our strong performance in 2024 reflects 1 our ability to capitalise on growth opportunities as the market improves Resilient business model allowed us to 2 absorb cost inflation and protect profitability Positive build-up of the order book since 3
Slide 6: Recovery underway: 2024 Highlights
Recovery underway • €4.2bn Group revenue, +1.5% y/y (+2.6% in ccy). H2 organic revenue growth of 2.3% reversed part of the organic decline in H1 • €1bn gross profit, driving 77 bp gross margin uplift. 2024 Highlights Adjusted EBITA margin stable at 11.2%, demonstrating resilience of business model •
Slide 7: Growth drivers: Organic and M&A
Growth drivers Organic M&A End markets: LS recovery, positive volumes in IC Eight acquisitions completed, representing combined annual revenue of over €140m (1) • Strong H&IC performance throughout the year • F&F recovery across the three regions • Oktrade strengthens our leading position in Persona
Slide 8: Strategy progress report 2024
Strategy progress report 2024 A growth opportunity Azelis operates in an attractive, growing market with a high level of fragmentation The reference in the industry An active consolidator One agile Azelis Focus end markets: investments in Winning with customers: commercial CEO Challenges: series of
Slide 9: Financial performance
Financial performance Full-year 2024 results | February 20, 2025
Slide 10: Headline P&L 2024
Headline P&L 2024 Azelis Group highlights Reported Reported Constant Q4 2024 Q4 2023 FY 2024 FY 2023 (EUR m) change change currency Life Sciences 643.9 600.1 7.3% 2,653.5 2,565.5 3.4% 4.7% Industrial Chemicals 370.2 372.6 -0.6% 1,560.5 1,586.7 -1.7% -0.9% Group revenue 1,014.2 972.7 4.3% 4,214.0 4,1
Slide 11: Headline growth 2024
Headline growth 2024 Organic Total F/X M&A growth Organic Total Q4 2024 Q4 2023 (in millions of €) 2024 2023 growth growth translation contribution growth growth 437.2 415.2 0.4% 5.3% EMEA 1,792.7 1,793.9 -1.2% 2.9% -1.8% -0.1% 356.8 338.8 5.6% 5.3% Americas 1,536.2 1,454.3 -0.3% 5.4% 0.5% 5.6% 220.
Slide 12: Regional financial update
Regional financial update EMEA Americas Asia Pacific Adjusted Adjusted Adjusted 13.2% 12.7% 12.7% 12.3% 8.7% 9.9% EBITA EBITA EBITA margin margin margin -0.1% +5.6% € 1.794 € 1.793 -2.1% € 1.536 € 1.454 € 904 € 885 Revenue Revenue Revenue (EUR m) (EUR m) (EUR m) Conversion 50,8% 49,3% Conversion 53,
Slide 13: Net profit drivers
Net profit drivers Net profit Stable operating profit Azelis Group FY 2024 FY 2023 (EUR m) Stable net financial expense Operating profit 385.9 386.9 • Higher financial expense driven by higher gross debt Net financial expense -129.8 -139.8 Financial income 48.4 17.7 • €26m non-cash financial charge
Slide 14: Cashflow bridge
Group cashflow Cashflow bridge EUR million CF drivers FY 2024 FY 2023 (EUR m) Operating profit 385.9 386.9 +41 -118 +11 +73 512 Amortization 73.4 66.8 471 -38 Adjustments 11.3 12.6 -14 386 Adjusted EBITA 470.7 466.3 342 Depreciation 41.5 34.3 Adjusted EBITDA 512.2 500.6 Change in working capital -11
Slide 15: Working capital
Working capital Working capital Evolution of NWC* Receivables Inventory Payables EUR million NWC/ Revenue* 11.1% 15.3% 13.8% 13.4% 15.9% 678 628 563 467 268 376 443 445 496 218 -235 -369 -463 -434 -487 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 2021 2022 2023 2024 2020 2021 2022 2023 2024
Slide 16: Net debt
Net debt 2.9x +54 +53 +3 +38 +295 2.5x -369 +108 +14 1.477 1.532 +61 1.275 (1) (2) Net Debt 31 Dec Operational CF Income tax Net Interest Capex M&A Leases Dividend Purchase of Others Net Debt 31 Dec 2023 paid payment to treasury shares 2024 group shareholders x Leverage ratio at period end (1) Inclu
Slide 17: Outlook
Outlook Full-year 2024 results | February 20, 2025
Slide 18: Near-term and Medium-term outlook
Near-term • Trend improvements in many end markets have continued at the beginning of 2025 • Positive momentum in the Americas (36% of revenue) expected to continue. Medium-term • The distribution market for specialty chemicals and ingredients is attractive • Significant value still to be unlocked b
Slide 19: Full-year 2024 results Q&A
Innovation through formulation
Slide 20: Appendix
Appendix Full-year 2024 results | February 20, 2025
Slide 21: Appendix I: Innovation in action: formulations for customers
Appendix I: Innovation in action: formulations for customers Environmentally friendly crop Improving resistance to weather Cost-effective, sustainable meat Eco-friendly anti-wear lubricant protection with water-based conditions of PVC extruded profiles for alternative preserving the looks and additi
Slide 22: Appendix II: Our commitment to sustainability
Appendix II: Our commitment to sustainability Portfolio Environment People Governance Action 2025 commitment Revenue from ESG assessed Scope 1 & 2 carbon intensity Management positions held Material breaches of principals by 2025 reduction by 2025 by women by 2025 laws and regulations Target: 80% Ta