Slide 1: Growing earnings and improving returns
Growing earnings and improving returns C R O D A F U L L Y E A R 2 0 2 5 R E S U LT S ; FINANCIAL FRAMEWORK 2026-28 24 February 2026 © Copyright 2025 Croda International Plc
Slide 2: Disclaimer
Disclaimer A LT E R N AT I V E P E R F O R M A N C E M E A S U R E S C A U T I O N A R Y S TAT E M E N T We use a number of APMs to assist in presenting information in this statement in an easily analysable and This presentation is provided for information purposes only and does not constitute or fo
Slide 3: Agenda
Agenda 1 FY25 results 2 Our plan to grow earnings and improve returns 3 Transformation programme and financial framework 4 Conclusion 5 Q&A © Copyright 2025 Croda International Plc ⎸ 3
Slide 4: Continued progress in an uncertain market
Continued progress in an uncertain market F Y 2 5 R E S U LT S • Portfolio starting to deliver good growth • Refocused innovation – patented ingredient sales +9% • Improving customer experience – net promoter score +11 pts • Margins increased in two key businesses • Adjusted profit before tax in lin
Slide 5: FY25 results
FY25 results Stephen Oxley Chief Financial Officer © Copyright 2025 Croda International Plc ⎸ 5
Slide 6: Full year performance summary
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Full year performance summary SALES ADJUSTED ADJUSTED PROFIT ADJUSTED EPS O P E R AT I N G P R O F I T B E F O R E TA X £1,699m £295m £276m 146p Up 7% (constant FX) Up 8% (constant FX) Up
Slide 7: Q4 2025 sales growth by business and region
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Q4 2025 sales growth by business and region BUSINESS CONSUMER LIFE INDUSTRIAL GROUP CARE SCIENCES S P E C I A LT I E S +5% +9% +8% (19)% REGION EMEA ASIA NORTH AMERICA L AT I N A M E R I
Slide 8: FY 2025 sales growth by business and region
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance FY 2025 sales growth by business and region BUSINESS CONSUMER LIFE INDUSTRIAL GROUP CARE SCIENCES S P E C I A LT I E S +7% +8% +8% (2)% REGION EMEA ASIA NORTH AMERICA L AT I N A M E R I C
Slide 9: Operating margin bridge
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Operating margin bridge A D J U S T E D O P E R AT I N G M A R G I N ( % ) 2.2% (1.5)% 1.6% (0.9)% (1.2)% 2025 EBITDA margin 5.9% 17.4% 17.2% 23.3% 17.4% 2024 Volume Price/mix Inflation a
Slide 10: Adjusted to reported profit before tax
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Adjusted to reported profit before tax (36) • Transformation programme on track – £28m benefits in 2025 at cost of £26m including (26) restructuring costs • £45m impairment of US lipid sc
Slide 11: Free cash flow and net debt
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Free cash flow and net debt Cash flow, £m 2025 2024 CASH FLOW £M Adjusted operating profit 295 280 Depreciation and amortisation 101 99 Inventories (7) EBITDA 397 378 Receivables (17) Wor
Slide 12: 2026 Guidance
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance 2026 Guidance 2026 OUTLOOK F I R S T Q U A R T E R 2 0 2 6 C O M M E N TA R Y • For full year 2026, we expect adjusted operating profit in • Versus a strong Q125 comparator, when sales we
Slide 13: Growing earnings and improving returns
Growing earnings and improving returns Steve Foots Chief Executive Officer © Copyright 2025 Croda International Plc ⎸ 13
Slide 14: Delivering on our plan to grow earnings and improve returns
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Delivering on our plan to grow earnings and improve returns BUILDING ON OUR STRENGTHS GROWTH T R A N S F O R M AT I O N IMPROVED PERFORMANCE1 Refocus innovation Optimise product portfolio
Slide 15: Building on our strengths
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Building on our strengths D I F F E R E N T I AT E D HIGHER-GROWTH C O R E C A PA B I L I T I E S BUSINESS MODEL PORTFOLIO Direct sales model driving Innovation-led approach with rich IP
Slide 16: Our differentiated business model
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Our differentiated business model ~60% ~6,000 >17,000 >90% customers natural raw C R E AT E MAKE SELL retained over ingredients customers materials 5 years1 Proprietary refinement High th
Slide 17: Leveraging our core capabilities in attractive markets
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Leveraging our core capabilities in attractive markets Leveraging core capabilities With a differentiated portfolio To serve fast-growth markets Beauty Actives Innovation-led approach: Be
Slide 18: Moved to a higher-growth portfolio
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Moved to a higher-growth portfolio MARKETS NICHES CUSTOMERS REGIONS Sales to consumer, pharma Croda niches growing L&Rs growing fastest1: Asia fastest-growth market1: and agriculture mark
Slide 19: Operating margin impacted in a volatile period
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Moved to amargin Operating higher-growth impactedportfolio in a volatile period V O L AT I L E D E M A N D COST BASE TOO HIGH HEIGHTENED INVESTMENT % change in y-on-y Group reported sales
Slide 20: Stepping up our execution to improve performance
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Stepping up our execution to improve performance CHALLENGES GROWTH T R A N S F O R M AT I O N Post CV19 effects on customer behaviours Refocus innovation Optimise product portfolio Inflat
Slide 21: Driving consistent growth
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Driving consistent growth GROWTH T R A N S F O R M AT I O N IMPROVED PERFORMANCE1 Refocus innovation Optimise product portfolio 3-6% organic sales growth Improve customer experience Optim
Slide 22: Refocusing innovation
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Refocusing innovation New framework 1. NEW INGREDIENT 2. NEW MARKETS FOR 3. CUSTOMER for innovation DEVELOPMENT EXISTING INGREDIENTS C O - C R E AT I O N Re-balanced KerabioTM K31 Develop
Slide 23: Improving customer experience
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Improving customer experience Playing to our strengths Tailoring solutions to differing customer needs Customer Net Promoter Score CONSUMER CARE ✓ Product quality +42 (2022: +21) ✓ Innova
Slide 24: Maximising returns from investments
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Maximising returns from investments GROWTH CAPEX M&A Asia Pharma lipids scale-up Avanti lipids F&F Ceramides Targeted investment 2025 New lower cost-per-unit Positioned for breakout Sales
Slide 25: Driving consistent growth in our key markets
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Driving consistent growth in our key markets % of Group (to nearest 5%) ~35% ~20% ~15% ~15% BEAUTY F&F A G R I C U LT U R E PHARMA Ingredients and solutions for ‘Tier 1.5’ supplier to loc
Slide 26: Driving consistent growth in our key markets
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Driving consistent growth in our key markets % of Group (to nearest 5%) ~35% ~20% ~15% ~15% BEAUTY F&F A G R I C U LT U R E PHARMA Ingredients and solutions for ‘Tier 1.5’ supplier to loc
Slide 27: Reinvigorating Beauty
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Reinvigorating Beauty Leading Refocusing innovation in Beauty Care Internationalsing Beauty Actives market positions • Top 3 in overall market, c10% share; broad speciality portfolio • #1
Slide 28: Rebalancing Pharma
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Rebalancing Pharma Rebalancing Leading with Pharma Ingredients Accelerating growth with Pharma Solutions Pharma Leading • Application-led science to enhance drug efficacy and safety • Sol
Slide 29: Transformation and financial framework
Transformation and financial framework Stephen Oxley Chief Financial Officer © Copyright 2025 Croda International Plc ⎸ 29
Slide 30: Delivering our transformation programme
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Delivering our transformation programme GROWTH T R A N S F O R M AT I O N IMPROVED PERFORMANCE1 Refocus innovation Optimise product portfolio 3-6% organic sales growth Improve customer ex
Slide 31: Driving structural transformation for growth and efficiency
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Driving structural transformation for growth and efficiency OBJECTIVES OPTIMISE PRODUCT PORTFOLIO Optimise our customer and product portfolios, and drive commercial excellence to enhance
Slide 32: With good early progress and clear priorities
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance With good early progress and clear priorities 2025 PROGRESS 2026 PRIORITIES OPTIMISE ✓ Completed rationalisation pilot for key product group • Rationalise product portfolio, reducing SKUs
Slide 33: Structural cost savings to benefit margin
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Structural cost savings to benefit margin Transformation programme benefits Optimise Optimise Simplify Pillar product portfolio supply chain organisation • Total recurring gross benefits:
Slide 34: Improving financial performance
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Improving financial performance GROWTH T R A N S F O R M AT I O N IMPROVED PERFORMANCE1 Refocus innovation Optimise product portfolio 3-6% organic sales growth Improve customer experience
Slide 35: Consistent growth from a strengthened portfolio
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Consistent growth from a strengthened portfolio BEAUTY F&F PHARMA A G R I C U LT U R E INDUSTRIALS Capital Limited incremental Light-touch capex Limited incremental Low capital Leverages
Slide 36: Enhanced profitability driven by growth and transformation
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Enhanced profitability driven by growth and transformation A D J U S T E D O P E R AT I N G M A R G I N ( % ) Key drivers • We expect to deliver consistent Principal organisational cost h
Slide 37: Sustainable and growing cash flows
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Sustainable and growing cash flows S T R U C T U R A L LY L O W E R W O R K I N G C A P I TA L CONTRIBUTING TO GROWING FREE CASH FLOW 300.0 14.0% • Improve supplier terms and payments • S
Slide 38: Clear capital allocation policy
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Clear capital allocation policy S U S TA I N A B L E A N D G R O W I N G C A S H F L O W S – TA R G E T I N G F R E E C A S H F L O W - T O - S A L E S R AT I O O F 1 2 % F O R F U L L Y
Slide 39: Our framework to full year 2028
FY25 results Building on our strengths Driving consistent growth Delivering transformation Improving performance Our framework1 to full year 2028 Consistent growth Enhanced profitability Sustainable and Improving returns growing cashflows on capital Organic sales growth: Adjusted operating margin: F
Slide 40: Conclusion
Conclusion Steve Foots Chief Executive Officer © Copyright 2025 Croda International Plc ⎸ 40
Slide 41: Croda investment case
Croda investment case BUILDING ON OUR …by… DELIVERING ON …to… IMPROVE STRENGTHS OUR PLAN PERFORMANCE Differentiated business model Driving consistent growth Financial framework for full year 20281 • Unrivalled customer intimacy • Refocusing innovation • 3-6% organic sales growth • Enable unique cust
Slide 42: APPENDICES
APPENDICES © Copyright 2025 Croda International Plc ⎸ 42
Slide 43: Quarterly sales breakdown
Quarterly sales breakdown LIFE Q U A RT E R LY CONSUMER LIFE INDUSTRIAL SCIENCES GROUP SALES £M CARE SCIENCES S P E C I A LT I E S GROUP (EX-CV19) (EX-CV19) Q1 2023 236.8 170.8 69.1 476.7 170.8 476.7 Q2 2023 218.8 132.4 53.0 404.2 132.4 404.2 Q3 2023 218.2 125.0 43.7 386.9 125.0 386.9 Q4 2023 212.3
Slide 44: 2026 Guidance
2026 Guidance 2026 OUTLOOK For full year 2026 we expect: • Group organic sales growth within our 3-6% range • Versus a strong Q125 comparator, when sales were up 9% at constant currency, we expect sales in Q126 to be similar to the prior year at constant currency • A further increase in Group adjust
Slide 45: Technical foreign exchange guidance
Technical foreign exchange guidance The US Dollar and the Euro together represent approximately 65% of the Group’s currency translation exposure. 2025 average rates: Currency translation reduced sales by £35.4m, adjusted operating profit by £6.4m and • US$1.32 (2024: US$1.28) adjusted profit before
Slide 46: Anticipating market needs with a broad Beauty portfolio
Anticipating market needs with a broad Beauty portfolio MARKET Ingredients with formulation and sensory effects Biologically active ingredients VIEW Emulsifiers & Hair Metal oxides Biotech-derived Botanicals / Peptides for Fragrances Emollients surfactants conditioning for sun care actives plant ext
Slide 47: Anticipating market needs with a broad Pharma portfolio
Anticipating market needs with a broad Pharma portfolio MARKET Consumer Health Pharma VIEW Small molecule Biologics (incl. vaccines) Cell and Gene Therapy Prophylactic Therapeutic Oral care Pain management Liquid injectables for multiple applications Cancer Examples Over the counter Dermatology Canc
Slide 48: Definitions
Definitions • Constant currency results: these reflect current year performance for existing business translated at the prior year’s • Adjusted operating margin: this is adjusted operating profit divided by sales, at reported currency. Management uses the average exchange rates. Constant currency re
Slide 49: SMART SCIENCE TO IMPROVE LIVES
SMART SCIENCE TO IMPROVE LIVES © Copyright 2025 Croda International Plc ⎸ 49