Croda International Plc · LSE:CRDA
Croda International — H1 2026 Earnings Presentation
30 slides from Croda International's earnings presentation, Jul 28, 2026
Slide 1: Delivering transformation and innovation-led growth
Delivering transformation and innovation-led growth C R O D A F I R S T H A L F Y E A R 2 0 2 6 R E S U LT S 28 July 2026 © Copyright 2026 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: Executive summary
Executive summary Steve Foots Chief Executive Officer © Copyright 2026 Croda International Plc ⎸ 3
Slide 4: Agenda
Agenda 1 Executive summary 2 H126 Results Executing our plan to grow 3 earnings and returns 4 Q&A © Copyright 2026 Croda International Plc ⎸ 4
Slide 5: Delivering transformation and innovation-led growth
Delivering transformation and innovation-led growth • Profit growth > sales growth > volume growth • Led by Consumer Care • Increased customer demand for innovation • New and Protected Products growing faster than total sales • Transformation plan enhancing growth and efficiency • Driving long-term,
Slide 6: Executing our plan to grow earnings and improve returns
Executing our plan to grow earnings and improve returns 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 Optimise supply chain >20% adjusted operating margin Maximise returns from investments S
Slide 7: Performance on track to achieve our framework for FY28
Performance on track to achieve our framework for FY28 2028 FINANCIAL FRAMEWORK Consistent growth Enhanced profitability Sustainable and Improving returns growing cashflows on capital Organic sales growth: Adjusted operating margin: FCF relative to sales: ROIC: 3-6% CAGR >20% for FY28 >12% for FY28
Slide 8: H126 results
H126 results Stephen Oxley Chief Financial Officer © Copyright 2026 Croda International Plc ⎸ 8
Slide 9: Good first half performance in line with expectations
Good first half performance in line with expectations SALES NEW & PROTECTED ADJUSTED I F R S O P E R AT I N G PRODUCT GROWTH O P E R AT I N G P R O F I T PROFIT £880.5m +6.9% £155.8m £115.5m Up 5% (constant FX) (constant FX) Up 7% (constant FX) H1 2025: £94.4m ADJUTED EARNINGS FREE DIVIDEND PER NET
Slide 10: Sales performance led by strong growth in Consumer Care
Sales performance led by strong growth in Consumer Care KEY CONSUMER LIFE INDUSTRIAL GROUP* CARE SCIENCES S P E C I A LT I E S * Sales growth (constant FX) +5% +8% +0% (2)% Volume Volume Volume Volume Volume +1% +4% +0% (4)% Price/mix Price/mix Price/mix Price/mix Price/mix +4% +4% (0)% +2% EMEA ASI
Slide 11: 9% organic sales growth in Q2
9% organic sales growth in Q2 CONSUMER LIFE INDUSTRIAL GROUP CARE SCIENCES S P E C I A LT I E S SALES Q1 26 431 Q1 26 255 Q1 26 126 Q1 26 50 Q2 26 449 Q2 26 269 Q2 26 131 Q2 26 50 (REPORTED) (£M) H1 26 881 H1 26 524 H1 26 257 H1 26 100 Q1 26 1% Q1 26 4% Q1 26 (3)% Q1 26 (2)% Y-O-Y GROWTH Q2 26 9% Q2
Slide 12: Enhanced profitability driven by growth and transformation
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 ( % ) T R A N S F O R M AT I O N B E N E F I T S 1.9% (1.4)% • Targeting ~£100m benefits by end of 2027 which annualise in FY28 • Delivered £18m of incremental savings in H126, in addition to: • £
Slide 13: Sustainable and growing cashflows
Sustainable and growing cashflows Cash flow, £m H1 2026 H1 2025 Adjusted operating profit 156 147 Depreciation and amortisation 52 52 CASH FLOW £M EBITDA 208 199 Inventories (38) Working capital (68) (61) Interest & tax (40) (39) Receivables (70) Transformation costs (18) (6) Payables 40 Other movem
Slide 14: FY26 outlook unchanged
FY26 outlook unchanged 2026 OUTLOOK There is no change to our outlook for full year 2026 despite the ongoing geopolitical and macro-economic uncertainty. We continue to expect: • Group organic sales growth within our 3-6% range • A further increase in Group adjusted operating margin driven by improv
Slide 15: Executing our plan to grow earnings and returns
Executing our plan to grow earnings and returns Steve Foots Chief Executive Officer © Copyright 2026 Croda International Plc ⎸ 15
Slide 16: Driving consistent growth in key markets
Driving consistent growth in key markets 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 Optimise supply chain >20% adjusted operating margin Maximise returns from investments Simplify organis
Slide 17: Reinvigorating Beauty
Reinvigorating Beauty Market Increased customer demand for innovation characteristics L'Oréal CEO, April 2026, priorities are a “step up in our innovation plan” and “acceleration in our innovation rate.” K-shaped US consumer demand / customers’ premium categories doing well I Mbeen New York Fed, May
Slide 18: Executing on our innovation framework – Volufiline
Executing on our innovation framework – Volufiline EXISTING 1 2 PRODUCT 3 DEVELOPMENT TikTok has a new “it” skincare >200 million ingredient that’s views of #Volufiline taken over our feeds. videos in US TikTok shop (Hallelujah! May 2025 to April 2026 Nature is healing!) It’s called Volufiline The O
Slide 19: Rebalancing Pharma
Rebalancing Pharma Rebalancing Pharma Ingredients Pharma Solutions Pharma Excipients for drug delivery and ingredients for healthcare Solutions for lipid-based drug delivery and vaccine adjuvants Common Sold via Croda regional model Project-driven; sold via specialist global team capabilities / dist
Slide 20: Delivering transformation to improve growth and efficiency
Delivering transformation to improve growth and efficiency 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 Optimise supply chain >20% adjusted operating margin Maximise returns from investment
Slide 21: Transformation programme on track
Transformation programme on track GROWTH EFFICIENCY Optimise supply chain Simplify organisation Optimise product portfolio ~ £65m savings for full year 2028 ~ £35m savings for full year 2028 E X E C U T I N G T R A N S F O R M AT I O N ✓ Minimum order values introduced globally ✓ Savings delivered i
Slide 22: Embedding AI and digitalisation
Embedding AI and digitalisation Strategy Coordinated AI roadmap Now AI enabled Seed Application: tomato seed enhancement Enhancement 2025 Increasing data + AI sophistication AI optimises 2019 + controls all Neural steps of 2013 Networks Machine tomato seed 2006 learning enhancement X-ray image 2005
Slide 23: Improving financial 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 Optimise supply chain >20% adjusted operating margin Maximise returns from investments Simplify organisation >12
Slide 24: Executing on our plan to grow earnings and returns
Executing on our plan to grow earnings and returns • H1 performance in line with expectations • Profit growth > sales growth > volume growth • Programme delivering • Reinvigorating Beauty • Rebalancing Pharma • Transformation benefits building • FY26 outlook and FY28 framework on-track © Copyright 2
Slide 25: Appendices
APPENDICES © Copyright 2026 Croda International Plc ⎸ 25
Slide 26: Quarterly sales breakdown
Quarterly sales breakdown Q U A RT E R LY CONSUMER LIFE INDUSTRIAL GROUP SALES £M CARE SCIENCES S P E C I A LT I E S Q1 2023 236.8 170.8 69.1 476.7 Q2 2023 218.8 132.4 53.0 404.2 Q3 2023 218.2 125.0 43.7 386.9 Q4 2023 212.3 126.1* 40.3 378.7* Q1 2024 236.8 121.8 49.9 408.5 Q2 2024 231.6 124.4 51.4 4
Slide 27: 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. H1 average rates: We estimate that the average annual currency translation impact on adjusted operating • US$1.34 (H1 2025: US$1.30) profit is £1m per Dol
Slide 28: Clear capital allocation policy
Clear capital allocation policy 1 2 3 4 Reinvest for Provide a regular return Acquire complementary Maintain appropriate organic growth to shareholders technologies balance sheet strength Total capex maintained Target payout ratio of 40-50% Focused on maximising returns Target net debt of at ~6% of
Slide 29: Definitions
Definitions • Organic results: these reflect current year performance for existing business translated at the prior year’s average • Leverage ratio: this is the ratio of net debt to adjusted EBITDA adjusted to include EBITDA from acquisitions or disposals exchange rates, adjusted to exclude the impa
Slide 30: Smart science to improve lives
SMART SCIENCE TO IMPROVE LIVES © Copyright 2026 Croda International Plc ⎸ 30