Slide 1: H1 2025 update
eee . Innovation @e@azeliS _troun ‘ormulation eee H1 2025 update 31 July, 2025
Slide 2: Agenda
Agenda • Key developments & business update • Financial performance • Outlook • Q&A Anna Bertona Thijs Bakker Group CEO Group CFO H1 2025 update | 31 July, 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 H1 2025 update | 31 July, 2025
Slide 5: Our diversified footprint provides resilience and opportunities in a volatile market
Our diversified footprint provides resilience and opportunities in a volatile market Positive organic revenue growth for the first half of the year even with increasing volatility 1 as varying trends across regions allow us to capture growth and offset weakness across the Group Higher cash generatio
Slide 6: H1 2025 highlights
Focus on cash as markets remain volatile • Revenue of EUR 2.2bn, an increase of 0.6%, driven by 1.2% organic growth and a 2.2% revenue growth contribution from acquisitions, offset by a 2.7% FX headwind. H1 2025 highlights • Gross profit margin of 23.9%, reflecting mix effects, impact from recent ac
Slide 7: Growth drivers: Organic and M&A
Growth drivers Organic M&A End markets: Stable LS, IC slight recovery Azelis is selectively executing on the most strategic • Strong momentum in Pharma M&A opportunities • F&N: Positive in the US, stable in EMEA • Solchem expands the Group’s presence in the highly • Mixed A&ES: positive in EMEA, hea
Slide 8: Reference in the industry
Innovation Sustainability Digitalisation Reference in Industry Awards Achievements Progress the industry • Gold at the in-cosmetics • MSCI AA ESG rating placing • Enabling growth (customer Global for the Sensory Bar Azelis in the “Leader” and principal portals, e-lab) Leader in innovation, category
Slide 9: Financial performance
Financial performance H1 2025 update | 31 July, 2025
Slide 10: Headline P&L H1 2025
Headline P&L H1 2025 Azelis Group highlights Reported Reported Constant Q2 2025 Q2 2024 H1 2025 H1 2024 (EUR m) change change currency Life Sciences 656.5 679.6 -3.4% 1,349.8 1,348.4 0.1% 2.6% Industrial Chemicals 404.6 415.0 -2.5% 809.2 797.3 1.5% 4.6% Group revenue 1,061.1 1,094.6 -3.1% 2,158.9 2,
Slide 11: Headline growth H1 2025
Headline growth H1 2025 Organic Total F/X M&A growth Organic Total Q2 2025 Q2 2024 (in millions of €) H1 2025 H1 2024 growth growth translation contribution growth growth 483.2 457.1 5.1% 5.7% EMEA 979.1 917.2 -2.2% 4.2% 4.8% 6.7% 376.0 415.3 -3.2% -9.5% Americas 759.7 786.7 -3.2% 0.2% -0.4% -3.4% 2
Slide 12: Regional financial update
Regional financial update EMEA Americas Asia Pacific Adjusted Adjusted Adjusted 14.0% 12.6% 12.5% 11.6% 10.1% 10.1% EBITA EBITA EBITA margin margin margin +6.7% -3.4% € 979 -4.9% € 917 € 787 € 760 € 442 € 420 Revenue Revenue Revenue (EUR m) (EUR m) (EUR m) Conversion 53.2% 49.5% Conversion 50.9% Con
Slide 13: Net profit drivers
Net profit drivers Azelis Group H1 2025 H1 2024 (EUR m) Operating profit 190.9 214.7 Lower operating profit Net financial expense -69.9 -72.4 • Limited revenue growth, higher Financial income 8.3 15.3 operating costs Financial expense -78.2 -87.7 Interest expenses on bank loans and Decrease in finan
Slide 14: Group cash flow
Cash flow bridge Group cash flow EUR million CF drivers H1 2025 H1 2024 (EUR m) Operating profit 190.9 214.7 257 Amortisation 36.4 35.3 234 Adjustments 7.2 4.0 191 Adjusted EBITA 234.5 254.0 151 Depreciation 22.2 20.8 Adjusted EBITDA 256.6 274.8 Change in working capital -67.3 -114.3 Operating Amort
Slide 15: Working capital
Working capital Working capital Evolution of NWC* EUR million Receivables Inventory Payables NWC/ Revenue* 15.3% 13.8% 13.4% 15.9% 15.4% 15.8% 678 607 644 628 563 467 443 445 496 584 534 376 -369 -463 -434 -487 -493 -525 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2023 2024 2024 Jun 20
Slide 16: Net debt
Net debt 2.9x 3.1x +20 +1 +128 -9 +53 +18 +38 -177 1 604 1 532 Net debt 31 Dec Income tax Net interest paid Capex M&A (1) Leases Purchase of Others (2) Net debt 30 Jun 2024 treasury shares 2025 x Leverage ratio at period end (1) Includes deferred payments for acquisitions in prior years. (2) Include
Slide 17: Outlook
Outlook H1 2025 update | 31 July, 2025
Slide 18: Near-term and medium-term outlook
Near-term • Limited direct impact from tariffs, although inflation risk weighs on demand. • Customer intimacy is critical to ensure we respond to their needs quickly • Focus on costs and cash preservation while uncertainty remains high Medium-term • The distribution market for speciality chemicals a
Slide 19: Innovation through formulation
Innovation through formulation