Annual Report 2025

About This Report 3

About Avantium 4

Key Figures 2025 5

Message from the CEO 6

Who We Are 8

The World Around Us 16

How We Create Value 18

2025 in Review 21

Highlights from 2025 22

Performance by Business Area 2025 24

Financial Performance 2025 29

Investor Relations and Share

Performance 32

Going Concern 34

Sustainability Statement 40

General Disclosures 41

Environmental 44

Social 50

Governance 56

Corporate Governance 65

Risk Management and Internal Control 66

Corporate Governance Statement 73

Management Board and Supervisory

Board 79

Report of the Supervisory Board 81

Remuneration Report 2025 88

Financial Statements 2025 108

Supplementary Information 186

References to Sustainability Reporting Frameworks 187

Sustainability Disclosures 188

Further Information on the Materiality Assessment 193

CSRD Index 196

GRI Index 200

Key Financials 203

Glossary 204

Contact 207

‌About This Report

Scope of the Annual Report

This Annual Report covers Avantium N.V., including all our consolidated entities as stated in "note 2.2.1."

Our financial and non-financial results are presented in one report and relate to all consolidated entities for the period of January 1 until December 31, 2025, unless stated otherwise.

Reporting Guidelines

Avantium prepared this Annual Report in line with the International Integrated Reporting Council (IIRC) Integrated Reporting (IR) framework.

For the non-financial information included in this report,

we followed the sustainability priorities identified through our double materiality assessment. To help guide readers, we have provided indexes in line with the Global Reporting Initiative (GRI) Standards and European Sustainability Reporting Standards (ESRS).

The Consolidated Financial Statements of Avantium N.V. have been prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the European Union (EU). The Consolidated Financial Statements have been prepared under the historical cost convention unless otherwise stated.

Reporting Structure

This Annual Report provides information on how Avantium creates long-term sustainable value for its stakeholders. We start by describing how our vision, mission, and strategy drive positive impact (About Avantium on page 4), before focusing on our performance and developments in 2025 (2025 in Review on page 21). We also include a sustainability statement (page 40), in which we discuss how we manage the sustainability topics that are most material to our business. Together, the 2025 in Review

section and the sustainability statement constitute the Management Board Report.

Assurance

The financial data and related disclosures in our financial statements are subject to external assurance. While we have strengthened our non-financial reporting and use the EU Corporate Sustainability Reporting Directive (CSRD) as guidance, we have chosen not to obtain external assurance on non-financial information at this stage.

Audience

This Annual Report is designed for all stakeholder groups that influence our business or are impacted by it, including commercial and financial partners, investors and shareholders, employees, and society at large. It provides a balanced overview of our activities and Avantium's ability to generate sustainable long-term value. Additional disclosures are available on our website: https://www.avantium.com.

Safe Harbor Statement

This Annual Report may include forward-looking statements. Other than reported financial results and historical information, all statements featured in this Annual Report - including, without

limitation, those regarding our financial position, business strategy and management plans, and objectives for future operations -are forward-looking statements. These forward-looking statements are based on our current expectations and projections about future events and are subject to risks and uncertainties that could cause actual results to differ materially from those expressed in the forward-looking statements. Many of these risks and uncertainties relate to factors that are beyond Avantium's ability to control or estimate precisely, such as future market conditions, the behavior of other market participants and the actions of governmental regulators. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this Annual Report and are subject to change without notice. Other than as required by applicable law or the applicable rules of any exchange on which our securities may be traded, we have no intention or obligation to update forward-looking statements.

Key Figures 2025 5

Message from the CEO 6

Who We Are 8

The World Around Us 16

How We Create Value 18

‌Key Figures 2025

Financial Non-Financial

Finance

Technology

Environment

Social

Revenue

(in € million)

EBITDA

(in € million)

Newly granted patents

Scope 1 emissions

(in tonnes CO2e)

Number of full-time equivalents

(on 31 December 2025)

Number of nationalities employed

14.6 -36.1

2024: 21.0 -30.5% 2024: -33.3 -8%

9

2024: 15 -40%

544

259 29

2024: 287 -9.8% 2024: 35 -17.1%

Investments

(in € million)

Net cash outflow

(in € million)

Newly reported inventions

Scope 2 emissions

(in tonnes CO2e)

Gender balance

(% of women in total workforce)

Women in senior leadership positions

(% of total senior leadership positions)

20.7 61.4

2024: 58.6 -64.7% 2024: 106.1 42%

25

2024: 45 -44.4%

2985

26% 52%

Number of government grants Grant recognition

(in € million)

Scope 3 emissions

(in tonnes CO2e)

2024: 26%

0.0% 2024: 39% 33.3%

17 3.4

2024: 15 13.3% 2024: 4.6 -26%

3060

Number of safety accidents

0

2024: 0

‌Message from the CEO

Dear Stakeholder,

In two decades as Chief Executive Officer (CEO) of Avantium,

I have never experienced a year quite like 2025. We achieved the partial start-up of our Flagship Plant for the manufacture of furandicarboxylic acid (FDCA) in Delfzijl, the Netherlands: a major milestone on the path to commercializing production of our plant-based, circular plastic, polyethylene furanoate (PEF), marketed under the brand name releaf®. At the same time, construction-related challenges resulted in delays in fully starting up our Flagship Plant, and this had a significant impact on our financial position. We also had to take some challenging organizational initiatives, including implementing a strict cost-saving program and, regretfully, making numerous redundancies as part of our necessary transition from a company focused on research and development (R&D) to a commercial enterprise.

"2025 was an unprecedented year of progress and challenges for Avantium"

Tom van Aken

Looking ahead to 2026, despite the inevitable challenges on this unique journey, I am optimistic for the future of our Company. I am pleased that we have regained momentum in our Flagship Plant activities and continue to see strong commercial traction for PEF that reinforces our confidence in the road ahead. With our innovative technologies and strong investor backing, we are poised to make a positive impact that will be felt across our industry and beyond.

Meeting Our Greatest Challenge

In 2025, Avantium faced delays in the start-up of the FDCA Flagship Plant. Consequently, we had to ensure the Company was sufficiently capitalized to realize the start-up and ramp-up of the Flagship Plant in Delfzijl. In June, we announced that we had secured €10 million in financing - including a loan from the Province of Groningen and a drawdown from the senior Debt Financing Facilities provided by our consortium of lenders - to address our short-term liquidity needs. The following month, we secured a further €10 million in senior debt financing from Invest-

NL. At the same time, we worked on a comprehensive financing plan including an agreement on new medium- and long-term conditions with our lenders, agreeing a two-year extension to our Debt Financing Facilities in August.

In the summer, we identified construction-related quality deficiencies in the titanium welding of our FDCA Flagship Plant. To ensure a safe and reliable start-up, we began an extensive weld remediation program.

We launched an equity raise in September, despite turbulent market conditions. Having initially targeted €65 million in funding, we are delighted that new investors and our existing shareholder base invested a total of almost €85 million in Avantium.

I am deeply grateful for the support of our longstanding and new investors alike, and especially for the commitment of the Dutch State, represented by the Ministry of Climate Policy and Green Growth.

This was a decisive moment for Avantium, not only ensuring the Company is well capitalized - and unlocking a critical debt repayment extension - but also underlining our investors' confidence in our strategy and their trust in our technology

and mission.

Starting a Transformative Chapter

Since this strong vote of confidence from our stakeholders, we have already been able to significantly advance progress toward the commercialization of PEF. At the end of 2025, approximately half of our FDCA Flagship Plant was commissioned and operational, including a state-of-the-art sugar dehydration unit that will validate the scalability of our YXY® Technology. We now expect to complete the full Flagship Plant start-up by mid-2026

"Reaching full production at our FDCA Flagship Plant will show customers that commercial-scale PEF is truly achievable"

The achievement of full-scale production in our Flagship Plant will demonstrate to customers that commercial-scale production of the game-changing plastic PEF is a reality. We expect commercial sales under existing offtake agreements to begin in the second half of 2026, and from there we look forward to the exciting moment when releaf® products will appear in the market - from the supermarket shelves to premium fashion and textile applications. Moreover, with far-reaching policies like the EU's Bioeconomy Strategy and the Plastic Packaging Waste Regulation coming into effect, Avantium is poised not only to deliver on our commercial potential but to be instrumental in Europe's move toward a circular bioeconomy, to be followed by

other regions in transforming their industries to rely on renewable feedstock and circular products.

On the Road to Releaf®

The important strides we are making at our FDCA Flagship Plant are just one element of our broader PEF commercialization strategy. During the year, we signed numerous offtake and capacity reservation agreements with manufacturers across many industries. We are also in ongoing discussions with several potential technology licensees. Licensing is the cornerstone of our PEF commercialization strategy, and I look forward to seeing the first of these agreements being executed.

In the meantime, we made further progress toward the commercialization of releaf® by securing key approvals in 2025. RecyClass, the European non-profit initiative dedicated to advancing plastics circularity, validated that PET and PEF multilayer bottles can be recycled in Europe, while the Japanese Council for PET Bottle Recycling (CPBR) approved the use of PEF in a multilayer PET/PEF bottle for recycling within Japan's PET bottle stream. In addition, FDCA has now also been added to Japan's "Positive List," confirming its suitability for food-contact applications and strengthening our position in a key global market.

To support our focus on the commercialization of PEF, we are exploring promising strategic divestment and partnering options for Avantium's other proprietary technologies, including Dawn Technology®, Parana Technology and Volta Technology,

as well as the Avantium R&D Solutions business unit (see page 11 and ##). The execution of these initiatives will enable us to focus our resources on making releaf® a commercial reality - thereby accelerating our path to sustainable profitability and helping support the global plastics transition.

Bringing It All Together as a Team

While a significant reorganization was an inevitable part of our transition from an R&D company to a commercial organization, saying goodbye to 40 Avantium colleagues was one of the most painful challenges that we - and I personally - faced this year.

I am grateful to all our colleagues directly impacted by the changes: to our former colleagues for their vital contributions to our mission, but also to our remaining teams for their unstinting collaborative commitment in very difficult circumstances.

2025 was a tumultuous year for Avantium but I believe it has created the platform for future commercial progress for our Company. I believe this is the testament to the strength of the teamwork demonstrated during the year, and I want to thank

all our stakeholders - including lenders, shareholders, the Dutch government, partners, and customers - and, especially,

my talented, dedicated, and passionate colleagues who were able to bring it all together. I also want to thank the members of Avantium's Supervisory Board for their efforts and collaboration during a challenging year.

If 2025 was a year like no other, I am confident that 2026 will set the stage for stability and success. With renewed momentum behind us, I believe we can all look forward to seizing the significant opportunities ahead, as we continue to lead the transition to a fossil-free chemical industry.

Tom van Aken CEO, Avantium

‌Who We Are

Our vision is clear: At Avantium, sustainability is at the core of who we are. Through our products and technologies, we strive to de-fossilize the chemical industry, accelerate the shift to a circular economy, and create long-term, sustainable value for all our stakeholders.

Years of R&D Patent families

Core products

FDCA PEF branded as releaf®

World-first commercial

FDCA Flagship Plant Employees

Our Mission

To lead the transition to a fossil-free chemical industry by 2050.

Offtake

Strategic

& commercial partners

Capacity

Our Strategy

To scale our technology globally through

agreements

License agreement

reservations

our own production, strategic commercial partnerships, and third-party licensing, building strong collaborations across the value chain to deliver meaningful impact while fostering a safe, inclusive, and inspiring workplace where people can thrive.

Our Values

• We make a lasting impact

• We are determined team players

• We do the right things right

• We are pragmatic idealists

• We have fun

Making an Impact through Our Integrated Strategy

At Avantium, we aim to monetize our innovative proprietary technologies and business units through several pathways. These include: (i) licensing them to third parties; (ii) applying them in our own production assets or through partnerships and

joint ventures; (iii) divesting them to external

Sustainability is, and has always been, inseparable from our overall commercial strategy. The visual below reflects the integration of our four sustainability focus areas and the four parts

Climate

of our strategy. Together, this drives progress toward our vision of a fossil-free world. For more information about our sustainability focus areas, see "Sustainability Strategy."

parties; and (iv) spinning out individual technologies or business units with strategic partners who then lead investment in the business while Avantium retains minority shareholder status.

Climate Change

• Industry-wide emissions reduction by deploying our technology

  Change Circularity

  • Circularity of PEF

  • Sustainable feedstock

  • Valorization of waste/ by-products of our

    We continually assess these pathways to identify the best longterm opportunities for each technology to reach its maximum potential. Our management processes are designed to manage risk, safeguard our strategic optionality, and increase shareholder value. We plan, allocate, and deploy our resources in a way that aims to best serve all our stakeholders, supporting our ambition to profitably scale renewable and circular materials globally.

    As we transition from an R&D organization into a commercial company, we are also transforming Avantium's business portfolio. This aligns with our increased strategic focus on our lead innovation, YXY® Technology, and the business area in which

    it resides, Avantium Renewable Polymers.

    In the following pages, we provide more information about our specific strategy for Avantium Renewable Polymers, before outlining the strategic directions we are pursuing for our other proprietary technologies and business areas.

• Emissions intensity of

  our own FDCA Flagship Plant

  Business Conduct

• Advocacy for a circular and fossil-free chemical industry

• Consumer health and safety

  Business Conduct

  Strategic Focus

  Drive leadership in plant-based and circular polymers with a clear focus on PEF, branded as releaf®

  Strategic Partnerships Build strong collaborations across the value chain to create value

  We believe in a fossil-free world. Let's go

  Workplace

  Foster a safe, inclusive, and inspiring work environment where our team can make a positive impact

  Own Workforce

  Commercialization & Licensing Scale globally through own production, partnerships, and licensing

  Circularity

  technology

  Own Workforce

• Health and safety in our own operations

• Development of human capital

‌Business Areas

Innovation Funnel

Avantium Renewable Polymers

Avantium Renewable Polymers is home to our lead technology, YXY® Technology, which transforms plant sugars into FDCA. FDCA is the essential building block for creating our next-generation polymer PEF, known under the brand name and EU-registered trademark releaf®.

Using 100% renewable carbon in PEF instead of using fossil-based carbon in polyethylene terephthalate (PET) can bring substantial advantages. For example, when producing 500 ml bottles the use of PEF can reduce greenhouse gas (GHG) emissions by 73% over the bottles' life cycle compared to PET. Additionally, the emissions from bio-based bottles upon incineration are offset by CO2removal during the growth of the renewable feedstock, ensuring no additional CO2is released into the atmosphere. Significant GHG emission reductions (around 39%) can also be achieved in multilayer packaging (PET/ polyamide (PA)) by replacing typical fossil-based barrier layers with PEF. See our website for full life-cycle assessment (LCA) results.

In addition, PEF can be recycled in existing recycling streams.

Our strategy for Avantium Renewable Polymers has four key parts: (i) to continue developing the market for PEF by working with partners to generate global demand, (ii) to prove YXY® Technology at commercial scale at our FDCA Flagship Plant, (iii) to ensure global availability of PEF via technology licenses, (iv) to continuously improve the technology and maintain our technology leadership through ongoing research and collaborations. In doing so, we aim to create sustainable value for all our stakeholders; indeed, sustainability is a fundamental driver of our commercial strategy (see our Sustainability Statement on page 40).

We use an innovation funnel to manage our development activities from ideation to commercial launch, including a stringent stage-gate process to structure our decision-making.

Licensing is especially important to our success. This is the fastest and most capital-efficient way to commercialize our technology, bring our sustainable solutions to market, and deploy them around the world to meet the demand for renewable and circular materials.

Close collaboration with strong partners throughout our entire value chain is key to our strategy. As such, we work with companies who share our values and ambitions, and want to build a better world for future generations.

Having started up the sugar dehydration unit of our Flagship Plant in 2025, we expect to begin producing FDCA in the second half of 2026.

Demonstrating YXY® Technology to the market at commercial scale will represent a major milestone in Avantium's licensing strategy.

To prepare for this, we have developed a licensing sales pipeline with potential clients in Europe, Asia, and the Americas. Technology licensees are expected to construct production facilities with initial capacities of 100 kilotonnes (or more) per year.

See page 24 for details of our progress.

Stage 1: Development

We evaluate an idea's technical and commercial potential and its fit with Avantium's strategy for PEF and FDCA.

Stage 2: Pilot Plant

We secure, test, demonstrate, and optimize the technology, as well as validating its applications at our FDCA pilot plant or our FDCA Flagship Plant.

Stage 3: Flagship Plant

We produce the technology at commercial scale, either on our own or in partnership.

Stage 4: Licensing Facilities We license our validated technology to industrial partners and develop projects to enable broader-scale deployment and market adoption of PEF and FDCA.

Volta Technology

Volta Technology is our carbon capture and utilization (CCU) platform. It uses electrochemistry to harness the power of air-based CO2, converting it into fossil-free raw materials suitable for a broad range of high-value chemical products.

Our Volta business unit focuses on formic acid, oxalic acid, and glycolic acid - the last of these being a key building block for carbon-negative plastics like polylactic co-glycolic acid (PLGA). PLGA offers an excellent barrier against oxygen and moisture, has good mechanical and thermal properties, and is recyclable, home-compostable, and marine-degradable.

These qualities make it a suitable candidate for applications in plastic packaging, paper coating and agri- and horticulture products.

Now proven in our laboratories and in larger-scale container units, our Volta Technology is ready to be further scaled out to a pilot plant. We are therefore in discussions with strategic and financial partners with whom we can further develop the technology, work

toward the commercialization of Volta Technology and realize its full potential.

See page 27 for our progress.

Dawn Technology®

We have built a strong and unique business case for the use of Dawn Technology® to convert waste from polycotton textiles into glucose and chemically recyclable PET.

Not only does this help to address a major challenge for the global textile industry, but it also integrates with Avantium's core strategy for commercializing PEF, as the technology can be used to produce second-generation feedstock for FDCA.

In 2025, we began seeking strategic and financial partners with the capital and expertise required to take this Dawn Technology® forward.

See page 27 for our progress.

Avantium Corporate Technology

Led by Avantium's Chief Technology Officer, Gert-Jan Gruter, this small team of scientists and PhD students has strong ties to the University of Amsterdam.

Corporate Technology serves as an incubator for early-stage innovation, complementing our other business units.

Part of our Corporate Technology team works on optimizing our Dawn Technology®, with other members focusing on Parana Technology. Parana Technology has enabled new and simpler ways to synthesize several families of renewable, high-performance polyesters, using commercially available monomers and assets. These bio-based polymers include a class of oxalic acid-based polyesters known as PISOX, which provide an unprecedented combination of useful and sustainable properties, including marine-degradability and a carbon-negative footprint.

Given the growing market interest in bio-based polymers and other bio-based building blocks, our strategy is to spin out the Parana Technology, with Avantium retaining a minority shareholding in the new business entity.

See page 28 for our progress.

Avantium R&D Solutions

Avantium R&D Solutions is our revenue-generating business unit, specializing in advanced catalysis solutions for R&D processes and sustainable chemistry applications. We provide high-throughput systems and services, as well as custom R&D units, to customers worldwide.

The R&D Solutions business unit continues to operate as a stand-alone entity while strategic alternatives are evaluated.

See page 28 for our progress.

Ray Technology®

In 2023, Avantium decided to prioritize the commercialization

and licensing of FDCA and PEF and, therefore, to stop investments in Ray Technology®. Avantium continues to explore options for our Ray Technology®, including the potential sale of the technology (IP).

For the legal structure of Avantium, please refer to note 2.2.1

Avantium Annual Report 2025 | About Avantium | Who We Are 13

Our Locations

At Avantium, we are united across our different business areas in aiming to deliver innovative solutions for the renewable materials transition, cut out plastic waste, and reduce CO2.

Avantium operates at four different locations:

• Headquarters and laboratories at Amsterdam Zekeringstraat

• Laboratories (in collaboration with the University of Amsterdam) at the Amsterdam Science Park

• Pilot plant and FDCA Flagship Plant at Chemie Park Delfzijl

• Pilot plant in Geleen Brightlands Chemelot Industrial Park

In 2025, 188 (or 69%) of our employees mainly worked either in research laboratories or in our offices (on, for example, business development, analytics, strategy, project management, and

Avantium Headquarters

Zekeringstraat 29

1014 BV Amsterdam

166 people

Science Park Laboratory

Matrix Building 6

Science Park 408

1098 XH Amsterdam

FDCA Flagship Plant

Heveskeslaan 5

9936 HH Farmsum Chemie Park Delfzijl

Dawn Pilot Biorefinery

Oosterhorn 4

9936 HD Farmsum Chemie Park Delfzijl

61 people

engineering). The remaining 86 (or 31%) of our employees worked in our pilot plants and our FDCA Flagship Plant.

In 2025, our FDCA Flagship Plant focused on starting up production, a process that will continue into 2026. This also meant that the impact of Avantium's operations in 2025 resembled that of an R&D-focused organization rather than a full commercial manufacturing business.

Beyond our own operations, Avantium works with like-minded partners to develop and commercialize our disruptive solutions. Most of our suppliers are landlords and providers of management and consulting services, technical services, lab consumables, and maintenance support; we also have a limited number of suppliers of feedstock and input materials.

22 people

Globally

USA & Japan

2 people*

*employees of record

FDCA Pilot Plant

Urmonderbaan 22

6167 RD Geleen

Brightlands Chemelot Campus

25 people

Avantium Annual Report 2025 | About Avantium | Who We Are 14

‌FDCA and PEF Value Chain

Stakeholders

Upstream

• Feedstock suppliers

• Engineering partners and contractors

• Plant-based MEG suppliers

  Own Operations

  • Employees

  • Society

  • Regulators and authorities

    (local, regional, national, international)

    Downstream Direct stakeholders Offtake partners:

  • Brands

  • Retailers

  • Converters

    Indirect stakeholders

  • End consumers/users

  • Recyclers

    Polymerization

    Raw

    Materials Plant-based MEG

    FDCA

    Licensing channel

    Direct stakeholders

    Raw

    • Offices

    • Laboratories and pilot plants

    • FDCA Flagship Plant

    • Market and business development

    PEF

    (releaf®)

    Packaging Fiber

    Film

    Materials Sugar Consumer

    goods

    Recycling

    Engineering and constuction

    Intellectual property

    Technology licensing agreement

    Licensing channel

    Direct stakeholders

    Licensed factory

    Downstream

    Licensing partners:

• Feedstock suppliers

• Chemical companies

• PET/polymer producers

  PEF

  (releaf®)

  Direct stakeholders

  Sustainability Focus

  Upstream

• Sustainable feedstock

  Own Operations

  • Emissions intensity of our own FDCA Flagship Plant

  • Valorization of waste/by-products from our technology

  • Health and safety in our own operations

  • Development of human capital

  • Advocacy for a circular and fossil-free chemical industry

    Downstream

  • Indu stry-wide emission reductions enabled by deploying our technology

  • Consumer health and safety

  • Circularity of PEF

About Our Value Chain

Avantium develops innovative technologies that enable a fossil-free and circular chemical industry. At the center of this mission is our product PEF, marketed as releaf®. Our value chain (page 14) illustrates how Avantium produces releaf® and distributes it through the offtake channel. It also shows how Avantium licenses the YXY® Technology we have developed to manufacture releaf® through the licensing channel.

Offtake Channel

Through the offtake channel, we either produce FDCA at our FDCA Flagship Plant in Delfzijl or PEF (using our own FDCA) with the support of our polymerization partner Selenis. The process begins with us procuring the raw materials we need to produce FDCA, one of the key building blocks in PEF. The main feedstock is sugar, which is currently high-fructose syrup derived from wheat supplied by Tereos. Avantium then applies its YXY® Technology process steps - sugar dehydration, oxidation, and purification - at the FDCA Flagship Plant in Delfzijl, which will have an annual production capacity of up to 5 kilotonnes of FDCA. Most of this FDCA is further converted into PEF, while a portion is sold directly to our offtake partners.

Our laboratories and pilot plants in Amsterdam and Geleen continuously analyze, improve, and document the process, while also supporting patent and trademark registrations. Our business development, regulatory, and other teams work to ensure that FDCA and PEF meet market demand and requirements as well as customer expectations.

Most of the FDCA produced at the FDCA Flagship Plant is transported to our polymerization partner for the final YXY® Technology step. At this stage, the second building block - plant-based MEG, currently procured from India Glycols - is added.

Production takes place at the polymerization partner's facility using its equipment and workforce, but strictly according to Avantium's specifications. This results in the production of PEF.

Avantium sells FDCA and PEF to offtake partners - first movers in the innovative polymers market, typically brands, retailers, and converters. Additional processing steps then take place before FDCA and PEF are transformed into consumer products such as bottles, films, adhesives, and more. After use, these products can be recycled.

Licensing Channel

Licensing forms the core of Avantium's strategy and builds on the proven success of the offtake channel. The goal of the licensing track is to enable large-scale FDCA and PEF production through a business model where Avantium grants technology licenses to partners such as feedstock suppliers, chemical companies, and PET/polymer producers. These partners invest in building production facilities and infrastructure and in securing the necessary input materials.

Avantium's role in this channel is to provide the intellectual property, technical specifications, and services required for partners to establish and operate the FDCA and PEF production process, as defined in the licensing agreements.

The PEF produced by our licensing partners is then distributed through their own value chains and converted into a wide range of applications that ultimately reach end-users. After use, the PEF can be recycled, creating the potential for a circular loop in which used materials return as next-generation inputs.

‌The World Around Us

The global context in 2025 continued to present both urgent challenges and emerging opportunities for Avantium. Confirmed as one of the warmest years on record, 2025 underscored the intensifying impacts of climate change and how they are affecting communities, ecosystems, and economic systems worldwide. Nevertheless, we also saw encouraging signs that the broader trajectory points toward a circular bioeconomy, presenting a strong opportunity for Avantium to play an important role in the transition.

Navigating Global Headwinds

Geopolitical and economic headwinds continued to create obstacles for the sustainable plastics movement and for environmental progress more broadly. Many companies, including Avantium, experienced the effects of ongoing resistance to environmental, social, and governance (ESG) considerations: the foundational concepts used to integrate and assess sustainability and ethical impact within business strategy.

Geopolitical uncertainty contributed to a challenging financial environment in the first half of the year, including tariff fluctuations in major markets such as the United States. This also had an impact on Avantium's financial position. However, the successful closing of our equity raise in September, with significant participation from the Dutch government, is an encouraging signal of investors' continued confidence in our strategic direction, our technology platform, and our releaf® product.

Heading Toward a Circular Bioeconomy

Plastic bottles used annually worldwide Billion

481.6

Source: Reuters

After all, there are promising signs of a longer-term shift toward a circular bioeconomy: one that decouples economic growth from fossil inputs and linear consumption. Business interest in circular strategies is strengthening, with global leaders and industry coalitions prioritizing regulatory frameworks, investment mechanisms, and multi-stakeholder initiatives to accelerate systemic change.

2025, one of the warmest years on record, highlighted the accelerating impacts of climate change worldwide

Research published in 2025 shows that just 6.9% of global material flows are recycled, illustrating how far the world still

is from circular systems - and where potential opportunities lie for innovative technologies and business models to help close the loop.

Alongside sustained business interest, we also see a wider shift in the regulatory and international environment toward a circular bioeconomy strategy.

Research in 2025 shows only 6.9% of global materials are recycled - far from a circular world

At COP30, discussions mainly focused on energy decarbonization, but they also broadened to include the role of bio- and circular economy strategies in sustainable industrial transformation. Key initiatives like the Bioeconomy Challenge aim to scale investment and support decarbonization, innovation, and equitable economic development.

In Europe, the adoption of the updated EU Bioeconomy and Circular Economy Strategy signaled an increasing focus on resource sovereignty, innovation, and the valorization of secondary raw materials. These frameworks position circular bioeconomy principles at the core of Europe's future competitiveness, resilience, and climate goals.

A key element of the updated EU Bioeconomy Strategy is its plan to strengthen market demand for bio-based products through

bio-based content requirements - essential for creating a level playing field with fossil-based alternatives. Under the Packaging and Packaging Waste Regulation (PPWR), criteria for bio-based plastics will be defined by 2027, complementing recycled content targets and ensuring a coherent approach across applications.

The EU Bioeconomy Strategy also reinforces the importance of circularity. Its recognition of novel bio-based materials within the PPWR, together with mandatory content targets for bio-based and recycled materials, will help stimulate market uptake.

Fighting for a Brighter Future

At Avantium, we therefore believe that the currents of change are moving in our favor. The combination of regulatory momentum, international policy emphasis on circular bioeconomy strategies, and continued commercial traction positions us to play an increasingly important role in the materials transition.

Through the commercialization of plant-based plastics like releaf® and the scale-up of our proprietary technology platforms, we are helping to support a global shift toward sustainable, renewable materials. In this challenging yet promising context, we remain optimistic about our ability to contribute meaningfully to a future that is less dependent on fossil resources and more sustainable for generations to come.

‌How We Create Value

We maintain ongoing dialogues with our stakeholders - the individuals, groups,

and organizations that can affect or be affected by our business - about Avantium's strategy, developments, and activities. We create value for our stakeholders by working toward our mission to help transition the chemical industry to renewable feedstocks and to secure a sustainable future for all. In addition, we work closely with our ecosystem of strategic, commercial, and financial partners, expert suppliers and service providers, and academic partners. See "Stakeholder Engagement" on page 58 for more details.

We recognize various stakeholder groups. Each group is affected by Avantium's business activities and performance in a different way. We take into account the varied interests and variable expectations of these stakeholder groups when determining our strategy.

In 2024/2025, we conducted a double materiality assessment (DMA) to identify and prioritize the (sustainability) topics and issues that are most material to Avantium's business and stakeholders. See "Double Materiality Assessment" on page 41 for more information.

Employees

Our talented and motivated employees are our biggest competitive advantage. We aim to be a magnet for the best people from a diverse array of backgrounds and to foster a safe, inclusive, and inspiring workplace where everyone can thrive.

Safety is always our number-one priority: we strive for an incident- and accident-free environment.

Commercial Partners, Licensing Partners, and Customers

An integral part of Avantium's strategy and commercialization and licensing roadmap is our collaboration with partners throughout the entire value chain. We bring our technologies to the market in collaboration with like-minded companies whose skills and expertise complement our own and increase our chances of success. Together, we develop and deliver innovative solutions that benefit our customers and help them achieve their sustainability goals.

We conduct dialogues with our partners and customers to identify shared objectives, build partnerships, and create ecosystems to commercialize our innovations around the world. Avantium's global customer base, including industry leaders, positions us to provide tailored services and deliver meaningful results.

Offtake Partners

We see offtake partners - those who buy FDCA from our Flagship Plant or PEF made using FDCA from our Flagship Plant -as a specific category within our commercial partners and customers stakeholder group. These brands, retailers, and converters are first-movers in the market, showcasing the commercial potential of our innovative material and leading the way in putting PEF products into consumers' hands.

We maintain close relationships and open dialogues with our offtake partners, aiming to build trust, manage expectations,

and drive momentum as we complete the start-up of our Flagship Plant and advance our commercialization journey.

Shareholders

Avantium's shareholders rely on us to successfully execute our strategy and create maximum value. By monetizing our innovative technologies and commercializing our game-changing products and technologies, we create the potential to deliver increased value to our shareholders.

Financial Partners

Our financial partners are a crucial stakeholder group for Avantium. This group includes a consortium of lenders comprising ABN AMRO Bank, ASN Bank, ING Bank, Rabobank, the Dutch government-backed impact investment fund Invest-NL, and loan providers including the Province of Groningen and Fonds Nieuwe Doen, as well as subsidy providers. These partners rely on us to successfully execute our strategy and related projects.

Supply Chain Partners and Contractors

Our supply chain partners and contractors are integral partners as we scale up our technologies efficiently and deliver on our commitments to customers. Feedstock suppliers, in particular -providing high-fructose syrup and bio-based MEG (mono-ethylene glycol) - play a crucial role in our responsible and sustainable supply chain.

Recyclers are increasingly important supply chain partners for Avantium as we work to demonstrate and accelerate the circularity potential of our material PEF. By engaging with recycling companies, we ensure that PEF applications can be collected, sorted, and reprocessed effectively, supporting both circular design and end-of-life value creation.

Governments and Authorities

Governments and regulatory authorities shape the legislative and regulatory landscape in which Avantium operates.

At international, European, national, regional, and local levels, they not only develop and enforce rules that influence our business but also provide subsidies and permits that require continuous engagement. Alongside these public bodies, we also work closely with advocacy groups and industry associations that help advance the transition to renewable and circular materials. Policymakers and legislative institutions play a key role in creating frameworks that enable the scale-up of sustainable technologies, while compliance oversight bodies safeguard adherence to legal and reporting requirements. Certification and standards organizations further contribute by defining technical

specifications and sustainability criteria that support market acceptance of our products. Together, these stakeholders create the conditions under which Avantium can innovate, operate, and grow responsibly.

Society

Avantium also considers a range of other stakeholders in carrying out our business. We align our (commercial and sustainability) strategy with the needs of wider society, looking beyond our immediate value chain. As well as engaging with students at schools and universities - sharing our expertise and inspiring young people to be excited about sustainable and renewable chemistry - we maintain active dialogues with local communities, industry associations, media organizations, and non-governmental organizations (NGOs).

Value Created for Our Stakeholders

Input

Outputs

Impact

Human Employees PhD students Interns

Students and prospective employees

Suppliers & Contractors

Improved ESG performance and reputation by participating in pioneering circular and renewable chemistry

Offtake Partners

Early access to and adoption of plant-based, recyclable, high-performance polymer PEF or monomer FDCA

Sustainable Feedstock

Development of today's and tomorrow's feedstocks; mitigation of negative

lntellectual Patent families R&D expertise

Natural

Recycling endorsements

for PEF

4

Multi-year supply agreements

for feedstock and other input materials

Our Strategy

Offtake

agreements

21

Expected sales under

offtake agreements

H2 2026

impacts (both environmental and social) in the

supply chain

Responsible Production

Bio-based feedstock Other input materials Energy

Water

Financial Partners & Shareholders

Position at the forefront of high-growth sustainable materials markets, with exposure to multiple revenue pathways

Strategic Partnerships Building strong collaborations across the value chain

to create value

Commercialization & Licensing

Scaling globally through own production, partnerships,

and licensing

Licensing Partners

Proven YXY® Technology, complementary expertise, joint innovation, and commercial demand

Improvement of Avantium's carbon emissions intensity; valorization of waste and by-products; high standards of health and safety in our

Social & Relationship Stakeholder engagement Partnerships Memberships and industry associations

Consolidated revenues and other income

€18.0 million

EBITDA

€-36.1 million

Strategic Focus Driving leadership in plant-based and

circular polymers with a clear focus on PEF, branded as releaf®

Workplace Fostering a safe,

inclusive, and inspiring workplace where our people can make a positive impact

Capacity reservations

13

License agreements

1

own operations; development of human capital

Circular Business

Reduction in industry-wide

Manufactured Laboratories Pilot plants

FDCA Flagship Plant

Financial Investments Cash position

Society & Authorities

Accelerated adoption of technologies that help realize the national and international sustainability agenda

Employees

Safe, inclusive and collaborative environment supporting continuous learning and development

emissions; high standards of health and safety for consumers;

circularity of PEF

Contribution to a circular and fossil-free chemical industry

Governance

Risk Management

Figures are based on 2025 data

Highlights from 2025 22

Performance by Business Area 2025 24

Financial Performance 2025 29

Investor Relations and Share Performance 32

Going Concern 34

‌Highlights from 2025

Avantium Renewable Polymers

• At the end of 2025, utilities and a state-of-the-art sugar dehydration unit at our FDCA Flagship Plant were commissioned and operational.

• Achieved certification for three key ISO norms at our Flagship Plant.

• Increased the total number of offtake agreements for PEF to 21 through new deals with companies including Amcor, Hoogesteeger, PLIXXENT, and the Bottle Collective.

• Signed new capacity reservations with multiple companies including Biovox, Hordijk, and Logoplaste

  to secure FDCA and PEF volumes from future licensed facilities.

• Formed a strategic alliance with Tereos and LMVH GAÏA to scale the production of PEF across Europe.

• Awarded a €200,000 grant by the EU Horizon Europe program for participation in the CERISEA consortium.

• Secured key recycling and food-contact approvals for PEF from RecyClass and relevant authorities in Japan.

  Volta Technology

• Continued scaling out Volta Technology to a larger container unit as part of the WaterProof program.

  Company

  • Raised €84.8 million in equity to continue commercialization of our plant-based polymer PEF.

  • Secured amended debt terms with a loan maturity extended to June 2028, and lower, partly payment-in-kind, interest rates.

    Highlights from 2025 (continued)

    
    
    

    Dawn Technology®

• Demonstrated a patented method to recycle polycotton textiles by converting cotton to glucose while preserving polyester for fiber to fiber recycling, as published in Nature Communications.

• Confirmed that Dawn Technology® can remove elastane from PET, unlocking another valuable application.

  Avantium R&D Solutions

• Expanded Flowrence® technology with a new two-zone hydrocracking unit design, now mechanically proven and attracting strong customer interest for 2026.

• Advanced our direct air capture collaboration with Climeworks.

  Parana Technology

  • Continued application testing with LEGO and a major cosmetics brand.

  • Received grant for participation in the NO-REGRET consortium.

‌Performance by Business Area 2025

In a challenging year, we stayed the course -moving ever closer to our vision of a fossil-free world.

‌

Advancing Our FDCA Flagship Plant amid Challenges Our lead business unit faced several major challenges in 2025. We began the year by commencing start-up activities at our FDCA Flagship Plant in Delfzijl, with the aim to put PEF into the hands of customers by the end of the year. However, as a result of a combination of technical and operational issues, the commissioning and start-up period for the FDCA Flagship Plant was delayed, with a material impact on the Company's financial position.

To meet our short-term liquidity needs, we secured €10 million in financing in June, made up of a €4 million subordinated loan from the Province of Groningen (the second tranche of the agreed €9.9 million) and a €6 million drawdown from the

€20.1 million increase of the senior Debt Financing Facilities provided by our consortium of lenders (Invest-NL, ABN AMRO, ING, ASN, and Rabobank). In July, Invest-NL provided another

€10 million in senior debt financing, with the stipulation that it be repaid from the proceeds of a planned equity raise.

This bridge funding enabled us to continue working on longer-term options that would allow us to keep operating. In August, we agreed a comprehensive financing package with the consortium of lenders - amending our Debt Financing Facilities and extending the repayment date from March 2026 to June 2028.

In the same month, we uncovered serious construction-related quality issues in the welding at our Flagship Plant in Delfzijl.

This required us to delay our commissioning activities while we undertook a comprehensive repair and remediation program to ensure a safe and reliable start-up.

Bolstered by the successful start-up of the sugar dehydration unit in August 2025 and utilities of the FDCA Flagship Plant earlier in the year, we launched a capital increase in September, by means of a fully committed and underwritten rights offer. We raised

€84.8 million in equity, exceeding our initial expectation of

€65.4 million. This was thanks to the additional placement of €15.0 million in new ordinary shares to the State of the

Netherlands, represented by the Ministry of Climate Policy and Green Growth. This outcome reflects investor and government confidence in our strategy and demonstrates a shared commitment to pursuing the large market potential of FDCA and PEF and accelerating the transition to sustainable materials.

Avantium also took responsibility by critically reviewing our spending. As well as pausing non-essential spending and hiring, we took the decision to reorganize our Company, including letting go of 40 colleagues. Our evolution from an R&D-focused company to a commercial company inevitably involves transitioning the profile of our workforce. More information is provided in the "Social" chapter of our Sustainability Statement (see page 50).

With our finances restored to health, we were able to resume focus on the crucial next steps at our FDCA Flagship Plant.

By the end of 2025, the utilities and sugar dehydration unit were started-up, with the weld repair program well underway and the team focusing on starting up the oxidation and purification units.

We now expect start-up to be completed by mid-2026, with sales under our offtake agreements commencing in the second half of 2026.

In early 2026, we furthermore successfully achieved certification for ISO 140001, 45001, and 9001 (environmental management systems, occupational health and safety systems, and quality management systems, respectively) for the production of intermediate chemicals used in the production of FDCA at our FDCA Flagship Plant.

Paving the Way for Circular Plastic

While our fundraising activities and start-up delays slowed our progress on the commercial activities of Avantium Renewable Polymers, we were able to take several important steps forward. Most significantly, we advanced our discussions with potential technology licensing partners with the potential to build 100-kilotonne (or more) FDCA production facilities. It is a testament to our innovative YXY® Technology and revolutionary plant-based plastic releaf® that interest from potential licensees has remained strong, both in a difficult year for the chemical industry at large and at a time when sustainable investment is being scaled back in many markets.

In September, we announced a key strategic alliance with Tereos (our feedstock supplier) and LMVH GAÏA (the environmental R&D division of LVMH Louis Vuitton Moët Hennessy) to scale up releaf® production across Europe. Building on our longstanding collaboration within the PEFerence consortium, this new consortium intends to identify and receive commitment from an operational partner to build and operate the first industrial-scale facility in Europe, based on our proprietary YXY® Technology.

This will form an important pillar of Avantium's licensing strategy in the region.

Meanwhile, we continued to grow our network of offtake partners for our FDCA Flagship Plant. In Avantium's first step into the construction industry, we signed a five-year conditional agreement with PLIXXENT, a leading producer of polyurethane

products, that will buy our FDCA for use in insulation foams. As well as delivering significant environmental benefits over traditional petrochemical-based foams, FDCA provides the

mechanical strength and dimensional stability needed for building applications.

We made more agreements with partners in food packaging.

We announced a conditional offtake agreement with fresh juice producer Hoogesteger, who will purchase PEF to use in bottles to be sold at Albert Heijn. This marks the third PEF-based application for the Netherlands' largest supermarket chain.

Additionally, we signed an offtake agreement with the Bottle Collective to integrate PEF into its fiber bottles, improving both barrier performance and sustainability. Supported by partners such as PA Consulting, PulPac, LogoPlaste, and major global brands including Diageo, Opella, and Haleon, the Bottle Collective is advancing the development of next-generation fiber bottles based on the Dry Molded Fiber technology.

Avantium also signed new capacity reservation agreements in 2025, with partners who will gain preferred access to PEF produced by future technology licensees:

• Amcor Rigid Packaging, with whom Avantium will also partner to explore the use of releaf® in containers for a range of consumer products.

• BIOVOX, a pioneer in sustainable healthcare plastics.

• Royal Hordijk, a leading producer of sustainable plastic packaging solutions.

• Logoplaste Consultores Técnicos, a global packaging manufacturer.

In January 2026, we signed a capacity reservation agreement with Packamama, the UK- and Australia-based innovator in sustainable wine packaging. At the time of publication, capacity reservations now exceed 100 kilotonnes, effectively fully booking a 100-kilotonne licensed facility and supporting the development of multiple licensed plants.

Other Developments

In addition to securing more commercial partnerships

in 2025, we celebrated other notable developments all along our value chain and across a wide range of industries.

This further confirms the market's readiness for our game-changing circular plastic.

During the year, we continued our collaboration with a consortium of leading textile innovators on developing a PEF-based spacer fabric for Auping mattresses.

In May, Avantium Renewable Polymers was awarded a

€200,000 grant by the EU Horizon Europe program for participation in the CERISEA consortium for the large-scale production of the bio-based chemical 5-Hydroxymethylfurfural (5-HMF), which can be used as an intermediate in producing FDCA. The goal of CERISEA is to help create an integrated and sustainable European production ecosystem that reduces environmental impacts and strengthens the economic resilience of the region's chemical industry.

In Japan, FDCA was named as an approved monomer on the so-called "Positive List", making PEF eligible for use in food-contact applications. This builds on similar approvals already granted in Europe and the United States and represents an important step in bringing a circular and renewable solution to this key market. Later in the year, the Council for PET Bottle Recycling (CPBR) approved PEF used in a multilayer PET/PEF bottle for recycling within Japan's PET bottle stream.

Similarly, the European non-profit RecyClass also evaluated our multilayer PET/PEF bottle and found this combination to be compatible with the PET recycling stream (unlike PET bottles that use nylon as a barrier material). This means that brand owners can confidently adopt PEF as a barrier layer without compromising packaging quality or end-of-life recyclability.

Meanwhile, the European PET Bottle Platform (EPBP) has extended its interim endorsement for recycling bottles containing PEF in a designated test market. This assessment covers the use of PEF in bottles and similar applications, including its role as a barrier layer in multilayer PET bottles within the European recycling stream.

Across Avantium

Fulfilling the Potential of Our Technologies

‌In 2025, as we continued to sharpen our strategic focus on FDCA and PEF, we initiated a comprehensive review of Avantium's other business areas and proprietary technologies. During the year, we held discussions with external parties regarding strategic options - including full or partial transfer of ownership -for Volta Technology, Dawn Technology®, Parana Technology (part of Corporate Technology), and Avantium R&D Solutions.

For more information about our specific strategies, see "Business Areas" on page 10. Here, we share key developments from 2025.

Dawn Technology®

With only 1% of the world's textile waste being recycled, the industry urgently needs solutions. In 2025, we worked on creating the business case for our biorefinery platform,

Dawn Technology®, to provide an answer. Having continued to test and fine-tune the use of blended polycotton textile waste during the year, it is clear that this platform can solve two important environmental challenges: converting cotton into glucose derivatives (a second-generation feedstock for, for example, FDCA and PEF), and preserving the polyester for true fiber-to-fiber recycling. New results confirm that the Dawn Technology® process can remove elastane from PET, including twisted PET-elastane yarns, revealing another valuable application for Dawn Technology®. It is on this basis that we are exploring options together with financing and strategic partners on how to best prepare Dawn Technology® for the future.

Volta Technology

With our carbon capture and utilization (CCU) technology ready for the pilot plant phase, we focused during the year on strengthening our collaboration with value chain partners, such as suppliers of Volta Technology's key feedstock, CO2.

Volta Technology is also supporting the Province of Groningen

in its CCU FWD (Carbon Capture & Utilization - Forward) initiative: a collaborative effort between industry, university, and government institutions that aims to create a CCU ecosystem in which we believe our platform could play a key role. Moreover, as made clear in the Wennink report released at the end of 2025, CCU is an important technology for the sustainable economic growth of the Netherlands. The Wennink report examined

what is needed to strengthen the Netherlands' industrial competitiveness, innovation capacity, and sustainable economic growth, with a strong focus on enabling the transition to sustainable and circular chemistry.

At the same time, we continued to develop the markets for Volta Technology products. As a fossil-free, compostable, and recyclable polymer, PLGA (polylactic co-glycolic acid) can help brand owners and plastic converters reduce the environmental impact of raw materials sourcing and the eventual disposal of plastic products, with little to no compromise on the quality of their products. Another key product is glycolic acid, which is in high demand in the personal care industry. This is chemically identical to the fossil-based variant and does not require extensive reformulation work, and its higher purity and lower carbon footprint make it an attractive alternative.

In our WaterProof, HICCUPS, and ICO2NIC programs,

we continued to strengthen our Volta Technology at both laboratory scale and within container units. The construction

of the next-generation container unit for the WaterProof project is nearly complete and will be shipped to its demonstration site in the first quarter of 2026.

Parana Technology

‌In 2025, we saw exciting progress in our early-stage R&D related to several families of renewable polyesters with desirable mechanical properties and strong sustainability credentials.

In 2025, the team scaled up its work on these materials and continued its application testing with LEGO and a major cosmetics brand.

We use Avantium's Geleen pilot plant to carry out the first commercial trials in 2026, while continuing discussions with potential commercial and investment partners around the world.

At the end of the year, Avantium received a grant for participation in the NO-REGRET consortium, in which Avantium's Parana Technology expertise will contribute to the development of an

AI model that will predict polymer properties, thereby streamlining the R&D process.

Avantium R&D Solutions

Several factors made 2025 a challenging year for this business unit. Our contract R&D services were affected by temporary technical issues, while a key customer also closed down one of its two dedicated catalysis units. Altogether, Avantium R&D Solutions' revenue amounted to €13.4 million in 2025 (2024:

€14.3 million).

With the chemical industry struggling and corporate sustainability under pressure, demand for sustainable chemistry solutions was significantly lower than expected. While we continued our collaboration with Climeworks, including the sale of another direct air capture (DAC) unit, progress in our other sustainable chemistry focus areas stalled. Avantium R&D Solutions has decided to stop investment in green hydrogen in particular, owing to the tough market environment and the high level of competition.

There were, however, positive signs in our Flowrence® activities, in terms of both orders and execution. Defying the general trend, in 2025, 48% of revenue from Flowrence® projects came from customers' sustainable chemistry applications. We developed a version of these proprietary catalyst testing units with parallel trains of reactors in series. This unit is mechanically complete and awaiting start-up in 2026. There is already strong interest in these two-zone hydrocracking units, which could be valuable in oil-refining applications as well as non-fossil processes.

‌Financial Performance 2025

Income Statement

Revenue

In 2025, Avantium's consolidated revenue decreased by 31% from

€21.1 million in 2024 to €14.6 million in 2025. The decrease in revenue was mainly driven by Avantium Renewable Polymers, whose revenues decreased by 92% following the July 2024 decision to pause the revenue recognition under the license agreement with Origin Materials. Avantium R&D Solutions revenues decreased by 6%, due to a decrease in machine capacity in the first half year of 2025. The issues were resolved in the second half of the year and the machines returned to full capacity.

Other Income: Government Grants

Income from government grants decreased by 26%, from €4.6 million in 2024 to €3.4 million in 2025. This decrease mainly reflects the accelerated recognition of the awarded PEFerence grant in 2025, even though the project formally concluded at year-end. In addition, the reduction in full-time equivalents (FTEs)

resulting from cost-saving measures led to fewer hours eligible for grant recognition and limited the Company's ability to apply for new grants.

In 2025, the Company recognized grant income from ICO2NIC,

a project focused on demonstrating the full value chain of a closed carbon cycle. Through this project, Avantium will use its proprietary Volta Technology to convert CO₂ from wastewater purification and waste incineration into formic acid.

EBITDA1

In Avantium R&D Solutions, the decrease in EBITDA for 2025 reflects lower revenues that were not fully offset by reduced operating costs.

Avantium Renewable Polymers showed a decrease in EBITDA in 2025, driven primarily by lower revenue and other income recognition, as well as higher consumable costs.

For further information on the EBITDA of Avantium's business segments, please refer to note 23 in the financial statements.

Total EBITDA for Avantium decreased from €-33.3 million in 2024 to €-36.1 million in 2025.

Operating Expenses

Net operating expenses amounted to €54.1 million in 2025, a decrease of €4.8 million compared to 2024 (€58.9 million). This reduction was mainly driven by cost-saving measures that reduced expenses incurred in the ordinary course of the Company's operations in 2025, including operating and commercial support costs.

1 EBITDA (earnings before interest, tax, depreciation, and amortization) is an important measurement of the Company's financial performance. EBITDA margins provide a view of operational efficiency and enable a more accurate and relevant comparison between peer companies.

2 During the 2024 financial year, management made a reclassification between the employee benefits expenses and raw materials and contract costs line items (refer to note 25). Comparative has been updated accordingly.

3 Please refer to note 12.

Financial Position and Balance Sheet

Cash Position and Cash Flow

The total cash position (including restricted cash4) as at December 31, 2025 was €57.5 million (December 31, 2024: €23.9 million).

During 2025, Avantium's cash position increased due to the successful equity raise completed in the summer of 2025. In June, Avantium secured €10.0 million in short-term financing from the Province of Groningen and its senior lender consortium, followed in July by an additional €10.0 million loan from Invest-NL. In August, the Company agreed an amended and extended Debt Financing Facilities with its lenders. In September, Avantium completed an

€84.8 million equity raise, significantly above the initial €65.0 million target, supported by a €15.0 million investment from the State of the Netherlands. Together with strict cost controls and a Company reorganization impacting approximately 40 positions, this capital strengthened Avantium's financial position. The cash outflow for the year was mainly driven by operating expenses, capital expenditure relating to the FDCA Flagship Plant and interest payments.

Avantium's net cash used in operating, investing, and financing activities in 2025 was €61.4 million, versus €106.1million in 2024, mainly due to the Group's negative EBITDA.

In 2025, the working capital experienced a positive movement of €7.4 million, compared to a negative movement of €5.7 million in 2024. This positive movement was mainly due to a €5.1 million

decrease in trade and other receivables and a €2.0 million increase in trade and other payables.

The decrease in trade and other receivables primarily reflects lower outstanding balances from customers of Avantium R&D Solutions. The increase in trade and other payables mainly relate to expenditure for the construction of the FDCA Flagship Plant and the execution of work under the grant programs.

Looking ahead, we are committed to strengthening our solvency position through disciplined financial management and strategic initiatives. This includes optimizing our capital structure, cost management, and, where appropriate, pursuing cost-saving measures, alongside continued engagement on funding and financing initiatives. Our main priority remains the safe commissioning and start-up of the FDCA Flagship Plant in 2026.

The following table provides an overview of the net cash outflow during the year, excluding extraordinary cash flows:

Balance Sheet

Total assets increased to €356.2 million in 2025 (2024: €288.6 million), mainly as a result of the investment in the FDCA Flagship Plant and the capitalization of the borrowing cost. Total equity increased to €149.6 million (2024: €97.8 million) as a result of the capital raise in 2025. Total borrowings increased to €118.6 million (2024: €118.0 million), which relates to the debt modifications that took place in September 2025 resulting in fair value adjustments to the borrowings.

Financial lease obligations decreased to €8.5 million (2024:

€10.1 million), mainly reflecting lease agreements for offices, plants, and laboratory facilities. This decrease is driven by lease terms ending in 2025, largely related to the FDCA Flagship Plant construction and amendments to the discount rate used.

Non-current assets increased from €246.3 million in 2024 to

€288.1 million in 2025, primarily as a result of the planned investment in the construction of the FDCA Flagship Plant and the capitalization of the borrowing cost.

4 For more information, refer to note 10 of the Consolidated Financial Statements.

5 In presenting and discussing Avantium's financial position, operating results, and cash flows, Avantium (like many other publicly listed companies) uses certain alternative performance measures (APMs) not defined by the International Financial Reporting Standards (IFRS). These APMs are used because they are an important measure of Avantium's business development and management performance. Please see note Alternative performance measures.

6 Refer to footnote 7.

7 Other includes non-cash movements related to share-based payments.

Alternative Performance Measures

In presenting and discussing Avantium's financial position, operating results, and net results, management uses certain alternative performance measures (APMs) not defined by the International Financial Reporting Standards (IFRS). These APMs should not be viewed in isolation as alternative to equivalent IFRS measures but should be used as supplementary information in conjunction with the most directly comparable IFRS measures.

Since APMs do not have standardized meaning under IFRS, they may not be not be comparable to similar measures presented by other companies. Nonetheless, management believes that these APMs provide useful information to assess the Company's performance and financial position, both when comparing reporting periods and when benchmarking against a peer group, particularly considering the current phase of the Company's business.

To provide clear reporting on the development of the business, APM adjustments, which represent material items of income or expenses, are made. The APMs that are disclosed in this report are listed in the table. No separate reconciliation is provided for APMs where the inputs are directly derived from their definitions combined with the information on the face of the Consolidated Financial Statements. Otherwise, a reconciliation to the most directly comparable IFRS measures is provided for APMs that pertain to historical performance.

Significant judgment is required in using APMs, particularly in identifying material items in the consolidated income statement as "APM adjustments."

The sum of the revenue, other income

and net operating expenses.

EBITDA

Definition

APM

‌Investor Relations and Share Performance

Investor Relations

Avantium values its strong relationship with shareholders and the broader investment community. We set high standards for our communications strategy to ensure that we provide transparent, accurate, complete, and relevant information to our shareholders and investors, thereby helping them to make informed investment decisions. We are committed to providing accurate and complete information to all stakeholders simultaneously and in a timely way. To this end, Avantium regularly updates the markets on its performance, the progress made on the execution of our strategy, and any other relevant developments within the Company.

We do this through press releases, webcasts, conference calls, and other forms of communication, in compliance with Euronext Amsterdam and the Dutch Authority for the Financial Markets (AFM) rules and regulations. Additional details about our investor engagement approach are available on our website.

Shareholder Engagement

To foster ongoing dialogue with investors, Avantium actively participates in (virtual) roadshows, investor meetings, capital markets days, and investor conferences. We accommodate requests for meetings from the financial community whenever possible, always adhering to regulatory and confidentiality requirements. When annual or half-year results are published, or when major strategic updates occur, our CEO and CFO host conference calls for equity research analysts to discuss recent business and financial performance. Transcripts of these calls

are made available on our website immediately after each event. We also leverage dedicated events to inform both institutional and retail investors about our business and strategy. Our Bilateral Contact Policy, outlined in the Corporate Governance section of our website, stipulates that, where feasible, at least two Avantium

representatives should attend each meeting with shareholders and investors. Bilateral meetings and analyst calls are not conducted during "closed periods," which typically begin one month before the release of annual or half-year results.

General Meetings of Shareholders

Avantium holds an Annual General Meeting of Shareholders (AGM) each year, and Extraordinary General Meetings (EGMs) are convened as needed by the Management Board or Supervisory Board. At least 42 days prior to an AGM or EGM, the meeting date, agenda, and supporting documents are published on the Investor Relations section of our website.

On April 23, 2025, ahead of the AGM on May 14, 2025, Avantium hosted an online Q&A session for retail investors, providing insights into strategic direction, recent developments, and

future plans. During the AGM, shareholders approved all agenda items, including the adoption of the 2024 financial statements.

Tom van Aken was re-appointed to the Management Board, Margret Kleinsman to the Supervisory Board, and PricewaterhouseCoopers (PwC) was appointed as the external auditor for 2025. Shareholders also approved a 1:10 share consolidation and authorized the Management Board to issue ordinary shares up to the statutory maximum, with the ability to limit or exclude pre-emption rights for 18 months from the AGM date. Further details, including minutes, voting outcomes, and attendance, are available on our website.

Share Consolidation

As previously mentioned, at the 2025 AGM, shareholders approved a 1:10 share consolidation along with related amendments to the Company's Articles of Association. As a result of the share consolidation, which became effective on May 22, 2025, 10 ordinary shares (ISIN: NL0012047823) were combined into one ordinary share (ISIN: NL0015002IE0), the nominal value

per ordinary share changed from €0.10 to €1.00, and the total number of outstanding shares decreased from 86,960,115 to 8,696,012. Consequently, the share price was multiplied by 10. The primary aim of this consolidation was to increase the market value per share. Previously, even small changes in the share price resulted in significant percentage fluctuations.

Capital Raise

On September 4, 2025, Avantium initiated a fully underwritten rights offering, and by September 18, 2025, the Company had successfully raised a total of €84.8 million in equity.

Of this amount, €65.4 million was secured through the rights offering, resulting in the issuance of 12,103,283 new shares.

The subscription period attracted demand for 14,010,507 shares, representing an oversubscription rate of 115.6%, with a take-up of 10,536,570 shares, or 87.1%. An additional €19.4 million was raised through an Additional Placement, which included €15.0 million in new shares allocated to the State of the Netherlands, represented by the Ministry of Climate Policy and Green Growth. Cornerstone investors VP Capital N.V. and Ambassador Vermogensbeheer B.V. received €4.8 million in shares (in addition to their allocation under the rights offering and the rump offering), while institutional investors were allocated €4.4 million in shares at a price of €8.16 per share, corresponding to the last closing price on September 17, 2025.

Listing and Indices

Avantium shares are listed on Euronext Amsterdam and Euronext Brussels under the ticker AVTX. The company is included in the Euronext Amsterdam SmallCap Index (AScX), which features the 25 companies ranked 51-75 by market capitalization.

Share Capital and Voting Rights

As of year-end 2025, Avantium had 25,206,719 issued and outstanding ordinary shares, each conferring one vote.

Major Shareholders

Under the Dutch Financial Markets Supervision Act, investors holding 3% or more of Avantium's capital or voting rights must disclose this to the AFM, which maintains a public register at https://www.afm.nl.

At the end of 2025, the State of the Netherlands was Avantium's largest shareholder (approximately 11%), Ambassador Vermogensbeheer (including former Wierda en Partners Vermogensbeheer) held around 8%, and Pieter Kooi held 5%.

The Company continues to have a broad base of Dutch and Belgian retail investors.

Share Price Performance and Liquidity

At the end of 2025, Avantium's share price was €6.84 (end of 2024: €12.00, adjusted for share consolidation and 2025 rights issue), with a market capitalization of €172 million (2024: €157 million). The average daily trading volume in 2025 was 163,668 shares (2024: 46,987).

Analyst Recommendations

1. 19 March 2025: Publication of 2024 Full Year Results

2. 4 September 2025: Publication of 2025 Half Year Results

3. 4 September 2025: Launch of rights offering

4. 18 September 2025: Completion of €84.8 million equity raise

Avantium is currently covered by six equity research analysts. Their target prices and recommendations on December 31, 2025 were as follows:

Dividend Policy

Over the next period, Avantium intends to retain any profits, to support the growth and development of its business.

Therefore, the Company does not anticipate paying dividends to its shareholders in the foreseeable future.

‌Going Concern

The financial statements have been prepared on a going concern basis.

As Avantium continues to transition from a company focused on technology development to an operational company, the focus is on the start-up of the FDCA Flagship Plant and the subsequent entry into the operational and commercial stage. The net cash inflow for the year ended December 31, 2025 amounted to

€33.6 million (2024: net cash outflow of € 11.3 million).

Avantium's cash position (including restricted cash of €1.6 million) was €57.5 million as at December 31, 2025 (December 31, 2024:

€23.9 million). During 2025, Avantium's cash position increased primarily due to the successful equity raise completed in the summer of 2025. In June, Avantium secured €10.0 million in short-term financing from the Province of Groningen and its senior lender consortium. In August, the Company agreed an amended and extended Debt Financing Facilities with its lenders. In September, Avantium completed an €84.8 million equity raise, supported by a €15.0 million investment from the State of the Netherlands. Together with cost controls and a Company reorganization impacting approximately 40 positions, this capital strengthened Avantium's financial position. The cash outflow for the year was mainly driven by operating expenses, capital expenditure relating to the FDCA Flagship Plant, and interest payments.

Until the Company reaches EBITDA break-even, it will depend on external sources of funding. In this respect, the following elements are fundamental to its continuity:

• Successful completion of commissioning, start-up, and start of commercial production at the FDCA Flagship Plant as of

  mid-2026;

• Compliance with conditions and undertakings under the existing Debt Financing Facilities;

• Achievement of FDCA Flagship Plant product sales income

  and milestone payments from license agreement engagements in the second half of 2026;

• Securing additional funding from a government-related investment initiative;

• The satisfactory conclusion of the ongoing discussions with Worley concerning the close-out of the construction phase of the FDCA Flagship Plant; and

• Successful execution of strategic options for the non-core technology assets and related cost management.

Overview of the Uncertainties

Successful completion of commissioning, start-up, and start of commercial production at the FDCA Flagship Plant as of mid-2026

The successful start-up of the FDCA Flagship Plant and the start of commercial production are key milestones for the Company and a prerequisite for its licensing strategy, underpinning expected future profitability and cash flows. Once commercial operations have commenced, Avantium Renewable Polymers will be able to produce FDCA from the FDCA Flagship Plant that can be converted into PEF and supplied to its customers under existing offtake agreements. This will result in the Company starting to generate revenues from the FDCA Flagship Plant.

Avantium completed construction of its FDCA Flagship Plant in October 2024 and subsequently commenced phased commissioning and start-up. The commissioning and start-up phase is inherently complex and subject to technical, operational and safety-related uncertainties. In such a phase, unforeseen events may occur that can result in additional capital expenditure and operating expenditure, including as a result of technical defects, rework, or delays.

During commissioning, construction-related quality issues were identified in certain titanium welds, representing a safety risk for start-up and operations. In the second half of 2025, further expert assessment identified that the percentage of affected welds was higher than initially assessed. These issues delayed the overall start-up schedule. The Company now expects to complete startup by mid-2026 and to commence product sales under existing offtake agreements in the second half of 2026.

Any delay in commencing commercial product sales will extend the period without product sales income and may delay milestone payments from technology license agreement

engagements, as well as potentially impacting compliance with conditions and undertakings under the existing Debt Financing Facilities.

Compliance with conditions and undertakings under the existing Debt Financing Facilities

The Company's Debt Financing Facilities contain conditions, including milestone-related undertakings linked to achieving the Production Operation Date, the sale of technology licenses based on proven technology following the achievement of the Production Operation Date, minimum liquidity requirements,

and conditions related to additional offtake agreements to cover the ramp-up of the FDCA Flagship Plant. Meeting these conditions within the required timeframes depends on the successful and timely commissioning, start-up, and ramp-up of the FDCA Flagship Plant.

Certain conditions and undertakings under the Debt Financing Facilities are operational in nature and may be subject to interpretation, including those related to insurance coverage, minimum cash balances and offtake agreements.

Failure to comply with such conditions and undertakings, including technical or administrative non-compliance, may constitute a breach under the Debt Financing Facilities.

If any such breaches are not remedied or waived, the lenders may be entitled to exercise remedies under the Debt Financing Facilities, which could include acceleration of repayment, requests for payment of waiver fees, impact on interest or other enforcement actions. Any such actions would have a material adverse effect on the Company's liquidity position.

With respect to compliance with the conditions and undertakings under the existing Debt Financing Facilities, the Company acknowledges that, as at December 31, 2025, a technical breach existed under an insurance related covenant, as further described in Note 17 to the Consolidated Financial Statements.

This breach resulted from the continued commissioning phase of the FDCA Flagship Plant and the fact that the transition from construction all-risk insurance to operational insurance could not yet be completed within the originally prescribed timeframe.

Achievement of FDCA Flagship Plant product sales income and milestone payments from technology license agreement engagements in the second half of 2026

Following the start-up of the FDCA Flagship Plant, the Company's short- and mid-term liquidity will be primarily driven by revenues from product sales under offtake agreements, as well as the successful and timely execution of YXY® Technology license agreements and related milestone payments.

The Company's offtake agreements are generally conditional in nature and subject to conditions precedent, including the timely achievement of joint development milestone dates, regulatory approvals, and the FDCA Flagship Plant's subsequent production timelines and deadlines. Changes to the anticipated start-up or ramp-up timeline of the FDCA Flagship Plant may require amendments to existing offtake agreements. There is a risk that negotiations on updated timelines or milestones may take longer than anticipated or fail to reach acceptable terms, which could lead to delayed, reduced, or lost product sales income.

In certain cases, offtake counterparties may elect to suspend or terminate agreements if conditions precedent are not met.

Similarly, the timing and amount of license income depend on the successful negotiation and execution of technology license agreements and the subsequent achievement of contractual milestones, upon which a portion of these milestone payments are anticipated. The successful execution of technology license agreements is linked to the start-up and initial ramp-up of the FDCA Flagship Plant and subsequent commencement of commercial product sales and is furthermore influenced by factors largely outside the Company's control, including counterparties' investment decisions, financing capabilities and project planning. Any delays or deviations in license execution or milestone achievement may result in a mismatch between the

Company's expected cash inflows and its ongoing operational, financing and investing requirements during the going concern period.

Securing additional funding from a government-related investment initiative

The Company is pursuing additional funding of approximately

€20 million from a government-related investment initiative, which may take the form of a subsidy, grant, (convertible) subordinated loan, or equity-type investment. The availability, timing, form, and amount of this funding are subject to governmental decision-making processes, procedural requirements, and approvals outside the Company's control and may be subject to unanticipated conditions.

There is a risk that this funding is delayed, approved on terms or in an amount different from those anticipated, or not approved at all. In such events, the Company may not have sufficient cash resources to meet its obligations as they fall due. and the Company's ability to continue as a going concern for at least

15 months as of the date of these financial statements is, in part, dependent on securing this funding, particularly in the event of delays in the startup or ramp-up of the FDCA Flagship Plant or delays in the receipt of anticipated near-term milestone payments under technology license agreements.

Should the Company not secure the anticipated funding from the government-related investment initiative (in whole or in part), it would need to consider alternative financing arrangements

or implement mitigating measures, including cost reductions or the deferral of planned activities; however, the availability or sufficiency of such measures cannot be guaranteed to ensure the Company's ability to continue as a going concern.

The satisfactory conclusion of the ongoing discussions with Worley concerning the close-out of the construction phase of the FDCA Flagship Plant

The Company is engaged in ongoing discussions regarding the close-out of the engineering and construction phase of the FDCA

Flagship Plant, including the finalization of the determination of responsibility for outstanding cost overruns, as well as other matters relating to the period prior to completion and handover to Avantium Renewable Polymers B.V. There is a risk that these close-out discussions do not result in an outcome aligned with the Company's expectations, in which case the Company may be required to settle outstanding amounts or pay amounts withheld as recorded in the trade payables. Any such settlement could result in a cash outflow and adversely affect the Company's liquidity position.

Successful execution of strategic options for the non-core technology assets and related cost management

As part of its strategy to focus financial and operational resources on its core activities, the Renewable Polymers business, the Company is exploring strategic options for certain non-core assets and technologies, including divestments, partnerships

or other value-creation structures. The successful completion of these strategic options is subject to market conditions, counterparty interest, conditions and undertakings under the Debt Financing Facilities, and external approvals, including regulatory, and other factors, many of which are outside the Company's control.

There is a risk that these processes take longer than anticipated, resulting in continued operating costs associated with non-core activities. There is also a risk that such transactions are not completed at all, which may require the Company to repay subsidies or grants previously received, decommission and dismantle related assets, and to shelve, abandon, or otherwise cease actively maintaining the associated intellectual property or to implement additional restructuring measures.

All of the above events indicate the existence of a material uncertainty that may cast significant doubt on Avantium's ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business.

Overview of the Planned Measures

Successful completion of commissioning, start-up, and start of commercial production at the FDCA Flagship Plant as of

mid-2026

In response to the risks and uncertainties associated with the commissioning and start-up of the FDCA Flagship Plant, management has implemented a series of mitigating measures. A structured and phased commissioning and start-up program is being executed to enable a safe, controlled transition from construction to commercial operations, with activities sequenced to prioritize critical systems and limit operational and safety risks.

Following the identification of a higher than initially assessed percentage of defective titanium welds, a targeted remediation program was initiated, including enhanced quality controls, specialist third-party expertise, and increased independent expert inspection and testing. Repair activities are closely coordinated with commissioning, including parallel execution where technically feasible, to mitigate schedule impact.

Operational governance and oversight have been strengthened during the commissioning and start-up phase, including increased management attention, frequent progress reviews, and escalation mechanisms. A Chief Operating Officer (COO) has been appointed, with sole responsibility for and full focus on the commissioning, start-up, and ramp-up of the FDCA Flagship Plant, bringing dedicated operational leadership and experience relevant to first-of-a-kind plant start-up activities, and strengthening coordination across engineering, operations, safety, and external contractors.

In parallel, management continues to closely monitors capital and operating expenditures during commissioning and ramp-up, with a focus on preserving liquidity and aligning cash outflows with available funding. Discretionary expenditure is deferred where possible until stable operations can be achieved. Updated schedules and contingency plans are maintained to reflect commissioning progress and remaining risks, and are used to

inform liquidity planning and management decision-making during the going concern assessment period.

Compliance with conditions and undertakings under the existing Debt Financing Facilities

To mitigate the risk of non-compliance with the conditions and undertakings under the Debt Financing Facilities, the Company has implemented, and continues to enhance, a set of integrated monitoring, planning, and communication measures.

Conditions and undertakings, including those related to the Production Operations Date, offtake coverage, liquidity thresholds, minimum cash balances, insurance coverage, and

other operational milestones, are embedded in operational planning, commissioning timelines, and ramp-up scenarios for the FDCA Flagship Plant. Compliance is closely monitored through regular internal reviews and reporting, supported by close coordination across operations, finance, and legal and treasury functions to ensure that operational developments, commissioning progress and commercial arrangements are promptly reflected in compliance assessments.

To address the technical breach under the insurance covenant, and to align the insurance-related condition with the revised project timeline, the Company engaged in December 2025 with its lenders and requested a deferral of the applicable deadline.

Subsequent to year-end, the lenders agreed to extend the timing for delivery of the relevant insurance documentation, subject to conditions relating to approval from relevant stakeholders and the confirmation and extension of construction-phase insurance coverage, including the provision of independent expert confirmation on the timing of the transition to operational insurance, all of which points the Company is currently addressing.

The Company maintains an active dialogue with its lenders and provides periodic compliance reporting in accordance with the Debt Financing Facilities. The frequency of lender meetings has been increased to ensure timely and transparent updates on commissioning progress, operational developments, liquidity and covenant compliance. Management is further strengthening the timeliness, structure, and consistency of covenant-related communications, including early identification and discussion of potential non-compliance, and, where appropriate, engagement on remedial actions, waivers, deferrals, or amendments.

Liquidity is closely managed through rolling cash-flow forecasts and scenario analyses, which are regularly updated to reflect anticipated ramp-up cash outflows and covenant thresholds, and are used to inform contingency planning and timely management decision-making during the going concern assessment period.

Achievement of FDCA Flagship Plant product sales income and milestone payments from technology license agreement engagements in the second half of 2026

To support the generation of product sales from the FDCA Flagship Plant and the receipt of milestone payments under technology license agreements, the Company has implemented and continues to enhance a set of commercial and operational measures. The licensing strategy is closely linked to the successful commissioning and operation of the FDCA Flagship Plant as a reference installation for the YXY® Technology,

with management prioritizing the demonstration of stable and reproducible plant performance as a key prerequisite for license execution and related milestone payments.

The Company has strengthened its commercial and licensing capabilities through the expansion and professionalization of the commercial organization, including dedicated resources for license negotiations, technical-commercial interactions and coordination with technology development, engineering, and operations. In parallel, the Company actively manages a diversified pipeline of potential licensees across end markets and geographies, prioritized by technical readiness, strategic fit, and financing capacity, with the objective of progressing multiple opportunities in parallel and reducing the reliance on any single transaction. A significant pool of potential licensing opportunities has been identified, with over 20 near-term prospects and active discussions underway with more than 10 potential licensees.

While these discussions are at various stages of maturity, no resulting binding license agreements have been concluded to date.

Management is pursuing a phased approach to licensing, including early-stage agreements, option structures, and capacity reservation arrangements, enabling counterparties to commit progressively as operational proof points are achieved. In this context, the Company is actively securing capacity reservation agreements to demonstrate market demand for FDCA and PEF across multiple applications, markets, and geographies. Total capacity reservations now exceed 100 kilotonnes.

In parallel, the Company remains actively engaged with existing and prospective offtake partners during the commissioning and ramp-up phase. Where necessary, offtake agreements are amended to reflect revised timelines and operational milestones, subject to agreement with counterparties. Offtake agreements entered into up to now broadly align with the projected ramp-up plan for the FDCA Flagship Plant, and the Company is negotiating additional offtake agreements beyond current management expectations. Management continues to prioritize transparent communication and relationship management with customers and partners to support initial product sales as operations stabilize, manage expectations during ramp-up, and preserve long-term

commercial relationships to help underpin future product sales and licensing opportunities.

Securing additional funding from a government-related investment initiative

The Company has submitted its formal application under this investment initiative to pursue the additional funding of approximately €20 million. As part of the customary governmental procedures, the funding may be accompanied by certain ancillary requirements, potentially including elements of shared financial participation. The Company is actively engaged in ongoing discussions with all stakeholders who have a role in the decision-making process and governance of the government-related investment fund, with the aim of gaining further insight into the fund's conditions and communicating the Company's strategic objectives and outcomes that could be supported.

There can be no assurance that this funding will be obtained in full, on acceptable terms, or within the anticipated timeframe. The Company continues to explore further measures to improve its working capital position and create additional liquidity headroom, although no assurance can be given that such measures will

be successfully implemented.

The satisfactory conclusion of the ongoing discussions with Worley concerning the close-out of the construction phase of the FDCA Flagship Plant

The parties are in active discussion on the close-out topics. These discussions also encompass construction-related quality issues identified during commissioning, including titanium welding, and the related cost impacts and delays.

Successful execution of strategic options for the non-core technology assets and related cost management Management continues to assess strategic options for its non-core technology assets and exercises close oversight of all related expenditures, including costs associated with non-core activities and overheads such as staffing and leases. These

actions are intended to reduce ongoing cash outflows and overall cash burn, thereby supporting the Company's YXY® Technology cash flow by allowing management to focus financial and operational resources on its core Renewable Polymers business. These measures are not expected to result in material cash proceeds, but rather to contribute through improved cost discipline and cash preservation, while capturing potential future value through its minority shareholdings.

The Company is engaged in advanced discussions with several third-party investors and industry participants regarding potential transactions, which may include full or partial divestitures,

the establishment of strategic partnerships, joint-venture arrangements, or other value-creation structures. The structure, valuation and timing of any such transactions remain subject to negotiation, definitive documentation, approvals, and customary closing conditions.

With respect to Volta Technology, which has been successfully demonstrated at laboratory scale and in larger container units, the Company is engaging with strategic and financial partners to support further scale-up toward pilot plant-development and eventual commercialization. For Dawn Technology®, the Company has initiated discussions with partners capable of providing the requisite capital and expertise to advance the technology. As a result of increasing market interest in bio-based polymers and related building blocks, the Company aims to pursue a spin-out of the Parana Technology, with Avantium retaining a minority shareholding in the new entity.

The R&D Solutions business unit continues to operate as a stand-alone entity while strategic alternatives are evaluated.

Should any of these plans not materialize, the Company may need to consider additional measures, which could include organizational and cost-reduction initiatives.

Conclusion

In light of all of the above, management has assessed the going concern assumption, which is the basis on which Avantium's Consolidated Financial Statements for the year ended December 31, 2025 have been prepared. The described events indicate the existence of a material uncertainty that may cast significant doubt on Avantium's ability to continue as a going concern and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business.

Based on management's analyses and assessments, although this material uncertainty remains with respect to the Company's going concern, management believes that it is appropriate to prepare Avantium's Consolidated Financial Statements for the year ended December 31, 2025 using the going concern assumption.

General Disclosures 41

Environmental 44

Social 50

Governance 56