Azelis Reports Stable Revenue for H1 2024

Regulatory News:

Azelis (Brussels:AZE):

H1 2024 Highlights

• Revenue in the first half of 2024 was stable relative to the prior year, at EUR 2.1bn. In Q2, total group revenue increased by 4.4% to EUR 1.1bn, driven by M&A growth contribution and stable organic revenue.

• Gross profit of EUR 526.5m represents year-on-year growth of 1.8%, supported by positive mix effect and improved performance from recent acquisitions. Gross profit margin of 24.5% reflects a 39 bp expansion over the prior year.

• Adjusted EBITA of EUR 254.0m, representing a decline of 3.6% compared to the strong comparable performance in the prior year. Adjusted EBITA margin was 11.8%, resulting in conversion margin of 48.2% for the period.

• Net profit of EUR 100.1m represents a year-on-year decline of 8.3%, due mainly to lower operating profit and the full year impact of higher debt level and interest expense.

• Free cash flow was EUR 136.5m in H1 2024, representing a 44.3% decrease compared to the prior year, due to lower EBITDA and higher investments in working capital.

• Leverage ratio was 2.7x at the end of June 2024, versus 2.5x at the end of December 2023 and 2.6x at the end of June 2023.

• Four acquisitions were completed during the period. Two further acquisitions have been announced year to date. The combined annual revenue of these six companies were over EUR 70m in the prior year.

• The management of Azelis will provide an update on the Group strategy, including its midterm outlook, at the third edition of its Annual Investor Lab Tour on the 17^th of September.

(in millions of €)	H1 2024	H1 2023	Reported Change	Constant Currency
Life Sciences	1,348.4	1,316.9	2.4%	3.8%
Industrial Chemicals	797.3	824.4	-3.3%	-2.3%
Revenue	2,145.7	2,141.2	0.2%	1.5%
Gross Profit	526.5	517.1	1.8%	3.2%
Gross Profit Margin	24.5%	24.1%	39 bp	42 bp
Adjusted EBITDA1	274.8	279.2	-1.6%	0.5%
Adjusted EBITDA Margin	12.8%	13.0%	-23 bp	-13 bp
Adjusted EBITA1	254.0	263.4	-3.6%	-1.5%
Adjusted EBITA Margin	11.8%	12.3%	-46 bp	-36 bp
Conversion Margin1	48.2%	50.9%	-269 bp	-235 bp
Net Profit	100.1	109.2	-8.3%	-8.7%
Cash earnings per share1	0.56	0.60	-7.5%	-7.9%
Earnings per share	0.39	0.44	-11.2%	-17.2%
Operating Cash Flow	153.4	250.2	-38.7%
Free Cash Flow1	136.5	245.2	-44.3%
FCF Conversion ratio1	53.3%	92.2%	-3891 bp
Net Working Capital Revenue normalized for acquisitions1	15.4%	15.4%	0 bp
Leverage Ratio1	2.7x	2.6x	0.1x

1 Refer to the definitions of Alternative Performance Measures in the 2023 Integrated Report

Comment from Anna Bertona, CEO: "Our results in H1 2024 reflect our focus on delivering strong performance for all our stakeholders. While challenges remain in a number of our markets, we believe we are very well positioned to capture the emerging opportunities as the market moves from stabilization to recovery.

We continue to execute on our growth strategy, whilst also remaining steadfast in our focus on our costs. We will balance our objective of generating growth while maintaining our strong conversion margins.

I look forward to providing an update on our strategy and the outlook for the Group at our annual investor lab tour on the 17^th of September."

CONFERENCE CALL

The management of Azelis invites you to a conference call and live webcast at 09:00 CET to discuss the operating trends and outlook for the remainder of the year. Please click here to view the webcast.

OPERATIONAL REVIEW

Headline results

Q2 2024	Q2 2023	Organic Growth	Total Growth	(in millions of €)	H1 2024	H1 2023	F/X Trans-lation	M&A Growth Contri- bution	Organic Growth	Total Growth
457.1	443.5	-0.9%	3.1%	EMEA	917.2	944.4	-2.1%	4.2%	-5.0%	-2.9%
415.3	376.5	0.4%	10.3%	Americas	786.7	734.9	1.2%	9.8%	-4.0%	7.1%
222.2	228.4	-1.1%	-2.7%	Asia Pacific	441.8	461.9	-3.5%	2.8%	-3.6%	-4.4%
1,094.6	1,048.4	-0.5%	4.4%	Group Revenue	2,145.7	2,141.2	-1.2%	5.8%	-4.4%	0.2%
119.4	122.8	-5.4%	-2.8%	EMEA	240.6	252.5	-2.2%	4.6%	-7.2%	-4.7%
101.4	85.3	7.2%	18.8%	Americas	193.7	176.2	0.7%	10.9%	-1.8%	9.9%
45.1	43.2	4.3%	4.3%	Asia Pacific	92.2	88.3	-3.3%	4.1%	3.6%	4.4%
265.9	251.3	0.5%	5.8%	Group Gross Profit	526.5	517.1	-1.4%	6.7%	-3.5%	1.8%
62.3	67.6	-10.1%	-7.9%	EMEA	128.1	140.2	-2.8%	4.0%	-9.8%	-8.6%
53.3	51.2	-6.8%	4.1%	Americas	98.5	100.0	0.5%	10.1%	-12.1%	-1.5%
22.6	19.8	14.4%	14.4%	Asia Pacific	44.8	41.2	-3.3%	3.8%	8.0%	8.6%
129.7	129.4	-5.2%	0.2%	Group Adjusted EBITA1	254.0	263.4	-2.1%	6.6%	-8.1%	-3.6%

1 Total Adjusted EBITA includes Holding companies.

Azelis delivered revenue of EUR 2.1bn in H1 2024, in-line with revenue achieved in the same period last year, with revenue growth contribution from acquisitions offsetting organic revenue decline and the impact of FX translation. In Q2, revenue increased by 4.4% to EUR 1.1bn, supported by growth contribution from acquisitions and stable organic revenue.

In H1 2024, revenue in Life Sciences increased by 2.4% to EUR 1.3bn, supported by revenue contribution from recent acquisitions, notably Gillco and Vogler in the Americas. Results in Industrial Chemicals remain under pressure, with revenue declining 3.3% to EUR 797.3m, as volume improvement continues to be offset by pricing impact. Overall, we see a sustained recovery in volumes, tempered by the impact of continuing price pressure across many of our markets.

EMEA

Q2 2024	Q2 2023	Reported Change	(in millions of €)	H1 2024	H1 2023	Reported Change	Constant Currency
457.1	443.5	3.1%	Revenue	917.2	944.4	-2.9%	-0.8%
119.4	122.8	-2.8%	Gross Profit	240.6	252.5	-4.7%	-2.5%
26.1%	27.7%	-157 bp	Gross Profit Margin	26.2%	26.7%	-51 bp	-47 bp
66.9	70.8	-5.5%	Adjusted EBITDA	136.6	146.6	-6.8%	-4.0%
14.6%	16.0%	-134 bp	Adjusted EBITDA Margin	14.9%	15.5%	-63 bp	-51 bp
62.3	67.6	-7.9%	Adjusted EBITA	128.1	140.2	-8.6%	-5.8%
13.6%	15.3%	-163 bp	Adjusted EBITA Margin	14.0%	14.8%	-88 bp	-76 bp
52.2%	55.1%	-293 bp	Conversion Margin	53.2%	55.5%	-226 bp	-192 bp

EMEA revenue declined by 2.9% (-0.8% in constant currency) to EUR 917.2m in H1 2024, driven by organic revenue decline of 5.0% as price volatility limits the benefit of volume recovery across many of our markets, notably in Agricultural Environmental Solutions (A&ES). Revenue growth contribution from acquisitions was 4.2%, while FX translation represented a 2.1% headwind during the period.

During the first half of the year, we completed the acquisition of Oktrade and DBH, strengthening our lateral value chain for the Personal Care market in Turkey, and the Advanced Materials Additives market in the DACH region respectively.

Gross profit declined by 4.7% year-on-year (-2.5% in constant currency) to EUR 240.6m in H1 2024, translating to a 51bp contraction in gross profit margin to 26.2%, driven by the mix shift towards Industrial Chemicals during the period, as well as time lag in pricing. Adjusted EBITA decreased by 8.6% to EUR 128.1m, resulting in conversion margin of 53.2%.

Americas

Q2 2024	Q2 2023	Reported Change	(in millions of €)	H1 2024	H1 2023	Reported Change	Constant Currency
415.3	376.5	10.3%	Revenue	786.7	734.9	7.1%	5.8%
101.4	85.3	18.8%	Gross Profit	193.7	176.2	9.9%	9.1%
24.4%	22.7%	175 bp	Gross Profit Margin	24.6%	24.0%	63 bp	76 bp
57.1	53.9	5.8%	Adjusted EBITDA	106.2	105.3	0.9%	0.3%
13.7%	14.3%	-58 bp	Adjusted EBITDA Margin	13.5%	14.3%	-83 bp	-73 bp
53.3	51.2	4.1%	Adjusted EBITA	98.5	100.0	-1.5%	-2.0%
12.8%	13.6%	-77 bp	Adjusted EBITA Margin	12.5%	13.6%	-109 bp	-98 bp
52.6%	60.0%	-745 bp	Conversion Margin	50.9%	56.7%	-588 bp	-572 bp

Revenue in the Americas was EUR 786.7m in H1 2024, representing a year-on-year growth of 7.1% (5.8% in constant currency). The Group's activities in the Americas reported a 4.0% organic revenue decline, as volume recovery in US CASE and improvement in the broader market in Latin America supported a stabilization in organic revenue in Q2. Revenue growth contribution from acquisitions was 9.8%, whilst FX translation represented a 1.2% tailwind during the period.

In H1 2024, Azelis completed the acquisition of Localpack, reinforcing our footprint in Colombia.

Gross profit in the region increased by 9.9% to EUR 193.7m, with gross profit margin expanding 63 bps to 24.6%. The uptick was driven largely by improved margin performance across our businesses in Latin America, offsetting the continued softer margins in the US Industrial Chemicals due to continued price pressure in CASE. During the period, Adjusted EBITA declined by 1.5% to EUR 98.5m, mainly due to lower benefit of cost control measures compared to H1 2023, resulting in Adjusted EBITA margin of 12.5%. The 109 bp Adjusted EBITA margin contraction also reflects the impact of dilution from Latin America as we work to integrate our recent acquisitions. The lower Adjusted EBITA resulted in conversion margin of 50.9% in H1 2024.

Asia Pacific

Q2 2024	Q2 2023	Reported Change	(in millions of €)	H1 2024	H1 2023	Reported Change	Constant Currency
222.2	228.4	-2.7%	Revenue	441.8	461.9	-4.4%	-0.9%
45.1	43.2	4.3%	Gross Profit	92.2	88.3	4.4%	7.7%
20.3%	18.9%	137 bp	Gross Profit Margin	20.9%	19.1%	176 bp	171 bp
24.9	21.7	14.3%	Adjusted EBITDA	49.0	45.0	9.0%	12.3%
11.2%	9.5%	167 bp	Adjusted EBITDA Margin	11.1%	9.7%	136 bp	134 bp
22.6	19.8	14.4%	Adjusted EBITA	44.8	41.2	8.6%	11.9%
10.2%	8.7%	152 bp	Adjusted EBITA Margin	10.1%	8.9%	121 bp	119 bp
50.2%	45.8%	441 bp	Conversion Margin	48.6%	46.7%	186 bp	186 bp

Revenue in APAC declined by 4.4% to EUR 441.8m in H1 2024, driven by organic revenue contraction of 3.6% and a negative impact from FX translation of 3.5%, partly mitigated by a 2.8% revenue growth contribution from recent acquisitions. The organic revenue contraction in the region follows a strong performance in the comparable period last year, when the region delivered 36.0% revenue growth, of which 6.9% was organic.

During the first half of the year, we completed the acquisition of Agspec, a leading distributor of crop nutrition, crop protection and specialty agricultural products in Australia.

Gross profit in the region grew 4.4% to EUR 92.2m, representing gross profit margin of 20.9%. The 176 bp expansion in gross profit margin was driven by improving profitability of recent acquisitions. Adjusted EBITA increased by 8.6% to EUR 44.8m, reflecting continuous margin improvement initiatives. The improvement in both gross profit and Adjusted EBITA margin resulted in a 186 bp expansion in conversion margin to 48.6% during the period.

Holding companies

Q2 2024	Q2 2023	Reported Change		H1 2024	H1 2023	Reported Change	Constant Currency
-8.5	-9.2	-7.2%	Adjusted EBITA (in millions of €)	-17.4	-18.0	-3.4%	-3.4%
-0.8%	-0.9%	10 bp	As of Group Revenues	-0.8%	-0.8%	3 bp	4 bp

Operating costs at the Group's holding companies, relating to the Group's non-operating entities as well as the head office in Belgium, were EUR 17.4m in H1 2024, compared to EUR 18.0m in the previous year. Relative to revenue, Operating costs at the Group's holding companies remained stable at 0.8% of revenue.

OUTLOOK

Azelis' strategy of driving growth is underpinned by a consistently strengthening lateral value chain, supported by continuous investments in innovation capabilities and digitalization, as well as a commitment to sustainability to create long-term value.

As global political and economic uncertainty persists, we remain committed to managing our costs whilst also ensuring that we are well-positioned to benefit from a market recovery, the timing of which remains uncertain.

The Group has expanded its operational and geographic footprint over the last three years, strengthening its commercial and technical network and developing new competencies within the specialty chemical food ingredients distribution. Management will provide an update on our strategy at our annual investor laboratory event in September.

FINANCIAL REVIEW

Q2 2024	Q2 2023	Reported Change	(in millions of €)	H1 2024	H1 2023	F/X Translation	M&A Growth Contribution	Organic Growth	Total Growth
1,094.6	1,048.4	4.4%	Revenue	2,145.7	2,141.2	-1.2%	5.8%	-4.4%	0.2%
265.9	251.3	5.8%	Gross Profit	526.5	517.1	-1.4%	6.7%	-3.5%	1.8%
129.7	129.4	0.2%	Adjusted EBITA	254.0	263.4	-2.1%	6.6%	-8.1%	-3.6%

Q2 2024	Q2 2023	Reported Change	(in millions of €)	H1 2024	H1 2023	Reported Change	Constant Currency
679.6	647.9	4.9%	Life Sciences	1,348.4	1,316.9	2.4%	3.8%
415.0	400.5	3.6%	Industrial Chemicals	797.3	824.4	-3.3%	-2.3%
1,094.6	1,048.4	4.4%	Group Revenue	2,145.7	2,141.2	0.2%	1.5%
265.9	251.3	5.8%	Gross Profit	526.5	517.1	1.8%	3.2%
24.3%	24.0%	32 bp	Gross Profit Margin	24.5%	24.1%	39 bp	42 bp
140.5	137.5	2.2%	Adjusted EBITDA	274.8	279.2	-1.6%	0.5%
12.8%	13.1%	-28 bp	Adjusted EBITDA Margin	12.8%	13.0%	-23 bp	-13 bp
129.7	129.4	0.2%	Adjusted EBITA	254.0	263.4	-3.6%	-1.5%
11.8%	12.3%	-50 bp	Adjusted EBITA Margin	11.8%	12.3%	-46 bp	-36 bp
48.8%	51.5%	-273 bp	Conversion Margin	48.2%	50.9%	-269 bp	-235 bp
106.8	106.1	0.7%	Operating Profit	214.7	225.0	-4.6%	-2.9%
55.6	50.7	9.6%	Net Profit	100.1	109.2	-8.3%	-8.7%

Revenue

Revenue in H1 2024 was stable compared to the prior year at EUR 2.1bn, with revenue growth contribution from acquisitions offsetting the decline in organic revenue, as well as the negative impact of FX translation. During the period, Group organic revenue declined by 4.4%, as ongoing pricing pressure offset the impact of volume recovery in many end markets across our regions. Revenue from acquisitions represented topline growth contribution of 5.8%, while FX translation represented a 1.2% headwind.

Revenue in Life Sciences was EUR 1.3bn, up 2.4% compared to the prior year, as revenue growth contribution from acquisitions offset the organic decline during the period. Revenue in Industrial Chemicals declined by 3.3% to EUR 797.3m, with the ongoing pricing pressure offsetting the impact of volume recovery in our end markets.

Profitability

In H1 2024, gross profit increased by 1.8% to EUR 526.5m. Gross profit margin expanded by 39 bps to 24.5%, supported by positive mix effect from improved performance from recent acquisitions. Adjusted EBITA was EUR 254.0m, representing a 3.6% year-on-year decline, due largely to lower benefit from cost control measures compared to the prior year. Adjusted EBITA margin was 11.8% in H1 2024.

Net financial expense in H1 2024 was broadly stable at EUR 72.4m despite the higher interest expense due to the full year impact of higher gross debt with higher interest rates, as this was partly mitigated by higher interest income on our cash balance. Our result for the period also includes a non-cash charge of EUR 12.2m from the impact of hyperinflation accounting in Turkey. Tax expense for the period was EUR 42.2m, implying an effective tax rate (ETR) of 29.6%, versus 29.0% in the prior year.

Net profit was EUR 100.1m, and cash earnings per share was EUR 0.56 for H1 2024.

(in millions of €)	H1 2024	H1 2023
Operating profit	214.7	225.0
Net Financial Expense	-72.4	-71.2
Financial Income	15.3	3.4
Financial Expense	-87.7	-74.6
Interest Expense on Bank Loans and Overdrafts	-49.4	-40.2
Interest Lease Commitments	-4.2	-2.0
Other Financial Cost	-34.1	-32.4
Profit Before Tax	142.3	153.8
Tax Expense	-42.2	-44.6
Net Profit	100.1	109.2
Earnings per share	0.39	0.44
Cash earnings per share	0.56	0.60

Cash Flow and Financing

Net working capital to revenue normalized for acquisitions was 15.4% at the end of June 2024, versus 13.4% at the end of December 2023, and 15.4% in June 2023. The working capital intensity during the period is seasonally in-line with prior years.

Free cash flow decreased by 44.3% to EUR 136.5m, driven by lower EBITDA, and higher investments in working capital as volumes begin to recover. This resulted in a 39 percentage point contraction in FCF conversion ratio to 53.3% in H1 2024.

Net debt was EUR 1.4bn and leverage ratio stood at 2.7x at the end of June 2024, versus 2.5x in December and 2.6x in June 2023. At the end of the period, the Group had liquidity of EUR 734.5m in cash and unused revolving credit facility (RCF).

(in millions of €)	H1 2024	H1 2023
Operating Cash Flow	153.4	250.2
Free Cash Flow	136.5	245.2
FCF Conversion	53.3%	92.2%
Net Working Capital Revenue normalized for acquisitions	15.4%	15.4%
Net Indebtedness	1,393.7	1,430.2
Leverage Ratio	2,7x	2,6x

ALTERNATIVE PERFORMANCE MEASURES

Throughout its financial communication (Annual and Interim reports, website, press releases, presentations, etc.), Azelis presents certain financial measures and adjustments that are not in accordance with IFRS, or any other internationally accepted accounting principles. Certain of these measures are termed 'alternative performance measure' ("APM's") because they exclude amounts that are included in, or include amounts that are excluded from, the most directly comparable measure calculated and presented in accordance with IFRS, or are calculated using financial measures that are not calculated in accordance with IFRS. For more information regarding these APM's, including definitions and calculation methodology, refer to the section 'Alternative performance measures' in the Integrated Report 2023.

APPENDIX

All figures and tables contained in this appendix have been extracted from Azelis' unaudited condensed consolidated interim financial statements for the first six months of 2024, which have been prepared in accordance with IAS 34 Interim Financial Reporting, as adopted by the European Union.

The statutory auditor, PwC Bedrijfsrevisoren BV Reviseurs d'Entreprises SRL, represented by Peter Van den Eynde, has reviewed these condensed consolidated interim financial statements and concluded that based on the review, nothing has come to the attention that causes them to believe that the condensed consolidated interim financial information is not prepared, in all material respects, in accordance with IAS 34, as adopted by the European Union.

For the condensed consolidated interim financial statements for the first six months of 2024 and the review report of the statutory auditor we refer to Azelis' website.

Consolidated income statement for the period ended 30 June

(in thousands of €)	Jan-June 2024	Jan-June 2023
Revenue	2,145,661	2,141,225
Other operating income	12,832	12,559
Total income	2,158,493	2,153,784
Costs for goods and consumables	-1,632,026	-1,636,681
Gross profit	526,467	517,103
Employee benefits expenses	-153,210	-149,709
External services and other expenses	-102,445	-94,002
Depreciation of tangible assets	-20,829	-15,796
Amortization of intangible assets	-35,300	-32,637
Operating profit loss (-)	214,683	224,959
Financial income	15,321	3,404
Financial expenses	-87,718	-74,603
Net financial expense	-72,397	-71,199
Profit loss (-) before tax	142,286	153,760
Income tax income expense (-)	-42,156	-44,579
Net profit loss (-) for the period from continuing operations	100,130	109,181
Attributable to:
Equity holders of the parent	94,822	103,458
Non-controlling interests	5,308	5,723
Net profit loss (-) for the period	100,130	109,181
	in	in
Basic earnings per share	0.39	0.44
Diluted earnings per share	0.39	0.44

Consolidated statement of financial position

(in thousands of €)	June 30, 2024	December 31, 2023
Assets
Goodwill	2,473,548	2,409,251
Intangible assets	1,366,913	1,349,133
Property, plant and equipment	68,636	73,577
Right of Use assets	170,682	123,048
Investments in associates	285	285
Other financial assets	1,518	7,749
Deferred tax assets	17,305	15,693
Total non-current assets	4,098,887	3,978,736
Inventories	607,014	562,790
Trade and other receivables	677,404	521,896
Income tax receivables	8,465	23,872
Other financial assets	4,717	60
Cash and cash equivalents	384,492	484,874
Total current assets	1,682,092	1,593,492
Total assets	5,780,979	5,572,228
Equity
Share capital	5,880,000	5,880,000
Reserves	-3,954,893	-3,927,077
Retained earnings	669,904	459,372
Unappropriated result	94,822	177,704
Issued capital and reserves attributable to owners of the parent	2,689,833	2,589,999
Non-controlling interests	88,305	86,579
Total equity	2,778,138	2,676,578
Loans and borrowings	1,553,323	1,550,634
Lease obligations	144,894	100,347
Employee benefit obligations	12,846	13,637
Provisions	2,731	3,158
Other non-current liabilities	30,117	69,816
Deferred tax liabilities	222,840	218,306
Total non-current liabilities	1,966,751	1,955,898
Bank overdrafts	28,834	18,286
Loans and borrowings	43,125	80,560
Lease obligations	28,236	26,271
Provisions	3,118	3,670
Income tax payables	19,360	11,495
Trade and other payables	913,417	799,470
Total current liabilities	1,036,090	939,752
Total liabilities	3,002,841	2,895,650
Total equity and liabilities	5,780,979	5,572,228

Consolidated statement of cash flows

(in thousands of €)	Jan-June 2024	Jan-June 2023
Cash flows from operating activities
Net profit loss (-) for the period	100,130	109,181
Adjustments for:
Depreciation, amortization and impairment expenses	56,128	48,432
Net financial expense	72,397	71,199
Cost of share-based payment	989	861
Income tax income expense	42,156	44,579
Change in inventories	-37,361	37,147
Change in trade and other receivables and other investments	-160,204	-35,814
Change in trade and other payables	81,070	-28,030
Change in provisions	-1,906	2,676
Cash flow from operating activities	153,399	250,231
Interest received	9,279	2,243
Income tax paid	-22,196	-47,666
Net cash flow from operating activities	140,482	204,808
Cash flow from investing activities
Acquisition of property, plant and equipment and intangible assets	-5,469	-5,771
Acquisition of subsidiaries, net of cash acquired	-122,033	-557,640
Net cash flow from investing activities	-127,502	-563,411
Cash flows from financing activities
Payments of lease obligation	-18,572	-13,168
Dividend payment to shareholders of the group		-47,690
Purchase of treasury shares	-2,507	-3,408
Capital increase		200,000
Expenses related to capital increase		-2,223
Interest paid	-62,287	-36,663
Proceeds from loans and borrowings	29,558	623,864
Repayments of loans and borrowings	-64,203	-204,810
Transaction costs related to loans and borrowings		-7,715
Other cash flows from financing activities	-4,432	2,126
Net cash flow from financing activities	-122,443	510,313
Net (decrease) increase in cash and cash equivalents	-109,463	151,710
Effect of exchange rate fluctuations on cash held	-1,467	581
Cash and cash equivalents minus Bank overdraft at beginning of the period	466,588	237,748
Cash and cash equivalents minus Bank overdraft at June 30	355,658	390,039

NOTES AND DISCLAIMER

About Azelis:

Azelis is a leading global innovation service provider in the specialty chemical and food ingredients industry present in 65 countries across the globe with over +4,200 employees. Our knowledgeable teams of industry, market and technical experts are each dedicated to a specific market within Life Sciences and Industrial Chemicals. We offer a lateral value chain of complementary products to more than +63,000 customers, supported by +2,800 principal relationships, creating a turnover of €4.2 billion (2023). Azelis Group NV is listed on Euronext Brussels under ticker AZE.

Across our extensive network of more than 70 application laboratories, our award-winning staff help develop formulations and provide technical guidance throughout the customers' product development process. We combine a global market reach with a local footprint to offer a reliable, integrated and unique digital service to local customers and attractive- business opportunities to principals. Top industry-rated by Sustainalytics, Azelis is a leader in sustainability. We believe in building and nurturing solid, honest and transparent relationships with our people and partners.

Impact through ideas. Innovation through formulation.

Important disclaimer:

This announcement may contain statement relevant to Azelis Group NV (the "Company") and/or its affiliated companies (collectively "Azelis" or the "Azelis Group") which are not historical facts and are hereby identified as "forward-looking statements". Such forward looking statements, include, without limitation, those relating to the future business prospects, revenue, working capital, liquidity, capital needs, interest costs and income, in each case relating to the Azelis Group.

The forward-looking statements and estimates contained herein represent the judgement of and are based on the information available to the Company's management as of the date of this announcement. They involve a number of known and unknown risks, uncertainties and other factors that could cause actual results, performance or achievements to differ materially from those expressed or implied by the forward looking statements.

These forward-looking statements should not be considered as guarantees for future performance of the Azelis Group and should, therefore, be considered in light of various important factors that could cause actual results to differ materially from estimates or projections contained in the forward looking statements. These include without limitation economic and business cycles, the terms and conditions of the Azelis' financing arrangements, foreign currency rate fluctuations, competition in Azelis' key markets, acquisitions or disposals of businesses or assets and trends in Azelis' principal industries or economies.

The foregoing list of important factors is not exhaustive. When considering forward looking statements, careful consideration should be given to the foregoing factors and other uncertainties and events, as well as factors described in any other document published by the Company with the Belgian Financial Services and Markets Authority ("FSMA") or on the Azelis website (www.azelis.com/investor-relations) from time to time, including the prospectus related to the admission to trading of the securities of Azelis Group NV on the regulated market of Euronext Brussels dated 14 September 2021. No undue reliance should be placed on such forward looking statements which are relevant only as of the date of this announcement. Except as required by the FSMA, Euronext or otherwise in accordance with applicable law, the Company undertakes no obligation to update publicly or revise any forward looking statements, whether as a result of new information, future events or otherwise.

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Contacts:

Azelis Investor Relations
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