Avantium N.V.

Investor Presentation • Dec 13, 2023

Capital Markets Day 2023

Avantium

| Capital Markets Day 2023

1

Capital Markets Day 2023 Keynote presentation Keynote presentation

13 December 2023

-- DRAFT --

13 December 2023

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Today's speakers

Tom van Aken CEO

Boudewijn van Schaïk CFO

Inflection point ahead

Strategic focus

Securing funding

Addressing the plastics pollution problem

Plastics pollution: a real problem…

PET / Plastics GHG¹ Emissions Plastic end-of-life pollution

…the problem is getting bigger…

…and it can't be solved only by recycling

11% Low recycling rate

65-95% Limited recovery rate through recycling depending on technologies

26% High share of hard-to-recycle plastics multi-material packaging

Constant need for new virgin plastics unless we find a circular alternative

Note: (1) Greenhouse Gas

Sources: OECD statistics on plastics use by polymer projections, 2023; OECD, Plastic leakage and greenhouse gas emissions are increasing, 2019; CIEL, Plastic & Climate: The hidden costs of a plastic planet, 2019; OECD, Global plastics outlook, 2022; Erikesen et al, A growing plastic smog, now estimated to be over 170 trillion plastic particles afloat in the world's oceans, 2023; PlasticsEurope Market Research Group and Consultic Marketing & Industrieberatung, World plastics production, 2016 ; RECORD, Chemical and physico-chemical recycling of plastic waste, 2022, 177 p, n°21-0919/1A; ScienceDirect, Recycling of multi-material multilayer plastic packaging: Current trends and future scenarios, 2022; Avantium and Nova Institute, PEF – A Sustainable Packaging Material for Bottles - ISO Certified LCA of Avantium's PEF products, 2022

Global plastics production will triple by 2050

Accelerating shift to bio-plastics

Increasing consumer pressure, demanding sustainable solutions

Increasing regulatory support for plant-based plastic and recycling:

Major brands setting ambitious targets but struggling to meet them

20-50% reduction of virgin fossil-based plastic by 2025-2030¹

(Ocal Cola Cola Unilever LOREAL
Carrefour (1) Pepsico Mondelez
L'OCCITANE Beiersdorf Wcommor		Carlsberg
		reckitt P&G MARS H&M Group

Driving renewable & circular polymers

Market traction through wide range of applications

Commercial-stage company in renewable & circular polymers

Mission

To bring to the market new, cost competitive renewable polymer materials with superior performance characteristics, contributing to reducing carbon emissions, plastic pollution and our dependency on fossil resources

Ambition

Be a €100m+ revenue & EBITDA positive company by 2026, with 500kta of committed capacity for sustainable polymers¹

Note: (1) Revenue based on contractual income, not considering the possible impact of IFRS 15; Running a fully operational FDCA Flagship Plant and selling multiple licenses will lead to Avantium reaching an inflection point. Under such conditions,, management's ambition is that the Company could generate €100 million in revenues and be EBITDA positive in 2026; Revenue based on contractual income, not considering the possible impact of IFRS 15; Sources: Smithers, The future of high barrier packaging films to 2024, 2021; Smithers, The future of global flexible packaging to 2026, 2021; Smithers, The future of rigid plastic packaging to 2026, 2021; Thermoformed Packaging Market to 2025, 2018 ; PCI Wood Mackenzie, Abstract report global Multilayer PET bottles industry to 2024, 2016 ; Allied Market Research

Reaching the inflection point

Technology & product deployment through commercialisation of Avantium's own production and Avantium's technologies through licensing, JVs and partnerships

PEF: made from our focus product FDCA

Compared to PET

PEF is a renewable, circular plant-based polymer material

Low carbon footprint

Superior technical properties

Enhanced recyclability

Cost competitive

Sources: Energy Environ. Sci, Replacing fossil-based PET with biobased PEF ; process analysis, energy and GHG balance, 2012; University of Aberdeen, PEF plastic synthesised from industrial carbon dioxide and biowaste, 2020; Journal of Ecological Engineering, Energy Inputs on the Production of Plastic Products, 2022; RECORD, Chemical and physico-chemical recycling of plastic waste, 2022, 177 p, n°21-0919/1A; Avantium, The Journey of Avantium's PEF towards Commercialisation, 2021

FDCA – feedstock agnostic, utilising Gen 1 and 2 feedstocks

FDCA Flagship Plant is using Gen 1 feedstock: starch – an abundant & low value co-product

Current Gen 2 feedstock

Future Gen 2 feedstock options

Wood chips

Avantium's Dawn Technology

16 Avantium DAWN pilot plant

PEF sustainable and superior alternative for PET

A more sustainable product…

Circular

…with superior properties…

…providing distinctive value proposition

• ✓ Up to 20% weight reduction
• ✓ Longer shelf life leading to food waste reduction
• ✓ Larger range of applications and ability to replace glass, aluminium, etc.
• ✓ Enhanced recyclability as monomaterial packaging or by replacing hard-to-recycle polymers (e.g. nylon) in multi-material packaging
• ✔ EPBP^¹interim approval on multilayer PET/PEF and monolayer PEF bottles in the PET recycling stream
• APR^² Critical Guidance Recognition on compatibility with standard PET recycling practices ✔

Notes: (1) The European PET Bottle Platform is a voluntary initiative of industry organisations representing waste collectors, plastic recyclers, PET material producers and brand owners; (2) The Association of Plastic Recyclers, non-profit organisation focused exclusively on improving recycling for plastics

Sources: Avantium and Nova Institute, PEF – A Sustainable Packaging Material for Bottles - ISO Certified LCA of Avantium's PEF products, 2022; University of Aberdeen, PEF plastic synthesised from industrial carbon dioxide and biowaste, 2020; Journal of Ecological Engineering, Energy Inputs on the Production of Plastic Products, 2022; RECORD, Chemical and physico-chemical recycling of plastic waste, 2022, 177 p, n°21-0919/1A; Avantium, The Journey of Avantium's PEF towards Commercialisation, 2021

PEF can be used in a very broad range of applications

Beer, Juices, Waters, Soft Drinks

Competing materials: Glass, Aluminium, PET, Multi-layer

Textile, Upholstery, Car Tires, Industrial Fibers

Competing materials: PET, Nylon, Cotton

100 million ton/year >50 million ton/year >5 million ton/year

Food Packaging, Non-Food Packaging

Competing materials: Glass, Aluminium, PET, Multi-layer

Avantium

Notes: (1) Million Metric Tons Annually

Sources: Smithers, The future of high barrier packaging films to 2024, 2021; Smithers, The future of global flexible packaging to 2026, 2021; Smithers, The future of rigid plastic packaging to 2026, 2021; Thermoformed Packaging Market to 2025, 2018 ; PCI Wood Mackenzie, Abstract report global Multilayer PET bottles industry to 2024, 2016 ; Allied Market Research

PEF is both sustainable and price-competitive at scale

Competing with aluminium and glass at €5.0/kg PEF

PEF Bottle 33cl – 13.5g PEF material cost¹ €0.07 = ~7% of end price Glass Bottle 33cl – 200g Glass material cost¹ €0.13 = ~13% of end price Aluminium Can 33cl – 13g Alu material cost¹ €0.03 = ~4% of end price

100kta 250kta

Competing with mono-material PET at €2.5/kg PEF

PEF Bottle 50cl – 17.5g PEF material cost² €0.044 = ~3.7% of end price rPET Bottle 50cl – 22g rPET material cost² €0.055 = ~4.6% of end price PET Bottle 50cl – 22g PET material cost² €0.037 = ~3.1% of end price

PEF reducing Global Warming Potential

Notes: (1) a 33cl bottle made with PEF at €5.0/kg sold at €1.00, a 33cl glass bottle sold at €1.00 and a 33cl aluminium can sold at €0.67; (2) Assuming PEF at €2.5/kg, rPET at €2.5/kg and PET at €1.7/kg, and a 50cl sold at €1.20. Sources: enzymatic rPET, Company's estimates; Glass, Food grade rPET & PET prices, BusinessAnalytIQ.com, average Europe & USA Aug.22-Aug.23; Aluminium prices, markets.businessinsider, average Aug.22-Aug.23, NAPCOR, Beverage Container LCA Report 2023, 2023; Nova Institute

First-of-a-kind FDCA Flagship Plant on stream in 2024

• • Sale of PEF & FDCA at commercial scale
• Prove technology at 5kta scale
• 10-year feedstock supply partnership with Tereos
• Commissioning expected to start in Q1 2024
• FDCA production expected on stream in H2 2024
• Further accelerate licensing deployment

יישוב ביישוב בינגעות מאומרים | מעולם את

Licensing the FDCA / PEF technology

Generate income	Deployment
Through up-front fees and royalties	Licensees accelerate product deployment and global market entry
Asset light model	Technology development
Access capabilities, capital and resources of licensees	Technology and IP development accelerated by de velopments at licensees

▪	Avantium to	license out technology and IP
---	----------------	-------------------------------	--

• Technology licensing deemed to offer the optimal combination of risk and reward
• Licensing closely aligned with our capabilities and capacities
• Multiple licensee market model preferred by converters / brand owners

Virtuous licensing circle

Source: 'Capturing sustainable value from technology: a case for strategic licensing' from Arthur D. Little – Michaël Kolk, Phil Webster, Koji Uchida and Just Jansz

Owning necessary IP for production and licensing of FDCA and its high value applications

FDCA manufacture: 46 FDCA based polymers, manufacture and applications: 54 Others: 6 FDCA manufacture: 80 FDCA based polymers, manufacture and applications: 143 Others: 15 FDCA manufacture: 68 FDCA based polymers, manufacture and applications: 91 Others: 2 FDCA manufacture: 13 FDCA based polymers, manufacture and applications: 13 Others: 1

• ➔ Avantium has 166 patent families¹ containing 998 rights
• ➔ Actively managing IP portfolio including review of third-party patent positions
• ➔ Dedicated team of in-house patent attorneys
• ➔ Figures include patents and patent applications

Avantium

| Capital Markets Day 2023

First license agreement signed with Origin

• Non-exclusive technology license agreement for conversion of Origin-produced CMF derivatives into FDCA at a 100 kta scale facility
• Avantium and Origin already secured capacity reservations for the future plant, for example from Terphane

Technology license agreement model with Origin

25

Global FDCA licensing opportunities for Avantium

Potential pipeline of technology licenses

Technology licensing target customers

26

Key considerations on licensing

• ➔ Feedstock suppliers
• ➔ Chemical companies

• ➔ PET (/polymer) producers

• ➔ Proximity to feedstock

• ➔ Proximity to existing production infrastructure (brownfield)
• ➔ Local market proximity & size
• ➔ Local regulations & incentives

26

We can almost touch it...

Reinforcing strategic focus: the FDCA/PEF commercial opportunity

FDCA/PEF technology	Volta Technology (PLGA)	R&D Solutions	Ray Technology (plantMEG/MPG)
Prioritising getting Flagship Plant on stream in 2024 and commercialisation and licensing of FDCA / PEF	Exploring strategic or financial partnerships to fund the next phase of development	EBITDA positive, targeting sustainable chemistry opportunities	Further investments on hold

FDCA/PEF technology

Ray Technology to produce plantMEG & plantMPG

Full priority Further investments on hold

Anticipated direct and indirect cost savings

Funding focused on the FDCA / PEF opportunity

Renewable Polymers Business	Avantium
Completing Construction of the FDCA Flagship Plant	Commissioning and Start-up of the FDCA Flagship Plant	Licensing acceleration – Commercial strength and pipeline	Financial stability, general corporate items and R&D

Focus on financial stability to execute on our strategy

Strong financing fundamentals for long-term success

Shareholders in Renewable Polymers remain committed

FDCA Flagship nearing completion with strong commercial traction

Promising licensing pipeline

Priority is now to secure funding for Avantium

Securing additional funding

Equity raise of € 50m

with the option to increase by up to €20m to further strengthen its financial profile

• Fund Avantium's share of the financing package for Avantium Renewable Polymers
• Fund ongoing activities incl general corporate and R&D
• Be properly capitalised and a financially stable partner for future licensees

Avantium Renewable Polymers cost update

• Interest impacted by unprecedented rise in interest rates
• Running costs impacted by inflation, longer commissioning period, and additional business requirements
• FDCA Flagship Plant CAPEX driven by inflation and supply chain challenges

Financing package Avantium Renewable Polymers

Use of the proceeds

Financing the cost increase of approximately €64.5m

• €33m CAPEX
• €19m OPEX
• €11m interest
• €1.5m contingency

Focus on revenue and EBITDA generation

R&D Solutions Business:

Growing revenue from products and services business – pursuing strategic growth opportunities

Installed capacity		Average selling price	Annual turnover	Illustrative EBITDA margin
5kta	x	~€9-10/kg	= ~€45-50m	~35-40%

Technology Licenses:

Milestone payments and royalties from multiple technology license agreements

Focus and execution leading to growth

Illustrative financial performance: based on assumption that FDCA Flagship Plant is on stream in 2024 and multiple technology licenses have been sold

Funding key for growth & execution

Key takeaways / Investment highlights

Strong commercial traction, with 15 offtakes and 1 technology license to date 1

Most advanced FDCA and PEF player worldwide, contributing to the transition of the chemical industry towards renewable and circular polymer materials

Reaching a key inflection point in the transition to a commercial-stage company: 1/ commercial-scale FDCA production start-up in 2024, 2/ contracted offtake by industry leaders and 3/ license sales

Clear path to revenue growth with the ambition to be a €100m+ revenue & ⁴ EBITDA positive company in 2026¹

Raising €50 – €70m to bring the FDCA Flagship Plant on stream in 2024, accelerate our licensing activities by strengthening our global commercial capabilities, and continue the development of the Volta Technology

Inflection point ahead

Strategic focus

Securing funding