Holland Colours NV

Earnings Release • May 28, 2025

PRESS RELEASE

HOLLAND COLOURS RESULTS 2024/2025

RESTORING GROWTH

Uncertainties around the global economy and world politics continued to increase over the past financial year. In part due to these unfavorable circumstances, the Building & Construction market in Europe and North America declined slightly versus the previous year. Global Packaging markets and Coatings & Sealants in Europe were relatively stable. Despite the adverse trends, we managed to grow our business in line with our goals and continued to strengthen our organization.

Holland Colours can report the following results for the 2024/2025 financial year:

• 8.7% revenue increase on the previous financial year;
• Operating result of € 7.9 million versus € 7.0 million in the previous year;
• Net result of € 5.9 million versus € 5.2 million in the previous year, while net earnings per share came in at € 6.85 versus € 6.02 the previous year;
• Final dividend proposed of € 5.9 million (€ 6.85 per share).

Revenue for the 2024/2025 financial year was € 112.3 million, an increase of 8.7% on the previous year (€ 103.3 million), primarily driven by volume increases.

Revenue in the EMEIA division (Europe, Middle East, India and Africa) increased versus the previous year. The most important factor driving this revenue increase was the execution of our strategic growth plan, which continues to gain momentum as we move forward. Additionally, we benefited from volume growth in the Building & Construction market in the Middle East.

Our Asia division saw a decrease in revenues compared to the previous year. The Chinese market, where our business is predominantly focused on selling colorants for UHT dairy bottles, experienced a further decline in sales versus the previous year. This was due to changing packaging concepts. We also saw lower volumes in the domestic Indonesian market. However, our business in other Southeast Asian countries experienced an increase in revenues compared to the previous year.

The Americas division saw revenues increase compared with the previous year. Even though the North American housing market did not improve versus 2023/2024, we secured several strategic business projects in Building & Construction that increased volumes. Packaging also contributed to the overall growth in revenue.

The net margin for the Group was € 55.6 million, an increase of € 6.8 million on the year before. The margin as a percentage of revenue ended higher, at 49.5% versus 47.2% in the previous year. This increase was mainly due to continuous effective margin management across all regions.

Operating expenses were € 47.6 million, € 6.0 million (14.2%) higher than the previous year. This increase was in line with our strategic road map and included higher costs related to sales, technology, marketing and IT.

The net result was € 5.9 million (€ 6.85 per share) versus € 5.2 million in the previous year (€ 6.02 per share).

Net cash flow came in at € 2.0 million positive in 2024/2025, versus € 2.8 million positive in the previous year. This stemmed from, among other reasons, operating activities of € 7.3 million, a cash outflow from investment of € 2.1 million, a dividend payout of € 2.6 million and a cash outflow from other financial activities of € 0.6 million.

As policy, Holland Colours aims to distribute at least 50% of its net profit as dividend, provided that the solvency ratio continues to be at least 40% after distribution. In recognition of the trust and support of our shareholders, we propose to distribute a final dividend of € 6.85 per share, which represents 100% of the net profit in 2024/2025.

OUTLOOK 2025/2026

Globally, uncertainties regarding international politics have further increased. Recent developments concerning global trade tariffs are likely to negatively impact the world economy in 2025/2026.

At the time of preparing this report, we are estimating the short-term direct effects of the US government's import tariffs on our business and identifying mitigation possibilities. These primarily involve searching for alternative sourcing opportunities and passing on cost increases to our customers. The indirect effects of import tariffs, in the form of lower market demand, are hard to predict. Therefore, we remain cautious regarding business expectations for 2025/2026.

Our strategy includes specific initiatives to accelerate the growth of our core business, and we are committed to developing new, innovative opportunities in the area of recycling and circularity. Our strategy continues to reflect our commitment to solidifying our position as an independent supplier of pigment and additive concentrates. Holland Colours traditionally does not include forward-looking financial statements in its annual reports, and we continue to adhere to this policy.

Apeldoorn, May 28, 2025

Board of Management

Coen Vinke (CEO) Martijn Klomp (CFO) Eelco van Hamersveld (CTO)

CONSOLIDATED INCOME STATEMENT for the year ended 31 march

7 Revenue 112,347	103,285
Cost of Materials (56,779)	(54,539)
Contribution Margin 55,568	48,746
8 Personnel Expenses (24,227) (22,253)
11 Amortization and Impairments (8) (5)
12/13 (3,420) (3,222) Depreciation and Impairments
9 Other Operating Expenses (16,255) (19,986)
Total Operating Expenses (47,641)	(41,735)
Operating Result 7,927	7,011
Finance Income 274 141
Finance Expenses (91) (135)
183 Finance Income and Expenses	6
Result Before Income Tax 8,110	7,017
10 Income Tax (2,220)	(1,835)
Net Result for the Year 5,890	5,182
Attributable to:
Shareholders of the Company 5,890	5,182
Net Result for the Year 5,890	5,182
Earnings per Share Attributable to Shareholders of
20 the Company in Euros
6.85 Basic Earnings per Share	6.02
6.85 Diluted Earning per Share	6.02

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME for the year ended 31 march

In thousands of euros	Note		2024/2025		2023/2024
Net Result for the Year			5,890		5,182
Items that may be reclassified subsequently to profit or loss: Exchange Differences on Translation of Foreign Operations	19	(303)		407
Other Comprehensive Income for the year, net of tax			(303)		407
Total Comprehensive Income for the year			5,587		5,589
Attributable to: Shareholders of the Company Total Comprehensive Income for the Year			5,587 5,587		5,589 5,589

consolidated balance Sheet as at 31 March

In thousands of euros Note		2025	2024
Non-Current Assets
Intangible Assets	11	16	1
Property, Plant and Equipment	12	23,457	24,278
Right-of-Use Assets	13	867	1,250
Deferred Tax Assets	14	1,190	1,108
		25,530	26,637
Current Assets
Inventories	15	17,668	15,189
Trade and Other Receivables	16	18,337	16,851
Current Income Tax Receivables		651	1,198
Cash and Cash Equivalents	17	20,598	18,523
		57,254	51,761
Total Assets		82,784	78,398

n thousands of euros		Note 2025	2024
Equity
Share Capital	18	1,953	1,953
Share Premium Reserve	19	1,219	1,219
Translation Reserve	19	367	721
Other Reserves	19	60,915	57,562
Total Equity		64,454	61,455
Non-Current Liabilities
Lease Liabilities	23	381	672
Employee Benefits	24	608	458
Deferred Tax Liabilities	14	74	81
Provisions	25		42
		1,063	1,253
Current Liabilities
Trade and Other Payables	26	16.119	14.892
Lease Liabilities	23	429	432
Current Income Tax Liabilities		296	143
Employee Benefits	24	43	273
Other Provisions	25	380
		17,267	15,690
Total Equity and Liabilities		82,784	78,398

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 MARCH

		Share
	Share	Premium	Translation	Other	Total
In thousands of euros	Capital	Reserve	Reserve	Reserves	Equity
As at 31 March 2023	1,953	1,219	506	55,135	58,813
Net Result for the Year				5,182	5,182
Other Comprehensive Income			407		407
Total Comprehensive Income			407	5,182	5,589
Transfer Translation Reserve			(192)	179	(13)
Dividends Paid				(2,934)	(2,934)
As at 31 March 2024	1,953	1,219	721	57,562	61,455
Net Result for the Year				5,890	5,890
Other Comprehensive Income			(354)	51	(303)
Total Comprehensive Income			(354)	5,941	5,587
Dividends Paid				(2,588)	(2,588)
As at 31 March 2025	1,953	1,219	367	60,915	64,454

CONSOLIDATED CASH FLOW STATEMENT

FORTHEYEARENDED 31 MARCH

In thousands of euros	Note	2024/2025	2023/2024
Operating Result		7,927	7,011
Adjustments for:
· Amortization/Impairments Intangible Assets	11	8	5
· Depreciation/Impairments Property,
Plant and Equipment	12	2,866	2,558
· Depreciation Right-of-Use Assets	13	554	664
· Gains/Losses on Sale Property, Plant and
Equipment		(26)
Changes in Provisions	24/25	318	(323)
· Changes in Working Capital:
Change in inventories		(2,642)	497
Change in receivables		(1,691)	(80)
Change in Liabilities		1,446	2,022
Exchange Rate Differences			(36)
Cash Flow from Operating Activities		8,760	12,318
Income Tax Paid		(1,612)	(1,594)
Finance Income		274	141
Finance Expense		(91)	(135)
Net Cash from Operating Activities		7,331	10,730

In thousands of euros	Note	2024/2025	2023/2024
Cash Flow from Investing Activities
Purchases Intangible Assets	11	(22)	(1)
Proceeds Sale Property, Plant and Equipment		148	16
Purchases Property, Plant and Equipment	12	(2,200)	(4,469)
Net Cash from Investing Activities		(2,074)	(4,454)
Cash Flow from Financing Activities
Dividends Paid	21	(2,588)	(2,934)
Lease Liabilities Repayments	23	(465)	(665)
Net Cash from Financing Activities		(3,053)	(3,599)
Cash and Cash Equivalents as at 1 April Exchange Rate and Translation Differences		18,523	15,757
on Cash and Cash Equivalents		(129)	89
Cash and Cash Equivalents as at 31 March	17	20,598	18,523

SEGMENT REPORTING

Segments 2024/2025	EMEIA	Americas	Asia	NV	Total
Revenue	60,054	42,307	9,986		112,347
Depreciation, Amortization and Impairments	(2,069)	(876)	(389)	(ਰੇਤ)	(3,427)
Operating Result	2,951	3,772	1,320	(116)	7,927
Financial Income		54	149	ਦਰੇ	274
Financial Expenses	(40)	(11)	3	(43)	(91)
Income Tax	(676)	(806)	(305)	(433)	(2,220)
Net Result	2,237	3,009	1,167	(523)	5,890
Non-Current Assets	15,547	5,587	2,425	1,971	25,530
Current Assets	25,791	20,612	7,971	2,880	57,254
Liabilities	10,970	3,881	1,832	1,647	18,330
Total Investments	1,545	411	226	18	2,200
Average Number of Employees (in FTE)	197	89	91	22	ਤੇਰੇਰੇ

Segments 2023/2024	EMEIA	Americas	Asia	NV	Total
Revenue
	54,564	38,065	10,656		103,285
Depreciation, Amortization and Impairments	(1,757)	(908)	(Заё)	(167)	(3,227)
Operating Result	2,620	2,235	1,028	1,127	7,011
Financial Income		24	109		141
Financial Expenses	(12)	(7)	(8)	(108)	(135)
Income Tax	(603)	(634)	(312)	(286)	(1,835)
Net Result	2,006	1,619	817	740	5,182
Non-Current Assets	16,091	5,936	2,609	2,001	26,637
Current Assets	23,209	18,491	8,971	1,090	51,761
Liabilities	10,430	3,652	1,573	1,288	16,943
Total Investments	3,935	437	98		4,470
Average Number of Employees (in FTE)	196	91	102	21	410

NOTES

Disclaimer

This press release is based on the Holland Colours 2024/2025 financial statements. These were prepared in accordance with the International Financial Reporting Standards (IFRS) as adopted by the EU, and this press release contains only a part of these statements. The Holland Colours annual report 2024/2025, including the financial statements is published on May 28, 2025 on the Company's website and will be presented to the General Meeting of Shareholders on July 10, 2025. The auditor has issued an Independent Auditor's Report on the 2024/2025 financial statements.

FIVE-YEAR SUMMARY

IN MILLIONS OF EUROS, UNLESS STATED OTHERWISE

	2024/25	2023/24	2022/23	2021/22	2020/21
Income statement
Revenue	1123	103.3	111.4	110.5	96.0
Operating result before depreciaton
and amortisation (EBITDA)	11.4	10.2	10.5	17.0	15.5
Depreciation of property, plant,
equipment and intangibles	(3.4)	(3.2)	(3.3)	(3.4)	(3.1)
Operating result	79	7.0	73	13.6	124
Interest			(0.1)	(0.1)	(0.1)
Income tax	(2.2)	(1.8)	(1.3)	(3.3)	(2.8)
Result of discontinued operations
Net result	ਦੇ ਰੋ	5.2	5 9	10.2	9.6
Statement of financial position
Total assets	82.8	78.5	73.8	79.6	68.7
Total equity	645	61.6	58.8	57.8	50.6
Interest-bearing debt
Working capital 1	24.1	21.4	226	26.1	19.6
Invested capital 2	46.4	45.1	46.3	39.8	38.1
Cash	20.6	185	15.8	17.0	16.6

	2024/25	2023/24	2022/23	2021/22	2020/21
Statement of cash flows
Cash flow from operating activities	7.3	10.8	85	8.0	145
Investments	(2.1)	(4.5)	(4.3)	(3.3)	(2.0)
Repayment lease liabilities	(0.5)	(0.7)	(0.6)
Dividend	(2.6)	(2.9)	(5.1)	(4.7)	(3.9)
Other financial activities 3	(0.1)	0.1	0.3	0.4	0.3
Net cash flow	2.0	2.8	(1.2)	0.3	9.0
Revenue per division
Europe	60.1	54 5	54.5	58.5	49.4
Americas (in USD)	45.4	41.3	44.2	43.7	37.9
Asia (in USD)	10.7	11.6	15.1	16.6	17.2
Ratios
Return on Sales (ROS)	7.1%	6.8%	6.6%	12.3%	12.9%
Solvency 4	77.9%	78.4%	79.7%	72.5%	73.6%
Quick Ratio	23	23	25	1.8	2.0
Return on Investment (ROI) 5	17.1%	15.5%	15.8%	34.2%	32.6%
Working capital in % of revenue	21.4%	20.7%	20.3%	23.6%	20.4%
Market capitalisation as at March, 31	753	85.2	101.5	1346	106.7
Number of shares outstanding	860,351	860,351	860,351	860,351	860,351

' inventories + trade accounts receivable -/ trade accounts payable

PROFILE

Holland Colours develops and manufactures groundbreaking solid and liquid color concentrates, plus masterbatches and additive concentrates for rigid and flexible PVC for the building & construction industry, and for the production of PET and polyolefin-based packaging. We also produce color concentrates for use in coatings, sealants & adhesives and other applications.

As a company, we set out to deliver customer peace of mind through superior product performance, worldleading product stewardship and outstanding technical service. Our experts co-design color and functional solutions with our customers, develop solutions to support recycling and actively contribute to creating a more sustainable industry overall.

Holland Colours is a Dutch company, founded in 1979 and listed on the Euronext Amsterdam Stock Exchange. With committed employee shareholders and production locations in the Americas, Europe and Asia, we serve customers on every continent. To find out more, visit us at hollandcolours.com.

KEY DATES (provisional)

July 10, 2025	Annual General Meeting of Shareholders
July 14, 2025	Ex-dividend listing
July 15, 2025	Dividend record date
July 25, 2025	Dividend payable
October 31, 2025	Publication of interim results 2025/2026
May 28, 2026	Publication of 2025/2026 Annual Report
July 9, 2026	Annual General Meeting of Shareholders

Holland Colours NV

PO Box 720 | 7300 AS Apeldoorn | Netherlands Tel + 31 (0)55 368 07 00 | ir@hollandcolours.com | www.hollandcolours.com |