Pryme N.V.

Earnings Release • Aug 4, 2025

PRYME N.V.

2025 Half Year Report

August 4 th , 2025

Pryme N.V. – 2025 Half Year Report

Forward Looking Statements

This 2025 Half Year Report (the "Report") is produced by Pryme N.V. (the "Company" or "Pryme") and contains several forward-looking statements relating to the business, financial performance and results of Pryme, its subsidiaries and/or the industry in which it operates. Forward-looking statements concern future circumstances and results and other statements that are not historical facts, sometimes identified by the words "believes", expects", "predicts", "intends", "projects", "plans", "estimates", "aims", "foresees", "forecasts", "anticipates", "targets", "will", "should", "may", "continue" and similar expressions.

Forward-looking statements include statements regarding objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; profit; margin, return on capital, cost or dividend targets; economic outlook and industry trends; developments of the Company's markets; the impact of regulatory initiatives; and the strength of the Company's competitors.

The forward-looking statements contained in this Report, including assumptions, opinions and views of the Company, are based upon various assumptions, including without limitation, management's examination of historical operating trends, data contained in the Company's records and other data available from third party sources. Although the Company believes that these assumptions were reasonable when made, the statements provided in this Report are solely opinions and forecasts that are uncertain and subject to risks, contingencies and other important factors which are difficult or impossible to predict and are beyond its control.

A number of factors can cause actual results to differ significantly from any anticipated development expressed or implied in this Report. No representation is made that any of these forward-looking statements or forecasts will come to pass or that any forecast result will be achieved and you are cautioned not to place any undue reliance on any forward-looking statement. The information obtained from third parties has been accurately reproduced and, as far as the Company is aware and able to ascertain from the information published by that third party, no facts have been omitted that would render the reproduced information to be inaccurate or misleading.

Dear Shareholders and Stakeholders,

As we close the first half of 2025, I am pleased to share an update on our progress, challenges, and focus for the remainder of the year.

The first six months were marked by both setbacks and forward steps. Two incidents involving localized loss of containment on the reactor - first in January, then in April - led to extended downtime. In both cases, flames were quickly extinguished without injury or significant material damage, and we have since implemented technical and procedural improvements to prevent recurrence.

Despite these interruptions, we resumed operations in March and again in June, producing 313 tons of pyrolysis oil in total. April inspections showed a noticeable reduction in equipment fouling following recent process adjustments. June production exceeded expectations, with improved yield and oil quality, and an encouraging signal of process stability.

Beyond production, we installed and commissioned odor-control systems, validated a higher-quality feedstock, and renewed our ISCC PLUS certification. We also launched a cybersecurity awareness program and initiated regulatory steps toward co-registration of our oil on another existing REACH product.

In Q3, we will prioritize conducting optimization tests and addressing key bottlenecks - particularly the reactor's reaction rate, which may require a short production stop for upgrades or inspections. At the same time, we will continue improving reliability, oil quality, and feedstock flexibility.

While challenges remain, we are entering the second half with greater insight, stronger systems, and growing confidence. Thank you for your continued trust as we build Pryme into a key player in the circular economy.

Sincerely,

Benoît Morelle CEO

Key highlights HY1 2025

• Safety Performance: No Lost Time Injuries (LTIs) or First Aid Injuries (FAIs) were recorded during the first half year. The most significant incidents involved two loss-of-containment (LoC) events on the reactor in January and April. Both briefly caused a flame, which was promptly extinguished.
• Production Volume: Pryme produced 313 tons of pyrolysis oil in the first half of 2025, of which 159 tons in Q2. Q2 volumes picked up but remained somewhat shy of the revised expectations for production of up to 250 tons of pyrolysis oil communicated in the Q1 2025 report.

Pryme One update

Production

During the first half of 2025, Pryme focused on validating the plant's revised capacity estimate of 16,700 tons per year. Efforts were concentrated on improving plant reliability, increasing production efficiency, and enhancing the quality of pyrolysis oil. Although both Q1 and Q2 were affected by leaks that led to extended downtime, the operational activity yielded valuable insights. Further testing, optimization, and debottlenecking are still required.

Following a reactor leak in early January, production was paused for repairs, delaying the testing plan. Operations resumed on March 11, resulting in the production of 154 tons of oil before another temporary shutdown due to vibrations. Despite limited runtime, progress was made on the commissioning of a second extruder and adjustments to reactor temperature and feed strategy, laying the groundwork for more productive runs in Q2.

In Q2, inspections of the reactor confirmed that the vibrations were not caused by major mechanical damage. Routine inspections and cleaning of other key process equipment revealed reduced fouling in several areas an encouraging result linked to recent changes in operating parameters and equipment. Odor-control systems were also installed to reduce emissions, reinforcing Pryme's environmental commitment.

Production resumed on April 28 but was interrupted the following day - after 10 tons of pyrolysis oil were produced - due to a localized loss of containment near the reactor's discharge valve, which ignited. The flame was quickly extinguished without injury or significant damage. A thorough root cause analysis was carried out in collaboration with the reactor manufacturer. Mitigation measures - including equipment modifications and procedural improvements - were implemented to prevent recurrence.

Production resumed on June 18, with 149 tons of pyrolysis oil produced by the end of the month. Preliminary results from this two-week run were positive: no recurrence of the discharge valve issue was observed, yields exceeded business plan hypotheses, and initial oil samples showed marked improvements in quality.

Efforts to determine the plant's true capacity advanced during Q2, with several optimisation tests successfully completed, leading to measurable gains in productivity. However, some critical tests - such as those involving higher reactor fill levels - have yet to be conducted. As a result, a degree of uncertainty around the plant's actual capacity remains.

In Q3, Pryme will prioritize reducing this uncertainty by conducting further optimization tests and evaluating technical solutions to debottleneck the reactor.

In parallel, focus will remain on improving reactor sealing systems to enhance reliability, confirming yield performance at higher production volumes and with new feedstock types, and commissioning process changes aimed at further enhancing oil quality.

Sales

Most of the oil volumes produced before June 2025 - approximately 275 tons - were sold and delivered during Q2 at an average price of € 1,050 per ton. For future deliveries, sales prices are expected to rise significantly, reflecting the improved quality of the oil. Additionally, higher production volumes should enable more frequent sales.

Feedstock supply and safety stock

Pryme aims to source mixed plastic waste - primarily composed of polyethylene (PE) and polypropylene (PP) - from a diverse range of suppliers. In Q2, a new feedstock was successfully tested and will continue to be used in Q3. Concurrently, Pryme will diversify its feedstock sources to evaluate the impact on yield and oil quality, strengthen supply resilience, and reduce procurement costs.

Other notables and further descriptions of activities and accomplishments for the reporting period:

• Sales Contract Update

As disclosed in prior updates, Pryme is actively renegotiating elements of its primary sales contract. Discussions focus on pricing and product specifications, reflecting the current higher market prices and the financial implications of revised capacity expectations. These negotiations progressed well during the first half year but have not yet been finalized.

• Funding and issuance of shares

In February and May 2025 Pryme completed the issue of new shares in the private placements of 16 December 2024 and 10 April 2025, at gross proceeds of € 4 million and € 7 million respectively.

The private placement of 16 December 2024 with gross proceeds of € 4 million for 26,936,041 new shares issued on 4 February 2025 was made at the subscription price of NOK 1.7340 per share (equalling € 0.1485), a premium of 17% over the closing price on 16 December 2024.

On 3 March 2025, Pryme consolidated its shares: each ten (10) old shares gave one (1) new share. The share consolidation took effect after the end of trading on Euronext Growth Oslo on 3 March 2025 and before commencement of trading on 4 March 2025.

The private placement of 10 April 2025 with gross proceeds of € 7 million for 5,655,652 new shares issued on 14 May 2025 was made at the subscription price of NOK 15.00 per share (equalling € 1.2377), lower than the market price on 10 April 2025. To offer shareholders the opportunity to acquire shares at the same terms as the subscribers to the private placement of 10 April 2025, at a subscription price of NOK 15.00 per share, Pryme launched a subsequent offering for up to 1,233,208 new shares on 30 May 2025 for a subscription period that ended on 17 June 2025. Pryme received subscriptions for 417,399 shares at the subscription price of NOK 15.00. Gross proceeds of the subsequent offering amount to approximately € 530 thousand. The 417,399 new shares were issued on 26 June 2025.

The issuance of shares in fulfilment of the private placements of December 2024 and May 2025, and in the fulfilment of the subsequent offering in June 2025, have brought the total number of issued shares to 14,883,495 at the end of the reporting period of 30 June 2025.

As part of the private placement of 16 December 2024, Pryme granted 40,404,062 options to the subscribers to acquire up to 40,404,062 shares in the Company at a price of € 0.1485 per share (investor call options), and to accept up to 40,404,062 put options affording the Company the right to sell up to 40,404,062 shares to the subscribers in the private placement of 16 December 2024 at a price of € 0.1485 per share, subject to conditions to be met (company put options). Pursuant to the 10-for-1 share consolidation on 4 March 2025, the maximum number of investor call options and company put options was adjusted by a factor 10 to 4,040,406 and the exercise price was adjusted by a factor 10 to € 1.485. As the Company did not meet the operational milestones for the company put options, the put options have not been exercised and expired on 30 June 2025. The investor call options issued in conjunction with the 16 December 2024 private placement have not been exercised by the private placement investors and thus have also expired. Consequently, there are no outstanding options related to the 16 December 2024 private placement, as Pryme published on 1 July 2025.

• IMPACT/ ESG

Pryme operates in a hazardous petrochemical environment where safety remains a top priority. During the first half of the year, there were no Lost Time Injuries (LTIs) or First Aid Injuries (FAIs). However, two significant incidents involving a loss of containment (LoC) on the reactor did occur, both resulting in a flame that was swiftly extinguished without further consequences. The first incident occurred in January and was resolved by

welding the leaking flanges to prevent recurrence. The second took place in April and was addressed through a combination of equipment modifications and procedural improvements implemented during subsequent repairs.

In the first half of 2025, Pryme engineered, procured, and installed new emission-reduction systems, effectively resolving the odor issues experienced in 2024. Pryme has also updated its emissions measurement plan to align with recent process changes. The revised plan was validated with the owner of the permit under which Pryme operates and will be submitted to the relevant authorities in Q3.

As part of ongoing process improvements, minor operational adjustments led to the creation of a new wastewater stream. In collaboration with the relevant authorities and the industrial wastewater treatment facility, Pryme has planned extensive testing of these streams to ensure full compliance and uphold environmental responsibility. Testing has started in Q2 and will continue in Q3.

Operational insight continues to be strengthened through close monitoring of the plant's mass balance, which will serve as a key input for the upcoming Life Cycle Analysis (LCA). As previously communicated, the LCA was postponed ensuring it reflects data from stable production conditions - now increasingly being achieved.

• HR

In June 2025 Pryme One operations reinstated a 5-shift production scheme. Following higher production volumes, the logistics team has been reinforced.

Pryme maintains close communication with staff and held town hall meetings in February and June 2025. Pryme has established an employee representative body pursuant to the Dutch Works Councils Act (in Dutch: a "Personeelsvertegenwoordiging"). The Company will hold the first of its at least two consultation meetings per year with the employee representative body in Q3 2025.

Additionally, cybersecurity awareness remains a key point of attention in securing our activities. In January 2025, Pryme launched a dedicated training program for management and staff. Participation in the first half year reached 75%, and tracking mechanisms have been implemented to further increase engagement in future sessions.

• ISCC PLUS

Pryme successfully renewed its ISCC PLUS certification following a scheduled audit conducted on April 15, 2025. The renewed certificate is valid for one year and reaffirms Pryme's commitment to sustainability and traceability in the use of circular and bio-based feedstocks. ISCC PLUS certification plays a key role in supporting our efforts toward a more sustainable and transparent value chain.

• REACH registration

Pryme has completed the documentation required to co-register its pyrolysis oil as a substance derived from pyrolyzed plastic waste under an existing REACH file. The new registration will better our product's origin. Our current co-registration on the existing REACH file - defined as a product derived from hydrocarbons - will then be terminated.

• Technology and lab-scale plant Ghent

Pryme's R&D team continued to leverage its lab-scale analytical equipment and pyrolysis plant as an efficient, cost-effective, and rapid means of supporting the Company's operations. Key activities included:

• o Screening and selecting suitable feedstock Recent results on oil quality indicate that the feedstock selection process is effective.
• o Delivering experiments to optimize Pryme One or prepare for Pryme Two Recent experiments evaluated the influence of feedstock composition on yield and quality.
• o Providing technical support and expertise.
• o Delivering milestones linked to the EU Horizon (ELECTRO) project Project continues to make good progress and delivered the necessary oil volumes to a project partner during the first half of 2025. The project also leverages Pryme One -TRL7 unit in Rotterdam- to demonstrate some of the objectives of the EU Horizon project.

• Site Selection

In the 4th quarter of 2024, Pryme decided to limit the efforts on site selection and fully focus on resolving the challenges of Pryme One. Some evaluation activities continued, primarily related to assessing the feasibility of a site in the Rotterdam area.

Site selection efforts will be continued and will accelerate towards the 4th quarter of 2025.

• Organization and board

Benoît Morelle assumed the role as CEO assigned with the management tasks and responsibilities of the Company's management board on a temporary basis on 8 March 2025.

Subsequent events

• In July 2025 Pryme produced approximately 402 mT of pyrolysis oil.
• Gerardus ("Guus") Lemmers was appointed as Chief Executive Officer, effective September 5, 2025, as communicated on August 4, 2025. The Company's supervisory board will nominate Mr. Lemmers to the next extraordinary general meeting of shareholders for his appointment as Pryme's managing director.

Outlook – 2025

In Q3, Pryme's primary objective is to complete further optimisation tests and evaluate technical solutions to debottleneck the reactor. These include finalising steps initiated in Q2 - such as optimising mixing speed, adjusting extruder temperature settings, and revising the discharge valve logic. Testing the reactor with higher fill levels will be a key milestone. This test however will only be conducted once the sealing system is deemed reliable. Pryme will work closely with the reactor manufacturer to make the sealing system reliable but also to improve heating control and assess new scraping mechanisms.

Efforts to enhance oil quality will also continue. In the second half, new feedstock types will be tested to assess their impact on yield and oil quality. The partial recycle system installed in Q2 will be commissioned in Q3, and automation of the water separation step is expected to occur in Q4.

Improving facility reliability remains a priority, with particular focus on the reactor and, in the near term, on the sealing systems. Maintenance performance will be reinforced through the implementation of a preventive maintenance program and continued development of a robust spare parts strategy. These efforts should be completed before the end of year.

Once Pryme One has collected sufficient quantitative and qualitative data on output of production for a roll out to Pryme Two, the Company will update the basis of design and appoint an engineering contractor to begin basic engineering, targeted for Q4. Meanwhile, Pryme will continue the site selection process initiated in 2024.

The production forecasts for Q3 and Q4 have been adjusted downward to reflect the productivity observed in June, while accounting for a gradual ramp-up in uptime.

• Q3 2025: 900–1,600 tons
• Q4 2025: 1,200–2,100 tons

Some uncertainty remains, as the Company continues to execute its testing and optimisation plan. Key tests - such as those involving higher reactor fill levels - are still pending and may unlock higher output if successful. On the other hand, unplanned major breakdowns are not factored into the current forecast. Additionally, the Company may implement a temporary shutdown of several weeks to test and install solutions aimed at debottlenecking the reactor's reaction rate.

Higher production levels are anticipated once these improvements are validated, and stable operations are achieved.

The lower production forecast will negatively impact Pryme's cash position. The Company will need additional funding in the second half of 2025.

2025 HALF YEAR INTERIM FINANCIAL STATEMENTS

- UNAUDITED FIGURES –

Consolidated Statement of Financial Position
(In EUR * 1,000)	30-6-2025	31-12-2024
Assets
Non-current assets
Intangible assets
Development costs	4.292	4.905
Property, plant, and equipment
Plant and equipment	9.792	10.104
R&D equipment	560	623
Office improvements & furniture	60	74
Right-of-use assets	3.131	3.311
Financial assets
Other amounts receivable	250	250
Total non-current assets	18.085	19.268
Current assets
Inventories	330	267
Trade receivables, other receivables and prepaid expenses	2.034	899
Cash & cash equivalents	8.789	5.996
	11.153	7.162
Assets held for sale	2.997	2.975
Total current Assets	14.150	10.137
Total Assets	32.235	29.405
Equity & Liabilities
Group Equity	10.522	6.592
Provisions
Provision for decommissioning	687	670
Liabilities
Non-current liabilities
Government grants	487	1.631
Loans from third parties	11.007	11.099
Leasing liabilities	2.575	2.703
Deferred taxes	23	23
Total non-current liabilities	14.092	15.457
Current liabilities
Loans from third parties	817	892
Leasing liabilities	686	720
Trade payables	1.275	1.055
Payables relating to taxes and social security contributions	191	103
Other liabilities and accrued expenses	1.285	1.204
	4.254	3.974
Liabilities directly associated with the assets for sale	2.681	2.712
Total current liabilities	6.934	6.686
Total equity and liabilities	32.235	29.405

Notes to the Consolidated Statement of Financial Position

The financial statements in this 2025 Half Year Report are unaudited.

Accounting policies

There were no reclassifications or changes in accounting policy in the first half year of 2025.

Financial position

As a result of the private placements and the subsequent offering, equity increased by € 11.4 million in the first half of 2025. The gross proceeds of the subsequent offering, amounting to approximately € 530 thousand following the issuance of 417,399 shares on 26 June 2025, have not been collected and are recognized as a receivable to Pryme's settlement and receiving agent as of 30 June 2025.

The increase of the trade receivables, other receivables and prepaid expenses compared to 31 December 2024 relates to trade receivables (€ 288 thousand), receivable subsequent offering (€ 530 thousand) and prepaid insurance premiums (€ 450 thousand).

The capital increases more than offset the net loss of € 7.8 million and therefore, Pryme's equity was reinforced by € 3.6 million. Considering the anticipated cash burn rate, however, Pryme needs to raise additional capital before the end of 2025.

Related party transactions

Pryme has entered into the following agreements with Taranis Operations Limited, one of its main shareholders:

• a consultancy services agreement under which Benoît Morelle advised and assisted on Pryme One's production plan as from 15 January 2025. The agreement terminated on the appointment of Mr. Morelle as the Company's interim CEO on 8 March 2025;
• a management services agreement under which Benoît Morelle acts as the Company's interim CEO since 8 March 2025.

Consolidated of Profit and Statement Loss
(In EUR * 1,000)		Half year 2025		Half year 2024
Revenues		288		32
Change in inventories Costs of raw materials, energy and utilities Personnel expenses Social security premiums and pension costs Other operating expenses	71 -227 -2.730 -289 -2.868		69 -331 -3.398 -327 -2.374
Total expenses		-6.043		-6.361
Operating income (EBITDA)		-5.755		-6.329
Depreciation and amortization		-1.395		-3.391
Operating result (EBIT)		-7.150		-9.721
Financial income Financial expenses		61 -600		131 -368
Profit before taxes Income tax Profit (loss) from continuing operations		-7.690 0 -7.690		-9.958 0 -9.958
Discontinued operations		-116		-109
Net profit (loss)		-7.806		-10.067
Basic earnings as per ordinary share (in EUR) Diluted earnings as per ordinary share (in EUR)		-0,80 -0,51		-2,10 -1,60
Earnings as per ordinary share - continued operations Basic earnings as per ordinary share (in EUR) Diluted earnings as per ordinary share (in EUR)		-0,79 -0,51		-2,06 -1,58

Notes to the Consolidated Statement of Profit and Loss

• In 2025 Pryme produced 313 tons of pyrolysis oil compared to 236 tons in the full year 2024. In June 2025, 275 tons of off-spec pyrolysis oil was sold and delivered.
• The reduction of the personnel costs (2025: € 2.7 million, 2024: € 3.4million) mainly relates to reduced overhead (management, € 0.3 million) and the benefit of EU Horizon subsidies (€ 0.3 million).
• Other operating expenses increased significantly, especially maintenance, cleaning and repair related to ramping-up production.
• In the first half year of 2025, Pryme recognized for € 1.2 million (HY 1 2024: € 0.0 million) of the EU Horizon (ELECTRO project) subsidy with regards to testing activities performed by the Pryme One installation.
• Depreciation costs in the first half year 2025 are significantly lower compared to 2024 related to the impairment of € 24 million of the Pryme One installation and the recognition of the EU Horizon subsidy (€ 0.5 million).
• The increase of the financial expenses predominantly concerns the interest on the loan of € 5.0 million, drawn on 18 October 2024.

Consolidated Statement of Changes	in Equity
(In EUR * 1,000)	Share capital	Share premium reserve	Share-based payments reserve	General reserve	Total equity
Balance as of 31 December 2024	3.058	71.315	1.095	-68.875	6.592
Result for the period				-7.806	-7.806
Issue of shares	4.383	7.039			11.423
Accrued/ released related to LTI plan			90	223	313
Balance as of 30 June 2025	7.441,75	78.354	1.184	-76.458	10.522

For further information regarding the private placements and subsequent offering, please see the notes to the Financial Position and the further explanation under "Other notables and further descriptions of activities and accomplishments for the reporting period".

The vesting of the LTI plans in May 2025 did not result in the issuance of shares. The vested Restricted Share Units (RSUs) have been paid out in cash (€ 16 thousand) to eligible management and staff.

Consolidated of Cash Flow Statement
(In EUR * 1,000)	Half year 2025	Half year 2024
Cash Flows from/used in operating activities Net income after taxes continuing operations	-7.690	-9.958
Net income after taxes from discontinued operations
Net income after taxes	(116) -7.806	(109) -10.067
Adjustments to reconcile net income to net cash flows
Amortization and depreciation	1.942	3.444
Long-term incentive plan	313	432
Interest charges related to leases	168	184
Movements in provisions	17	16
Movement in government grants	-1.217	-216
Finance income and expense (non-lease)	438	121
Movements in working capital
Movements in inventory	-63	-48
Movements accounts receivable	-1.137	-413
Movements in trade payable	220	83
Movements in other payables	169	7.996
Interest received	64 -384	129 -466
Interest paid Net Cash Flow from operating activities	-7.276	1.195
Cash Flow from investment activities
Purchase of Property Plant & Equipment	-554	-875
Increase/decrease of Financial Assets	0	0
Government grants received in advance	72	644
Net Cash Flow from investment activities	-482	-231
Cash Flow from financing activities
Private placement	10.956	1.901
Payments arising from bank financing	-409	-373
Payments arising from lease liabilities	-167	-346
Term loan facility	225	0
Proceeds sale and lease-back	0	133
Repayment other non-current liabilities	-54	-54
Net Cash Flow from Financing Activities	10.551	1.261
Total Cash Flow for period	2.793	2.225
Cash and cash equivalents at the beginning of the period	5.996	8.204
Net Cash Flow in the period	2.793	2.225
Cash and cash equivalents at the end of the period	8.789	10.429

STATEMENT BY THE MANAGEMENT BOARD

The Management Board has today considered and approved the 2025 Half Year Report of Pryme N.V. for the period from 01.01.2025 through 30.06.2025. We confirm, to the best of our knowledge, that the financial information contained in this report has been prepared in accordance with International Financial Accounting Standards-EU (IFRS) and gives a true and fair view of Pryme N.V. and its group companies' assets, liabilities, financial position and profit or loss as a whole. We also confirm, to the best of our knowledge, that the updates in this report include a fair review of important events that have occurred during the first half of the financial year 2025 and that their impact on the condensed set of consolidated financial statements is reflected adequately.

Rotterdam, August 4 th , 2025

Benoît Morelle CEO

Henning E. Jensen Emmanuel Colombel Jan-Willem Muller Supervisory Board Pryme N.V.

About Pryme | www.pryme-cleantech.com

Pryme N.V. is an innovative cleantech company focused on converting plastic waste into valuable products through chemical recycling on an industrial scale. Its efficient and scalable technology is based on a proven pyrolysis process that has been further developed and enhanced with proprietary characteristics. The Company has initialized production at its first plant in the port of Rotterdam, with an expected nameplate intake capacity of about 26,000 tons of plastic waste annually. Pryme's ambition is to contribute to a low-carbon, circular plastic economy and to realize the large rollout potential of its technology through the development of a broad portfolio of owned-operated plants with strategic partners. The Company is listed on Euronext Oslo Growth market. Pryme can be followed on LinkedIn.