Key Business Highlights
Status of the start -up activities at the FDCA Flagship Plant:
o The oxidation unit of the FDCA Flagship Plant has been successfully commissioned, following the start -up of the utility systems and sugar dehydration unit, while commissioning activities for the purification unit are being finalized
o For the remainder of 2026, Avantium will focus on full FDCA Flagship Plant start -up and prod uction of the first batches of FDCA, completing qualification, and preparing for commercial sales under existing offtake agreements, expected to commence at the end of 2026
Commercial momentum further strengthened for FDCA and PEF :
o 22 offtake agreements have been secured to date for material to be produced in the FDCA Flagship Plant
o 15 capacity reservations have been secured to date , representing more than 150 kilotonnes of FDCA and PEF , to be produced in future licensed production facilities
o Multiple potential partners across Europe, Asia and North America are engaged in licensing discussions
o Strong regulatory momentum in Europe and beyond ,supporting the adoption and use of PEF in a variety of applications
- Organization strengthened with the appointment of Floris Hekster as Chief Operati ons Officer (COO)
Strategic focus sharpened :
o In May , Avantium announced the d ivestment of the intellectual property of Ray Technology ® to UPM
o In July, the Company announced the spin - out of its Volta Technology into an independent company , Carbeau
o Avantium is well - advanced in the process of spinning out Parana Technology into an independent company, Parana Materials B.V.
o Further investments in Dawn Technology® will be stopped
Key Financial Developments
- Revenue for the first half of 2026 was €4.7 million (H 1 2025: €6.7 million) . The decline is primarily due to lower sales in the R&D Solutions business
- EBITDA for HY 2026 was € -18. 8 million (H 1 2025: € -18.5 million)
- Cash position was €23.9 million as at 30 June 2026 (31 December 2025 : €57.5 million)
- The titanium welding remediation program , completed in April 2026, caused a delay in the start -up of the FDCA Flagship Plant, resulting in a corresponding shift in expected revenues. With the Plant now further progressed toward start -up, the Company has greater visibility on its funding requirements and the additional capital needed to support ongoing operations, and the continued commercialization and licensing of its YXY ® Technology for FDCA and PEF
Key Funding Update
- Avantium is in dialogue with the NOM on the previously announced government -related investment initiative, consisting of a proposed €20 million convertible loan from the NOM (the Investment and Development Agency for the Northern Netherlands), acting on behalf of the Ministry of Economic Press release Avantium N.V., Zekeringstraat 29, 1014 BV Amsterdam, the Netherlands, +31 20 586 8080, P.O. Box 2915, 1000 CX, Amsterdam, the Netherlands, info@avantium.com, www.avantium.com , C of C: 34138918 2 Affairs and Climate and the Province of Groningen under the Budget Strategic Acquisition (BSA) , which forms part of the Nij Begun program. The Company has received a term sheet and is progressing discussions toward the next phase of the process. The proposed financing remains subject to, among st other things, Avantium securing funding through an equity raise
- Avantium intends to raise at least €55 million in equity capital (the “Equity Raise”) in the second half of 2026 and is pursuing pre - commitments from shareholders and underwriting commitments from financial institutions
- In parallel, as part of its strategic portfolio realignment program and transition toward commercial and manufacturing activities, Avantium continues to implement cost reduction and right -sizing measures to support the execution of its commercialization strategy
- Avantium will publish its Interim Financial Statement for the first half of 2026 alongside the prospectus for the planned Equity Raise, ensuring that stakeholders receive a consistent and complete financial update . In any event, the Interim Financial Statements will be published no later than on or before 30 September 2026
Extraordinary General Meeting (EGM)
- Today, Avantium has convene d an Extraordinary General Meeting (EGM), to be held on 30 September 2026. The EGM is being convened to seek shareholder approval to increase the Company’s authorized share capital in connection with the proposed Equity Raise , support the proposed €20 million convertible loan from the NOM , and have sufficient headroom to satisfy the Company’s obligations under the existing warrant agreements and remuneration plans. At the EGM, shareholders will be asked to approve an increase in Avantium’s authorized share capital and, consequently, to re - authorize Avantium’s Management Board, subject to approval of the Supervisory Board, to issue shares or grant rights to subscribe for shares up to the newly increased authorized capital
- If the Company’s existing authorized share capital is deemed sufficient for the Equity Raise at that point in time , the Equity Raise may be launched and completed prior to the EGM
- The EGM agenda and explanatory notes are available on Avantium's website: avantium.com/shareholders -meetings/
Tom van Aken, Chief Executive Officer of Avantium: "We are continuing to progress toward the full start -up of our FDCA Flagship Plant. The oxidation unit has been successfully commissioned , and we are currently finalizing commissioning activities for the purification unit as we prepare for the safe start -up of FDCA production. W e remain confident that we will achieve a successful full start -up of the Plant in a timely manner, and in our ability to produce FDCA at commercial scale.
At the same time, market interest in FDCA and PEF continues to grow. We have expanded our portfolio of offtake agreements and capacity reservations, progressed licensing discussions with leading industrial partners, and benefited from strong regulatory mom entum in Europe and beyond.
Strengthening our organization has been equally important. Earlier this year, Rogier van Wijk joined as CFO, and we have now appointed Floris Hekster as our Chief Operations Officer, effective 1 October 2026. Floris brings deep operational leadership exper ience, and his arrival will further reinforce our ability to deliver a successful start -up and ramp -up of the FDCA Flagship Plant .
We also made important progress in focusing further on the commercialization and licensing of FDCA and PEF. As part of this strategy, we completed the spin - out of Volta Technology into the independent company Carbeau in July and we are well - advanced in spinning out Parana Technology into the new company Parana Materials B.V . These transactions allow both companies to pursue their development and commercialization plans with dedicated external investment and their own management, while Avantium retains a minority stake in each business and remains positioned to benefit from their future value creation. At the same time, we are implementing additional cost control measures and organizational right -sizing actions in line with our strategic portfolio realignment program and transition to commercial and manufacturing operations. These actions are intended to maintain disciplined capital allocation, strengthen our financial position and increase our focus on the commercialization and licensing of FDCA and PEF.
As we move toward commercial operations, we remain focused on strengthening our financial position and securing the resources needed to support the ramp -up of the FDCA Flagship Plant and our next phase of Press release Avantium N.V., Zekeringstraat 29, 1014 BV Amsterdam, the Netherlands, +31 20 586 8080, P.O. Box 2915, 1000 CX, Amsterdam, the Netherlands, info@avantium.com, www.avantium.com , C of C: 34138918 3 growth. We have made meaningful progress with both public and private financing partners and continue to advance the initiatives required to fund our next phase of growth. The coming months will be important , but the foundations are strong. With the continued support of our partners, customers , funding providers, shareholders and other stakeholders , we remain firmly committed to delivering on our mission to enable a more sustainable and circular future for plastics.
Outlook
For the remainder of the second half of 2026, Avantium’s activities will focus on producing the first FDCA in its Flagship Plant and advancing into the initial phase of commercial operations. Following integrated production runs and FDCA qualification batches, commercial sales under existing offtake agreements are expected to commence at the end of 2026 . Once operations begin, production will be increased gradually, with the Plant expected to reach full capacity in the second half of 2028.
In addition to delivering the first commercial volumes of FDCA and PEF, Avantium Renewable Polymers will focus on expanding offtake agreements and capacity reservations , while progressing licensing discussions. The Company remains in active engagement with multiple prospective licensees and continues to seek industrial -scale FDCA and PEF project opportunities worldwide. With the anticipated start of commercial production, Avantium expects to generate product sales income from FDCA and PEF, supported by milestone payments under the license arrangements it aims to secure .
Selected Financial Overview
Financial Performance
Total first half revenues for 2026 decreased to € 4.7 million (H1 2025 : €6.7 million ), mainly due to lower revenues in Avantium R&D Solutions. In the R&D Solutions business, challenging market conditions in the (petro)chemical industry , due to the geopolitical uncertainty in the Middle East , led customers to reduce R&D budgets and postpone capital investment decisions. In Avantium Renewable Polymers, no licensing revenue was recognized in the first half of 2026 . Due to the extended start -up phase of the FDCA Flagship Plant, certain licensing -related activities progressed later than anticipated, resulting in a shift in the projected timing of associated revenues.
EBITDA loss for the first half of 2026 was €18. 8 million (H1 2025 : €18.5 million ). Net operating expenses amounted to €27.0 million in the first half of 2026 (H 1 2025: €27.2 million). Lower personnel expenses (€2.1 million decrease) were largely offset by higher utility costs (€2.6 million increase) related to the commissioning and start -up of the FDCA Flagship Plant .
Avantium’s cash position (including restricted cash) was €23.9 million as at 30 June 2026 , compared to €57.5 million as at 31 December 2025 .
Cost Control and Organizational Right -Sizing
As part of its transition toward commercial and manufacturing activities and its strategic portfolio realignment program, Avantium continues to focus on capital discipline. Total headcount decreased by approximately 15%, from 28 4 FTEs at 30 June 2025 to 2 40 FTEs at 30 June 2026, reflecting the company -wide reorganization Press release Avantium N.V., Zekeringstraat 29, 1014 BV Amsterdam, the Netherlands, +31 20 586 8080, P.O. Box 2915, 1000 CX, Amsterdam, the Netherlands, info@avantium.com, www.avantium.com , C of C: 34138918 4 completed in December 2025 and the ongoing actions to align the organization with its strategic priorities. The currently reported headcount does not yet reflect the impact of the Volta Technology spin - out, the discontinuation of Dawn Technology ® and the expected completion of the Parana spin - out, which are expected to result in a further reduction of approximately 27 FTEs. As Avantium sharpens its strategic focus on FDCA and PEF commercialization and licensing, the Company will continue to align its organizational structure accordingly. Together, these measures are expected to contribute to a leaner organization and lower cost base going forward.
