Avantium Investor-Presentation-2022-FY-Results

Avantium | Investor Presentation Annual Results 2022– Q2 2023
Investor Presenta tion

Annua l results 2022
Q2 2023
Discla imer

This presentation has been prepared by Avantium N.V. (the “Company”). For the purposes of this notice, the presentation that follows
(the “Presentation”) shall mean and include the slides that follow, the oral presentation of the slides by the Company, the question-and-
answer session that follows that oral presentation, hard copies of this document and any materials distributed at, or in connection with,
that presentation.
Some of the statements in this Presentation constitute forward-looking statements. These statements involve known and unknown risks,
uncertainties and other factors that may cause the Company’s actual results, levels of activity, performance or achievements to be
materially different from any future results, levels of activity, performance or achievements expressed or implied by such forward-looking
statements. Forward-looking statements relate to future events or the Company’s future financial performance. In some cases, forward-
looking statements can be identified by terminology such as “may,” “will,” “should,” “expects,” “plans,” “anticipates,” “believes,”
“estimates,” “predicts,” “potential” or “continue” or the negative of such terms or other comparable terminology. These statements are
only predictions. Actual events or results may differ materially. In evaluating these statements, various risk factors should be taken into
account. Risk factors may cause actual results to differ materially from any forward-looking statement. Although the Company believes
that the expectations reflected in the forward looking statements are reasonable, the Company cannot guarantee future results, levels of
activity, performance or achievements. Moreover, neither the Company nor any other person assumes responsibility for the accuracy and
completeness of such statements. The Company is under no duty to update any of the forward-looking statements after the date of this
Presentation or to conform such statements to actual results.
The information contained in this Presentation is for information purposes only. The information does not constitute or form part of, and
should not be construed as, an offer to sell or issue, or a solicitation of any offer to buy or subscribe for any securities of the Company in
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transmitted or distributed, directly or indirectly, into the US, its territories or possessions. The distribution of this Presentation in other
jurisdictions may be restricted by law and persons into whose possession this Presentation comes should inform themselves about, and
observe, any such restrictions. 2
Toda y’s spea kers

Tom van Aken Boudewijn van Schaïk
CEO CFO
Since 2002 Since 2023
25y of industry experience 20y of finance experience
Selected previous experience: Selected previous experience:
3
4
2022 Results:
2022 wa s a tra nsforma tive yea r
Evolving from a R&D compa ny into a la rge-sca le commercia l orga nisa tion

2022 2023
✓ Start construction FDCA Flagship Plant, ✓ Nine new offtake agreements PEF/FDCA Flagship ✓ First technology license agreement
construction progressing well. Plant signed, incl Carlsberg, LVMH, AmBev, Kvadrat signed with Origin Materials
and Henkel
FDCA / PEF
✓ Preparations to scale up to a
✓ Operations Ray pilot plant
commercial facility for plantMEG™
successfully restarted
and plantMPG™ have begun
plantMEG
✓ Awarded a €3 million grant for participation ✓ Two demonstration units have been trialled
in Waterproof programme at industrial sites in Germany and Greece
Volta
✓ New growth strategy focusing on R&D ✓ Proven revenue stream, with ✓ Solid backlog for Systems and
solutions for sustainable chemistry €11.3 million revenues in 2022 Products
R&D Solutions
✓ Avantium secures €90 million debt ✓ Avantium successfully raised €45 ✓ Avantium awarded Gold ✓ Workforce increased by
financing from consortium of banks million through a public equity offering Sustainability Medal by EcoVadis 16.3% to 264 employees
Company 5
Fina ncia l Highlights 2022

Revenue 17.8
Operating 43.1
Capex 43.4
(in € million)
Expenses 33.7
Investments
10.9 (in € million) (in € million)
63% 28% 5.3

725%
Grant Cash Outflow*

46.6
7.6
Borrowings
(in € million)
Recognition (in € million) 77.5
(in € million)
6.7 18.1
15
14% 158%
Drawn Undrawn
* Excludes debt and equity fundraising Debt matures in 2025 and includes extension options
2021 2022 6
Ca sh a nd funding 2023 Liquidity

Increase Decrease Total
15
120
Undrawn
Millions
20 Debt
Opening
Cash
100 4 54% 46%
42
65
80
60 43 2
35
40 3
20 2023 Cash Outflow

-
Operating
Activities
23%
Finance Costs
6%
Capex
Investments
71%
Figures are an initial management assessment

7
Non-Fina ncia l Highlights 2022

Newly 24 Number of 249 Scope 1
Granted FTEs 213
Emissions
Patents 17
(in tonnes CO₂e)
0.436
41% 17%
Newly 52 Nationalities 25 Scope 2

Reported 39
Employed 20 Emissions
Inventions (in tonnes CO₂e)
649
33% 25%
2021 2022 8
9
Cha in Rea ction 2030 – At a gla nce
10
AVANTIUM AT A GLANCE
Introduction
Ava ntium a t a gla nce: a lea der in renewa ble chemistry

Who A leader in the high-growth industry of renewable chemistry within the
we are ecosystem of the polyester value chain
Our Develop and commercialize disruptive technologies and products to accelerate

mission the transition from fossil-based to renewable and circular plastics
Our
Leading the transition to a fossil-free chemical industry by 2050
ambition
Monetize our proprietary technologies by applying them in our commercial

Our
production plants through partnerships or joint ventures; or by licensing them
strategy
to third parties
11
Ava ntium: innova tion-driven chemica l technologies
Producing chemica ls from renewa ble sources for a wide ra nge of consumer goods

▪ Two lead products:
▪ FDCA: the chemical building block for PEF
▪ plantMEG: sustainable and competitive plant-based alternative for

fossil-MEG
▪ A pipeline of proprietary chemical technology programmes:
▪ Volta: Conversion of CO2 to chemicals and polyesters via

electrochemistry
▪ Dawn: Biorefinery process for industrial sugars and lignin from forestry
residues
▪ Supported by a revenue-generating R&D Solutions business
▪ HQ in Amsterdam - listed on Euronext Amsterdam, Brussels (AVTX)
PEF = polyethylene furanoate

PET = polyethylene terephthalate
FDCA = furandicarboxylic acid 12
MEG = mono-ethylene glycol
PEF is a 100% pla nt-ba sed pla stic ma de from our two core
products FDCA a nd pla ntMEG™

13
Ava ntium’s lea ding technologies in renewa ble chemistry
Focused on pla nt-ba sed & a ir-ba sed pla stics a nd chemica ls

FDCA
Packaging
Textile
Technology PEF
pipeline Films
plantMEG™
Numerous other
applications
CO₂
High-value CO₂-based
chemicals polymers 14
Cha llenges ca nnot be solved by recycling only

Global Carbon Demand for Chemicals and Derived Materials
in 2020 and Scenario for 2050 (in million on tonnes of embedded
carbon) America simply does not have enough recycled
1200 PET supply or processing capacity to satisfy

commitments being made by brand owners to
increase recaptured resin content in their bottles.
1000
NAPCOR(1)
800
We won’t recycle or dispose our way out of plastic
600 pollution… Future scenarios focused on collection,
recycling, and disposal alone have been shown to fall
short, with high ocean leakage and GHG emissions…
400
Upstream innovation offers opportunities to rethink
how products can be delivered to users without the
200 need for single-use packaging.
The global commitment 2021 Progress Report

0
2020 2050
Fossil Based Recycling CO2 Based Bio-based
Source: Nova Institute, 2020 Note (1) National Association for PET Container Resources 15
Ava ntium’s business model
From idea tion to la rge-sca le industria l ta ke-off

Ideation 1 Feasibility 2 Development 3 Pilot Plant 4 Flagship Plant 5 Industrial take-off 6
Collaborations Own & operate Licensing
Product validation Revenues flagship License fee / Plant

and applications plant cashflow & profit
I FDCA ✓ ✓ ✓ ✓ ✓
PlantMEG
II ✓ ✓ ✓ ✓
PlantMPG
III Dawn ✓ ✓ ✓ ✓
IV CCU (Volta) ✓ ✓ ✓
16
17
SUCCESSFUL EXECUTION OF
FDCA & PEF
STRATEGY
Ava ntium Renewa ble Polymers is rea dy to deliver

Strong market momentum Strategy execution
Robust commercial loading of FDCA Flagship Plant completed

FDCA Flagship Plant: 14 offtake in 2024, with a clear path to
agreements signed scale up towards licensing
Favourable terms of the offtake

agreements: min. 5 years, volume First revenues from sale of PEF
range with minimum threshold and FDCA
and price €8 - € 10 / kg
First technology license

Strong commercial momentum agreement signed, strong
for future (licensed) plants potential for additional licensing
agreements
18
Construction of FDCA Fla gship Pla nt commenced in 2022
The world’s first pla nt producing FDCA on a commercia l sca le
Avantium | Annual Results 2022 Presentation – Q2 2023

Location:
▪ Chemie Park Delfzijl (NL)
▪ Environmental permit in place
Progress:
▪ Completed and Operational in 2024
▪ 80% procurement secured
Objective:
▪ Prove technology at 5 kta scale
▪ Sale of PEF & FDCA
▪ Unlock licensing business
19
PEF bottles

Avantium value proposition Offtake agreements
▪ Lower carbon footprint
▪ Circular: recyclable alternative to non-
recyclable packaging formats
▪ Longer shelf life for fresh products, beer,
etc Major F&B
▪ Visually attractive bottles brand owner
▪ Monolayer PEF and combination with other

materials possible
Main markets
▪ Beverages (soft drinks, waters, juices, beer,
alcoholic, RTD)
▪ Volume: 100 million ton/year
▪ Competing materials: glass, aluminum,

paper, PET and multi-layer 20
PEF fibers

Avantium value proposition Offtake agreements
Lower carbon footprint
Circular: recyclable alternative to non- PEF textile community

Stronger properties
Main markets
▪ Textiles, upholstery, car tires, industrial fibers
▪ Volume: >50 million ton/year
▪ Competing materials: PET, nylon, cotton
21
PEF films a nd other a pplica tions

Avantium value proposition Offtake Agreements:
Lower carbon footprint ▪ Films
Circular: recyclable alternative to non-

▪ Additive and color masterbatches
Longer shelf life for fresh products
▪ Adhesives for electronics

Main markets
▪ Packaging of food and non-food products
▪ Volume: >5 million ton per year ▪ Other
▪ Competing materials: glass, aluminum, Brand owner

paper, PET and multi-layer
22
PEF’s susta ina bility a nd performa nce profile resulting in
strong commercia l tra ction

Enhanced product properties PEF PET
2.0x Unintended
10.0x 8.0x leakage
Strong gas 1.0x 1.0x 1.0x
barrier Degradable
Oxygen CO₂ Water
barrier barrier barrier
Lightweight
• Thinner applications Recycle Reuse
• Reducing weight by more than 20%
235°c 265°c
86°c 74°c
High heat
resistance
Glass transition Melting point Bio-based feedstock
temperature temperature PEF is 100% plant-based
Food contact approval(1)
Note (1) In 2015, FDCA was adopted by the European Food Safety Authority (EFSA). In August 2016, FDCA was included in the Plastics Regulation as a food contact material. And in 2021, Avantium released PEF food contact grade,
RP90Nx, that complies with the required regulations of food contact materials, which would allow the use of the PEF resin in direct contact with acetic foods and alcoholic drinks with an alcoholic strength less than 20% as well as with 23
clear and cloudy drinks in the EU & UK.
PEF ha s enha nced product performa nce vs other pla stics

Sustainability vs degradability
Selected companies
Plant-
based
PEF PLA PBS PHA
PEF
Bio-
PET Most mature PEF player
Fossil-
based
PE/PP rPET PLA
Non-degradable Degradable
PHA
Barrier properties(1)
0.1
EVOH
MXD6
1 PBS
Oxygen barrier(3)
PEF
10
PA
PET
100
BioPET
PBS PP
1,000
PLA
PE
10,000
rPET
1,00 100 10 1 0.1
0
Water vapor barrier(2)
Source: European Bioplastics; Company Assessment based on: Markus Schmidt et al, Properties of Whey-Protein-Coated Films and Laminates as Novel Recyclable Food Packaging Materials with
Excellent Barrier Properties (International Journal of Polymer Science, Volume 2012), https://www.mgc.co.jp/eng/products/ac/nmxd6/barrier.html, http://asuka-platech.com/wp/wp-
content/uploads/2013/12/BIOPBS.pdf
24
Note: (1) Barrier properties for 50µm film; (2) Water vapor barrier: WTR at (39 dC 85 %RH) [mL/(m2∙day)]; (3) Oxygen barrier: OTR (23, 0%RH) [mL/(m2∙day∙atm)]
Ava ntium ta rgets la rge a nd diverse PEF ma rkets

Total expected PEF addressable market – 100mt+
value $200bn+
Top 20 Total Top 20 Total
Packaging and Plastic users weight* Plastic users weight
Mainstream
bottles ($160bn) Coca-Cola
applications 2.961 230
Value PepsiCo 2.350 Reckitt 225

applications
Nestlé 1.267 Mondelez 190
Textiles
High-value ($40bn) Danone 716 Mars 179
applications
$3bn Unilever 690 L’Oreal 138
Specialty
Films Henkel 348 Beiersdorf 67
($3bn)
$40bn Colgate
288 Diageo 42
Palmolive
Others
$160bn Engineering plastics * Total weight of plastic packaging in metric tonnes in 2021
Automotive
Source: Chapter 12 Avantium IPO prospectus (March 2017). Sources: OECD Global Plastics Outlook: Policy Scenarios to 2060 25
Ava ntium ha s a well-defined a nd sca la ble go-to-ma rket
stra tegy for PEF/FDCA

Pilot Plant (10t/a) Flagship Plant(5kt/a) Industrial (100kt/a) Industrial (>250kt/a)
Inhouse production Inhouse production External production External production

Product Collaborations Own & Operate Licensing / JV Licensing
characteristics
€ 8-10/kg € 4-5/kg € 1.5-2.5/kg
Today Tomorrow Longer-term
FDCA & PEF for testing High-value applications Value applications Mainstream applications
and application
development purposes
0.5l 0.5l 1.0l 1.0l
Competitive Competition: Competition: Competition:

positioning multi-layer barrier materials glass bottles, alumina cans PET, other polymers
Initial focus on high-value applications with further volume growth to result in cost reduction, leading to
a competitive offering across high volume end-markets
26
Ava ntium a nd Origin Ma teria ls to a ccelera te ma ss production
of FDCA a nd PEF for a dva nced chemica ls a nd pla stics

▪ Avantium entered into a non-exclusive technology license agreement, granting Origin a license to use certain
parts of Avantium’s YXY process technology to enable the conversion of Origin-produced CMF derivatives
into FDCA at a 100 kilotonnes per annum scale facility
▪ Origin also signed a conditional offtake agreement under which Origin Materials will acquire FDCA and PEF
from Avantium’s pilot plant in Geleen and Flagship Plant in Delfzijl to accelerate market development
▪ The partnership aims to bring the technology platforms of both companies together in order to produce FDCA
from sustainable wood residues on an industrial scale. This complements the feedstock options for our
technology
1st Generation: High Fructose

Agricultural crops Syrup
(e.g. wheat or corn)
FDCA
2nd Generation:
CMF¹
Wood residues
27
(1) And derivatives such as MF, or methyl furfural, and others.

27
28
CLEAR PATH TO GROWTH
Pla ntMEG
pla ntMEG is a key drop-in ingredient for la rge end-ma rkets

Avantium value proposition
plantMEG will provide brands with a sustainable & innovative ingredient
Key ingredient in a wide range of Pilot Plant successfully

end applications (PEF, fibers, commissioned in 2020, with a
PET, coolants, solvents and other clear path to scale up towards
performance applications) commercialisation
Independent from fossil

feedstock, up to 83% CO₂ Strong IP position and know-
reduction(1) impactcompared to how (17 patent families)
fossil-MEG
Competitive with fossil

Drop-in, no need to develop the
equivalent by superior single-
market (like for PEF)
step catalytic process
Note (1) The 2022 ISO-certified LCA shows a greenhouse gas (GHG) emission reduction of up to 83% over the life cycle when Avantium’s plantMEG™ is compared with MEG based on naphtha,
shale gas, natural gas or coal. European LCA standards and methods do not allow carbon discounting based on temporary storage 29
Addressa ble ma rkets for pla ntMEG a nd pla ntMPG

plantMEG addressable market plantMPG addressable market
Total value today Total value today
$23bn+ $3bn+
Solvent Unsaturated
Polyester Resins
Tomorrow
Tomorrow
PET Solvents
$23bn+ Today
PEF
today 2+ mt Home Care
Chemical
Intermediates Food, Feed, Pharma
Anti-freeze and Anti-freeze and

Coolants Coolants
Sources: IHS Chemicals (2020), Wood Mackenzie (2021), Nexant (2020) and Tecnon Orbichem (2022)
30
Construction of pla ntMEG Commercia l Pla nt
Levera ging on the successful experience in FDCA

Success of FDCA strategy execution
will accelerate plantMEG
Location Joint venture Size
Northwestern Europe Jointly owned by Cosun Beet >100kt per annum execution
Co & Avantium (expected)
Applications Timing
Wide range: packaging, FID 2025 Engineering
fibers & other Operational in 2027
Technology Feedstock Objective Commercial Financing

plantMEG license sale from Beet sugar from Cosun Beet Commercial launch
Avantium to JV Co. plantMEG
31
32
NEW CUTTING-EDGE
TECHNOLOGIES
Volta
Volta : using electrochemistry to ha rness the power of CO₂

Unique patented CO2 technology to address tomorrow’s global carbon supply
Volta technology produces World leading IP position and

carbon negative key materials know-how with 35 patent
with large end markets families (with > 112 patent
(polymers, chemicals, fuels) rights)
Volta is the winning technology Volta technology ready to scale

for CO2 utilization given high out with technology readiness at
productivity and high energy TRL6 demonstrated at partners’
efficiency sites through collaborations
Volta technology ready for next

Winning economics by paired
phase in its commercialization
electrolysis creating value at both
strategy towards licensing of
electrodes
process technology
33
Utilizing CO₂ a s source for chemica ls a nd polyesters

“
We use electricity as a renewable energy source.
We use electrons as a reagent.
This makes it the cleanest of technologies.
We use CO2 as a feedstock. “

We turn waste carbon into valuable chemicals.
This opens the way to carbon negative products.
Electro-
chemistry
CO₂- based 2012 2016 2023

polyesters Volta founded Acquisition of Technology
Princeton start-up frontrunner TRL 6
Clean and IP portfolio
chemicals with > $30m
already invested
34
Volta sca le-up sta tus: a dva ncing to pilot sta ge

2022: Successful deployment CCU demo units in real-world conditions
▪ A first mobile Volta demo unit operated with the

world’s largest CO₂ conversion cell at an RWE
power plant (Germany), converting CO₂ into formate
▪ A second demo unit was deployed at a Titan cement

plant (Greece), using waste CO₂ to make formic acid
• A third Volta demo unit converts CO₂ into oxalic
acid which can then be turned into glycolic acid
• With glycolic acid and lactic acid, Avantium can

produce the carbon-negative polymer polylactic
co-glycolic acid (PLGA)
• PLGA has an excellent barrier against oxygen and

moisture, has good mechanical properties and is
both home compostable and marine degradable
2023: Exploring industrial partnerships and advancing to a stage-gate decision to construct a

35
pilot plant
36
R&D Solutions
OUR FOUNDATION
R&D Solutions - driving susta ina ble innova tion within the
chemica l industry

Serving Growing Demand for R&D Solutions in Sustainable Chemistry
Enormous R&D activities required

The foundation of our company;
for the sustainability transition
catalysis is used in all our
despite today’s market being
proprietary technologies
relatively small
Current Catalysis customers

Diverse technologies in emerging
focus on making their existing
sustainable markets leading to
assets and processes more
diverse R&D needs
sustainable
Technology platforms enable

Flexibility to follow market and
high-margin products and
technology developments
Contract R&D offerings
37
Ava ntium R&D Solutions

Aligned with Ava ntium’s susta ina bility & circula r solutions
▪ Capture opportunity in growing demand for R&D in sustainable chemistry solutions
▪ Profitably supply tailored R&D units in four markets for R&D into sustainable chemistry that offer:
▪ Existing demand from known customers
▪ Technological proximity
▪ Progress to scalable technology platforms
▪ Develop technology for Products and Contract R&D when these platforms emerge
38
39
CONCLUSION
FROM AMBITION TO
EXECUTION
In Summa ry: From Ambition to Execution

Plant Pricing and
Market segments
capacities profitability
and geographic
opportunity Milestone
Number of
industrial payments/
licenses per royalty
technology fees
Timing and
Flagship Plant execution
40
41
Q&A
42
Appendix
Ava ntium: experienced lea dership tea m

Management Team
Education: Education:
Chemistry (Utrecht) and Economics Business Science (Accounting and
(Amsterdam) Corporate Finance) (Cape Town)
Selected previous / other positions: Selected previous / other positions:

▪ Now: several advisory positions, such as ▪ 2013-2022: Head of Corporate Finance
Tom van Aken Boudewijn van Schaïk at SBM Offshore
Top Team Chemie
CEO CFO
(@Avantium since 2002) ▪ 1999-2002: Director Business development (@Avantium since 2023) ▪ 2007-2013: NIBC Bank
at DSM ▪ 2005-2007: ABN AMRO Bank
▪ 1997-1999: Sales manager at DSM
Gert-Jan Gruter Carmen Portocarero Bas Blom Yap Chie Cheung Steven Olivier
CTO General Counsel Managing Director Renewable Managing Director Renewable Managing Director
(@Avantium since 2000) (@Avantium since 2012) Polymers Chemistries Catalysis
(@Avantium since 2021) (@Avantium since 2023) (@Avantium since 2015)
Supervisory Board
▪ Edwin Moses Former CEO Ablynx NV and Oxford Assymetry ▪ Nils Björkman Worked for 33 years in various senior management positions at
(Chair) International Tetra Pak Group
▪ Margret Kleinsman CFO Agrifirm ▪ Dirk Van Meirvenne Head of the Advanced Industrial Intermediates business unit at
▪ Michelle Jou CEO Castrol (nominee) Lanxess
▪ Peter Williams Group Technology Director and Head Of Investor Relations at 43
(nominee) INEOS
Ava ntium tomorrow: Successfully delivering the next bio
chemica ls from disruptive technologies

Today Tomorrow
PEF Building blocks CO2 based
FDCA plantMEG Biorefinery
polymers
Catalytic conversion of plant- Conversion of sugars into Conversion of CO2 into high- Conversion of biomass via a
based sugars into FDCA plantMEG value chemicals & polymers biorefinery into industrial sugars
✓ 100% renewable & ✓ Improved sustainability ✓ Valorizes waste carbon ✓ Valorizes biomass into
recyclable credentials valuable feedstock
Avantium ✓ Clean conversion process
✓ Superior performance ✓ Market competitive using renewable energy ✓ Clean and efficient
value
proposition ✓ Feedstock flexibility ✓ Drop-in ✓ Proprietary electrochemistry conversion technology
✓ Initially serving value platform for carbon capture ✓ Significantly lower energy
applications then volume and utilization (CCU)
• Operational Pilot Plant • Operational Pilot Plant • Mobile prepilot units • Operational Pilot Plant
Status • Flagship Plant • Commercial Plant being tested at
operational by 2024 expected to be industrial sites in
operational by 2027 Europe
Avantium’s expertise in catalysis processes as development platform of disrupting biochemical technologies
44
Ava ntium’s succesful tra jectory towa rds growth

20+ 156+ €192m 2 Strategic &
250+ 3 pilot plants &
Years of R&D Patent Funding for Core products Employees 1 commercial
Flagship Plant (FDCA and commercial plant under
families
secured plantMEG) partners construction
▪ FDCA Flagship Plant fully Sale of PEF licenses

financed
▪ Start construction FDCA 2026
Initiating Exit JV BASF Flagship Plant
PEF (2016-2019) 2023
technology 2024
2017 2021
2022
2019 FID FDCA Flagship Plant Start-up 1st
2006 ▪
Commissioning
▪
▪ Commercial offtake Commercial
IPO on Euronext agreements FDCA Flagship FDCA Flagship Plant plantMEG Plant
Amsterdam & Plant ▪ Sale of plantMEG
Brussels ▪ Partnership with Cosun license to JV with
Beet Co. to build & operate Cosun Beet Co. 45
commercial plantMEG plant
FDCA Fla gship Pla nt fina ncing fully secured
Fina ncia l Close rea ched on 31 Ma rch 2022

Grants (€27m):
Funding sources ▪ €20m PEFerence grant(1)
▪ €7.5m grant from the
€45m National Programme Groningen
Third Party Equity (€30m):

€90m€192m ▪ €20m equity from Bio Plastics Investment Groningen
€30m
consortium (BPIG)
€27m ▪ €10m million equity from Worley
▪ Represents 22.6% of the Renewable Business equity
Avantium Equity (€45m):

Funding uses ▪ €45m investment by Avantium (increased from €35m)
▪ Represents 77.4% of the Renewable Business equity
CAPEX: €115m
Debt Financing (€90m):
Running cost (OPEX): €65m ▪ Each bank has committed €15m
▪ Invest-NL, government backed Dutch impact
Interest, other: €12m investment fund, has committed €30m
▪ Interest consists of three components:
cash interest, accrued interest and warrants
Note: (1) This project has received funding from the Bio-based Industries Joint Undertaking (JU) under the European Union’s Horizon 2020 research and innovation program under grant 46
agreement No744409. The JU receives support from the European Union’s Horizon 2020 research and innovation program and the Bio-based Industries Consortium.
Numerous stra tegic colla bora tions & offta ke a greements

Development of PEF for beverage applications
PEFerence (1) aims to establish an innovative supply chain for FDCA & PEF
R&D
collaborations
High The PEF Textile Community aims to develop PEF yarn applications
performance
Bottles Major F&B

Fully brand owner
sustainable
Film
Cost Long-term
competitive offtake Fibre
agreements
Other Brand owner

47
Illustra tive revenue a nd profita bility model

Illustrative market targeting Revenue & profitability mechanics
PEF MEG Avantium R&D Solutions

Continued organic growth in line with historical levels
1 Estimated market sizes FDCA Flagship
Capacity Average selling price Turnover
PEF: 5-10mt MEG: +35mt 5kta x ~€9/kg = ~€45m
Value applications
Illustrative licensing revenues
2 Illustrative market share
FDCA PlantMEG
Implied
5% market share 5% market share capacity 500 kta 1,750 kta
x x x
Average
3 Implied target market volume selling price ~€4.5/kg ~€1.2/kg
= = =
500 kta 1,750 kta Illustrative
gross sales €2.25bn €2.1bn
x x x
Illustrative
royalty range 3%-6% 3%-6%
= = =
Illustrative
annual €67.5m- €63m-
turnover €135m €126m 48
Our industria l stra tegy compa res fa vora bly to our core peers

✓ Avantium’s industrial
Busine Peers 3M market Produ Announced commissioning year / run-rate capacity strategy is not an
ss cap. range ct
Before exception - Exact same
model (€m)(1) 2022 2023 2024 2025 2026
2021 industrial scale-up
Industrial pattern observed across
Flagship plant plants
[€130m -
FDCA Pilot plant
(5kt/y) (>100kt/y) all innovative industrial
€185m] Industrial plant
peers (Pilot / Flagship /
PlantMEG Pilot plant
(>150kt/y) Industrial)
Build & License
[€340m - Flagship plant ✓ Avantium is actually

rPET Pilot plant
€470m] (50kt/y) benefiting from an
industrial maturity that
3 Industrial
compares favorably to
[€260m - other Build & License
rPET Pilot plant plants
€545m] (135kt/y)
models
Current
[€300m - Flagship plant Flagship
Industrial ✓ Avantium industrial
PHA plants
€815m] (9kt/y) extension (57kt/y) phasing designed to
(+20kt/y)
mitigate scale-up risks
Own & Operate
Industrial
by building a first 5kt
[€590m - Flagship plant FDCA capacity unit as a
Bio-PET Pilot plant
(66kt/y)
plant
€880m] (1,100kt/y) blueprint for further
capacity increase (no
Industrial Industrial
[€200m - Carboxyl
Pilot plant
Flagship plant
plant plant
scale-up risk associated
€250m] ic acids (16kt/y)
(28kt/y) (28kt/y) with larger catalysis
units)
Note: (1) As of March 16th, 2022, [min(3-month market cap.) – max(3-month market cap.)] Legends
Source: public information (investor presentations, company websites) Pilot plants Flagship plants Industrial plants
49
From Ambition to Execution

Renewable Polymers Renewable Chemistries Volta / Corp Tech R&D Solutions
CO2 based polymers,

FDCA / PEF plantMEGTM & plantMPGTM R&D services & systems
Biorefinery & novel polyesters
First license deal signed Working to PDP High Potential Profitable

• Revenues : €6m (FY22) • PDP for first commercial plant • Funded by grants • Revenues: €11m (FY22)
• 22% sold to Worley / BPIG • JV Cosun Beet Company • Securing partnerships & financing • EBITDA: €2.3m (FY22)
Strategy Strategy Strategy Strategy

• Execute Flagship strategy • JV Cosun Beet Company: • Develop process technologies • Execute on strategy
• Execute EPC phase • Deliver PDP to JV plant • Scale-up technologies towards • Realize profitable growth
• Sell remaining capacity • Site selection commercialisation • Expand into sustainable chemistry
• Sell technology licences • Offtake • Partnerships R&D solutions
• Financing • Secure grants
• Sell further technology licenses
50
51
Global warming stripes by climate scientist Ed Hawkins

Avantium Investor-Presentation-2022-FY-Results

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Avantium | Investor Presentation Annual Results 2022– Q2 2023

Investor Presenta tion

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Avantium | Investor Presentation Annual Results 2022– Q2 2023

63% 28% 5.3

Grant Cash Outflow*

Avantium | Investor Presentation Annual Results 2022– Q2 2023

20 2023 Cash Outflow

Figures are an initial management assessment

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Newly 52 Nationalities 25 Scope 2

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Our Develop and commercialize disruptive technologies and products to accelerate

Monetize our proprietary technologies by applying them in our commercial

Avantium | Investor Presentation Annual Results 2022– Q2 2023

▪ plantMEG: sustainable and competitive plant-based alternative for

▪ Volta: Conversion of CO2 to chemicals and polyesters via

▪ Supported by a revenue-generating R&D Solutions business

▪ HQ in Amsterdam - listed on Euronext Amsterdam, Brussels (AVTX)

PEF = polyethylene furanoate

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Avantium | Investor Presentation Annual Results 2022– Q2 2023

1200 PET supply or processing capacity to satisfy

The global commitment 2021 Progress Report

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Collaborations Own & operate Licensing

Product validation Revenues flagship License fee / Plant

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Robust commercial loading of FDCA Flagship Plant completed

Favourable terms of the offtake

First technology license

Avantium | Annual Results 2022 Presentation – Q2 2023

Avantium | Investor Presentation Annual Results 2022– Q2 2023

▪ Monolayer PEF and combination with other

▪ Volume: 100 million ton/year

▪ Competing materials: glass, aluminum,

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Circular: recyclable alternative to non- PEF textile community

▪ Volume: >50 million ton/year

▪ Competing materials: PET, nylon, cotton

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Circular: recyclable alternative to non-

▪ Adhesives for electronics

▪ Volume: >5 million ton per year ▪ Other

▪ Competing materials: glass, aluminum, Brand owner

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Food contact approval(1)

Avantium | Investor Presentation Annual Results 2022– Q2 2023

PEF PLA PBS PHA

PE/PP rPET PLA

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Value PepsiCo 2.350 Reckitt 225

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Inhouse production Inhouse production External production External production

Today Tomorrow Longer-term

Competitive Competition: Competition: Competition:

Avantium | Investor Presentation Annual Results 2022– Q2 2023

1st Generation: High Fructose

(1) And derivatives such as MF, or methyl furfural, and others.

Avantium | Investor Presentation Annual Results 2022– Q2 2023

Key ingredient in a wide range of Pilot Plant successfully