Press Release - H1 25 Results

H1 25 Results Confirm the Relevance of Roquefte’s Strategy 

•       Roquefte outperforms its key markets, delivering solid H1 results in current complex market condifions.

•       Successful complefion of the acquisifion of IFF Pharma Solufions^[1] and implementafion of a new organizafion with two complementary Business Groups².

•       +4% turnover growth to €2,371 million (-3% Like-For-Like basis, LFL^[2]) and +18% EBITDA increase to €294 million (-1% LFL), supported by a favorable mix effect and the consolidafion of two months of IFF Pharma Solufions.

•       +150 bps increase in EBITDA margin to 12.4% (11.2% LFL), driven by IFF Pharma Solufions and the food and nutrifion segments, a consistent pricing strategy, and disciplined cost management supported by the Group’s compefifiveness program. 

•       Reflecfing the usual seasonality of Working Capital Requirement and excluding the cash impact of the acquisifion, Free Cash-Flow landed at -€150 million.

Lille – September 25^th, 2025 – Roquefte, a global leader in plant-based ingredients, excipients and pharmaceufical solufions, today announced its 2025 H1 results, following the approval of its financial statements by the Board of Directors.

Thierry Fournier, CEO of Roquefte, commented on the period: “The successful acquisifion of IFF Pharma Solufions was a key milestone for the Group, leading to the evolufion of our integrated operafing model. With our two Business Groups, operafing under the strong Roquefte brand, we are already seeing posifive signs of their complementarity in the H1 results.” 

In the first half of the year, the Group outperformed its key markets:

•       The Health & Pharma Solufions Business Group achieved strong results, driven by the contribufions from the recently acquired IFF Pharma Solufions and the starch-based excipient business, which parfially offset performance in the capsule segment. “The overall commercial results of the Business Group benefifted from the posifive impact of IFF Pharma Solufions, which exceeded the Group’s forecasts. This outcome confirms the strength of Roquefte’s strategy to offer a more diversified porffolio covering all drug delivery technologies, along with an expanded geographical footprint. I would add that the integrafion project is on track to unlock the potenfial of this combinafion as expected.” 

•       The Nutrifion & Bioindustry Business Group’s performance was fueled by sustained demand for Roquefte’s specialty products, leading to a favorable mix effect, with market share growth in some specific markets. The Business Group’s consistent pricing strategy and effecfive cost management led to a significant improvement in its EBITDA margin. “The Nutrifion & Bioindustry Business Group has increased margins, underscoring the effecfiveness of its disciplined commercial strategy. This approach has highlighted the Business Group’s ability to navigate challenging markets and contribute to overall robust results.” 

In a volafile macroeconomic environment, Roquefte remains focused on the seamless execufion of its strategy, its compefifiveness and its deleveraging. “To effecfively execute our strategy, we will focus on three key levers: operafional excellence, innovafion, and the implementafion of our new operafing model, all while confinuing the successful integrafion of IFF Pharma Solufions in the short term. This approach is designed to enhance profitability and create value for all our stakeholders going forward,” concluded Thierry Fournier.  

HALF YEAR 2025 CONSOLIDATED KEY FIGURES⁴

(a)  Excluding non-recurring items amounfing to €164 million (€28 million in H1 24) and associated taxes. 

(b) IFF Pharma Solufions acquired on May 1st, 2025 

(c)  Combined EBITDA includes IFF Pharma Solufions esfimated EBITDA over the last twelve months.

SOLID H1 25 RESULTS IN COMPLEX MARKET CONDITIONS

Roquefte’s operafional performance in H1 2025 showed posifive momentum, with turnover and EBITDA up 4% and 18%, respecfively (down 3% and 1% on a Like-For-Like basis). This growth was primarily driven by the consolidafion of IFF Pharma Solufions since May 1^st, 2025, which has shown promising results, and a posifive product mix.

In a complex economic environment, the Group maintained operafional resilience and focused on its strategic execufion, resulfing in volume growth of 2% and market share gains in some key markets. 

The EBITDA margin expanded to 12.4% (11.2% LFL), up from 10.9% at end of June 2024. This improvement reflects the strong contribufion of the higher value-added products from IFF Pharma Solufions and the food and nutrifion segment. A more favorable cost environment along with rigorous cost management further reinforced profitability. 

Cost management efforts are driven by the Group’s ambifious compefifiveness program, inifiated in 2023, which has constantly exceeded expectafions. Building on its success, the program has been extended from 2026 to 2028 with even more ambifious targets, ensuring confinued structural efficiency improvement and sustainable value creafion.

The cost of net financial debt amounted to €32 million, up from €25 million at end of June 2024. This increase was expected as it reflected the higher debt volume following the acquisifion in May 2025. This was parfially

⁴ The definifion of the alternafive performance indicators is provided in the appendices of this press release.

offset by lower interest rates as well as by the interest income collected on the €1.2 billion deposit inifiated after the inaugural bond issuance in November 2024 unfil the acquisifion. 

The other financial charges amounted to €25 million, up from €6 million at end of June 2024, mainly due to the strengthening of the euro against the US dollar affecfing the revaluafion of some monetary balance sheet items.

The reported net result for the period was -€115 million, compared to €26 million at end of June 2024. This decline mainly reflects:

 non-cash impairment charges of €55 million (Roquefte India) and €67 million (Roquefte America);

 the anficipated IFF Pharma Solufions and Qualicaps acquisifion and integrafion costs represenfing €52 million. 

Excluding these non-recurring items and the associated taxes, the adjusted net result amounted to €42 million compared to €46 million at end of June 2024.

The Group successfully navigated challenging market condifions in the first semester 2025, including the tariff measures implemented by the U.S. administrafion. The Group acfively monitors the situafion, and a dedicated global task force has been put in place to collect data on exposures and impacts. To date, the flows to and from the US affected by the tariffs would represent less than 5% of total turnover (based on contract value in 2025). The Group has a globally diversified footprint that allows to adapt flexibly to changing business condifions, and confinuously and proacfively adjust strategies to minimize any potenfial impact. Moreover, regular and construcfive dialogue is maintained with customers and partners to ensure supply chain resilience and mifigate potenfial disrupfions.

FREE CASH-FLOW GENERATION

In H1 2025, Free Cash-Flow stood at -€150 million, from -€9 million at end of June 2024, excluding the cashimpact linked to the acquisifion of IFF Pharma Solufions. Several factors underpin this performance:

•       Working Capital Requirement reflected normal mid-year seasonality, with increases in inventories and receivables, compared to prior year which was unusually low due to record inflafion; 

•       Operafing Cash-Flow increased to €186 million from €176 million, in line with strong EBITDA growth;

•       Capital expenditures remained stable.

HEALTH & PHARMA SOLUTIONS – BOOSTED BY IFF PHARMA SOLUTIONS ACQUISITION

Sales amounted to €546 million, up 33% from end of June 2024, boosted by the two months consolidafion of the IFF Pharma Solufions acquisifion. EBITDA came in at €145 million, represenfing a margin of 26.5%. IFF Pharma Solufions delivered results above expectafions, driven by strong performance across its porffolio. The starch excipient business demonstrated sustained performance, parfially offsefting softer volumes in the capsules category. Excluding IFF Pharma Solufions and the exchange rate impact, sales and EBITDA declined 8% and 16%, respecfively. 

This resilience underlines the relevance of the Group’s strategic orientafion toward diversificafion to strengthen its ability to navigate fluctuafions in specific product lines while maintaining overall profitability.

NUTRITION AND BIOINDUSTRY – STRONG EBITDA GROWTH 

Sales amounted to €1,923 million, down 2% from end-June 2024 and EBITDA stood at €149 million, with margin improvement to 7.8% (+110bps) due to a posifive mix effect.

Demand remained soft overall for commodifies due to economic uncertainfies, prices declined in line with the raw material price decrease and pressure remained due to lower sugar price in Europe.

Nevertheless, volume grew in Europe, accompanied by a market share gain of over 1 point in some key markets. In contrast, complex condifions are observed in the Americas and compefifion intensified in India.

The food and nutrifion segment confinued to deliver strong results, with European volumes growth, driving EBITDA margin enhancement. 

This performance demonstrates the Group’s ability to capture value in high-demand categories in challenging market condifions.

(a) Combined EBITDA includes IFF Pharma Solufions esfimated EBITDA over the last twelve months.

Strong liquidity and balanced maturity profile

The debt maturity profile is also well-balanced, with no major repayments in the next 3 years - excluding the bridge refinancing in 2026 - and an average debt maturity of 3.7y. In terms of liquidity, as of June 2025, Roquefte maintained a strong liquidity posifion, with over 1.3 billion euros in available liquidity (€0.7bn undrawn credit lines, €0.2bn undrawn commercial papers and cash available). 

At end of June 2025, the Group’s net financial debt rose to €2,854 million, compared with €237 million at end-December 2024. This level reflects the anficipated impact of the IFF Pharma Solufions acquisifion completed in May 2025. 

Consequently, the restated IFRS leverage rafio reached 3.75x considering a conservafive calculafion for the esfimated last twelve-month combined EBITDA, leaving headroom under covenants and allowing the Group to comply with its financial covenants at end of June 2025.

The Group reaffirms the IFRS leverage rafio target of 2.3x to 2.7x by 2027, remaining fully commifted to maintaining a strong Investment Grade rafing.

Status of the accounts:

The limited review procedures on the HY 2025 consolidated financial statements have been completed and the limited review report will be issued on the 25^th of September 2025. It will include a qualificafion as the Group completed the acquisifion of the IFF Pharma Solufions in May 2025, following significant legal reorganizafions (including carve-out transacfions), and while Management is working to stabilize the impact of these changes, it was challenging to fully substanfiate certain balance sheet items at the acquisifion date and at June 30, 2025. However, the reported figures are consistent with expectafions and the IFF Pharma Solufions audited combined financial statements on December 31, 2024. Integrafion efforts are expected to clarify the balance sheet and support the contribufion of the acquired enfifies to the Group’s results for the 2025 year-end closing. 

About Roquefte 

Roquefte is a leading provider of plant-based ingredients, excipients and pharmaceufical solufions dedicated to enhancing the quality and convenience of essenfial products for consumers and pafients worldwide.   Roquefte employs more than 11,000 people globally, operafing in more than 150 countries through more than 40 manufacturing sites and 20 R&D and innovafion centers. The company achieved a turnover of €4.5 billion in 2024. 

Harnessing natural resources like wheat, corn and cellulose, Roquefte crafts high-performance ingredients and solufions used in everyday foods, oral medicafions, advanced biopharmaceuficals, and bio-based products.   

Roquefte is a family-owned company driven by a long-term vision and a constant commitment to innovafion. For almost a century, Roquefte has been empowering befter living and building a sustainable future by offering the best of nature. 

Discover more about Roquefte here  

Press contacts:

Brunswick Antoine Parison

+33 (0) 7 88 72 28 95 aparison@brunswickgroup.com

Roquefte 

Corporate Communicafions

Susannah Duquesne 

Susannah.duquesne@roquefte.com

Financial Communicafions Eloïse de la Chaux eloise.de-la-chaux@roquefte.com

DISCLAIMER - Certain statements contained in this press release may contain forecasts that specifically relate to future events, trends, plans or objecfives. By nature, these forecasts involve idenfified and unidenfified risks and uncertainfies and may be affected by many factors likely to give rise to a significant discrepancy between the actual results and those indicated in these statements. The group does not undertake to publish an update or revision of these forecasts, or to communicate on new informafion, future events or any other special circumstance. The amounts presented in this presentafion have been rounded to the nearest hundred/unit, which may result in slight discrepancies in totals. Thus, the financial data is provided for informafional purposes only and may not exactly match the figures in the consolidated financial statements.

FINANCIAL INFORMATION - This press release and Roquefte's full regulated informafion are available on the Group's website: Roquefte website

GLOSSARY 

To measure its performance, the Group uses certain financial indicators that are not defined by IFRS standards. These indicators are used in the operafional monitoring of the Group’s acfivifies and its financial communicafion (press releases, financial presentafions, etc.).

APPENDIX 1 – INCOME STATEMENT

APPENDIX 2 – COMPREHENSIVE INCOME STATEMENT

APPENDIX 3 – BALANCE SHEET

APPENDIX 4 – CASH-FLOW STATEMENT

APPENDIX 5 – GROSS DEBT TOWARDS FINANCIAL INSTITUTIONS