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1.\u00a0 General Information
Avantium N.V . (\u2018the Company\u2019) is a company incorporated and domiciled in the Netherlands , with its
statutory seat at Zekeringstraat 29-31, 1014 BV in Amsterdam . The Company is listed on Euronext
Amsterdam and Brussels. Chamber of Commerce number: 34138918.
The Consolidated Financial Statements of the Company for the year ended December 31, 2025
comprise the Company and its subsidiaries (together referred to as 'the Group'). The Company is also
the ultimate parent of the Group.
These Consolidated Financial Statements are part of the Company's statutory financial statements for
the year ended December 31, 2025, which also include the company financial statements.
The Company is primarily involved in developing and commercializing next generation bio-based
plastics and chemicals based on our unique technological capabilities in advanced catalysis research
& development . The Company also provides R&D solutions in the field of sustainable chemistry and is
the leading provider of advanced catalyst testing technology and services to accelerate catalyst R&D.
These Consolidated Financial Statements were authorized for issue by both the Management Board
and the Supervisory Board on March 17, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-335": { "value": "Avantium N.V .", "dimensions": { "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-336": { "value": "N.V", "dimensions": { "concept": "ifrs-full:LegalFormOfEntity", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-337": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:DomicileOfEntity", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-338": { "value": "the Netherlands", "dimensions": { "concept": "ifrs-full:CountryOfIncorporation", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-339": { "value": "Zekeringstraat 29-31, 1014 BV in Amsterdam", "dimensions": { "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-340": { "value": "Amsterdam", "dimensions": { "concept": "ifrs-full:PrincipalPlaceOfBusiness", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-341": { "value": "The Company is primarily involved in developing and commercializing next generation bio-based plastics and chemicals based on our unique technological capabilities in advanced catalysis research & development . The Company also provides R&D solutions in the field of sustainable chemistry and is the leading provider of advanced catalyst testing technology and services to accelerate catalyst R&D.", "dimensions": { "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-342": { "value": "
These Consolidated Financial Statements were authorized for issue by both the Management Board
and the Supervisory Board on March 17, 2026.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-343": { "value": "
2.\u00a0 Summary of Material Accounting Policies
The material accounting policies applied in the preparation of these Consolidated Financial
Statements are set out below. These policies have been consistently applied to all the years
presented, unless otherwise stated.
2.2\u00a0 Consolidation
2.2.1\u00a0 Subsidiaries
Subsidiaries are all entities over which the Company has control. The Company controls an entity
when the Company is exposed to, or has rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. Subsidiaries are
consolidated from the date on which control is obtained by the Company. They are de-consolidated
from the date that control ceases.
The principal consolidated companies are listed below (indicating the ownership percentage):
\u25a0 Avantium Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Support B.V., Amsterdam (100%)
\u25a0 Renewable Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Chemicals B.V., Amsterdam (100%)
\u25a0 Avantium Knowledge Centre B.V., Amsterdam (100%)
\u25a0 Synvina C.V., Amsterdam (100%)
\u25a0 YXY Technologies B.V., Amsterdam (100%)
\u25a0 Stichting Administratiekantoor Avantium, Amsterdam (100%)
\u25a0 Stichting Stock Options Avantium, Amsterdam (100%)
\u25a0 Feedstock Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Renewable Polymers B.V., Amsterdam (77.4%)
\u25a0 Avantium RNP Flagship Plant B.V., Amsterdam (77.4%)
\u25a0 Furanix Technologies B.V., Amsterdam (77.4%)
\u25a0 Avantium Japan K.K., Tokyo (77.4% )
Inter-company transactions, balances and unrealized gains on transactions between group companies
are eliminated. Unrealized losses are also eliminated. When necessary, amounts reported by
subsidiaries have been adjusted to conform to the Company\u2019s accounting policies.
2.2.2\u00a0 Disposal of Subsidiaries
When the Company ceases to have control, any retained interest in the entity is remeasured to its fair
value at the date when control is lost with the change in carrying amount recognized in profit or loss.
The fair value is the initial carrying amount for the purposes of subsequently accounting for the
retained interest as an associate, joint venture or financial asset.
In addition, any amounts previously recognized in other comprehensive income in respect of that
entity are accounted for as if the group had directly disposed of the related assets or liabilities. This
may mean that amounts previously recognized in other comprehensive income are reclassified to
profit or loss.
2.2.3\u00a0 Non-Controlling interests
Non-controlling interests are measured at the proportionate share of non-controlling interests in the
carrying value of identifiable net assets of the subsidiaries concerned at the reporting date. The
Group treats transactions with non-controlling interests that do not result in the loss of control as
transactions with equity owners of the Company. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and non-controlling interests to reflect
their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-
controlling interests and any consideration paid or received is recognized in equity attributable to
owners of the Company.
2.2.4\u00a0 Segment Reporting
Operating segments are reported in a manner consistent with the business responsibilities and
internal reporting.
The Management Board has appointed the Management Team which assesses the financial
performance and position of the group, and makes strategic decisions. For the 2025 financial year the
Management Team consists of the Chief Executive Officer, the Interim Chief Financial Officer, the
Chief Technology Officer, the interim Chief Commercial Officer, the Chief Operating Officer, the Group
Legal Counsel, the Director Human Resources, the Managing Director of Volta Technology and the
Managing Director of Avantium R&D Solutions.
2.3\u00a0 Foreign Currency Translation
Functional and Presentation Currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The Consolidated Financial Statements are presented in euros, which is the Company\u2019s functional
currency.
Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions or valuations where items are remeasured. Foreign
exchange gains and losses resulting from the settlement of such transactions and from the translation
at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognized in profit or loss.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in profit or loss within \u2018finance income or cost\u2019.
Foreign operations
The results and financial position of foreign subsidiaries that have a functional currency different from
the Company's presentation currency are translated into the presentation currency as follows:
\u25a0 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date
of that balance sheet.
\u25a0 Income and expenses for each statement of comprehensive income are translated at the average
exchange rates.
\u25a0 All resulting exchange differences are recognized as a separate component of other
comprehensive income.
2.4\u00a0 Use of Estimates
The preparation of Consolidated Financial Statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, disclosure of contingencies at
the date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. The use of estimates is or could be a significant factor affecting the reported
carrying values of property, plant and equipment, intangibles, trade and other receivables and trade
and other payables. Despite management\u2019s best efforts to accurately estimate such amounts, future
results could materially differ from those estimates. Refer to note 4 for Critical Accounting Estimates
and Judgments as applied in the preparation of the financial statements.
2.5\u00a0 Property, Plant and Equipment
Property, plant and equipment comprise mainly of assets under construction, laboratory equipment,
hardware and leasehold improvements. Leasehold improvements include machinery that is located in
at the pilot plant sites and FDCA Flagship Plant. All property, plant and equipment is stated at
historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost
includes capitalized borrowings costs (refer to note 2.24) and expenditures that are directly
attributable to the acquisition of the items and includes capitalization of decommissioning and
restoration costs associated with provisions decommissioning and restoration costs (refer to note
2.19 ). Where an item of property, plant and equipment has been obtained by exchange for a non-
monetary asset, and the exchange lacks commercial substance, the acquired item is not measured at
fair value, but at the carrying amount of the asset given up. If significant parts of an item of property,
plant and equipment have different useful lives, then they are accounted for as separate items (major
components) of property, plant and equipment. The carrying amount of any component accounted for
as a separate asset is derecognized when replaced.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Group and the cost of the item can be measured reliably. All other repairs and maintenance
charges are expensed in the period in which they are incurred.
Depreciation commences when an asset is available for use and is calculated using the straight-line
method to allocate the cost of the assets to their residual values over their estimated useful lives as
follows:
\u25a0 Leasehold improvements
5-20 years
\u25a0 Laboratory equipment, machinery and vehicles
5-10 years
\u25a0 Computer hardware
3-5 years
\u25a0 Office furniture and equipment
3-5 years
Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate,
at the end of each reporting period.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount.
Gains and losses are included in profit or loss.
Expenditures incurred for the acquisition of items of property, plant and equipment under construction
are initially recorded as \u2018under construction\u2019 until the asset is completed and ready for use. Upon
completion of the assets, the recognized costs are reclassified from \u2018under construction\u2019 to the
relevant category of property, plant and equipment. Assets under construction are not depreciated
and are measured at cost less any impairment losses.
2.6\u00a0 Intangible Assets
Research and Development
Research expenditures are recognized as expenses as incurred. Development costs that are directly
attributable to the design and testing of identifiable and unique products controlled by the group are
recognized as intangible assets when the following criteria are fulfilled:
\u25a0 It is technically feasible to complete the intangible asset so that it will be available for use or sale.
\u25a0 Management intends to complete the intangible asset and use or sell it.
\u25a0 There is an ability to use or sell the intangible asset.
\u25a0 It can be demonstrated how the intangible asset will generate probable future economic benefits.
\u25a0 Adequate technical, financial and other resources to complete the development and to use or sell
the intangible asset are available.
\u25a0 The expenditure attributable to the intangible asset during its development can be reliably
measured.
Other development expenditures that do not meet these criteria are recognized as an expense as
incurred. Development costs previously recognized as an expense are not recognized as an asset in
a subsequent period.
Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at
the end of each reporting period
Amortization of development costs is included in depreciation, amortization and impairment charge in
the statement of profit or loss. All development costs arose from internal development. Intangible
assets not ready for use are tested for impairment at least on an annual basis.
Development costs
Capitalized development costs are recorded as intangible assets and amortized from the point at
which the asset is ready for use on a straight-line basis over its estimated useful life of:
\u25a0 Development costs
5 years
Computer Software and Other Intangibles
Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and
use the specific software.
Costs associated with developing or maintaining computer software programs are recognized as
expenses as incurred. Development costs that are directly attributable to the design and testing of
identifiable and unique software products controlled by the group, that will probably generate
economic benefits exceeding costs beyond one year, are recognized as intangible assets.
Other intangibles consisting of an in-kind contribution of a shareholder for their software at the
foundation of the Group and compensation paid to a third party to exclusively use parts of their
technology.
Amortization is calculated using the straight-line method over the estimated useful life of:
\u25a0 Computer software and other intangibles
3 years
Intellectual Property
Intellectual property is stated at historical cost; less accumulated amortization and any accumulated
impairment losses. Intellectual property is amortized over the period until the moment that the
technology on which the intellectual property is filed is ready to be deployed commercially.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the group and the cost of the item can be measured reliably.
Amortization is calculated using the straight-line method to allocate their cost of the assets to their
residual values over their estimated useful lives (average lifetime of patent portfolio) as follows:
\u25a0 Intellectual property
5-20 years
License rights
Acquired licenses that grant the right to use technologies not owned/developed by the Company are
recorded at historical cost, less accumulated amortization and impairment losses.
License rights contain variable royalty fee payment terms that are linked to production of the License
Products once the FDCA Flagship Plant starts production. The fees will equal to $20 USD per metric
ton of Licensed Products produced from the FDCA Flagship Plant. Variable royalty fee payments that
depend on the volume of production of the Licensed Products are recognized in profit or loss when
products are produced.
Where an intangible asset is obtained in exchange for consideration payable on deferred credit
terms, the asset is initially recognized at its cost price equivalent, being the present value of the
consideration payable over the credit term.
Where an intangible asset is obtained in exchange for variable consideration, such variable
consideration is not included in the carrying amount of the asset at acquisition and no liability is
recognized for the variable consideration. Subsequent payments of variable consideration are
recognized in profit and loss as and when incurred.
Amortization is calculated using the straight-line method to allocate their cost of the assets to their
residual values over their estimated useful lives (average lifetime of license rights) as follows:
\u25a0 License rights
5-20 years
2.7\u00a0 Impairment of Non-Financial Assets
Non-financial assets (other than deferred tax assets, inventories and contract assets) are reviewed at
each reporting date for possible impairment whenever an impairment trigger is identified. Any events
or changes in circumstances which could indicate that the carrying amount of the assets may not be
recoverable are considered impairment triggers. If any such impairment triggers are identified, the
asset's recoverable amount is estimated. The recoverable amount is determined to be the higher of
an asset\u2019s fair value less costs to sell and value in use. Value in use is based on the estimated future
cash flows, discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. An impairment loss is
recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
Impairment losses are recognized in profit or loss. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows (cash-
generating units). Each reporting segment is considered a cash-generating unit. An annual
assessment is performed on all cash-generating units to identify potential impairment triggers.
Non-financial assets which are impaired, are tested periodically to determine whether the recoverable
amount has increased and the impairment be (partially) reversed. Impairment losses on goodwill are
not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortization, if no impairment loss had been recognized. Reversal of impairments is
only permitted if, in a subsequent period after an impairment loss has been recognized, the amount of
the impairment loss decreases and the decrease can be related objectively to an event after the
impairment loss was recognized.
2.8\u00a0 Non-Current Assets (or Disposal Groups) Held for Sale
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying
amount is to be recovered principally through a sale transaction and a sale is considered highly
probable. They are stated at the lower of carrying amount and fair value less costs to sell. Upon
designation as held for sale the Group ceases to depreciate these assets. Non-current assets (or
disposal groups) are reclassified out of assets held for sale when they no longer meet the
requirements to be classified as such. Upon reclassification, they are measured at the lower of their
book value as if they had not been classified as held for sale, or their recoverable amount
2.9\u00a0 Financial Assets
2.9.1\u00a0 Classification
The Company determines the classification of its financial assets at initial recognition. The
classification depends on the Company\u2019s business model for managing the financial assets and the
contractual terms of the cash flows. The contractual cash flows solely comprise principal and interest.
The financial assets are held to collect the contractual cash flows, and are classified as subsequently
measured at amortized cost
2.9.2\u00a0 Recognition and Measurement
Regular purchases and sales of financial assets are recognized on the trade-date, the date on which
the group commits to purchase or sell the asset. Financial assets are initially recognized at fair value,
which for trade receivables in general is the transaction price. Subsequently they are stated at
amortized cost using the effective interest method, less allowance for impairment. Financial assets are
derecognized when the rights to receive cash flows from the financial assets expire or if the Company
transfers the financial asset to another party and does not retain control or substantially all risks and
rewards of the asset. Any gain or loss arising on derecognition is recognized in profit or loss as other
gains/(losses).
2.9.3\u00a0 Interest income
Interest income from financial assets is included in finance income using the effective interest method.
When a loan or receivable is impaired, the Group reduces the carrying amount to its recoverable
amount, being the estimated future cash flows discounted at the original effective interest rate of the
instrument and continues unwinding the discount as interest income. Interest income on impaired
loans and receivables is recognized using the original effective interest rate.
2.10\u00a0 Offsetting Financial Instruments
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there
is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a
net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must
not be contingent on future events and must be enforceable in the normal course of business and in
the event of default, insolvency or bankruptcy of the Company or the counterparty.
2.11\u00a0 Impairment of Financial Assets
Impairment allowances for trade receivables are recognized based on the simplified approach within
IFRS 9 to measure expected credit losses which uses a lifetime expected loss allowance for all trade
receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped
based on shared credit risk characteristics and the days past due. The contract assets relate to
unbilled work in progress and have substantially the same risk characteristics as the trade receivables
for the same types of contracts. The Group has therefore concluded that the expected loss rates for
trade receivables are a reasonable approximation of the loss rates for the contract assets. Allowances
for expected credit losses are deducted from the carrying amount of the financial assets. Additions to
the allowance for expected credit losses are recognized in profit or loss.If, in a subsequent period, the
amount of the impairment loss decreases and the decrease can be related objectively to an event
occurring after the impairment was recognized (such as an improvement in the debtor\u2019s credit rating),
the reversal of the previously recognized impairment loss is recognized in profit or loss.
2.12\u00a0 Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-
in, first-out (FIFO) method. The cost of raw materials, finished goods and work in progress comprises
all purchase costs including charges incurred to bring inventories to their current location and into
their current state. It excludes borrowing costs. Net realizable value is the estimated selling price in
the ordinary course of business, less applicable variable selling expenses.
Spare parts with a useful life of more than 1 year are capitalized as property, plant and equipment.
Spare parts with a useful life of less than 12 months are treated as inventories, and recognized in profit
or loss as raw materials and contract costs when they are consumed.
2.13\u00a0 Trade Receivables
Trade receivables are amounts due from customers for products sold or services performed in the
ordinary course of business. If collection is expected in one year or less (or in the normal operating
cycle of the business if longer), they are classified as current assets. If not, they are presented as non-
current assets.
Trade receivables are recognized initially at fair value and subsequently measured at amortized cost
using the effective interest method, less allowance for impairment. Refer to note 2.11 for further
information about the group\u2019s impairment policy on financial assets.
2.14\u00a0 Cash and Cash Equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term
highly liquid investments with original maturities of three months or less.
Restricted Cash
Restricted cash includes cash deposits, which are measured at an amount equal to the current
outstanding bank guarantees issued to third parties and/or cash deposits held in designated accounts
for an equity reserve as agreed with lenders. The restricted cash is not available for use by the
Company to meet the short-term cash obligations. In the consolidated statement of financial position
the restricted cash is shown within cash and cash equivalents as current assets.
2.15\u00a0 Share Capital
Ordinary Shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
The difference between the proceeds of issued shares and the nominal value of the issued shares is
recognized as share premium. Costs incurred in anticipation of an issuance of equity instruments are
recognized as prepaid expenses at the reporting date. When the equity instruments are issued and
recognized as equity, the directly attributable transaction costs are deducted from equity.
2.16\u00a0 Trade and Other Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are classified as current liabilities if payment is
due within one year or less (or in the normal operating cycle of the business if longer). If not, they are
presented as non-current liabilities.
Trade payables are recognized initially at fair value and subsequently measured at amortized cost
using the effective interest method.
2.17\u00a0 Current and Deferred Income Tax
The tax expense for the year comprises current and deferred tax. Tax is recognized in profit or loss,
except to the extent that it relates to items recognized in other comprehensive income or directly in
equity. In this case, the tax is also recognized in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the balance sheet date. Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognized, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the Consolidated
Financial Statements and for unused tax losses and credits carried forward. However, the deferred
income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction
other than a business combination that at the time of the transaction affects neither accounting nor
taxable profit or loss and does not give rise to equal taxable and deductible temporary differences.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially
enacted at the balance sheet date and are expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable
profit will be available against which the temporary differences, unused tax losses and the tax credits
carried forward can be utilized. Unrecognized deferred tax assets are reassessed at each reporting
date and recognized to the extent that it has become probable that future taxable profits will be
available against which they can be used.
Income tax assets and liabilities are presented separately, except when there is a legally enforceable
right to offset and (for current tax) an intention to settle the balances on a net basis with the same
taxation authority and (for deferred tax) the balances relate to taxes levied by the same taxation
authority on the same taxable entity or fiscal group that intends to settle the current tax on a net basis.
2.18\u00a0 Employee Benefits
Pension Obligations
The Group operates a defined contribution pension plan for all employees funded through payments
to an insurance company. The Group has no legal or constructive obligations to pay further
contributions if the plan does not hold sufficient assets to pay all employees the benefits relating to
employee service in the current and prior years. The contributions are recognized as employee
benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent
that a cash refund or a reduction in the future payments is available.
Share-Based Payments
The Group operates share-based compensation plans for its employees, which consist of an
Employee Stock Option Plan (ESOP), a Long-Term Incentive Plan (LTIP) and since 2024 a new Long-
Term Incentive Plan (New LTIP). Under the New LTIP, Performance Share Units (PSUs) to members of
the Management Board and Restricted Share Units (RSUs) to other employees and Supervisory Board
members. These PSUs and RSUs are settled in ordinary shares upon vesting, through the issuance of
new shares. Also refer to note 14. These plans are classified as an equity-settled share-based
payment plans.
Share options granted to employees are measured at the fair value of the equity instruments granted
under the indirect method of measurement. Fair value is determined through the use of an option-
pricing model considering, amongst others, the following variables:
a) The exercise price of the option
b) The expected life of the option
c) The current value of the underlying shares
d) The expected volatility of the share price
e) The dividends expected on the shares
f) The risk-free interest rate for the life of the option
For the ESOP, management\u2019s judgment is that the Black-Scholes valuation model is most appropriate
for determining fair values as this model allows accounting for non-transferability and early exercise.
Since the Company became listed in March 2017, there is published share price information available
to determine the fair value of its shares and the expected volatility of that value. These assumptions
and estimates are further discussed in note 14 to the Consolidated Financial Statements. The result of
the share option valuations and the related compensation expense is dependent on the model and
input parameters used.
For the equity-settled schemes, the fair value of the grant is determined at the grant date. For the LTIP
and new LTIP, the fair value is determined by the share price of the award at the grant date. Where
the grant date is not yet achieved, the fair value is estimated by reference to the closing share price
as at the balance sheet date.
The fair value of the employee services received in exchange for the grant of the awards is
recognized as an expense in profit or loss, with a corresponding adjustment to equity. For share-
based payments that do not vest until the employees have completed a specified period of service,
the group recognizes the cost of services received as the employees render service during that
period.
At each balance sheet date, the Company revises its estimates of the number of awards that are
expected to become exercisable. It recognizes the impact of the revision of original estimates, if any,
in profit or loss and a corresponding adjustment to equity.
The proceeds received from exercised options net of any directly attributable transaction costs are
credited to share capital (nominal value) and share premium. While PSUs are settled in ordinary shares
upon vesting, hence the reserve attributable to the allocated shares is transferred to share capital and
share premium.
Profit-sharing and Bonus Plans
The Group recognizes a liability and an expense for bonuses and profit-sharing where contractually
obliged or where there is a past practice that has created a constructive obligation.
Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.
The group recognizes termination benefits at the earlier of the following dates: (a) when the group can
no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a
restructuring that involves the payment of termination benefits. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.
2.19\u00a0 Provisions
Provisions are recognized when the group has a present legal or constructive obligation as a result of
past events; it is probable that an outflow of resources will be required to settle the obligation; and the
amount can be reliably estimated.
A provision for restructuring is recognized after the group has approved a detailed and formal
restructuring plan and the restructuring has either commenced or been announced publicly.
The Group provides for the estimated cost of product warranties that do not represent a separate
performance obligation under contracts with customers at the time revenue is recognized and the
group has a constructive obligation. The warranty provision is established based on the group\u2019s best
estimates of the amounts necessary to settle future and existing claims on products sold as of the
balance sheet date.
A provision for decommissioning and restoration costs is recognized (together with a corresponding
amount as part of the related property, plant and equipment) for legal or constructive obligations to
dismantle an item of property, plant and equipment and to restore the site on which it is located.
Provisions for decommissioning and restoration costs are measured on the basis of the current
requirements, technology and price levels; the present value is calculated using amounts discounted
over the useful economic life of the assets. The effects of changes resulting from revisions to the
timing or the amount of the original estimate of the provision are reflected on a prospective basis,
generally by adjustment to the carrying amount of the related property, plant and equipment.
Provisions are measured at the present value of the expenditures expected to be required to settle
the obligation using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the obligation.
2.20\u00a0 Revenue Recognition
Revenue from contracts with customers is recognized in accordance with the five step process
outlined in IFRS 15. Revenue is recognized at the transaction price to which it expects to be entitled.
The transaction price is generally stipulated in the contract. For contracts that contain separate
performance obligations, the transaction price is allocated to those separate performance obligations
by reference to their relative stand-alone selling prices.
Revenue is recognized as and when the group satisfies a performance obligation by transferring
control over a promised good or service to a customer. Control can transfer to a customer either \u201cat a
point in time\u201d or \u201cover time\u201d. Revenue is shown net of value-added tax, returns, rebates, and
discounts, and after eliminating sales within the group. As the group generally does not extend credit
terms to customers exceeding 12 months, it applies the practical expedient in IFRS 15 regarding
significant financing components.
Where incremental costs of obtaining a contract with a customer are incurred, an asset is recognized
for these costs if it is expected that these costs shall be recovered. Such costs are recognized directly
in profit and loss in the case that no expectation to recover such costs exists.
Discounts or credits provided to customers are considered consideration payable to a customer for
goods/services which are not distinct and therefore are deducted from the transaction price in
determining the amount of revenue to be recognized.
Main Revenue Streams
\u25a0 Work in Progress Projects
\u25a0 Services
\u25a0 Sale of Goods
\u25a0 Sale of Licenses
The information provided below reflects additional details over the groups revenue streams.
Work in Progress Projects
The Group specializes in engineering and constructing various mechanical systems for customers
used in R&D, as well as providing contractual R&D services. Given the custom and individually
engineered nature of these contracts, customers are consulted on the input of varying components
and actively involved in directing the specifics of expected results. Therefore, at contract inception, it
is determined that the Group's performance does not create an asset with an alternative use outside
of the contracted purpose.
As work over the project progresses, control is transferred to the customer incrementally based on
the stage of completion. The stage of completion is measured by comparing the proportion of costs
incurred to the total expected costs, ensuring that the costs incurred accurately reflect the progress
made in transferring goods and services to the customer.
Services
Revenue from the provision of services, primarily servicing and maintenance activities, is recognized
based on the stage of completion of the work performed. This method is used because the client
receives the benefits from and has use of the services at the same rate as the work is performed.
There are two primary types of servicing and maintenance contracts, stand-ready agreements and
maintenance work in progress projects. Where such services are provided as part of a larger contract,
they are considered separate performance obligations.
\u25a0 Stand-ready: Service level agreements for the provision of maintenance and support services within
a specified timeframe. The stage of completion is determined by the percentage of the period
within the stand-ready agreement that has been fulfilled, over the contracted period of time.
\u25a0 Maintenance Work in Progress: Servicing and maintenance projects conducted over a period of
time to customers specifications. Refer to \u2018Work in Progress Projects\u2019 for more information on the
determination of the stage of completion.
Sale of Goods
The Group sells customized spare parts and research & development samples to its customers.
Revenue from these sales is recognized at the point in time when control of the goods is transferred
to the customer, and the Group has a present right to receive payment.
This transfer of control is measured using the commercial shipment terms specified within each
contract, assessed on a contract-by-contract basis.
Sale of Licenses
The Group issues licenses to its intellectual property in conjunction with design and engineering
services. Generally, these licenses are not distinct from the associated services and are therefore
accounted for as a single performance obligation. License contracts typically include a combination of
fixed (including upfront non-refundable payments) and variable consideration. An estimate of variable
consideration is included in the transaction price to the extent that it is highly probable that a
significant reversal in the amount of cumulative revenue recognized will not occur when the
uncertainty associated with the variable consideration is resolved.
Revenue is generally recognized over time, as the Company's performance does not create an asset
with an alternative use and the company has an enforceable right to payment for performance
completed to date. Management measures progress towards the performance obligation in a manner
that most faithfully depicts the Company's performance, typically using an input measure of costs
incurred compared to total expected costs.
License contracts may also include additional elements such as usage/sale-based royalties, support
services, and the sale of goods. Usage/sale-based royalties are considered variable consideration
and recognized at the earlier of when the related performance obligation is satisfied or when the
sales or usage occurs. Support services and the sale of goods are treated as separate performance
obligations, as they are distinct promises that the customer can benefit from independently. Refer to
the respective sections above, which describe the accounting treatment applied to these
performance obligations.
Contract Assets and Liabilities
The timing of payment of consideration for the supply of goods and services to the customer is based
on contractually agreed installment terms.
Contract assets are unbilled revenues, where the Group has recognized revenue to date in line with
satisfaction of performance obligations as detailed above. Contract assets are transferred to trade
receivables when the contractually identified installment term is met.
Contract liabilities are obligations to transfer goods or services to a customer for which the Group has
received consideration or has recognized a receivable asset in line with the contractually identified
installment term. These amounts are reported as contract liabilities on the balance sheet under trade
and other payables. Contract liabilities are recognized as revenue when performance obligations are
satisfied.
2.21\u00a0 Grants
Grants and subsidies from third parties are recognized at their fair value when there is a reasonable
assurance that the grant will be received, and the Group will comply with all attached conditions. Any
outstanding receivables related to these grants are recorded as other receivables under current
receivables.
Advances received for grants related to income are deferred and recognized in profit or loss over the
period necessary to match them with the costs that they are intended to compensate. Grants relating
to costs are deducted from the relevant costs to be compensated in the same period.
Grants relating to property, plant and equipment are included in non-current liabilities as deferred
government grants and are credited to profit or loss on a straight-line basis over the expected lives of
the related assets.
Subsidies are recognized as a reduction in Employee benefit expenses over time.
The Group treats the benefit of a government loan at a below-market rate of interest as a government
grant, even where there are no conditions specifically relating to the operating activities of the Group
other than the requirement to operate in a certain region or sector. The grant is recognized in profit or
loss systematically over the period in which the related costs are incurred, that is until maturity of the
loan, as a reduction of finance costs.
2.22\u00a0 Leases
The Group leases various offices and a vehicle. Short-term leases (less than 12 months) or low-value
leases (less than EUR 5,000) are expensed in profit or loss as incurred. Lease contracts are generally
entered into for fixed periods of 3 to 10 years but may have extension options. Lease terms are
negotiated on an individual basis and contain a wide range of different terms and conditions. The
lease agreements do not impose any covenants other than the security deposits in the leased assets
that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Management considers extension options and the reasonable certainty with which such options might
be exercised in determining the non-cancellable lease period over which the value of the lease
liability and related right-of-use asset is to be calculated. Management reassesses extension options
on an annual basis and revises the lease terms accordingly.
Contracts may contain both lease and non-lease components. The consideration in the contract is
allocated to the lease and non-lease components based on their relative stand-alone prices.
Leases are recognized as right-of-use asset and a corresponding liability at the date at which the
leased asset is available for use by the Group. Each lease payment is allocated between the lease
liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to
produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Lease Liability
Lease liabilities are initially measured at the net present value of the following lease payments:
\u25a0 fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u25a0 variable lease payments are based on an index or a rate;
\u25a0 decommissioning costs; and
\u25a0 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that
option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would
have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic
environment with similar terms and conditions.
The Group is exposed to potential future increases in variable lease payments based on an index or
rate, which are not included in the lease liability until they take effect. When adjustments to lease
payments based on an index or rate take effect, the lease liability is reassessed and adjusted against
the right-of-use asset.
Right-of-Use Assets
Right-of-use assets are initially measured at cost comprising the following:
\u25a0 the amount of the initial measurement of the lease liability;
\u25a0 any lease payments made at or before the commencement date less any lease incentives received
\u2013 any initial direct costs; and
\u25a0 onerous contract provisions.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease
term on a straight-line basis over the remaining term of the lease or over the remaining economic life
of the asset, if this is judged to be shorter than the lease term. If the Group is reasonably certain to
exercise a purchase option, or the ownership of the underlying asset is transferred to the Group at the
end of the lease, the right-of-use asset is depreciated over the underlying asset's useful life.
2.23\u00a0 Financial Liability
2.23.1\u00a0 Classification
The Group classifies all financial liabilities as subsequently measured at amortized cost, except for
derivatives, which are classified as subsequently measured at fair value through profit or loss.
Financial liabilities are classified as current liabilities unless the Group has the right to defer settlement
of the liability for at least 12 months after the balance sheet date.
Warrants
The Company has issued warrants under financing arrangements. Under the terms of the respective
contracts, such warrants are derivative financial instruments that will be settled by the Company in its
own equity instruments. Where a warrant holder is entitled to anything other than a fixed amount of
ordinary shares in exchange for a fixed amount of cash upon exercise, such warrants are classified as
financial liabilities.
2.23.2\u00a0 Recognition and Measurement
Financial liabilities are initially recognized when the Group becomes a party to the contractual
provision of a financial instrument. They are recognized initially at fair value and, in the case of loans
and borrowings, net of directly attributable transaction costs.
Subsequent to initial recognition of financial liabilities measured at amortized cost, any difference
between the proceeds and redemption value is recognized in profit or loss, using the effective
interest method. Financial liabilities are derecognized when the Group's obligations specified in the
contract expire or are discharged or cancelled.
Derivatives (including warrants) are subsequently measured at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognized in profit
or loss as fair value gains/(losses) on financial instruments.
Where the terms of a financial liability measured at amortized cost are modified, the Group determines
whether the modification results in derecognition; the Group derecognizes a liability when the
modified terms are substantially different, which is typically evidenced when the discounted present
value of the revised cash flows differs by 10% or more from that of the original liability using the
original effective interest rate. If the modification does not result in derecognition, the liability\u2019s
carrying amount is recalculated as the present value of the modified cash flows discounted at the
original effective interest rate, and any resulting gain or loss is recognized immediately in profit or
loss. The liability continues to be accounted for based using the original effective interest rate,
adjusted for any incremental and direct transaction costs related to the modification. If the liability is
derecognized, the original liability is removed and a new liability is recognized at its fair value, with
any difference recognized in profit or loss.
2.23.3\u00a0 Interest Expense
Interest expense is recognized in profit or loss using the effective interest rate method, except when
capitalized as borrowing costs. Refer to note 2.24
General and specific borrowing costs that are directly attributable to the acquisition, construction or
production of a qualifying asset are capitalized as part of the cost of the asset. Borrowing costs
include interest expenses calculated as based on the effective interest method as well as interest in
respect of lease liabilities. Borrowing costs include modification gains or loss on borrowings, except
any gains or losses on derecognition. Qualifying assets are assets that necessarily take a substantial
period of time to get ready for their intended use or sale.
The commencement date for capitalization is the date at which both expenditures for the qualifying
asset and borrowing costs are incurred and the activities necessary to prepare the asset for its
intended use have been undertaken. The capitalization of borrowing costs will cease when
substantially all activities necessary to prepare the qualifying asset for its intended use or sale is
complete. An asset is normally ready for its intended use or sale when the physical construction of the
asset is complete even though routine administrative work or minor modifications might still continue.
Management applies judgment in determining whether any activities required post completion of
physical construction constitutes administrative work or minor modifications based on the nature of
these activities and the associated cost in proportion to total cost of acquisition, construction or
production.
Basic earnings per share is calculated by dividing:
\u25a0 The profit/(loss) attributable to owners of the Company
\u25a0 By the weighted average number of ordinary shares outstanding during the year, excluding treasury
shares (note 15 ).
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account:
\u25a0 The after-tax effect of interest and other financing costs associated with dilutive potential ordinary
shares
\u25a0 The additional weighted average number of additional ordinary shares that would have been
outstanding assuming the conversion of all dilutive potential ordinary shares.
The Statement of Cash Flows is presented using the indirect method. Cash flow in foreign currencies
are converted at the exchange rate on the date of the cash flow, or based on the average rate.
Changes in balance sheet items that have not resulted in cash flows such as amortization and
depreciation, deferred taxes, translation differences, leases, fair value changes, share-based
payments, conversions of debt to equity, accounting policy changes, etc., have been eliminated for
the purpose of preparing this statement.
Interest received is included in operating activities. Any interest paid (including interest on lease
liabilities and interest capitalized as borrowing costs) during the year is presented as cash flows from
financing activities.
Management has disclosed climate related targets and progress made during the 2025 financial year
in the Sustainability performance section of the Management Report. Transformational risk related to
the achievement of such climate related targets have been disclosed in the Governance section of
this report (refer to page 67).", "dimensions": { "concept": "ifrs-full:DisclosureOfMaterialAccountingPolicyInformationExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-344": { "value": "
2.1\u00a0 Basis of Preparation
The Consolidated Financial Statements have been prepared in accordance with IFRS Accounting
Standards as adopted by the European Union and section 2:362 sub 9 of the Netherlands Civil Code.
The Consolidated Financial Statements have been prepared under the historical cost convention,
except for derivatives which are stated at fair value.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-345": { "value": "
The Consolidated Financial Statements have been prepared in accordance with IFRS Accounting
Standards as adopted by the European Union and section 2:362 sub 9 of the Netherlands Civil Code.
The Consolidated Financial Statements have been prepared under the historical cost convention,
except for derivatives which are stated at fair value.
", "dimensions": { "concept": "ifrs-full:StatementOfIFRSCompliance", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-347": { "value": "
2.1.1\u00a0 Going Concern
The financial statements have been prepared on a going concern basis.
As Avantium continues to transition from a company focused on technology development to an
operational company, the focus is on the start-up of the FDCA Flagship Plant and the subsequent
entry into the operational and commercial stage. The net cash inflow for the year ended December 31,
2025 amounted to \u20ac33.6 million (2024: net cash outflow of \u20ac 11.3 million).
Avantium\u2019s cash position (including restricted cash of \u20ac1.6 million) was \u20ac57.5 million as at December
31, 2025 (December 31, 2024: \u20ac23.9 million). During 2025, Avantium's cash position increased
primarily due to the successful equity raise completed in the summer of 2025. In June, Avantium
secured \u20ac10.0\u202f million in short\u2011term financing from the Province of Groningen and its senior lender
consortium. In August, the Company agreed an amended and extended Debt Financing Facilities with
its lenders. In September, Avantium completed an \u20ac84.8\u202fmillion equity raise, supported by a \u20ac15.0
million investment from the State of the Netherlands. Together with cost controls and a Company
reorganization impacting approximately 40 positions, this capital strengthened Avantium\u2019s financial
position. The cash outflow for the year was mainly driven by operating expenses, capital expenditure
relating to the FDCA Flagship Plant, and interest payments.
Until the Company reaches EBITDA break-even, it will depend on external sources of funding. In this
respect, the following elements are fundamental to its continuity:
\u25a0 Successful completion of commissioning, start-up, and start of commercial production at the FDCA
Flagship Plant as of mid-2026;
\u25a0 Compliance with conditions and undertakings under the existing Debt Financing Facilities;
\u25a0 Achievement of FDCA Flagship Plant product sales income
and milestone payments from license agreement engagements in the second half of 2026;
\u25a0 Securing additional funding from a government-related investment initiative;
\u25a0 The satisfactory conclusion of the ongoing discussions with Worley concerning the close\u2011out of the
construction phase of the FDCA Flagship Plant; and
\u25a0 Successful execution of strategic options for the non-core technology assets and related cost
management.
Overview of the Uncertainties
Successful completion of commissioning, start-up, and start of commercial production at the FDCA
Flagship Plant as of mid-2026
The successful start-up of the FDCA Flagship Plant and the start of commercial production are key
milestones for the Company and a prerequisite for its licensing strategy, underpinning expected future
profitability and cash flows. Once commercial operations have commenced, Avantium Renewable
Polymers will be able to produce FDCA from the FDCA Flagship Plant that can be converted into PEF
and supplied to its customers under existing offtake agreements. This will result in the Company
starting to generate revenues from the FDCA Flagship Plant.
Avantium completed construction of its FDCA Flagship Plant in October 2024 and subsequently
commenced phased commissioning and start-up. The commissioning and start-up phase is inherently
complex and subject to technical, operational and safety-related uncertainties. In such a phase,
unforeseen events may occur that can result in additional capital expenditure and operating
expenditure, including as a result of technical defects, rework or delays.
During commissioning, construction-related quality issues were identified in certain titanium welds,
representing a safety risk for start-up and operations. In the second half of 2025, further expert
assessment identified that the percentage of affected welds was higher than initially assessed.
These issues delayed the overall start-up schedule. The Company now expects to complete start-up
by mid-2026 and to commence product sales under existing offtake agreements in the second half of
2026.
Any delay in commencing commercial product sales will extend the period without product sales
income and may delay milestone payments from technology license agreement engagements, as well
as potentially impacting compliance with conditions and undertakings under the existing Debt
Financing Facilities.
Compliance with conditions and undertakings under the existing Debt Financing Facilities
The Company\u2019s Debt Financing Facilities contain conditions, including milestone-related undertakings
linked to achieving the Production Operation Date, the sale of technology licenses based on proven
technology following the achievement of the Production Operation Date, minimum liquidity
requirements, and conditions related to additional offtake agreements to cover the ramp-up of the
FDCA Flagship Plant. Meeting these conditions within the required timeframes depends on the
successful and timely commissioning, start-up and ramp-up of the FDCA Flagship Plant.
Certain conditions and undertakings under the Debt Financing Facilities are operational in nature and
may be subject to interpretation, including those related to insurance coverage, minimum cash
balances and offtake agreements. Failure to comply with such conditions and undertakings, including
technical or administrative non-compliance, may constitute a breach under the Debt Financing
Facilities.
If any such breaches are not remedied or waived, the lenders may be entitled to exercise remedies
under the Debt Financing Facilities, which could include acceleration of repayment, requests for
payment of waiver fees, impact on interest or other enforcement actions. Any such actions would
have a material adverse effect on the Company\u2019s liquidity position.
With respect to compliance with the conditions and undertakings under the existing Debt Financing
Facilities, the Company acknowledges that, as at December 31, 2025, a technical breach existed
under an insurance related covenant, as further described in Note 17 to the Consolidated Financial
Statements.
This breach resulted from the continued commissioning phase of the FDCA Flagship Plant and the
fact that the transition from construction all-risk insurance to operational insurance could not yet be
completed within the originally prescribed timeframe.
Achievement of FDCA Flagship Plant product sales income and milestone payments from
technology license agreement engagements in the second half of 2026
Following the start-up of the FDCA Flagship Plant, the Company\u2019s short- and mid-term liquidity will be
primarily driven by revenues from product sales under offtake agreements, as well as the successful
and timely execution of YXY\u00ae Technology license agreements and related milestone payments.
The Company\u2019s offtake agreements are generally conditional in nature and subject to conditions
precedent, including the timely achievement of joint development milestone dates, regulatory
approvals, and the FDCA Flagship Plant's subsequent production timelines and deadlines. Changes to
the anticipated start-up or ramp-up timeline of the FDCA Flagship Plant may require amendments to
existing offtake agreements. There is a risk that negotiations on updated timelines or milestones may
take longer than anticipated or fail to reach acceptable terms, which could lead to delayed, reduced
or lost product sales income. In certain cases, offtake counterparties may elect to suspend or
terminate agreements if conditions precedent are not met.
Similarly, the timing and amount of license income depend on the successful negotiation and
execution of technology license agreements and the subsequent achievement of contractual
milestones, upon which a portion of these milestone payments are anticipated. The successful
execution of technology license agreements is linked to the start-up and initial ramp-up of the FDCA
Flagship Plant and subsequent commencement of commercial product sales and is furthermore
influenced by factors largely outside the Company\u2019s control, including counterparties\u2019 investment
decisions, financing capabilities and project planning. Any delays or deviations in license execution or
milestone achievement may result in a mismatch between the Company\u2019s expected cash inflows and
its ongoing operational, financing and investing requirements during the going concern period.
Securing additional funding from a government-related investment initiative
The Company is pursuing additional funding of approximately \u20ac20 million from a government-related
investment initiative, which may take the form of a subsidy, grant, (convertible) subordinated loan or
equity-type investment. The availability, timing, form and amount of this funding are subject to
governmental decision-making processes, procedural requirements and approvals outside the
Company\u2019s control and may be subject to unanticipated conditions.
There is a risk that this funding is delayed, approved on terms or in an amount different from those
anticipated, or not approved at all. In such events, the Company may not have sufficient cash
resources to meet its obligations as they fall due. and the Company\u2019s ability to continue as a going
concern for at least 15 months as of the date of these financial statements is, in part, dependent on
securing this funding, particularly in the event of delays in the startup or ramp-up of the FDCA Flagship
Plant or delays in the receipt of anticipated near-term milestone payments under technology license
agreements.
Should the Company not secure the anticipated funding from the government-related investment
initiative (in whole or in part), it would need to consider alternative financing arrangements
or implement mitigating measures, including cost reductions or the deferral of planned activities;
however, the availability or sufficiency of such measures cannot be guaranteed to ensure
the Company\u2019s ability to continue as a going concern.
The satisfactory conclusion of the ongoing discussions with Worley concerning the close\u2011out of
the construction phase of the FDCA Flagship Plant
The Company is engaged in ongoing discussions regarding the close-out of the engineering and
construction phase of the FDCA Flagship Plant, including the finalization of the determination of
responsibility for outstanding cost overruns, as well as other matters relating to the period prior to
completion and handover to Avantium Renewable Polymers\u202fB.V. There is a risk that these close-out
discussions do not result in an outcome aligned with the Company\u2019s expectations, in which case the
Company may be required to settle outstanding amounts or pay amounts withheld as recorded in the
trade payables. Any such settlement could result in a cash outflow and adversely affect the
Company\u2019s liquidity position.
Successful execution of strategic options for the non-core technology assets and related cost
management
As part of its strategy to focus financial and operational resources on its core activities, the Renewable
Polymers business, the Company is exploring strategic options for certain non-core assets and
technologies, including divestments, partnerships or other value-creation structures. The successful
completion of these strategic options is subject to market conditions, counterparty interest, conditions
and undertakings under the Debt Financing Facilities, and external approvals, including regulatory,
and other factors, many of which are outside the Company\u2019s control.
There is a risk that these processes take longer than anticipated, resulting in continued operating
costs associated with non-core activities. There is also a risk that such transactions are not completed
at all, which may require the Company to repay subsidies or grants previously received,
decommission and dismantle related assets, and to shelve, abandon or otherwise cease actively
maintaining the associated intellectual property or to implement additional restructuring measures.
All of the above events indicate the existence of a material uncertainty that may cast significant doubt
on Avantium\u2019s ability to continue as a going concern and, therefore, that it may be unable to realize its
assets and discharge its liabilities in the normal course of business.
Overview of the Planned Measures
Successful completion of commissioning, start-up, and start of commercial production at the FDCA
Flagship Plant as of mid-2026
In response to the risks and uncertainties associated with the commissioning and start-up of the FDCA
Flagship Plant, management has implemented a series of mitigating measures. A structured and
phased commissioning and start-up program is being executed to enable a safe, controlled transition
from construction to commercial operations, with activities sequenced to prioritize critical systems and
limit operational and safety risks.
Following the identification of a higher than initially assessed percentage of defective titanium welds,
a targeted remediation program was initiated, including enhanced quality controls, specialist third-
party expertise and increased independent expert inspection and testing. Repair activities are closely
coordinated with commissioning, including parallel execution where technically feasible, to mitigate
schedule impact.
Operational governance and oversight have been strengthened during the commissioning and start-
up phase, including increased management attention, frequent progress reviews and escalation
mechanisms. A Chief Operating Officer (COO) has been appointed, with sole responsibility for and full
focus on the commissioning, start-up and ramp-up of the FDCA Flagship Plant, bringing dedicated
operational leadership and experience relevant to first-of-a-kind plant start-up activities, and
strengthening coordination across engineering, operations,
safety and external contractors.
In parallel, management continues to closely monitors capital and operating expenditures during
commissioning and ramp-up, with a focus on preserving liquidity and aligning cash outflows with
available funding. Discretionary expenditure is deferred where possible until stable operations can be
achieved. Updated schedules and contingency plans are maintained to reflect commissioning
progress and remaining risks, and are used to inform liquidity planning and management decision-
making during the going concern assessment period.
Compliance with conditions and undertakings under the existing Debt Financing Facilities
To mitigate the risk of non-compliance with the conditions and undertakings under the Debt Financing
Facilities, the Company has implemented, and continues to enhance, a set of integrated monitoring,
planning and communication measures. Conditions and undertakings, including those related to the
Production Operations Date, offtake coverage, liquidity thresholds, minimum cash balances, insurance
coverage and other operational milestones, are embedded in operational planning, commissioning
timelines and ramp-up scenarios for the FDCA Flagship Plant. Compliance is closely monitored
through regular internal reviews and reporting, supported by close coordination across operations,
finance, and legal and treasury functions to ensure that operational developments, commissioning
progress and commercial arrangements are promptly reflected in compliance assessments.
To address the technical breach under the insurance covenant, and to align the insurance-related
condition with the revised project timeline, the Company engaged in December 2025 with its lenders
and requested a deferral of the applicable deadline.
Subsequent to year-end, the lenders agreed to extend the timing for delivery of the relevant
insurance documentation, subject to conditions relating to approval from relevant stakeholders and
the confirmation and extension of construction-phase insurance coverage, including the provision of
independent expert confirmation on the timing of the transition to operational insurance, all of which
points the Company is currently addressing.
The Company maintains an active dialogue with its lenders and provides periodic compliance
reporting in accordance with the Debt Financing Facilities. The frequency of lender meetings has
been increased to ensure timely and transparent updates on commissioning progress, operational
developments, liquidity and covenant compliance. Management is further strengthening the
timeliness, structure and consistency of covenant-related communications, including early
identification and discussion of potential non-compliance, and, where appropriate, engagement on
remedial actions, waivers, deferrals or amendments.
Liquidity is closely managed through rolling cash-flow forecasts and scenario analyses, which are
regularly updated to reflect anticipated ramp-up cash outflows and covenant thresholds, and are used
to inform contingency planning and timely management decision-making during the going concern
assessment period.
Achievement of FDCA Flagship Plant product sales income and milestone payments from
technology license agreement engagements in the second half of 2026
To support the generation of product sales from the FDCA Flagship Plant and the receipt of milestone
payments under technology license agreements, the Company has implemented and continues to
enhance a set of commercial and operational measures. The licensing strategy is closely linked to the
successful commissioning and operation of the FDCA Flagship Plant as a reference installation for the
YXY\u00ae Technology, with management prioritizing the demonstration of stable and reproducible plant
performance as a key prerequisite for license execution and related milestone payments.
The Company has strengthened its commercial and licensing capabilities through the expansion and
professionalization of the commercial organization, including dedicated resources for license
negotiations, technical-commercial interactions and coordination with technology development,
engineering and operations. In parallel, the Company actively manages a diversified pipeline of
potential licensees across end markets and geographies, prioritized by technical readiness, strategic
fit and financing capacity, with the objective of progressing multiple opportunities in parallel and
reducing the reliance on any single transaction. A significant pool of potential licensing opportunities
has been identified, with over 20 near term prospects and active discussions underway with more
than 10 potential licensees. While these discussions are at various stages of maturity, no resulting
binding license agreements have been concluded to date.
Management is pursuing a phased approach to licensing, including early-stage agreements, option
structures and capacity reservation arrangements, enabling counterparties to commit progressively as
operational proof points are achieved. In this context, the Company is actively securing capacity
reservation agreements to demonstrate market demand for FDCA and PEF across multiple
applications, markets and geographies. Total capacity reservations now exceed 100\u202fkilotonnes.
In parallel, the Company remains actively engaged with existing and prospective offtake partners
during the commissioning and ramp-up phase. Where necessary, offtake agreements are amended to
reflect revised timelines and operational milestones, subject to agreement with counterparties.
Offtake agreements entered into up to now broadly align with the projected ramp-up plan for the
FDCA Flagship Plant, and the Company is negotiating additional offtake agreements beyond current
management expectations. Management continues to prioritize transparent communication and
relationship management with customers and partners to support initial product sales as operations
stabilize, manage expectations during ramp-up and preserve long-term commercial relationships to
help underpin future product sales and licensing opportunities.
Securing additional funding from a government-related investment initiative
The Company has submitted its formal application under this investment initiative to pursue the
additional funding of approximately \u20ac20 million. As part of the customary governmental procedures,
the funding may be accompanied by certain ancillary requirements, potentially including elements of
shared financial participation. The Company is actively engaged in ongoing discussions with all
stakeholders who have a role in the decision-making process and governance of the government-
related investment fund, with the aim of gaining further insight into the fund\u2019s conditions and
communicating the Company's strategic objectives and outcomes that could be supported. There can
be no assurance that this funding will be obtained in full, on acceptable terms, or within the
anticipated timeframe. The Company continues to explore further measures to improve its working
capital position and create additional liquidity headroom, although no assurance can be given that
such measures will be successfully implemented.
The satisfactory conclusion of the ongoing discussions with Worley concerning the close\u2011out of
the construction phase of the FDCA Flagship Plant
The parties are in active discussion on the close-out topics. These discussions also encompass
construction-related quality issues identified during commissioning, including titanium welding, and
the related cost impacts and delays.
Successful execution of strategic options for the non-core technology assets and related cost
management
Management continues to assess strategic options for its non-core technology assets and exercises
close oversight of all related expenditures, including costs associated with non-core activities and
overheads such as staffing and leases. These actions are intended to reduce ongoing cash outflows
and overall cash burn, thereby supporting the Company\u2019s YXY\u00ae Technology cash flow by allowing
management to focus financial and operational resources on its core Renewable Polymers business.
These measures are not expected to result in material cash proceeds, but rather to contribute through
improved cost discipline and cash preservation, while capturing potential future value through its
minority shareholdings.
The Company is engaged in advanced discussions with several third-party investors and industry
participants regarding potential transactions, which may include full or partial divestitures,
the establishment of strategic partnerships, joint-venture arrangements, or other value-creation
structures. The structure, valuation and timing of any such transactions remain subject to negotiation,
definitive documentation, approvals, and customary closing conditions.
With respect to Volta Technology, which has been successfully demonstrated at laboratory scale and
in larger container units, the Company is engaging with strategic and financial partners to support
further scale-up toward pilot plant-development and eventual commercialization. For Dawn
Technology\u00ae, the Company has initiated discussions with partners capable of providing the requisite
capital and expertise to advance the technology. As a result of increasing market interest in bio-based
polymers and related building blocks, the Company aims to pursue a spin-out of the Parana
Technology, with Avantium retaining a minority shareholding in the new entity. The R&D Solutions
business unit continues to operate as a stand-alone entity while strategic alternatives are evaluated.
Should any of these plans not materialize, the Company may need to consider additional measures,
which could include organizational and cost-reduction initiatives.
Conclusion
In light of all of the above, management has assessed the going concern assumption, which is the
basis on which Avantium\u2019s Consolidated Financial Statements for the year ended December 31, 2025
have been prepared. The described events indicate the existence of a material uncertainty that may
cast significant doubt on Avantium\u2019s ability to continue as a going concern and, therefore, that it may
be unable to realize its assets and discharge its liabilities in the normal course of business.
Based on management\u2019s analyses and assessments, although this material uncertainty remains with
respect to the Company\u2019s going concern, management believes that it is appropriate to prepare
Avantium\u2019s Consolidated Financial Statements for the year ended December 31, 2025 using the going
concern assumption.
", "dimensions": { "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-346": { "value": "
2.1.1\u00a0 Going Concern
The financial statements have been prepared on a going concern basis.
As Avantium continues to transition from a company focused on technology development to an
operational company, the focus is on the start-up of the FDCA Flagship Plant and the subsequent
entry into the operational and commercial stage. The net cash inflow for the year ended December 31,
2025 amounted to \u20ac33.6 million (2024: net cash outflow of \u20ac 11.3 million).
Avantium\u2019s cash position (including restricted cash of \u20ac1.6 million) was \u20ac57.5 million as at December
31, 2025 (December 31, 2024: \u20ac23.9 million). During 2025, Avantium's cash position increased
primarily due to the successful equity raise completed in the summer of 2025. In June, Avantium
secured \u20ac10.0\u202f million in short\u2011term financing from the Province of Groningen and its senior lender
consortium. In August, the Company agreed an amended and extended Debt Financing Facilities with
its lenders. In September, Avantium completed an \u20ac84.8\u202fmillion equity raise, supported by a \u20ac15.0
million investment from the State of the Netherlands. Together with cost controls and a Company
reorganization impacting approximately 40 positions, this capital strengthened Avantium\u2019s financial
position. The cash outflow for the year was mainly driven by operating expenses, capital expenditure
relating to the FDCA Flagship Plant, and interest payments.
Until the Company reaches EBITDA break-even, it will depend on external sources of funding. In this
respect, the following elements are fundamental to its continuity:
\u25a0 Successful completion of commissioning, start-up, and start of commercial production at the FDCA
Flagship Plant as of mid-2026;
\u25a0 Compliance with conditions and undertakings under the existing Debt Financing Facilities;
\u25a0 Achievement of FDCA Flagship Plant product sales income
and milestone payments from license agreement engagements in the second half of 2026;
\u25a0 Securing additional funding from a government-related investment initiative;
\u25a0 The satisfactory conclusion of the ongoing discussions with Worley concerning the close\u2011out of the
construction phase of the FDCA Flagship Plant; and
\u25a0 Successful execution of strategic options for the non-core technology assets and related cost
management.
Overview of the Uncertainties
Successful completion of commissioning, start-up, and start of commercial production at the FDCA
Flagship Plant as of mid-2026
The successful start-up of the FDCA Flagship Plant and the start of commercial production are key
milestones for the Company and a prerequisite for its licensing strategy, underpinning expected future
profitability and cash flows. Once commercial operations have commenced, Avantium Renewable
Polymers will be able to produce FDCA from the FDCA Flagship Plant that can be converted into PEF
and supplied to its customers under existing offtake agreements. This will result in the Company
starting to generate revenues from the FDCA Flagship Plant.
Avantium completed construction of its FDCA Flagship Plant in October 2024 and subsequently
commenced phased commissioning and start-up. The commissioning and start-up phase is inherently
complex and subject to technical, operational and safety-related uncertainties. In such a phase,
unforeseen events may occur that can result in additional capital expenditure and operating
expenditure, including as a result of technical defects, rework or delays.
During commissioning, construction-related quality issues were identified in certain titanium welds,
representing a safety risk for start-up and operations. In the second half of 2025, further expert
assessment identified that the percentage of affected welds was higher than initially assessed.
These issues delayed the overall start-up schedule. The Company now expects to complete start-up
by mid-2026 and to commence product sales under existing offtake agreements in the second half of
2026.
Any delay in commencing commercial product sales will extend the period without product sales
income and may delay milestone payments from technology license agreement engagements, as well
as potentially impacting compliance with conditions and undertakings under the existing Debt
Financing Facilities.
Compliance with conditions and undertakings under the existing Debt Financing Facilities
The Company\u2019s Debt Financing Facilities contain conditions, including milestone-related undertakings
linked to achieving the Production Operation Date, the sale of technology licenses based on proven
technology following the achievement of the Production Operation Date, minimum liquidity
requirements, and conditions related to additional offtake agreements to cover the ramp-up of the
FDCA Flagship Plant. Meeting these conditions within the required timeframes depends on the
successful and timely commissioning, start-up and ramp-up of the FDCA Flagship Plant.
Certain conditions and undertakings under the Debt Financing Facilities are operational in nature and
may be subject to interpretation, including those related to insurance coverage, minimum cash
balances and offtake agreements. Failure to comply with such conditions and undertakings, including
technical or administrative non-compliance, may constitute a breach under the Debt Financing
Facilities.
If any such breaches are not remedied or waived, the lenders may be entitled to exercise remedies
under the Debt Financing Facilities, which could include acceleration of repayment, requests for
payment of waiver fees, impact on interest or other enforcement actions. Any such actions would
have a material adverse effect on the Company\u2019s liquidity position.
With respect to compliance with the conditions and undertakings under the existing Debt Financing
Facilities, the Company acknowledges that, as at December 31, 2025, a technical breach existed
under an insurance related covenant, as further described in Note 17 to the Consolidated Financial
Statements.
This breach resulted from the continued commissioning phase of the FDCA Flagship Plant and the
fact that the transition from construction all-risk insurance to operational insurance could not yet be
completed within the originally prescribed timeframe.
Achievement of FDCA Flagship Plant product sales income and milestone payments from
technology license agreement engagements in the second half of 2026
Following the start-up of the FDCA Flagship Plant, the Company\u2019s short- and mid-term liquidity will be
primarily driven by revenues from product sales under offtake agreements, as well as the successful
and timely execution of YXY\u00ae Technology license agreements and related milestone payments.
The Company\u2019s offtake agreements are generally conditional in nature and subject to conditions
precedent, including the timely achievement of joint development milestone dates, regulatory
approvals, and the FDCA Flagship Plant's subsequent production timelines and deadlines. Changes to
the anticipated start-up or ramp-up timeline of the FDCA Flagship Plant may require amendments to
existing offtake agreements. There is a risk that negotiations on updated timelines or milestones may
take longer than anticipated or fail to reach acceptable terms, which could lead to delayed, reduced
or lost product sales income. In certain cases, offtake counterparties may elect to suspend or
terminate agreements if conditions precedent are not met.
Similarly, the timing and amount of license income depend on the successful negotiation and
execution of technology license agreements and the subsequent achievement of contractual
milestones, upon which a portion of these milestone payments are anticipated. The successful
execution of technology license agreements is linked to the start-up and initial ramp-up of the FDCA
Flagship Plant and subsequent commencement of commercial product sales and is furthermore
influenced by factors largely outside the Company\u2019s control, including counterparties\u2019 investment
decisions, financing capabilities and project planning. Any delays or deviations in license execution or
milestone achievement may result in a mismatch between the Company\u2019s expected cash inflows and
its ongoing operational, financing and investing requirements during the going concern period.
Securing additional funding from a government-related investment initiative
The Company is pursuing additional funding of approximately \u20ac20 million from a government-related
investment initiative, which may take the form of a subsidy, grant, (convertible) subordinated loan or
equity-type investment. The availability, timing, form and amount of this funding are subject to
governmental decision-making processes, procedural requirements and approvals outside the
Company\u2019s control and may be subject to unanticipated conditions.
There is a risk that this funding is delayed, approved on terms or in an amount different from those
anticipated, or not approved at all. In such events, the Company may not have sufficient cash
resources to meet its obligations as they fall due. and the Company\u2019s ability to continue as a going
concern for at least 15 months as of the date of these financial statements is, in part, dependent on
securing this funding, particularly in the event of delays in the startup or ramp-up of the FDCA Flagship
Plant or delays in the receipt of anticipated near-term milestone payments under technology license
agreements.
Should the Company not secure the anticipated funding from the government-related investment
initiative (in whole or in part), it would need to consider alternative financing arrangements
or implement mitigating measures, including cost reductions or the deferral of planned activities;
however, the availability or sufficiency of such measures cannot be guaranteed to ensure
the Company\u2019s ability to continue as a going concern.
The satisfactory conclusion of the ongoing discussions with Worley concerning the close\u2011out of
the construction phase of the FDCA Flagship Plant
The Company is engaged in ongoing discussions regarding the close-out of the engineering and
construction phase of the FDCA Flagship Plant, including the finalization of the determination of
responsibility for outstanding cost overruns, as well as other matters relating to the period prior to
completion and handover to Avantium Renewable Polymers\u202fB.V. There is a risk that these close-out
discussions do not result in an outcome aligned with the Company\u2019s expectations, in which case the
Company may be required to settle outstanding amounts or pay amounts withheld as recorded in the
trade payables. Any such settlement could result in a cash outflow and adversely affect the
Company\u2019s liquidity position.
Successful execution of strategic options for the non-core technology assets and related cost
management
As part of its strategy to focus financial and operational resources on its core activities, the Renewable
Polymers business, the Company is exploring strategic options for certain non-core assets and
technologies, including divestments, partnerships or other value-creation structures. The successful
completion of these strategic options is subject to market conditions, counterparty interest, conditions
and undertakings under the Debt Financing Facilities, and external approvals, including regulatory,
and other factors, many of which are outside the Company\u2019s control.
There is a risk that these processes take longer than anticipated, resulting in continued operating
costs associated with non-core activities. There is also a risk that such transactions are not completed
at all, which may require the Company to repay subsidies or grants previously received,
decommission and dismantle related assets, and to shelve, abandon or otherwise cease actively
maintaining the associated intellectual property or to implement additional restructuring measures.
All of the above events indicate the existence of a material uncertainty that may cast significant doubt
on Avantium\u2019s ability to continue as a going concern and, therefore, that it may be unable to realize its
assets and discharge its liabilities in the normal course of business.
Overview of the Planned Measures
Successful completion of commissioning, start-up, and start of commercial production at the FDCA
Flagship Plant as of mid-2026
In response to the risks and uncertainties associated with the commissioning and start-up of the FDCA
Flagship Plant, management has implemented a series of mitigating measures. A structured and
phased commissioning and start-up program is being executed to enable a safe, controlled transition
from construction to commercial operations, with activities sequenced to prioritize critical systems and
limit operational and safety risks.
Following the identification of a higher than initially assessed percentage of defective titanium welds,
a targeted remediation program was initiated, including enhanced quality controls, specialist third-
party expertise and increased independent expert inspection and testing. Repair activities are closely
coordinated with commissioning, including parallel execution where technically feasible, to mitigate
schedule impact.
Operational governance and oversight have been strengthened during the commissioning and start-
up phase, including increased management attention, frequent progress reviews and escalation
mechanisms. A Chief Operating Officer (COO) has been appointed, with sole responsibility for and full
focus on the commissioning, start-up and ramp-up of the FDCA Flagship Plant, bringing dedicated
operational leadership and experience relevant to first-of-a-kind plant start-up activities, and
strengthening coordination across engineering, operations,
safety and external contractors.
In parallel, management continues to closely monitors capital and operating expenditures during
commissioning and ramp-up, with a focus on preserving liquidity and aligning cash outflows with
available funding. Discretionary expenditure is deferred where possible until stable operations can be
achieved. Updated schedules and contingency plans are maintained to reflect commissioning
progress and remaining risks, and are used to inform liquidity planning and management decision-
making during the going concern assessment period.
Compliance with conditions and undertakings under the existing Debt Financing Facilities
To mitigate the risk of non-compliance with the conditions and undertakings under the Debt Financing
Facilities, the Company has implemented, and continues to enhance, a set of integrated monitoring,
planning and communication measures. Conditions and undertakings, including those related to the
Production Operations Date, offtake coverage, liquidity thresholds, minimum cash balances, insurance
coverage and other operational milestones, are embedded in operational planning, commissioning
timelines and ramp-up scenarios for the FDCA Flagship Plant. Compliance is closely monitored
through regular internal reviews and reporting, supported by close coordination across operations,
finance, and legal and treasury functions to ensure that operational developments, commissioning
progress and commercial arrangements are promptly reflected in compliance assessments.
To address the technical breach under the insurance covenant, and to align the insurance-related
condition with the revised project timeline, the Company engaged in December 2025 with its lenders
and requested a deferral of the applicable deadline.
Subsequent to year-end, the lenders agreed to extend the timing for delivery of the relevant
insurance documentation, subject to conditions relating to approval from relevant stakeholders and
the confirmation and extension of construction-phase insurance coverage, including the provision of
independent expert confirmation on the timing of the transition to operational insurance, all of which
points the Company is currently addressing.
The Company maintains an active dialogue with its lenders and provides periodic compliance
reporting in accordance with the Debt Financing Facilities. The frequency of lender meetings has
been increased to ensure timely and transparent updates on commissioning progress, operational
developments, liquidity and covenant compliance. Management is further strengthening the
timeliness, structure and consistency of covenant-related communications, including early
identification and discussion of potential non-compliance, and, where appropriate, engagement on
remedial actions, waivers, deferrals or amendments.
Liquidity is closely managed through rolling cash-flow forecasts and scenario analyses, which are
regularly updated to reflect anticipated ramp-up cash outflows and covenant thresholds, and are used
to inform contingency planning and timely management decision-making during the going concern
assessment period.
Achievement of FDCA Flagship Plant product sales income and milestone payments from
technology license agreement engagements in the second half of 2026
To support the generation of product sales from the FDCA Flagship Plant and the receipt of milestone
payments under technology license agreements, the Company has implemented and continues to
enhance a set of commercial and operational measures. The licensing strategy is closely linked to the
successful commissioning and operation of the FDCA Flagship Plant as a reference installation for the
YXY\u00ae Technology, with management prioritizing the demonstration of stable and reproducible plant
performance as a key prerequisite for license execution and related milestone payments.
The Company has strengthened its commercial and licensing capabilities through the expansion and
professionalization of the commercial organization, including dedicated resources for license
negotiations, technical-commercial interactions and coordination with technology development,
engineering and operations. In parallel, the Company actively manages a diversified pipeline of
potential licensees across end markets and geographies, prioritized by technical readiness, strategic
fit and financing capacity, with the objective of progressing multiple opportunities in parallel and
reducing the reliance on any single transaction. A significant pool of potential licensing opportunities
has been identified, with over 20 near term prospects and active discussions underway with more
than 10 potential licensees. While these discussions are at various stages of maturity, no resulting
binding license agreements have been concluded to date.
Management is pursuing a phased approach to licensing, including early-stage agreements, option
structures and capacity reservation arrangements, enabling counterparties to commit progressively as
operational proof points are achieved. In this context, the Company is actively securing capacity
reservation agreements to demonstrate market demand for FDCA and PEF across multiple
applications, markets and geographies. Total capacity reservations now exceed 100\u202fkilotonnes.
In parallel, the Company remains actively engaged with existing and prospective offtake partners
during the commissioning and ramp-up phase. Where necessary, offtake agreements are amended to
reflect revised timelines and operational milestones, subject to agreement with counterparties.
Offtake agreements entered into up to now broadly align with the projected ramp-up plan for the
FDCA Flagship Plant, and the Company is negotiating additional offtake agreements beyond current
management expectations. Management continues to prioritize transparent communication and
relationship management with customers and partners to support initial product sales as operations
stabilize, manage expectations during ramp-up and preserve long-term commercial relationships to
help underpin future product sales and licensing opportunities.
Securing additional funding from a government-related investment initiative
The Company has submitted its formal application under this investment initiative to pursue the
additional funding of approximately \u20ac20 million. As part of the customary governmental procedures,
the funding may be accompanied by certain ancillary requirements, potentially including elements of
shared financial participation. The Company is actively engaged in ongoing discussions with all
stakeholders who have a role in the decision-making process and governance of the government-
related investment fund, with the aim of gaining further insight into the fund\u2019s conditions and
communicating the Company's strategic objectives and outcomes that could be supported. There can
be no assurance that this funding will be obtained in full, on acceptable terms, or within the
anticipated timeframe. The Company continues to explore further measures to improve its working
capital position and create additional liquidity headroom, although no assurance can be given that
such measures will be successfully implemented.
The satisfactory conclusion of the ongoing discussions with Worley concerning the close\u2011out of
the construction phase of the FDCA Flagship Plant
The parties are in active discussion on the close-out topics. These discussions also encompass
construction-related quality issues identified during commissioning, including titanium welding, and
the related cost impacts and delays.
Successful execution of strategic options for the non-core technology assets and related cost
management
Management continues to assess strategic options for its non-core technology assets and exercises
close oversight of all related expenditures, including costs associated with non-core activities and
overheads such as staffing and leases. These actions are intended to reduce ongoing cash outflows
and overall cash burn, thereby supporting the Company\u2019s YXY\u00ae Technology cash flow by allowing
management to focus financial and operational resources on its core Renewable Polymers business.
These measures are not expected to result in material cash proceeds, but rather to contribute through
improved cost discipline and cash preservation, while capturing potential future value through its
minority shareholdings.
The Company is engaged in advanced discussions with several third-party investors and industry
participants regarding potential transactions, which may include full or partial divestitures,
the establishment of strategic partnerships, joint-venture arrangements, or other value-creation
structures. The structure, valuation and timing of any such transactions remain subject to negotiation,
definitive documentation, approvals, and customary closing conditions.
With respect to Volta Technology, which has been successfully demonstrated at laboratory scale and
in larger container units, the Company is engaging with strategic and financial partners to support
further scale-up toward pilot plant-development and eventual commercialization. For Dawn
Technology\u00ae, the Company has initiated discussions with partners capable of providing the requisite
capital and expertise to advance the technology. As a result of increasing market interest in bio-based
polymers and related building blocks, the Company aims to pursue a spin-out of the Parana
Technology, with Avantium retaining a minority shareholding in the new entity. The R&D Solutions
business unit continues to operate as a stand-alone entity while strategic alternatives are evaluated.
Should any of these plans not materialize, the Company may need to consider additional measures,
which could include organizational and cost-reduction initiatives.
Conclusion
In light of all of the above, management has assessed the going concern assumption, which is the
basis on which Avantium\u2019s Consolidated Financial Statements for the year ended December 31, 2025
have been prepared. The described events indicate the existence of a material uncertainty that may
cast significant doubt on Avantium\u2019s ability to continue as a going concern and, therefore, that it may
be unable to realize its assets and discharge its liabilities in the normal course of business.
Based on management\u2019s analyses and assessments, although this material uncertainty remains with
respect to the Company\u2019s going concern, management believes that it is appropriate to prepare
Avantium\u2019s Consolidated Financial Statements for the year ended December 31, 2025 using the going
concern assumption.
Going Concern
For the critical accounting judgment with regard to the going concern situation and assumptions that
are applied, refer to note 2.1.1.", "dimensions": { "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-348": { "value": "
2.1.2\u00a0 Changes in Accounting Policy and Disclosures
New Standards, Amendments and Interpretations Adopted
The following amendment applies for annual reporting periods beginning on or after January 1, 2025 :
\u25a0 Amendments to IAS 21 \u2013 Lack of Exchangeability, which provides guidance and additional
disclosure requirements when transactions are done in currencies that cannot be exchanged into
another currency.
The entities of the Group do not transact in currencies that cannot be exchanged into the functional
currency. Accordingly, the amendments to IAS 21 do not have an effect on the Group.
New Standards, Amendments and Interpretations not yet Adopted
A number of new standards and amendments to standards and interpretations have been published
that are not mandatory for December 31, 2025 reporting periods and have not been early adopted by
the Company.
The following amendments are already adopted by the European Union:
\u25a0 Annual Improvements Volume 11 (effective date January 1, 2026);
\u25a0 Amendments to IFRS 9 and IFRS 7 \u2013 Contracts Referencing Nature-dependent Electricity (effective
date 1 January 2026);
\u25a0 Amendments to IFRS 7 and 9 \u2013 Amendments to the Classification and Measurement of Financial
Instruments (effective date January 1, 2026)
The following amendments and new standards are not yet adopted by the European Union:
\u25a0 IFRS 18 Presentation and Disclosure in Financial Statements (effective date January 1, 2027);
\u25a0 IFRS 19 Subsidiaries without Public Accountability \u2013 Disclosures (effective date\u00a0 January 1, 2027);
\u25a0 Amendments to IAS 21 \u2013 Translation to a Hyperinflationary Presentation Currency (effective date
January 1, 2027);
\u25a0 Amendments to IFRS 19 Subsidiaries without Public Accountability (effective date January 1, 2027).
These standards are not expected to have a material impact on the Company in the current or future
reporting periods and on foreseeable future transactions, with the exception of IFRS 18, Presentation
and Disclosure in Financial Statements. This new standard will impact the Company's presentation in
the Statement of Profit or Loss and disclosures around management performance measures. It is
expected to become effective for annual reporting periods beginning on or after January 1, 2027, at
which point the Company plans to apply the standard, subject to adoption by the European Union.
The Company has yet to determine the full impact of this new standard.
Changes in presentation or classification of comparative figures
In 2023 an informal capital distribution was made by a subsidiary of the Group to one of the minority
shareholders. The informal capital distribution should have been attributed to the non-controlling
interest for the amount of \u20ac0.5 million. A reclassification was made in 2025 between the non-
controlling interest and other reserves to reflect the correct attribution.
In 2024 general borrowing costs incurred on the construction of the FDCA Flagship Plant, for the
amount of \u20ac2.5 million should have been capitalized. These borrowing costs now have been
capitalized in 2025, ensuring that the book amount of 'Construction in progress' for the period-ended
June 30, 2025 includes the total amount of incurred and capitalized borrowing cost. Refer to note 3.
Other changes in accounting policies
The Company adopted a new accounting policy on spare parts, as detailed in note 2.12. This has not
had an impact on comparative figures. The Company has also updated the accounting policy on
borrowing cost, as detailed in note 2.24
", "dimensions": { "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-349": { "value": "
2.2\u00a0 Consolidation
2.2.1\u00a0 Subsidiaries
Subsidiaries are all entities over which the Company has control. The Company controls an entity
when the Company is exposed to, or has rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. Subsidiaries are
consolidated from the date on which control is obtained by the Company. They are de-consolidated
from the date that control ceases.
The principal consolidated companies are listed below (indicating the ownership percentage):
\u25a0 Avantium Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Support B.V., Amsterdam (100%)
\u25a0 Renewable Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Chemicals B.V., Amsterdam (100%)
\u25a0 Avantium Knowledge Centre B.V., Amsterdam (100%)
\u25a0 Synvina C.V., Amsterdam (100%)
\u25a0 YXY Technologies B.V., Amsterdam (100%)
\u25a0 Stichting Administratiekantoor Avantium, Amsterdam (100%)
\u25a0 Stichting Stock Options Avantium, Amsterdam (100%)
\u25a0 Feedstock Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Renewable Polymers B.V., Amsterdam (77.4%)
\u25a0 Avantium RNP Flagship Plant B.V., Amsterdam (77.4%)
\u25a0 Furanix Technologies B.V., Amsterdam (77.4%)
\u25a0 Avantium Japan K.K., Tokyo (77.4% )
Inter-company transactions, balances and unrealized gains on transactions between group companies
are eliminated. Unrealized losses are also eliminated. When necessary, amounts reported by
subsidiaries have been adjusted to conform to the Company\u2019s accounting policies.
2.2.2\u00a0 Disposal of Subsidiaries
When the Company ceases to have control, any retained interest in the entity is remeasured to its fair
value at the date when control is lost with the change in carrying amount recognized in profit or loss.
The fair value is the initial carrying amount for the purposes of subsequently accounting for the
retained interest as an associate, joint venture or financial asset.
In addition, any amounts previously recognized in other comprehensive income in respect of that
entity are accounted for as if the group had directly disposed of the related assets or liabilities. This
may mean that amounts previously recognized in other comprehensive income are reclassified to
profit or loss.
2.2.3\u00a0 Non-Controlling interests
Non-controlling interests are measured at the proportionate share of non-controlling interests in the
carrying value of identifiable net assets of the subsidiaries concerned at the reporting date. The
Group treats transactions with non-controlling interests that do not result in the loss of control as
transactions with equity owners of the Company. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and non-controlling interests to reflect
their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-
controlling interests and any consideration paid or received is recognized in equity attributable to
owners of the Company.
2.2.4\u00a0 Segment Reporting
Operating segments are reported in a manner consistent with the business responsibilities and
internal reporting.
The Management Board has appointed the Management Team which assesses the financial
performance and position of the group, and makes strategic decisions. For the 2025 financial year the
Management Team consists of the Chief Executive Officer, the Interim Chief Financial Officer, the
Chief Technology Officer, the interim Chief Commercial Officer, the Chief Operating Officer, the Group
Legal Counsel, the Director Human Resources, the Managing Director of Volta Technology and the
Managing Director of Avantium R&D Solutions.
", "dimensions": { "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-352": { "value": "
2.2.1\u00a0 Subsidiaries
Subsidiaries are all entities over which the Company has control. The Company controls an entity
when the Company is exposed to, or has rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. Subsidiaries are
consolidated from the date on which control is obtained by the Company. They are de-consolidated
from the date that control ceases.
The principal consolidated companies are listed below (indicating the ownership percentage):
\u25a0 Avantium Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Support B.V., Amsterdam (100%)
\u25a0 Renewable Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Chemicals B.V., Amsterdam (100%)
\u25a0 Avantium Knowledge Centre B.V., Amsterdam (100%)
\u25a0 Synvina C.V., Amsterdam (100%)
\u25a0 YXY Technologies B.V., Amsterdam (100%)
\u25a0 Stichting Administratiekantoor Avantium, Amsterdam (100%)
\u25a0 Stichting Stock Options Avantium, Amsterdam (100%)
\u25a0 Feedstock Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Renewable Polymers B.V., Amsterdam (77.4%)
\u25a0 Avantium RNP Flagship Plant B.V., Amsterdam (77.4%)
\u25a0 Furanix Technologies B.V., Amsterdam (77.4%)
\u25a0 Avantium Japan K.K., Tokyo (77.4% )
Inter-company transactions, balances and unrealized gains on transactions between group companies
are eliminated. Unrealized losses are also eliminated. When necessary, amounts reported by
subsidiaries have been adjusted to conform to the Company\u2019s accounting policies.
2.2.2\u00a0 Disposal of Subsidiaries
When the Company ceases to have control, any retained interest in the entity is remeasured to its fair
value at the date when control is lost with the change in carrying amount recognized in profit or loss.
The fair value is the initial carrying amount for the purposes of subsequently accounting for the
retained interest as an associate, joint venture or financial asset.
In addition, any amounts previously recognized in other comprehensive income in respect of that
entity are accounted for as if the group had directly disposed of the related assets or liabilities. This
may mean that amounts previously recognized in other comprehensive income are reclassified to
profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-351": { "value": "
2.2.1\u00a0 Subsidiaries
Subsidiaries are all entities over which the Company has control. The Company controls an entity
when the Company is exposed to, or has rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. Subsidiaries are
consolidated from the date on which control is obtained by the Company. They are de-consolidated
from the date that control ceases.
The principal consolidated companies are listed below (indicating the ownership percentage):
\u25a0 Avantium Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Support B.V., Amsterdam (100%)
\u25a0 Renewable Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Chemicals B.V., Amsterdam (100%)
\u25a0 Avantium Knowledge Centre B.V., Amsterdam (100%)
\u25a0 Synvina C.V., Amsterdam (100%)
\u25a0 YXY Technologies B.V., Amsterdam (100%)
\u25a0 Stichting Administratiekantoor Avantium, Amsterdam (100%)
\u25a0 Stichting Stock Options Avantium, Amsterdam (100%)
\u25a0 Feedstock Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Renewable Polymers B.V., Amsterdam (77.4%)
\u25a0 Avantium RNP Flagship Plant B.V., Amsterdam (77.4%)
\u25a0 Furanix Technologies B.V., Amsterdam (77.4%)
\u25a0 Avantium Japan K.K., Tokyo (77.4% )
Inter-company transactions, balances and unrealized gains on transactions between group companies
are eliminated. Unrealized losses are also eliminated. When necessary, amounts reported by
subsidiaries have been adjusted to conform to the Company\u2019s accounting policies.
2.2.2\u00a0 Disposal of Subsidiaries
When the Company ceases to have control, any retained interest in the entity is remeasured to its fair
value at the date when control is lost with the change in carrying amount recognized in profit or loss.
The fair value is the initial carrying amount for the purposes of subsequently accounting for the
retained interest as an associate, joint venture or financial asset.
In addition, any amounts previously recognized in other comprehensive income in respect of that
entity are accounted for as if the group had directly disposed of the related assets or liabilities. This
may mean that amounts previously recognized in other comprehensive income are reclassified to
profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-350": { "value": "
2.2.1\u00a0 Subsidiaries
Subsidiaries are all entities over which the Company has control. The Company controls an entity
when the Company is exposed to, or has rights to, variable returns from its involvement with the entity
and has the ability to affect those returns through its power over the entity. Subsidiaries are
consolidated from the date on which control is obtained by the Company. They are de-consolidated
from the date that control ceases.
The principal consolidated companies are listed below (indicating the ownership percentage):
\u25a0 Avantium Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Support B.V., Amsterdam (100%)
\u25a0 Renewable Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Chemicals B.V., Amsterdam (100%)
\u25a0 Avantium Knowledge Centre B.V., Amsterdam (100%)
\u25a0 Synvina C.V., Amsterdam (100%)
\u25a0 YXY Technologies B.V., Amsterdam (100%)
\u25a0 Stichting Administratiekantoor Avantium, Amsterdam (100%)
\u25a0 Stichting Stock Options Avantium, Amsterdam (100%)
\u25a0 Feedstock Technologies B.V., Amsterdam (100%)
\u25a0 Avantium Renewable Polymers B.V., Amsterdam (77.4%)
\u25a0 Avantium RNP Flagship Plant B.V., Amsterdam (77.4%)
\u25a0 Furanix Technologies B.V., Amsterdam (77.4%)
\u25a0 Avantium Japan K.K., Tokyo (77.4% )
Inter-company transactions, balances and unrealized gains on transactions between group companies
are eliminated. Unrealized losses are also eliminated. When necessary, amounts reported by
subsidiaries have been adjusted to conform to the Company\u2019s accounting policies.
2.2.2\u00a0 Disposal of Subsidiaries
When the Company ceases to have control, any retained interest in the entity is remeasured to its fair
value at the date when control is lost with the change in carrying amount recognized in profit or loss.
The fair value is the initial carrying amount for the purposes of subsequently accounting for the
retained interest as an associate, joint venture or financial asset.
In addition, any amounts previously recognized in other comprehensive income in respect of that
entity are accounted for as if the group had directly disposed of the related assets or liabilities. This
may mean that amounts previously recognized in other comprehensive income are reclassified to
profit or loss.
", "dimensions": { "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-353": { "value": "
2.2.3\u00a0 Non-Controlling interests
Non-controlling interests are measured at the proportionate share of non-controlling interests in the
carrying value of identifiable net assets of the subsidiaries concerned at the reporting date. The
Group treats transactions with non-controlling interests that do not result in the loss of control as
transactions with equity owners of the Company. A change in ownership interest results in an
adjustment between the carrying amounts of the controlling and non-controlling interests to reflect
their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-
controlling interests and any consideration paid or received is recognized in equity attributable to
owners of the Company.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTransactionsWithNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-354": { "value": "
2.2.4\u00a0 Segment Reporting
Operating segments are reported in a manner consistent with the business responsibilities and
internal reporting.
The Management Board has appointed the Management Team which assesses the financial
performance and position of the group, and makes strategic decisions. For the 2025 financial year the
Management Team consists of the Chief Executive Officer, the Interim Chief Financial Officer, the
Chief Technology Officer, the interim Chief Commercial Officer, the Chief Operating Officer, the Group
Legal Counsel, the Director Human Resources, the Managing Director of Volta Technology and the
Managing Director of Avantium R&D Solutions.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-355": { "value": "
2.3\u00a0 Foreign Currency Translation
Functional and Presentation Currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The Consolidated Financial Statements are presented in euros, which is the Company\u2019s functional
currency.
Transactions and Balances
Foreign currency transactions are translated into the functional currency using the exchange rates
prevailing at the dates of the transactions or valuations where items are remeasured. Foreign
exchange gains and losses resulting from the settlement of such transactions and from the translation
at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are
recognized in profit or loss.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are
presented in profit or loss within \u2018finance income or cost\u2019.
Foreign operations
The results and financial position of foreign subsidiaries that have a functional currency different from
the Company's presentation currency are translated into the presentation currency as follows:
\u25a0 Assets and liabilities for each balance sheet presented are translated at the closing rate at the date
of that balance sheet.
\u25a0 Income and expenses for each statement of comprehensive income are translated at the average
exchange rates.
\u25a0 All resulting exchange differences are recognized as a separate component of other
comprehensive income.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-356": { "value": "
Functional and Presentation Currency
Items included in the financial statements of each of the Group\u2019s entities are measured using the
currency of the primary economic environment in which the entity operates (\u2018the functional currency\u2019).
The Consolidated Financial Statements are presented in euros, which is the Company\u2019s functional
currency.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-357": { "value": "
2.4\u00a0 Use of Estimates
The preparation of Consolidated Financial Statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities, disclosure of contingencies at
the date of the financial statements and the reported amounts of revenues and expenses during the
reporting period. The use of estimates is or could be a significant factor affecting the reported
carrying values of property, plant and equipment, intangibles, trade and other receivables and trade
and other payables. Despite management\u2019s best efforts to accurately estimate such amounts, future
results could materially differ from those estimates. Refer to note 4 for Critical Accounting Estimates
and Judgments as applied in the preparation of the financial statements.
4.\u00a0 Critical Accounting Estimates and Judgments
The preparation of financial statements in accordance with IFRS requires the use of certain accounting
estimates. It also requires management to exercise its judgment in the process of applying the
Group's accounting policies. Estimates and judgments are continually evaluated, and are based on
historical experience and other factors, including expectations of future events that are believed to be
reasonable under the circumstances. The resulting accounting estimates will, by definition, seldom
equal the related actual results.
Judgments made in applying accounting policies that have the most significant effects on amounts
recognized in the Consolidated Financial Statements relate to:
Revenue Recognition
The Group recognizes revenue over time or at point in time depending on the agreed contract
performance obligations.
For Flowrence\u00ae systems and services contracts the Group recognizes revenue over time as
performance of the contract progresses. The performance on a contract relates to fixed-price
contracts to construct tailor-made Flowrence\u00ae systems which the customers control and cannot be of
alternative use to the Company. For the Flowrence\u00ae systems, the stage of completion is measured by
reference to the total contract costs incurred up to the end of the reporting period as a percentage of
total estimated costs for each contract. Value is delivered to customers up to each of these points.
For services, in order to recognize revenue over time, the Group is required to estimate the series of
distinct services performed to date as a proportion of the total services to be performed, where also
stage gates are present, and value is added up to that point. To define the recognized revenues, the
Group estimates the required total costs (Flowrence\u00ae) or man-hours (services) to complete each
project. On a regular basis a review of the total costs or man-hours is performed.
The Group recognizes license revenue over time. The Group measures its performance toward
completion of the performance obligation based on an output measure of surveys of work performed
compared to the overall project timeline. This measure is deemed to represent the pattern of transfer
of control to the customer since the work performed is of a technical nature. The Group assesses on
an ongoing basis whether the estimated project timeline is still in line with expectations and will make
adjustments should there be a delay or faster progression than initially estimated.
Cessation of capitalization of borrowing costs and activation of Flagship Plant
In determining the date at which the FDCA Flagship Plant is to be activated and the capitalization of
borrowing costs is to be ceased, management is required to determine when the FDCA Flagship Plant
is ready for its intended use. As the process of preparing the plant for start-up is dynamic in nature,
determining the exact moment at which the plant is ready for its intended use requires both
estimations and judgments to be made by management. Management has considered the possible
implications of the completion of physical construction, performance testing and regulatory approval
in estimating the date at which the plant is expected to be ready for its intended use. Management
has determined this to be the date of commercial operations of the plant, which is expected to occur
in 2026. This is the date at which the plant is able to commence with commercial production of FDCA.
Government Grants
The Group accounts for income government grants over time. The Group accounts for asset
government grants by deducting the grant amount from the carrying value of the related asset.
For grant programs, this requires the Group to estimate the services/actions performed to date
as a proportion of the total services or actions to be performed. For further considerations and
assumptions with regard to the critical accounting estimate in relation to government grants,
see note 2.21.
Share-based Payments
Share options granted to employees are measured at the fair value of the options granted (indirect
method of measurement). For the Company\u2019s share option plan, management\u2019s judgment is that the
Black-Scholes valuation method is most appropriate for determining fair values. The assumptions and
estimates used in the valuation are further discussed in note 14 to the Consolidated Financial
Statements.
The result of the share option valuations and the related compensation expense is dependent on the
model and input parameters used. Even though management considers the fair values reasonable
and defensible based on the methodologies applied and the information available, others might
derive at a different fair value for the options granted under the Company\u2019s share option plan.
Research and Development Expenditures
The project stage forms the basis in the decision of whether costs made for the Group\u2019s product
development programs should be capitalized or not. Management judgment is required in
determining when the Group should start capitalizing development costs as intangible assets.
Management determined that for a system, commercial feasibility is, in general, probable when the
Group has built a successful prototype and has interested customers for the commercial product.
Management determined that for product development, (refer to note 2.6) commercial feasibility is, in
general, probable when the Group has successfully completed essential testing phases and is in a
late stage of discussions with potential partners for commercialization opportunities.
The estimates and assumptions that could have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year are addressed below.
Initial recognition of borrowings, including shareholder loans
The Group measures its financial liabilities initially at fair value. In determining fair value, management
is required to determine the market interest rate, which represents the rate that would be charged by
market participants for a similar financial instrument with comparable terms, cash flow profile,
currency, credit risk and maturity. The Group has entered into several lending arrangements as
referenced in notes 17, 18 and 20. Determining such a market rate involves significant judgment,
particularly when the Group enters into financing arrangements include complex terms (such as
issuance of warrants), or are negotiated with a limited number of lenders. The interest rate for most
lending agreements was derived based on the yield on corporate bonds with a similar credit rating,
taking into account certain company-specific adjustments and the fact that such market has limited
liquidity. For the senior debt facilities particularly, an implicit interest rate was determined taking into
account the fair value of warrants issued to the lenders. For shareholder loans, where these are
agreed at a rate of interest that is below the market rate, the resulting difference between the fair
value at initial recognition and the nominal amount received is accounted for in equity as a capital
contribution received from the non-controlling shareholder.
Going Concern
For the critical accounting judgment with regard to the going concern situation and assumptions that
are applied, refer to note 2.1.1.
Impairment
Judgments and estimates are required, not only to determine whether there is an indication that an
asset may be impaired, but also whether indications exist that impairment losses previously
recognized may no longer exist or may have decreased (impairment reversal). After indications of
impairment have been identified, judgments and estimates are also involved in the determination of
the recoverable amount of a non-current asset. The recoverable amount is determined based on the
higher of the fair value less cost to sell and the value-in-use. These involve estimates of expected
future cash flows (based on future growth rates and remaining useful life) and residual value
assumptions, as well as discount rates to calculate the present value of the future cash flows. For
more information on managements key assumptions and estimates in relation to impairment
assessments performed for the financial year, see note 5.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-358": { "value": "
2.5\u00a0 Property, Plant and Equipment
Property, plant and equipment comprise mainly of assets under construction, laboratory equipment,
hardware and leasehold improvements. Leasehold improvements include machinery that is located in
at the pilot plant sites and FDCA Flagship Plant. All property, plant and equipment is stated at
historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost
includes capitalized borrowings costs (refer to note 2.24) and expenditures that are directly
attributable to the acquisition of the items and includes capitalization of decommissioning and
restoration costs associated with provisions decommissioning and restoration costs (refer to note
2.19 ). Where an item of property, plant and equipment has been obtained by exchange for a non-
monetary asset, and the exchange lacks commercial substance, the acquired item is not measured at
fair value, but at the carrying amount of the asset given up. If significant parts of an item of property,
plant and equipment have different useful lives, then they are accounted for as separate items (major
components) of property, plant and equipment. The carrying amount of any component accounted for
as a separate asset is derecognized when replaced.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Group and the cost of the item can be measured reliably. All other repairs and maintenance
charges are expensed in the period in which they are incurred.
Depreciation commences when an asset is available for use and is calculated using the straight-line
method to allocate the cost of the assets to their residual values over their estimated useful lives as
follows:
\u25a0 Leasehold improvements
5-20 years
\u25a0 Laboratory equipment, machinery and vehicles
5-10 years
\u25a0 Computer hardware
3-5 years
\u25a0 Office furniture and equipment
3-5 years
Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate,
at the end of each reporting period.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount.
Gains and losses are included in profit or loss.
Expenditures incurred for the acquisition of items of property, plant and equipment under construction
are initially recorded as \u2018under construction\u2019 until the asset is completed and ready for use. Upon
completion of the assets, the recognized costs are reclassified from \u2018under construction\u2019 to the
relevant category of property, plant and equipment. Assets under construction are not depreciated
and are measured at cost less any impairment losses.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-359": { "value": "
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the Group and the cost of the item can be measured reliably. All other repairs and maintenance
charges are expensed in the period in which they are incurred.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-360": { "value": "
Depreciation commences when an asset is available for use and is calculated using the straight-line
method to allocate the cost of the assets to their residual values over their estimated useful lives as
follows:
\u25a0 Leasehold improvements
5-20 years
\u25a0 Laboratory equipment, machinery and vehicles
5-10 years
\u25a0 Computer hardware
3-5 years
\u25a0 Office furniture and equipment
3-5 years
Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate,
at the end of each reporting period.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-361": { "value": "
2.6\u00a0 Intangible Assets
Research and Development
Research expenditures are recognized as expenses as incurred. Development costs that are directly
attributable to the design and testing of identifiable and unique products controlled by the group are
recognized as intangible assets when the following criteria are fulfilled:
\u25a0 It is technically feasible to complete the intangible asset so that it will be available for use or sale.
\u25a0 Management intends to complete the intangible asset and use or sell it.
\u25a0 There is an ability to use or sell the intangible asset.
\u25a0 It can be demonstrated how the intangible asset will generate probable future economic benefits.
\u25a0 Adequate technical, financial and other resources to complete the development and to use or sell
the intangible asset are available.
\u25a0 The expenditure attributable to the intangible asset during its development can be reliably
measured.
Other development expenditures that do not meet these criteria are recognized as an expense as
incurred. Development costs previously recognized as an expense are not recognized as an asset in
a subsequent period.
Residual values, useful lives and depreciation methods are reviewed, and adjusted if appropriate, at
the end of each reporting period
Amortization of development costs is included in depreciation, amortization and impairment charge in
the statement of profit or loss. All development costs arose from internal development. Intangible
assets not ready for use are tested for impairment at least on an annual basis.
Development costs
Capitalized development costs are recorded as intangible assets and amortized from the point at
which the asset is ready for use on a straight-line basis over its estimated useful life of:
\u25a0 Development costs
5 years
Computer Software and Other Intangibles
Acquired computer software licenses are capitalized on the basis of the costs incurred to acquire and
use the specific software.
Costs associated with developing or maintaining computer software programs are recognized as
expenses as incurred. Development costs that are directly attributable to the design and testing of
identifiable and unique software products controlled by the group, that will probably generate
economic benefits exceeding costs beyond one year, are recognized as intangible assets.
Other intangibles consisting of an in-kind contribution of a shareholder for their software at the
foundation of the Group and compensation paid to a third party to exclusively use parts of their
technology.
Amortization is calculated using the straight-line method over the estimated useful life of:
\u25a0 Computer software and other intangibles
3 years
Intellectual Property
Intellectual property is stated at historical cost; less accumulated amortization and any accumulated
impairment losses. Intellectual property is amortized over the period until the moment that the
technology on which the intellectual property is filed is ready to be deployed commercially.
Subsequent costs are included in the asset\u2019s carrying amount or recognized as a separate asset, as
appropriate, only when it is probable that future economic benefits associated with the item will flow
to the group and the cost of the item can be measured reliably.
Amortization is calculated using the straight-line method to allocate their cost of the assets to their
residual values over their estimated useful lives (average lifetime of patent portfolio) as follows:
\u25a0 Intellectual property
5-20 years
License rights
Acquired licenses that grant the right to use technologies not owned/developed by the Company are
recorded at historical cost, less accumulated amortization and impairment losses.
License rights contain variable royalty fee payment terms that are linked to production of the License
Products once the FDCA Flagship Plant starts production. The fees will equal to $20 USD per metric
ton of Licensed Products produced from the FDCA Flagship Plant. Variable royalty fee payments that
depend on the volume of production of the Licensed Products are recognized in profit or loss when
products are produced.
Where an intangible asset is obtained in exchange for consideration payable on deferred credit
terms, the asset is initially recognized at its cost price equivalent, being the present value of the
consideration payable over the credit term.
Where an intangible asset is obtained in exchange for variable consideration, such variable
consideration is not included in the carrying amount of the asset at acquisition and no liability is
recognized for the variable consideration. Subsequent payments of variable consideration are
recognized in profit and loss as and when incurred.
Amortization is calculated using the straight-line method to allocate their cost of the assets to their
residual values over their estimated useful lives (average lifetime of license rights) as follows:
\u25a0 License rights
5-20 years
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-363": { "value": "
2.7\u00a0 Impairment of Non-Financial Assets
Non-financial assets (other than deferred tax assets, inventories and contract assets) are reviewed at
each reporting date for possible impairment whenever an impairment trigger is identified. Any events
or changes in circumstances which could indicate that the carrying amount of the assets may not be
recoverable are considered impairment triggers. If any such impairment triggers are identified, the
asset's recoverable amount is estimated. The recoverable amount is determined to be the higher of
an asset\u2019s fair value less costs to sell and value in use. Value in use is based on the estimated future
cash flows, discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. An impairment loss is
recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
Impairment losses are recognized in profit or loss. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows (cash-
generating units). Each reporting segment is considered a cash-generating unit. An annual
assessment is performed on all cash-generating units to identify potential impairment triggers.
Non-financial assets which are impaired, are tested periodically to determine whether the recoverable
amount has increased and the impairment be (partially) reversed. Impairment losses on goodwill are
not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortization, if no impairment loss had been recognized. Reversal of impairments is
only permitted if, in a subsequent period after an impairment loss has been recognized, the amount of
the impairment loss decreases and the decrease can be related objectively to an event after the
impairment loss was recognized.
2.11\u00a0 Impairment of Financial Assets
Impairment allowances for trade receivables are recognized based on the simplified approach within
IFRS 9 to measure expected credit losses which uses a lifetime expected loss allowance for all trade
receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped
based on shared credit risk characteristics and the days past due. The contract assets relate to
unbilled work in progress and have substantially the same risk characteristics as the trade receivables
for the same types of contracts. The Group has therefore concluded that the expected loss rates for
trade receivables are a reasonable approximation of the loss rates for the contract assets. Allowances
for expected credit losses are deducted from the carrying amount of the financial assets. Additions to
the allowance for expected credit losses are recognized in profit or loss.If, in a subsequent period, the
amount of the impairment loss decreases and the decrease can be related objectively to an event
occurring after the impairment was recognized (such as an improvement in the debtor\u2019s credit rating),
the reversal of the previously recognized impairment loss is recognized in profit or loss.
Impairment
Judgments and estimates are required, not only to determine whether there is an indication that an
asset may be impaired, but also whether indications exist that impairment losses previously
recognized may no longer exist or may have decreased (impairment reversal). After indications of
impairment have been identified, judgments and estimates are also involved in the determination of
the recoverable amount of a non-current asset. The recoverable amount is determined based on the
higher of the fair value less cost to sell and the value-in-use. These involve estimates of expected
future cash flows (based on future growth rates and remaining useful life) and residual value
assumptions, as well as discount rates to calculate the present value of the future cash flows. For
more information on managements key assumptions and estimates in relation to impairment
assessments performed for the financial year, see note 5.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-362": { "value": "
2.7\u00a0 Impairment of Non-Financial Assets
Non-financial assets (other than deferred tax assets, inventories and contract assets) are reviewed at
each reporting date for possible impairment whenever an impairment trigger is identified. Any events
or changes in circumstances which could indicate that the carrying amount of the assets may not be
recoverable are considered impairment triggers. If any such impairment triggers are identified, the
asset's recoverable amount is estimated. The recoverable amount is determined to be the higher of
an asset\u2019s fair value less costs to sell and value in use. Value in use is based on the estimated future
cash flows, discounted to their present value using a pre-tax discount rate that reflects current market
assessments of the time value of money and the risks specific to the asset. An impairment loss is
recognized for the amount by which the asset\u2019s carrying amount exceeds its recoverable amount.
Impairment losses are recognized in profit or loss. For the purposes of assessing impairment, assets
are grouped at the lowest levels for which there are separately identifiable cash flows (cash-
generating units). Each reporting segment is considered a cash-generating unit. An annual
assessment is performed on all cash-generating units to identify potential impairment triggers.
Non-financial assets which are impaired, are tested periodically to determine whether the recoverable
amount has increased and the impairment be (partially) reversed. Impairment losses on goodwill are
not reversed. For other assets, an impairment loss is reversed only to the extent that the asset\u2019s
carrying amount does not exceed the carrying amount that would have been determined, net of
depreciation or amortization, if no impairment loss had been recognized. Reversal of impairments is
only permitted if, in a subsequent period after an impairment loss has been recognized, the amount of
the impairment loss decreases and the decrease can be related objectively to an event after the
impairment loss was recognized.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-364": { "value": "
2.8\u00a0 Non-Current Assets (or Disposal Groups) Held for Sale
Non-current assets (or disposal groups) are classified as assets held for sale when their carrying
amount is to be recovered principally through a sale transaction and a sale is considered highly
probable. They are stated at the lower of carrying amount and fair value less costs to sell. Upon
designation as held for sale the Group ceases to depreciate these assets. Non-current assets (or
disposal groups) are reclassified out of assets held for sale when they no longer meet the
requirements to be classified as such. Upon reclassification, they are measured at the lower of their
book value as if they had not been classified as held for sale, or their recoverable amount", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-366": { "value": "
2.9\u00a0 Financial Assets
2.9.1\u00a0 Classification
The Company determines the classification of its financial assets at initial recognition. The
classification depends on the Company\u2019s business model for managing the financial assets and the
contractual terms of the cash flows. The contractual cash flows solely comprise principal and interest.
The financial assets are held to collect the contractual cash flows, and are classified as subsequently
measured at amortized cost
2.9.2\u00a0 Recognition and Measurement
Regular purchases and sales of financial assets are recognized on the trade-date, the date on which
the group commits to purchase or sell the asset. Financial assets are initially recognized at fair value,
which for trade receivables in general is the transaction price. Subsequently they are stated at
amortized cost using the effective interest method, less allowance for impairment. Financial assets are
derecognized when the rights to receive cash flows from the financial assets expire or if the Company
transfers the financial asset to another party and does not retain control or substantially all risks and
rewards of the asset. Any gain or loss arising on derecognition is recognized in profit or loss as other
gains/(losses).
2.10\u00a0 Offsetting Financial Instruments
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there
is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a
net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must
not be contingent on future events and must be enforceable in the normal course of business and in
the event of default, insolvency or bankruptcy of the Company or the counterparty.
2.11\u00a0 Impairment of Financial Assets
Impairment allowances for trade receivables are recognized based on the simplified approach within
IFRS 9 to measure expected credit losses which uses a lifetime expected loss allowance for all trade
receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped
based on shared credit risk characteristics and the days past due. The contract assets relate to
unbilled work in progress and have substantially the same risk characteristics as the trade receivables
for the same types of contracts. The Group has therefore concluded that the expected loss rates for
trade receivables are a reasonable approximation of the loss rates for the contract assets. Allowances
for expected credit losses are deducted from the carrying amount of the financial assets. Additions to
the allowance for expected credit losses are recognized in profit or loss.If, in a subsequent period, the
amount of the impairment loss decreases and the decrease can be related objectively to an event
occurring after the impairment was recognized (such as an improvement in the debtor\u2019s credit rating),
the reversal of the previously recognized impairment loss is recognized in profit or loss.
2.23\u00a0 Financial Liability
2.23.1\u00a0 Classification
The Group classifies all financial liabilities as subsequently measured at amortized cost, except for
derivatives, which are classified as subsequently measured at fair value through profit or loss.
Financial liabilities are classified as current liabilities unless the Group has the right to defer settlement
of the liability for at least 12 months after the balance sheet date.
Warrants
The Company has issued warrants under financing arrangements. Under the terms of the respective
contracts, such warrants are derivative financial instruments that will be settled by the Company in its
own equity instruments. Where a warrant holder is entitled to anything other than a fixed amount of
ordinary shares in exchange for a fixed amount of cash upon exercise, such warrants are classified as
financial liabilities.
2.23.2\u00a0 Recognition and Measurement
Financial liabilities are initially recognized when the Group becomes a party to the contractual
provision of a financial instrument. They are recognized initially at fair value and, in the case of loans
and borrowings, net of directly attributable transaction costs.
Subsequent to initial recognition of financial liabilities measured at amortized cost, any difference
between the proceeds and redemption value is recognized in profit or loss, using the effective
interest method. Financial liabilities are derecognized when the Group's obligations specified in the
contract expire or are discharged or cancelled.
Derivatives (including warrants) are subsequently measured at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognized in profit
or loss as fair value gains/(losses) on financial instruments.
Where the terms of a financial liability measured at amortized cost are modified, the Group determines
whether the modification results in derecognition; the Group derecognizes a liability when the
modified terms are substantially different, which is typically evidenced when the discounted present
value of the revised cash flows differs by 10% or more from that of the original liability using the
original effective interest rate. If the modification does not result in derecognition, the liability\u2019s
carrying amount is recalculated as the present value of the modified cash flows discounted at the
original effective interest rate, and any resulting gain or loss is recognized immediately in profit or
loss. The liability continues to be accounted for based using the original effective interest rate,
adjusted for any incremental and direct transaction costs related to the modification. If the liability is
derecognized, the original liability is removed and a new liability is recognized at its fair value, with
any difference recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-365": { "value": "
2.9\u00a0 Financial Assets
2.9.1\u00a0 Classification
The Company determines the classification of its financial assets at initial recognition. The
classification depends on the Company\u2019s business model for managing the financial assets and the
contractual terms of the cash flows. The contractual cash flows solely comprise principal and interest.
The financial assets are held to collect the contractual cash flows, and are classified as subsequently
measured at amortized cost
2.9.2\u00a0 Recognition and Measurement
Regular purchases and sales of financial assets are recognized on the trade-date, the date on which
the group commits to purchase or sell the asset. Financial assets are initially recognized at fair value,
which for trade receivables in general is the transaction price. Subsequently they are stated at
amortized cost using the effective interest method, less allowance for impairment. Financial assets are
derecognized when the rights to receive cash flows from the financial assets expire or if the Company
transfers the financial asset to another party and does not retain control or substantially all risks and
rewards of the asset. Any gain or loss arising on derecognition is recognized in profit or loss as other
gains/(losses).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-367": { "value": "
Regular purchases and sales of financial assets are recognized on the trade-date, the date on which
the group commits to purchase or sell the asset. Financial assets are initially recognized at fair value,
which for trade receivables in general is the transaction price. Subsequently they are stated at
amortized cost using the effective interest method, less allowance for impairment. Financial assets are
derecognized when the rights to receive cash flows from the financial assets expire or if the Company
transfers the financial asset to another party and does not retain control or substantially all risks and
rewards of the asset. Any gain or loss arising on derecognition is recognized in profit or loss as other
gains/(losses).
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-368": { "value": "
2.9.3\u00a0 Interest income
Interest income from financial assets is included in finance income using the effective interest method.
When a loan or receivable is impaired, the Group reduces the carrying amount to its recoverable
amount, being the estimated future cash flows discounted at the original effective interest rate of the
instrument and continues unwinding the discount as interest income. Interest income on impaired
loans and receivables is recognized using the original effective interest rate.
2.23.3\u00a0 Interest Expense
Interest expense is recognized in profit or loss using the effective interest rate method, except when
capitalized as borrowing costs. Refer to note 2.24", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-369": { "value": "
2.10\u00a0 Offsetting Financial Instruments
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there
is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a
net basis or realize the asset and settle the liability simultaneously. The legally enforceable right must
not be contingent on future events and must be enforceable in the normal course of business and in
the event of default, insolvency or bankruptcy of the Company or the counterparty.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-370": { "value": "
2.11\u00a0 Impairment of Financial Assets
Impairment allowances for trade receivables are recognized based on the simplified approach within
IFRS 9 to measure expected credit losses which uses a lifetime expected loss allowance for all trade
receivables and contract assets.
To measure the expected credit losses, trade receivables and contract assets have been grouped
based on shared credit risk characteristics and the days past due. The contract assets relate to
unbilled work in progress and have substantially the same risk characteristics as the trade receivables
for the same types of contracts. The Group has therefore concluded that the expected loss rates for
trade receivables are a reasonable approximation of the loss rates for the contract assets. Allowances
for expected credit losses are deducted from the carrying amount of the financial assets. Additions to
the allowance for expected credit losses are recognized in profit or loss.If, in a subsequent period, the
amount of the impairment loss decreases and the decrease can be related objectively to an event
occurring after the impairment was recognized (such as an improvement in the debtor\u2019s credit rating),
the reversal of the previously recognized impairment loss is recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-371": { "value": "
2.12\u00a0 Inventories
Inventories are stated at the lower of cost and net realizable value. Cost is determined using the first-
in, first-out (FIFO) method. The cost of raw materials, finished goods and work in progress comprises
all purchase costs including charges incurred to bring inventories to their current location and into
their current state. It excludes borrowing costs. Net realizable value is the estimated selling price in
the ordinary course of business, less applicable variable selling expenses.
Spare parts with a useful life of more than 1 year are capitalized as property, plant and equipment.
Spare parts with a useful life of less than 12 months are treated as inventories, and recognized in profit
or loss as raw materials and contract costs when they are consumed.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-372": { "value": "
2.13\u00a0 Trade Receivables
Trade receivables are amounts due from customers for products sold or services performed in the
ordinary course of business. If collection is expected in one year or less (or in the normal operating
cycle of the business if longer), they are classified as current assets. If not, they are presented as non-
current assets.
Trade receivables are recognized initially at fair value and subsequently measured at amortized cost
using the effective interest method, less allowance for impairment. Refer to note 2.11 for further
information about the group\u2019s impairment policy on financial assets.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-373": { "value": "
2.14\u00a0 Cash and Cash Equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term
highly liquid investments with original maturities of three months or less.
Restricted Cash
Restricted cash includes cash deposits, which are measured at an amount equal to the current
outstanding bank guarantees issued to third parties and/or cash deposits held in designated accounts
for an equity reserve as agreed with lenders. The restricted cash is not available for use by the
Company to meet the short-term cash obligations. In the consolidated statement of financial position
the restricted cash is shown within cash and cash equivalents as current assets.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-374": { "value": "
2.15\u00a0 Share Capital
Ordinary Shares
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new
ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
The difference between the proceeds of issued shares and the nominal value of the issued shares is
recognized as share premium. Costs incurred in anticipation of an issuance of equity instruments are
recognized as prepaid expenses at the reporting date. When the equity instruments are issued and
recognized as equity, the directly attributable transaction costs are deducted from equity.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-375": { "value": "
2.16\u00a0 Trade and Other Payables
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary
course of business from suppliers. Accounts payable are classified as current liabilities if payment is
due within one year or less (or in the normal operating cycle of the business if longer). If not, they are
presented as non-current liabilities.
Trade payables are recognized initially at fair value and subsequently measured at amortized cost
using the effective interest method.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-376": { "value": "
2.17\u00a0 Current and Deferred Income Tax
The tax expense for the year comprises current and deferred tax. Tax is recognized in profit or loss,
except to the extent that it relates to items recognized in other comprehensive income or directly in
equity. In this case, the tax is also recognized in other comprehensive income or directly in equity,
respectively.
The current income tax charge is calculated on the basis of the tax laws enacted or substantively
enacted at the balance sheet date. Management periodically evaluates positions taken in tax returns
with respect to situations in which applicable tax regulation is subject to interpretation. It establishes
provisions where appropriate on the basis of amounts expected to be paid to the tax authorities.
Deferred income tax is recognized, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the Consolidated
Financial Statements and for unused tax losses and credits carried forward. However, the deferred
income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction
other than a business combination that at the time of the transaction affects neither accounting nor
taxable profit or loss and does not give rise to equal taxable and deductible temporary differences.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially
enacted at the balance sheet date and are expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable
profit will be available against which the temporary differences, unused tax losses and the tax credits
carried forward can be utilized. Unrecognized deferred tax assets are reassessed at each reporting
date and recognized to the extent that it has become probable that future taxable profits will be
available against which they can be used.
Income tax assets and liabilities are presented separately, except when there is a legally enforceable
right to offset and (for current tax) an intention to settle the balances on a net basis with the same
taxation authority and (for deferred tax) the balances relate to taxes levied by the same taxation
authority on the same taxable entity or fiscal group that intends to settle the current tax on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-377": { "value": "
Deferred income tax is recognized, using the liability method, on temporary differences arising
between the tax bases of assets and liabilities and their carrying amounts in the Consolidated
Financial Statements and for unused tax losses and credits carried forward. However, the deferred
income tax is not accounted for if it arises from initial recognition of an asset or liability in a transaction
other than a business combination that at the time of the transaction affects neither accounting nor
taxable profit or loss and does not give rise to equal taxable and deductible temporary differences.
Deferred income tax is determined using tax rates (and laws) that have been enacted or substantially
enacted at the balance sheet date and are expected to apply when the related deferred income tax
asset is realized or the deferred income tax liability is settled.
Deferred income tax assets are recognized only to the extent that it is probable that future taxable
profit will be available against which the temporary differences, unused tax losses and the tax credits
carried forward can be utilized. Unrecognized deferred tax assets are reassessed at each reporting
date and recognized to the extent that it has become probable that future taxable profits will be
available against which they can be used.
Income tax assets and liabilities are presented separately, except when there is a legally enforceable
right to offset and (for current tax) an intention to settle the balances on a net basis with the same
taxation authority and (for deferred tax) the balances relate to taxes levied by the same taxation
authority on the same taxable entity or fiscal group that intends to settle the current tax on a net basis.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-378": { "value": "
2.18\u00a0 Employee Benefits
Pension Obligations
The Group operates a defined contribution pension plan for all employees funded through payments
to an insurance company. The Group has no legal or constructive obligations to pay further
contributions if the plan does not hold sufficient assets to pay all employees the benefits relating to
employee service in the current and prior years. The contributions are recognized as employee
benefit expense when they are due. Prepaid contributions are recognized as an asset to the extent
that a cash refund or a reduction in the future payments is available.
Share-Based Payments
The Group operates share-based compensation plans for its employees, which consist of an
Employee Stock Option Plan (ESOP), a Long-Term Incentive Plan (LTIP) and since 2024 a new Long-
Term Incentive Plan (New LTIP). Under the New LTIP, Performance Share Units (PSUs) to members of
the Management Board and Restricted Share Units (RSUs) to other employees and Supervisory Board
members. These PSUs and RSUs are settled in ordinary shares upon vesting, through the issuance of
new shares. Also refer to note 14. These plans are classified as an equity-settled share-based
payment plans.
Share options granted to employees are measured at the fair value of the equity instruments granted
under the indirect method of measurement. Fair value is determined through the use of an option-
pricing model considering, amongst others, the following variables:
a) The exercise price of the option
b) The expected life of the option
c) The current value of the underlying shares
d) The expected volatility of the share price
e) The dividends expected on the shares
f) The risk-free interest rate for the life of the option
For the ESOP, management\u2019s judgment is that the Black-Scholes valuation model is most appropriate
for determining fair values as this model allows accounting for non-transferability and early exercise.
Since the Company became listed in March 2017, there is published share price information available
to determine the fair value of its shares and the expected volatility of that value. These assumptions
and estimates are further discussed in note 14 to the Consolidated Financial Statements. The result of
the share option valuations and the related compensation expense is dependent on the model and
input parameters used.
For the equity-settled schemes, the fair value of the grant is determined at the grant date. For the LTIP
and new LTIP, the fair value is determined by the share price of the award at the grant date. Where
the grant date is not yet achieved, the fair value is estimated by reference to the closing share price
as at the balance sheet date.
The fair value of the employee services received in exchange for the grant of the awards is
recognized as an expense in profit or loss, with a corresponding adjustment to equity. For share-
based payments that do not vest until the employees have completed a specified period of service,
the group recognizes the cost of services received as the employees render service during that
period.
At each balance sheet date, the Company revises its estimates of the number of awards that are
expected to become exercisable. It recognizes the impact of the revision of original estimates, if any,
in profit or loss and a corresponding adjustment to equity.
The proceeds received from exercised options net of any directly attributable transaction costs are
credited to share capital (nominal value) and share premium. While PSUs are settled in ordinary shares
upon vesting, hence the reserve attributable to the allocated shares is transferred to share capital and
share premium.
Profit-sharing and Bonus Plans
The Group recognizes a liability and an expense for bonuses and profit-sharing where contractually
obliged or where there is a past practice that has created a constructive obligation.
Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.
The group recognizes termination benefits at the earlier of the following dates: (a) when the group can
no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a
restructuring that involves the payment of termination benefits. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-379": { "value": "
Termination Benefits
Termination benefits are payable when employment is terminated by the Group before the normal
retirement date, or when an employee accepts voluntary redundancy in exchange for these benefits.
The group recognizes termination benefits at the earlier of the following dates: (a) when the group can
no longer withdraw the offer of those benefits; and (b) when the entity recognizes costs for a
restructuring that involves the payment of termination benefits. In the case of an offer made to
encourage voluntary redundancy, the termination benefits are measured based on the number of
employees expected to accept the offer. Benefits falling due more than 12 months after the end of the
reporting period are discounted to present value.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForTerminationBenefits", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-380": { "value": "
2.19\u00a0 Provisions
Provisions are recognized when the group has a present legal or constructive obligation as a result of
past events; it is probable that an outflow of resources will be required to settle the obligation; and the
amount can be reliably estimated.
A provision for restructuring is recognized after the group has approved a detailed and formal
restructuring plan and the restructuring has either commenced or been announced publicly.
The Group provides for the estimated cost of product warranties that do not represent a separate
performance obligation under contracts with customers at the time revenue is recognized and the
group has a constructive obligation. The warranty provision is established based on the group\u2019s best
estimates of the amounts necessary to settle future and existing claims on products sold as of the
balance sheet date.
A provision for decommissioning and restoration costs is recognized (together with a corresponding
amount as part of the related property, plant and equipment) for legal or constructive obligations to
dismantle an item of property, plant and equipment and to restore the site on which it is located.
Provisions for decommissioning and restoration costs are measured on the basis of the current
requirements, technology and price levels; the present value is calculated using amounts discounted
over the useful economic life of the assets. The effects of changes resulting from revisions to the
timing or the amount of the original estimate of the provision are reflected on a prospective basis,
generally by adjustment to the carrying amount of the related property, plant and equipment.
Provisions are measured at the present value of the expenditures expected to be required to settle
the obligation using a pre-tax discount rate that reflects current market assessments of the time value
of money and the risks specific to the obligation.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-381": { "value": "
2.20\u00a0 Revenue Recognition
Revenue from contracts with customers is recognized in accordance with the five step process
outlined in IFRS 15. Revenue is recognized at the transaction price to which it expects to be entitled.
The transaction price is generally stipulated in the contract. For contracts that contain separate
performance obligations, the transaction price is allocated to those separate performance obligations
by reference to their relative stand-alone selling prices.
Revenue is recognized as and when the group satisfies a performance obligation by transferring
control over a promised good or service to a customer. Control can transfer to a customer either \u201cat a
point in time\u201d or \u201cover time\u201d. Revenue is shown net of value-added tax, returns, rebates, and
discounts, and after eliminating sales within the group. As the group generally does not extend credit
terms to customers exceeding 12 months, it applies the practical expedient in IFRS 15 regarding
significant financing components.
Where incremental costs of obtaining a contract with a customer are incurred, an asset is recognized
for these costs if it is expected that these costs shall be recovered. Such costs are recognized directly
in profit and loss in the case that no expectation to recover such costs exists.
Discounts or credits provided to customers are considered consideration payable to a customer for
goods/services which are not distinct and therefore are deducted from the transaction price in
determining the amount of revenue to be recognized.
Main Revenue Streams
\u25a0 Work in Progress Projects
\u25a0 Services
\u25a0 Sale of Goods
\u25a0 Sale of Licenses
The information provided below reflects additional details over the groups revenue streams.
Work in Progress Projects
The Group specializes in engineering and constructing various mechanical systems for customers
used in R&D, as well as providing contractual R&D services. Given the custom and individually
engineered nature of these contracts, customers are consulted on the input of varying components
and actively involved in directing the specifics of expected results. Therefore, at contract inception, it
is determined that the Group's performance does not create an asset with an alternative use outside
of the contracted purpose.
As work over the project progresses, control is transferred to the customer incrementally based on
the stage of completion. The stage of completion is measured by comparing the proportion of costs
incurred to the total expected costs, ensuring that the costs incurred accurately reflect the progress
made in transferring goods and services to the customer.
Services
Revenue from the provision of services, primarily servicing and maintenance activities, is recognized
based on the stage of completion of the work performed. This method is used because the client
receives the benefits from and has use of the services at the same rate as the work is performed.
There are two primary types of servicing and maintenance contracts, stand-ready agreements and
maintenance work in progress projects. Where such services are provided as part of a larger contract,
they are considered separate performance obligations.
\u25a0 Stand-ready: Service level agreements for the provision of maintenance and support services within
a specified timeframe. The stage of completion is determined by the percentage of the period
within the stand-ready agreement that has been fulfilled, over the contracted period of time.
\u25a0 Maintenance Work in Progress: Servicing and maintenance projects conducted over a period of
time to customers specifications. Refer to \u2018Work in Progress Projects\u2019 for more information on the
determination of the stage of completion.
Sale of Goods
The Group sells customized spare parts and research & development samples to its customers.
Revenue from these sales is recognized at the point in time when control of the goods is transferred
to the customer, and the Group has a present right to receive payment.
This transfer of control is measured using the commercial shipment terms specified within each
contract, assessed on a contract-by-contract basis.
Sale of Licenses
The Group issues licenses to its intellectual property in conjunction with design and engineering
services. Generally, these licenses are not distinct from the associated services and are therefore
accounted for as a single performance obligation. License contracts typically include a combination of
fixed (including upfront non-refundable payments) and variable consideration. An estimate of variable
consideration is included in the transaction price to the extent that it is highly probable that a
significant reversal in the amount of cumulative revenue recognized will not occur when the
uncertainty associated with the variable consideration is resolved.
Revenue is generally recognized over time, as the Company's performance does not create an asset
with an alternative use and the company has an enforceable right to payment for performance
completed to date. Management measures progress towards the performance obligation in a manner
that most faithfully depicts the Company's performance, typically using an input measure of costs
incurred compared to total expected costs.
License contracts may also include additional elements such as usage/sale-based royalties, support
services, and the sale of goods. Usage/sale-based royalties are considered variable consideration
and recognized at the earlier of when the related performance obligation is satisfied or when the
sales or usage occurs. Support services and the sale of goods are treated as separate performance
obligations, as they are distinct promises that the customer can benefit from independently. Refer to
the respective sections above, which describe the accounting treatment applied to these
performance obligations.
Contract Assets and Liabilities
The timing of payment of consideration for the supply of goods and services to the customer is based
on contractually agreed installment terms.
Contract assets are unbilled revenues, where the Group has recognized revenue to date in line with
satisfaction of performance obligations as detailed above. Contract assets are transferred to trade
receivables when the contractually identified installment term is met.
Contract liabilities are obligations to transfer goods or services to a customer for which the Group has
received consideration or has recognized a receivable asset in line with the contractually identified
installment term. These amounts are reported as contract liabilities on the balance sheet under trade
and other payables. Contract liabilities are recognized as revenue when performance obligations are
satisfied.
Revenue Recognition
The Group recognizes revenue over time or at point in time depending on the agreed contract
performance obligations.
For Flowrence\u00ae systems and services contracts the Group recognizes revenue over time as
performance of the contract progresses. The performance on a contract relates to fixed-price
contracts to construct tailor-made Flowrence\u00ae systems which the customers control and cannot be of
alternative use to the Company. For the Flowrence\u00ae systems, the stage of completion is measured by
reference to the total contract costs incurred up to the end of the reporting period as a percentage of
total estimated costs for each contract. Value is delivered to customers up to each of these points.
For services, in order to recognize revenue over time, the Group is required to estimate the series of
distinct services performed to date as a proportion of the total services to be performed, where also
stage gates are present, and value is added up to that point. To define the recognized revenues, the
Group estimates the required total costs (Flowrence\u00ae) or man-hours (services) to complete each
project. On a regular basis a review of the total costs or man-hours is performed.
The Group recognizes license revenue over time. The Group measures its performance toward
completion of the performance obligation based on an output measure of surveys of work performed
compared to the overall project timeline. This measure is deemed to represent the pattern of transfer
of control to the customer since the work performed is of a technical nature. The Group assesses on
an ongoing basis whether the estimated project timeline is still in line with expectations and will make
adjustments should there be a delay or faster progression than initially estimated.
Cessation of capitalization of borrowing costs and activation of Flagship Plant
In determining the date at which the FDCA Flagship Plant is to be activated and the capitalization of
borrowing costs is to be ceased, management is required to determine when the FDCA Flagship Plant
is ready for its intended use. As the process of preparing the plant for start-up is dynamic in nature,
determining the exact moment at which the plant is ready for its intended use requires both
estimations and judgments to be made by management. Management has considered the possible
implications of the completion of physical construction, performance testing and regulatory approval
in estimating the date at which the plant is expected to be ready for its intended use. Management
has determined this to be the date of commercial operations of the plant, which is expected to occur
in 2026. This is the date at which the plant is able to commence with commercial production of FDCA.
Government Grants
The Group accounts for income government grants over time. The Group accounts for asset
government grants by deducting the grant amount from the carrying value of the related asset.
For grant programs, this requires the Group to estimate the services/actions performed to date
as a proportion of the total services or actions to be performed. For further considerations and
assumptions with regard to the critical accounting estimate in relation to government grants,
see note 2.21.
Share-based Payments
Share options granted to employees are measured at the fair value of the options granted (indirect
method of measurement). For the Company\u2019s share option plan, management\u2019s judgment is that the
Black-Scholes valuation method is most appropriate for determining fair values. The assumptions and
estimates used in the valuation are further discussed in note 14 to the Consolidated Financial
Statements.
The result of the share option valuations and the related compensation expense is dependent on the
model and input parameters used. Even though management considers the fair values reasonable
and defensible based on the methodologies applied and the information available, others might
derive at a different fair value for the options granted under the Company\u2019s share option plan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-382": { "value": "
2.21\u00a0 Grants
Grants and subsidies from third parties are recognized at their fair value when there is a reasonable
assurance that the grant will be received, and the Group will comply with all attached conditions. Any
outstanding receivables related to these grants are recorded as other receivables under current
receivables.
Advances received for grants related to income are deferred and recognized in profit or loss over the
period necessary to match them with the costs that they are intended to compensate. Grants relating
to costs are deducted from the relevant costs to be compensated in the same period.
Grants relating to property, plant and equipment are included in non-current liabilities as deferred
government grants and are credited to profit or loss on a straight-line basis over the expected lives of
the related assets.
Subsidies are recognized as a reduction in Employee benefit expenses over time.
The Group treats the benefit of a government loan at a below-market rate of interest as a government
grant, even where there are no conditions specifically relating to the operating activities of the Group
other than the requirement to operate in a certain region or sector. The grant is recognized in profit or
loss systematically over the period in which the related costs are incurred, that is until maturity of the
loan, as a reduction of finance costs.
Government Grants
The Group accounts for income government grants over time. The Group accounts for asset
government grants by deducting the grant amount from the carrying value of the related asset.
For grant programs, this requires the Group to estimate the services/actions performed to date
as a proportion of the total services or actions to be performed. For further considerations and
assumptions with regard to the critical accounting estimate in relation to government grants,
see note 2.21.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-383": { "value": "
2.22\u00a0 Leases
The Group leases various offices and a vehicle. Short-term leases (less than 12 months) or low-value
leases (less than EUR 5,000) are expensed in profit or loss as incurred. Lease contracts are generally
entered into for fixed periods of 3 to 10 years but may have extension options. Lease terms are
negotiated on an individual basis and contain a wide range of different terms and conditions. The
lease agreements do not impose any covenants other than the security deposits in the leased assets
that are held by the lessor. Leased assets may not be used as security for borrowing purposes.
Management considers extension options and the reasonable certainty with which such options might
be exercised in determining the non-cancellable lease period over which the value of the lease
liability and related right-of-use asset is to be calculated. Management reassesses extension options
on an annual basis and revises the lease terms accordingly.
Contracts may contain both lease and non-lease components. The consideration in the contract is
allocated to the lease and non-lease components based on their relative stand-alone prices.
Leases are recognized as right-of-use asset and a corresponding liability at the date at which the
leased asset is available for use by the Group. Each lease payment is allocated between the lease
liability and finance cost. The finance cost is charged to profit or loss over the lease period so as to
produce a constant periodic rate of interest on the remaining balance of the liability for each period.
Lease Liability
Lease liabilities are initially measured at the net present value of the following lease payments:
\u25a0 fixed payments (including in-substance fixed payments), less any lease incentives receivable;
\u25a0 variable lease payments are based on an index or a rate;
\u25a0 decommissioning costs; and
\u25a0 payments of penalties for terminating the lease, if the lease term reflects the lessee exercising that
option.
The lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be
determined, the lessee's incremental borrowing rate is used, being the rate that the lessee would
have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic
environment with similar terms and conditions.
The Group is exposed to potential future increases in variable lease payments based on an index or
rate, which are not included in the lease liability until they take effect. When adjustments to lease
payments based on an index or rate take effect, the lease liability is reassessed and adjusted against
the right-of-use asset.
Right-of-Use Assets
Right-of-use assets are initially measured at cost comprising the following:
\u25a0 the amount of the initial measurement of the lease liability;
\u25a0 any lease payments made at or before the commencement date less any lease incentives received
\u2013 any initial direct costs; and
\u25a0 onerous contract provisions.
Right-of-use assets are generally depreciated over the shorter of the asset's useful life and the lease
term on a straight-line basis over the remaining term of the lease or over the remaining economic life
of the asset, if this is judged to be shorter than the lease term. If the Group is reasonably certain to
exercise a purchase option, or the ownership of the underlying asset is transferred to the Group at the
end of the lease, the right-of-use asset is depreciated over the underlying asset's useful life.", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-384": { "value": "
2.23\u00a0 Financial Liability
2.23.1\u00a0 Classification
The Group classifies all financial liabilities as subsequently measured at amortized cost, except for
derivatives, which are classified as subsequently measured at fair value through profit or loss.
Financial liabilities are classified as current liabilities unless the Group has the right to defer settlement
of the liability for at least 12 months after the balance sheet date.
Warrants
The Company has issued warrants under financing arrangements. Under the terms of the respective
contracts, such warrants are derivative financial instruments that will be settled by the Company in its
own equity instruments. Where a warrant holder is entitled to anything other than a fixed amount of
ordinary shares in exchange for a fixed amount of cash upon exercise, such warrants are classified as
financial liabilities.
2.23.2\u00a0 Recognition and Measurement
Financial liabilities are initially recognized when the Group becomes a party to the contractual
provision of a financial instrument. They are recognized initially at fair value and, in the case of loans
and borrowings, net of directly attributable transaction costs.
Subsequent to initial recognition of financial liabilities measured at amortized cost, any difference
between the proceeds and redemption value is recognized in profit or loss, using the effective
interest method. Financial liabilities are derecognized when the Group's obligations specified in the
contract expire or are discharged or cancelled.
Derivatives (including warrants) are subsequently measured at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognized in profit
or loss as fair value gains/(losses) on financial instruments.
Where the terms of a financial liability measured at amortized cost are modified, the Group determines
whether the modification results in derecognition; the Group derecognizes a liability when the
modified terms are substantially different, which is typically evidenced when the discounted present
value of the revised cash flows differs by 10% or more from that of the original liability using the
original effective interest rate. If the modification does not result in derecognition, the liability\u2019s
carrying amount is recalculated as the present value of the modified cash flows discounted at the
original effective interest rate, and any resulting gain or loss is recognized immediately in profit or
loss. The liability continues to be accounted for based using the original effective interest rate,
adjusted for any incremental and direct transaction costs related to the modification. If the liability is
derecognized, the original liability is removed and a new liability is recognized at its fair value, with
any difference recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-385": { "value": "
Warrants
The Company has issued warrants under financing arrangements. Under the terms of the respective
contracts, such warrants are derivative financial instruments that will be settled by the Company in its
own equity instruments. Where a warrant holder is entitled to anything other than a fixed amount of
ordinary shares in exchange for a fixed amount of cash upon exercise, such warrants are classified as
financial liabilities.
The financial liability (warrants) are categorized within level 2 of the fair value hierarchy as this is not a
trading instrument.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-387": { "value": "
2.23.2\u00a0 Recognition and Measurement
Financial liabilities are initially recognized when the Group becomes a party to the contractual
provision of a financial instrument. They are recognized initially at fair value and, in the case of loans
and borrowings, net of directly attributable transaction costs.
Subsequent to initial recognition of financial liabilities measured at amortized cost, any difference
between the proceeds and redemption value is recognized in profit or loss, using the effective
interest method. Financial liabilities are derecognized when the Group's obligations specified in the
contract expire or are discharged or cancelled.
Derivatives (including warrants) are subsequently measured at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognized in profit
or loss as fair value gains/(losses) on financial instruments.
Where the terms of a financial liability measured at amortized cost are modified, the Group determines
whether the modification results in derecognition; the Group derecognizes a liability when the
modified terms are substantially different, which is typically evidenced when the discounted present
value of the revised cash flows differs by 10% or more from that of the original liability using the
original effective interest rate. If the modification does not result in derecognition, the liability\u2019s
carrying amount is recalculated as the present value of the modified cash flows discounted at the
original effective interest rate, and any resulting gain or loss is recognized immediately in profit or
loss. The liability continues to be accounted for based using the original effective interest rate,
adjusted for any incremental and direct transaction costs related to the modification. If the liability is
derecognized, the original liability is removed and a new liability is recognized at its fair value, with
any difference recognized in profit or loss.
3.7\u00a0 Fair Value
The Group applies the following hierarchy for determining and disclosing the fair value of the financial
instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is
directly or indirectly observable;
Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is
not observable.
Trade and other receivables, payables to suppliers, and other liabilities due to expire within one year
are measured at amortized cost. The amortized cost is considered to be a reflection of fair value due
to the short duration.
The fair value measurement for borrowings is categorized within level 3 of the fair value hierarchy.
The fair value is determined based on the discounted cash flow method. This interest rate is
calculated using the market interest rate with company specific adjustments.
The financial liability (warrants) are categorized within level 2 of the fair value hierarchy as this is not a
trading instrument.
During the year, there were no transfers of assets and liabilities between level 1 and 2 classification of
the fair value hierarchy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-386": { "value": "
2.23.2\u00a0 Recognition and Measurement
Financial liabilities are initially recognized when the Group becomes a party to the contractual
provision of a financial instrument. They are recognized initially at fair value and, in the case of loans
and borrowings, net of directly attributable transaction costs.
Subsequent to initial recognition of financial liabilities measured at amortized cost, any difference
between the proceeds and redemption value is recognized in profit or loss, using the effective
interest method. Financial liabilities are derecognized when the Group's obligations specified in the
contract expire or are discharged or cancelled.
Derivatives (including warrants) are subsequently measured at fair value through profit or loss at each
reporting date. Gains and losses resulting from the fair value remeasurement are recognized in profit
or loss as fair value gains/(losses) on financial instruments.
Where the terms of a financial liability measured at amortized cost are modified, the Group determines
whether the modification results in derecognition; the Group derecognizes a liability when the
modified terms are substantially different, which is typically evidenced when the discounted present
value of the revised cash flows differs by 10% or more from that of the original liability using the
original effective interest rate. If the modification does not result in derecognition, the liability\u2019s
carrying amount is recalculated as the present value of the modified cash flows discounted at the
original effective interest rate, and any resulting gain or loss is recognized immediately in profit or
loss. The liability continues to be accounted for based using the original effective interest rate,
adjusted for any incremental and direct transaction costs related to the modification. If the liability is
derecognized, the original liability is removed and a new liability is recognized at its fair value, with
any difference recognized in profit or loss.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-388": { "value": "
2.24\u00a0 Borrowing Costs
General and specific borrowing costs that are directly attributable to the acquisition, construction or
production of a qualifying asset are capitalized as part of the cost of the asset. Borrowing costs
include interest expenses calculated as based on the effective interest method as well as interest in
respect of lease liabilities. Borrowing costs include modification gains or loss on borrowings, except
any gains or losses on derecognition. Qualifying assets are assets that necessarily take a substantial
period of time to get ready for their intended use or sale.
The commencement date for capitalization is the date at which both expenditures for the qualifying
asset and borrowing costs are incurred and the activities necessary to prepare the asset for its
intended use have been undertaken. The capitalization of borrowing costs will cease when
substantially all activities necessary to prepare the qualifying asset for its intended use or sale is
complete. An asset is normally ready for its intended use or sale when the physical construction of the
asset is complete even though routine administrative work or minor modifications might still continue.
Management applies judgment in determining whether any activities required post completion of
physical construction constitutes administrative work or minor modifications based on the nature of
these activities and the associated cost in proportion to total cost of acquisition, construction or
production.
Initial recognition of borrowings, including shareholder loans
The Group measures its financial liabilities initially at fair value. In determining fair value, management
is required to determine the market interest rate, which represents the rate that would be charged by
market participants for a similar financial instrument with comparable terms, cash flow profile,
currency, credit risk and maturity. The Group has entered into several lending arrangements as
referenced in notes 17, 18 and 20. Determining such a market rate involves significant judgment,
particularly when the Group enters into financing arrangements include complex terms (such as
issuance of warrants), or are negotiated with a limited number of lenders. The interest rate for most
lending agreements was derived based on the yield on corporate bonds with a similar credit rating,
taking into account certain company-specific adjustments and the fact that such market has limited
liquidity. For the senior debt facilities particularly, an implicit interest rate was determined taking into
account the fair value of warrants issued to the lenders. For shareholder loans, where these are
agreed at a rate of interest that is below the market rate, the resulting difference between the fair
value at initial recognition and the nominal amount received is accounted for in equity as a capital
contribution received from the non-controlling shareholder.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-389": { "value": "
2.25\u00a0 Earnings per Share
Basic earnings per share is calculated by dividing:
\u25a0 The profit/(loss) attributable to owners of the Company
\u25a0 By the weighted average number of ordinary shares outstanding during the year, excluding treasury
shares (note 15 ).
Diluted earnings per share adjusts the figures used in the determination of basic earnings per share to
take into account:
\u25a0 The after-tax effect of interest and other financing costs associated with dilutive potential ordinary
shares
\u25a0 The additional weighted average number of additional ordinary shares that would have been
outstanding assuming the conversion of all dilutive potential ordinary shares", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-390": { "value": "
2.26\u00a0 Cash Flow Statement
The Statement of Cash Flows is presented using the indirect method. Cash flow in foreign currencies
are converted at the exchange rate on the date of the cash flow, or based on the average rate.
Changes in balance sheet items that have not resulted in cash flows such as amortization and
depreciation, deferred taxes, translation differences, leases, fair value changes, share-based
payments, conversions of debt to equity, accounting policy changes, etc., have been eliminated for
the purpose of preparing this statement.
Interest received is included in operating activities. Any interest paid (including interest on lease
liabilities and interest capitalized as borrowing costs) during the year is presented as cash flows from
financing activities.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-391": { "value": "
3.\u00a0 Financial Risk Management
3.1\u00a0 Financial Risk Factors
The Group\u2019s activities expose it to a variety of financial risks: market risk (including currency risk,
interest rate risk and other price risk, credit risk and liquidity risk). The Group\u2019s risk management
program focuses on the unpredictable nature of financial markets and seeks to limit any potential
adverse effects on financial performance.
Risk management is carried out by the central Finance & Accounting department (Group F&A) under
policies approved by the Management Board. Group F&A identifies, evaluates and covers financial
risks in close cooperation with the Group\u2019s operating units. The Management Board provides
principles for overall risk management, as well as written policies covering specific areas such as
foreign-exchange risk, interest rate risk, credit risk, use of non-derivative financial instruments, and
investment of excess liquidity.
3.2\u00a0 Financial Instruments
Non-Current Financial assets as at December 31:
in Euro x 1,000
Notes
2025
2024
Other non-current assets
9
188
189
Non-Current Financial liabilities as at December 31:
in Euro x 1,000
Notes
2025
2024
Borrowings
17
12,806
7,523
Financial liability
20
10,485
\u2014
Shareholder loan
18
27,431
\u2014
TNO License Agreement
16
709
859
Lease liabilities
7
5,269
7,708
Current Financial assets as at December 31:
in Euro x 1,000
Notes
2025
2024
Trade receivables
9
3,557
5,124
Other receivables
9
4,897
8,866
Cash and cash equivalents
10
57,466
23,898
Current Financial liabilities as at December 31:
in Euro x 1,000
Notes
2025
2024
Borrowings
17
105,805
110,511
Financial liability
20
\u2014
7,593
Shareholder loan
18
\u2014
13,436
Lease liabilities
7
3,262
2,409
Trade payables
16
15,612
14,767
Other liabilities
16
9,686
13,309
All financial assets and liabilities are classified as measured at amortized cost, except for the financial
liability related to the warrants, which is classified as measured at fair value through profit or loss.
The carrying amounts of financial assets and current financial liabilities are assumed to approximate
their fair values due to their short-term nature. Also refer to note 16 for an overview of trade and other
payables. Refer to note 17 for an overview of the borrowings.
3.3\u00a0 Interest Rate Risk
The most significant interest rate risk for the Company relates to borrowings (refer to note 17).
As at December 31, 2025 the borrowings of the Company consisted of a three-year Debt Financing
Facilities agreement amounting to \u20ac111.0 million (2024: \u20ac105.0 million), the Fonds Nieuwe Doen loan
of \u20ac2.5 million (2024: \u20ac2.5 million) and the Province Groningen loan of \u20ac9.9 million (2024: \u20ac0 million).
The interest payable under the Debt Financing Facilities agreement is variable and based on
EURIBOR. The accrued cash and PIK interest expense at December 31, 2025 amounted to \u20ac10.7
million (2024: \u20ac9.4 million).
Interest rate risk is the risk that changes in the market interest rates affect the fair value or cash flows
of a financial instrument. If market interest rates had been 50 basis points higher on average during
2025, with all other variables held constant, the capitalized interest for the year would have been
\u20ac0.6 million higher (2024: \u20ac0.6 million). The opposite applies in the case of a 50 basis points
decrease in the interest rates. There was no impact on equity due to interest rate risk.
3.4\u00a0 Currency Risk
The Group operates internationally and is exposed to foreign exchange risk primarily in relation to the
US dollar. Foreign exchange risk arises from future commercial transactions, recognized assets and
liabilities. Management has set up a policy that requires Group companies to manage their foreign
exchange risk against their functional currency. The Group companies are required to close
commercial transactions in euros. Certain US-based customers negotiate US-dollar contracts. There
are a limited number of these contracts, and the group companies can only close these with
management\u2019s written approval. The Group\u2019s operations are therefore not subject to significant
foreign exchange rate risks.
The Group does not have receivables or payables in foreign currencies in excess of \u20ac0.1 million
(2024: \u20ac0.1 million).
Exchange rates:
Currency (from EUR):
Average rate for 2025 financial year
Closing rate as at December 31, 2025
CHF
0.94
0.93
CNY
8.08
8.23
GBP
0.85
0.87
JPY
170.41
183.71
NOK
11.68
11.82
USD
1.13
1.18
Currency (from EUR):
Average rate for 2024 financial year
Closing rate as at December 31, 2024
CHF
0.95
0.94
CNY
7.84
7.59
GBP
0.85
0.83
JPY
163.74
162.69
NOK
11.52
11.79
USD
1.10
1.04
The average exchange rates presented in the table represent the quarterly averages based on
publicly available market data.
3.5\u00a0 Credit Risk
Credit risk is managed on a Group basis. The Group does have a significant concentration of credit
risk. On December 31, 2025, the largest single client exposure consisted of 37% (2024: 41%) of the
outstanding trade receivables, having received the amount in January 2026. The Group's customers
are subject to creditworthiness tests. Sales are subject to payment conditions varying between
payments in advance and 30 days after invoice date. For certain projects, deviations to this rule may
apply only after approval of Group F&A, in which case additional security, including guarantees and
documentary credits, may be required. Management does not expect any losses from non-
performance by its clients nor from concentration of this risk.
In 2025, \u20ac0 (2024: \u20ac0 million) of trade or other receivables was written off; \u20ac0.3 million (2024: \u20ac2.0
million) was past due, of which 85% had been paid before January 31, 2026 (as at January 31, 2025:
62%).
Trade and other receivables past due as at December 31, were as follows:
in Euro x 1,000
2025
2024
Less than 3 months past due
290
1,119
Between 3 and 6 months past due
16
812
More than 6 months past due
2
59
308
1,990
The Group determines any significant increase in credit risk since initial recognition in accordance
with the aging profile of receivables (typically when a contractual payment is more than 30 days past
due, which is also considered to be a default). Expected credit losses on trade receivables are
recognized based on the simplified approach within IFRS 9, measuring expected credit losses based
on the lifetime expected loss allowance for all trade receivables and contract assets. This is
determined in accordance with the aging profile of receivables.
At year end 2025, management has applied the following rates for the calculation of the allowance for
expected credit losses:
Aging bucket
2025
2024
0 - 30 days post due
1%
2%
31 - 90 days post due
7%
9%
> 91 days post due
\u2014%
30%
Management monitors any extended default (instances where a debtor continues to not meet its
payment obligations) and determines on an individual basis whether such receivables are considered
credit-impaired. Trade receivables and contract assets are written off where there is no reasonable
expectation of recovery. Indicators that there is no reasonable expectation of recovery include,
amongst others, the failure of a customer to engage in a repayment plan with the group, and a failure
to make contractual payment for a period of greater than 6 months past due. Management has
recognized an allowance for expected credit losses of \u20ac0.1 million (2024: \u20ac0.2 million) on the trade
receivables as at December 31, 2025.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial asset mentioned above. The Group does not hold any collateral as security. The long-term
credit ratings of banks used by the Group, as at December 31, 2025 at Moody\u2019s and S&P
subsequently, are as follows. Group funds are held at Rabobank with a long-term credit rating of Aa2
and A+, ABN AMRO Bank with a long-term credit rating of between Aa3 and A, and at ING Bank with a
long-term credit rating between A1 and A+.
3.6\u00a0 Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the
availability of funding through an adequate amount of committed credit facilities and the ability to
close out market positions.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the
remaining period at the balance sheet to the contractual maturity. The amounts disclosed in the table
are the contractual cash flows for continuing operations. The specific time buckets are not mandated
by the standard but are based on a choice of management. The tables includes only the principal
cash flows:
As at December 31, 2025:
in Euro x 1,000
Less than 1
year
Between 1
and 2 years
Between 2
and 5 year
Over 5 years
Total
Borrowings
(124,781)
\u2014
(19,469)
(2,093)
(146,343)
Shareholder loan
\u2014
\u2014
(37,189)
\u2014
(37,189)
Interest payable
(5,700)
\u2014
\u2014
\u2014
(5,700)
Lease liabilities
(3,614)
(2,496)
(2,369)
(1,140)
(9,619)
Financial liability
\u2014
\u2014
(10,485)
\u2014
(10,485)
Trade payables
(15,612)
\u2014
\u2014
\u2014
(15,612)
Other current liabilities
(9,686)
\u2014
\u2014
\u2014
(9,686)
Other non-current liabilities
(125)
(100)
(300)
(400)
(925)
(159,518)
(2,597)
(69,812)
(3,633)
(235,560)
As at December 31, 2024:
in Euro x 1,000
Less than 1
year
Between 1
and 2 years
Between 2
and 5 year
Over 5 years
Total
Borrowings
(114,384)
(2,500)
(5,998)
\u2014
(122,882)
Shareholder loan
(13,877)
\u2014
\u2014
\u2014
(13,877)
Interest payable
(2,124)
(10)
\u2014
\u2014
(2,134)
Lease liabilities
(2,893)
(3,234)
(4,476)
(1,196)
(11,799)
Financial liability
(7,593)
\u2014
\u2014
\u2014
(7,593)
Trade payables
(14,767)
\u2014
\u2014
\u2014
(14,767)
Other current liabilities
(13,309)
\u2014
\u2014
\u2014
(13,309)
Other non-current liabilities
(100)
(100)
(300)
(500)
(1,000)
(169,047)
(5,844)
(10,774)
(1,696)
(187,361)
The line \"Borrowings\" includes capital repayments and payment in kind interest. Cash interest payable
until maturity is included on the line \"Interest payable\".
\"\"
3.7\u00a0 Fair Value
The Group applies the following hierarchy for determining and disclosing the fair value of the financial
instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is
directly or indirectly observable;
Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is
not observable.
Trade and other receivables, payables to suppliers, and other liabilities due to expire within one year
are measured at amortized cost. The amortized cost is considered to be a reflection of fair value due
to the short duration.
The fair value measurement for borrowings is categorized within level 3 of the fair value hierarchy.
The fair value is determined based on the discounted cash flow method. This interest rate is
calculated using the market interest rate with company specific adjustments.
The financial liability (warrants) are categorized within level 2 of the fair value hierarchy as this is not a
trading instrument.
During the year, there were no transfers of assets and liabilities between level 1 and 2 classification of
the fair value hierarchy.
3.8\u00a0 Capital Management
The Group\u2019s objective when managing capital is to safeguard its ability to continue as a going
concern (also refer to 2.1.1) in order to provide returns for shareholders and benefits for other
stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. To maintain
or adjust the capital structure, the Group monitors capital on the basis of its adjusted solvency ratio.
This ratio is calculated as adjusted equity divided by the adjusted balance sheet total.
The adjusted equity is calculated as equity:
\u25a0 Minus the intangible assets, participating interests and receivables from shareholders
The adjusted balance sheet total is calculated as total assets:
\u25a0 Minus the intangible assets, participating interest, receivables from shareholders and shares held in
the own Company
The adjusted solvency ratios as at December 31, were as follows:
in Euro x 1,000
2025
2024
Equity attributable to owners of the parent
152,519
95,854
Intangible assets
(2,942)
(3,271)
Adjusted equity total
149,577
92,583
Total assets
356,168
288,625
Intangible assets
(2,942)
(3,271)
Adjusted balance sheet total 1
353,257
285,354
Adjusted solvency ratio
42%
32%
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-392": { "value": "
3.5\u00a0 Credit Risk
Credit risk is managed on a Group basis. The Group does have a significant concentration of credit
risk. On December 31, 2025, the largest single client exposure consisted of 37% (2024: 41%) of the
outstanding trade receivables, having received the amount in January 2026. The Group's customers
are subject to creditworthiness tests. Sales are subject to payment conditions varying between
payments in advance and 30 days after invoice date. For certain projects, deviations to this rule may
apply only after approval of Group F&A, in which case additional security, including guarantees and
documentary credits, may be required. Management does not expect any losses from non-
performance by its clients nor from concentration of this risk.
In 2025, \u20ac0 (2024: \u20ac0 million) of trade or other receivables was written off; \u20ac0.3 million (2024: \u20ac2.0
million) was past due, of which 85% had been paid before January 31, 2026 (as at January 31, 2025:
62%).
Trade and other receivables past due as at December 31, were as follows:
in Euro x 1,000
2025
2024
Less than 3 months past due
290
1,119
Between 3 and 6 months past due
16
812
More than 6 months past due
2
59
308
1,990
The Group determines any significant increase in credit risk since initial recognition in accordance
with the aging profile of receivables (typically when a contractual payment is more than 30 days past
due, which is also considered to be a default). Expected credit losses on trade receivables are
recognized based on the simplified approach within IFRS 9, measuring expected credit losses based
on the lifetime expected loss allowance for all trade receivables and contract assets. This is
determined in accordance with the aging profile of receivables.
At year end 2025, management has applied the following rates for the calculation of the allowance for
expected credit losses:
Aging bucket
2025
2024
0 - 30 days post due
1%
2%
31 - 90 days post due
7%
9%
> 91 days post due
\u2014%
30%
Management monitors any extended default (instances where a debtor continues to not meet its
payment obligations) and determines on an individual basis whether such receivables are considered
credit-impaired. Trade receivables and contract assets are written off where there is no reasonable
expectation of recovery. Indicators that there is no reasonable expectation of recovery include,
amongst others, the failure of a customer to engage in a repayment plan with the group, and a failure
to make contractual payment for a period of greater than 6 months past due. Management has
recognized an allowance for expected credit losses of \u20ac0.1 million (2024: \u20ac0.2 million) on the trade
receivables as at December 31, 2025.
The maximum exposure to credit risk at the reporting date is the carrying value of each class of
financial asset mentioned above. The Group does not hold any collateral as security. The long-term
credit ratings of banks used by the Group, as at December 31, 2025 at Moody\u2019s and S&P
subsequently, are as follows. Group funds are held at Rabobank with a long-term credit rating of Aa2
and A+, ABN AMRO Bank with a long-term credit rating of between Aa3 and A, and at ING Bank with a
long-term credit rating between A1 and A+.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-393": { "value": "
3.6\u00a0 Liquidity Risk
Prudent liquidity risk management implies maintaining sufficient cash and marketable securities, the
availability of funding through an adequate amount of committed credit facilities and the ability to
close out market positions.
The table below analyses the Group\u2019s financial liabilities into relevant maturity groupings based on the
remaining period at the balance sheet to the contractual maturity. The amounts disclosed in the table
are the contractual cash flows for continuing operations. The specific time buckets are not mandated
by the standard but are based on a choice of management. The tables includes only the principal
cash flows:
As at December 31, 2025:
in Euro x 1,000
Less than 1
year
Between 1
and 2 years
Between 2
and 5 year
Over 5 years
Total
Borrowings
(124,781)
\u2014
(19,469)
(2,093)
(146,343)
Shareholder loan
\u2014
\u2014
(37,189)
\u2014
(37,189)
Interest payable
(5,700)
\u2014
\u2014
\u2014
(5,700)
Lease liabilities
(3,614)
(2,496)
(2,369)
(1,140)
(9,619)
Financial liability
\u2014
\u2014
(10,485)
\u2014
(10,485)
Trade payables
(15,612)
\u2014
\u2014
\u2014
(15,612)
Other current liabilities
(9,686)
\u2014
\u2014
\u2014
(9,686)
Other non-current liabilities
(125)
(100)
(300)
(400)
(925)
(159,518)
(2,597)
(69,812)
(3,633)
(235,560)
As at December 31, 2024:
in Euro x 1,000
Less than 1
year
Between 1
and 2 years
Between 2
and 5 year
Over 5 years
Total
Borrowings
(114,384)
(2,500)
(5,998)
\u2014
(122,882)
Shareholder loan
(13,877)
\u2014
\u2014
\u2014
(13,877)
Interest payable
(2,124)
(10)
\u2014
\u2014
(2,134)
Lease liabilities
(2,893)
(3,234)
(4,476)
(1,196)
(11,799)
Financial liability
(7,593)
\u2014
\u2014
\u2014
(7,593)
Trade payables
(14,767)
\u2014
\u2014
\u2014
(14,767)
Other current liabilities
(13,309)
\u2014
\u2014
\u2014
(13,309)
Other non-current liabilities
(100)
(100)
(300)
(500)
(1,000)
(169,047)
(5,844)
(10,774)
(1,696)
(187,361)
The line \"Borrowings\" includes capital repayments and payment in kind interest. Cash interest payable
until maturity is included on the line \"Interest payable\".
", "dimensions": { "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-394": { "value": "
3.7\u00a0 Fair Value
The Group applies the following hierarchy for determining and disclosing the fair value of the financial
instruments by valuation technique:
Level 1: Quoted (unadjusted) prices in active markets for identical assets or liabilities;
Level 2: Valuation techniques whereby the lowest-level input as significant for valuation at fair value is
directly or indirectly observable;
Level 3: Valuation techniques whereby the lowest level input as significant for valuation at fair value is
not observable.
Trade and other receivables, payables to suppliers, and other liabilities due to expire within one year
are measured at amortized cost. The amortized cost is considered to be a reflection of fair value due
to the short duration.
The fair value measurement for borrowings is categorized within level 3 of the fair value hierarchy.
The fair value is determined based on the discounted cash flow method. This interest rate is
calculated using the market interest rate with company specific adjustments.
The financial liability (warrants) are categorized within level 2 of the fair value hierarchy as this is not a
trading instrument.
During the year, there were no transfers of assets and liabilities between level 1 and 2 classification of
the fair value hierarchy.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-395": { "value": "
3.8\u00a0 Capital Management
The Group\u2019s objective when managing capital is to safeguard its ability to continue as a going
concern (also refer to 2.1.1) in order to provide returns for shareholders and benefits for other
stakeholders, and to maintain an optimal capital structure to reduce the cost of capital. To maintain
or adjust the capital structure, the Group monitors capital on the basis of its adjusted solvency ratio.
This ratio is calculated as adjusted equity divided by the adjusted balance sheet total.
The adjusted equity is calculated as equity:
\u25a0 Minus the intangible assets, participating interests and receivables from shareholders
The adjusted balance sheet total is calculated as total assets:
\u25a0 Minus the intangible assets, participating interest, receivables from shareholders and shares held in
the own Company
The adjusted solvency ratios as at December 31, were as follows:
in Euro x 1,000
2025
2024
Equity attributable to owners of the parent
152,519
95,854
Intangible assets
(2,942)
(3,271)
Adjusted equity total
149,577
92,583
Total assets
356,168
288,625
Intangible assets
(2,942)
(3,271)
Adjusted balance sheet total 1
353,257
285,354
Adjusted solvency ratio
42%
32%
", "dimensions": { "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-396": { "value": "
Share-based Payments
Share options granted to employees are measured at the fair value of the options granted (indirect
method of measurement). For the Company\u2019s share option plan, management\u2019s judgment is that the
Black-Scholes valuation method is most appropriate for determining fair values. The assumptions and
estimates used in the valuation are further discussed in note 14 to the Consolidated Financial
Statements.
The result of the share option valuations and the related compensation expense is dependent on the
model and input parameters used. Even though management considers the fair values reasonable
and defensible based on the methodologies applied and the information available, others might
derive at a different fair value for the options granted under the Company\u2019s share option plan.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-397": { "value": "
Research and Development Expenditures
The project stage forms the basis in the decision of whether costs made for the Group\u2019s product
development programs should be capitalized or not. Management judgment is required in
determining when the Group should start capitalizing development costs as intangible assets.
Management determined that for a system, commercial feasibility is, in general, probable when the
Group has built a successful prototype and has interested customers for the commercial product.
Management determined that for product development, (refer to note 2.6) commercial feasibility is, in
general, probable when the Group has successfully completed essential testing phases and is in a
late stage of discussions with potential partners for commercialization opportunities.
The estimates and assumptions that could have a significant risk of causing a material adjustment to
the carrying amounts of assets and liabilities within the next financial year are addressed below.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-398": { "value": "
Initial recognition of borrowings, including shareholder loans
The Group measures its financial liabilities initially at fair value. In determining fair value, management
is required to determine the market interest rate, which represents the rate that would be charged by
market participants for a similar financial instrument with comparable terms, cash flow profile,
currency, credit risk and maturity. The Group has entered into several lending arrangements as
referenced in notes 17, 18 and 20. Determining such a market rate involves significant judgment,
particularly when the Group enters into financing arrangements include complex terms (such as
issuance of warrants), or are negotiated with a limited number of lenders. The interest rate for most
lending agreements was derived based on the yield on corporate bonds with a similar credit rating,
taking into account certain company-specific adjustments and the fact that such market has limited
liquidity. For the senior debt facilities particularly, an implicit interest rate was determined taking into
account the fair value of warrants issued to the lenders. For shareholder loans, where these are
agreed at a rate of interest that is below the market rate, the resulting difference between the fair
value at initial recognition and the nominal amount received is accounted for in equity as a capital
contribution received from the non-controlling shareholder.
", "dimensions": { "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-399": { "value": "2\u00a0 In the Statement of Cash flows the additions paid in 2025 amounted to \u20ac20.7 million. To reconcile this to the additions above of \u20ac45.1 million (additions and borrowing cost) the following needs to be excluded: the additions reduction of\u00a0 \u20ac1.3 million invoice
accruals,\u00a0 \u20ac0.2 million capitalized estimated decommissioning costs reduction\u00a0 (see note 19), non-cash borrowing cost\u00a0 as mentioned below of \u20ac20.5 million, and prior year borrowing cost correction of \u20ac2.5 million.
3\u00a0 The borrowing cost includes non-cash borrowing costs amounting to \u20ac20.5 million (2024: \u20ac12.0 million) and cash borrowing cost paid of \u20ac10.0 million (2024: \u20ac7.6 million).
5.\u00a0 Property, Plant and Equipment
in Euro x 1,000
Leasehold improvements
Laboratory equipment
Hardware
Office furniture and equipment
Construction in progress
Total
At January 1, 2024
Cost
17,540
34,624
3,424
2,192
159,506
217,286
Accumulated depreciation
(15,655)
(32,242)
(3,123)
(2,145)
\u2014
(53,166)
Net book amount
1,885
2,382
301
47
159,506
164,121
Year ended December 31, 2024
Opening net book amount
1,885
2,382
301
47
159,506
164,121
Additions
22
(10)
49
\u2014
53,645
53,706
Borrowing costs
\u2014
\u2014
\u2014
\u2014
19,538
19,538
Transfers
123
2,297
10
\u2014
(2,430)
\u2014
Impairment losses
\u2014
(26)
(1)
\u2014
\u2014
(27)
Depreciation
(536)
(1,739)
(105)
(15)
\u2014
(2,395)
Reclassification from asset held for sale - book value
\u2014
\u2014
28
\u2014
\u2014
28
Closing net book amount
1,494
2,904
282
32
230,259
234,971
At December 31, 2024
Cost
17,685
36,885
3,483
2,192
230,259
290,503
Accumulated depreciation
(16,191)
(33,981)
(3,201)
(2,160)
\u2014
(55,532)
Net book amount
1,494
2,904
282
32
230,259
234,971
Year ended December 31, 2025
Opening net book amount
1,494
2,904
282
32
230,259
234,971
Additions
48
474
41
\u2014
17,797
18,360 2
Borrowing costs incurred in prior year
\u2014
\u2014
\u2014
\u2014
2,523
2,523
Borrowing costs
\u2014
\u2014
\u2014
\u2014
24,187
24,187 3
Transfers
147
157
18
\u2014
(322)
\u2014
Impairment losses
(2,450)
(369)
(2)
\u2014
\u2014
(2,821)
Depreciation
(420)
(772)
(107)
(14)
\u2014
(1,313)
Reclassification from asset held for sale - cost
8,937
868
6
\u2014
\u2014
9,811
Reclassification from asset held for sale - accumulated depreciation
(6,487)
(458)
(2)
\u2014
\u2014
(6,947)
Closing net book amount
1,269
2,804
236
18
274,444
278,771
At December 31, 2025
Cost
24,367
38,015
3,546
2,192
274,444
342,564
Accumulated depreciation
(23,098)
(35,211)
(3,310)
(2,174)
\u2014
(63,793)
Net book amount
1,269
2,804
236
18
274,444
278,771
The additions in property, plant and equipment during 2025 predominantly related to investments
made by the Avantium Renewable Polymers segment in the construction of the FDCA Flagship Plant.
The Avantium R&D Solutions segment invested mainly in revenue-generating project machinery.
Capitalized borrowing costs include the interest on leases of the FDCA Flagship Plant, Payment in
Kind Interest, Cash interest, Effective interest, and Agency fees on the Debt Financing facility, interest
on the loans from Fonds Nieuwe Doen, Province Groningen Loan, Convertible Loan, Bridge Loan and
Shareholder Loan, as well as gains and losses on any non-substantial modifications of any of these
borrowings. All of these borrowings are related specifically to the FDCA Flagship Plant. The
capitalized general borrowing costs of 2025 includes borrowing costs incurred in 2024 of \u20ac2.5 million
which should have been capitalized in 2024.
The property, plant and equipment of \u20ac278.8 million are pledged under the Debt Financing Facilities
(refer to note 17).
Impairment Renewable Polymers
At the end of the reporting period, management identified an additional delay of the FDCA Flagship
Plant, with start-up now expected to be completed by mid-2026 and sales under existing offtake
agreements anticipated to begin in the second half of 2026. This is a key development in key
assumptions of Avantium strategic plan and considered a triggering event for impairment. As a result,
management performed an impairment assessment as at December 31, 2025.
In September Avantium initiated and fully implemented a reorganization and cost saving initiative.
The resulting cost savings have been fully incorporated in the 2026 budget and throughout the
forecast period. In October 2024 mechanical completion of the FDCA Flagship Plant was realized.
By December 31, 2025 total CAPEX was at \u20ac280.0 million, which was \u20ac50.0 million higher than the
previously communicated forecast of total CAPEX per December 31, 2024 (\u20ac230.0 million).
Furthermore, the commissioning, testing, and start-up phase is still ongoing and will proceed
expectedly until mid-2026. Sale of commercial products from the plant will commence later than
communicated in the 2024 Full Year Results Press Release and Annual Report per December 31,
2024, and is expected to commence in the second half of 2026.
In line with the IAS 36 guidance, management has identified the following cash generating units
(CGUs) for both internal and external reporting\u00a0 requirements:
\u25a0 Renewable Polymers Group (\"RNP\")
\u25a0 R & D Solutions (\"RDS\")
To assess the need for an impairment, the carrying amount of a CGU is compared to the recoverable
amount of the CGU. The recoverable amount of the CGU is based on the higher of the fair value less
costs of disposal (FVLCD) and value in use (VIU) calculation. VIU is determined by discounting the
future cash flows generated from the continuing use of the CGU using a pre-tax discount rate.
The carrying amount of the CGU of \u20ac264.96 million includes the FDCA Flagship Plant, related leases,
working capital and allocation of the relevant corporate assets.
Following the start-up of the FDCA Flagship Plant, a fundamental driver of the long-term funding of
the Group will be the successful sale of technology licenses for Avantium\u2019s YXY\u00ae Technology that
enables the large-scale production of FDCA and PEF. Without a timely and successful start-up of the
FDCA Flagship Plant, Avantium may not be successful in selling sufficient technology licenses, in a
timely fashion, to secure the necessary liquidity for the Company. As a result, any material delays or
deviations in relation to the sale of technology licenses and their related income would have a
significant negative impact on the Company\u2019s future cash flows and potentially its viability.
In view of the above, and given that the FDCA Flagship Plant is the first of its kind and most future
license sales have yet to occur, management opted for a VIU calculation based on finite forecast
period (i.e. without a terminal value). The VIU is prepared based on the 6 year forecast for the output
of the FDCA Flagship Plant, extrapolated to the end of the life of the FDCA Flagship Plant in 2035 and
the forecasted license income from the expected sale of licenses in the coming 6 years, extrapolated
to the end date of these licenses (which is forecasted to be 2049). The potential sale of licenses after
the 6-year forecast is not taken into consideration.
Key estimates and assumptions:
The key estimates and assumptions in the model are the timing of the start of commercial product
sales, license income expected to be generated through the sale of licenses which include receipt of
milestone payments and actual license revenue from products and the Weighted Average Cost of
Capital (WACC).
Key estimates and assumptions
2025
2024
Timing of the start of commercial
product sales
H2 2026
H2 2025
License income expected to be
generated through the sale of
licenses
The license income from the
licenses to be sold during the first 6
years after the period end\u00a0 and
related future income
The license income from the
licenses to be sold during the first 6
years and related future income
WACC
12%
12%
There are three key developments in applied assumptions compared to the impairment test in the
2024 Annual Report:
\u25a0 An additional delay of the FDCA Flagship Plant, with start-up now expected to be completed by
mid-2026 and sales under existing offtake agreements anticipated to begin in the second half of
2026 (previously expected in H2 2025). This is due to both welding progress and an updated
startup planning, resulting in the delay of 1 year to realize sales, combined with a more conservative
estimation of Raw Materials & Utilities costs.
\u25a0 A revised timeline on licensing projections, driven by the delay in the FDCA Flagship Plant, but
offset by advances in the discussions with prospects. Although all revenues associated with the
Origin Materials license have been removed from the licensing model, reflecting the decision to halt
Origin Materials revenues, additional potential licenses have been added resulting in a 17% increase
in the number of licenses forecasted. Avantium is currently engaged in advanced discussions with
10+ potential licensees, and strives to have 4 license agreements in place by the end of 2027.
While these discussions are at various stages of maturity, no binding license agreements have been
concluded to date.
Pre-tax WACC calculated from the model is 15.0% (2024: 14.9%).
In 2025, no impairment loss was recognized in relation to the trigger-based impairment test.
As part of the impairment test, sensitivity tests were performed to assess the impact in changes of the
key assumptions:
\u25a0 Sale of commercial product: a 6-month delay would result in the VIU to be at the same level as the
carrying value;
\u25a0 Timing of license income: if all licenses were shifted by 6 months, this would result in the VIU to be
at the same level as the carrying value;
\u25a0 License income: a reduction in the cumulative license income until 2049 of 7% would result in the
VIU to be at the same level as the carrying value;
\u25a0 WACC: in case of a change of 1.2% (i.e. 13.2% post-tax WACC / 16.2% pre-tax WACC), the VIU would
be at the same level as the carrying value
The recoverable amount of the CGU is significantly dependent on the success of the future licensing
business and thereby any significant deviations and/or delays in the timing of the start of commercial
product sales or the license income expected to be generated through the sale of licenses will have a
material impact on this valuation.
Impairment of Ray Technology\u00ae pilot plant
In 2025, management concluded that the Ray Technology\u00ae pilot plant (refer to note 11) will no longer
be used in the Company\u2019s operations and will not generate future economic benefits. As no active
market exists for the assets and scrap value is negligible, the pilot plant was fully impaired during the
year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-400": { "value": "
Impairment Renewable Polymers
At the end of the reporting period, management identified an additional delay of the FDCA Flagship
Plant, with start-up now expected to be completed by mid-2026 and sales under existing offtake
agreements anticipated to begin in the second half of 2026. This is a key development in key
assumptions of Avantium strategic plan and considered a triggering event for impairment. As a result,
management performed an impairment assessment as at December 31, 2025.
In September Avantium initiated and fully implemented a reorganization and cost saving initiative.
The resulting cost savings have been fully incorporated in the 2026 budget and throughout the
forecast period. In October 2024 mechanical completion of the FDCA Flagship Plant was realized.
By December 31, 2025 total CAPEX was at \u20ac280.0 million, which was \u20ac50.0 million higher than the
previously communicated forecast of total CAPEX per December 31, 2024 (\u20ac230.0 million).
Furthermore, the commissioning, testing, and start-up phase is still ongoing and will proceed
expectedly until mid-2026. Sale of commercial products from the plant will commence later than
communicated in the 2024 Full Year Results Press Release and Annual Report per December 31,
2024, and is expected to commence in the second half of 2026.
In line with the IAS 36 guidance, management has identified the following cash generating units
(CGUs) for both internal and external reporting\u00a0 requirements:
\u25a0 Renewable Polymers Group (\"RNP\")
\u25a0 R & D Solutions (\"RDS\")
To assess the need for an impairment, the carrying amount of a CGU is compared to the recoverable
amount of the CGU. The recoverable amount of the CGU is based on the higher of the fair value less
costs of disposal (FVLCD) and value in use (VIU) calculation. VIU is determined by discounting the
future cash flows generated from the continuing use of the CGU using a pre-tax discount rate.
The carrying amount of the CGU of \u20ac264.96 million includes the FDCA Flagship Plant, related leases,
working capital and allocation of the relevant corporate assets.
Following the start-up of the FDCA Flagship Plant, a fundamental driver of the long-term funding of
the Group will be the successful sale of technology licenses for Avantium\u2019s YXY\u00ae Technology that
enables the large-scale production of FDCA and PEF. Without a timely and successful start-up of the
FDCA Flagship Plant, Avantium may not be successful in selling sufficient technology licenses, in a
timely fashion, to secure the necessary liquidity for the Company. As a result, any material delays or
deviations in relation to the sale of technology licenses and their related income would have a
significant negative impact on the Company\u2019s future cash flows and potentially its viability.
In view of the above, and given that the FDCA Flagship Plant is the first of its kind and most future
license sales have yet to occur, management opted for a VIU calculation based on finite forecast
period (i.e. without a terminal value). The VIU is prepared based on the 6 year forecast for the output
of the FDCA Flagship Plant, extrapolated to the end of the life of the FDCA Flagship Plant in 2035 and
the forecasted license income from the expected sale of licenses in the coming 6 years, extrapolated
to the end date of these licenses (which is forecasted to be 2049). The potential sale of licenses after
the 6-year forecast is not taken into consideration.
Key estimates and assumptions:
The key estimates and assumptions in the model are the timing of the start of commercial product
sales, license income expected to be generated through the sale of licenses which include receipt of
milestone payments and actual license revenue from products and the Weighted Average Cost of
Capital (WACC).
Key estimates and assumptions
2025
2024
Timing of the start of commercial
product sales
H2 2026
H2 2025
License income expected to be
generated through the sale of
licenses
The license income from the
licenses to be sold during the first 6
years after the period end\u00a0 and
related future income
The license income from the
licenses to be sold during the first 6
years and related future income
WACC
12%
12%
There are three key developments in applied assumptions compared to the impairment test in the
2024 Annual Report:
\u25a0 An additional delay of the FDCA Flagship Plant, with start-up now expected to be completed by
mid-2026 and sales under existing offtake agreements anticipated to begin in the second half of
2026 (previously expected in H2 2025). This is due to both welding progress and an updated
startup planning, resulting in the delay of 1 year to realize sales, combined with a more conservative
estimation of Raw Materials & Utilities costs.
\u25a0 A revised timeline on licensing projections, driven by the delay in the FDCA Flagship Plant, but
offset by advances in the discussions with prospects. Although all revenues associated with the
Origin Materials license have been removed from the licensing model, reflecting the decision to halt
Origin Materials revenues, additional potential licenses have been added resulting in a 17% increase
in the number of licenses forecasted. Avantium is currently engaged in advanced discussions with
10+ potential licensees, and strives to have 4 license agreements in place by the end of 2027.
While these discussions are at various stages of maturity, no binding license agreements have been
concluded to date.
Pre-tax WACC calculated from the model is 15.0% (2024: 14.9%).
In 2025, no impairment loss was recognized in relation to the trigger-based impairment test.
As part of the impairment test, sensitivity tests were performed to assess the impact in changes of the
key assumptions:
\u25a0 Sale of commercial product: a 6-month delay would result in the VIU to be at the same level as the
carrying value;
\u25a0 Timing of license income: if all licenses were shifted by 6 months, this would result in the VIU to be
at the same level as the carrying value;
\u25a0 License income: a reduction in the cumulative license income until 2049 of 7% would result in the
VIU to be at the same level as the carrying value;
\u25a0 WACC: in case of a change of 1.2% (i.e. 13.2% post-tax WACC / 16.2% pre-tax WACC), the VIU would
be at the same level as the carrying value
The recoverable amount of the CGU is significantly dependent on the success of the future licensing
business and thereby any significant deviations and/or delays in the timing of the start of commercial
product sales or the license income expected to be generated through the sale of licenses will have a
material impact on this valuation.
Impairment of Ray Technology\u00ae pilot plant
In 2025, management concluded that the Ray Technology\u00ae pilot plant (refer to note 11) will no longer
be used in the Company\u2019s operations and will not generate future economic benefits. As no active
market exists for the assets and scrap value is negligible, the pilot plant was fully impaired during the
year.
Trade receivables and contract assets are written off where there is no reasonable expectation of
recovery. The Company assessed the trade receivables balance as at December 31, 2025, including
an allowance for expected credit losses of \u20ac0.1 million (2024: \u20ac0.2 million) (refer to note 3.1).
The carrying amounts of these financial assets are assumed to approximate their fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-401": { "value": "
6.\u00a0 Intangible Assets
in Euro x 1,000
Development costs
Software
Intellectual Property
License rights
Other
Total
At January 1, 2024
Cost
2,159
7,715
433
1,326
1,138
12,771
Accumulated amortization and impairment losses
(2,159)
(7,301)
\u2014
\u2014
(987)
(10,447)
Net book amount
\u2014
413
433
1,326
151
2,323
Year ended December 31, 2024
Opening net book amount
\u2014
413
433
1,326
151
2,323
Additions
\u2014
\u2014
\u2014
841
337
1,178
Amortization
\u2014
(173)
\u2014
(57)
\u2014
(230)
Closing net book amount
\u2014
240
433
2,110
488
3,271
At December 31, 2024
Cost
2,159
7,715
433
2,167
1,475
13,948
Accumulated amortization and impairment losses
(2,159)
(7,475)
\u2014
(57)
(987)
(10,678)
Net book amount
\u2014
240
433
2,110
488
3,271
Y
e
a
r
e
n
d
e
d
3
1
D
e
c
e
m
b
e
r
2
0
2
4
Year ended December 31, 2025
Opening net book amount
\u2014
240
433
2,110
488
3,271
Additions
\u2014
\u2014
\u2014
\u2014
12
12 4
Disposals acquisition cost
\u2014
\u2014
\u2014
\u2014
(987)
(987)
Disposals accumulated amortization
\u2014
\u2014
\u2014
\u2014
987
987
Transfers
\u2014
415
\u2014
26
(441)
\u2014
Impairment
\u2014
(10)
\u2014
\u2014
\u2014
(10)
Amortization
\u2014
(251)
\u2014
(91)
\u2014
(342)
Reclassification from asset held for sale - cost
\u2014
34
\u2014
\u2014
\u2014
34
Reclassification from asset held for sale - accumulated
amortization
\u2014
(23)
\u2014
\u2014
\u2014
(23)
Closing net book amount
\u2014
405
433
2,045
59
2,942
At December 31, 2025
Cost
2,159
8,154
433
2,192
59
12,997
Accumulated amortization and impairment losses
(2,159)
(7,749)
\u2014
(147)
\u2014
(10,055)
Net book amount
\u2014
405
433
2,045
59
2,942
The Intellectual Property of \u20ac0.4 million is pledged under the Debt Financing Facilities (refer to note 17).
Development Costs
The development costs consist of the development and prototype expenses of the Flowrence \u00ae
system and are all fully amortized.
Research expenditures recognized as an expense in profit or loss amounted to \u20ac0.2 million (2024:
\u20ac1.2 million) and mainly constitute of early stage research trials.
Software and Other Intangibles
Software mainly comprises purchased general laboratory and office-related software.
Other intangibles are the in-kind contribution of a shareholder relating to software at the foundation of
the Group and compensation paid to a third party to exclusively use parts of their technology, as well
as software being developed.
Intellectual Property
Following the Liquid Light acquisition in 2016, the Company records intellectual property (patent
portfolio acquired) on its consolidated balance sheet, which will subsequently be lowered with
accumulated amortization the following years, when the technology on which the intellectual property
is filed, is ready to deploy commercially. As at December 31, 2025, the recoverable amount of the
intellectual property exceeds the carrying amount.
License Rights
The license rights consists of the licenses acquired for technologies not owned or developed by the
Company. Included in the license rights is the Eastman license acquired by Avantium Renewable
Polymers during 2021. As part of the license agreement, royalty fees will be payable to Eastman.
The fees will equal to $20 USD per metric ton of Licensed Products produced from the FDCA
Flagship Plant. The commencement of the operations will be in 2026. Avantium may decide how it
proposes to settle the royalty fees. The foregoing running royalty will be payable by the Company in
cash or in shares of Avantium N.V. (in equivalent value) on a semi-annual basis for the first two years
of operation of the FDCA Flagship Plant, after which all such payments will be paid in cash.
Effective April 2024, Avantium Chemicals B.V. has entered into a non-transferrable, exclusive, non-
sublicensable license with Nederlandse Organisatie voor toegepast-natuurwetenschappelijk
onderzoek TNO. The license provides Avantium Chemicals B.V. with the right to manufacture, sell,
market and further develop Proton Exchange Membrane (PEM) electrolyzer test units. The initial
agreement is valid for a period of seven years, with a possible extension of another three years.
Avantium has obtained the license in exchange for a fixed consideration of \u20ac 100,000 per year and
variable consideration in the form of royalties when Avantium realizes future sales under this license.
A liability was recognized for the fixed consideration (refer to note 16), and any variable consideration
payable is recognized in profit or loss as and when incurred. An intangible asset has been recognized
for the License obtained under the agreement", "dimensions": { "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-402": { "value": "
Development Costs
The development costs consist of the development and prototype expenses of the Flowrence \u00ae
system and are all fully amortized.
Research expenditures recognized as an expense in profit or loss amounted to \u20ac0.2 million (2024:
\u20ac1.2 million) and mainly constitute of early stage research trials.
", "dimensions": { "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-403": { "value": "
7.\u00a0 Leases
This note provides information for leases where the Group is a lessee.
Amounts Recognized in the Statement of Financial Position
The balance sheet shows the following amounts relating to leases:
in Euro x 1,000
December 31, 2025
December 31, 2024
Properties
6,157
7,819
Motor vehicles
\u2014
1
Total right-of-use assets
6,157
7,820
in Euro x 1,000
December 31, 2025
December 31, 2024
Non-current lease liabilities
5,269
7,708
Current lease liabilities
3,262
2,409
Total lease liabilities
8,531
10,117
Movement schedule for the right-of-use assets
in Euro x 1,000
2025
2024
Balance at January 1
7,820
8,090
New lease contracts
\u2014
2,023
Depreciation
(2,483)
(2,578)
Modifications
820
286
Balance at December 31
6,157
7,820
Movement schedule for the lease liability
in Euro x 1,000
2025
2024
Balance at January 1
10,117
9,616
New lease contracts
\u2014
1,771
Repayment of lease liabilities
(2,563)
(2,405)
Modifications
978
286
Reclassification (to)/from liabilities associated with asset held for sale
\u2014
849
Balance at December 31
8,531
10,117
Additions to the right-of-use assets during 2025 were \u20ac0 (2024: \u20ac2.1 million). The 2024 additions
pertain to lease agreements for temporary offices and laboratory spaces installed at the FDCA
Flagship Plan t.
Amounts Recognized in the Statement of Profit or Loss and Comprehensive Income
The statement of profit or loss and comprehensive income shows the following amounts relating to
leases:
in Euro x 1,000
2025
2024
Properties
2,480
2,567
Motor vehicles
3
11
Total depreciation charge of right-of-use assets
2,483
2,578
in Euro x 1,000
2025
2024
Interest expense included in finance cost
179
220
Total interest charge on lease liabilities
179
220
Repayment of lease liabilities consists of invoices received of \u20ac3.0 million (2024: \u20ac2.9 million) related
to the period in question less interest charge of \u20ac0.4 million (2024: \u20ac0.5 million).
The cash flow related to principal elements of the lease payments made during the period amounted
to \u20ac2.8 million (2024: \u20ac2.4 million).
Some of the lease agreements contain variable lease elements that are linked to the usage of the
lease, which is not included in the measurement of the lease liability. The variable lease expense for
the year not included in the measurement of the lease liability amounted to \u20ac0.4 million (2024:
\u20ac0.4 million). The short term and low value lease expenses for 2025 amounted to \u20ac0.2 million
(2024: \u20ac0.5 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfLeasesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-404": { "value": "
8.\u00a0 Inventories
in Euro x 1,000
December
31, 2025
December
31, 2024
Raw materials
1,256
1,317
Spare parts
163
\u2014
Total inventories
1,419
1,317
The costs of inventories recognized as an expense and included in raw materials and contract costs,
amounted to \u20ac0.3 million (2024: \u20ac0.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInventoriesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-405": { "value": "
9.\u00a0 Trade and Other Receivables
in Euro x 1,000
December
31, 2025
December
31, 2024
Non-Current
Other non-current assets
188
189
Total other non-current assets
188
189
Current
Trade receivables
3,557
5,124
Less: Allowance for doubtful debts
(63)
(205)
Social security and other taxes
338
1,426
Prepayments
835
459
Contract assets
1,639
3,808
Other receivables
2,919
3,677
Reclassification to asset held for sale
\u2014
(45)
Total current trade and other receivables
9,225
14,244
Total trade and other receivables
9,413
14,433
Other non-current assets of \u20ac0.2 million relate to refundable deposits paid on two leases by Avantium
RNP Flagship B.V. These leases commenced in April 2024 and October 2024 and have been entered
into for terms of 65 and 61 months.
In 2025, \u20ac0 (2024: \u20ac0 million) of trade or other receivables was written off; \u20ac0.3 million (2024: \u20ac2.0
million) was past due, of which 85% had been paid before January 31, 2026 (as at January 31, 2025:
62%).
Trade receivables and contract assets are written off where there is no reasonable expectation of
recovery. The Company assessed the trade receivables balance as at December 31, 2025, including
an allowance for expected credit losses of \u20ac0.1 million (2024: \u20ac0.2 million) (refer to note 3.1).
The carrying amounts of these financial assets are assumed to approximate their fair values.
Trade receivables of \u20ac3.6 million (2024: \u20ac5.1 million) are pledged under the Debt Financing Facilities
Agreement (refer to note 17).
Contract assets relating to systems and services contracts are unbilled revenues, where the Company
has recognized revenue to date in accordance with its progress towards completion of its
performance obligations, however is not yet in the position to bill these revenues to customers as the
invoicing milestone has not yet been reached.
Other receivables primarily comprise funding to be received in relation to government grants where
the Company has already complied with the attached conditions under the specific grant program
amounting to \u20ac2.6 million (2024: \u20ac3.3 million) and deposits held at third parties amounting to \u20ac0.3
million (2024: \u20ac0.3 million).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-406": { "value": "
Trade receivables and contract assets are written off where there is no reasonable expectation of
recovery. The Company assessed the trade receivables balance as at December 31, 2025, including
an allowance for expected credit losses of \u20ac0.1 million (2024: \u20ac0.2 million) (refer to note 3.1).
The carrying amounts of these financial assets are assumed to approximate their fair values.
", "dimensions": { "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-407": { "value": "
10.\u00a0 Cash and Cash Equivalents
in Euro x 1,000
December
31, 2025
December
31, 2024
Cash at bank and on hand
55,834
20,699
Restricted cash
1,632
3,199
Cash and cash equivalents for cash flow purposes
57,466
23,898
The carrying amounts of these financial assets are assumed to approximate their fair values. A
notional cash pool agreement is in place for all Rabobank accounts where balances are netted on a
daily basis. Within the cash pool, there are \u20ac0 overdrafts.
The cash and cash equivalents presented in the Consolidated Statement of Financial Position and
Consolidated Statement of Cash Flows include restricted cash of \u20ac1.6 million (2024: \u20ac3.2 million).
The restricted cash represents short term cash-collateralised guarantee facilities. The guarantee
facilities consists of a facility with Rabobank, which has a maximum capacity of \u20ac3.0 million
(2024: \u20ac3.0 million) and a facility with ABN AMRO with no maximum capacity. Of the utilized capacity,
\u20ac0.9 million (2024: \u20ac2.9 million) relates to Rabobank and \u20ac0.7 million (2024: \u20ac0.3 million) relates to
ABN AMRO.
For further information on commitments issued to third parties, refer to note 30.", "dimensions": { "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-408": { "value": "
The cash and cash equivalents presented in the Consolidated Statement of Financial Position and
Consolidated Statement of Cash Flows include restricted cash of \u20ac1.6 million (2024: \u20ac3.2 million).
The restricted cash represents short term cash-collateralised guarantee facilities. The guarantee
facilities consists of a facility with Rabobank, which has a maximum capacity of \u20ac3.0 million
(2024: \u20ac3.0 million) and a facility with ABN AMRO with no maximum capacity. Of the utilized capacity,
\u20ac0.9 million (2024: \u20ac2.9 million) relates to Rabobank and \u20ac0.7 million (2024: \u20ac0.3 million) relates to
ABN AMRO.", "dimensions": { "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-409": { "value": "
11.\u00a0 Assets Held for Sale
At the end of the 2023 financial year, the Company decided to pause its investments in Ray
Technology\u00ae for the production of plant-based glycols, specifically plantMEG and plantMPG.
As a result, the associated assets and liabilities were reclassified and presented as held for sale.
In September 2024, management reconsidered the strategy in relation to the Ray Technology\u00ae.
As a result, the scope of the sale was reduced from that of a business to purely IP assets and the
related pilot plant, and leased assets were reclassified out of assets held for sale.
As no sale occurred in 2025, at the end of 2025, management shifted its focus solely on the sale of
the IP assets (which are not recognized on the Statement of Financial Position). As a result, the assets
related to the pilot plant were reclassified out of assets held for sale to property, plant and equipment
and tested for impairment. Refer to note 5.
The carrying value of the major classes of assets and liabilities of the disposal group as at December
31, 2025 are as follows:
in Euro x 1,000
December
31, 2025
December
31, 2024
Property, plant and equipment
\u2014
2,861
Intangible assets
\u2014
10
Right of use asset
\u2014
\u2014
Trade receivables
\u2014
\u2014
Other receivables
\u2014
45
Total assets held for sale
\u2014
2,916
Lease liabilities
\u2014
\u2014
Trade and other payables
\u2014
(7)
Other liabilities
\u2014
(30)
Total liabilities associated with asset held for sale
\u2014
(37)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-410": { "value": "
12.\u00a0 Share Capital and Other Reserves
12.1\u00a0 Ordinary Shares
The authorized share capital as at December 31, 2025 amounted to \u20ac43,480,060 (2024:
\u20ac10.0 million) consisting of 43,480,060 (2024: 100,000,000) ordinary shares, with a nominal value
each of \u20ac1.00 (2024: \u20ac0.10).
On March 31, 2025 and May 29, 2025 respectively, 827,103 and 106,376 ordinary shares (adjusted for
the share consolidation) were issued to warrant holders as a result of an exercise on both March 20,
2025 and May 19, 2025. This has resulted in an increase in share premium of \u20ac2.6 million (refer to
note 20).
On May 14, 2025 the Annual General Meeting adopted the 1:10 share consolidation and the
amendment of the Articles of Association of the Company. Effective on May 22, 2025 the share
consolidation has resulted in 10 ordinary shares being consolidated into 1 ordinary share, the nominal
value per ordinary shares changing from \u20ac0.10 to \u20ac1.00 and the number of shares outstanding
changing from 86,960,115 to 8,696,012. Where applicable, comparatives have been adjusted.
On September 18, 2025, the Company announced it successfully increased its equity by \u20ac84.8 million
by means of a fully underwritten and committed rights offering of \u20ac65.4 million resulting in the issue of
12,103,283 new ordinary shares and the completion of a \u20ac19.4 million Additional Placement which
resulted in the issue of 3,319,384 new ordinary shares. This resulted in an increase in share premium
of \u20ac64.7 million. The gross proceeds of the equity raise amounted to \u20ac84.8\u00a0million and the transaction
cost directly relating to the capital raise amounted to \u20ac6.8\u00a0million.
Additionally, upon the successful minimum equity, 971.664 ordinary shares of the Company were
issued as part of the conversion of the P.Kooi loan. See note 17.
On December 19, 2025, the Company requested the issuance and delivery of 10,000 shares related
in view of satisfying certain obligations under its employee incentive plans (delivery of shares to
employees).
The issued share capital as at December 31, 2025 comprises 25,206,719 ordinary shares (2024:
86,133,012). In 2025, no options were exercised by employees. At December 31, 2025, zero (2024:
zero) shares were held by Stichting Administratiekantoor Avantium (the Foundation) and nil employee
shares were repurchased. All shares issued are fully paid.
12.2\u00a0 Other Reserves
The costs of equity settled share-based payments to employees are recognized in profit or loss,
together with a corresponding increase in equity during the vesting period. The accumulated expense
of the share incentive plan recognized in profit or loss is shown as part of the equity category \u2018other
reserves\u2019 in the Consolidated Statement of Changes in Equity.
Additionally, included in the \u2018other reserves\u2019 category is the share-based payment for the Eastman
license acquired in 2021. The settlement of the share-based payment will be in three equal
installments. The first installment was made in 2022 at 8 months after the Final Investment Decision.
The second installment was paid in 2023, 24 months after the Final Investment decision. The third
installment is payable and awaiting transaction details to execute in 2026. Avantium has the option to
settle the outstanding amount in shares or cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-411": { "value": "
12.1\u00a0 Ordinary Shares
The authorized share capital as at December 31, 2025 amounted to \u20ac43,480,060 (2024:
\u20ac10.0 million) consisting of 43,480,060 (2024: 100,000,000) ordinary shares, with a nominal value
each of \u20ac1.00 (2024: \u20ac0.10).
On March 31, 2025 and May 29, 2025 respectively, 827,103 and 106,376 ordinary shares (adjusted for
the share consolidation) were issued to warrant holders as a result of an exercise on both March 20,
2025 and May 19, 2025. This has resulted in an increase in share premium of \u20ac2.6 million (refer to
note 20).
On May 14, 2025 the Annual General Meeting adopted the 1:10 share consolidation and the
amendment of the Articles of Association of the Company. Effective on May 22, 2025 the share
consolidation has resulted in 10 ordinary shares being consolidated into 1 ordinary share, the nominal
value per ordinary shares changing from \u20ac0.10 to \u20ac1.00 and the number of shares outstanding
changing from 86,960,115 to 8,696,012. Where applicable, comparatives have been adjusted.
On September 18, 2025, the Company announced it successfully increased its equity by \u20ac84.8 million
by means of a fully underwritten and committed rights offering of \u20ac65.4 million resulting in the issue of
12,103,283 new ordinary shares and the completion of a \u20ac19.4 million Additional Placement which
resulted in the issue of 3,319,384 new ordinary shares. This resulted in an increase in share premium
of \u20ac64.7 million. The gross proceeds of the equity raise amounted to \u20ac84.8\u00a0million and the transaction
cost directly relating to the capital raise amounted to \u20ac6.8\u00a0million.
Additionally, upon the successful minimum equity, 971.664 ordinary shares of the Company were
issued as part of the conversion of the P.Kooi loan. See note 17.
On December 19, 2025, the Company requested the issuance and delivery of 10,000 shares related
in view of satisfying certain obligations under its employee incentive plans (delivery of shares to
employees).
The issued share capital as at December 31, 2025 comprises 25,206,719 ordinary shares (2024:
86,133,012). In 2025, no options were exercised by employees. At December 31, 2025, zero (2024:
zero) shares were held by Stichting Administratiekantoor Avantium (the Foundation) and nil employee
shares were repurchased. All shares issued are fully paid.
", "dimensions": { "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-412": { "value": "
12.2\u00a0 Other Reserves
The costs of equity settled share-based payments to employees are recognized in profit or loss,
together with a corresponding increase in equity during the vesting period. The accumulated expense
of the share incentive plan recognized in profit or loss is shown as part of the equity category \u2018other
reserves\u2019 in the Consolidated Statement of Changes in Equity.
Additionally, included in the \u2018other reserves\u2019 category is the share-based payment for the Eastman
license acquired in 2021. The settlement of the share-based payment will be in three equal
installments. The first installment was made in 2022 at 8 months after the Final Investment Decision.
The second installment was paid in 2023, 24 months after the Final Investment decision. The third
installment is payable and awaiting transaction details to execute in 2026. Avantium has the option to
settle the outstanding amount in shares or cash.
", "dimensions": { "concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-413": { "value": "
13.\u00a0 Non-Controlling Interests
The tables summarize the consolidated information relating to the Company's subsidiary, Avantium
Renewable Polymers B.V., that has Non-Controlling Interests amounting to 22.6%.
On March 31, 2022, there was a change in ownership of Avantium Renewable Polymers B.V., whereby
Worley Nederland B.V. and Bio Plastics Investment Groningen B.V. together have acquired a 22.6%
shareholding. Avantium continues to hold 77.4% of the equity.
Summarized Statement of Financial Position
in Euro x 1,000
December
31, 2025
December
31, 2024
Non-current assets
287,470
236,992
Non-current liabilities
(189,654)
(50,556)
Net non-current assets
97,816
186,436
Current assets
7,326
4,539
Current liabilities
(120,345)
(188,338)
Net current (liabilities)
(113,019)
(183,799)
Net total (liabilities)/ assets
(15,203)
2,637
Accumulated Non-Controlling Interests
(2,922)
1,931
\"\"
5 In presenting and discussing Avantium\u2019s financial position, operating results and cash flows, Avantium (like many other publicly listed\u00a0 companies) uses certain Alternative performance measures (APMs) not defined by IFRS\u2019.
These APMs are used because they are an important measure of Avantium\u2019s business development and Avantium\u2019s management performance. Please see Alternative performance measures as included under Financial performance 2025.
Summarized Statement of Profit or Loss and Comprehensive Income\u00a0
in Euro x 1,000
2025
2024
Revenue
526
6,478
Other Income
1,520
2,654
Net operating expenses
(24,428)
(26,316)
EBITDA 5
(22,382)
(17,184)
Loss for the year
(20,385)
(25,436)
Loss allocated to Non-Controlling Interests
(4,615)
(5,759)
The loss allocated to Non-Controlling Interests constitutes to 22.6% (2024: 22.6%) of the loss for the
year for Avantium Renewable Polymers B.V.
Summarized Statement of Cash Flows
in Euro x 1,000
2025
2024
Cash flows from operating activities
(22,575)
(4,435)
Cash flows from investing activities
(20,257)
(57,810)
Cash flows from financing activities
45,165
53,761
Net increase/(decrease) in cash and cash equivalents
2,333
(8,484)
", "dimensions": { "concept": "ifrs-full:DisclosureOfNoncontrollingInterestsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-414": { "value": "
14.\u00a0 Share-based Payment
The Group operates share-based compensation plans for its employees, which consist of an
Employee Share Option Plan (ESOP) and a Long-term Incentive Plan (LTIP). These plans are classified
as equity-settled share-based payment plans. These concern the Company legacy employee
incentive programs.
On May 14, 2025 the Annual General Meeting adopted the 1:10 share consolidation. Effective on May
22, 2025 the share consolidation has resulted in 10 ordinary shares being consolidated into 1 ordinary
share. The share-based compensation plans provide the Supervisory Board with the right to adjust the
number of units accordingly upon the occurrence of a share consolidation. After the consolidation,
the total intrinsic and fair value of share units and options remains unchanged. Therefore, as the
economic value of the grants under the share-based compensation plans has been preserved after
the consolidation and the consolidation is not beneficial to the counterparties, this modification to the
existing share-based compensation plans has not had an impact.
Long-term Investment Plan
The members of the Management Team are obligated to invest a percentage of their (net) cash bonus
in (depository receipts for) shares to be delivered by the Company under the LTIP. Each Investment
share relates to one share. The cash component of the bonus may, at the discretion of the relevant
member of the Management Team, also be invested in Investment shares. The Investment shares are
subject to a retention period of five years, during which the Investment shares cannot be sold. After
the end of the retention period, the Company will match the (depository receipts for) shares granted
under the LTIP at a 1:1 ratio, i.e. one Matching share is granted for each Investment share.
The entitlement to receive Matching shares will be reduced as follows in the case of termination:
100% if the termination date is prior to the first anniversary of the date of the Award; 66.67% if the
termination date is prior to the second anniversary but after the first anniversary of the date of the
Award; 33.33% if the termination date is prior to the third anniversary but after the second anniversary
of the date of the Award.
In 2025, nil (2024: 87,967) shares were granted under the LTIP.
The movements in outstanding LTIP awards with the Management Board and senior management can
be summarized as follows:
Long-term Investment Plan
2025
Number of
awards
Weighted
Average
share price
at grant date
(in Euro)
Number of awards outstanding January 1
584,147
3.51
Impact of share consolidation
(525,732)
\u2014
Number of options outstanding after share consolidation
58,415
35.14
Number of matching shares forfeited
(26,199)
35.18
Number of awards outstanding December 31
32,216
35.11
Long-term Investment Plan
2024
Number of
awards
Weighted
Average
share price
at grant date
(in Euro)
Number of awards outstanding January 1
424,281
3.78
Number of awards granted (including matching shares)
87,967
2.81
Modification
71,899
2.81
Number of awards outstanding December 31
584,147
3.51
LTIP awards outstanding at the end of the year had the following share price at grant date:
Grant date
Share price at grant date in Euro
Number of awards
March 16, 2018
5.36
7,236
March 21, 2019
2.64
1,967
May 14, 2020
3.59
10,434
May 18, 2022
3.07
16,342
May 10, 2023
3.50
13,263
May 15, 2024
2.81
8,797
At December 31, 2025
58,039
At the Annual General Meeting held on May 15, 2024 the shareholders approved the increase of the
number of Long Term Incentive Plan shares by 17.9%. There is no change in the vesting period.
The fair value of the additional shares is the determined as the share price on date of approval,
being \u20ac2.81. The number of additional shares amount to 72,000. The expense recognized during
2025\u00a0 due to the modification amounted to \u20ac6,800 (2024: \u20ac0.2 million), with the remaining amount to
be expensed over the remaining vesting periods. The number of awards reflected in the table above
includes the modified number of awards.
The fair value of awards under the LTIP is determined by the share price at grant date and the
weighted average fair value of LTIP awards granted during 2024 was \u20ac2.81 per award.
Performance Share Units
In the Annual General Meeting held on May 15, 2024 an update to the Management Board
Remuneration Policy was approved, which included the introduction of the New LTIP. Effective as of
January 1, 2024, a new equity-based long-term incentive plan (the New LTIP) was put in place which
allows for the granting of Performance Share Units (\u201cPSUs\u201d) to Management Board members based on
long-term stakeholder value creation. The PSU provides the participant with a conditional right to
receive a share, following vesting and settlement in accordance with the provisions of this PSU Plan.
Under the New LTIP members of the Management Board will be granted PSUs annually, for a value
equal to a predefined percentage of their fixed annual gross base salary. The number of PSUs
granted each year is determined with reference to the share price. In 2025 10,860 (2024: 135,231)
PSUs were granted under the plan.
PSUs will vest after a three-year cliff vesting period at which point all the granted PSUs will vest in full
or in part subject to the satisfaction of the performance conditions. The vesting of PSUs is contingent
on an underpin assessment which evaluates the long-term value creation by the Management Board
and considers specific financial and non-financial events that could threaten the Company\u2019s long-term
continuity and value. The underpin assessment is conducted by the Supervisory Board at vesting.
Therefore at year end the grant date has not yet been achieved and accordingly the grant date fair
value has been estimated using the closing share price as at the reporting date. The movements in
outstanding PSUs with the Management Board can be summarized as follows:
Long-term Investment Plan (PSU)
2025
2024
Number of
awards
Share price
at grant date
(in Euro)
Number of
awards
Share price
at grant date\u00a0
(in Euro)
Number of awards outstanding January 1
135,231
\u2014
\u2014
\u2014
Impact of share consolidation
(121,708)
\u2014
\u2014
\u2014
Number of options outstanding after share
consolidation
13,523
\u2014
\u2014
\u2014
Number of awards granted
10,860
6.84
135,231
1.82
Number of forfeitures
(4,991)
\u2014
\u2014
\u2014
Number of awards outstanding December 31
19,392
\u2014
135,231
\u2014
Restricted Share Units
In the Annual General Meeting held on May 15, 2024 an update to the Supervisory Board
Remuneration Policy was approved, which included the introduction of a new equity-based incentive
plan for the Supervisory Board members. Restricted Share Units (RSUs) provide participants with
conditional rights to receive ordinary shares in the capital of the Company. Based on an appointment
or re-appointment term of four (4) years, the number of RSUs to be granted to Supervisory Board
members is:
\u25a0 A fixed grant of 55,000 shares upon re-appointment of the Chair of the Supervisory Board; and
\u25a0 A fixed grant of 20,000 shares upon re-appointment of other members of the Supervisory Board.
In 2025, RSUs were also granted to employees.
These RSUs are non-performance-based instruments. In 2025, 115,250 (2024: 20,000) RSUs were
granted under the plan.
For the grant in 2025, no grant date was achieved yet as the employees were informed late
December. The grant date fair value has been estimated using the closing share price as at the
reporting date.
The movements in outstanding RSUs can be summarized as follows:
Long-term Investment Plan (RSU)
2025
2024
Number of
awards
Share price
at grant date
(in Euro)
Number of
awards
Share price
at grant date
(in Euro)
Number of awards outstanding January 1
20,000
\u2014
\u2014
\u2014
Impact of share consolidation
-18000
\u2014
0
0
Number of options outstanding after share
consolidation
2,000
\u2014
Number of awards granted
115,250
6.84
20,000
2.81
Number of awards outstanding December 31
117,250
\u2014
20,000
\u2014
Employee Share Option Plan
On an annual basis and on certain other occasions set out in the plan rules, options under the
Employee Share Option Plan (ESOP) may be conditionally granted to eligible employees of the
Company. The options will vest yearly over a three-year vesting period. The vested options have an
exercise period of five years after vesting, after which the option expires.
In 2025, no share options were granted (2024: 371,250 options).\u00a0
The movements in outstanding options under the ESOP with the Management Board, senior
management and certain other employees can be summarized as follows:
Employee Share Option Plan (ESOP)
2025
Number of
options
Weighted
Average
exercise\u00a0
price (in
Euro)
Number of options outstanding January 1
2,950,103
2.01
Impact of share consolidation
(2,655,092)
\u2014
Number of options outstanding after share consolidation
295,011
20.15
Number of options forfeited
(135,411)
31.41
Number of options outstanding December 31
159,600
17.43
Employee Share Option Plan (ESOP)
2024
Number of
options
Weighted
Average
exercise\u00a0
price (in
Euro)
Number of options outstanding January 1
2,654,599
1.94
Number of options forfeited
(75,746)
3.28
Number of options granted
371,250
2.79
Modification
\u2014
0.13
Number of options outstanding December 31
2,950,103
2.02
Further details on the grants in can be found in the table below.
Grant date
Plan
Exercise price in Euro per option
Number of ESOP options granted
December 31, 2023
ESOP
28.90
1,100
May 15, 2024
ESOP
28.10
32,525
November 1, 2024
ESOP
24.10
3,500
At December 31, 2025
37,125
At the Annual General Meeting held on May 15, 2024 the shareholders approved the decrease of the
strike price of the options granted under the Employee Stock Option Plan by 17.9%.
There is no change in the vesting period. The fair value is determined based on the Black-Scholes
valuation model as at May 15, 2024 using the strike price grant date and the new strike price.
The expense recognized during 2025 due to the modification amounted to \u20ac10,000 (2024: \u20ac0.3
million), with the remaining amount to be expensed over the remaining vesting periods.
Share options outstanding at December 31, 2025, amounted to 159,600 (2024: 2,950,102).
The exercise prices range from \u20ac0.10 to \u20ac47.50. The weighted average remaining contractual term
for options outstanding at December 31, 2025, was 3.74 years.
Avantium N.V. has issued shares resulting from the exercise of options to the Stichting
Administratiekantoor Avantium (the Foundation).
The Foundation has issued depository receipts to members of the Management Board, senior
management and certain other employees. The Foundation is a consolidated special purpose entity
set up by Avantium N.V. The shares held by the Foundation, however, only represent the voting rights
associated with the issued shares and depository receipts representing all economic benefits issued
by the Foundation to members of the Management Board, senior management and certain other
employees, and consequently the shares held by the Foundation are not considered treasury shares.
The number of options which are exercisable at the end of the period (i.e. vested, but not yet
exercised) amounted to 1,381,011 (2024: 1,641,456).The fair value of options under the equity-settled
share-based payment plans is determined using the Black-Scholes valuation model and the weighted
average fair value of options granted during 2024: \u20ac2.02. No options were granted in 2025.
The significant inputs into this model were as follows:
May 15, 2024
November 1, 2024
December 31, 2023
Exercise price
\u20ac2.81
\u20ac2.41
\u20ac2.89
Volatility
51%
52%
55%
Risk free interest rate
2.43%
2.38%
1.97%
Dividend yield
\u2014
\u2014
\u2014
Expected life
7.6 years
7.6 years
7.6 years
Early exercise rate
5%
5%
5%
The historical volatility used is based on the volatility of the Company\u2019s own shares in combination
with the historical volatility of a peer group (five companies in total which are considered to be
comparable listed companies), of which the daily stock returns over a period equal to the maturities
of each plan related to the valuation dates was used.
", "dimensions": { "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-415": { "value": "
15.\u00a0 Earnings per Share
Earnings per share for the years 2025 and 2024 are derived below:
In Euro
December
31, 2025
December
31, 2024
Loss for the year attributable to owners of the Company - basic
(22,518,029)
(26,868,173)
Loss for the year attributable to owners of the Company - diluted
(22,518,029)
(26,868,173)
Weighted average number of ordinary shares - basic
13,278,607
7,549,382
Number
Options per end of the year
159,600
295,010
LTIP awards per end of the year
32,216
58,415
Effect of anti-dilutive securities
191,816
353,425
Weighted average number of ordinary shares - diluted
13,278,607
7,549,382
In Euro
Earnings per share - basic
(1.70)
(3.56)
Earnings per share - diluted
(1.70)
(3.56)
As the Company is in a loss-making position, the options and LTIP awards have an anti-dilutive impact
on the diluted earnings per share, for this reason the options and LTIP awards for the year are not
considered in the calculation of diluted earnings per share.
On March 31, 2022, Avantium N.V. issued 2.84 million warrants to the consortium of banks as part of
the Debt Financing Facilities for the FDCA Flagship Plant. Refer to note 20. The warrants issued on
March 31, 2022 had an anti-dilution protection for the equity raise that took place in April 2022. As a
result, on April 14, 2022, 1.02 million additional warrants were issued to the warrant holders, to
compensate for the dilutive effect of the equity offering. There is no further anti-dilution protection
applicable to these warrants. The warrants became exercisable on January 30, 2023, but because
Avantium is loss making there is no dilutive impact on the earnings per share. A number of these
warrants have been exercised by warrant holders on March 20, 2025. Refer to note 20.
Effective July 31, 2024, the Management Board had resolved to grant 559,085 additional warrants
to the consortium of banks upon the receipt of an additional \u20ac15.0 million based on an amendment to
the original Debt Financing Facilities Agreement. The warrants became exercisable on October 12,
2024, but because Avantium is loss making there is no dilutive impact on the earnings per share. A
number of these warrants have been exercised by warrant holders on March 20, 2025. Refer to note
20.
On March 18, 2025 Avantium N.V issued 11.4 million extension warrants and 2.4 million first set
increase warrants to the consortium of banks as part of the third amendment to the Debt Financing
Facilities Agreement. 50% of the extension warrants became exercisable on May 14, 2025 and the
remaining 50% of the extension warrants will become exercisable from March 31, 2026. 60% of the
first set increase warrants became exercisable on June 25, 2025 at the first utilization of the
increased commitment and the remaining 40% will become exercisable upon the earlier of any
repayment of the loans outstanding under the increased facility and March 31, 2026. As Avantium is
loss making there is no dilutive impact on the earnings per share. A number of these warrants have
been exercised by warrant holders on May 19, 2025. Refer to note 20.
Under the third warrant agreement above, the issuance of a second set of increase warrants were
contingent upon meeting the conditions precedent to the extension of the Debt Financing Facilities.
On August 12, 2025, this clause has been replaced by the Agreement for Lock-up, Extension and
Transfer of Warrants (the \"Fourth Warrant agreement\"). In accordance with this agreement, 0.02 million
warrants were issued to the consortium of banks on the fourth amendment to the Debt Financing
Facilities agreement (refer to note 20). In accordance with the revised terms, 50% of the Second Set
Increase Warrants became exercisable immediately upon issuance, with the remaining 50% becoming
exercisable from 31 March 2027. This agreement also provides for a lock-up period on all existing
warrants of 180 days and extended the Warrant Exercise Period up and until December 31, 2028.
The calculation of basic and diluted earnings per share was adjusted retrospectively for the impact of
the share consolidation. The comparative period's number of shares in issue was adjusted in the ratio
of 1:10 as approved by the Annual General Meeting on May 14, 2025.
For further detail on movements in issued ordinary shares, refer to note 12.1.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-416": { "value": "
16.\u00a0 Trade and Other Payables
In Euro x 1,000
December
31, 2025
December
31, 2024
Non-Current
Prepayment liabilities
360
600
TNO license Agreement
709
859
Total Non-Current Prepayment Liabilities
1,069
1,459
Current
Trade payables
15,612
14,767
TNO license Agreement
76
\u2014
Interest payable on borrowings
38
1,295
Social security and other taxes
2,192
\u2014
Holiday pay and holiday days
1,938
1,805
Contract liabilities
840
1,910
Deferred government grants
11,616
8,981
Other current liabilities
4,678
8,299
Reclassification of liabilities associated with asset held for sale
\u2014
(37)
Total Current Trade and other payables
36,990
37,020
Total Trade and other payables
38,059
38,479
Non-current prepayment liabilities include advance amounts received for costs to be incurred under
collaboration agreements.
Effective April 2024, Avantium R&D Solutions has entered into a non-transferrable, exclusive, non-
sublicensable license with Nederlandse Organisatie voor toegepast- natuurwetenschappelijk
onderzoek TNO (TNO). The license provides Avantium R&D Solutions with the right to manufacture,
sell, market and further develop the Proton Exchange Membrane (PEM) electrolyser test units.
Avantium R&D Solutions has obtained the license in exchange for a minimum fixed consideration of
\u20ac0.1 million per year and variable consideration contingent upon future sales. An 'other non-current
financial liability' was recognized at the cost price equivalent of \u20ac0.8 million. The cost price equivalent
has been calculated as the present value of the annual minimum \u20ac0.1 million payable over the
contract term of 10 years. An intangible asset has been recognized for the License obtained under the
agreement (refer to note 6).
In Euro x 1,000
2025
2024
Balance as at January 1
859
\u2014
Additions
\u2014
841
Interest expense
26
18
Payments
(100)
\u2014
Balance as at December 31
785
859
The increase in \u2018social security and other taxes\u2019 to \u20ac2.2 million reflects the shift from a net receivable
position in the prior year, driven by WTS and WBSO balances, to a liability position in the current year
due to higher December wage taxes payable (2024: \u20ac0.8 million vs 2025: \u20ac1.6 million) following the
bonus payout and the movement of the WBSO balance from a \u20ac1.0 million receivable to a \u20ac0.7 million
payable at year\u2011end.
Contract liabilities relating to systems and services contracts are deferred revenues, for which the
Company has received payment per invoicing milestones where to date, in accordance with its
progress towards completion of its performance obligations, it has not yet recognized those revenues.
Decrease in contract liabilities compared to the prior period is a result of a decrease in total projects
underway which are in a deferred revenue position (2025: 14, 2024: 29).
The following table shows how much of the revenue recognized in the current reporting period
relates to carried-forward contract liabilities:
In Euro x 1,000
2025
2024
Revenue recognized that was included in the contract liability balance at the
beginning of the period:
- Systems contracts
1,112
1,108
- Services contracts
428
3,292
- Other
5
3,000
1,545
7,400
The contract liability related to the Origin Materials' License Agreement (refer to note 21) remains
suspended along with all activities under the licensing agreement (2025: \u20ac0.2 million, 2024: \u20ac0.2
million).
Deferred government grants comprise advances received in relation to government grants. The
carrying amounts of these financial liabilities are assumed to approximate their fair values. This
amount also includes the deferred modification gain of \u20ac0.3 million (2024: nil) on the Fonds Nieuwe
Doen loan recognized as a government grant.
Other current liabilities comprise primarily other staff pay related accruals of \u20ac1.4 million
(2024: \u20ac1.6 million) and accrued expenses of \u20ac2.7 million (2024: \u20ac6.1 million).
Liabilities associated with asset held for sale were reclassified in the current period (refer to note 11).
", "dimensions": { "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-417": { "value": "6 As the March 2025 amendments had no impact on profit or loss, only the modification effects of the August 2025 amendments are presented in the table above.
7 As the March 2025 amendments had no impact on profit or loss, only the modification effects of the August 2025 amendments are presented in the table above .
17.\u00a0 Borrowings
In Euro x 1,000
Debt Facility
Fonds Nieuwe Doen
Provincie Groningen
Loan
Convertible Loan
Bridge Loan
Borrowings
Balance as at January 1, 2024
84,102
2,500
\u2014
\u2014
\u2014
86,602
Drawdowns
13,436
\u2014
\u2014
5,000
\u2014
18,436
Effective Interest and Payment in Kind interest
12,973
\u2014
\u2014
23
\u2014
12,996
Balance as at December 31, 2024
110,511
2,500
\u2014
5,023
\u2014
118,034
Drawdowns
3,595
\u2014
9,891
\u2014
10,000
23,486
Warrants issued
(17,957)
\u2014
\u2014
\u2014
\u2014
(17,957)
Transaction costs on third amendment
(1,876)
\u2014
\u2014
\u2014
\u2014
(1,876)
Extinguishment on modification 6
(105,488)
(2,500)
\u2014
\u2014
\u2014
(107,988)
Recognition on modification 7
104,818
2,234
\u2014
\u2014
\u2014
107,052
Transaction costs on fourth amendment
(759)
(17)
(68)
\u2014
\u2014
(844)
Modification gain or loss
\u2014
\u2014
(338)
\u2014
\u2014
(338)
Effective Interest and Payment in Kind Interest
12,961
109
995
223
\u2014
14,288
Conversion of loan to equity
\u2014
\u2014
\u2014
(5,246)
\u2014
(5,246)
Repayment
\u2014
\u2014
\u2014
\u2014
(10,000)
(10,000)
Balance as at December 31, 2025
105,805
2,326
10,480
\u2014
\u2014
118,611
In Euro x 1,000
December
31, 2025
December
31, 2024
Non-current Borrowings
12,806
7,523
Current Borrowings
105,805
110,511
Total Borrowings
118,611
118,034
The changes in the borrowings during the financial year have resulted in the following proceeds from
borrowings net of transaction costs in financing cash flows:
In Euro x 1,000
2025
2024
Proceeds from Debt Facility drawdowns
2,077
14,755
Proceeds from Province Groningen drawdown
9,823
\u2014
Proceeds from Bridge Loan drawdown
10,000
\u2014
Proceeds from Fonds Nieuwe Doen
(17)
\u2014
Proceeds from Convertible loan
\u2014
5,000
Proceeds from borrowings
21,883
19,755
Borrowings as at December 31, 2025:
Borrowing company
In Euro x 1,000
Type of loan
Issue date / Latest
amendment date
Principal
amount at
Year End
Interest rate
Date of maturity
Carrying
amount
Fair value
Long term
Short term
Avantium N.V.
Debt Facility A
August 12, 2025
47,500
Euribor + margin
June 30, 2028
44,207
44,207
\u2014
44,207
Avantium Renewable Polymers B.V.
Debt Facility B1
August 12, 2025
45,000
Euribor + margin
June 30, 2028
41,907
41,907
\u2014
41,907
Avantium Renewable Polymers B.V.
Debt Facility B2
August 12, 2025
18,500
Euribor + margin
June 30, 2028
19,691
19,691
\u2014
19,691
Avantium RNP Flagship Plant B.V.
Fonds Nieuwe Doen
September 1, 2025
2,500
10.21% fixed
July 1, 2028
2,326
2,326
2,326
\u2014
Avantium Renewable Polymers B.V.
Provincie Groningen
March 18, 2025
9,900
12.38% fixed
June 30, 2029
10,480
10,480
10,480
\u2014
Total Borrowings
118,611
118,611
12,806
105,805
Borrowings as at December 31, 2024:
Borrowing company
In Euro x 1,000
Type of loan
Issue date
Principal
amount at
Year End
Interest rate
Date of maturity
Carrying
amount
Fair value
Long term
Short term
Avantium N.V.
Debt Facility A
2022 and 2024
42,500
Euribor + margin
March31, 2025
44,880
44,880
\u2014
44,880
Avantium Renewable Polymers B.V.
Debt Facility B1
2023
45,000
Euribor + margin
March31, 2025
47,188
47,188
\u2014
47,188
Avantium Renewable Polymers B.V.
Debt Facility B2
2023 and 2024
17,500
Euribor + margin
March31, 2025
18,443
18,443
\u2014
18,443
Avantium RNP Flagship Plant B.V.
Fonds Nieuwe Doen
2023
2,500
4.75% fixed
February 1, 2026
2,500
2,500
2,500
\u2014
Avantium N.V.
Convertible loan
2024
5,000
6% fixed
December 4,\u00a0 2027
5,023
5,023
5,023
\u2014
Total Borrowings
118,034
118,034
7,523
110,511
The fair value measurement for all borrowings are categorized within level 3 of the fair value
hierarchy. The fair value is determined based on the discounted cash flow method.
Debt Financing Facilities
A three-year Debt Financing Facilities agreement of \u20ac90.0 million was signed with a consortium of
lenders in March 2022 and was increased in January 2024 by \u20ac15.0 million, which was drawn in
August 2024. In March 2025, a third amendment was agreed, extending the repayment of the loan
including accrued interest to March 2026, while also increasing the debt facility by \u20ac20.1 million upon
meeting certain conditions. Of this, \u20ac5.0 million and \u20ac1.0 million were drawn in June 2025 on facility A
and facility B2, respectively. Management had assessed that the third amendment resulted in an
extinguishment and as such the liabilities were derecognized. However, the derecognition did not
result in the recognition of any gain or loss on the debt amendment as the carrying amount of the
original loan (which had only 13 days remaining) equalled the fair value of the new loan as at March
2025 and the warrants issued. As a result, derecognition had no impact on profit or loss and did not
involve any cash outflow.
Upon the March 2025 increase in the facility, the Company issued warrants to the lenders. The fair
value of the warrants issued was included in the amortized cost of the loans and is presented on the
line 'Warrants issued', along with incremental direct legal costs incurred.
In August 2025, the Debt Financing Facilities agreement was amended for the fourth time, cancelling
the unused portions of the March 2025 increase, and extending the maturity of the debt facilities to
June 2028. Management has assessed the fourth amendment to constitute an extinguishment.
Consequently, the amended loan was recognized at its fair value at the date of modification, being
\u20ac104.8 million, based on the future cash flows discounted at a market rate of interest of 13.2%. Upon
the August 2025 amendment, the Company issued additional warrants to \u20ac2.2 million to the lenders.
The fair value of the warrants issued in August 2025 is recognized separately as a financial liability \u2013
refer to note 20. The extinguishment resulted in a loss on derecognition of \u20ac1.5 million which was
recognized in profit or loss (this loss reflects a \u20ac0.7 million gain being the difference between the
carrying value of the loan derecognized and the fair value of the loan recognized on amendment,
offset by \u20ac2.2 million relating to the fair value of the warrants).
Transaction costs amounting to \u20ac0.8 million have been incurred in relation to the modifications of the
debt financing facilities. These transaction costs are considered incremental and directly attributable
to the amendment and drawdowns and are therefore considered as part of the effective interest on
the facilities. The warrants and transactions costs in relation to the cancelled commitments of the
undrawn facility of \u20ac14.0 million amounting to \u20ac3.0 million have been recognized as a finance cost in
profit or loss.
The Debt Financing Facilities contain customary technical and commercial conditions precedent and a
customary security package including amongst others security on: all material assets, IP rights,
receivables of Avantium, Avantium Renewable Polymers B.V., the holding entity of the FDCA Flagship
Plant, and of several other Group companies, the shares in Avantium Renewable Polymers B.V. and
other group entities, the loan(s) from Avantium N.V. and Avantium Renewable Polymers B.V. to
Avantium RNP Flagship B.V. and the FDCA Flagship Plant itself and the FDCA Pilot Plant.
Under the Debt Financing Facilities, the Group is required to comply with various covenants, including
an insurance covenant requiring the maintenance of adequate insurance coverage for the FDCA
Flagship Plant and the timely delivery of related insurance documentation. As at December 31, 2025,
the Group was not in compliance with this insurance covenant, as the required documentation could
not be delivered within the prescribed remediation period. This resulted from the fact that the FDCA
Flagship Plant remained in the construction and commissioning phase at year\u2011end and the transition
to operational insurance could not yet be completed, as this will occur upon commencement of
commercial production.
As a consequence of this covenant breach, the consortium of lenders technically had the right to
demand immediate repayment, and the Group\u2019s borrowings have therefore been classified as current
liabilities as at December 31, 2025.
The Group engaged with the lenders in December 2025 and requested a deferral of the applicable
deadline. Following a further assessment of the operational start\u2011up sequence in early 2026, the
lenders agreed, subsequent to December 31, 2025, to extend the timing for delivery of the relevant
insurance report, with retroactive effect as of December 31, 2025, subject to conditions relating to the
confirmation and extension of the existing construction all\u2011risk (\u201cCAR\u201d) insurance coverage. The Group
is in the process of addressing these conditions. As this deferral was agreed after the reporting date,
it is treated as a non\u2011adjusting post\u2011balance\u2011sheet event and does not affect the classification of the
Group\u2019s borrowings as at December 31, 2025.
Fonds Nieuwe Doen Loan
In 2023, a loan of \u20ac2.5 million was provided by Stichting Fonds Leefbaarheid, Zorg en Energie
Groningen (Fonds Nieuwe Doen). On September 1, 2025, an amendment to the loan agreement was
signed. As a result of the amendment the re-payment of the loan has been extended from February 1,
2026 to July 1, 2028. Management has assessed this amendment to qualify as an extinguishment.
Consequently, the existing loan was derecognized, and a new, modified loan was recognized at its
fair value as of the date of modification. A modification gain of \u20ac0.3 million has been recognized in
profit or loss. The fair value of the modified loan was determined based on a market rate of interest of
15.2% as at September 1, 2025. The extinguishment of the loan has not resulted in any cash outflow.
Province Groningen Loan
On March 18, 2025, Province Groningen granted Avantium Renewable Polymers B.V. a subordinated
loan of \u20ac9.9 million. The first tranche of \u20ac5.9 million was received on March 24, 2025, and the second
tranche of \u20ac4.0 million was drawn on June 23, 2025. The principal amount, including capitalized
interest, will be repaid in twelve equal quarterly installments starting April 1, 2027. The final installment
will include an additional \u20ac0.1 million and a bonus payment of \u20ac0.8 million.
On September 18, 2025, the loan was amended, deferring the commencement of the twelve quarterly
installments from April 1, 2027 to June 30, 2028. The amendment was assessed as a non-substantial
modification, resulting in a modification gain of \u20ac0.3 million recognized in profit or loss. Transaction
costs of \u20ac0.1 million were incurred in connection with the amendment, and no cash outflow occurred
as part of this modification.
Convertible Loan
Upon the successful minimum equity raise on September 18, 2025, the convertible loan with Pieter
Kooi (\u20ac5.0 million) was automatically converted into equity. On this date, the carrying amount of the
loan was derecognized and 971,664 ordinary shares of the Company were issued, at a conversion
rate of \u20ac5.40 per share. The conversion has not resulted in the recognition of any gain or loss.
InvestNL Bridge Loan
As part of the fourth amendment to the debt facility, InvestNL provided the Company with a bridge
loan of \u20ac10.0 million. On July 25, 2025 the Company withdrew the first \u20ac5.0 million and on August 14,
2025, the second \u20ac5.0 million. As per the terms of the agreement, the upfront fee of \u20ac0.5 million and
the arrangement fee of \u20ac0.5 million, together with the outstanding principal of \u20ac10.0 million, were
repaid in full on October 1, 2025. No interest was charged on the loan.
Other Disclosures
During the period ended on December 31, 2025, interest on the loans of \u20ac24.3 million
(2024: \u20ac19.2 million) were capitalized.
During the period ended on December 31, 2025, interest paid on borrowings amounted to \u20ac10.0
million (2024: \u20ac7.8 million)
In Euro x 1,000
2025
2024
Cash interest paid capitalized
9,974
7,381
Cash interest paid not capitalized
\u2014
394
Interest paid on borrowings
9,974
7,775
Bank Overdrafts
As at December 31, 2025, the Group had no overdraft facilities with any bank.
18.\u00a0 Shareholder Loans
In Euro x 1,000
Shareholder Loan
Balance as at January 1, 2024
12,603
Accrued interest on shareholder loans
448
Accrued interest on shareholder compensation liability
385
Balance as at December 31, 2024
13,436
Shareholder loans drawdown
5,033
Modifications on Shareholder loans
(290)
Informal capital contribution on receipt of Shareholder loans
(1,063)
Accrued interest on shareholder loans
937
Shareholder compensation liability
8,747
Modifications on compensation liability
(571)
Accrued interest on shareholder compensation liability
1,202
Balance as at December 31, 2025
27,431
On December 14, 2023, Avantium Renewable Polymers B.V. entered into a Shareholders Loan
Agreement with Avantium N.V. and the non-controlling shareholders.
On January 22, 2025, a second Shareholders Loan Agreement was signed, and the first loan was
amended. Based on the amendment, the repayment of the first shareholders loan has been extended
and becomes payable ultimately on June 30, 2027. On September 18, 2025, the first and second
shareholder loans were amended, extending the repayment term to September 30, 2028. These
amendments did not constitute a substantial modification and therefore did not result in derecognition
of the loans. A total modification gain on these amendments of \u20ac0.8 million reduced the capitalized
borrowing costs. The amendments to the loans have not resulted in any cash outflows.
Transaction costs of \u20ac0.6 million have been incurred in relation to the modifications. The effective
interest rate on the first and second shareholders loan has been determined at 6.8% and 15.5%,
respectively.
Further, on September 1, 2025, Avantium Renewable Polymers B.V. entered into a third Shareholders
Loan Agreement with Avantium N.V. and the non-controlling shareholders. The issued third
subordinated loans are additional funding to support the Company\u2019s FDCA Flagship Plant. The
maturity date of the third shareholder loan is September 30, 2028.
These loans are subordinated and bear interest at 6.5% per annum, payable in arrears upon
repayment. On initial recognition of the third shareholder loan, the difference between the contractual
rate of interest and the market rate of interest (the latter determined to be 15.2%) on the fair value of
the loan, has been accounted for in equity as an informal capital contribution received. The loans
include a conversion option allowing lenders to convert the outstanding balance into shares of
Avantium Renewable Polymers B.V. at a fixed price. The conversion feature meets the definition of an
equity instrument (fixed-for-fixed), but its fair value was assessed as immaterial; therefore, no amounts
were recognized in equity.
Additionally, all the shareholder loans contain an anti-dilution protection clause, under which the
lenders agreed to compensate the non-controlling shareholder that did not contribute to the loans to
the extent of its shareholding percentage. This compensation to that non-controlling shareholder has
been recognized as a financial liability with a corresponding entry in equity as the nature of the
transaction represents an informal capital distribution to a shareholder.
Management has determined the fair value of the shareholder loans using observable market data
(level 3 of the fair value hierarchy). The market interest rate as at December 31, 2025 has been
determined at 15.2%. This interest rate includes company specific adjustments. As at period ended
December 31, 2025 and 2024 the fair value of the loans approximates the carrying amount of the
shareholder loans.
Other Disclosures
During the period ended on December 31, 2025, interest on the loans of \u20ac9.1 million (2024: \u20ac0)
were capitalized.
During the period ended on December 31, 2025, interest paid on borrowings amounted to \u20ac0
(2024: \u20ac0).
", "dimensions": { "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-418": { "value": "
19.\u00a0 Provisions
In Euro x 1,000
Warranty
Restructuring
Decom-
missioning
Total
Balance at January 1, 2024
210
113
1,581
1,904
Additional provision
61
70
95
226
Unwinding of discount
\u2014
\u2014
62
62
Unused amounts reversed
(57)
(57)
\u2014
(114)
Modifications
\u2014
\u2014
1,133
1,133
Used during the year
(11)
(56)
\u2014
(67)
At Balance at December 31, 2024
203
71
2,871
3,145
Balance at January 1, 2025
203
71
2,871
3,145
Additional provision
78
499
\u2014
577
Unwinding of discount
\u2014
\u2014
74
74
Unused amounts reversed
(76)
(4)
1
(80)
Modifications
\u2014
\u2014
(183)
(183)
Used during the year
(11)
(66)
\u2014
(77)
Balance at December 31, 2025
194
499
2,763
3,454
In Euro x 1,000
December 31, 2025
December 31, 2024
Non-current Provisions
2,880
3,022
Current Provisions
574
123
Total Provisions
3,454
3,145
Warranty
The provision for warranty consists of estimated costs for repairs of installed products which may arise
during the warranty period. This estimate is based on historical experience of warranty claims and the
costs associated with that. Unused amounts are reversed after expiration of the warranty period.
As at December 31, 2025, warranty provisions expected to be settled or expire within one year
(current) is \u20ac0.1 million (2024: \u20ac0.1 million), and amounts expected to be settled or which expire
outside of one year (non-current) is \u20ac0.1 million (2024: \u20ac0.2 million).
Restructuring
On December 13, 2023 the Group announced it is prioritizing the commercialization of its FDCA
and PEF technology. A decision to halt investments in Ray Technology\u00ae resulted in workforce
reductions, for which the Group raised a provision of \u20ac0.1 million for the restructuring cost. As at
December 31, 2025 all amounts related to the Ray Technology\u00ae restructuring provision were either
utilized, or reversed where unused.
On September 4, 2025 the Group announced its prospectus to raise additional funding to address a
working capital shortfall. This included seeking strategic alternatives for its non-core activities,
including Avantium R&D Solutions, Volta Technology, Ray Technology\u00ae and a workforce reduction of
40 seats. An additional \u20ac0.5 million was raised as a provision in 2025 for restructuring costs. The
provision is expected to be settled in 2026.
Decommissioning
The decommissioning liability consists of the estimated costs to restore the leased land for the FDCA
Flagship Plant at the end of the lease term (expected after 10 years) to the condition agreed in the
lease agreement. As at year end 2025 the decommissioning liability has decreased. The value of the
expenditure expected to settled the liability in future has increased due to the delay of the completion
of the start-up of the FDCA Flagship Plant, which is on foreseen for mid-2026. As at December 31,
2025, the risk free rate of 3.0% (2024: 2.6%) was used to discount the estimated cost.", "dimensions": { "concept": "ifrs-full:DisclosureOfProvisionsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-419": { "value": "
20.\u00a0 Financial Liability
In Euro x 1,000
Financial Liability
Number of outstanding
warrants (x1000)
Balance as at January 1, 2024
13,609
3,861
Warrants issued
1,338
559
Fair value remeasurement
(7,354)
\u2014
Balance as at December 31, 2024
7,593
4,420
Warrants issued
23,919
13,996
Warrants exercised
(2,811)
(2,028)
Fair value remeasurement
(18,215)
\u2014
Share consolidation adjustment
\u2014
(14,594)
Balance as at December 31, 2025
10,485
1,794
Avantium N.V. has issued warrants to the consortium of banks under the Debt Financing Facilities and
subsequent amendments thereto (refer to note 17). In 2025, an additional 13.8 million warrants with a
fair value of \u20ac21.7 million were issued as part of the third amendment to the debt facility in March, and
an additional 0.2 million warrants with a fair value of \u20ac2.2 million were issued as part of the fourth
amendment in August. The fourth amendment to the debt facility provides for a lock-up period of 180
days on all existing warrants.
The warrants were convertible into the Company's ordinary shares with a 1:1 conversion ratio for an
exercise price of \u20ac0.10 per share. On May 14, 2025 the AGM adopted a 1:10 share consolidation. As a
result of the share consolidation, every 10 outstanding warrants have been consolidated into one and
the exercise price per warrant has been adjusted accordingly from \u20ac0.10 to \u20ac1.00, with effect on May
22, 2025. A warrant holder may elect to exercise the warrant option cashless resulting in the number
of warrants being variable.
During 2025, 0.9 million warrants were exercised on March 20, 2025, resulting in the issuance of
0.8 million ordinary shares (as a result of cashless exercise). On May 19, 2025, 1.1 million warrants (not
adjusted for the share consolidation) were exercised, resulting in the issuance of 0.1 million ordinary
shares (adjusted for the share consolidation).
The exercise period of outstanding warrants was extended during the year and ends on
December 31, 2028.
The fair value remeasurement of all warrants has been calculated as the difference between the
period end fair value and the share price as at December 31, 2025 minus a \u20ac1.0 exercise price
(adjusted for the share consolidation). The closing share price as at December 31, 2024 was at \u20ac1.8.
When adjusted for the share consolidation, the decrease in the share price when comparing to the
closing share price as at December 31, 2025 of \u20ac6.8, amounted to \u20ac11.3. This resulted in a decrease
in the fair value of the warrants. The warrants are categorized within level 2 of the fair value hierarchy
(2024: level 2).
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-420": { "value": "
21.\u00a0 Revenues
Revenue decreased by 31% from \u20ac 21.0 million in 2024 to \u20ac 14.6 million in 2025, largely attributable to
decreased revenues in the Renewable Polymers business unit, \u20ac6.0 million, and the R&D Solutions
business unit, \u20ac0.9 million, year on year.
All revenue is recognized at either a point in time, or over time (Refer to note 2.20 ).
The 6% decrease in revenue generated by Avantium R&D Solutions is primarily related to a decrease
in machine capacity in the first half of the year from technical issues incurred on machines used in the
provision of solution services. These issues were resolved In the second half of 2025 and machines
are again running at full capacity.
The decrease in Avantium Renewable Polymers' revenue compared to the prior year is the result of
Origin Materials' announced change in its current strategic focus. Avantium, as of July 2024
suspended all activities under the licensing agreement and decided to take a prudent approach in
pausing the recognition of revenues under this technology license agreement. Avantium continues to
work with Origin Materials on the development of the market for FDCA and PEF applications.
Up to December 31, 2024, Avantium Renewable Polymers recognized \u20ac2.7 million as revenue from
the Origin Materials technology license agreement (over time). Revenue recognition under the
technology license agreement with Origin Materials is related to the first milestone payment of
\u20ac7.5 million which was received in 2023, and the second milestone payment of \u20ac7.0 million which is
due upon delivery of the Process Design Package ('PDP') to Origin Materials.
The full consideration of the Origin contract amounts to \u20ac28.5 million. At year-end 2025, management
has re-assessed the transaction price and concluded that the second milestone payment of \u20ac7.0
million remains unconstrained. The remaining installments of \u20ac14.0 million will be due at various
stages after delivery of the PDP by Avantium Renewable Polymers and constitute variable
consideration depending on whether Origin will terminate the contract at any stage, and is considered
constrained at year-end 2025. Management assessed this contract and concluded that it does not
contain a significant financing component.
To the extent that revenue has not yet been recognized in relation to the Origin Materials' license
consideration received, a contract liability has been recognized (refer to note 16).
All revenue reported originates in the Netherlands for both years presented.
The following table depicts the disaggregation of revenue from contracts with customers:
2025 in Euro x 1,000
R&D
Solutions
services
revenue
R&D
Solutions
systems
revenue
Renewable
Chemistry
development
agreements
Renewable
Polymers
agreements
Un-allocated
revenue
Total
Segment revenue
2,814
10,598
\u2014
526
654
14,593
Revenue from external
customers
2,814
10,598
\u2014
526
654
14,593
Timing of revenue
recognition
\u2013 At a point in time
\u2014
655
\u2014
526
654
1,835
\u2013 Over time
2,814
9,944
\u2014
\u2014
\u2014
12,758
Total
2,814
10,598
\u2014
526
654
14,593
2024 in Euro x 1,000
R&D
Solutions
services
revenue
R&D
Solutions
systems
revenue
Renewable
Chemistry
development
agreements
Renewable
Polymers\u00a0
agreements
Un-allocated
revenue
Total
Segment revenue
5,067
9,214
100
6,478
177
21,036
Revenue from external
customers
5,067
9,214
100
6,478
177
21,036
Timing of revenue
recognition
\u2013 At a point in time
\u2014
876
100
3,779
177
4,932
\u2013 Over time
5,067
8,338
\u2014
2,699
\u2014
16,104
Total
5,067
9,214
100
6,478
177
21,036
As of December 31, 2025, the aggregate amount of the transaction price in Avantium R&D Solutions
allocated to the remaining performance obligations is \u20ac6.8 million and in Avantium Renewable
Polymers \u20ac7.2 million, totaling \u20ac14.0 million (2024: \u20ac12.2 million and \u20ac7.2 million, respectively, totaling
\u20ac19.4 million) and the Group will recognize this revenue as the progress on each contract is
completed, which is estimated to occur over 1 to 15 months (2024: 1 to 36 months).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRevenueExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-422": { "value": "
22.\u00a0 Other Income
in Euro x 1,000
2025
2024
Grants recognized
3,404
4,596
3,404
4,596
The Group recognized government grants of \u20ac3.4 million (2024: \u20ac4.6 million) that contribute to
Avantium\u2019s development programs, where efforts are focused on developing a new catalytic process
for making plant-based mono-ethylene glycol and for developing an economical viable chemical
process to convert ligno-cellulosic biomass into high quality glucose as feedstock for bio-based
chemicals. In Avantium Renewable Polymers efforts are focussed on its plant-to-plastics YXY\u00ae
Technology and on starting-up the FDCA Flagship Plant and to develop a wide range of FDCA and
PEF applications.
EU grants attributable to the Volta Technology support Avantium\u2019s research and development
activities aimed at advancing the electrochemical conversion of CO\u2082 into higher-value chemicals.
These grants enable the Group to accelerate the development of processes that convert CO\u2082 into
intermediates suitable for the production of sustainable CO\u2082\u2011based polymers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-421": { "value": "
22.\u00a0 Other Income
in Euro x 1,000
2025
2024
Grants recognized
3,404
4,596
3,404
4,596
The Group recognized government grants of \u20ac3.4 million (2024: \u20ac4.6 million) that contribute to
Avantium\u2019s development programs, where efforts are focused on developing a new catalytic process
for making plant-based mono-ethylene glycol and for developing an economical viable chemical
process to convert ligno-cellulosic biomass into high quality glucose as feedstock for bio-based
chemicals. In Avantium Renewable Polymers efforts are focussed on its plant-to-plastics YXY\u00ae
Technology and on starting-up the FDCA Flagship Plant and to develop a wide range of FDCA and
PEF applications.
EU grants attributable to the Volta Technology support Avantium\u2019s research and development
activities aimed at advancing the electrochemical conversion of CO\u2082 into higher-value chemicals.
These grants enable the Group to accelerate the development of processes that convert CO\u2082 into
intermediates suitable for the production of sustainable CO\u2082\u2011based polymers.
", "dimensions": { "concept": "ifrs-full:DisclosureOfGovernmentGrantsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-423": { "value": "
23.\u00a0 Segment Information
Description of the Segments and Principal Activities
Business segments are reported consistently with internal reporting provided to the Management
Team, which is considered to be the Company's Chief Operating Decision-Maker.
It has identified two separate business segments:
\u25a0 Avantium R&D Solutions provides R&D solutions in the field of sustainable chemistry and is the
leading provider of advanced catalyst testing technology and services to accelerate catalyst R&D.
The scalable catalyst testing system, Flowrence\u00ae, helps customers reach their sustainability, profit
and growth targets.
\u25a0 Avantium Renewable Polymers aims to commercialize our YXY\u00ae plants-to-plastics Technology.
This technology catalytically converts plant-based sugars into FDCA (furandicarboxylic acid) and
materials such as the new plant-based packaging material PEF (polyethylene furanoate).
PEF is a plant-based, recyclable plastic with superior performance properties compared to today\u2019s
widely used petroleum-based packaging materials.
\u25a0 Corporate allocations include activities that cannot be allocated to reportable segments. Avantium
Renewable Chemistries does not meet the criteria of IFRS 8 for a reportable segment and is
included in corporate allocations, as well as the Volta Technology and Dawn Technology\u00ae.
Revenues per Segment
in Euro x 1,000
2025
2024
R&D Solutions
13,412
14,281
Renewable Polymers
526
6,478
Corporate allocations
655
277
Total segment revenue
14,593
21,036
Revenue is only generated from external customers and no transactions with other segments have
taken place.
During 2025, revenues from transactions with one major customer, amounted to 17% of the Group's
total revenue. These revenues are attributable to the reportable segment Avantium R&D Solutions.
In 2024 two major customers made up 39% of the Groups total revenue. These revenues were
attributable to the reportable segments R&D Solutions (12% related to one customer) and Renewable
Polymers Agreements (27% other major customer).
\"\"
Other Income per Segment
in Euro x 1,000
2025
2024
R&D Solutions
121
60
Renewable Polymers
1,520
2,654
Corporate allocations
1,763
1,882
Total segment other income
3,404
4,596
Employee Benefits Expenses per Segment
in Euro x 1,000
2025
2024
R&D Solutions
(6,431)
(6,267)
Renewable Polymers
(15,563)
(15,680)
Corporate allocations
(12,286)
(14,098)
Total segment employee benefits expenses
(34,281)
(36,045)
The average number of full time equivalent employees (\"FTE\") of the Group per business segment
and other departments is as follows:
(in full time equivalent employees)
2025
2024
R&D Solutions
61
61
Renewable Polymers
135
133
Corporate allocations
82
93
Total average number of FTE during the year
278
287
EBITDA 8
EBITDA is an important measurement of the Company's financial performance before taking the cost
of capital, depreciation and taxes into consideration. EBITDA margins provide a view of operational
efficiency and enable a more accurate and relevant comparison between peer companies.
EBITDA is calculated in the following manner: Profit/loss for the period plus Finance costs-net plus
depreciation, amortization and impairment charge.
EBITDA figures of the business segments are as follows.
in Euro x 1,000
2025
2024
R&D Solutions
1,829
2,192
Renewable Polymers
(22,331)
(17,173)
Corporate allocations
(15,564)
(18,299)
Total EBITDA 9
(36,066)
(33,280)
Assets per Segment
in Euro x 1,000
2025
2024
Renewable Polymers
294,796
241,531
Corporate allocations
61,372
47,095
Total segment assets
356,168
288,626
The impairment loss recognized relating to Ray Technology\u00ae as per note 11,\u00a0 is allocated to the
Corporate allocations for reporting purposes.
Liabilities per Segment
in Euro x 1,000
2025
2024
Renewable Polymers
(309,999)
(238,894)
Corporate allocations
103,428
48,053
Total segment liabilities
(206,571)
(190,841)
Corporate allocations disclosed in the table above include the elimination of intercompany loans to
the Renewable Polymers segment
Depreciation and Amortization per Segment
in Euro x 1,000
2025
2024
R&D Solutions
(325)
(274)
Renewable Polymers
(1,723)
(2,884)
Corporate allocations
(4,919)
(2,072)
Total depreciation, amortization and impairment charge
(6,968)
(5,230)
", "dimensions": { "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-424": { "value": "
24.\u00a0 Expenses by Nature
Net operating expenses in 2025 amounted to \u20ac54.1 million (2024 : \u20ac 58.9 million). The decrease is
predominantly the result of lower employee benefit expenses and overall savings throughout the
Company.
Raw materials and contract costs in 2025 amounted to \u20ac4.4 million (2024: \u20ac4.7 million) and comprise
cost of goods sold, costs of laboratory consumables directly attributable to revenue projects, and
other costs incurred in relation to revenue generating activities. The decrease is mainly the result of
decreased business activities in R&D Business Unit.
Employee benefit expenses in 2025 amounted to \u20ac34.3 million (2024: \u20ac35.9 million) and includes
wages and salaries, social security costs, share options granted to directors and employees, pension
costs, less government grants received. The decrease predominantly relates to a reduction in
average FTE, temporary staffing and external recruitment services, due to the cost saving efforts of
the Company and the reduction in external staffing in the FDCA Flagship Plant.
Office and housing expenses in 2025 amounted to \u20ac3.3 million (2024: \u20ac4.0 million) and comprises
short-term rentals, other facility related costs, telephony and other IT related office materials and
costs. The decrease is predominantly related to the termination of construction related costs
associated with the scale up of the FDCA Flagship Plant.
Patent, license, legal and advisory costs in 2025 amounted to \u20ac4.2 million (2024: \u20ac5.9 million).
The decrease is predominantly related to the reduction of external consultancy contracts, along with a
decrease in legal costs in the year. The board expenses are included as part of advisory cost. Refer to
the Remuneration Report for the detail breakdown.
Laboratory expenses in 2025 amounted to \u20ac6.2 million (2024: \u20ac4.2 million) and comprise laboratory
consumables, utilities in the FDCA Flagship Plant, spare parts, maintenance and repair work in the
laboratory, and small laboratory projects. The increase is predominantly related to the scale up in
operations of the FDCA Flagship Plant.
Advertising and representation expenses in 2025 amounted to \u20ac0.8 million (2024: \u20ac1.8 million) and
comprise external and internal marketing, communications, and business development efforts,
including travel. Wages for internal business development staff is excluded, as this is included under
employee benefit expenses. The decrease is predominantly related to travel restrictions implemented
by the Company as part of the cost saving initiative.
Other operating expenses in 2025 amounted to \u20ac0.9 million (2024: \u20ac2.4 million) and comprise
external development costs, such as trials, and other general costs.
In 2024, the Company has made additional one-off efforts related to higher compliance assessments
of PEF and FDCA needed for the use as food contact material and its registration in jurisdictions of
interest, which predominantly explain the decrease in 2025.
Depreciation, amortization and impairment charges increased to \u20ac7.0 million (2024: \u20ac5.2 million).
The depreciation of fixed assets increased in 2025 mainly due to the reversal and related impairment
of the Renewable Chemistries entity held for sale (see note 11). The depreciation of right of use assets
slightly decreased in 2025 and is mainly the result of an decrease and/or modification in the lease
portfolio of the Company during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-425": { "value": "
Other operating expenses in 2025 amounted to \u20ac0.9 million (2024: \u20ac2.4 million) and comprise
external development costs, such as trials, and other general costs.
In 2024, the Company has made additional one-off efforts related to higher compliance assessments
of PEF and FDCA needed for the use as food contact material and its registration in jurisdictions of
interest, which predominantly explain the decrease in 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-426": { "value": "
Depreciation, amortization and impairment charges increased to \u20ac7.0 million (2024: \u20ac5.2 million).
The depreciation of fixed assets increased in 2025 mainly due to the reversal and related impairment
of the Renewable Chemistries entity held for sale (see note 11). The depreciation of right of use assets
slightly decreased in 2025 and is mainly the result of an decrease and/or modification in the lease
portfolio of the Company during the year.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-427": { "value": "
25.\u00a0 Employee Benefit Expenses
in Euro x 1,000
2025
2024
Wages and salaries
(30,002)
(31,256)
Government grants R&D (WBSO)
1,190
1,617
Social security costs
(3,403)
(3,346)
Share-based payments (note 14)
(552)
(1,454)
Pension costs - defined contribution plans
(1,514)
(1,451)
Total employee benefit expenses
(34,281)
(35,890)
Number of full time equivalent employees at the end of the year
251
284
At year end, all employees are working in the Netherlands. The average number of FTEs during 2025
was 278 ( 2024 : 287 ).
In 2025, \u20ac1.2 million (2024: \u20ac1.6 million ) government grants in the form of WBSO were recognized
directly as an offset of employee benefit expenses.
During 2025, there was a modification to the exercise price of options granted under the ESOP plan
(refer to note 14) .
", "dimensions": { "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-428": { "value": "all employees are working in the Netherlands. The average number of FTEs during 2025
was 278 ( 2024 : 287 ).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-431": { "value": "
26.\u00a0 Finance Income and Costs
in Euro x 1,000
2025
2024
Finance costs:
Net foreign exchange (gains) loss
(12)
(41)
Financing component of lease payments
(179)
(220)
Interest on borrowings
(2,015)
(2,461)
Other bank and commitment fees
(488)
(206)
Effective interest: Prepaid interest
(26)
(18)
Other finance costs
\u2014
\u2014
Finance costs
(2,720)
(2,946)
Finance income:
Interest current accounts
379
1,475
Finance income
379
1,475
Finance costs - net
(2,341)
(1,471)
Interest on borrowings includes \u20acnil (2024: \u20ac1.6 million) relating to the Debt Facility (note 17 ),
\u20acnil (2024: \u20ac0.8 million) relating to the shareholders loans (note 18), \u20ac5.2 million ( 2024: \u20ac0) relating to
the derecognition of warrants and other costs incurred on the undrawn loan capacity and
modifications at the time of the Debt Facility amendments, \u20ac0.7 million (2024: \u20acnil) relating to
modification gains on the borrowings amendments. The interest on borrowings for 2025 include the
effect of the capitalization of borrowing costs incurred in prior years of \u20ac2.5 million. Refer to note 2.24
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-430": { "value": "
26.\u00a0 Finance Income and Costs
in Euro x 1,000
2025
2024
Finance costs:
Net foreign exchange (gains) loss
(12)
(41)
Financing component of lease payments
(179)
(220)
Interest on borrowings
(2,015)
(2,461)
Other bank and commitment fees
(488)
(206)
Effective interest: Prepaid interest
(26)
(18)
Other finance costs
\u2014
\u2014
Finance costs
(2,720)
(2,946)
Finance income:
Interest current accounts
379
1,475
Finance income
379
1,475
Finance costs - net
(2,341)
(1,471)
Interest on borrowings includes \u20acnil (2024: \u20ac1.6 million) relating to the Debt Facility (note 17 ),
\u20acnil (2024: \u20ac0.8 million) relating to the shareholders loans (note 18), \u20ac5.2 million ( 2024: \u20ac0) relating to
the derecognition of warrants and other costs incurred on the undrawn loan capacity and
modifications at the time of the Debt Facility amendments, \u20ac0.7 million (2024: \u20acnil) relating to
modification gains on the borrowings amendments. The interest on borrowings for 2025 include the
effect of the capitalization of borrowing costs incurred in prior years of \u20ac2.5 million. Refer to note 2.24
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-429": { "value": "
26.\u00a0 Finance Income and Costs
in Euro x 1,000
2025
2024
Finance costs:
Net foreign exchange (gains) loss
(12)
(41)
Financing component of lease payments
(179)
(220)
Interest on borrowings
(2,015)
(2,461)
Other bank and commitment fees
(488)
(206)
Effective interest: Prepaid interest
(26)
(18)
Other finance costs
\u2014
\u2014
Finance costs
(2,720)
(2,946)
Finance income:
Interest current accounts
379
1,475
Finance income
379
1,475
Finance costs - net
(2,341)
(1,471)
Interest on borrowings includes \u20acnil (2024: \u20ac1.6 million) relating to the Debt Facility (note 17 ),
\u20acnil (2024: \u20ac0.8 million) relating to the shareholders loans (note 18), \u20ac5.2 million ( 2024: \u20ac0) relating to
the derecognition of warrants and other costs incurred on the undrawn loan capacity and
modifications at the time of the Debt Facility amendments, \u20ac0.7 million (2024: \u20acnil) relating to
modification gains on the borrowings amendments. The interest on borrowings for 2025 include the
effect of the capitalization of borrowing costs incurred in prior years of \u20ac2.5 million. Refer to note 2.24
", "dimensions": { "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-432": { "value": "
27.\u00a0 Income Tax Expense
The Company forms a tax group with its subsidiaries (excluding Avantium Renewable Polymers B.V.
and its subsidiaries, which form a separate tax group) for corporate income tax purposes (fiscal unity).
Under the standard conditions, the members of a tax group are jointly and severally liable for income
taxes payable by the group.
The Group does not recognize any deferred tax asset in relation to the losses carried forward as it is
not considered probable that there will be sufficient taxable profit against which the unused tax losses
can be utilized in the following year(s).
Both fiscal unities have carry-forward losses. The total tax losses carry-forward for the Avantium N.V.
fiscal unity as at December 31, 2025 is approximately \u20ac187.7 million (December 31, 2024: \u20ac164.3
million). The total tax losses carry-forward for the Avantium Renewable Polymers B.V fiscal unity as at
December 31, 2025 is approximately \u20ac131.5 million (December 31, 2024: \u20ac111.0 million). The carry-
forward tax losses up to December 31, 2021 of \u20ac163.1 million have been confirmed by the Dutch tax
authorities.
No tax charge or tax benefit was recognized in 2025, since the Avantium N.V. fiscal unity and the
Avantium Renewable Polymers B.V. fiscal unity are expected to record a net loss (approximately
\u20ac17.4 million for Avantium N.V. fiscal unity and approximately \u20ac26.7 million for the Avantium
Renewable Polymers B.V. fiscal unity).
The losses of both fiscal unities are subject to the new tax loss utilization rules which apply as of 1
January 2022. An indefinite carry-forward period will apply (previously 9 years) whilst the carry-back
period will remain one year. However, tax losses will only be fully available for carry-forward and
carry-back set off up to an amount of \u20ac1.0 million of taxable profit per year. In the case of a profit
which is higher than \u20ac1.0 million, the amount above \u20ac1.0 million can only be set off up to 50% of that
higher taxable profit.
The Company does not use contrived or abnormal tax structures that are intended for tax avoidance.\u00a0
The calculation for 2025 is not based on an official Tax filing.
in Euro x 1,000
2025
2024
Loss before income tax
(27,133)
(32,627)
Tax at applicable tax rate in the Netherlands of 25.8% (2024: 25.8%)
7,000
8,418
Non-deductible expenses
104
715
Subtotal
7,104
9,133
Unrecognized deferred tax assets
(7,104)
(9,133)
Tax profit as a result from revaluation of certain assets
\u2014
\u2014
Utilization of previously unrecognized deferred tax assets
\u2014
\u2014
Tax charge
\u2014
\u2014
The nominal tax rate in 2025 is 19% up to \u20ac0.2 million and 25.8% over \u20ac0.2 million (2024: 19% up to
\u20ac0.2 million and 25.8% over \u20ac0.2 million).
Deferred taxes
in Euro x 1,000
2025
2024
Category of temporary differences
Lease liabilities
1,588
2,018
Decommissioning liabilities
\u2014
\u2014
Total gross deferred tax assets
1,588
2,018
Offset against deferred tax liabilities
(1,588)
(2,018)
Total net deferred tax assets
\u2014
\u2014
Right-of-use assets
(1,588)
(2,018)
Property, plant and equipment
\u2014
\u2014
Total gross deferred tax liabilities
(1,588)
(2,018)
Offset against deferred tax assets
1,588
2,018
Total net deferred tax liabilities
\u2014
\u2014
Total deferred tax positions (net)
\u2014
\u2014
Deferred tax assets related to temporary differences have been recognized only to the extent that
there are reversing deferred tax liabilities. The Company does not recognize any deferred tax asset in
relation to the losses carried forward as it is not considered probable that there will be sufficient
taxable profit against which the unused tax losses can be utilized in the following year(s).", "dimensions": { "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-433": { "value": "
The Group does not recognize any deferred tax asset in relation to the losses carried forward as it is
not considered probable that there will be sufficient taxable profit against which the unused tax losses
can be utilized in the following year(s).
Both fiscal unities have carry-forward losses. The total tax losses carry-forward for the Avantium N.V.
fiscal unity as at December 31, 2025 is approximately \u20ac187.7 million (December 31, 2024: \u20ac164.3
million). The total tax losses carry-forward for the Avantium Renewable Polymers B.V fiscal unity as at
December 31, 2025 is approximately \u20ac131.5 million (December 31, 2024: \u20ac111.0 million). The carry-
forward tax losses up to December 31, 2021 of \u20ac163.1 million have been confirmed by the Dutch tax
authorities.
No tax charge or tax benefit was recognized in 2025, since the Avantium N.V. fiscal unity and the
Avantium Renewable Polymers B.V. fiscal unity are expected to record a net loss (approximately
\u20ac17.4 million for Avantium N.V. fiscal unity and approximately \u20ac26.7 million for the Avantium
Renewable Polymers B.V. fiscal unity).
The losses of both fiscal unities are subject to the new tax loss utilization rules which apply as of 1
January 2022. An indefinite carry-forward period will apply (previously 9 years) whilst the carry-back
period will remain one year. However, tax losses will only be fully available for carry-forward and
carry-back set off up to an amount of \u20ac1.0 million of taxable profit per year. In the case of a profit
which is higher than \u20ac1.0 million, the amount above \u20ac1.0 million can only be set off up to 50% of that
higher taxable profit.
The Company does not use contrived or abnormal tax structures that are intended for tax avoidance.\u00a0
The calculation for 2025 is not based on an official Tax filing.
in Euro x 1,000
2025
2024
Loss before income tax
(27,133)
(32,627)
Tax at applicable tax rate in the Netherlands of 25.8% (2024: 25.8%)
7,000
8,418
Non-deductible expenses
104
715
Subtotal
7,104
9,133
Unrecognized deferred tax assets
(7,104)
(9,133)
Tax profit as a result from revaluation of certain assets
\u2014
\u2014
Utilization of previously unrecognized deferred tax assets
\u2014
\u2014
Tax charge
\u2014
\u2014
The nominal tax rate in 2025 is 19% up to \u20ac0.2 million and 25.8% over \u20ac0.2 million (2024: 19% up to
\u20ac0.2 million and 25.8% over \u20ac0.2 million).
Deferred taxes
in Euro x 1,000
2025
2024
Category of temporary differences
Lease liabilities
1,588
2,018
Decommissioning liabilities
\u2014
\u2014
Total gross deferred tax assets
1,588
2,018
Offset against deferred tax liabilities
(1,588)
(2,018)
Total net deferred tax assets
\u2014
\u2014
Right-of-use assets
(1,588)
(2,018)
Property, plant and equipment
\u2014
\u2014
Total gross deferred tax liabilities
(1,588)
(2,018)
Offset against deferred tax assets
1,588
2,018
Total net deferred tax liabilities
\u2014
\u2014
Total deferred tax positions (net)
\u2014
\u2014
Deferred tax assets related to temporary differences have been recognized only to the extent that
there are reversing deferred tax liabilities. The Company does not recognize any deferred tax asset in
relation to the losses carried forward as it is not considered probable that there will be sufficient
taxable profit against which the unused tax losses can be utilized in the following year(s).", "dimensions": { "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-434": { "value": "
28.\u00a0 Dividends
The Company declared no dividends for any of the years presented in these Consolidated Financial
Statements.
", "dimensions": { "concept": "ifrs-full:DisclosureOfDividendsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-435": { "value": "
29.\u00a0 Contingencies
As at December 31, 2025, the Company had no contingencies to report.
", "dimensions": { "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-436": { "value": "
30.\u00a0 Commitments & Guarantees
Commitments
Purchase commitments for property, plant and equipment amounted to \u20ac2.0 million ( 2024: \u20ac3.3
million).
Guarantees
The Company has a cash-collateralised guarantee facility in place. These guarantees are
predominantly issued in relation to payments from customers for systems contracts. Refer to note 10.
", "dimensions": { "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-437": { "value": "
31.\u00a0 Related-party Transactions
Related party transactions entered into at arm's length are conducted in a fair and unbiased manner,
ensuring equitable terms and conditions comparable to those of transactions with unrelated parties,
thereby upholding transparency, integrity, and the best interests of all involved stakeholders.
Identification of Related Parties
Key management is defined as those persons having legal authority and responsibility for planning,
directing and controlling the activities of the entity, directly or indirectly, including any director
(whether executive or otherwise) of that entity. Our key management comprises the members of the
Management Board and the Supervisory Board.
Key Management Changes 2025
On May 15, 2024, the Annual General Meeting re-appointed Michelle Jou as Supervisory Board
member for a term of four years.
The following persons were members of the Supervisory Board on December 31, 2025:
\u25a0 Edwin Moses, Chairperson
\u25a0 Nils Bj\u00f6rkman
\u25a0 Michelle Jou
\u25a0 Margret Kleinsman
\u25a0 Peter Williams
Key Management Remuneration Policy
Avantium does not grant its key management with any personal loans, guarantees or advance
payments. For further information on the Remuneration Policy refer to the Remuneration Report.
Key Management Remuneration 2025
Details of the remuneration of the members of the Management Board and the Supervisory Board
pursuant to section 2:383c, 383d and 383e of the Netherlands Civil Code are included in the
Remuneration Report (page 88).
", "dimensions": { "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-438": { "value": "
Key Management Changes 2025
On May 15, 2024, the Annual General Meeting re-appointed Michelle Jou as Supervisory Board
member for a term of four years.
The following persons were members of the Supervisory Board on December 31, 2025:
\u25a0 Edwin Moses, Chairperson
\u25a0 Nils Bj\u00f6rkman
\u25a0 Michelle Jou
\u25a0 Margret Kleinsman
\u25a0 Peter Williams
Key Management Remuneration Policy
Avantium does not grant its key management with any personal loans, guarantees or advance
payments. For further information on the Remuneration Policy refer to the Remuneration Report.
Key Management Remuneration 2025
Details of the remuneration of the members of the Management Board and the Supervisory Board
pursuant to section 2:383c, 383d and 383e of the Netherlands Civil Code are included in the
Remuneration Report (page 88).
", "dimensions": { "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-439": { "value": "
32.\u00a0 Proposed Appropriation of Result
In anticipation of the Annual General Meeting\u2019s adoption of the annual accounts, the net loss for the
year of \u20ac 22.5 million has been added to accumulated losses.", "dimensions": { "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } }, "f-440": { "value": "
33.\u00a0 Events After the Balance Sheet Date
In January 2026, Avantium provided an update on the start-up of its FDCA Flagship Plant in Delfzijl.
This followed the identification of construction-related quality issues in certain titanium welds during
commissioning of the oxidation and purification units, representing an unacceptable safety risk for
start-up and operations. These issues, prompting additional inspections and requiring additional
remediation work, resulted in approximately \u20ac7.0 million in additional capital expenditure. In
December 2025, these inspections had clarified the scope of the required remediation work. The
implications for the project schedule were assessed thereafter and finalized in January 2026,
resulting in a revised expectation that start\u2011up will be completed by mid\u20112026, with sales under the
existing offtake agreements commencing in the second half of 2026.
As disclosed in note 17, the Company classified its borrowings under the Debt Financing Facilities as
current liabilities as at December 31, 2025 following a breach of an insurance covenant.
The matter had already been raised with the lenders in December 2025, and subsequent to the
reporting date, in early 2026, the Group obtained a deferral of the applicable insurance covenant
deadline, with retroactive effect, subject to certain conditions. As this deferral was agreed after the
reporting date, it constitutes a non\u2011adjusting post\u2011balance\u2011sheet event and therefore does not affect
the classification of the borrowings as at December 31, 2025.
", "dimensions": { "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory", "language": "en", "entity": "scheme:724500E5WW4731JJ4G46", "period": "2025-01-01T00:00:00/2026-01-01T00:00:00" } } } }