1 Company Accsys Technologies PLC TIDM AXS Headline Interim results for the six months ended 30 September 2023 Released 21 November 2023 Number 1164U AIM: AXS Euronext Amsterdam: AXS THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION 21 November 2023 Accsys Technologies PLC (“Accsys”, “the Group” or the “Company”) Interim results for the six months ended 30 September 2023 Accsys, the fast-growing company that enhances the natural properties of wood to make high performance and sustainable building products, today announces its unaudited interim results for the six months to 30 September 2023 (H1 FY24). Six months to 30 Sep 2023 Six months to 30 Sep 2022 % Change Revenue €71.2m €58.9m 21% Gross profit €20.3m €18.1m 12% Underlying EBITDA1 €1.6m €4.5m (64%) Period end net debt3 (€48.2m) (€61.4m) Adjusted cash4 €10.8m €7.2m Highlights • 21% growth in revenue at €71.2m, driven by good product demand, higher average sales prices and increased production capacity following reactor 4 start-up in September 2022 • 20% growth in Accoya sales volumes at 28,807m3: o Strong growth of Accoya in Rest of World and Rest of Europe markets, up 42% and 28% respectively o 30% growth in Accoya for Tricoya production at 8,393m3, supporting our belief in Tricoya market potential • 2 percentage points decline in gross profit margin to 29%, reflecting higher raw material costs and wood inventory optimisation • 64% decrease in underlying EBITDA at €1.6m: volume growth and higher average Accoya prices offset by: o Increased pre-operational costs in Accoya plant in Kingsport, US, ahead of completion in mid-2024 and Tricoya UK plant operating costs, due to a change in accounting treatment5 o Increased operating expenditure on sales & marketing, executive recruitment and engineering costs • Strategic growth projects: o Arnhem – plant performing well; efficiency improvements ongoing o Accoya plant in Kingsport, US – construction of new 43,000m3 plant progressing well and in line with plan; ontrack for completion and commercial operation in mid-2024 • Tricoya UK plant project – while Accsys continues to believe in the market potential for Tricoya, in view of the current operating environment and shift of Company focus on the Accoya plant in Kingsport, US, the Board is undertaking a review of the viability, strategic interest and financial capabilities of its Tricoya UK plant in Hull. The review will be conducted in early calendar year 2024 • Exceptional item2 of €1.2m in relation to organisational re-alignment and cost savings initiatives: Actions being taken to deliver annual cost savings of €3.0m+. Impairment loss (non-cash) of €7.0m recognised in the period 2 relating to the Tricoya segment due to an increase in the discount rate used following an increase in market interest rates and the Company specific market volatility factor • Net debt at 30 September 2023 of €48.2m, an increase of €4.1m since the FY23 year end, reflecting capex of €2.0m, increase in working capital and inventory position and scheduled loan interest payments partially offset by EBITDA generation during the period • Fundraising: The Company today announces a fundraising to raise gross new proceeds of approximately €24m and an extension of its debt facilities. The proceeds of the fundraising will allow Accsys to complete the delivery of its Accoya plant in Kingsport, US, in mid-2024, strengthen its balance sheet and increase working capital headroom in the face of a challenging macro trading environment. Decisive action has been taken to secure the fundraising and a debt extension package to ensure the Company has the funding platform necessary to execute its growth strategy