AMSTERDAM, 16 August 2023, 07:00 hrs CEST – Avantium N.V. (Euronext Amsterdam and Brussels:
AVTX), a leading technology company in renewable chemistry, today reports its 2023 half year results.
Key Business Progress in the First Half of 2023:
• Construction of Avantium’s FDCA Flagship Plant remains on track, with commissioning activities expected to commence in the first quarter of 2024 and FDCA production in the second half of 2024.
• Avantium has made further progress in the development of the Ray plantMEG™ and Ray plantMPG™ technology and secured a conditional grant award of €53 million from the National Growth Fund, an instrumental step for the funding of the construction of a Flagship Plant in the Netherlands.
• Avantium’s Volta Technology, a carbon capture and utilisation platform, is advancing towards a stage gate decision on the construction of a pilot plant, further supported by the previously announced collaboration with SCGC.
• Avantium has signed a collaboration agreement with Norsk Hydro for further development of Avantium’s Volta electrochemistry technology platform to develop innovative and sustainable solutions for Norsk Hydro.
• Avantium R&D Solutions is successfully executing its strategy for R&D solutions for sustainable chemistry, securing additional orders and a strong revenue backlog for 2023.

Key Financial Developments in the First Half of 2023:
(€1,000) 30 June 2023 30 June 2022 % change
Revenues 7,263 4,982 46 %
Other income from government grants 3,894 3,184 22 %
Net operating expenses (23,312) (19,181) 22 %
EBITDA (12,155) (11,015) 10 %
Depreciation, amortisation and impairment charge (3,841) (3,937) -2 %
Finance costs - net (4,150) (1,312) 216 %
Fair value remeasurement - Warrants (270) (1,085) -75 %
Loss for the financial year (20,415) (17,349) 18 %
Cash flow from operating activities 21,321 4,165 412 %
Cash flow from investing activities (47,727) 9,770 -589 %
Cash flow from financing activities 38,578 40,658 -5 %
Net cash flow (8,244) 37,244 -122 %
Cash position 56,626 72,150 -22 %
Tom van Aken, Chief Executive Officer of Avantium: "In the first half of 2023, Avantium made strong
progress with all our technologies. We are pleased that the construction of our FDCA Flagship Plant has
progressed in line with the key objective to start FDCA production in 2024. We remain on track to start
commissioning activities of our FDCA Flagship Plant in the first quarter of 2024. Our plantMEG technology is
progressing towards the next phase of scaling-up to a Flagship Plant, for which we secured a conditional grant award of €53 million from the Dutch National Growth Fund. Our Volta technology has shown
significant progress towards the stage gate decision to construct a pilot plant to scale-up production of the
monomer glycolic acid and CO2-based polymer PLGA, underpinned by collaborations with global industry
leaders SCGC and Norsk Hydro. We continue to see robust demand as well as increasing regulatory support
for our sustainable, next-generation materials and technologies."

Outlook
Avantium continues to explore additional funding options to ensure that the Company remains sufficiently
funded to execute on its strategy.
For Avantium Renewable Polymers, commissioning of the FDCA Flagship Plant is expected to commence in
the first quarter of 2024, and production to start in the second half of 2024. We expect to complete the
drawdown of the final €15 million from the Debt Facility Agreement for the FDCA Flagship Plant in Q3 2023.
The signing of the first technology license agreement with Origin Materials has helped accelerate discussions
with other industrial partners to explore additional licensing opportunities for the future large-scale
production of FDCA and PEF. Avantium Renewable Polymers continues to see strong demand for FDCA and
PEF in various applications and continues to pursue additional offtake agreements for the FDCA Flagship
Plant and capacity reservations to support licensees.
Avantium Renewable Chemistries intends to enter the Process Design Package (PDP) stage for the Ray
Flagship Plant in the second half of 2023. We continue to focus on strategic opportunities for our plantMEG technology.
In the second half of 2023, Avantium R&D Solutions aims to deliver significant top-line growth compared to
the first half of 2023, based on a strong order book and project pipeline.

Financial results
Income Statement
Total first half 2023 revenues increased to €7.3 million (HY 2022: €5.0 million), largely attributable to
revenues in the R&D Solutions business unit (€5.0 million). As a result of entering into a technology license
agreement with Origin Materials in February 2023, Avantium Renewable Polymers received the first
milestone payment of €7.5 million. Under the technology license agreement, Avantium Renewable Polymers
will receive the next milestone payment of €7.0 million upon delivery of the Process Design Package to Origin
Materials. Under IFRS 15, these two payments will be recognised as revenue over time, up to the delivery of
the Process Design Package. In the first half of 2023, Avantium Renewable Polymers recognised €1.9 million
as revenue from the Origin technology license agreement.
Other income increased by 22% to €3.9 million (HY 2022: €3.2 million). The higher grant recognition was
predominantly in Avantium Renewable Polymers coming from existing grant programmes.
Net operating expenses were €23.3 million in the first half of 2023 (HY 2022: €19.2 million). This increase is
primarily the result of the planned increase in FTEs over the reporting period, higher raw materials and
contract costs, other operating expenses largely driven by inflation, as well as higher development costs in
particular relating to the Renewable Polymers business segment.
EBITDA loss for the first half of 2022 was €12.2 million (HY 2022: loss of €11.0 million)
Finance costs increased to €4.1 million (HY 2022: €1.3) primarily due to €3.3 million in interest and
commitment fees related to the debt financing.
Avantium’s net loss for the half year of 2023 increased to €20.4 million (HY 2022: €17.3 million) due to
higher costs; driven by increase in finance costs related to the financing of the FDCA Flagship Plant, the
planned ramp-up of activities across the Company, and inflation. These cost increases were partly offset by an increase in revenues and other income.
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