Accsys Technologies (AXS) Trading Update summary

Trading performance and strategy update

• FY25 revenue reached €136.6m for the Group and €147.4m including JV, up 8% year-on-year.

• Total sales volumes grew 13% to 63,864m³, with North America volumes up 16%, reflecting strong demand and successful US JV ramp-up.

• Adjusted Group EBITDA for FY25 expected in line with upgraded market consensus of €10.5m.

• Net debt increased to €42.6m due to US JV investment and higher inventory, partially offset by elimination of non-recourse debt in Tricoya UK Ltd.

• 18-month extension secured on primary debt facilities, extending maturity to September 2027.

Strategic execution and outlook

• Phase 1 of the FOCUS strategy (FY24-27) targets sustainable, profitable growth from existing assets and debt reduction.

• Phase 2 (FY28-30) will optimize operations for full plant capacity and further debt reduction.

• Phase 3 (FY30+) aims for further growth leveraging a strong balance sheet.

• US manufacturing plant enables local supply and mitigates tariff risks; tariff exemptions currently in place for US lumber imports.

• Tricoya UK Ltd placed into voluntary liquidation in December 2024.

Product and market highlights

• Accoya sales volumes saw double-digit growth across all regions, with strong demand despite challenging markets.

• Accoya USA JV with Eastman Chemical Company commenced operations in H1 FY25, supporting North American growth.

• Accoya and Tricoya products offer industry-leading durability, sustainability, and warranties up to 50 years.

• Accsys operates in over 25 countries, with established manufacturing in Europe and North America.

• Accsys is a UN Global Compact participant, adhering to responsible business principles.