Carbios (ALCRB) Investor Update summary

Leadership and governance update

• Founder and Chairman Philippe Pouletty has become acting CEO following the end of Emmanuel Ladent's term on December 18, 2024, with a search underway for a long-term CEO.

• Vincent Kamel, Director, will serve as advisor to the new CEO.

• Recent governance changes aim to strengthen negotiation positions with partners and adapt to a tougher economic environment.

• The board is focused on making timely, wise decisions to ensure successful transition to commercial operations.

• The company is supported by experienced executives and board members with strong industry backgrounds.

Project and financing status

• Construction of the Longlaville PET biorecycling plant is postponed by 6 to 9 months to align with the timetable for public grants and additional funding, including €42 million in French and regional grants pending European Commission approval.

• Subsidies from France 2030 and the Grand Est Region have been approved, and an €86 million Strategic Projects Guarantee application is under review.

• The company maintains a strong cash position with €92.8 million in cash and €19.6 million in term deposits as of November 30, 2024, ensuring liquidity beyond the next twelve months.

• The plant aims to recycle 50,000 tons of PET waste annually, with commercial output targeted for 2027.

• Additional non-dilutive financing is being pursued, with ongoing discussions with Indorama Ventures and other financial institutions.

Commercial partnerships and market outlook

• Negotiations with Indorama Ventures are ongoing, with no termination of discussions; the company is prioritizing strong, win-win agreements.

• Commercial contract negotiations are advancing, with several major binding agreements expected in the first half of 2025.

• Offtake (pre-sale) agreements for future PET production are under negotiation, with significant cash impact expected only after plant operations begin in 2026.

• The technology is highly differentiated, with strong demand for 100% recycled PET from major customers and shareholders.

• The company is also exploring opportunities in textile waste recycling and maintains active discussions with several industry players.