Q1 2026: solid results and positive business trajectory expected in the coming quarters in a highly volatile environment

Zhigang HAO, Chairman and CEO of Adisseo, said: “The macroeconomic conditions remain challenging during the first quarter. The conflict in the Middle East adds volatility into global energy markets and in the realm of geopolitics.

Despite such challenges, Adisseo recorded yoy revenue growth in Q1 2026. I am particularly happy to highlight specialties business double-digit revenue and gross profit growth.

Looking forward, thanks to its global set-up and agile management in the context of the geopolitical tensions in the Middle East, Adisseo is in position to capture opportunities, while maximizing margins and achieve positive business trajectory in the following quarters.”

Bluestar Adisseo Company (“Adisseo” or “the Company”) Board of Directors disclosed its Q1 2026 results.

I. Business Review: Revenues & Net Profit Attributable to Shareholders

Safety is and will remain Adisseo’s priority. Q1 2026 TRIR landed at 0.06. The process safety is on good track.

Continuous improvement in sustainability performance has been delivered. GHG emissions were continuously improved in 2026. Water and energy intensity is on track, benefiting from strong production volumes and structural gains thanks to wastewater treatment project.

Adisseo ESG is ranked among the top performers in CSI Tier-1 industry. Adisseo has also issued its 2025 Sustainability Development Report, detailing its sustainability commitment, initiatives and achievements.

As an illustration, the wastewater retreatment project in Nanjing is reaching almost full capacity.

In 2026 Adisseo performed its bi-annual employee engagement survey and has recorded an historical record in employee engagement ratio. This well illustrates the high-level of trust and engagement from employees to the Company’s development.

In Q1 2026, Adisseo recorded a modest yoy revenue growth (+2%, CNY4.4 billion), while gross profit decreased (-13%, CNY1.11 billion), mainly driven by:

§ Downward price pressure in methionine and in Vitamins offsetting continuous volume growth in methionine in all main regions

§ Double-digit revenue (+19%) and gross profit (+16%) growth in specialties driven notably by strong dynamic in APAC, China and Europe

o Double-digit growth in Feed Integrity & Quality, Animal Resilience mostly in monogastric and aqua species

o Continued growth in Product Quality and Value for ruminants

o Price Increase which accelerated revenue growth and margin lift

In Q1 2026, methionine business recorded a sustainable growth, thanks to:

§ Strong demand allowing to pursue penetration across regions

§ High plant reliability even though facing supply issue in Spain due to floodings in February with production record achieved in March

§ Positive impact from by-product contribution

§ Partially offsetting negative impact arising from decrease in selling price

The new 150KT powder methionine plant and DSA project in Quanzhou almost completed its construction. The trial production is in preparation.

The 30KT Debottlenecking project in Nanjing Plant has obtained approval.

Vitamins business contribution has decreased due to:

§ Low volume and low market price in Vitamin A, despite first signs of price increase at the end of March

§ Sharp increase in VE price at the end of quarter but overall negative impact on margins for the quarter

§ Strong positive dynamics in Portfolio

In Q1 2026, specialties business delivered yoy high double-digit growth in revenues (+19%, CNY1.17 billion) and gross profit (+16%, CNY470 million), mainly driven by:

§ Continuous growth in Monogastric, thanks to record sales in Feed Integrity & Quality (+19%) and strong growth in Animal Resilience

§ Continued growth in ruminant business in North American and Chinese markets

§ Strong growth in Aqua mainly thanks to animal resilience

§ Offsetting less profitable contribution from feed digestibility driven by negative currency effect and higher variable and transportation cost

R&I biotech pilot platforms in France and Advanced Chemical Pilot R&D Platform in China have obtained approval and are in design phase.

The project to internalize esterification process to produce the key ruminant product also in Burgos plant has delayed its start-up due to reinforcement of safety control, but continuity in supply of the product has been secured to address the positive business dynamic.

From a regional revenue perspective, demand remained strong across the world, Europe recorded a yoy growth of +9% and APAC excluding China recorded a yoy growth of +5%. China continued to lead the way in the growth rate and achieved a strong double-digit yoy growth.

Thanks to its global distribution capabilities and to its localized manufacturing capabilities, Adisseo is managing with agility the impacts of the geopolitical tensions in the Gulf.

In terms of market and price dynamics:

§ Strong and steady demand in all product lines as some customers are building safety stock in the context of risk of shortage given supply difficulties

§ A significant price increase momentum since March for Performance products, which will be reflected in the following quarters

In terms of raw material supply, Adisseo has managed so far to secure supply – with a strong cost increase- of key raw materials in the short term and expects the increase in raw material prices to be compensated by selling prices.

Volatility in import duties and tariffs is being managed carefully, and further positive impacts are expected in the coming quarters.

Overall speaking, business outlook is highly volatile but so far positive driven by favorable price trends, solid demand, and our well-balanced industrial set-up and worldwide sales and marketing coverage, which allows to navigate through this uncertainty.

One-China Strategy recorded strong double-digit revenue growth in Q1 2026 thanks to:

§ Continued double-digit growth in liquid OH-methionine

§ Strong growth in specialty business, thanks to the new customized animal resilience product (Metacid), continued growth in palatability and recovering ruminant business

Nanjing plant achieved record production volume and high yield in March.

China R&I capabilities are reinforced by the establishment of new Nanjing Advanced Chemical pilot plant, which will allow to accelerate the transformation of new specialty products and new processes from the laboratory to industrial application.

FeedKind® plant in Chongqing is still shutdown and pending for financing.

In Q1 2026, EBITDA ratio improved in Q1 (18%) vs Q4 2025 (16%), even though lower than Q1 2025 (23%), in line with the evolution of the gross margin, but also due to on-going investment in R&I, liquid dosing installations, business development in specialties.

Net profit attributable to shareholders in Q1 2026 stood at CNY310 million, representing a solid net margin of 7%.

II. Cash-flow and Net Debt

Cash position as of 31 March 2026 increased by CNY234 million, compared to 31 December 2025, driven by:

§ Positive cash flow generated from operating activities

§ Strict working capital management

§ Increased low-cost financing in China for 150KT powder methionine plant

§ Offset by continuous CAPEX investment for future growth and payment of interim dividend

Leveraging its solid results, besides the already delivered interim dividend, Adisseo is proposing a final dividend distribution plan, representing a total pay-out ratio of 40.28%.

§ Interim dividend of CNY157 million has been distributed to shareholders on the 27th of February.

§ Final dividend of CNY308 million is to be deliberated at the annual shareholder meeting in May.

III. FY2026 Outlook

Sustainability and safety will remain Adisseo’s top priorities.

Volatility and uncertainty are prevailing in the context of increasing geopolitical pressure.

Market demand is expected to remain solid in a highly competitive environment. Adisseo is fully engaged to leverage its global footprint and operational excellence to address customer demand and maximize margins.

Solid operational dynamics is being pursued with:

§ Expanded methionine production capacity coupled with robust plant operational efficiency across plants allowing to pursue volume growth in methionine

§ Production platforms in China and Europe allowing to optimize supply costs resulting from geopolitical crisis

§ Competitiveness enhancement programs particularly in less performing plants and businesses

§ Acceleration of specialties dynamic with proactive price portfolio management to drive profitability and launch of new products – notably in Enzymes & Dairy - to boost the growth

While continuing to invest in the future through:

§ Reinforced Research & Innovation efforts, with the establishment of industry pilots in both China and Europe, allowing to deliver continuous process improvement and sustainable & innovative products solutions

§ Acceleration of digitization leveraging AI capabilities

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About Adisseo

Adisseo is one of the world's leading experts in feed additives. The group relies on its 5 research centers and its production sites based in Europe, the U.S., China and Thailand to design, produce, and market nutritional solutions for sustainable animal feed. With more than 3,000 employees, it serves around 4,200 customers in over 110 different countries and regions through its global distribution network. In 2025, Adisseo recorded an operating revenue of CNY17.23 billion.

Adisseo is one of the main subsidiaries of China National BlueStar, a leader in the Chinese chemical industry with more than 12,000 employees and a turnover of CNY39.7 billion in 2024.

Adisseo is listed on the Shanghai Stock Exchange.

Adisseo Corporate websites: www.adisseo.com;

Adisseo’s press contactIn China: Yun CAI, yun.cai@adisseo.com