Baikowski : March 28 - 2023 Annual results

2023 results

• ▪ Revenue of €36.0 million impacted by the economic slowdown

• ▪ Net income (Group share) positive at €0.9 million, despite the significant contraction in business

• ▪ Net financial debt effectively under control, representing 20% of shareholders' equity at December 31, 2023

• ▪ 2024: revenue growth and turnaround in profitability

Poisy, March 28, 2024 - 8:45am (CET) - Baikowski® (ALBKK - ISIN: FR0013384369), a leading producer of specialty industrial minerals founded more than 100 years ago, is reporng its full-year results for 2023.

Benoît Grenot- CEO: "The full-year results achieved by Baikowski® in 2023 highlight the outstanding resilience of our performance levels, despite the downturn in business linked to the general economic environment compared with 2022, which was a record year. Building on the robust fundamentals in place and the connued commitment and dedicaon of our teams, while celebrang 120 years of innovaon in 2024, our Group is maintaining a favourable posion on long-term cycles and connuing to develop buoyant projects, supporng the energy transion in parcular".

2023 key developments

In a highly uncertain economic and geopolical environment, Baikowski®'s business was affected by the slowdown in demand in its main business segments and the deferral of certain orders versus a historically high basis for comparison in 2022.

In long-term markets driven by innovaon, Baikowski® connued rolling out its research and development (R&D) efforts, invesng 8.1% of its revenue, with a view to diversifying its offering and enhancing its potenal for future growth.

Earnings resilient

In this context, Baikowski® recorded consolidated revenue of €36.0 million in 2023, reflecng a significant contracon of-32.1% compared with the record year of 2022, which saw +18.1% growth. On a like-for-like scope and foreign exchange rates basis, business is down-31.6%.

Despite the decrease in business, operaons are sll profitable. EBITDA came to €5.1 million, down-58.9%, with €1.3 million of EBIT, represenng 3.5% of revenue (including €1.2 million for the share in income from equity-accounted companies).

With a net financial loss of-€0.5 million and +€0.1 million of tax income, the net income (Group share) came to €0.9 million.

€m	2023	2022	Change
Revenue	36.0	53.0	- 32.1 %
EBITDA % of revenue	5.1 14.1%	12.3 23.3%	- 58.9%
EBIT % of revenue	1.3 3.5%	8.1 15.4%	- 84.6%
Net income (Group share) % of revenue	0.9 2.6%	6.5 12.3%	- 85.7%

Robust balance sheet

Shareholders' equity came to €41.9 million at December 31, 2023, down-€2.4 million from end-2022. This change is linked primarily to earnings for the year (+€0.9 million), as well as translaon differences (-€1.1 million) and the June 2023 dividend payment (-€2.2 million).

The cash posion at end-2023 was posive, with €7.1 million, showing a limited decrease of-€2.2 million compared with end-2022, thanks in parcular to the resilience of the Company's cash flow from operaons and the improvement in its working capital requirements.

Net financial debt at December 31, 2023 totalled €8.5 million, up €3.6 million from end-2022. Despite this increase, it is sll at a reasonable level, represenng 20% of shareholders' equity, compared with 11% at December 31, 2022.

Posive outlook

Baikowski® expects revenue growth to pick up again in 2024 compared with 2023, combined with an improvement in its profitability. This outlook is supported by the electronics market recovery, the development of new applicaons (baeries, technical ceramics, polishing, etc.) and their integraon for industrial applicaons. Driven by these iniaves, Baikowski® is looking posively ahead to 2024.

Dividend

Considering the results achieved by Baikowski® in 2023 and the investments planned for 2024, the Board of Directors will submit a proposal at the General Shareholders' Meeng on June 5, 2024 to exceponally waive the payment of a dividend for 2023. This measure aims to strengthen the Group's posion within its growth trajectory for 2024.

Addional informaon

The corporate and consolidated financial statements for 2023 were approved by the Board of Directors on 27 March 2023. The statutory auditors have completed the audit procedures on the corporate and consolidated accounts. The cerficaon report will be issued once the necessary procedures have been finalized for publishing the full-year financial report.

Next date 2023 annual financial report on April 5, 2024 before start of trading.

About Baikowski®

Founded in 1904, Baikowski® is a world leader for the producon of specialty industrial minerals, including ultra-pure alumina, as well as other oxides such as spinel, luminophores, zirconia and cerium oxide. These products are used in the composion of technical ceramics, precision polishing and addives. The quality of Baikowski® products enables it to address a wide range of high-tech markets, from electronics to automove, green energy, aerospace, defence, medical and watchmaking.

Baikowski® has been commied to a responsible resource management policy for many years and is acvely involved in developing tomorrow's sustainable technologies. Baikowski® is present on three connents (France, USA, and Japan) and has commercial offices and agents in South Korea and China.

Baikowski® is listed on Euronext Growth Paris (ISIN: FR0013384369 - Ticker: ALBKK).

For more informaon, visitwww.baikowski.com.

Contacts

• • Media Relaons: Benoît Grenot - Chief Execuve Officer - [phone] -fi[e-mail]

• • Investor Relaons: Jean-Christophe Le Floch - Chief Financial Officer - [phone]-fi[e-mail]

• • Financial communicaon: CALYPTUS - Cyril Combe - [phone] [e-mail]