Jefferies Tour de Scents

Croda F&F

Parfex site visit

M AY 2025



© Copyright 2025 Croda International Plc



A differentiated business model

F&F sales by division

Perfumery 48%

Home care fragrances 24%

Flavours 19%

Beauty and personal care 9%

Unique business model with agility at its heart:

"Under increasing uncertainty, flexibility as a source of competitive advantage"

  • A wide portfolio and global platform: ~75k formulas with 16 manufacturing sites

  • Dynamic customer-driven R&D: 16 R&D centres across the globe, capturing local trends & tastes

  • Broad exposure to high growth markets: ~80% of sales into emerging markets

  • Fast to customer model: Agile, responsive and customer centric obsession

~1,250

FTEs

2024

Sales

£295m

>200 small companies worldwide

Tier 3

Tier 2

Tier 1.5

Tier 1

F & F C O M P E T I T I V E L A N D S C A P E



Focused on high-growth regions

~80%

sales to emerging markets

Present in

~125

countries



Sales by region

Latam 11%

Africa

12%

Asia 31%

Middle East 24%

Eastern Europe 6%

Western Europe 16%

I N V E S T I N G I N







Expansion of R&D centre in Dubai

  • Middle East / GCC is high-growth market

    with strength in Fine Fragrances

  • Dubai is new global centre for F&F influencing global launches and trends

  • Strengthening resources for faster response in this competitive market

H I G H - G R O W T H R E G I O N S



0%

5%

10%

15%

20%

25%

F&F sales CAGR of 13% (2020-2024)

Africa Asia

Eastern Europe

Latam Middle East Western Europe

16

manufacturing and warehousing facilities

16

Creative and R&D centers





Focused on L&R customers

Yearly sales. Leading L&Rs growing 2x faster than MNCs

2021

Customer A (Jordan)

2022

2023

Customer B (France)

2024

Customer C (China)

L&R customers are

94%

of Croda F&F total sales

© Copyright 2025 Croda International Plc 5

I N E M E R G I N G M A R K E T S

  • Many L&R customers growing 2x faster than MNCs (see table on right)

    I N M AT U R E M A R K E T S

  • Fragrance CMOs increasingly important for outsourced manufacture in Spain, Poland, Turkey and elsewhere

  • Leveraging Croda relationships and brand to access

    … D R I V I N G O U R G R O W T H

  • Competitive markets

  • We win via relationship selling, responsiveness, flexibility etc

    … AT H I G H VA L U E

  • No less profitable than MNCs

  • Can adjust cost-to-serve through minimum volumes, fragrance libraries,

    AI etc



    F&F benefitting from Croda ownership


    R E S P E C T E D O W N E R

    • More stable ownership

    • Strong financial fundamentals

      • Broader brand recognition

        S A L E S S Y N E R G I E S

        • Consumer insights

        • F&F sales into MNCs

    • Beauty sales into ME & Africa

      T E C H S Y N E R G I E S

      • Collaborative innovation

        • New materials

      • AI and machine learning

        B A C K O F F I C E

      • Procurement synergies

        • Stronger IT systems

      • Sustainability roadmaps

    • More robust SHE standards

F&F outperforming peers

Like for like sales growth vs peers (%). 2020-2024

20%

2021

2022

2023

2024

15%

10%

5%

0%

-5%

-10%

Croda F&F Peer A Peer B Peer C Peer D

Rationale behind Parfex acquisition

Acquisition at 11.3x PE in 2021

Develop a global R&D and creation centre

for haute parfumerie & natural fragrances

Leverage Parfex business within Iberchem's broader and global platform for synergies (e.g.

cost of raw materials) and technologies

To position Parfex as a niche "Made in

France" brand with higher selling prices

Leverage Iberchem capabilities to produce Parfex fragrances worldwide (China, LATAM,

Southeast Asia, etc.)

"To establish a global creation centre for "haute parfumerie" & "natural fragrances"

Brand segmentation for all applications and price points


  • Creativity through Science

  • Global fragrance player; local approach

  • Expert in fragrance technologies

  • Strong cross category capability

  • Large scale production capacity

  • Distinctive position in emerging markets

  • French savoir-faire in perfumery

  • Made in Grasse.

  • Fine fragrance, premium skin and air care

  • Natural & sustainable brand offering

  • Satisfying consumers who value creativity and artistry

  • Creating flavours for customers worldwide

  • Beverages, sweet and savoury applications

  • Outstanding growth track record

  • Favourable market conditions/macro-trends

  • Global manufacturing platform (Spain, China, South Africa and Malaysia)























Some of Parfex's partners




Parfex - what we have achieved so far EBITDA (m€)

1 7 %

R O S

1 4 %

R O S

3

6

NET SALES (m€)

25

38

2021 2024 2021 2024

Parfex - accelerated Business Plan 2025-2031


Enabling synergies, leveraging Croda Beauty reputation,

focusing on premium customers in all regions

Consistent past performance and excellent growth prospects, make us confident about achieving the business plan

S M A R T S C I E N C E T O I M P R O V E L I V E S





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Croda International plc published this content on May 28, 2025, and is solely responsible for the information contained herein. Distributed via Public Technologies (PUBT), unedited and unaltered, on June 03, 2025 at 11:23 UTC.