AFYREN Provides Business Update and Targets for AFYREN NEOXY Operations

Regulatory News:

AFYREN (ISIN code: FR0014005AC9, ticker: ALAFY) (Paris:ALAFY), a greentech company that offers manufacturers bio-based, low-carbon ingredients produced using unique fermentation technology based on a completely circular model, has provided a business update and targets for AFYREN NEOXY operations

Nicolas SORDET, Chief Executive Officer of AFYREN, comments: "Our AFYREN NEOXY plant, the only biorefinery of its kind in the world, is being fine-tuned and prepped for continuous production. Our priority is to finish this work as soon as possible in order to serve our customers, who have always been aware of the possible delays inherent in commissioning an industrial site with an innovative process. Customer interest in our biobased acids is intact — our contracts confirm it. At the same time, we are pursuing our international projects, in particular by maintaining a close relationship with our partner in Asia, Mitr Phol, and are studying various scenarios to satisfy growing interest in strategic markets. Finally, in a complex financial environment, our solid cash position and the support shown by all our longtime partners, both commercial and financial, enable us to approach fiscal 2024 with confidence."

Update on AFYREN NEOXY

Following the on-time delivery of the AFYREN NEOXY plant in 2022 and its successful industrial commissioning, our operational teams focused in 2023 on production start-up, manufacturing several tons of products and delivering the first batches in June 2023.

Continuous production is still our objective. Work carried out over the second half of the past year has enabled us to determine the following:

• The fermentations we have carried out validate our core process, with the expected yield. As a reminder, this is a biological process designed to convert biomass co-products directly into biosourced platform molecules, without pre-treatment
• Certain post-fermentation stages (related to chemical processes for separation and purification) have not reached the level of performance expected to enable the plant to run continuously.

With these factors in mind, the Company's priority objective is to start continuous production in 2024, with the plant reaching break-even¹ in 2025. The prior objective was to reach break-even in the first half of 2024.