Trading Update

Accsys, the world’s leading supplier of premium, high-performance and sustainable wood building materials, today provides a trading update for the five months ended 31 August 2026. All numbers in this announcement are unaudited.

Revenue and sales volumes to 31st August 2026

1 Accsys has a 60% shareholding in Accoya USA, a joint venture (JV) with Eastman Chemical Company. Whilst the JV is equity accounted for financial reporting purposes, the aggregated revenue figure includes Group revenue plus 60% of the JV revenue

² Total Sales Volumes include Group sales volumes and 100% of sales volumes of the JV

Trading update

The Group made significant strategic progress in FY26 and started FY27 with an expanded market share, product offering and distributor network.

Driven by challenging macroeconomic conditions and the impact of the Middle East conflict, trading in the first five months of FY27 has started slower than expected as a result of inflationary pressures and interest rate increases, which have caused more cautious purchasing patterns, delayed project activity and has impacted consumer confidence. In particular, this led to significant distributor destocking across all of our regions during the period, with North America being most affected. We believe that the period of destocking is over and customer inventory is now stabilising.

The sales trend has been improving over the five month period as the level of destocking has decreased. We are seeing stronger trading activity in September and expect H1 year-on-year performance to be better than the five month period comparison, albeit still slightly lower overall in revenue and volumes than the prior year.

Outlook

Management has taken decisive actions to mitigate the macroeconomic headwinds, including price increases and proactive cost control to protect profitability. Whilst we expect the challenging macroeconomic conditions to continue, the Group expects to see sales growth in H2 with a commercial focus on new sub-distributor programmes, closer collaboration with OEMs and further regional expansion. Given the specific destocking challenges in H1 and our trading seasonality, we anticipate a stronger second-half weighting to Group revenue and profit.

In the US, our key distributors are reporting continued positive underlying demand for Accoya, with sales out at higher levels than purchases over the period. Historically high distributor stock holding levels pre-Kingsport start up, improved availability as US production has ramped up, and the effect of the Middle East conflict has resulted in significant distributor destocking and shorter term purchasing decisions. Accordingly, we anticipate growth in North America for the full year to be at single digit levels.

The Board expects full year underlying EBITDA (excluding the JV) to be broadly in line with market expectations*, on lower revenues, demonstrating margin improvement. Factoring in the lower growth in the US, the Board expects full year adjusted EBITDA to be ahead of the prior year and in the range of €21m to €23m*.

The Group remains focused on innovation, market share gains, increasing capacity utilisation, disciplined cost management and driving further sustainable improvements in profitability. Given the consistent strategic progress made since the launch of the FOCUS strategy in January 2025, the Group remains on track to deliver on the Phase 1 targets for FY27.

Notice of interim results

The Company will announce its interim results on 24 November 2026.

* At 18 September 2026, Accsys considered market consensus for FY27 underlying EBITDA to be €24.5m and adjusted EBITDA to be €28.8m

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