India Market Update

India: New Biodegradable Plastics Standard Following Extended Regulatory Process and Significant Commercial Opportunity

Symphony Environmental Technologies plc (AIM: SYM) is pleased to announce a significant update on biodegradable plastics regulation in India and the associated commercial opportunity for the Group.

This development follows an extensive and complex regulatory process in India, involving multiple stakeholder consultations, evolving technical criteria, and changes to testing protocols, which have extended timelines beyond initial expectations.

Background and Regulatory Context

As previously communicated, Symphony established Symphony Environmental India Private Limited in 2021 as a joint venture with Indorama India Private Limited to develop the Indian market for its d2w biodegradable plastic technology and other products.

Under India's Plastic Waste Management Rules, conventional plastic products are required to meet minimum thickness requirements (currently 50 microns, to 120 microns or higher in some applications such as carrier bags), which can significantly increase production costs for manufacturers.

Products made with certified biodegradable technologies are expected to be exempt from these requirements, creating a potential cost and performance advantage for qualifying solutions such as d2w.

New Indian Standard and Certification Pathway

The Bureau of Indian Standards has introduced IS 19877T:2026 - "Assessment of Potential Biodegradability of Plastics under Controlled Laboratory Conditions," published on 11 June 2026. This standard replaces the earlier IS 17899T framework under which Symphony had already secured successful testing results through Intertek India.

As previously communicated, the availability of a recognised Indian standard and supporting certification is essential to obtaining Central Pollution Control Board ("CPCB") approval.

Symphony has already demonstrated:

• In excess of 90% biodegradation
• No adverse ecotoxicity
• Compliance with heavy metal limits

These results provide a strong foundation for alignment with IS 19877T:2026 and the test methods for biodegradation, ecotoxicity and heathy metal analysis remains the same.

The Group is now working with Intertek and other laboratories to:

• Complete the additional testing and analytical requirements under the new standard
• Secure full certification under IS 19877T:2026
• The Group's Indian management team expects completion of testing and certification during the second half of 2026, subject to laboratory and regulatory timelines

Commercial Opportunity and Market Dynamics

Through Symphony Environmental India and its joint venture partner Indorama, the Group has developed a substantial pipeline of customers in India.

The Company believes that:

• There is significant pent‑up demand from customers awaiting certification;
• Certification will unlock commercial activity; and
• the estimated addressable market exceeds US$70 million annually (subject to adoption).

The Company understands that a significant portion of the market is not currently fully complying with thickness requirements, primarily due to cost pressures. This creates both a near-term distortion in the market as well as an increasing urgency for producers and brand owners to identify compliant and economically viable solutions

The Board believes that effective enforcement of thickness rules, and the availability of certified biodegradable alternatives will be critical to achieving environmental objectives while maintaining commercial practicality for industry participants.

Subject to certification and regulatory approvals, Symphony expects to be well positioned to participate in this transition.

Outlook

The Board considers the introduction of IS 19877T:2026 to be an important step in establishing a clearer and science-based regulatory pathway in India. Certification represents the key milestone required to unlock commercial activity in what the Company believes to be a substantial and developing market opportunity.

Regulatory Note

IS 19877T:2026 is a provisional standard relating to controlled laboratory assessment, and further regulatory interpretation and implementation measures may be required.

The timing and outcome of certification, CPCB approval, and market adoption remain subject to regulatory processes and enforcement practices.

CEO Comment

Michael Laurier, CEO of Symphony, said:

"This announcement represents an important milestone following a lengthy and complex regulatory process in India. While timelines have extended beyond original expectations, we now see a clearer pathway toward certification and commercialisation.

There remains a need for effective enforcement of existing regulations and for solutions which allow industry to comply without incurring prohibitive cost increases. We believe Symphony's technologies are well positioned to meet this requirement."