Pryme Trading Update

27 Mar 2026 08:30 CET

Pryme Trading Update

Rotterdam, 27 March 2026

Pryme (the “Company”) provides the following update on its operational status
and the strategic direction of the Company. This update reflects a careful
reassessment of the Company’s technical, operational, and financial position,
and outlines the Company’s decision to prioritise future project development and
strategic partnerships as the most value accretive path forward for
shareholders.

1. Operational update and technical findings

As previously communicated, Pryme halted testing and production following a
renewed loss-of-containment incident at the interface between the reactor body
and discharge valve assembly - similar to failures observed in December 2025 and
February 2026.

A controlled cooldown was followed by a detailed inspection, which confirmed the
leakage pathway and identified the probable root cause: as insulation was
removed in the surrounding area, it became evident that one side of the
discharge valve area had no heating elements. This uneven heating caused uneven
thermal expansion across the connection between the valve assembly and reactor
body, resulting in mechanical stress that likely compromised the integrity of
the connection.

Restoring the reactor to safe and reliable operating condition would require a
full mechanical rebuild—including removal and replacement of insulation,
installation of new heating elements and controls, and potential structural
reinforcement. Given long component lead times, substantial engineering effort,
and the Company’s constrained liquidity, Pryme has decided not to perform those
repairs.

2. Broader technical and operational challenges

Over the past two years, Pryme has made meaningful progress in product quality,
yield, and overall process understanding. However, despite these achievements,
Pryme One has not reached the stability or uptime required for near-term
technological maturity. Several structural issues remain:

Reactor vulnerabilities
The reactor continues to be the central bottleneck to stable operation.
Persistent problems include recurring stuffing box sealing failures accounting
for approximately 20% of downtime; an increasing frequency of heating element
failures, severely constraining throughput; repeated mechanical issues with the
discharge valve sealing and actuation mechanism.

Reactor technology assessment
Pryme carried out an extensive evaluation of more than twenty pyrolysis reactor
technologies. Four shortlisted concepts underwent detailed technical review with
external experts. None of the demonstrated, high-rate reactor technologies
proved compatible with the physical and engineering constraints of the Pryme One
installation without major redesign. As a result, a proven replacement reactor
cannot be integrated into the plant in a cost or time effective manner.

Funding environment
Investor appetite for a capital-intensive redevelopment has been limited. Major
shareholders have indicated they are not prepared to finance further development
of the current technology, and prospective investors expressed interest only
under the condition of significant anchor investor participation—conditions that
cannot be met under current market circumstances.

Taken together, these technical, operational, and financial realities mean that
continued investment in Pryme One as a standalone project is neither
economically prudent nor strategically justified.

3. Strategic focus on future development and partnerships

Although Pryme One has not achieved stable industrial operation on a continuous
basis, the Company has built substantial expertise in feedstock handling, large
scale pyrolysis operations, product upgrading, plant integration and advanced
recycling project development. These capabilities form a strong foundation for
Pryme’s next phase.
Following a comprehensive strategic review, the Company has therefore shifted
its focus toward:
• advancing development of its Amsterdam and prospective Rotterdam sites,
• pursuing strategic partnerships to support the next generation of Pryme
projects using proven technology
• preparing for future funding processes to support these developments.
This shift allows Pryme to concentrate on opportunities that better align with
its long-term ambition to deliver advanced recycling capacity at industrial
scale, while leveraging the learnings and expertise accumulated to date.
Pryme will discontinue all redevelopment activities related to Pryme One and
instead direct its resources toward projects and partnerships with a clearer
path to commercial scale-up. While the Company is actively exploring strategic
collaborations, these discussions are preliminary in nature.

4. Current operational status

The plant remains safely shut down. Pryme will now concentrate on preparatory
activities aimed at preserving the integrity and condition of the installation,
ensuring it can be transferred, repurposed, or divested as part of a broader
strategic transaction. Only essential on-site activities will be maintained
during this period.

5. Cost and liquidity management

To support its refined strategic direction, Pryme is implementing significant
cost reduction measures to extend its runway. The Company is streamlining its
organisation to focus solely on essential functions required to support site
development, stakeholder engagement and strategic partnership exploration. At
the same time, Pryme will retain a core group of employees whose expertise is
essential for engineering, development and future plant operation.
Pryme will continue to work closely with its key stakeholders—including lenders,
suppliers and partners—to responsibly manage any potential transition. The
Company is also exploring options regarding the potential sale of the Pryme One
assets.

6. Site development activities

Work on the Amsterdam project and the evaluation of the prospective Rotterdam
site will continue at a targeted pace. Key permitting, planning, and partner
dialogue activities will be maintained to preserve strategic optionality.

Should new partnerships be secured, these sites may form the foundation for the
Company’s next generation of advanced recycling facilities.

7. Funding status

Pryme is not seeking capital for any redevelopment of Pryme One. Instead, the
Company is preparing for future funding processes associated with its site
development pipeline and prospective strategic collaborations. Discussions with
institutional shareholders and sector specialists remain ongoing and further
updates will be provided as appropriate.

Conclusion

Pryme is entering a new phase of its development. Recognising the persistent
technical challenges and funding constraints associated with Pryme One, the
Company is repositioning itself around site development, selective partnerships,
and a more scalable platform for future growth. Pryme will continue to inform
the market as material developments arise.

Other updates
• Production volumes: Following the restart of the production testing program at
Pryme One on 4 March 2026, Pryme produced approximately 175 metric tons of
pyrolysis oil in total during March 2026. The exact production figures will be
included in the Company’s quarterly report for Q1 2026. Until further notice,
the Company no longer plans to issue monthly production volume updates.
• EGM: On 18 February 2026, Pryme received a request from shareholders to
convene an Extraordinary General Meeting (“EGM”) to vote on a proposed
resolution that the Company apply for the de-listing of its shares from Euronext
Growth Oslo. The Company has since sought and obtained confirmation from its
lender, that it does not object to the Company probing the shareholders’ views
on a potential de-listing as continued listing is a covenant of the loan
agreement. The formal EGM notice and agenda will be issued once this
confirmation has been obtained in writing.
• Waiver from lessor of Pryme One assets: As previously disclosed in the Q1 2025
report, the Company has breached the minimum turnover covenant under the lease
agreements for the main equipment at the Pryme One site. Pryme now confirms that
the corresponding waiver from the lessor has been obtained.

Disclaimer

This disclosure (the "Disclosure") has been produced by Pryme N.V. (the
“Company” or “Pryme”). This Disclosure and any information contained herein or
provided in this Disclosure are being made available for informational purposes
only, and may not be distributed to any other person, reproduced, published or
used in whole or in part for any other purpose. It does not constitute, and
should not be construed as, any offer or invitation or recommendation to buy or
sell any of the Company’s securities. No representation, warranty, or
undertaking, express or implied, is made to, and no reliance should be placed on
any information, including projections, estimates, targets and opinions,
contained herein, and no liability whatsoever is accepted as to any errors,
omissions or misstatements contained herein, and, accordingly, the Company
accepts no liability whatsoever arising directly or indirectly from the use of
this Disclosure, or its contents or otherwise arising in connection therewith.

All information in this Disclosure is subject to verification, correction,
completion and change without notice. In publishing this Disclosure, the Company
undertakes no obligation to provide the recipient with access to any additional
information or to update this Disclosure or any information or to correct any
inaccuracies in any such information.

This Disclosure contains several forward-looking statements relating to the
business, financial performance and results of the Company and/or the industry
in which it operates. Forward-looking statements concern future circumstances
and results and other statements that are not historical facts, sometimes
identified by the words “believes”, “expects”, “predicts”, “intends”,
“indicates”, “projects”, “plans”, “estimates”, “aims”, “foresees”, “forecasts”,
“anticipates”, “targets”, “will”, “should”, “may”, “continue” and similar
expressions. Forward-looking statements include statements regarding objectives,
goals, strategies, outlook and growth prospects; future plans, events or
performance and potential for future growth; liquidity, capital resources and
capital expenditures; profit; margin, return on capital, cost or dividend
targets; economic outlook and industry trends; developments of the Company’s
markets; the impact of regulatory initiatives; and the strength of the Company’s
competitors. The forward-looking statements contained in this Disclosure,
including assumptions, opinions and views of the Company, are based upon various
assumptions, including without limitation management’s examination of historical
operating trends, data contained in the Company’s records and other data
available from third party sources. Although the Company believes that these
assumptions were reasonable when made, the statements provided in this
Disclosure are solely opinions and forecasts that are uncertain and subject to
risks, contingencies and other important factors which are difficult or
impossible to predict and are beyond its control. A number of factors can cause
actual results to differ significantly from any anticipated development
expressed or implied in this Disclosure. No representation is made that any of
these forward-looking statements or forecasts will come to pass or that any
forecast result will be achieved, and you are cautioned not to place any undue
reliance on any forward-looking statement. The information obtained from third
parties has been accurately reproduced and, as far as the Company is aware and
able to ascertain from the information published by that third party, no facts
have been omitted that would render the reproduced information to be inaccurate
or misleading. This Disclosure has not been reviewed, approved, authorized or
registered with any public authority, stock exchange or regulated marketplace.

This announcement is considered by the Company to include inside information
pursuant to the EU Market Abuse Regulation and is subject to the disclosure
requirements pursuant to section 5-12 the Norwegian Securities Trading Act.

More information:
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669587_Pryme Trading Update - 27 March 2026.pdf