Trading Update

The information contained within this announcement is deemed to constitute inside information as stipulated under the retained EU law version of the Market Abuse Regulation (EU) No. 596/2014 (the "UK MAR") which is part of UK law by virtue of the European Union (Withdrawal) Act 2018. The information is disclosed in accordance with the Company's obligations under Article 17 of the UK MAR. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

28 April 2026

Eden Research

("Eden" or "the Company")

Trading Update

Eden Research plc (AIM: EDEN), a leader in sustainable biopesticide and biocontrol technology, provides the following unaudited trading update.

Overview

As announced in the Half-Yearly Report on 17 September 2025, the Company has changed its accounting reference date to 31 March 2026 to align it with reporting practices in the agricultural sector and avoid logistical and commercial difficulties of production and sales during the December period. The Company expects to be broadly in line with market expectations for the period ending 31 March 2026 at the Revenue and Profit Before Tax level. The Company understands consensus forecasts of £5.0m for Revenue and £2.8m PBT loss. 

· Revenue is expected to be c. £4.9m for the 15 months to 31 March 2026 (FY2024 (12 months): £4.3m)

· PBT is expected to be c. £2.9m loss for the 15 months to 31 March 2026 (FY2024 (12 months): £2.2m loss). EBITDA (before share based payments) is higher than expected at a loss of £1.7m primarily due to £0.5m of capital expenditure being allocated to administrative expenses.

· Cash at period end of £1.5m was lower than expected reflecting timing of working capital at year end. Following subsequent receipt of the net proceeds of the second part of the fundraise announced in February 2026, cash stood at £9.0m.

Sean Smith, Chief Executive Officer, commented:

"We confirm that we expect to be broadly in line with market expectations for revenue and PBT for the period to 31 March 2026 and are pleased to report on the progress that the Company has made since the start of 2025.

The last fifteen months have been a highly productive period for Eden, and it is clear that we are on a path to success with the products we have in the market and with those we are developing in-house. There is strong interest in our existing and developmental products, driven by our ongoing marketing efforts and the industry's transition towards sustainable solutions, which is both rewarding and encouraging.

I look forward to updating shareholders in due course with further news pertaining to our upcoming milestones and exciting developments in our development pipeline."

Highlights

From 1 January 2025, Eden has delivered steady operational, regulatory and corporate progress, with multiple new approvals and partnerships that broaden its commercial platform.

Major 2025-26 regulatory milestones

Mevalone

- Mevalone gained approval in the US state of California for powdery mildew early in 2025, expanding its addressable market in North America. California represents a major commercial opportunity as one of the largest wine producing regions in the world, and the progress we have made, coupled with ongoing efforts to remove certain regulatory restrictions, will contribute to California's emergence as a major new market for Eden and our products.

- Mevalone received a major label extension in France in January 2026 with the addition of powdery and downy mildew to the existing label, strengthening the Company's position in European viticulture and increasing its addressable market in France significantly.

Ecovelex and other products

- Ecovelex 2025 obtained its third temporary authorisation in Italy as a bird‑repellent seed treatment, providing an opportunity for seed treatment product sales and demonstrating regulatory momentum in a key EU market.

- Regulatory progress continued on Eden's broader biofungicide and biocontrol portfolio in Europe, underpinning the group's positioning in sustainable crop protection.

Commercial partnerships and distribution

Syngenta distribution agreement (Dec 2025)

- Eden entered into an exclusive distribution agreement with Syngenta Crop Protection AG for a novel fungicide product in the high-value ornamentals market, an as-yet untapped opportunity for Eden's fungicide products in Europe. This includes widening reach into existing crops in Eden's portfolio, such as cut flowers, as well as opening new ones such as potted plants, trees, shrubs, and bulbs.

- The deal brings another major global partner onto the Company's list of commercial partners and is expected to expand geographic reach, accelerate market penetration and validate Eden's terpene‑based technology with yet another leading global agrochemical company.

New territories and channels

- Eden appointed a new distribution partner in Kenya, Andermatt Kenya ("Andermatt"), opening up opportunities in East African horticulture markets and formalising a new relationship with a well-regarded industry leader in biocontrol solutions.

- In appointing Andermatt, Eden has further executed on its strategy to simplify the value chain wherever possible, moving closer to the grower in order to build reputation and maximise margin opportunities.

- Additional distribution arrangements and organic input registrations (for example, in Austria and Germany through 2024-25) complement these moves and support multi‑region growth.

Data access agreement

- The Company signed a data access agreement with TerpeneTech Limited ("TerpeneTech"), Eden's associate company, to provide it with access to the Company's Dossier Data on Geraniol that will enable TerpeneTech to continue in its capacity as a notified supplier of Geraniol under the EU's Biocidal Products Regulations. Under the terms of the agreement, a fee of £0.4m is payable.

- Eden continues to leverage its investment in both regulatory authorisations and the data that underpins these authorisations. More recent deals not only include this latest transaction with TerpeneTech, but also the sale of thymol to Véto-pharma in conjuction with regulatory data access in the United States, and also the sale of certain studies to suppliers of geraniol under the Biocidal Products Regulation. The Company also continues to benefit from the sale of geraniol under similar regulations in places such as Australia, where Eden is a registration holder for geraniol.

Fundraise

On 2 February 2026, the Company announced that it had raised approximately £10.7 million through a placing and subscription to certain institutional and other investors (£3.1 million through a firm placing and subscription of new ordinary shares and £7.6 million through a conditional placing). Additionally, the Company undertook a retail offer raising gross proceeds of approximately £0.2 million. All amounts were raised at an issue price of 4.0 pence per ordinary share.

The firm placing, subscription and retail offer admitted on 19 February 2026 raising £3.2 million and, following satisfaction of the the conditions, the conditional placing admitted on 13 April 2026, raising a further £7.6 million.

The Company will use the funds to develop and register an additional fungicide for late blight, which has shown encouraging efficacy, as well as to register and begin commercialisation of its insecticide targeting spider mites, whitefly, aphids and thrips. The funds will also allow for the development of a broad acre crop fungicide for Septoria in wheat and to continue to drive commercial progress on the back of recent approvals and expected further overseas approvals. 

Key takeaways

Strategic progress

Since 1 January 2025, Eden has combined regulatory wins (Mevalone, Ecovelex), a new regional partnership with Syngenta and expansion into new markets and territories, such as ornamentals in Europe and Kenya, and new disease targets in the major markets of California and France.

Investment case

The news-flow supports an investment case centred on scaling a differentiated, sustainable biopesticide platform, leveraging strong regional and local partnerships and a growing portfolio of registrations to drive medium and longer term revenue growth and geographic diversification.

Product pipeline

Insecticide

· Eden expects to finalise commercial arrangements for its insecticide product with at least one major crop protection business in H1, 2026.

Ecovelex

· The Company awaits approval from the EU Rapporteur Member State for Ecovelex, which is expected in 2026, with other concerned member states granting approval thereafter.

Fungicide 2

· A number of interested parties have tested Fungicide 2 against late blight on potatoes with positive results. The Company expects to enter into commercial arrangements for this product in H2, 2026/H1, 2027.

Future newsflow

• Commercial /development agreement(s) for insecticide H1, 2026

• Authorisation of Ecovelex in Europe 2026

• Approval of Mevalone in Colombia 2026

• Further removal of US label restrictions 2026

• Commercial agreement(s) for Fungicide 2 (late blight) H2, 2026 / H1, 2027

Outlook

We look forward to announcing the newsflow items listed above, all of which are meaningful to the Company's ongoing commercial progress.

These follow on from the important milestones that have been met over the past year, such as the regulatory approvals in France for downy and powdery mildew and Italy for Ecovelex, as well as new commercial agreements with Andermatt and Syngenta.

We now expect to start to see the benefit of these various milestones through increasing product sales, which will continue to drive us toward profitability.

Moreover, we expect to continue to make significant step-changes to become a significant, independent participant in the crop protection market.

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For further information contact:

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Notes to Editors:

Eden Research is the only UK-listed company focused on biopesticides for sustainable agriculture. It develops and supplies innovative biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries.

Eden's products are formulated with terpene active ingredients, based on natural plant defence metabolites. To date, they have been primarily used on high-value fruits and vegetables, improving crop yields and marketability, with equal or better performance when compared with conventional pesticides. Eden has three products currently on the market:

Based on plant-derived active ingredients, Mevalone® is a foliar biofungicide which initially targets a key disease affecting grapes and other high-value fruit and vegetable crops. It is a useful tool in crop defence programmes and is aligned with the requirements of integrated pest management programmes. It is approved for sale in a number of key countries whilst Eden and its partners pursue regulatory clearance in new territories thereby growing Eden's addressable market globally.

Cedroz™ is a bionematicide that targets free living nematodes which are parasitic worms that affect a wide range of high-value fruit and vegetable crops globally. Cedroz is registered for sale on two continents and Eden's commercial collaborator, Eastman Chemical, is pursuing registration and commercialisation of this important new product in numerous countries globally.

Eden's seed treatment product, EcovelexÔ was developed to safely tackle crop destruction caused by birds - a major cause of losses in maize and other crops. Ecovelex works by creating an unpleasant taste or odour that repels birds, leaving the seeds safely intact and the birds unaffected and free to find alternative food sources. The product is based on Eden's plant-derived chemistry, registered in the EU, US and elsewhere, and formulated using Eden's Sustaine® microencapsulation system.

Eden's Sustaine® encapsulation technology is used to harness the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can also be used with both natural and synthetic compounds to enhance their performance and ease-of-use. Sustaine microcapsules are naturally-derived, plastic-free, biodegradable micro-spheres derived from yeast. It is one of the only viable, proven and immediately registerable solutions to the microplastics problem in formulations requiring encapsulation.

Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN. It was awarded the London Stock Exchange Green Economy Mark in January 2021, which recognises London-listed companies that derive over 50% of their total annual revenue from products and services that contribute to the global green economy. Eden derives 100% of its total annual revenues from sustainable products and services.

For more information about Eden, please visit: www.edenresearch.com.

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