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Eden ResearchAnnouncement

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RNS Number : 1066C  Eden Research plc  28 April 2026

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.

 

For further information contact:

 

 Eden Research plc                                                       www.edenresearch.com (http://www.edenresearch.com/)
 Sean Smith                                                              01285 359 555

Alex Abrey

 Cavendish Capital Markets Limited (Nominated advisor and joint broker)
 Giles Balleny / Elysia Bough (Corporate Finance)                        020 7220 0500

 Harriet Ward (Corporate Broking)

Dale Bellis (Sales)

 Oberon Capital (Joint Broker)                                           020 3179 5300
 Nick Lovering

 Mike Seabrook

 Adam Pollock

 Hawthorn Advisors (Financial PR)
 Jamie Plotnek                                                           eden@hawthornadvisors.com (mailto:eden@hawthornadvisors.com)

 

 

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
(http://www.edenresearch.com/) .

 

Follow Eden on LinkedIn (https://www.linkedin.com/company/eden-research-plc/)
, Twitter (https://twitter.com/edenresearch)  and YouTube
(https://www.youtube.com/@edenresearch580) .

 

 

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