Slides
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10 April 2025 1 Capital Markets Day
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The contents of this document, including all statements made therein, are based on estimates, assumptions and other information currently available to the management of Fagron. Certain statements in this presentation may be deemed to be forward-looking. Such forward-looking statements are based on current expectations and are influenced by various risks and uncertainties. Consequently, Fagron cannot provide any guarantee that such forward-looking statements will, in fact, materialize and cannot accept any obligation to update or revise any forward-looking statement as a result of new information, future events or for any other reason. This document, including all information contained therein, is not intended as, and may not be construed as, an offer or solicitation by Fagron for the purchase or disposal of, trading or any transaction in any Fagron securities. Investors must not rely on this information for investment decisions and are solely responsible for forming their own investment decisions. The information provided in this document is intended for information purposes only and do not constitute a prospectus or any other type of offering document pursuant to any applicable legislation. Disclaimer 2
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Introduction 05 Market Overview 15 Compounding for Growth Plan 2025 – 30 23 Enablers 1 & 2: Operations and Quality 28 Enabler 3: Specialized R&D 38 Enabler 4: M&A 45 Enabler 5: People 51 Breakout Tour EMEA & APAC 60 Latin America 67 North America 73 Wrap up 82 Q&A Agenda 3
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Today’s Speakers 4 Rafael Padilla CEO Vera Bakker COO Kostas Kouloridas Area Leader, EMEA Andrew Pulido Area Leader, North America Karin de Jong CFO Céline Caveye Global HR Director Jay McEniry Sr. VP, Regulatory Affairs
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5 Introduction
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Dermatology Pediatrics Gynecology Primary and acute care Functional medicine Examples of medical & therapeutical applications Understanding our role across the value chain 6 Customers Procurement of products and raw materials c. 1.5% total scripts globally Hospitals & clinics Pharmacists Wholesale Industry Compounding Services Brands & Essentials 35% 20% 16% 15% API’s Equipment & packaging Pharmaceutical excipients Pharmaceutical products Other 14% Patients Doctors Fagron activities
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Fagron today: Global leader in personalizing medicine 4,200+ People globally AAA MSCI ESG rating 87% Employee engagement Scalable Global infrastructure supporting end-to-end compounding Agile Fast adaptation to industry shifts and regulatory changes Synergistic Unified ecosystem across all business segments Present across entire value chain Vertically integrated 7
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A vertically integrated global leader uniquely positioned across three product categories 8 Ceban Lonza Siegfried Danaher IMCD Azelis Quva Diversified peer group • Global distributor of high-quality pharmaceutical raw materials • Adds value through quality control, cGMP repackaging, and regulatory alignment • Serves thousands of compounding pharmacies and hospitals worldwide • SKU complexity and tailored delivery • Excipients, ingredients and Lab equipment with differentiated IP • Developed in-house through specialized R&D capabilities • Scalable across geographies with significant margin upside • Often embedded in customer formulations, driving stickiness and loyalty Essentials Brands Compounding Services • B2B pharma services model for sterile and non-sterile preparations • Strong growth potential • Complex production environment with quality, regulatory, and capex barriers • Positioned in an attractive outsourcing trend across markets Medisca
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From resilience to leadership: Our journey of strategic growth and evolution REBITDA* development since 2016 90.6 95.7 99.1 117.0 123.9 118.3 130.7 149.0 174.0 2016 2017 2018 2019 2020 2021 2022 2023 2024 Strategic acquisitions for global expansion Broadening our reach: A year of expansion and excellence Reinforcing foundations amidst global challengesResilience and adaptation amid global pandemic Innovation and operational focus support growthNavigating challenges and restructuring for resilience 9 in €m *Limited non-recurring costs over this period
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Operational and strategic delivery in a dynamic environment LSP (UK) Regulatory change (PL) Parma Produkt (HU) Registration rights (NL) Distribution centralization (BR) Wildlife Pharmaceutical (ZA) Announced Tampa investment (US) Dexamphetamine launch (NL) Letco (US) CMO divestment (US) Hiperscan (DE) Curaphar (NL) Pharma-pack (BE) St. Paul’s Warning Letter (US) Boston facility (US) Dilucap global launch Announced Wichita expansion (US) Announced FSS NL expansion EuroOTC (DE) Ritedose's BoB* (US) Purifarma (BR) Wichita Warning Letter (US) 2022 2024 2023 CareFirst (US) Injeplast (BR) Guinama (Iberia) M&A Regulation Others 10 *Book of business 2025
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Navigating complexity to deliver positive results 11 Quality • St Paul’s Warning Letter: Facility closed and moved production to Decatur • Wichita Warning Letter: FDA acknowledges corrective actions adequately address its requirements, pending site visit Netherlands & Brazil: Strategically tackled to retain market leadership, and enhanced positioning Latin America REBITDA margin: FY 2023: 16.5% FY 2024: 18.2% Competition Regulation Minimized impact from changes in reimbursement system in Poland through higher volumes and diversified regional footprint EMEA REBITDA margin: FY 2023: 21.5% FY 2024: 21.5%
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Since our first CMD in 2022… More progress to come Delivered revenue growth ahead of guidance Strengthened market positioning globally Strong momentum on M&A strategy Enhanced operational capabilities Progressed ESG roadmap and established SBTi targets Accelerate topline business momentum Achieve market leadership in key markets, such as US and Germany Enter new markets – EMEA white spots and APAC Increase Brands’ revenue share in B&E 12 Progressive increase in profitability We have
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FY 2022 – 24 progress in numbers 13 *As a % of REBITDA ^Adjusted for decrease of factoring **Excluding one-off capex 100.0 120.0 140.0 160.0 180.0 200.0 220.0 240.0 REBITDA guidance Boston facility Poland Brazil competition Operational excellence M&A Other REBITDA Actual Guidance 8.0% FY 2022 – 26 Achieved 9.1% FY 2022 – 24 Regional diversification and market dynamics Guidance >70.0% FY 2022 – 26 Achieved 80.0% Average 2022 – 24 Reflects strength of our business model Guidance 3.0 – 3.5% of revenue FY 2022 – 26 Achieved 3.1% of revenue FY 2022 – 24 One-off capex projects announced to support growth Organic revenue growth CAGR FY 2024: €872.0m Operating cash flow* FY 2024: 74.0%^ REBITDA margin Capex** FY 2024: 20.0% (€174.0m) FY 2024: 3.6% Average 2022 – 24 REBITDA growth of 13.7%
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Progress against our Compounding for Growth Plan 2022 – 26 Organic revenue growth at CER Cash generation and conversion EMEA Latin America North America REBITDA margin Capital allocation +8.0% CAGR Low-single digit +9.1% +2.8% High-single digit Mid-teens +3.6% +19.7% 21.6% by 2026 Operating cash conversion ≥ 70% (% of REBITDA 2022 – 26) 20.0% (2024 margin) 80.0% FCF conversion ≥ 50% (% of REBITDA 2022 – 26) Capex 3.0 – 3.5%* (% of revenue) 63.9% 3.1% (2022 – 24 average) 2022 – 26 Target 2022 – 24 Results 14 *Excluding one-off capex
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15 Market Overview
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Competitive positioning and growth opportunities Current market size: €13.2 billion €2.0 billion€5.7 billion €2.0 billion Latin America North America APAC #1 in 10 markets #2 – 4 in 3 markets #5 – 10 in rest markets Market position €3.5 billionEMEA 16 Market size: According to independent market data – Vision Research Reports
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EMEA and Latin America present diversification potential while North America remains the largest market FRPL AT CH DE IT IberiaGB HUIL NL MX CO BE CZ BR Balkans ZA Nordics 10.0 20.0 40.0 80.0 160.0 320.0 640.0 1280.0 2560.0 5120.0 10.0% 20.0% 30.0% 40.0% 50.0% 60.0% 70.0% 80.0% 90.0% 100.0% Market size in €m (log scale) Growth Opportunity NA 17 EMEA LatAm NAMarket size: Company estimates. Growth opportunity is the uncaptured element of market size
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Long-term secular drivers underpin market resilience and growth Trends tackled by personalized medicine will drive market growth to ~€18 billion by 2030* Ageing Population Personalization AccessibilityIncreased Regulation 18 *According to independent market data – Vision Research Reports Prevention & Lifestyle
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Zooming in on Ageing, Personalization and Prevention & Lifestyle *Ageing population proportion is population above 65years by total population. Eurostat (EMEA) - population on 1 January by age group and sex; World Bank (LatAm, NA, APAC) for 2015 and company estimates for 2024 ^Company estimates based on 2021 actual data from World Health Organization Global Healthcare Expenditure (current USD) Chronic conditions Pain management Infusion therapies and homecare Healthcare expenditure per capita CAGR Ageing population proportion* Drivers 19.1% 7.2% 14.3% 5.7% 21.6% 9.6% 17.9% 7.5% EMEA LatAm NA APAC 2015 2024 7.9% 6.6% 4.1% 10.1% 0.0% 2.0% 4.0% 6.0% 8.0% 10.0% 12.0% EMEA LatAm NA APAC 2020-2024^ Ageing population Personalization Prevention & Lifestyle EMEA Latin America North America Dosage forms and strengths Genomics progress Reduced side effects Growing health awareness Rise of the middle/upper class Technology and innovation 19 50%100% 75% 25% Impact factor
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Accessibility and Increased regulation *KNMP Farmanco **FDA – registered outsourcing facilities US: Proportion of Registered 503B facilities audited** NL: Medicine shortages 2019 – 24* 8.0% 9.3% 19.0% 37.5% 2021 2022 2023 2024 Drivers 1,492 1,480 1,007 1,514 2,292 1,563 2019 2020 2021 2022 2023 2024 Medicine shortages Trend Increased cost implication Higher capital investment and compliance challenges Drug shortages accelerating outsourcing trend Increased regulation Accessibility 20 EMEA Latin America North America 50%100% 75% 25% Impact factor
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Projected growth in the global compounding market by regions Expected growth of global compounding market* of ~5.1% CAGR over 2024 – 30 Market size in 2030 and CAGR 2024 – 30 North America €9.0 billion 7.5% €18 billion 21 *The compounding market is 1.0% of total global pharma market Market sizes according to independent market data – Vision Research Reports Latin America €2.5 billion 4.0% EMEA €4.0 billion 2.0% APAC €2.5 billion 4.0%
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Disciplined M&A Strategic priorities reflect our ambition to expand global leadership Together we create the future of personalizing medicine Global leadership in Essentials Material increase in Brands revenue share Leading platform for Sterile Outsourcing Services Optimize non-sterile compounding & registration business People Quality focus Operational Excellence Specialized R&D 22
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23 Compounding for Growth Plan 2025 – 30
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Geared towards accelerated growth with improved profitability and high cash conversion FY 2025 – 30 Key financial targets High single- digit to low double-digit c.21.0% ≥70% ≥50% 3.5% Organic revenue CAGR at CER REBITDA margin by 2027. Progressive step-up to 2030 Operating cash conversion* Free cash flow conversion*^ Capex as a percentage of revenue^ 24 *As a percentage of REBITDA 2025 – 30 ^Excluding the one-off capex announced
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Revenue growth accelerated by all regions Latin America North America M&A Compounding Services to grow faster than B&E Brands to grow faster than Essentials Continued diversification Primarily driven by B&E Stronger overall positioning High single-digit to low double- digit Organic revenue CAGR at CER (2025 – 30) 25 EMEA Low-to-mid teens High-single digit Mid-single digit
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REBITDA margin development pillars 26 FY 2024 REBITDA margin FY 2027 REBITDA margin c.21.0% 20.0% Shifting revenue and product mix Competition and macro developments Operational leverage Operational excellence Specialized R&D
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*Announced – pending shareholder approval ^Excluding the one-off capex announced Capital allocation policy placed to maximize shareholder value 27 Sustained by responsible balance sheet management Mid-term net leverage target of 2.8x. Maximum leverage of 3.5x 2022 DPS €0.25 €0.30 €0.35* Organic investment Dividend M&A 1 2 3 2023 DPS 2024 DPS Prioritize high growth & margin accretive projects Focus on brownfield investments and benefit from pre-existing culture of quality and potential licensing advantages Capex (25% facility upgrades, 24% maintenance, 20% digitalization, 13% quality, 9% R&D and 8% Registrations) to represent 3.5% of revenue^ Disciplined approach to acquisitions Focus on small-to-mid-size deals Market consolidation, product capabilities and geographical expansion are key focus Committed to optimizing shareholder returns Dividend to remain flexible and geared to support strategic initiatives Gradually improve dividend in line with business performance
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28 Enablers 1 & 2: Operations & Quality
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Quality drives safety and efficacy in line with GMP Safeguards patient safety Essential for long-term success Key competitive differentiator Ensures compliance with evolving regulatory requirements 29
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Strengthening quality and compliance to meet evolving global standards Globally Established an organizational structure Global quality audit guidelines Full in-house quality testing On-site producer audits by internal auditors Specification harmonization 75+ Regulatory bodies 35+ Facilities to audit 89% Right first time 615 Global Quality team members 30 Use of external global quality auditors for our facilities Globally regulatory bodies are getting stricter including the FDA and ANVISA 12-14% Quality spend* *Annually as a percentage of operating expense, in addition to 13% of maintenance capex allocated to quality.
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Built for excellence: How we ensure Quality from raw materials to compounding 31 Raw materials Compounding QIS – Quality Information System On-site audits and global QIS oversight Full in-house quality control testing cGMP repackaging in state-of-the-art cleanrooms with highest quality standards Fagron raw materials Manufacturing in cutting-edge cleanrooms with highest quality standards Full in-house quality control testing In-house sterility testing
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Status update on the Warning Letter at Wichita How it works? What is a 503B outsourcing facility and what does a Warning Letter imply? Outsourcing facilities are exempted from new drug approval requirements if the conditions of section 503B are met Formal notice issued by the FDA where it believes the company has deviated from regulatory requirements All tier one outsourcing facilities in the US are currently under a Warning Letter No operational or financial implication 32 Identification of deviations Issuance of the warning letter Company’s response and corrective actions FDA evaluation and follow-up Wichita WL timeline June 2024 FDA conducted a routine inspection of the Wichita facility and a form 483 was issued July 2024 First response to the FDA sent August 2024 Second response to the FDA sent / Initiated a voluntary, class 2, batch-specific recall out of an abundance of caution September – November 2024 Third, fourth and fifth responses sent to the FDA, respectively December 2024 FDA issued a warning letter / Sixth response sent to the FDA / Closure of voluntary recall January – February 2025 First and second responses to FDA’s warning letter sent March 2025 FDA acknowledges corrective actions adequately address its requirements, pending site visit
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A globally integrated operation delivering quality, scale, and reliability 33 *No. of Warehouses - EMEA = 17, LatAm = 2, NA = 5 Quality specs per raw material Vendors Units soldSKUs No. of Warehouses* Regional production sites 9 1,500+ 25,500+ 118m 10 24 Regulatory bodies 75+ Raw materials 3,500+ Up to
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Focusing on key areas to optimize quality, cost, and innovation Product Availability On time & in full Competitive Cost Purchasing & production Best-in-class Facilities Enabling growth and great quality Maintain Highest Quality Right quality for each market and channel 34 Procurement End-to-end planning Portfolio optimization Manufacturing excellence Digitalization Our levers
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Operational excellence progress: 2022 – 24 35 Right-first-time improvement: +10pp from 79% to 89% Transfer of >2500 SKUs to centralized state-of-the-art facilities Product availability: +5pp from 84% to 89% Procurement savings: from -3% to +3% Professionalization of capex projects and value engineering: €3.5m savings Centralization of distribution centers: Brazil: 5 1 Belgium: 3 1
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Understanding our organic growth investment profile 36 Wichita, Kansas Robot bag fillers Warehouse expansion Label printers Syringe / vial labelers Vault expansion Visual inspection Internal quality control lab Minor capacity expansion Quality control lab One-offs - Completed One-offs - Progressing Tampa, Florida Anazao Tampa expansion Netherlands FSS NL new facility Wichita, Kansas Major expansion Feasibility analysis Las Vegas, Nevada Anazao Vegas expansion Las Vegas, Nevada Capacity expansion Brazil Distribution center automation R&D center Anapolis facility and various automation projects Solar panels Lab equipment Mexico Infrastructure Netherlands Vault expansion Boston, Massachusetts Mixing equipment Decatur, Alabama Warehouse expansion Cleanroom upgrade Bogota, Colombia New compounding facility Poland Capacity expansion and automation Lab equipment Solar panels Czechia Infrastructure upgrades Additional production line
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Clear mid-term targets to strengthen growth and profitability Quality differentiator Better M&A synergies Faster AI adoption Geopolitical developments Worker shortages Supply chain and logistics FY 2025 – 30 Targets >95% 3% >95% >500m Product availability Procurement savings YoY Right-first-time Added capacity* Upside Downside 37 *Cumulative capacity 2025 – 30
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38 Enabler 3: Specialized R&D
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Two key drivers for prescribers Turning science into solutions with Fagron’s leadership in compounding Is it safe? Will it work? Fagron Brands Quality of preparation Evidence-based scientific approach Quality Science Specialized R&D Fagron uniquely positioned to provide tools and evidence to convince prescribers that compounded products are safe, effective, and of high quality. 39.0 46.1 47.5 48.6 37.5 46.5 52.9 59.819.2 21.8 21.7 23.5 0 20 40 60 80 100 120 140 2021 2022 2023 2024 EMEA LatAm NA 95.7 114.5 122.1 131.9 Brands has shown strong revenue growth 11.3% CAGR 39
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Fagron Brands go beyond products to drive innovation and quality What is a Brand? A Fagron intellectual property Innovative solutions With evidence proving safety, quality and efficacy Formulations already prepared supporting stability, delivery and patient acceptability of medications Pharmacologically active agents tailored to meet individual treatment needs Offers insights into patients’ unique genetic profiles Compounding equipment designed to enhance the efficiency and quality of pharmaceutical compounding processes Ingredients Testing Lab Excipients 40
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Fagron reassures on quality and provides evidence on efficacy Bring industry standards to compounding manufacturing process through FagronLab Stability studies & rigorous testing protocols Global Brands like Pentravan improving compounding credibility 1000+ studies supporting clinical use and applications Video platform as AI training tool Academy (formulary, library and video platform) for sharing knowledge High quality preparation Scientific validation Bridging quality & science increases prescriber confidence and expands the market opportunity 850+ 80+ 130+ 500 hours Compatibility studies Monographs submitted for publication Scientific articles in peer-reviewed journals Training content in 2025 41
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Brazil’s success story shows how innovation and scale drive growth 42 Customer focus at its center and collaboration with industry participants… Brands sales as % of B&E in Latin America 50+ Brands launched 2022 – 25 8 Industry fairs in 2024 150+ People in Academy & Sales 1 State-of-the-art innovation center 29.0% 27.1% 29.2% 31.9% 35.3% 2020 2021 2022 2023 2024 2.1 2.7 3.7 5.0 6.0 2020 2021 2022 2023 2024 Pentravan sales (€m)
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Building the right structure to support our ambitions Our Brands 43 Global R&D team Formulation support team 12 FTEs Genomics development team Studies development team 8 FTEs 16 FTEs FagronLab development team 10 FTEs Academy team 11 FTEs Local R&D teams 44 FTEs Pentravan Film concept SyrSpend FAD (Cleoderm) Tricho Concept Pipeline: Development on metabolic disease TrichoTest TeloTest NutriGen HormoneTest Unguator Excipients Ingredients Testing Lab Invomatic UVGI-80 AMS
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Looking ahead with confidence: Global Brands Strategy Brands revenue to be 35% of B&E by 2030 REBITDA margin uplift: ~15bps increase YoY Global Brands Strategy Key drivers One global team Attractive market with cross-selling potential Regional acceleration Engage with key opinion makers & prescribers 44 Science-based innovation Infrastructure Stricter regulations
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45 Enabler 4: M&A
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Disciplined M&A strategy focused on growth and value creation Market consolidation Product capabilities Geographical expansion Small- to mid-size targets Mid- to high-single-digit range of EV/EBITDA multiple Margin accretive at acquisition or after 18 months Synergies potential M&A strategic rationale What we prioritize Financial criterion Quality & operations processes Strong commercial links Culture & Values 46
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Strong M&A momentum over the current period Transactions announced M&A spend* New market entries 15+ €193m 1 Letco Disposal of CMO Hiperscan Curaphar Pharma-pack Compounding facility from Fresenius Kabi B&E B&E CS B&E CS Wildlife Pharmaceuticals Registrations in Benelux CS CS Parma Produkt LSP EuroOTC Ritedose’s book of business Purifarma B&E CS B&E CS B&E* Injeplast CareFirst Guinama B&E* CS B&E 2022 2023 2024 2025 47 M&A track record in numbers (2022 – 25) *Includes all signed acquisition, with two pending closure CS
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Acquisitions align to strengthen our market position Letco Boston Compounding facility Purifarma Guinama LSP Ritedose’s book of business EuroOTC CareFirst Injeplast Parma Produkt Wildlife Pharmaceuticals Market consolidation Product capabilities Geographical expansion Strong M&A pipeline • Geographical expansion • Product capabilities • Market consolidation • Geographical expansion • Product capabilities • Product capabilities • Market consolidation 48 EMEA Latin America North America Integrated Integration process Pending closure Curaphar Pharma-pack
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Enabling integration items Critical integration items Essential integration items Assessment Structured integration process unlocks synergies and maximizes profitability 0 – 3 months Classification 3 – 6 months 6 – 24 months Ensure business continuity: • Finance • Communications • Governance Operational efficiency: Treasury set-up, HR data, ESG reporting, security & compliance Drive initial synergies: Supply chain & procurement Optimization: ERP & core business systems Scalability & maximizing synergies: Production optimization, back-office centralization, product innovation, commercial & portfolio 0.0% 5.0% 10.0% 15.0% 20.0% 25.0% Owner-operated business IT professionalization, security standards and other group overhead Commercial & portfolio Procurement and sourcing Management impact and other synergies Integrated Fagron company Culture & organizational change 49 Back testing: Board of Directors’ assessment of deal progress Pathway to raise profitability
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M&A a key lever for market leadership and profitability (Deep dive into 2022 – 24 transactions) M&A spend Range of multiple paid €89m 6x – 9x Average Return on Investment Average integration period >15% 18 – 24 months 50
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51 Enabler 5: People
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43.3% 56.5% 0.2% Gender Male Female Other Fagron committed to our people and their engagement People* Our People Workforce composition Of which 650+ people leaders Of which 270+ senior leaders Identify and drive leadership accelerator and development program across the breadth 29.5% 41.1% 25.0% 4.4% Age 15-29 30-44 45-59 60+ 1682 1095 1500 EMEA LatAm NA Regionally 25.5% 40.9% 17.8% 7.9% 7.9% Tenure <1y 1-4y 5-9y 10-14y >14y ~4200 52 *As of 31/03/2025 – EMEA includes GSC and Innovations employees
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Employee engagement at the center of our people strategy I believe strongly in goals and objectives of Fagron 92% I would recommend this company as a good place to work 86% Employee Engagement Score 87% Overall rating 3% above the industry standard Wichita: Best Employer Award Employee engagement score Employee participation rate 93% 53 87% 84%83% 80%80% 20242022202020182016
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Our ESG and people strategy are well connected Employee engagement Embedded in ESG vision of reaching: Score above country norm by 2030 Score above the high-performance norm by 2040 Diversity & Inclusion All management levels: 50/50 male female distribution Gender pay gap: -5% and 5% for Learning & Development 95% employees to have annual career development reviews Compensation & Benefits Adequate wage for all employees latest in 2026 A median base and variable wage and benefits to all employees compared to the market by 2030 Wellbeing Zero fatalities 95% participation in annual training by 2030 Working conditions Working time limitation of 44 hours per week by 2030 Leadership Full implementation of leadership accelerator and development program Ethics Zero-tolerance for any form of discrimination, intimidation and abuse Together we enable our people to become the best version of themselves 54
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Leadership framework – Overview Comprehensive development plans Fagron Future Leaders Accelerator 4200 Global Employees 650+ People Leaders 270+ Senior Leaders 55 Executive team Rafael Padilla CEO 23-years Karin de Jong CFO 17-years Vera Bakker COO 3-years Kostas Kouloridas AL EMEA 20-years* Geraldino Neder AL LatAm 35-years* Andrew Pulido AL NA 15-years* Johan Verlinden Legal & M&A 12-years 18-years average compounding experience *Total compounding experience
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Remuneration policy placed to align with stakeholders' interests 56 Remuneration principles LTI criteria Category Financial 80% Relative TSR to relevant midcap indices Organic sales growth CAGR % REBITDA margin Operating Cash flow conversion STI criteria Category Financial 75% Alignment with business strategy Alignment with HR strategy A balance between short-term and long-term objectives Internal consistency External competitiveness Transparency Sales REBITDA OWC ESG carbon footprint Social – leadership engagement ESG 20% Specific targets 25% Yearly defined Multiplier Sustainability Quality
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What’s next 57 Together we enable our people to become the best version of themselves Identification, nurturing, and training of future leaders with clear succession planning in place, with oversight of RemCo Leadership development Fostering a motivated, productive and committed workforce Employee engagement Closer alignment between stakeholder interest and management remuneration Refined remuneration policy
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58 Breakout Tour
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59 Regions
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60 EMEA & APAC – Continued diversification
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EMEA: Strong regional diversity with improved operational excellence 61 Compounding Services, 34.6% Essentials, 50.0% Brands, 15.4% 36.2% of FY 2024 Group revenue FY 2022 – 24: REBITDA margin progression FY 2022 – 24: Organic growth at CER € 315.4m FY 2022 – 24: Key themes Regional diversity Regulatory changes Commercial & strategic agility 1,381 Employees 30 Selling countries #1 Market position in 8 markets 8 M&A 2022 – 25 10 cGMP service companies 12 Compounding facilities 21.9% 21.5% 21.5% 18.0% 19.0% 20.0% 21.0% 22.0% 23.0% 24.0% 25.0% 26.0% 27.0% 28.0% 2022 2023 2024 2.2% 2.2% 4.0% 2022 2023 2024 Employee count as of 31/12/2024
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Market size €3.5 billion Fagron brands in EMEA Peers: Compounding Services • Ace • Ceban • A15 • Scheldezoom Farmacie Peers: B&E • Duchefa • Ofichem • Amara • Magis • PharmaChemicals • Inresa • Le Cooper • Caelo • Galeno • ACEF Farmalabor • Galvex • Acofarma • Magilab • Medisca 62 EMEA: Competitive positioning and market size 62
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Key trends shaping the industry 63 Ready-to-administer medicines Asynchronous care models Proactive health & wellness Hospitals and pharmacies are driving demand for high-quality ingredients, evidence-based delivery systems, and ready-to-administer formats Healthcare is shifting upstream, with growing emphasis on prevention, nutrition, and personalized lifestyle medicine Telemedicine adoption is expanding, with patients seeking flexible, remote access to personalized therapeutic solutions
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Disciplined M&A approach and optimized integration to drive value creation 64 Region specific focus: EMEA acquisitions: Market consolidation Guinama, LSP, EuroOTC Product capabilities Hiperscan, Registrations in NL, Wildlife, Curaphar, Pharma-pack Geographical expansion Parma Produkt Focus on countries where we can manufacture personalized medications (both sterile and non- sterile) ourselves Strengthen supply chain security by acquiring API and excipient suppliers, ensuring volume integration Enhance efficiency and cost-effectiveness through vertical integration Expand into high-barrier regulatory markets for strategic advantage Identify opportunities to acquire innovative companies and enter new segments
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Focus for the mid-term 65 Achieve market leadership across all markets Strengthen Brands contribution and impact Expand Compounding Services, focusing on sterile activities and integrating future trends Disciplined M&A strategy 2025 – 30 REBITDA margin Above group average Mid-single digit 2025 – 30 Organic growth at CER CAGR
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Attractive economic development Becoming a true global player: Entry into APAC 66 €2.5billion APAC market size in 2030 4.0% APAC market 2024 – 30 growth CAGR Priorities: - Australia - Malaysia - Singapore Markets prioritized based on economic potential, commercial and legal infrastructure and “ease of doing business” Enlarges the benefits of scalability, agility and synergies Targeted approach Partnerships and joint ventures Disciplined execution Demographics Expanding healthcare coverage Increasing spending Pathway: Asia-Pacific overview
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67 Latin America – Boosting innovation and operational power
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cGMP repackaging facilities Latin America: Strong recovery despite continued competitive environment 68 Compounding Services, 2.4% Essentials, 63.1% Brands, 34.5% 19.9% of FY 2024 Group revenue FY 2022 – 24: REBITDA margin progression FY 2022 – 24: Organic growth at CER € 173.6m FY 2022 – 24: Key themes Innovation Operational leverage Competition 941 Employees 150 Pharmacists #1 B&E market position 2 M&A 2022 – 25 2 2 Compounding facilities 17.8% 16.5% 18.2% 2022 2023 2024 -1.1% 2.3% 9.7% -10% -5% 0% 5% 10% 2022 2023 2024 Employee count as of 31/12/2024
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Latin America: Competitive positioning and market size 69 Market size €2.0 billion Fagron brands in Latin America Mexico • Market position: #2 in B&E • Big industrial market potential for Essentials and Brands Colombia • Market position: #1 in CS • Rapidly growing market in personalized medicine Brazil • Market position: #1 in B&E • Global powerhouse driving innovation and Brands strategy Main Peers • Galena • Active Caldic • Vepakum • Astroquim • Omicron • Compounding service pharmacies
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Key trends shaping the industry 70 Innovation Competitive landscape Quality The state-of-the-art innovation center has made Brazil the most innovative region globally ANVISA – the regulator in Brazil is known to have the highest standards Largest market by volume with highly attractive long-term secular trends for Prevention & Lifestyle segment
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Opportunistic M&A and maximizing success by optimized integration 71 Strategic rationale: Injeplast Latin America’s acquisitions Purifarma Market consolidation Signed and awaiting competition clearance Injeplast Product capabilities Signed and awaiting competition clearance Geographical expansion Exploring Peru and Chile amongst others Global plastic packaging producer Utilizing advanced technology Specialized professionals Enhancing product portfolio Capitalizing on Fagron’s innovation capabilities Increasing target market size Strategic rationale: Purifarma Consolidation of market Large synergies potential Increased operational leverage
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Focus for the mid-term 72 Innovation capabilities to drive global Brands strategy Consolidate and increase market share Further enhance operational capabilities Integrate acquisitions seamlessly 2025 – 30 Organic growth at CER CAGR 2025 – 30 REBITDA margin Remain below group average High-single-digit
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73 North America – Continued growth opportunity
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North America: Strong growth acceleration supported by strong underlying demand 74 FY 2022 – 24: REBITDA margin progression FY 2022 – 24: Organic growth at CER 1,441 Employees 63 Pharmacists #2 B&E market position #2 CS market position 4 M&A 2022 – 25 4 Compounding facilities Essentials, 19.5% Compounding Services, 74.3% Brands, 6.1% 10.5% 25.5% 23.1% 0.00% 5.00% 10.00% 15.00% 20.00% 25.00% 30.00% 2022 2023 2024 16.8% 19.4% 19.5% 10.00% 12.00% 14.00% 16.00% 18.00% 20.00% 22.00% 2022 2023 2024 € 383.0m 43.9% of FY 2024 Group revenue Strong organic growth execution Operational excellence Quality & regulation Key developments 2022 – 24 Employee count as of 31/12/2024
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€5.7 billion 75 @Hp to review North America: Competitive positioning and market size Fagron brands in North America Market size Boston, Massachusetts CS - US FSS New Jersey CS - CareFirst Decatur, Alabama B&E Tampa, Florida CS – Anazao Austin, Texas Genomics Las Vegas, Nevada CS - Anazao Wichita, Kansas CS - US FSS Main peers: B&E • Medisca • PCCA • Willow Birch • Spectrum • Pharma Source Direct Main Peers: CS • Quva • SCA Pharma • CAPS • Leiters • Hikma • Belmar • Empower Pharmacy • Wells Pharmacy • Olympia Pharmaceuticals • Carie Boyd
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Key trends shaping the industry 76 Quality & regulation Telehealth medicine Prevention and lifestyle Rising regulations favor industry leaders with strong quality credibility Health and wellness are moving upstream, driving growth in weight loss, dermatology, vitamins, peptides, and mental health AI-driven telehealth is scaling personalized care through digital health platforms
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US tariffs implication remains uncertain 77 Tariff development Broad tariff introduced by US government on select imported goods Tariffs vary by origin and industry – aimed at protecting US manufacturing Limited impact on pharmaceutical products – at this stage Situation remains fluid – monitoring ongoing developments Our mitigating levers: Contractual & transactional pass-through: Contracts include price-adjustment clauses Operational agility: Flexible supply chain with regional production and alternative sourcing options Global scale advantage: Strong negotiating power with suppliers Brazilian operations as a strategic hedge: Local production provides optionality
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Key initiatives for mid-term success 78 Proactively manage regulatory changes State-of-the art facilities Market leading quality structure Harmonizing quality and in-sourcing all lab testing Automation and continuous optimizations to capture market opportunity Deliver all major capital investment plans on- time and within budget Standardize SKUs to drive scale and operational leverage Optimize our market position: • M&A • Competition • Shifting by the market paradigm Proactively manage regulatory changes State-of-the art facilities Market leading quality structure Harmonizing quality and in-sourcing all lab testing Quality CS Projects Efficiency B&E Automation and continuous optimizations to capture market opportunity Deliver all major capital investment plans on- time and within budget Standardize SKUs to drive scale and operational leverage Optimize our market position: • M&A • Competition • Shifting by the market paradigm 1 2 3 4 5
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Scaling Fagron Brands in North America 79 Strategic priorities Market opportunity & execution Localize high- performing global Brands for US prescribers Expand focus in dermatology, hormone therapy, and wellness Equip prescribers with science-backed training and tools Activate cross-selling through Compounding Services and Essentials Regulatory scrutiny increasing demand for validated solutions Strong prescriber appetite for personalized, high- quality formulations Margin-accretive growth as Brands scale within B&E Commercial infrastructure in place to support rollout and uptake
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Capitalizing on M&A opportunities in the region 80 Region specific focus: North America’s acquisitions: Market consolidation Boston facility from Fresenius Kabi Letco, Ritedose’s book of business, CareFirst Product capabilities Boston facility from Fresenius Kabi Geographical expansion Boston facility from Fresenius Kabi, Carefirst Opportunistic M&A – building capacity has high reward in this region Strategic M&A to become market leader in B&E B&E presence in Canada Outsourcing facilities that will increase product capabilities and geographical coverage Sterile-to-sterile and registration capabilities
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Focus for the mid-term 81 Market leader in Compounding Services and B&E Maintain highest quality & navigate regulatory environment Further enhance operational capabilities Organic growth and opportunistic M&A 2025 – 30 Organic growth at CER CAGR 2025 – 30 REBITDA margin Broadly in-line with group average Low-to-mid teens
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82 Wrap up
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FY 2025 guidance and Compounding for Growth Plan 2025 – 30 83 ^Excluding one-off capex *As a percentage of REBITDA Guidance assumes no significant changes in current market conditions. Also excludes signed acquisitions that are not closed FY 2025 Guidance Compounding for Growth Plan 2025 – 30 High single-digit to low double-digit organic revenue at constant FX CAGR Driven by all regions, primarily North America ≥70% OCF conversion ≥50% FCF conversion^ Cash generation and conversion* Organic investment Capex to represent 3.5% of revenue REBITDA margin of c. 21.0% by 2027 Progressive step-up to 2030 Driven by operational excellence and Brands Mid-term target of 2.8x. Maximum of 3.5x Net debt to EBITDA ratio M&A Disciplined approach to M&A with a focus on small-to-mid-size deals Dividend Gradually improve dividend in line with business performance Growth engineCash generationCapital allocation Mid- to high-single digit organic growth at CER Capex ~3.5% of revenue^ With a slight improvement on profitability
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Attractive proposition as we enter the next phase of growth 84 Solid execution capabilities Highest quality will drive long- term success Strong operational and commercial strategies Optimized capital utilization Right people, values and passion Only true global player 1 2 3 4 6 5 Compounding for growth
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85 Q&A
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Thank you 86