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M O D ÈLE C O N FID EN TIEL © | 2025 1 1
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M O D ÈLE C O N FID EN TIEL © | 2025 2 A FUTURE FRENCH LEADER IN CLINICALL Y TESTED NA TURAL HEAL TH SUPPLEMENTS 2
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M O D ÈLE C O N FID EN TIEL © | 2025 1. PROFILE A French laboratory that has moved from R&D to marketing clinically tested natural health supplements 3 CONTENTS 3. MARKETS Rising demand for plant-based solutions to address significant medical needs 2. VALUE PROPOSITION Natural health supplements with high scientific value and no equivalent on the market 4. STRATEGIES Aggressive commercial rollout in France and opportunities overseas 6. OUTLOOK & 2030 AMBITION Revenue > €25M in 2027 (with positive EBITDA) and > €100M in 2030 5. AN ESTABLISHED MODEL WITH STRONG GROWTH POTENTIAL Infrastructure & capacity
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M O D ÈLE C O N FID EN TIEL © | 2025 4 1. PROFILE A French laboratory that has moved from R&D to marketing clinically tested natural health supplements 4
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M O D ÈLE C O N FID EN TIEL © | 2025 Our mission 5 To provide healthcare professionals and patients with clinically tested natural health supplements to manage the early stages of cardiometabolic imbalances, their associated signs and everyday health concerns. Cholesterol Blood pressure Metabolic liver disease (MASLD) Metabolic syndrome
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M O D ÈLE C O N FID EN TIEL © | 2025 6 6 OUR HISTORY: 10 YEARS OF SCIENTIFIC AND CLINICAL RESEARCH Creation of Valbiotis® 2014 2016 2022 2024 Positive results from the first clinical study in humans: TOTUM•63, Phase I/II Positive results from the Phase II HEART study on LIPIDRIVE® for hypercholesterolemia Presentation at the ADA and EASD congresses and launch of two LabComs: MIMETiv and PHYTOMAR’INNOV 1st launch in France with ValbiotisPro® CHOLESTEROL, a dietary supplement for cholesterol management Launch of the Valbiotis Plus® range for everyday health Development of TOTUM•63: Initial studies and patent filing 2015 2021 ISO 9001 certification obtained for all activities 2023 Positive results from the Phase II/III REVERSE IT study on TOTUM•63 2025 ValbiotisPro® METABOLIC HEALTH, a dietary supplement for blood glucose and metabolic syndrome parameters. ValbiotisPro® CARDIO-CIRCULATION, a dietary supplement for blood pressure, cardiovascular health and circulatory comfort. LUCIE 26000 CSR label obtained in 2024 45 employees Head office in Périgny, France A university chair in Quebec (Canada) at Laval University (IUCPQ-ULaval) 4 patented active substances in at least 61 countries
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M O D ÈLE C O N FID EN TIEL © | 2025 7 Market launches backed by strong clinical programs 7 4 patented active substances, including 3 with unequivocal clinical efficacy against cardiometabolic disorders Clinical development 2014 2014 2024 Phase II/III HEART 2 study Completed (January 2025) Lipidrive® Formerly TOTUM•070 Hypercholesterolemia Phase II/III REVERSE IT study Completed (May 2023) TOTUM•63 Metabolic syndrome Phase II/III INSIGHT study Completed (October 2024) Tensodrive High blood pressure Clinical study via a research chair Ongoing TOTUM•448 MASLD (metabolic liver diseases) Commercialization in France… May 2024 February 2025 June 2025 2026 With strong international growth potential
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M O D ÈLE C O N FID EN TIEL © | 2025 8 Valbiotis Plus for everyday health and signs associated with cardiometabolic disorders 8 Formulated with precisely selected and dosed active ingredients, this range is based on a solid body of evidence, with proven efficacy and safety widely validated in the scientific literature. Serenity Multivitamin Sleep Collagen Omega Magnesium Valbiotis®PLUS products available on www.valbiotis.com and in pharmacies
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M O D ÈLE C O N FID EN TIEL © | 2025 9 2. VALUE PROPOSITION Natural health supplements with high scientific value and no equivalent on the market - Research & development - A forward-looking approach 9
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M O D ÈLE C O N FID EN TIEL © | 2025 10 Document reserved for the press conference – not for distribution R&D SUPPORTED BY EXPERTS, RESULTS RECOGNIZED BY INTERNATIONAL SCIENTIFIC SOCIETIES A prestigious Scientific and Medical Board 4 members, with over 900 scientific publications, including in prestigious journals: The Lancet, Nature, Diabetes Care A renowned academic leading the MASLD Chair André Marette PhD – University Professor Laval University Hospital Center INAF (Canada) 11 clinical studies on efficacy and mechanism of action More than 55 scientific congress selections since 2016, including: 14 international peer-reviewed scientific publications since 2021 Prof. Samy Hadjadj MD, PhD, University Professor and Hospital Practitioner Nantes University Hospital Prof. Jean-Marie Bard PharmD, PhD, University Professor and Hospital Practitioner Nantes University Hospital (Emeritus Professor) Bruno Guigas PhD – Associate Prof. Leiden University Medical Center (Netherlands) Bruno Guigas PhD – Associate Prof. Leiden University Medical Center (Netherlands) Thierry Maugard PhD, University Professor, La Rochelle University
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M O D ÈLE C O N FID EN TIEL © | 2025 11 Document reserved for the press conference FROM FIELD TO PATIENT: SCIENTIFIC EXCELLENCE AT THE HEART OF THE Valbiotis® MODEL The LabComs: Research partners The MIMETiv LabCom A partnership with Clermont Auvergne University and INRAE aimed at advancing our understanding of cardiometabolic disorders through the study of the gut microbiota. This joint laboratory draws on Valbiotis® expertise in developing innovative solutions to support metabolic health. The PHYTOMAR’INNOV LabCom with La Rochelle University and the CNRS The PHYTOMAR’INNOV joint laboratory aims to create a sustainable center of excellence for the eco-design of innovative active ingredients composed of molecules derived from marine algal and plant resources, enabling the development of products that strengthen immune defenses against viral and bacterial agents.
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M O D ÈLE C O N FID EN TIEL © | 2025 12 4 products supported by a high level of clinical evidence Lipidrive® (ValbiotisPRO® Cholesterol) 4 clinical efficacy studies on 330 subjects 18 congress presentations 4 scientific publications TOTUM•63 (ValbiotisPRO® Metabolic Health) ealth) 4 clinical studies 720 participants French and international patents (58 countries) 20 congress presentations 7 scientific publications TENSODRIVE (ValbiotisPRO® Cardio-Circulation) TOTUM•448 1 clinical study French and international patents 8 presentations at congresses and 2 scientific publications 2 clinical studies 420 participants French and international patents 11 congress presentations and 1 scientific publication
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M O D ÈLE C O N FID EN TIEL © | 2025 13 A sustainable, integrated and adaptable operating model 13 Valbiotis platform Future innovations Pharmacies, Partner Groups & E-commerce Customers & loyaltyConsumer insight data Both in-store and online, from customer relations to loyalty – a cohesive engine driving performance and future innovation Brand awareness/ Brand image
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M O D ÈLE C O N FID EN TIEL © | 2025 14 3. MARKET Rising demand for plant-based solutions to address significant medical needs 14
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M O D ÈLE C O N FID EN TIEL © | 2025 15 15 Markets: at the crossroads of three structurally favorable trends Public health State of emergency on metabolic and cardiovascular diseases Dietary supplements A fast-growing market driven by plant-based products Natural solutions A growing demand for natural products (medicines, supplements)
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M O D ÈLE C O N FID EN TIEL © | 2025 16 16 Cardiometabolic imbalances: significant needs still to be met Affected populations worldwide 770 million adults with a mild to moderate increase in LDL cholesterol 1 Lipidrive® Formerly TOTUM•070 Cardiovascular risk factor (atherosclerosis) LDL cholesterol 14% of adults 635 million adults with glucose intolerance and more than 1 billion with metabolic syndrome2 TOTUM•63 High-risk condition for type 2 diabetes Prediabetes / metabolic health 1 in 8 adults 2 billion adults with a moderate increase in blood pressure3 Tensodrive Primary global cardiovascular risk factor Arterial hypertension 38% of adults 950 million adults with a MASLD(1) without MASH TOTUM•4484 Leads to often severe liver damage such as MASH(1) (formerly NASH) Metabolic liver disease (MASLD(1), formerly NAFLD) without MASH 24% of adults 1. Study by Ballena-Caicedo et al., Journal of Health, Population and Nutrition 2025 2. ATLAS IDF 2024 and Saklayen et al., Current Hypertension Reports 2018 3. 3. Guo et al., Cardiovasc J Afr 2012 4. Feng et al., JHEP Reports 2025, and Huang et al., Internal and Emergency Medicine 2025
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M O D ÈLE C O N FID EN TIEL © | 2025 17 Cholesterol, metabolic health and blood pressure in France 17 1 in 2 French adults with mild to moderate hypercholesterolemia 6.3 million French adults with prediabetes Valbiotis®PRO Cholesterol (Lipidrive®) Valbiotis®PRO Metabolic Health (TOTUM•63) 6.9 million French adults with high-normal blood pressure Valbiotis®PRO Cardio-Circulation (Tensodrive)
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M O D ÈLE C O N FID EN TIEL © | 2025 18 Functional imbalances with a major impact on overall and cardiometabolic health 18 Affected populations in France 3 out of 4 French adults are magnesium deficient4 95% of the population has an omega deficiency5 59% of French adults report feeling stressed1 45% of French adults report suffering from at least one sleep disorder2 Stress & anxiety Sleep Micronutrient deficiency Fatigue 1. OpinionWay survey for the Ramsay Santé Foundation, 2025 2. Interministerial roadmap for quality sleep – 2025/2026 3. “Comment les Français font face à la fatigue et au manque de tonus" [How the French deal with fatigue and lack of energy] , Panel Healthcare – Kantar France, 2025 4. Dietary magnesium intake in a French adult population , P. Galan et al., SU.VI.MAX study. December 1997 5. INCA/INCA2 59% of French adults report feeling fatigued3
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M O D ÈLE C O N FID EN TIEL © | 2025 19 19 A dynamic market driven by pharmacies +3% Growth of the French dietary supplement market (2023 vs. 2022) +7% Trends in the pharmacy dietary supplement segment 54% of revenue comes from pharmacy sales €2.7 billion Dietary supplements: a €2.7 billion market in France, driven by pharmacy sales
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M O D ÈLE C O N FID EN TIEL © | 2025 20 20 Patient-consumers seeking natural solutions About 40% of French adults regularly use natural treatments for their health concerns(1) In 2024, when purchasing a dietary supplement: •The natural origin of the product was the leading selection criterion for 81% of consumers(2) •The absence of additives was a key factor for 79% of consumers(2) •In addition, advice from prescribers or sales staff was an essential driver for 72%(2) These criteria take priority over price Top 5 purchasing criteria for dietary supplements in 2024(2) 1. Natural origin of the product 81% (78% in 2023) 2. Clearly stated product benefits 81% (77% in 2023) 3. Absence of additives 79% (72% in 2023) 4. Advice from prescriber/sales staff 72% (67% in 2023) 5. Price 72% (71% in 2023)
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M O D ÈLE C O N FID EN TIEL © | 2025 21 4. STRA TEGY Strengthen the V albiotis brand in France Roll out the V albiotis brand in Asia through a major strategic partnership Ramp up the brand's international expansion 21
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M O D ÈLE C O N FID EN TIEL © | 2025 22 22 An experienced and complementary management team Executive Committee Sébastien Peltier CEO, Co-Founder PhD, HDR Member of the Executive Board Pascal Sirvent CSO, Scientific Director, PhD, HDR Member of the Executive Board Stanislas Sordet CFO – Administrative & Financial Director Member of the Executive Board Sébastien Poncet France Business Unit Director Member of the Executive Board Caroline Lamberti Communication & Public Affairs Director Olivier Tabary Industrial Operations Director Cécile Merle Quality & Operational Performance Director Raphaël Berdegay Business Development & Alliances Director Christophe André Administrative and Financial Manager Romane Cariou Head of Legal Affairs
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M O D ÈLE C O N FID EN TIEL © | 2025 23 23 Commercial rollout in France: 4 key success factors for solid and lasting growth 1. 3. 4. A supply and production chain meeting the highest standards A range of Valbiotis®PRO products with strong scientific value unmatched on the market to address cardiometabolic imbalances A range of Valbiotis®PLUS products for everyday health and signs linked to widespread cardiometabolic imbalances A multichannel sales model supported by an ecosystem of partners and trusted prescribers Maximized visibility through a targeted communication strategy Production capacity Brand awareness/ visibility2. Product portfolio Multichannel business
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M O D ÈLE C O N FID EN TIEL © | 2025 24 24 A multichannel sales model supported by an ecosystem of partners and trusted prescribers PHARMACY/B2B2C Online/B2C AN IN-HOUSE SALES FORCE = 17 Medical Promotion Officers (MPOs) + 1 Key Account Manager (KAM) Wholesalers/distributors Platforms Pharmacists Physicians Dieticians Naturopaths Pharmacy networks PATIENT CONSUMERS Valbiotis online store Partner marketplaces CONGRESSESTRAINING MEDIA PLANDIGITAL MARKETING PUBLIC AWARENESS HEALTH INSURANCE PROVIDERS
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M O D ÈLE C O N FID EN TIEL © | 2025 25 9 partnerships with pharmacy networks 25 Strengthened pharmacy presence with privileged access to more than 1,500 pharmacies •Apothical brings together 120 medium to large pharmacies strategically located in city centers and near shopping areas, positioned as health, nature and wellness advisors. Its distinctive model focuses on personalized patient support through nutrition, dietetics and phytotherapy, with expert advice and dedicated in -store areas. Revenue of €10M. •Solution Réseau d’Achat (SRA) is a network bringing together 680 local pharmacies organized into three distinct segments: Pharm’Etoiles (103 branded pharmacies), Premium (119 network -affiliated but unbranded pharmacies) and a complementary network of 450 pharmacies benefiting from network conditions. •Co&Pharm is a network developed by the CERP Bretagne Atlantique cooperative that unites 600 independent pharmacies located mainly in western France and generates over one billion euros in revenue through its members. •Flexi Plus Pharma is a member of the Evecial alliance of networks that brings together 80 pharmacies . Its mission is to drive the growth of member pharmacies through a personalized offer that preserves their independence. •PharmaProvence is a network of 30 pharmacies and parapharmacies located in the PACA region, featuring mainly urban profiles in city centers and shopping areas focused on patient care and support .
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M O D ÈLE C O N FID EN TIEL © | 2025 26 26 •Be Pharma is a pharmaceutical network of around 50 member pharmacies. It stands out for its human -scale approach centered on personalized pharmacist support, emphasizing ethical quality, economic performance and close local relationships. •Pharma 10 is a cooperative network with more than 140 member pharmacies across about twenty departments. Pharma 10 stands out for its cooperative governance and independent positioning, emphasizing ethics and proximity. •The Galien network includes about 30 member pharmacies, located mainly in the Grand Est region. It positions itself as a regional, human-scale network focused on proximity and economic efficiency. •LG Nature & Conseils supports pharmacies and healthcare professionals in developing natural product ranges. Its positioning is based on expertise in natural products and personalized advice, promoting a sustainable health approach. 9 partnerships with pharmacy networks Strengthened pharmacy presence with privileged access to more than 1,500 pharmacies
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M O D ÈLE C O N FID EN TIEL © | 2025 27 27 Optimum visibility through targeted communication Valbiotis teams to attend B2B congresses and seminars in 2025 ESH in Milan: results of the INSIGHT clinical trial on TOTUM•854 Seminar – Be Pharma and Apothical Group Prevention and Screening Symposium – Dijon University Hospital Preuves & Pratiques Congress Etc.
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M O D ÈLE C O N FID EN TIEL © | 2025 28 Presence in both consumer and professional media, plus brand ambassadors DIGITAL & INFLUENCE B2B CORPORATE GENERAL PUBLIC A multichannel and multi-target communication strategy Julie Pradines Coline Faulquier Dr. Vincent Renaud
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M O D ÈLE C O N FID EN TIEL © | 2025 29 29 Highly positive feedback from healthcare professionals… … and from patients “Since I started recommending Valbiotis products to manage cholesterol, I have noticed very positive results in my patients' health outcomes. Quarterly check-ups show a clear improvement in cholesterol levels. Patients are pleased with the effects of these well- tolerated natural treatments, free from notable side effects. I am delighted to offer a complementary solution that actively supports my patients’ cholesterol management.” Dr. Anca Canciu, General Practitioner – Mulhouse, France “We chose to stock Valbiotis®PRO Cholesterol because it is a dietary supplement recommended and prescribed by general practitioners. We were drawn to Valbiotis®PRO Cholesterol for its plant-based, red yeast rice-free formulation with no side effects, and, above all, for its clinical validation. Valbiotis®PRO Cholesterol is very well tolerated by our customers, who are satisfied and continue their Valbiotis®PRO Cholesterol regimen until their next lipid panel.” Pharmacy – Les Sables-d’Olonne, France “I chose Valbiotis®PRO Cholesterol as an alternative to statins for reluctant patients, while encouraging better adherence to lifestyle and dietary measures. As a result, the outcomes are quite positive, and tolerance is good.” Dr. Véronique Muzelle, General Practitioner – Blacé, France “What convinced us: a natural product without statins, but especially supported by clinical studies. Customer feedback: positive, as they seek statin-free products, natural or otherwise. Positive points: no side effects, proven efficacy even at 3 tablets a day.” Pharmacie Verte – Nantes, France “An alternative for those intolerant to statins or refusing statin treatment. ” Dr. Alphonse Heiligenstein, General Practitioner – Oberhergheim, France
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M O D ÈLE C O N FID EN TIEL © | 2025 30 30 Priority zones for marketing Valbiotis product lines Asia China, Japan, Korea, Southeast Asia North America United States, Canada, Mexico Europe Italy, Germany, United Kingdom, Spain Middle East Saudi Arabia, Qatar, UAE Opportunistic approach to non-priority zones International
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M O D ÈLE C O N FID EN TIEL © | 2025 31 31 Brand establishment methods depending on opportunitiesKey partnership criteria Long-term partner, developer-investor profile Strong interest in the products and their long-term potential Significant investment commitment from the partner Prospects for developing new products tailored to local markets Company specialized in the healthcare sector, existing infrastructure, controlled costs Exclusive distribution agreement by country Strong local expertise of the partner: regulatory, marketing, sales Rapid market launch Direct marketing through B2C platforms Controlled marketing investments Allows testing of the offer in key markets Interest in high-potential European markets Types of partnerships • Local establishment • “Full-agency” distributor • Direct e-commerce sales International
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M O D ÈLE C O N FID EN TIEL © | 2025 32 32 International ● Joint venture to be established with Chinese partner Aika Zhejiang Asset Management (Aika), dedicated to distributing Valbiotis products in key Asian markets: China, Hong Kong, Japan, Taiwan, Macao, Singapore, Vietnam and Indonesia. Possible expansion of the partnership into other regional markets: South Korea, the Philippines, Malaysia, Brunei, Laos, Cambodia and Thailand. ● Valbiotis will hold 49% of the joint venture and Aika 51%. The joint venture will be managed by Aika CEO and Co-founder Xianhua Tao, with balanced governance rules providing Valbiotis with veto rights over major strategic and equity-related decisions, while ensuring that Xianhua Tao retains the operational flexibility necessary for business development. ● Initial revenues expected as early as 2026 via the cross-border e-commerce (CBEC) channel, ahead of conventional marketing pending regulatory approvals. November 2025: Signing of a strategic partnership in Asia *Acting in concert with respect to the Company within the meaning of Article L. 233-10, I of the French Commercial Code.
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M O D ÈLE C O N FID EN TIEL © | 2025 33 33 Ambition: make the joint venture a leader in Asia in dietary supplements targeting cardiometabolic imbalances, with products tailored to Asian consumer preferences.
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M O D ÈLE C O N FID EN TIEL © | 2025 34 34 Valbiotis–Aika A strategic partnership Initial territories: Mainland China, HK, Japan, Macao, Taiwan, Singapore, Indonesia, Vietnam. Rapid start through cross-border e-commerce, first revenues expected as early as 2026. Territories to be confirmed: South Korea, the Philippines, Malaysia, Brunei, Thailand, Cambodia, Laos.
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M O D ÈLE C O N FID EN TIEL © | 2025 35 35 International Valbiotis–Aika partnership Start of exports in a strategic region Direct approach in China: a dietary supplement market worth €30–40 billion* Rapid market access through CBEC (6–12 months) from the signing of the agreement Increased volumes after registration and distribution through traditional channels * Estimates: Sohu.com, Zhongshang Industry Research Institute, Healthplex Natural & Nutraceutical Products China Strong potential in the initial zone: population 1.8 billion, accelerated aging, rising incidence of cardiometabolic diseases, growth of the “healthy aging” market Opportunities for developing new products adapted to local specificities
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M O D ÈLE C O N FID EN TIEL © | 2025 36 36 International • Aika, a Chinese group with recognized expertise in the multichannel marketing of health and wellness products, and with infrastructure and resources already in place enabling a rapid go-to-market strategy. In particular, the Valbiotis/Aika joint venture will benefit from Aika’s marketing expertise, especially in local digital marketing, customer acquisition and loyalty programs, as well as from Aika's infrastructure and expertise in IT (digital platforms, app development, AI and data), backed by experienced teams already in place. • Primary shareholders: - Co-founders, 62%: Xiaoming Du and Xianhua Tao, still leading the company. - Sunshine Insurance Group, 28% of share capital: a private Chinese insurance group, ranked among the “Top 500” Chinese companies and the “Top 100” service providers in China. - Gaorong Ventures, 10% of share capital: a venture capital fund specializing in investments in innovative companies in tech, new consumer goods and healthcare services. Several billion in assets under management. • Valued at over €750M during its last equity transaction in 2017. Partner profile Zhejiang Aika Asset Management
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M O D ÈLE C O N FID EN TIEL © | 2025 37 5. AN EST ABLISHED MODEL WITH STRONG GROWTH POTENTIAL Infrastructure & capacity 37
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M O D ÈLE C O N FID EN TIEL © | 2025 38 Infrastructure & capacity 38 ORGANIZATION SUPPLY & LOGISTICS IT INDUSTRIAL OPERATIONS Established organization and skills on key functions/activities (47 FTE) Established process order to cash, able to absorb volume growth without any effects Established supply chain & logistics with high ramp-up capacity Established raw material sourcing chain / subcontractors, able to absorb revenue growth in France and internationally
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M O D ÈLE C O N FID EN TIEL © | 2025 39 6. OUTLOOK & 2030 AMBITION Revenue > €25M in 2027 (with positive EBITDA) and > €100M in 2030 39
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M O D ÈLE C O N FID EN TIEL © | 2025 40 40 Cash: €13.2M (as of June 30, 2025) Simplified income statement as of June 30, 2025
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M O D ÈLE C O N FID EN TIEL © | 2025 41 Analyst coverage and shareholding structure 41 Portzamparc(1) Mohamed Kaabouni Invest Securities(1) Thibaut Voglimacci-Stephanopoli TP ICAP MIDCAP(1) Corentin Marty Indexes NEXT BIOTECH • EnterNext© PEA -PME 150 62.0% Individual investors4.1% Sébastien Peltier, CEO and Co -Founder of Valbiotis + DJANKA Investissement, controlled by S. Peltier Representing 7.6% of voting rights 34.1% Institutional investors
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M O D ÈLE C O N FID EN TIEL © | 2025 42 42 Our ambitions for 2027 & 2030 Revenue > €25M A positive EBITDA for the French scope With potential for upward revision depending on the revenue that could be generated through international partnerships Revenue > €100M including at least 30% from international sales EBITDA margin in the range of 25–30% 2027 2030 EBITDA = Earnings Before Interest, Taxes, and Depreciation, corresponding to earnings before interest, taxes, depreciation, and amortization. The similar aggregate in IFRS accounting standards is operating income plus IFRS depreciation and amortization.
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