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H1-2025 results Presentation July 30, 2025
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Forward looking statements P. 2 Certain information contained in this presentation is forward looking and not historical data. These forward-looking statements are based on opinions, projections and current assumptions including, but not limited to, assumptions concerning the Group’s current and future strategy, financial and non-financial future results and the environment in which the Group operates, as well as events, operations, future services or product development and potential. Forward-looking statements are generally identified by the words “expects”, “anticipates”, “believes”, “intends”, “estimates”, “plans” and similar expressions. Forward looking statements and information do not constitute guarantees of future performances, and are subject to known or unknown risks, uncertainties and other factors, a large number of which are difficult to predict and generally outside the control of the Group, which could cause actual results, performances or achievements, or the results of the sector or other events, to differ materially from those described or suggested by these forward-looking statements. These risks and uncertainties include those that are indicated and detailed in Chapter 3 “Risk factors” of the 2024 Universal Registration Document filed with the French Financial Markets Authority (Autorité des marchés financiers, AMF) on April 1, 2025. These forward-looking statements are given only as of the date of this presentation and the Group expressly declines any obligation or commitment to publish updates or corrections of the forward-looking statements included in this presentation in order to reflect any change affecting the forecasts or events, conditions or circumstances on which these forward-looking statements are based.
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Introduction David Seignolle Chief Executive Officer P. 3
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H1 2025 Key Figures P. 4 Sanofi €176.1m -15.3% Other Clients €236.0m -2.0% (8.2)% Net Sales 60% dedicated to growth €37.8m CAPEX Core EBITDA margin 9.6% €39.5m Core EBITDA EBITDA €39.3m exceptional items €5.0m €412.1m
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H1 2025 key takeaways Thorough execution of the FOCUS-27 plan Resilience Successful divestment of the Haverhill site to Particle Dynamics API discontinuation program progressing as planned Agreement on IPCEI signed with the French Government Reduced Personnel Costs Sustained savings in external spendings Tight management of Operating Working Capital Controlled and targeted CAPEX Sales to Sanofi APIs sales affected by unfavorable comparison base and lower sales from Sevelamer Strong performance of the CDMO activity driven by large-scale contracts in anti-infective and skin care Sales to Other Clients Solid growth in Opioids and unfavorable phasing in Vitamin B12 sales Gradual ramp-up of recent CMO projects more than offset by the downsizing of pre-carve out contracts, ongoing derisking of the portfolio Discipline Execution
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H1 2025 Operational and Financial performance Olivier Falut Chief Financial Officer P. 6
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H1 2025 Consolidated Net Sales 244.1 367.2 Sanofi P. 7 163.7 123.9 168.6 -24.4% +4.3% +18.4% -16.7% 175.9 44.1 52.2 72.3 60.2 30-Jun-24 API Solutions Sanofi API Solutions Other Clients CDMO Sanofi CDMO Other Clients 30-Jun-25 448.7 M€ 412.1 M€ (8.2%) API Solutions - (9.8%) CDMO - (3.4%) API Solutions Sanofi API Solutions Other Clients CDMO Sanofi CDMO Other Clients • ~8% of Net Sales from Cross Selling • Solid growth in Opioids • Decline in Vitamin B12 (phasing impact) • -29% volume decrease in Sevelamer (Haverhill) • Unfavorable comparison base (one-off €21 million revenue related to Buserelin stock clearance in H1 2024) • Strong demand for Poly- L-Lacid Acid (PLLA) and Pristinamycin • Downsizing and discontinuation of historical commercial phase contracts • Gradual ramp-up of the CMO contract in Animal Health signed in H1 2024 API Solutions Sanofi API Solutions Other Clients CDMO Sanofi CDMO Other Clients
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H1 2025 Results Change in Core EBITDA margin 9.2% Rounded figures P. 8 10.6% 9.6% - 2.2 pts -1.9 pts + 2.2 pts + 0.2 pts - 0.6 pts + 2.1 pts +2.4 pts - 1.9 pts - 1.2 pts H1 2024 Core EBITDA margin Buserelin Stock Clearance in H1 2024 Volume Impact Price & Mix Discontinued Products Industrial Performance Energy & Raw Materials OPEX Brindisi Site Haverhil Site H1 2025 Core EBITDA margin
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From Net Sales to Core EBITDA P. 9 H1-2024 Net sales 448.7 Core EBITDA margin 10.6% Gross profit 98.0 Gross profit margin 21.8% Core EBITDA 47.6 Non-recurring items 49.0 EBITDA (1.4) 39.3 million in exceptional items in H1 2025 • €20.6 million of idle costs • €4.1 million of internal and external costs related to the transformation of the company • €12.4 million of employee-related expenses linked to FOCUS-27 In € millions H1-2025 412.1 9.6% 76.6 18.6% 39.5 34.6 5.0
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From EBITDA to Net Income and EPS P. 10 H1-2025 EBITDA Depreciation and Amortization Income before Tax Operating Income Financial Result Income Tax expenses Net Income Number of shares outstanding Basic EPS Diluted EPS In € millions Decrease in Financial expenses following the financing of the plan 5.0 32.7 (30.1) (27.8) (2.3) 1.5 (28.5) 94.6 (0.30) (0.30) H1-2024 (1.4) 32.0 (41.5) (33.4) (8.1) 6.7 (34.8) 94.3 (0.37) (0.37)
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H1 2025 CAPEX Focus on strategic priorities 61.3 37.8 46.7 2022 2023 FY 2024 €108.0m H1 2025 60% 18% 22% Growth and Performance Maintenance H2H1 P. 11 Compliance Breakdown of H1 2025 CAPEXCAPEX Evolution €80m to €90m expected for FY 2025
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H1 2025 Net Cash evolution 171.0 € millions – rounded figures Of which €(7.2)m inventories €24.7mreceivables €2.7m payables €(10.8)m Other Current Assets & Liabilities P. 12 Free Cash Flow Before Financing: €(20) million
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2025 outlook and conclusion David Seignolle Chief Executive Officer P. 13
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Stronger HP API sales Ongoing inventory build-up of discontinued APIs Improved contract manufacturing (CMO) activity, including continued momentum in Pristinamycin and Poly-L-Lactic Acid sales Catch-up in Vitamin B12 volumes compared to H1 Sustained sales in Opioids P. 14 2025 outlook adjusted H2 underlying assumptions Net Sales now expected to decrease low single digit on a comparable basis* compared to full-year 2024 Core EBITDA margin target of 7% to 9% reaffirmed – Aiming for the upper part of the range Continued focus on industrial efficiencies, and cost control *: see glossary page 19
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Appendix P. 15
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API Solutions Other Clients 43% API Solutions Sanofi 30% CDMO Sanofi 13% CDMO Other Clients 14% P. 16 API Solutions 73% CDMO 27% Sanofi 43% Others Clients 57% By Activity By Customer H1 2025 Net sales breakdown
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P. 17 H1 2025 CDMO projects portfolio 31 23 12 7 9 6 17 14 FY 2024 H1 2025 Commercial phase Phase 3 Phase 2 Phase 1 and earlier 58 projects 50 projects 11% 64% 3% 22% Biochemistry Molecules 12% Complex Chemical Molecules 60% Highly potent APIs 4% Large Molecules 25% H1 2025 H1 2024 By platform By phase By customer 40% 60% Early-stage 40% Late-stage 60% H1 2024 H1 2025 47% 11% 42% Large companies 48% Middle size companies 6% Biotech & Emerging Pharmas 46% H1 2024 H1 2025
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Working capital P. 18 Inventory - Months on Hand1 Receivables – DSO2 8.5 6.9 7.8 43 39 43 In € millions 1. MOH: Months on Hands-Inventories in value on Net Sales 2. DSO: Receivables in Day of Sales – excluding factoring H1 2024 FY 2024 H1 2024 FY 2024H1 2025 H1 2025
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Glossary Net Sales at Constant Exchange Rate (CER) H1 2025 sales are calculated at H1 2024 Exchange rates On a comparable basis At constant perimeter and constant exchange rates. Figures at constant perimeter exclude the impact of acquisitions and disposals that occurred during the current year or during the previous year , until the anniversary date of the transaction EBITDA and Core EBITDA EBITDA corresponds to operating income (loss) restated for depreciation and amortization and net impairment of intangible assets and property, plant and equipment. Core EBITDA thus corresponds to EBITDA restated for restructuring costs and similar items (excluding depreciation and write-downs), allocations net of reversals of unutilized provisions for environmental risks, and other items not representative of the Group’s current operating performance or related to the effects of acquisitions or disposals. Cash Flow before Financing activities Cash Flow from Operating Activities + Cash Flow from Investing Activities Months on Hand (MOH) Net Inventory value at the of the period divided by Net Sales Early-stage and Late-stage projects • Early-stage: pre-clinical, phase 1, and phase 2 • Late-stage: phase 3, in validation, and commercial P. 19
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Contacts Sophie Palliez-Capian + 33 6 87 89 33 51 sophie.palliez@euroapi.com ir@euroapi.com P. 20 Léa Massonneau + 33 7 60 32 29 50 lea.massonneau@euroapi.com ir@euroapi.com
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euroapi.com Photo credit Euroapi - Getty Images – J. Chiscano