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CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd, 2026. All rights reserved. This document contains information that is confidential and proprietary to Eurofins Scientific SE and / or its affiliates and is solely for the use of the personnel of Eurofins Scientific SE and all its affiliates. No part of it may be used, circulated, quoted, or reproduced for distribution outside companies belonging to the Eurofins Group. If you are not the intended recipient of this document, you are hereby notified that the use, circulation, quoting, or reproducing of this document is strictly prohibited and may be unlawful. Photo images on this page are the copyrighted property of 123RF Limited. D www.eurofins.com CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 9M 2026 Trading Update Eurofins delivers improving organic growth through 9M 2026; remains on track for 2026 and mid-term profitability objectives 21 October 2026
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2 CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. Disclaimer This presentation does not constitute or form part of, and should not be construed as, an offer or invitation to subscribe for or purchase securities in Eurofins Scientific S.E. and neither this document nor anything contained or referred to in it shall form the basis of, or be relied on in connection with, any offer or commitment whatsoever. The statements made during this presentation or as response to questions during the Question & Answers period that are not historical facts are forward looking statements. Furthermore, estimates and judgements may be made based on market and competitive information available at a certain time. Forward looking statements and estimates represent the judgement of Eurofins Scientific’s management and involve risks and uncertainties including, but not limited to, risks associated with the inherent uncertainty of research, product/service development and commercialisation, the impact of competitive products and services, patents and other risk uncertainties, including those detailed from time to time in period reports, including prospectus and annual reports filed by Eurofins Scientific with the Luxembourg Stock Exchange and regulatory authorities, that can cause actual results to differ materially from those projected. Eurofins Scientific expressly disclaims any obligation or intention to release publicly any updates or revisions to any forward-looking statement or estimate. Eurofins provides in the Summarised Income Statement certain alternative performance measures (non-IFRS information as “Adjusted Results and Separately Disclosed Items”) that exclude certain items because of the nature of these items and the impact they have on the analysis of underlying business performance and trends. (Please refer to description of these terms in the press release dated 23 July 2026). The management believes that providing this information enhances investors' understanding of the company’s core operating results and future prospects, consistent with how management measures and forecasts the company’s performance, especially when comparing such results to previous periods or objectives and to the performance of our competitors. This information should be considered in addition to, but not in lieu of, information prepared in accordance with IFRS. Alternative Performance Measures (APMs) are defined at the end of this presentation and described in more detail in the Consolidated Financial Statements 2025 in Notes 1.19 and 1.20.
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3 CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. Key financial and operational highlights Reported Revenues Organic Growth Key Highlights • Reported revenues in 9M 2026 totalled €5,614m, a 3.7% increase versus 9M 2025. Growth was driven by both organic growth and acquisitions, despite a -1.7% headwind from foreign exchange, and a -0.7% headwind from discontinuations and disposals as Eurofins exited certain non-core activities. • Organic revenue growth was 2.5% in Q1, 3.0% in Q2, and 3.5% in Q3 (and 2.6%, 2.9% and 3.2% respectively corrected for PWD), with growth increasing sequentially by 0.5% each quarter. • For 9M 2026: o In Europe, organic growth was 1.9% (1.6% including PWD adjustment), led by good growth in Environment Testing, and Clinical Diagnostics in France. o In North America, organic growth was 2.8% (2.8% including PWD adjustment), with a stronger third quarter including continued solid growth in the Life businesses, and improving growth across a number of categories within BioPharma. o In Rest of the World, organic growth of 9.3% (9.8% including PWD adjustment) included robust performance in Food & Feed Testing and Consumer Product Testing. • Organic growth for Q3 2026 of 3.5% (3.2% including public working days adjustment) included a broad-based acceleration in BioPharma, with mid-single digit growth in BioPharma Product Testing, and Discovery & Genomics returning to positive growth. We also saw an expected improvement in the CDMO business, although other ancillary activities remain mixed. Q3 2026 €1,913m +3.0%1 9M 2026 vs 9M 2025 +3.5%2 Q3 2026 vs Q3 2025 1 9M 2026: 2.9% including adjustment for public working days (PWD) 2 Q3 2026: 3.2% including adjustment for PWD 9M 2026 €5,614m
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4 CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. Revenue bridge 5,415 109 -52 5,472 -94 160 59 16 5,614 9M 2025 reported revenues 9M 2025 pro-forma revenues FX 2026 M&AOrganic Growth 9M 2026 reported revenues 9M 2025 revenues of discontinued activities/ disposals 9M 2025 acquisitions revenue part not consolidated in 9M 2025 9M 2026: +3.0%1 Q3 2026: +3.5%2 1 9M 2026: 2.9% including adjustment for public working days 2 Q3 2026: 3.2% including adjustment for public working days • FX effect in 9M 2026 of -1.7% as the Euro strengthened against most currencies, broken down as: o Q1: -4.8% headwind o Q2: -0.9% headwind o Q3: +0.6% tailwind • Organic revenue growth of +3.0% (+2.9% including PWD adjustment), representing a €160m contribution to revenues • M&A contribution of €168m to consolidated revenues • Growth effect of -0.7% from discontinuations and disposals as Eurofins exited certain non-core activities (€m) 2026 revenues of discontinued activities/ disposals
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5 CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. Organic growth by activity, 9M 2026 523 545 1,114 1,122 1,544 1,576 2,234 2,372 +0.9% +4.4% 9M 2025 9M 2026 Life BioPharma Consumer & Technology Products Testing 5,415 5,614+3.0%1 +7.9% +0.7% Organic growth Life • North America had solid growth in both Food & Feed Testing and Environment Testing, with strong demand in categories including dairy testing and PFAS testing • Acquisition of Element’s Life Sciences Testing Services business on 1 October further extends the footprint of the established hub-and-spoke networks, including broader coverage of Canada • In Europe, growth also remained solid in both Environment Testing growth and Food & Feed Testing, although with a slower Q3 in certain countries Consumer & Technology Products Testing • Overall organic growth accelerated compared to 2025 • Strong performance from Material Sciences in North America and Rest of World, and from Soft & Hard lines in Consumer Products Testing Diagnostic Services & Products • Strong growth from Clinical Diagnostics in France, with Europe also reflecting the planned rationalisation of certain loss-making contracts in the former Synlab business in Spain and Italy • North America growth affected by regulatory and reimbursement changes within Clinical Diagnostics CommentaryRevenues (€m) Diagnostic Services & Products BioPharma • 9M 2026 growth reflects broad-based improvement across a number of activities in Q3, after slower end-market demand in the first half 1 Growth rates for each area of activity are not adjusted for public working days
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6 CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. BioPharma acceleration in Q3 2026 was broad-based across multiple activities ~25% ~15% ~60% H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Q3 2026 BioPharma revenues Organic growth H1 2024 H2 2024 H1 2025 H2 2025 H1 2026 Q3 2026 BioPharma Product Testing and others1 ~ +4% ~ +5% ~ +6% ~ +5% ~ +2% ~ +5% Discovery & Genomics ~ +4% ~ -2% ~ -4% ~ -3% ~ -2% ~ +3% Ancillary activities2 ~ 0% ~ -15% ~ -10% ~ -3% ~ -6% ~ -3% Total BioPharma +2.6% -0.9% +0.8% +2.0% -0.1% +2.9% (€m) Ancillary activities2 • Q3 2026 included an expected improvement in North America CDMO • Other ancillary activities remained mixed, including contracts relating to clinical programmes that are yet to start Discovery & Genomics • Segment returned to growth in Q3 2026, with improving activity in both Discovery and Genomics • Discovery growth led by North America, including Eurofins benefitting from strength in obesity and metabolic disease therapeutics, which remains a focus for customer investment BioPharma Product Testing and others1 • Mid-single digit growth for BioPharma Product Testing in Q3 2026 was led by North America; with Europe growth also positive • Eurofins’ Product Testing laboratory network further strengthened by the acquisition of Element’s North America Life Sciences Testing business completed 1 October 2026, extending into key regions of the United States and Canada where it was historically underrepresented 1 Includes activities related to BioPharma Product Testing (i.e., Professional Scientific Services) and Forensic Services 2 Includes Central Laboratory, Bioanalysis and Toxicology; Agroscience Services; and CDMO businesses 1,0421,0101,000 1,020 1,039 536 ~20% ~15% ~65%
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7 CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. Growth investments continued, with 22 acquisitions closed in 9M 2026 North America 7 acquisitions Europe 14 acquisitions Rest of the World 1 acquisition Acquired: • Environment Testing businesses in the US • Food Testing business in Canada • Consumer & Technology Products testing business in Canada Acquired: • Environment Testing businesses in France, Spain, Ireland & Italy • Forensics business in the UK • Diagnostics businesses in Italy and Spain • Food Testing business in Spain, Czech Republic, France, Denmark & Italy • Genomic business in Ireland • Consumer & Technology Products Testing business in Switzerland & Italy Acquired: • Food Testing business in New Zealand Aggregated revenue of 9M 2026 acquisitions in FY 2025: >€210m (not including Element)
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8 CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. FY 2027 and mid-term Capex & FX assumptions • Net operating capex is expected to remain at around €400m per year in 2026 and 2027. In addition, investment to own Eurofins’ larger state-of-the-art sites will continue and is assumed to be around €200m annually in 2026 and 2027. • These objectives assume average exchange rates that are unchanged from FY 2025. Actual results for each year will depend on the development of individual end markets, exchange rates, the evolution of inflation and the quantum and profitability profile of M&A, among other factors. FY 2026 • FY 2026 organic growth is likely to be below the previous mid-single-digit objective. This reflects the fact that market conditions have remained slower than normal after nine months, and that some expected clinical programmes will not restart in 2026 as expected; and as a result, organic growth is unlikely to reach the initial objective for the year as a whole. • Revenues from acquisitions in 2026 are expected to be above the previous objective of an annualised €250m, based on transactions already completed, including Element’s North America Life Sciences Testing Services business. • Objectives for profitability and cash flow for FY 2026 are unchanged. Eurofins continues to expect the adjusted EBITDA margin to show further progress towards the 2027 objective (24% remains the objective for 2027), with improvement in 2026 above FY 2025 margin of 22.5%. • Also, SDI at the EBITDA level should further decline from the FY 2025 level, and FCFF is expected to grow, with continued strong cash conversion. • For FY 2027, Eurofins expects to return to mid-single-digit organic growth. • Eurofins confirms its long-term average organic growth objective of 6.5% p.a. in the mid-term driven by secular growth trends in its end markets and recovery of ancillary Biopharma activities. Target for potential average revenues from acquisitions of €250m p.a. over the period consolidated at mid-year. • Adjusted EBITDA margin on total revenues objective for FY 2027 remains 24%. Objective for SDI at the EBITDA level remains about 0.5% of revenues in FY 2027. • Further increases in FCFF and ROCE are expected as Eurofins completes its 5-year (2023-2027) investment programme. The objective for cash conversion in FY 2027 remains above 50%. • Eurofins targets to maintain a financial leverage in the range of 1.5-2.5x in the mid-term. Confirming mid-term and FY 2027 objectives, updating for FY 2026
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9 CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. Q&A
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10 CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. Appendix
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11 CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. Breakdown of revenue by Operating Segment 2024 2025 2026 As % of total€m Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 9M Europe Sales 850 897 873 929 3,549 893 962 950 1,024 3,829 957 1,004 985 2,946 52% Organic growth in the Core Business1 5.1% 3.5% 4.9% 2.9% 1.6% 3.6% 5.0% 3.3% 1.6% 2.3% 1.7% 1.9% North America Sales 628 683 663 686 2,660 685 687 660 653 2,685 639 696 712 2,046 36% Organic growth in the Core Business1 2.0% 2.6% 3.6% 0.9% 4.1% 3.7% 2.4% 2.8% 2.1% 2.0% 4.2% 2.8% Rest of the World Sales 175 185 188 194 742 189 197 193 203 782 194 212 215 621 11% Organic growth in the Core Business1 10.0% 5.7% 7.8% 8.0% 8.5% 7.7% 11.7% 9.0% 8.6% 9.6% 9.6% 9.3% Total Sales 1,653 1,766 1,723 1,809 6,951 1,767 1,845 1,803 1,881 7,296 1,789 1,912 1,913 5,614 100% Organic growth in the Core Business1 6.8% 4.4% 3.4% 4.7% 2.6% 3.2% 4.1% 4.7% 3.7% 2.5% 3.0% 3.5% 3.0% Y-o-Y variation 5.0% 7.0% 6.8% 6.7% 6.9% 4.5% 4.6% 4.0% 5.0% 1.3% 3.6% 6.1% 3.7% 1 Excluding COVID-19 related clinical testing and reagent revenues. Not adjusted for PWD.
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12 CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited.CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd [2026]. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. Breakdown of revenue by Area of Activity 2024 2025 2026 As % of total€m Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 Q4 FY Q1 Q2 Q3 9M Life Sales 664 715 714 776 2,869 718 755 761 809 3,043 734 813 825 2,372 42% Organic growth in the Core Business1 7.2% 6.7% 7.4% 5.1% 6.1% 7.2% 5.9% 6.1% 4.2% 5.3% 3.7% 4.4% BioPharma Sales 489 511 501 509 2,010 516 526 502 519 2,062 506 529 536 1,576 28% Organic growth in the Core Business1 -0.3% -1.4% 0.9% 0.3% 1.5% 0.4% 3.7% 1.4% 1.1% -1.1% 2.9% 0.9% Diagnostic Services & Products Sales 334 356 334 345 1,370 359 387 368 381 1,496 378 381 362 1,122 20% Organic growth in the Core Business1 3.9% 4.2% 4.3% 0.7% 1.9% 3.4% 4.5% 2.6% 0.5% 0.7% 1.0% 0.7% Consumer & Technology Products Testing Sales 166 183 174 179 702 174 177 172 172 695 171 189 189 545 10% Organic growth in the Core Business1 8.8% 2.1% 6.4% 3.5% -0.3% 3.3% 2.8% 2.3% 4.1% 10.1% 8.9% 7.9% Total Sales 1,653 1,766 1,723 1,809 6,951 1,767 1,845 1,803 1,881 7,296 1,789 1,912 1,913 5,614 100% Organic growth in the Core Business1 6.8% 4.4% 3.4% 4.7% 2.6% 3.2% 4.1% 4.7% 3.7% 2.5% 3.0% 3.5% 3.0% Y-o-Y variation 5.0% 7.0% 6.8% 6.7% 6.9% 4.5% 4.6% 4.0% 5.0% 1.3% 3.6% 6.1% 3.7% 1 Excluding COVID-19 related clinical testing and reagent revenues. Not adjusted for PWD.
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CONFIDENTIAL AND PROPRIETARY - © Eurofins Scientific (Ireland) Ltd 2026. All rights reserved. Any use of this material without the specific permission of an authorized representative of Eurofins Scientific (Ireland) Ltd is strictly prohibited. 13 Definitions / Alternative Performance Measures (APMs) Adjusted results – reflect the ongoing performance of the mature and recurring activities excluding “separately disclosed items”. Separately disclosed items – include one-off costs from network expansion, integration and reorganisation, discontinued operations, other non-recurring income and costs, temporary losses and other costs related to start-ups and acquisitions undergoing significant restructuring, share-based payment charge and acquisition-related expenses, net, gain and loss on disposal of subsidiaries, net, net finance costs related to borrowing and investing excess cash and one-off financial effects (net of finance income), net finance costs related to hybrid capital and the related tax effects. EBITDA – Earnings before interest, taxes, depreciation and amortisation, share-based payment charge and acquisition-related expenses, net and gain and loss on disposal of subsidiaries, net. EBITAS – EBITDA less depreciation and amortisation. Share-based payment charge and acquisition-related expenses, net – Share-based payment charge, impairment of goodwill, amortisation of acquired intangible assets, negative goodwill, and transaction costs related to acquisitions as well as income from reversal of such costs and from unused amounts due for business acquisitions. EBIT – EBITAS less share-based payment charge and acquisition-related expenses, net and gain and loss on disposal of subsidiaries, net. Net Profit – Net profit for owners of the Company and hybrid capital investors before non-controlling interests. Basic EPS – basic earnings per share attributable to owners of the Company. Net capex – Purchase, capitalisation of intangible assets, purchase of property, plant and equipment less capex trade payables change of the period and proceeds from disposals of such assets. Free Cash Flow to the Firm (FCFF) – Net cash provided by operating activities, less Net capex. Net debt – Current and non-current borrowings, less cash and cash equivalents. Net working capital – Inventories, trade receivables and contract assets, prepaid expenses and other current assets less trade accounts payable, contract liabilities and other current liabilities excluding accrued interest receivable and payable. Organic growth for a given period (Q1, Q2, Q3, Half Year, Nine Months or Full Year) – non-IFRS measure calculating the growth in revenues during that period between 2 successive years for the same scope of businesses using the same exchange rates (of year Y) but excluding discontinued operations. For the purpose of organic growth calculation for year Y, the relevant scope used is the scope of businesses that have been consolidated in the Group's income statement from the previous financial year (Y-1). Revenue contribution from companies acquired in the course of Y-1 but not consolidated for the full year are adjusted as if they had been consolidated as of 1st January Y-1. All revenues from businesses acquired since 1st January Y are excluded from the calculation. Also, all revenues from discontinued activities / disposals in both the previous financial year (Y-1) and year Y are excluded from the calculation. Mature scope: excludes start-ups and acquisitions in significant restructuring. A business will generally be considered mature when: i) The Group’s systems, structure and processes have been deployed; ii) It has been audited, accredited and qualified and used by the relevant regulatory bodies and the targeted client base; iii) It no longer requires above-average annual capital expenditures, exceptional restructuring or abnormally large costs with respect to current revenues for deploying new Group IT systems. The list of entities classified as mature is reviewed at the beginning of each year and is relevant for the whole year. Non-mature scope: includes start-ups or acquisitions in significant restructuring. These are companies or business activities established to develop an existing business model, transfer technology or a specific strategy. They are generally greenfield operations, or, in certain cases, newly acquired businesses bought to achieve a target market share in a given geography that are not operating optimally, but that have the potential to operate efficiently and profitably once restructured or reorganised to the Group’s model. Discontinued activities / disposals: discontinued operations are a component of the Group’s businesses or product lines that have been disposed of, or liquidated; or a specific business unit or a branch of a business unit that has been shut down or terminated, and is reported separately from continued operations. FCFF before investment in owned sites: FCFF less net capex spent on purchase of land, buildings and investments to purchase, build or modernise owned sites/buildings (excludes laboratory equipment and IT). Free Cash Flow to Equity: Free Cash Flow to the Firm, less disposal/(acquisition) of investments, financial assets and derivative financial instruments, net, and after interest and premium paid, net of interest received. Free cash flow to Equity does not take into account the dividends paid to shareholders and non-controlling interests as well as earnings paid to hybrid capital holders. Adjusted EBITDA margin on total revenues: adjusted EBITDA divided by reported revenues. ROCE: Return on Capital Employed, defined as adjusted EBITAS/average Capital Employed of last 4 quarters. Capital Employed: corresponds to total non-current assets excluding investments in associates and deferred tax assets plus Net Working Capital. Cash conversion: FCFF / Reported EBITDA.