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2026 Half-Year Results Thursday, September 10, 2026
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Disclaimer This document was prepared by Vetoquinol for the sole purpose of presenting the half-year results for financial year 2026 on September 10, 2026. This document may not be reproduced or distributed, in whole or in part, without the prior consent of the company. The Vetoquinol Group cannot be held liable for the use of this document by any person not belonging to the company. This document does not contain any numerical forecasts. The company makes no commitment and gives no guarantee as to the achievement of its objectives or the ambitions it may express in its business plans. Although the company believes that its objectives are reasonable, it points out that their achievement is subject to risks and uncertainties, in particular those described in the "Risk Factors" section of the Universal Registration Document. 2026 HALF-YEAR RESULTS 2
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Half-Year Financial Indicators A Transition Well Underway 2026 HALF-YEAR RESULTS 3 €259 million Group sales +3.4% at constant exchange rates +0.7% on a reported basis €169 million Essentials sales +3.7% at constant exchange rates +2.2% on a reported basis €59 million Cash flow generation €45 million EBIT before AAA 17.3% of sales
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Summary Activity for the first half of 2026 Consolidated Results as of June 30, 2026 Strategy and Outlook 4 2026 HALF-YEAR RESULTS 01 02 03
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H1 2026 Activity 5 01
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Implementation of changes and simplification U.S. Growth Growth in Essentials and Complementary Products Return to Top-Line Growth Activity for the first half of 2026 2026 HALF-YEAR RESULTS01 Sales in €M Foreign exchange impact Simplification of the Complementary products 7.1 3.0 6.1 259.3 247.5 257.6 H1 2025 Complementary products H1 2026EssentialsH1 2026 after impact of simplification 5,7 0.7% -3.9% 4.8% 6
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01 Impact of exchange rates • Still significant in H1: United States and Asia Simplification of complementary product lines • Completion of the structural rationalization program • Gradual return to normal levels • Positive impact on top-line revenue, moderately up Exchange rate impact and simplification of product lines 2026 HALF-YEAR RESULTS 4 4 5 3 7 4 5 2023 2024 2025 H1 2026 11 8 10 €M 8 4 7 2 2 11 2023 2024 2025 H1 2026 10 2 15 0 H2 H1 €M 7 H1 H2
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Mastering of the multichannel approach for complementary products Supply chain: back to normal The United States reaffirms its position as No.1 market for the Group 8 2026 HALF-YEAR RESULTS01 53 60 H1 2025 H1 2026 +13.1% 21.5% 78.5% U.S. Rest of the World $M USA back to growth: +13.1%
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Continued contribution to profitable growth Strong growth in new parasiticides (Europe) Return to normal in the U.S. market 9 Growth in Essentials 2026 HALF-YEAR RESULTS01 H1 2025 H1 2026 165 171 +3.7% 65.2% 34.8% €M at constant exchange rates
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10 Strong profitability 2026 HALF-YEAR RESULTS01 Impact of product mix evolution • Strengthening of the Essentials • Simplification of complementary product lines With a high level of R&D spending (8.7% of sales vs. 7.7% in H1 2025) H1 2025 H1 2026 257.6 41.7 259.3 44.8 +0.7% +7,2% Sales EBIT before AAA H1 2025 H1 2026 16,2% 17,3% +1.1 pt EBIT before AAA/Sales
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as of June 30, 2026 Consolidated Results 11 02
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Income Statement CONSOLIDATED RESULTS AS OF JUNE 30, 202602 12 € million June 30, 2026 % of sales June 30, 2025 % of sales Change Sales 259.3 257.6 +0.7% Gross margin on purchases 199.8 77.1 195.2 75.8 +2.4% External expenses (55.9) (21.6) (55.0) (21.4) Personnel expenses (89.5) (34.5) (86.1) (33.4) Taxes and duties (4.9) (1.9) (4.4) (1.7) Other income and expenses 2.9 1.1 2.9 1.1 Amortization, and Provisions (7.7) (3.0) (10.8) (4.2) EBIT before depreciation of acquired assets 44.8 17.3 41.8 16.2 +7.2% Amortization of intangible assets from acquisitions (5.5) (2.1) (6.9) (2.7) EBIT 39.2 15.1 34.9 13.5 +12.5%
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Income Statement (continued) CONSOLIDATED RESULTS AS OF JUNE 30, 202602 13 € million June 30, 2026 % of sales June 30, 2025 % of sales Change EBIT 39.2 15.1 34.9 13.5 Non-recurring operating income and expenses operating 0.4 - - Operating income 39.6 15.3 34.9 13.5 +13.7% Financial result 3.5 1.3 1.0 0.4 Income before tax 43.1 16.6 35.9 13.9 Income tax (12.6) 4.8 (10.8) (4.2) Net income, Group Share 30.5 11.8 25.1 9.7 +21.8%
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14 Reconciliation Table: EBIT Before AAA to EBITDA CONSOLIDATED RESULTS AS OF JUNE 30, 202602 € million June 30, 2026 June 30, 2025 Operating income 39.6 34.9 Provisions/Reversals in other operating income and expenses 1.0 0 Net impact of provisions (2.6) 1.2 Depreciation, amortization and impairment of fixed assets 12.8 13.4 Depreciation and amortization (including IFRS 16) 3.1 3.1 EBITDA 53.9 52.6 % of Sales 20.8% 20.4% 16.2% 20.4% 17.3% 20.8% H1 2025 H1 2026 +1.1 pt +0.4 pt EBITDA/Sales EBIT before AAA/Sales
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Cash flow statement CONSOLIDATED RESULTS AS OF JUNE 30, 202602 15 € million June 30, 2026 June 30, 2025 Consolidated net income 30.5 25.1 Cash flow before Net Debt costs and tax 58.6 50.7 Cash flow from operating activities 38.6 12.4 Cash flows from investing activities (8.1) (10.3) Cash flows from financing activities (including IFRS 16) (19.0) (18.7) Impact of foreign exchange fluctuations (0.2) (5.9) Change in cash 11.3 (22.5)
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Working capital CONSOLIDATED RESULTS AS OF JUNE 30, 202602 16 € million June 30, 2026 December 31, 2025 June 30, 2025 Inventories 132.8 122.0 131.0 Trade and other receivables 89.8 99.0 89.3 Trade and other payables (123.3) (134.7) (121.7) Other net working capital items 3.6 10.4 10.4 Working capital 102.9 96.7 109.0 Working capital in number of days (per due date) 69 days 64 days 78 days
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Solid financial structure CONSOLIDATED RESULTS AS OF JUNE 30, 202602 17 € million * Including IFRS 16, i.e. €12 million vs. €13 million as of Dec. 31, 2025 300 306 103 97 223 206 609 591 17 17 June 2026 Dec. 2025 June 2026 Dec. 2025 Cash and cash equivalent* Working capital Provisions and deferred tax liabilities Consolidated shareholders’ equity Net fixed assets
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and outlook Strategy 18 03
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19 A transition Well Underway STRATEGY AND OUTLOOK03 Manufacturing capacity • New production lines ramping up for parasiticide products U.S. Market • return to growth following improvements in the supply chain Normalization of the simplification program of complementary product lines Preparation for the launch of new product lines Vetoquinol, a focused, pure player in animal health
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Outlook 2026 STRATEGY AND OUTLOOK03 Geopolitical and economic context still uncertain • War in the Middle East ➔ No direct exposure or personnel in conflict zones; direct and indirect impacts to date have been minimal • Unstable customs environment Growth in essential products driven by new product lines Operating profitability and Cash generation Continued pursuit of external growth 20
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21 Financial communication calendar October 28, 2026 Q3 2026 Sales (after market close) Animal health company listed on Euronext Paris since 2006 ISIN Code: FR0004186856 - Ticker Symbol: VETO Vetoquinol share is eligible for the French PEA and PEA- PME personal equity plans CONCLUSION AND OUTLOOK03
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Thank you !